Issue or the big opportunity we have seen is it turns out that janet yellen is as good at job boning the markets as greenspan ever was, without being quite as opaque. And to me, that, you know theres great comfort. Because we took away some of the speculative behavior in my world, particularly related to the unicorns and the Venture Capital side of the business. And as i look forward into the year, i still think theres a tremendous amount of uncertainty. So i expect a lot of chop. But theres no question that by deflating some of those crazy asset valuations that we saw in the private market, the tech sector, at least, looks better than it did when i left. Roger, you credit janet yellen with taking some of the air out of that system . Oh, definitely. I mean, the way i look at this, there are any number of reasons why people could have looked at what was going on in the tech world, particularly on the private side and said, hey, wait a minute, this is crazy. And i think when yellen said, look, were going to be raising rates, make the assumption three times this year. That just caused everybody to go, wait a minute. Thats fundamentally different in that environment, all asset prices are going to be different. But especially things with super long durations. And, you know, so to me, she does one move, and effectively got the benefit of the equivalent of three moves. And so the markets come back down. I think people are now more cautious. And thats really all the fed wanted. It just wanted people to be less complacent. And, you know, i dont think we get a bull market out of this yet, because i dont think the economy is strong enough. But i do think theres no reason to be, you know i dont think there was any reason to panic at the beginning of the year. I dont think theres any reason to panic now. I also dont think theres any reason to be diving into the markets headfirst, because theres a big bull market. I dont think thats the most likely outcome. Thats interesting. So how do you bide your time, and wait out however long period you think this is going to be without slowly losing your shirt . Well, carl, the problem here is there are times when there really is nothing to be done thats going to be dramatically successful. For me, i still own facebook, i still own some apple. I own facebook, because i believe that as were going to talk about in a moment, that they are the most wellpositioned Media Company out there. Theyre getting a disproportionate amount. Apple is a cheap stock. There are other cheap stocks in tech. I dont have big expectations for them this year. My basic view, i want to have some exposure to the market. But im still mostly very defensively postured, because i do think that once were through the election cycle, once we begin to get a better handle on the implications of news like the Panama Papers, on the end inversions and some other things, the market still has to figure out what all those things mean for earnings. And, you know, well figure that out over the next few quarters. You mentioned facebook, roger and the developer conference kicks off tomorrow. Live video and messenger expected to be two major theepgs, obviously. The Company Unveiling that mobile app last week. It could be the start of facebooks video play. There have been reports theyll make an announcement, a very large number in terms of their investment this week, roger. Well, you know, i think its already working huge. If you are an advertiser or a brand holder on facebook, you have been able to do live video for some time. And theres no question it works huge. I know for moon alice, our most successful promotional tool over the last 12 months. And whats going on now is were extending all of that to everyone on facebook. And i think one of the things were going to hear about at f 8 is the ability of brand holders start to take very highly produced video. Stuff thats not done live. And find ways to put that into the system, as well. I think thats where the really huge numbers are from an advertising point of view. Youre also, i think, going to hear a lot about a term that most people are not familiar with, called chat bot. Essentially whats going on, facebook is trying to promote messenger. And messenger is its texting application. And they want to give you the ability to do other things while youre in that app. So imagine putting little applettes so you can order an uber or send a yelp review without having to leave messenger. I think thats another big commercial opportunity for them. The term chat bot is nonsense. These are little applettes that sit inside texting, but they have a chance to be a really big deal. And not just for facebook. They could be broadly a big deal. Well, we have started to see some of the ways that facebook is trying to build out messenger. But roger, we always ask the question of what happens when facebook cannibalizes its own Business Model. Instagram is so rich and popular, people are spending more time on instagram, taking away from the time theyre spending on facebook. And what about messenger versus whatsapp . Are we getting to a point of as muchration for the