tv Worldwide Exchange CNBC February 22, 2021 5:00am-6:00am EST
it is 5:00 a.m. on cnbc and here is your top five at 5:00 -- losing streak. could it be five down days in a row for the s&p 500? boeing in the spotlight again. it wants to ground some 777s after one suffers a dramatic engine failure and drops parts over a colorado neighborhood. the biden administration signing off on emergency resources for texas. power still out for thousands of home the failout and blame game ramp
up. a dramatic drop in sickness as covid cases continue to crash around the world elon musk calling into question the valuation of bitcoin but does the market really care? it is monday, february 22nd. in is "worldwide exchange" right here on cnbc. good morning, good afternoon, good evening, welcome to wherever in the world you are watching i'm brian sullivan welcome to cnbc. here is how are your global markets are setting up the week. futures are lower but you have the implied open fair value about flat dow futures on a peer basis down 175 points right now, after the s&p 500 and nasdaq snapped two-week win streak with the s&p snapping it in pretty dramatic
fashion. down four days in a row. of course, monday was a holiday. rapidly rising bond yields also, we are still focused on oil and gas. as texas slowly picking up the pieces from last week's deadly storm and the biggest forced power outages in american history. crude oil right now up fractionally $59.50 for wti crude. brent a little higher. checking the price of crip tow bitcoin once again hitting a new record over the weekend, over 58,000 we are well off that mark right now. we're at 54,900. at one point we were over 58,000 that just shows the continued volatility of some of these cryptos. ether down 4% as well. we have two big stocks you need to watch today boeing and united airlines this after a united flight bound for hawaii made an emergency
landing in denver shortly after takeoff on saturday. the boeing 777's right engine failed dramatically. united says it will remove temporarily 24 of these planes from service boeing is recommending airlines suspend the use of 777 jets with the same kind of engine. and the head of the faa says the agency will order the inspection of all of the jets we'll get a bit more on this later on let's go worldwide stocks in asia kicking off their mix. japan's nikkei able to climb 0.50 one of the hottest stock markets in the world the nikkei 225 up 18% in just three months and getting a trade, a look at the early trade in europe as well, we are seeing markets there mostly lower the german dax down 0.5% now to the latest crisis in texas. the biden administration taking new steps to help millions of
residents after that winter storm crippled the state's energy systems bertha coombs has more on that and some of this morning's other top headlines. good monday morning, bertha. >> good morning, brian the white house has approved a major disaster declaration for texas as clean drirnging water is now a key issue there the move unlocks federal funding for people in the 77 counties in texas. the white house says it's working with governor greg abbott to expand that aid. more than half the state is experiencing disruptive water service with boil water notices in effect. the mayor of houston is calling for the state to pay for what in some cases are astronomical electricity bills. some residents are facing following last week's power issues a new study out of israel, meantime, revealing the pfizer covid vaccine appeared to stop the majority of recipients from becoming infected. according to the country's
health ministry, it was 89% effective in preventing infection of any kind in those that received both shots of the treatment. also revealing the vaccine is 94% effective against symptomatic infection. and elon musk questioning the price of bitcoin after its market value surpassed $1 trillion collectively. the comments coming after tesla announced it bought 1.5 billion in the crypto. and revealed it plans to accept it as payment. musk tweeting over the weekend, the prices of bitcoin and ether do seem high followed up by an lol. if i were a regulator, i might want to look at the timing of these comments, don't you think, brian? >> it's -- listen, if you're own, the asset in the bulk like tesla, one of his many companies does, and you're sort of tweeting about it at this level,
i mean, let's be clear, it moves the market he either moves the market through individuals, bertha, or the computers, the algorithms pick up on what he says. there definitely seems to be an impact of his tweets. >> yeah. which i've got to think people are watching right now, especially after they declared that position. >> we'll see you in a bit. thank you very much. and good morning our next guest says the vaccine news brought a sooner than expected boom in the economy are one big reasons investors have been buying into one group of stocks we aren't making too light of it obviously 500,000 people in the united states have passed away from covid still am cases out there and a lot of families that remain very, very scared for good reason the that jeker to of the case count has been solid the vaccine news seems to be
pretty good as well. tie that to the economy, tie that to the equity market. >> brian, you're absolutely right. the case counts are falling. and the back drop is becoming more manageable, particularly to what we were seeing earlier this year and late last year. ultimately what investors are looking for is the economy to reopen as that begins to happen, we're going to see gmentd have gdp continue to accelerate consumers have wallets that are very flush with the stimulus packages that have been put into place and they are looking to get out there, consume services and visit places they haven't been in a on it while. i think that provides momentum to an already good economy right now. >> yeah, the economy actually may be -- i've had this thesis for a while. just as somebody that's been one of the few people on the road. the economy underlie taish