Business Model . Of course we are. Of course we are, kayla. To me, the genius of Mark Zuckerberg and Sheryl Sandberg and their team is that they went out early and identified products that were likely to cannibalize facebook. And they acquired them. So at least theyre doing it to themselves. And i think that that is, you know that is a sign of a really astute management team. You know, ive been worried that things inside the u. S. Were so hostile around this election cycle that nobody was going to have any friends any more. But apparently thats not happening. And apparently, all this concern about lack of original content, people no longer posting their location or their selfies. Thats apparently overblown. Ive talked to people at facebook who have said to me, that was an issue six months ago. It was still an issue three months ago. But for the most part, its resolved and trends are more favorable again there. So i think from a facebook point of view, were going to get good news this week. And i think this is going to be a very good year on earnings. And what the market pays for that remains to be seen. But from where i sit, if the market gets bullish, thats going to be one of the first stocks they want to own. People might not be checking into airports or posting status updates, roger. But they are really tuning in to see 600plus rubber bands burst a watermelon. Hundreds of thousands of people watch this buzzfeed video on friday afternoon. And everyone was saying this is the future of tv, this is the future of content. But im curious how you see the future of Smart Content developing on some of these social networks that actually informs an electorate, for instance. I got to be honest with you, kayla. Watching this election cycle, i am terrified. I have no idea how thats going to turn out. And i think realistically facebook has a gigantic opportunity. And how they do this, i dont know. I think from from their perspective, theyre trying to remain in the middle and not you know, they want to be uncommitted, they want to be independent of everything. They want to support everybody who wants to communicate. But at the moment, theres no question that the level of quality news thats available to us, the level of fact available from News Services is way less than it once was. And facebook has a chance to fix that. How they do it, i have no idea. I just hope they do fix it. Finally, roger, we would love to get your temperature on this one. The owner of britains daily mail in a bid for yahoo . A spokesperson says the company has been in discussion of the number of potential bidders, but an early stage and no guarantee any transaction will take place. Fabers take on this, its sort of like the preshow. Nothing too serious to get all worked up about yet. You agree . Well, the way i look at this is, yahoo had five years at the beginning of its life when it was really one of the great darlings of the internet cycle. Then four or five years where it kind of rode that wave. And for the last ten years, its been just very slowly but very surely declining and going off the rails. It missed video completely. You know, it didnt just miss the netflix distribution model. It missed even with a mediacentric strategy, missed creating video the way netflix and amazon have done. Its simple. If youre a newspaper like daily mail or someone else, youre the titanic. Your business is sinking. So no matter how bad yahoo looks from a tech perspective, it surely looks better than that. So it doesnt surprise me that a lot of traditional media people look at the cash flow, look at the slow rate of decline and think, you know, i could probably do this better than theyre doing. And i dont know if thats true or not. But i can see people doing that. And it will surprise me if it we get to the end of the year and something has not happened to yahoo . What that is, remains to be seen. But i think something will happen. Roger, if youre a Media Company, daily mile, time, inc and bidding for yahoo are you interested in the roster of namebrand journalists or home page algorithm . No, i think youre interested in the cash flow, plain and is simple. I assume whoever buys this thing is going to sit simply give up on trying to be successful in the Silicon Valley side. And theyll simply look at a source of cash flow. On that basis, yahoo is a really attractive business. You know, they have a so many people come to the website. So many ads that they can successfully sell. That it would buy anybody a lot of time if they could buy it at a reasonable price. And given that the traditional investors in yahoo have pretty much given up on it, its not crazy to imagine that the stock at some point trades at a price that is compelling to a buyer. What a treat to have you back, roger. Good to see you again. Come back soon. Well see you in a couple weeks. Roger mac that me. Meanwhile, the markets off their highs of the session. The dow up as much as 154 points, now up 58. The s p up about 5. The nasdaq up by 19. All up for about a third of 1 . Tech and materials, the best performing sectors of the day. Sap, First Quarter results weaker than expected. And alphabet shares are barely in the green this morning. The stock was upgraded by pivotal research, which sees a Strong Quarter ahead for alphabet. And finally, under armour diving on a bearish note from Morgan Stanley, claiming the Company Might be losing market share for the first time in three years. The stock is down 5. 