sounds ridiculous, doing better than we think, outside of hospitality and small business, which is a huge part of the economy, i understand that do you think the market is pricing in 4% gdp growth 3% or does gdp growth not even matter because the metrics are so far past the way we have to look at coming out of this pandemic and widespread lockdowns? >> gdp ultimately is what we care about i think the unfortunate reality with gdp, it's just reported infrequently i think when you look at areas like inflation expectations, interest rates, both of which have been rising, high yield spreads is another one which are really low, all of those really point to continued economic strength that's why we're seeing days where, for instance, the ten-year yield is going up by a few basis points, five basis points on any given day and why we've seen so much recent rise in interest rates, because they're responding to the back drop, which is improving
gdp will ultimately show that. when you look at consensus estimates, real gdp estimates are around 5%. that is a tremendous number, particularly in the context of what we've seen in the past five years. look at the real-time indicators, the price of commodities point to very strong back drops for economies and rates for the economy. >> and commodities look like -- some have said they might be in the middle of a super cycle. they have been extremely strong to begin the year. is there any market? leave us with some opportunity any markets you and your colleagues see as being undervalued, fair value, just good for our viewers at this 5:00, 10:00 in the morning >> right now, your economically sensitive groups are absolutely the way to play this financials within this are one of our favorite. they remain incredibly cheap
relative to the market and relative to where they have been historically interest rates are going to continue to move up and they are a direct beneficiary of that on top of that, with credit risk so low, reserves look quite strong financials is an area we are financially focused on but anything economically sensitive is going to do well. >> patrick, good to have you on. have a great day talk to you soon on deck, more on the covid vaccine rollout and how much the freezing weather across most of america may have set us back plus, the biden administration announcing new steps to help struggling small businesses try to stay afloat. we'll speak to the head of the small business roundtable on whether the plan goes far enough. retail in focus. dana telsey here we have a very busy hour ahead
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welcome back we have breaking news on the push to help america's small businesses, the biden administration announcing new policies to help small business owners who have been struggling to stay open kayla joining us with more from washington on this developing story. kayla? >> hey, brip the white house is the small business administration are making some tweaks to the payment protection program to allow smaller businesses and minority-owned businesses to move up the queue with lenders one of the first changes is an exclusive two-week period beginning this wednesday and going until march 9th where the sba will only accept applications from businesses with fewer than 20 employees the administration will also change the funding formula for sole proprietors and
self-employed individuals and allocate $1 billion for low income areas beginning the first week of march, they are opening loans to three types of business owners that had previously been excluded those are prior nonfraud felony charges, those with student loans delinquent and noncitizens that have a taxpayer i.d administration officials say these changes would remain in effect under the american rescue plan if congress were to pass it the white house's view is not necessarily these programs need a lot more money, but that they need some changes to effect the type of people who are actually qualified and able to rise to the top of the queue to get these loans. the administration's plan that is currently being considered by the house of representatives would only add about $7 billion to the existing ppp program. congress reauthorized about $285 billion in ppp loans at the end of last year the white house says only about
$130 billion, or less than half of that has been allocated so far. applications are accepted until march 31st and a determination will be make after that whether that window should be extended, brian. >> do we have any idea why seemingly fewer businesses have taken aid this time around >> i think there are a few reasons. notably, when congress passed this reauthorization of ppp at the end of last year, they put a lot of new restrictions into place as to who could qualify for these loans. you had to have fewer than 300 xeez you had to show gross receipts were down at least 25% in that same period. and so they were trying to create a dynamic where it wasn't the free-for-all this spring where the money was drying up almost immediately and the businesses that doesn't necessarily need the money ended up qualifying and get it by default. they wanted to create a scenario where it wasn't viewed as free
money, but a lot of businesses are making the calculation that the paperwork is too strenuous to fill out, maybe they should just hold tight and see if the economy starts recovering a little sooner, brian >> kayla on that story on small business, thank you very much. these new policies by the white house come as small business owners continue to try to navigate the pandemic nearly a year in. according to a report published by small business roundtable on facebook, at least 25% of american small businesses have closed as of the end of last year that's down from 31% in april at the height of the lockdowns. still represents a significant drop compared to the year before for more now on this, we're joined by john stanford, co-executive director of the small business round table john, thank you for joining us many viewers will go through their town, wherever they live in the united states, they notice retail shops that used to
be there are gone. do you see a brighter future in the next year or so? is there any indication that as economies reopen, small business will be able to come back? >> well, thanks for having me. it's a great question. we remain bullish on the small business community there's no doubt there will be a bounce back. that's the spirit of the american entrepreneurship. you mentioned the report we recently released. we found a significant portion of small business owners think it will take six months at least from today to really bounce back and to begin opening up and bringing back revenues we know small businesses will recover, but many of the points that kayla made about what the government can do to be helping out are really important because it's going to be a tough road ahead. but we are confident when the economy totally reopens, small businesses will be there on main
street also importantly, something we found in this report, so many of them will also have adapted and moved online one of the more compelling statistics from this report i found is that only 13% of small businesses are not using digital tools to increase their sales. that means the vast majority of small businesses have found a way to also move their entrepreneurship online. i think that's an incredibly telling detail about where we'll be going >> yeah, that's pretty incredible and helping them compete. i guess that's the question. in large parts of america, the only things open at the beginning of the pandemic were big box stores basically government shutdowns of all but a few essential stores because we were learning what was happening during the first terrifying few weeks and months have small businesses been able to recover from that or have we -- i hope not, that we've become just a big box
store/amazon world >> i think it depends on the industry i think some industries have found a way to be resilient online i think there are others, retail, restaurants in particular we're hopeful the american rescue plan and what's going through congress now can incorporate some of the provisions of the rescue act and really expand support for the restaurant industry because that's one you simply can't necessarily take online. there are others, smaller, professional businesses that found working remote and working online can continue to function. to kayla's point earlier about why we may not see as much of a drawdown on ppp this time around because some businesses may not have the revenue declines to qualify for that policy. we have a whole segment of businesses and retail and restaurant, and others, construction, personal health care that have been shut down for a year >> i mean, and that's -- and i put this on my -- i think i
wrote a little piece on linkedin recently about this. i don't understand these blunt instrument cutoffs not just for this but for stimulus you're going to get a $1400 check if you make less than this if you make $1 more, you won't we talk about 300-person businesses, down -- if you're down 24%, you're not getting a thing. i mean, how -- i understand there has to be some metrics but it seems just honestly stupid to have these hard cutoffs where if you did this and you're 1% above it, you're not going to get it are you trying to push back and make it more malleable >> i think you call out something that's really important. we need to have smoothing in these programs something where, you're exactly right. if you're slightly too large or your revenues drop slightly too
little that all of a sudden you don't qualify for these programs i think that's something we are trying to address. the other thing we're trying to put in front of policymakers is you can't put a cliff on these things we saw the damage the arbitrary cutoffs did in the first ppp programs it hurt women, it really hurt minority-owned businesses. we know there was no reason to need to do that. so this time around, we're telling congress, don't just pick a date and say this program is going to end this date. there is going to be pain in parts of america for years to come small businesses are going to feel that pain not only should we not have these arbitrary end dates, if there's money in the program, we need to leave the door open. we need to make sure this is here for a while to come you're absolutely right, these cutoffs hurt small businesses. >> and it's not just that, but the personal stimulus checks are based on 2019 income
if you got whacked in 2020 but did okay in 2019, you might not get a check. but we have to figure out how to make it more flexible and not have these weird, hard cutoffs john stanford, appreciate it have a good day. keep on fighting, butty. >> thank you. still on deck, the latest on that developing story involving a boeing jet boeing grounding a number of its 777s after one of the planes suffers a scary midair engine blowout and rains parts on a colorado neighborhood. a reminder, if you've not already subscribed to our podcast, if you miss "worldwide exchange" for any day, for any reason, that's okay, we're not upset, but you should still listen as a podcast. there it is, apple, spotify, other podcast platforms. we're back after this.