5 . And basically maintaining their price target, taking it from 64 to 32, although thats happening after the companys two for one stocks. When we come back, a lot more on internet stocks with facebooks conference on deck. And ken burns out with a new documentary on Jackie Robinson. Ken visits us to talk about content. And masters winner danny willed, fresh off his win. An amazing weekend of golf. Squawk alley continues in a moment. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Earnings season kicks off this week with al koa reporting tonight and analysts see the weakness continuing. But were in vancouver with the parts of the market that may actually hold up, despite that weakness. Dierdre, what did you find . Good morning, guys. What we found is that weak earnings dont always mean weak markets. Now, we know that the season isnt going to be pretty. But markets tend to think that its going to be a lot worse than it usually is. Over the last few years, earnings have been overly pessimistic. The companies have beat lowered expectations and the market follows. We crunched the numbers and looked back at the past eight quarters, where s p 500 actually earnings have beaten estimates every time but once. In the four weeks leading up to the start of the season, based on the date that alcoa reports, stocks often lose ground as they price in the worsening news. As earnings get under way and surprise on the up side, markets rise. The s p 500 has traded positive 75 of the time and returned more than 1. 5 in the average four weeks after alcoa reports. The start before and after, the start of season, the earnings season are tech and industrials. Let me tell you about tech. The biggest winner has traded positive nearly 90 of the time and returned more than 2. 5 on average in those four weeks after alcoa reports. Now put simply, guys, companies and analysts consistently under promise and over deliver, and the markets fall for it. This pattern has become more consistent since the financial crisis as the estimates versus earnings gap has grown. As always, guys, past performance is no guarantee of future performance, and keep in mind, the market has run up more than 1 in the last month, but if you think that the earnings estimates are overly petitiossic and it is a particularly bad one, there could be room to gain on the other side. Back to you guys. We will get some data points very shortly, dierdre. Thank you for running through that. When we come back, more on internet stocks, the bot economy, and whether saying could come roaring back, and ken burns joins us at post 9 as we await his newest documentary on Jackie Robinson. Squawk alley will be right back. Danny willett, masters champion, having never before won on u. S. Soil. What an amazing weekend of golf. Were going to talk to danny on his big masters win in a few moments. Looking forward to talking to him. Meanwhile, what is a bot . We have been talking about them, but facebook, google, microsoft all betting youre going to get more comfortable with that question. Julia boorstin has more in l. A. Kayla, if youve ever dealt with Customer Service online, youve interacted with a bot and youre surely talking to more of them. A bot or chat bot is a program that uses Artificial Intelligence that processes language to simulate conversation with users and perform simple tasks. They can live within messaging apps so companies can reach consumers where they are. A next generation 1800 number. Users can get help or information without having to crowd their home screen with more apps. Facebook is already integrating a number of companies chat box into messenger. You can order an uber or check on a flight or check on an order from zoo zulily of the facebook is expected to announce a bot store, creating apps within its platform for the 900 million messenger users. Kick, which has 275 million users worldwide launched a bot shop with h m, the Weather Channel and vine. Bots arent without risk. Microsoft drew negative headlines when it debuted its bot on twitter and users manipulated it to say offensive, racist and sexist comments. Microsoft pulling it offline. If companies can make Artificial Intelligence work, there are opportunities. Advertising, commerce with the platforms taking a cut. Now the platforms need to make sure theyre useful enough that people will want to use them. Kayla . Very interesting. Thank you, Julia Boorstin out west. For more on facebook and the f8 developer conference, lets talk to Colin Sebastian an analyst, ken senna. Ken, i know youve written a lot on bots. And we have seen how we have had to interact with them on the Customer Service side. Where will they play into the social narrative . I think its important. Because when we look at the ads, were already seeing how ads can become much