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stimulus on steroids congress set to debate the nearly $2 trillion spending plan as some think a deal could come as soon as this week. grounded again boeing facing heat after a 777 jumbo jet rained engine parts over colorado. the plane landed safely but regulators have questions. home depot and macy's kicking off a wild week of
retail a closer look at health, the consumer and your money with david telsey it is monday, february 22nd. this is "worldwide exchange" right here on cnbc welcome or welcome back. i'm brian sullivan good monday morning wherever you may be thanks for tuning in let's get a check on your monday morning. futures are down dow futures off about 160 points the dow is coming off its 13th all-day intraday high. the s&p 500 kind of quietly on a four-session losing streak something to watch there also keep an eye on crude oil as texas slowly puts itself back together after the winter crisis last week. there are still thousands, by the way, without power the white house sending aid. a lot of oil production went offline as well. you need electricity to often
run the oil wells and the oil pumps. from crude to crypto, bitcoin coming off another fresh record high over the weekend, extending its two-month rally. bitcoin has basically doubled just this year watch out. one mr. elon musk says the price may seem a bit too high, lol that's actually his term that's his tweet that said, bitcoin and ether do seem high, lol at 2:02 in the morning. in bonds, treasury yields continue their slow tick higher. inflation concerns starting to creep in just a bit as the commodities market booms across pretty much any commodity you name the ten-year yield is now at 1.36%. for context, that yield was just 0.5% at the height of the concerns and fears last summer put another way, ten-year bond yields up 136% in just six
months let's get right to that developing story we are watching this morning boeing grounding a number of 777 wide body jets bertha coombs is back with more on this. >> good morning again, brian that's right boeing telling its customers to stop flying certain 777 aircrafts equipped with the same type of engine that broke apart during a flight this past weekend over denver. the company's recommendation comes after action by u.s. and japanese regulators calling for investigations into the jets and the engines found on 128 of boeing's 777s. the united airlines flight saturday was the third failure involving that model plane with those particular engines in recent years in a statement, boeing says, it is actively monitoring recent events related to united airlines flight 328, adding, it supports the decision saturday by the japan civil aviation
bureau and the faa's action to suspend operations of 777 aircrafts powered by pratt & whittney shares of boeing in the premarket are split. boeing down 3.5% united is flat that's amazing video, isn't it, brian? >> you know, i was watching that video. i'm going to be flying on wednesday myself i fly -- you always think, like it's not going to happen to me i just wonder, what's it like to be sitting in that seat. i actually was over the english channel -- >> it's like that episode -- >> and we had to dump fuel we had some problem. they never told us we had to dump fuel. that plane was as quiet as a church mouse until we landed that is such a scary scene look at that >> definitely. it's like something out of a really bad movie thank goodness no one was hurt
>> yeah. and that massive part from the engine falling in that family's front yard if it would have landed on the house, it would have been much worse. i don't know if you saw the video when they landed, everybody's hooting and hollering and clapping i might be doing a little crying but i'm a coward a dramatic video thank you very much. yeah, that was scary by the way, great job to the pilots landing that plane as well that engine was really shaking. right now to capitol hill where lawmakers are preparing to debate the biden administration's proposed $1.9 trillion spending plan, one that could spend $1,400 checks to qualifying americans passage could happen this week but some lawmakers still have concerns
y ylan with where we stand >> democrats have a problem now because the new covid relief package is officially over budget under the special rules that democrats are using to pass this bill, the costs should be capped at $1.9 trillion to be exact, $1,898,000,000. the price tag is a little more than that, $1.92 billion democrats could have to save $30 billion off their plan or risk losing the bill's special fast-track privileges. there are still times to make changes. the house budget committee is set to start considering the bill this afternoon. it's slated to get a vote on the floor some time later this week. lawmakers could make tweets to the bill then. more substantive changes could happen in the senate where the chamber has to write its own version of the bill. one way to fix the numbers would be to drop the increase in the
minimum wage that's expected to add $54 billion to the deficit over the next decade. a much higher number than democrats are expected politically, that could be problemtive. progressives have celebrated the increase in the wage as one of the priorities in the new covid relief package, but something has to give. back to you. >> well, talk to us about where that horse trading may be. what tradeoffs could be in the package to try to bring down the cost >> they already made one, which is reducing the length of enhanced unemployment benefits they hoped that could continue through the month of september now it's only going to continue through august so they could make room for pension relief that's just one example of the kinds of policies getting tweaked here in order to meet that $1.9 trillion umber another way republicans say democrats could fix this would be to further target those 1,400 stimulus checks.
president biden has made it clear that the size of the check would not change but that he has been open to further targeting who should receive it. >> and i'll put you on the spot. i know a lot of working families, like yourself, and the school reopen debate is front and center $170 billion proposed in the bill the political dialogue is we need the money to reopen but we've seen a lot of stuff about when the money would get paid out it stretches out over five to ten years. if we're talking about reopening the schools soon, do we know when the money would actually -- i'm thinking, if you put in new nil trags system, when would that be done like next you're when would the money get paid out so we can get the kids back in school, do we know? >> part of the budgetary problem is the money from the last covid relief package passed at the end of last year, that's getting paid out now so schools are just
starting to spend that the other issue is if you're going to put in some capital improvement like a new hvac system, that is a cost that could continue for some years. so, that's why you see schools getting money for several years and that spend now continuing for several years because of some of these large improvements now, the congressional budget office says it will take time for the school system to send this out that's why they pushed out some forecasts. that becomes a talking point for republicans who say, that doesn't help us now if you're looking at spending money five years down the road. >> it's a talking point for parents. we're told it's to reopen schools, which is great. i'm glad they're getting money now. let's be clear, if you don't get that new air filtration system until 2024 because the money is not there or the contractor isn't there or the parts aren't there, let's be honest and say, by the way, let's prep for the next pandemic. hopefully there won't be one but you don't know be and we hear a lot there might be.
so, get it done for the future but let's be honest with the working families because they -- you know what i'm talking about. we need the kids in school safely, by the way, for everybody. >> our school is opening tomorrow for the first time since the pandemic so, we're one of the last schools to open. >> wait. hold on. don't reveal anything personal when is the last time your kids or some of them were in school physically >> march 12th of 2020. >> it's been almost a year since they've stepped foot in a school >> we took pictures in front of the skoole yeah, they go back tomorrow. >> i'm glad they're going back hopefully everybody will be safe that's a long journey. listen, you've got a house full of family. i don't know how you do it, but god bless you. not since march. from relief to retail, a mall full of retailers out with their results this week.