more transactional, and with all the structured data starting to be embedded into them. But they can also become much more communicationenabled. And thinking through whether there is a friction point in wanting to buy something or an issue you could have post that transaction. A bot can actually handle quite a bit of that. So i think as were starting to see advances in natural language programming, its an opportunity for platforms like facebook to scale that capability for businesses. And i think to the point earlier from julia, to potentially replace the 1800 number to a large extent. An opportunity too, colin, for the developers going to f8 trying to build products to fit into facebooks existing product suite. Look at the schedule for f8, it looks like a laundry list that facebook could yet monetize. Messenger, free basics, video streaming. The list goes on and on. Where is the value in the near term for facebook here . Well, keep in mind that facebook is a company that is one of the most innovative and disrupturive Technology Platforms and i think the focus and what well see this week at f8, obviously messenger with the bots rolling out is a focus, as well as video and facebook potentially taking a much larger bite out of Television Ad budgets. Thats a huge opportunity for them. But the background story here, of course, is Machine Learning and Artificial Intelligence. And facebook really creating more gap between themselves and other competitors. And i think well see that on display this week. Ken, theres been some on the sell side who say q1 is light for facebook, calling for a reset with the caveat a lot of their misses tend to be bought longerterm. How much risk is in the quarter, do you think . I think its relative to what. Theres always a certainty that or theres audiologists the potential that expectations can get ahead of ourselves. But i think when youre looking at when youre talking to the buyers right now, theyre Getting Better theyre getting the reach and the frequency they need from facebook. Better and better performance. And i think as you start to look at what facebook is offering them relative to other channels, it is still the place to go. So we still feel good about the quarter. Video obviously a big part of the conversation. Facebooks content strategy going forward. Colin, how do you see facebook and twitter competing against each other, now that twitter is flagging live as its main buzz word, getting this nfl deal. It looks like the two are going headtohead on live. All be it with very different size networks. Well, on one hand, facebook has some clear advantages in materials of scale, and technology, and the evolution of their products over time. Has certainly outpaced twitter. On the other hand, the story is, of course, the massive amount of video spending that currently occurs through traditional tv networks. And so as that transitions online, there is plenty of budget for both platforms for both companies to absorb. Fang stocks going forward, facebook the only one of the fang stocks actually positive so far this year. Do you think that, ken, its an outlier for good reason or do you think it could catch up with the rest of the bunch there . Well, i think facebook is making investments in content. They have a tremendous amount of distribution. And theyre also making Big Investments in the infrastructure. I think to ultimately be that platform that can move into these bigger areas, like colin mentioned, even with video. So i think as youre looking to the performance that they posted last quarter, as youre talking to buyers now on facebook, and you look to all the opportunities that were talking about ahead in terms of how messaging can integrate into things like Customer Service, et cetera, they really are an amazing position here. So, you know, we like facebook. I think, you know, talking about the quarter. But really i think as we looked out over the next few years, i think its a place you really need to be. First quarter earnings, april 27th. But well see how f8 goes first. Colin, ken, appreciate your time this morning. Thank you. Thank you. When we come back, film maker ken burns is here, talking about his new documentary on Jackie Robinson and the state of media today. Coming up shortly, as well, Danny Willett on his big masters win. Dow gains eroded. Up 47 points. Back after the break. A comeback for the ages for englishman Danny Willett to win the masters, his first big major for the golfer. Well talk to him later on on squawk alley, on the heels of that big win. In the meantime, lets get to sue herrera with a news update. Sue. Thanks so much, kayla. Heres your news update for this hour. A deadly suicide bombing in afghanistan. At least 12 new army recruits were killed in an attack in the eastern city of jalalabad. Another 38 wounded. Most of them are in critical condition. No one has yet claimed responsibility. Volkswagen is hoping to return to the bond market as early as may. Aiming to raise billions of euros to replace the costly bank loan it had been relying on in the wake of the emissions test cheating scandal. The company has been