whether it's covid related costs, wage hikes or inventory may be stuck on a ship because of the container shortage we told you, many companies are dealing with more challenges than you might expect. are there any good companies to invest joining us is chief research officer, dane that telsey. we were in south carolina a couple weeks ago talking about this shipping container shortage and people are like, why do we care about this? your retailers care. there's an inventory crunch, is there not? >> you're right. thank you for having me. it's basically taking, could be up to two weeks to get goods from the containers to the ports. let's not forget, trucker availability to get goods driven from the ports to the warehouses we have easter coming up in early april this year, so they're going to be -- need to get new goods in, whether buying
in store or for shipping online. >> what are they telling you, dana you need to have the goods to sell to people whether online or in the stores. is this going to crimp, maybe not earnings, but is it going to crimp guidance >> overall, i don't think a lot of companies give guidance when they report numbers over the next two weeks i think the uncertainty of what covid is doing is still preventing that. i think the topic of discussion is going to be what does the recovery look like and getting back towards 2019 earnings level. companies cut expenses they adjusted certainly their inventory levels you have the pressure of wages and freight that are there and also reduce some occupancy costs. what are you going to do in order to hit those 2019 levels what you may see is 2021 is a transition year to recovery in 2022 >> you know, almost every retail stock is up in the past year,
except for macy's. they're down 7% in the past 12 months they report tomorrow i don't want to pick on macy's they had problems before covid is there any value here in this equity it's one of the few maims in the red on my screens, dana. >> we've seen some big laggards perform. some of the reason why is they did cut expenses you'll have an update tomorrow you'll continue to hear about the cure rags of brands e-commerce and, frankly, what they can do with sales recovery. keep in mind, whether it's macy's on 34th street, bloomingdale's or urban stores where traffic is lacking there's value in macy's but there's always value at a price. what can they see in the recovery of earnings will be the direction there. you certainly have seen some movement today with kohl's, and that moved a lot because it's
off-mall we're getting pressure from the on-mall retailers where there's been a lack of traffic >> dana telsey we have macy's tomorrow, lowe's. you'll be very busy so we appreciate you making time for us have a good week thank you very much. >> you too coming up, are there some concerns starting to pop up in this red hot housing market? mortgage rates are ticking up. is that going to slow down the housing market diana olick from what you can expect for the spring selling season dow futures down
today's big number $1.2 trillion. that was the total value of newly originated mortgages, which includes refinances at the end of december. a new record that topped the previous record volumes seen during the refinance boom of 2003 wow. you know, we say time for the big number that's a big number. $1.2 trillion is huge. but consumers could soon be taking their foot off the real estate accelerator, maybe. diana olick joining us with why. diana.
>> that's right. that's because mortgage rates rose last week more than any time in the past week. mortgage rates hadn't been tracking the ten-year all that closely. that's because unusual issues relating to the pandemic, of course but last week it was just too much when the ten-year spiked and mortgage rates have broken out of their safety zone take a look. after hitting a low of 2.75%, the average rate ended friday just over 3%, according to mortgage news daily. let's say you wanted a $300,000 mortgage at the end of january but you waited until this week you're now looking at a bigger monthly payment. more than $50 a month more the bigger the mortgage, the big ers difference the home prices are accelerating at the fastest pace more than in six years. prices were up 9% year over year, compared to just 4% annual
price gains two years ago. prices have been juiced not just by high demand and low supply and also by the record low mortgage rates the lower the rate, the more home you can afford. competition has been extremely fierce for the limited supply leading to bidding wars for more than half of all properties sold in january, according to red fin. homes are also going under contract at a record fast pace less than half the time than a year ago so, what does this mean going forward? affordability will weaken further. >> amazing a buddy of mine flips homes in clearwater, florida. his last house, he had 20 offers all sight unseen, all bidding above each other could it actually be a good thing if prices cool off we lost diana. where did she go we have her back you were lost, diana, but now you're found >> don't you love technology love it. sorry about that