effectively shut out of the bond market since september. Bryan adams cancelling his show in mississippi because of the states new law, allowing religious groups and private businesses to refuse service to samesex couples. He was scheduled to play at the mississippi coast coliseum in biloxi on thursday. And kayla mentioned the masters. Well, forget about jordan spieths masters meltdown. Check out this incredible shot by oosthuizen. Look at that. Oh, my gosh. His shot hit another ball on the green before going in for a hole in one. And it was the third hole in one at the 16th on the same day. What are the odds of that one . Pretty darn amazing. Thats the cnbc news update this hour. Back downtown to squawk alley. Guys . Ive watched it ten times. Im going to watch all day. I know. Its replaying on the golf channel. Were all glued to it. Thanks, sue. Lets bring in simon hobbs. You know, colin, we are re eroding gains earlier. Still green, solid, but some banking stocks notably down into negative territory. And it is really all about the italian banks today. We do have a meeting in rome this afternoon. Which the some of the big lenders on the government along with the state lender are going to try and hammer out some deal that enables the italian banks to better raise capital and deal with their nonperforming loans but stay within European Union rules. So these guys were actually higher, of course, on friday. They followed through today. Some disappointment, perhaps, that it didnt emerge over the weekend. But it is what it is. Those guys are higher. And actually, other banks around europe have also been lifted today. As have other insurers which is quite interesting. We continue to see certainly sovereign debt riding high and t yields falling. The political event of the day in the last half hour. Prime minister David Cameron before the house of commons with a very robust defense of the revelation that his father had a trust in man pa, as we saw from the Panama Papers, coming out all guns blazing in defense, saying he hadnt broken laws. And the Wealth Creation and the desire of parents to leave wealth to their children. Take a listen. Mr. Speaker, i set all of the criticisms for not responding more quickly to these issues last week. But as ive said, i was angry about the way my fathers memory was being produced. I know he was a hardworking man and a wonderful dad. And im proud of everything he did to build a business and provide for his family. One of the reasons were interested, cameron is leading the fight to keep the uk within the eurozone. When we have that referendum june 23, ten weeks away. Whats interesting is, this fall that we had in the uk pound has kind of stabilized recently. Partly, of course, because the fed here this is a uk pound dollar. The fed here is becoming more dovish. So that supports the pound as well. Also because people are increasingly aware, if they vote to stay in the eu, the next discussion might be with when do they raise rates of the bank of england and that would be sterling supportive. Back to you. First things first, i guess. Thank you very much. Fame documentary film maker ken burns has called Jackie Robinson the most important person in the history of sports. Probably something the president agrees with. This is the president in kens newest film, Jackie Robinson. Jackie robinson felt a reason to speak up. Power where our voice matters. Where we are heard. Have to do a constant gut check. Are we doing enough to make sure that voice is active on behalf of the values that are deepest in us that matter most to us. Race continues to be a Big Conversation in this country. A new poll from gal up says the percentage of americans who say they worry a great deal about Race Relations has doubled. Director of Jackie Robinson, film maker, ken burns. Always good to have you at the table. Welcome back. Thank you for having me. Its a powerful documentary. Big carveout of someone who has done wonders with baseball. How early did you know you were going to do this . Well, his widow, rachel, had been asking me for many years to consider a stand alone, and sara burns and i were finishing up a film dealing with race again and figured it was the time. Jackie, like many important figures in history, become kind of superficial and mythological. And if you liberate them from the tyranny of that mythology, they cannot only youre doing a service to them, theyre doing a service to us because jackie can talk to us about these difficult racial times were in or maybe never left. Were just more aware of the inequalities still there. So in our film, youll see Confederate Flag issues, black lives matter not called that. Driving while black, stop and frisk, burn black churches, integrating swimming pools, stuff on our limbs in the recent few years. Jackie can speak to us and help us. We make our films trying to tell a good story. In this case, telling the most a story about the most important person in history of the sports, is a good one to tell. How to tell that story, though, with so much delicate issues in todays political conversation. That you have to walk a delicate dance on pbs. You do. We dont throw any curve balls and we dont do any breaking balls and sliders. We throw a fastball straight down the middle. Thats the way ive always played it. I have my own personal opinions. But if you tell a story honestly, its going to be a great story. And so sara and dave and i were committed to not cutting the corners that that mythology did. For example, the very famous moment when he apparently put his peewee reese put his arm around him in solidarity didnt happen. Did you know, for example, that jackie was a co founder of Freedom National bank in the 60s. He always felt as his daughter sharon in the film says that the ballot and the buck are most important. So hes not just talking the talk. Hes walking the walk. And it becomes the most successful blackowned bank in the United States within a few years of its founding. This is, you know is doing what he set out to do, getting up every day and making the lives of other people better. And thats the kind of person we wanted you to get to know. Not the mythological figure. Every time you hear we try to talk about distribution, because you came with the one that brought you in pbs, and stuck with im staying with them. Were signed up through 2030. God and funding willing. And weve got weve got almost the entire block filled up. Were finishing vietnam. Were editing Country Music, shooting ernest hemingway, talking about how to filling in that 2020. A great underwriter, bank of america, that helps us do it. So is weve got a lot of stuff on the horizon. And jackie is playing tonight at 9 00. And then tomorrow night, part two at 9 00. But its also after it will be available for streaming. And the dvds hit the street tomorrow and the blurays as well. So, you know, its an everchanging circumstance. Were still staying there. One of our viewers wrote in, ken burns, the original purveyor of bing watching. The first series, civil war, baseball, jazz, critics said no one will watch this with our youtube lack of occurration. When the roosevelts came out a yearandahalf ago, nobody said no one will watch it. They knew exactly people will watch it. Nielson tracks 130 networks, only a couple growing. Pbs has gone in the last few years from number 11 to number 5 after the big three and fox. That tells you that i have not placed my money or moved my chips on to a fragile block. In fact, were here to stay. And in 2020 2030, im sure were going to be still, you know, have the same kind of sterling brand that pbs has always had. Do you worry that some of the new types of models that arent hamstrung by onair real estate, like Live Television is, would allow more competitors to say, hey, i have 18 hours of content to put out there. Yeah, the only thing is i agree with that, kayla. And its an important thing. And were keeping our eye on it. Only Public Television is going to permit me to spend five years doing the deep dive into this. That our generous underwriters, not just bank of america, but the angel society, a nonprofit formed by individuals of wealth to help us make our film. The Pugh Charitable trust. People who keep us going. Corporation for public broadcasting, permitting that deep dive. You can do anything, quick and dirty. But youre not going to have the loyalty people arent going to say, you know its like picking a brand, you know. You look up and go, oh, it says pbs. Thats what ill look at. In a world where people will literally watch a season, in a night in it a night, right. Do you say to yourself, i may structure my next dock at 30 hours. You know, weve got this vietnam thing next year, 10 parts, 18 hours. Were confident people will take the time. First of all, its an important subject. I think what we want to do is understand that in this world of unlimited information, were all its like a tsunami. So what were doing by binging is selfcure rating. Were saying, you know what, i trust this person, whether house of cards or game of thrones or Downton Abbey or Jackie Robinson. I know this is four hours, i can do that for something i care about. We feel confident, again, not only content will out, but quality will out. And that will always be no matter how much diversification there is, that will finally be at the end of the day the reason why you pick that box of cereal over that box of cereal. Your list of subjects is itself extremely diverse. Jazz, cancer, baseball. Whats on your list of curiosities . Besides the vietnam, were adding Country Music and happy to say Merle Haggard passed away a few days ago. We want a history of reconstruction, that little known period in American History after the civil war. We want may do a biography of winston churchill, a history of crime and punishment. Were embedded in the prison where you know that last fall the debate team beat harvard. We were the only group filming that and been embedded for two years there. A lot of stuff. That will all keep you busy until 2030. Thats why im sarah burns and david mcmann are my my oldest daughter and sisterinlaw. All youre doing is handing the broom and mop over to the kids who got to take it over at some point. Youre like the facebook of