>> don't apologize it's just getting a little ridiculous no >> it would actually be a great thing if prices were to cool off a little bit because affordable has been really tough, especially on the low end of the market where the supply is so limited. that's where your all-important first-time home buyers live. you don't want to keep them sidelined in markets like this if prices were to cool off, it would not be the worst thing >> diana olick, we're glad you're found and glad you're on this story thank you. on deck, call them maybe underdogs. we're going to reveal the two hottest stocks so far in 2021. it's your morning rbi. that video has something to do with what we're talking about. a reminder, if you haven't already subscribed to our podcast, a podcast ingeniously labeled "worldwide exchange. look for iitodt tay
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it is time for your morning rbi. today it's about tv or, rather, tv stocks because for all the talk about tv being toast, the market says otherwise. look at this so far in 2021 there have been a few really hot stocks. many of them are oil and gas names pumped up by rising prices and high short interest, but the two hottest stocks of the year, one and two, are good old-fashioned tv companies, discovery and viacom, both up 68% this year and the top two stocks in the s&p 500. in fact, they're so hot, they're 17% better than the third best stock in the s&p 500 that's, wythe, petroleum they might argue they're more
than just tv companies they produce and make video programs at the core of it whether traditional cable or streaming, the markets don't care apparently tv is the new tv. random but interesting by the way, a programming note discovery ceo david zaslav will be coming up later on "squawk box" sb this morning i give you express rights to use my rbi in that interview, should you wish i retain 30% of all revenues she may not be into tv stocks but your next guest has some out of the box ysdz that could help you make money on this monday morning. let's bring in ceo of pivotal advisers and cnbc contributor. you are not one of those who levered up three times to buy shares of tv companies >> i am not, brian good morning, how are you? >> i would be better if the snow was off the ground and it was 80
$, but otherwise, how are you? >> good, thanks. i'm not purchasing tv companies right now. yeah, i am going -- i know a lot of people are buying bitcoin these days, so i really want to talk about how i'm thinking about bitcoin. i think that, you know, there's so much chatter about it i think you can look at this from two different perspectives. from the point of view, first, of a retail investor and an institutional investor if i'm a retail investor, the first question i'm asking myself is, you know, can i make money with bitcoin the answer to that question is, yes. also, can i lose money the answer of course is, yes but i think equally relevant question is how do i make money or lose money? i think this is where institutional investors kind of enter here and really are having
a bit of a -- are really asking questions. i don't think institutional investors like my clients really understand bitcoin technology. >> tiffany, that's part of the problem, is it not the idea is if you question bitcoin at all, you're automatically labeled as a ding dong or old. you don't get it you just don't understand it so, you can't even have a discussion without people wanting to shout you down that you don't understand the future of money >> right, absolutely and so is it an asset or is it currency, right? its name suggests currency, but so far it functions more like an asset. from an institutional investor standpoint, and you're absolutely correct, people get really, really excited about it. first of all, google it and see if you come up with it -- see if you find a clear explanation or talk to someone and see if they can -- see if they give you an
explanation that's really easy to understand. you diversify a portfolio to do two different things generate your portfolio -- >> tiffany, listen, i'm glad we're having the convo we have to go. time is tight. you're right we need to have these conversations because a lot of money is on the line tiffany mcghee, have a great day. i want to say a very happy birthday to a very special person in my life. mom. i haven't seen you since last christmas 2019 you got your second vaccination dose, i think today it's coming, so i'm coming down to see you in virginia i love you, mom. happy 84th birthday. "squawk box" is next
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good morning boeing telling airlines to halt some 777 flights after united airlines flight suffered engine failure during flight. the faa is now invest gating. house democrats plan to push forward a vote on a $1.9 trillion covid relief package. the biden administration announcing some changes to the payment protection program. follow the money new rankings have morning on the most successful hedge funds. those guys we'll bring you institutional investors' 20th annual rich list it's monday, february 22, 2021 "squawk box" begins right now.