nonfiction. Literally. Your tentacles are everywhere. We cant wait to watch tonight. Pbs. Let me know what you think. Its so good. I like it. Thank you so much. Ken burns. Jackie robinson tonight and tomorrow night, 9 00 p. M. And 11 00 p. M. Eastern. Thanks to ken. Yesterday he was fitted for a new green jacket. Today he joins us on squawk alley. Danny willett on his masters win, sponsor wants and a lot more. Dont go away. Coming up on the halftime report, why Morgan Stanley is giving under armour shares a double bogey today. From spieth to steph, were talking where that stock is really headed from here. Plus, one firm says jpmorgan will be a disappointment this week when it reports. Do our experts agree . And our call of the day. Why google stock alphabet, can hit close to 1,000 a share. That and more, top of the hour. Kayla, we will see you in about 15. All right. Sounds good. Thanks, scott. Meanwhile, lets get to chicago. The cme group, where rick sta santel santelli, has the sanity exchange. There used to be a time where there was a popular adage where time is money. I think we can safely now say thats morphed into into time is dead. And then after that, beware of growth imposters. Lets look at the most recent spat of Important News that affect the Global Financial markets. Ita italy, of course, one of the problems is the banks have lots of nonperforming and toxic assets. Nonperforming loans, toxic assets. Another round of reforms needed. Greece still coming into the headlines, even though its probably the mosquito on the hippopotamus at this point. In certain ways. But in other ways, when were listening and reading about stories about taking helicopter bens notion and transferring to europe and dropping money out for eurocitizens. Who is going to back that . Of course, the germans, right . The problem is that so many large institutions, hedge funds, financial entities that we have come to respect over last several decades have been awfully site with regard to whats going on with policy, whether from the politicos or central planners, central bankers, all of it. And just consider, there was so much money to be made by those post the crisis that had access to credit. That were able to turn credit into leverage. That knew and had the wherewithal and the Balance Sheets to do large carry trades. Didnt hear a peep, because the money was flowing rather nicely. Well, that slowly has started to dry up. Just read any of the major papers the last month. All of a sudden, were starting to hear squawking from highlevel individuals that run etfs. That profited from the leverage in the form of junk and high yield. Now were starting to get a more real picture. But is it a bit late in the game . See, the problem is, big debt is a very large price to pay for 2 growth here. 1 growth in europe. Any growth is considered wonderful in japan. But we dont talk about the dead that much. As a matter of fact, weve pulled so much forward that we have now become accustomed, just like low rates, that maybe the revenues we look at today that were robbing from all of tomorrows. Is there some finite timetable where theres going to run out . I think were close to being there. That mckenzie study, 58 trillion created since the crisis and i think its higher at this point, that is a big saddle bag for the global economy. And ill tell you what. The most recent spat of news is that policymakers globally better get on the same page and normalize rates while they can. Boy, those are some words we should be listening to. Carl, back to you. All right. Rick, see you soon. Rick santelli in chicago. The dow is up 42 points, trying to hang on to what was once the best day for the dow since march 11th. Back after a break. Thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. They found out whos been who . Cking into our network. Guess. I dont know, some kids in a basement . You watch too many movies. Who . A Small Business in china. A business . They work nine to five. They take lunch hours. Like a job . Like a job. We tracked them. How did we do that . We have some new guys defending our network. New guys . Well, theyre not that new. Theyve been defending things for a long time. [ digital typewriting ] its not just security. Its defense. Bae systems. An aardvark ex channel emerging from the Panama Papers. We have more at headquarters. Morning, carl. This new scandal erupting from the Panama Papers, involving a 25 million mow dill an e, allegations of nazi theft in one of the first families of the new york art world. Prosecutors searched the Geneva Freeport warehouse for the painting seeded man with a cane painted in 1918. The piece stolen by the nazis from a pa region art dealer during the war and should be returned. The piece is now owned by the namad family, they own galleries in new york and london. A Family Member served a year in prison for a multidollar Sports Betting operation. The Panama Papers revealing that the they control an offshore country. According to vice news. In court, the namads denied direct ownership. The attorney telling me the ownership is, quote, irrelevant, and theres no proof the painting was either owned by the plaintiffs or that it was looted during the war. The offshore company was bought in 1996 for about 3 million. Now worth an estimated 25 million or more. A lot the stake. Back over to you. Robert, youve written the book on wealth, so to speak. And so much of art is interesting, because of the lack of liquidity. The concerns about prove negligence. Does any of this surprise you . What surprises me is not just this case, but a lot of others that came out over the weekend of just how much art was purchased with offshore companies. Theres a guy named eeve bouvier. Were getting a clearer picture. Well see how all of this affects the art market this spring. Robert, thanks so much. Good to see you. Robert frank back at headquarters. A new apple ad and signals on the next product cycle over there. More on apple, up a percent in a moment. Xerox personalized employee portals help Companies Make benefits simple and accessible. From anywhere. Hula dancing . Cliff jumping Human Resources can work better. With xerox. Which allergy . Eees. Bees . Eese. Trees . Eese. Xerox helps hospitals use Electronic Health records so doctors provide more personalized care. Cheese . Cheese patient care can work bet with xerox. Thats it. A new ad from apple is out, featuring kobe bryant and the actor michael b. Jordan. Take a look. Siri, open the nba app. Here he is, over jackson. See that . How good is this kid . Thats the guy youre playing in this movie. Coldblooded assassin. Locked in the battle of father time. What . On the verge of steep decline. Perfect. Theres no decline. Its all ascension. So what part hurts the most . I dont know. What does it matter to you . Youre playing young kobi. Im playing you all the way through now, prosthetics and stuff like that. Play the curious case of benjamin button. That is the newest ad from apple. Kobe bryant, michael b. Jordan. Perhaps this is a role well see more of, now that hell have more free time. Hes going to be playing invisible, im sure. As for apple, a stock in the low 90s in february, almost to 110 heres. Barro barrons, the target for them 150. Arguing that it needs to be valued more like a Cable Company because of their relationships with the content creators. Although the argument is nobody needs an apple watch. Well see the unit sales if they break out. There is a sense that version one has run out of gas. There are a lot of these ease about how you value apple. Is it still in hardware, where will it come from, what does the next chapter bring. And some say look for revenue to double not too long from now. Dells Cyber Security unit, secure works, going public and a possible price could be valued up to 1. 4 billion as the first major tech stock. Price range expected between 1550 and 1750, as much as 157 million. Is we all know how light q1 was since square 1 became public. And we saw where square ended up pricing, below the range they originally expected to price. So although they are laying out the range of 1550 to 1750, the most important number, where they actually priced. What investors are willing to pay for a new equity, when theyre none too pleased with existing equities in the portfolio i cants. As for the week ahead, unofficial start tonight. Alcoa, youll be busy this week as we get through jpmorgan, bank of america, wells and citi. And then the real onslaught begins next week. U. S. Inflation data. And then watch oil. Highest level earlier since march 23. Doha, this sunday, reports out of rurts there is a fair amount of either member or nonmember producers who are in support of a freeze, if they can only get iran to come around and be part of that plan. No small detail. Yeah. In a mastery surprise, Danny Willett won the 2016 tournament over the weekend with a wild comeback in his first career major win, birdieing three of the last six holes. Danny joins us today on cnbc news line. Danny, kraigs. Thank you very much. Im curious. Was there anything to suggest to you in the first day or so that this was going to be in the offering . No. Its just one of those things that happened. We just let things happen and it kind of fell our way. Danny, youve had a momentous couple weeks. Youre a new dad, and congratulations on that, as well. You almost didnt compete in the masters. In hindsight, tell us about that decision. Yeah, it was obviously you know, we decided to come early. And, yeah, you know, did some double checking in making sure she was all right at home. And to come out clearminded to try and do my job, i guess. And i guess it all worked out pretty well. Danny, i think a lot of golfers who watch our network for sure want to know from you, how you held it together mentally when things were starting to work in the last part of yesterday. What were you telling yourself . Yeah, we were just you know, we were just going through processes. We were going through, you know, its very cliche, but one shot at a time, stay focused on the job youve got to do. And had some good shots. And like i said, one of those things that if youre going to win major win golf tournaments, youve got to get quite fortunate at the right times. An