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CNBC Exclusive: CNBC Transcript: Billionaire Investor Paul Tudor Jones Sits Down with CNBC’s Andrew Ross Sorkin Today

WHEN: Today, Tuesday, June 12, 2018

WHERE: CNBC's "Squawk Box"

The following is the unofficial transcript of an EXCLUSIVE CNBC interview with the founder of Tudor Investment Corporation and the Robin Hood Foundation Paul Tudor Jones and CNBC's Andrew Ross Sorkin today, Tuesday, June 12th on CNBC's "Squawk Box" (M-F 6AM – 9AM.) The following is a link to video of the interview on CNBC.com: https://www.cnbc.com/video/2018/06/12/watch-cnbcs-full-interview-with-paul-tudor-jones.html?play=1.

All references must be sourced to CNBC.

JOE KERNEN: LET'S NOW GET BACK TO THE AFOREMENTIONED ANDREW ROSS SORKIN. HE'S MADE IT DOWNTOWN, FROM SQUAWK SQUARE. HE NOW JOINS US WITH A VERY SPECIAL GUEST. ANDREW.

ANDREW ROSS SORKIN: HEY. THANK YOU, JOE. WELL, WE'RE LIVE AT TUDOR INVESTMENT PLACE, WHERE THERE ARE CAMERAS NOT ALLOWED ON THE TRADING FLOOR TYPICALLY BUT TODAY THEY ARE. WE'RE HERE WITH LEGENDARY INVESTOR -- MACRO INVESTOR, I SHOULD SAY, PAUL TUDOR JONES OF COURSE. ALSO THE FOUNDER OF ROBIN HOOD. WE WANT TO GET HIS TAKE ON SO MANY THINGS GOING ON IN THE MARKET, THIS HISTORIC DAY, AND ALSO A PROJECT HE'S BEEN WORKING ON QUITE SOME TIME WITH JUST CAPITAL, SOMETHING YOU FOUNDED – AN ETF THAT'S GOING TO BEGIN TOMORROW TRADING IN TANDEM WITH GOLDMAN SACHS. AND WE'LL TALK ABOUT THAT. BUT BEFORE WE GET INTO IT, JUST WANT TO GET YOUR SENSE OF WHAT HAS TAKEN PLACE OVER THE LAST COUPLE OF HOURS IN SINGAPORE.

PAUL TUDOR JONES: I THINK OBVIOUSLY THIS IS A VERY BIG, HISTORIC DEAL. I DON'T THINK THERE'S ANY SURPRISES HERE, WHICH IS WHY THE MARKETS AREN'T REACTING -- REACTING THAT MUCH. I THINK IT'S KIND OF BUSINESS AS USUAL. WE KNEW THAT HE WAS GOING TO -- HE WOULDN'T BE GOING THERE UNLESS HE WAS GOING TO SIGN SOMETHING, UNLESS THERE WAS GOING TO BE SOME POSITIVE PRONOUNCEMENT. I THINK WE KIND OF GOT WHAT WE THOUGHT WE WOULD.

SORKIN: IT'S INTERESTING YOU HAVE THAT TAKE. BECAUSE IT IS THE WAY THE MARKETS -- THE MARKETS HAVEN'T GONE EITHER DIRECTION ON THIS. HOWEVER, THERE'S A SENSE OF OPTIMISM ABOUT ALL OF THIS. AS SOMEBODY WHO'S TRADED THIS OR IS THERE A WAY -- I GUESS THE BETTER QUESTION IS, IS THERE A WAY TO TRADE ALL OF THIS AT ALL?

TUDOR JONES: I THINK WE'VE BEEN TRADING IT THE PAST 12 MONTHS LEADING UP TO THIS POINT. SO THIS IS SEMI-ANTI-CLIMACTIC, RIGHT? IN THE SENSE WE WENT THROUGH THE PERIOD A YEAR AGO. REMEMBER, A YEAR AGO WE WERE VERY CLOSE TO MILITARY CONFRONTATION. AND I DON'T THINK PEOPLE REALIZE JUST HOW CLOSE WE WERE TO SOME TYPE OF ARMED CONFLICT. AND HERE WE ARE A YEAR LATER AND AGAIN SO MUCH OF THIS HAS ALREADY BEEN PLAYED OUT. AND I THINK THIS IS ANTI-CLIMACTIC.

SORKIN: SO WHAT HAPPENS NOW THOUGH -- IN TERMS OF HOW YOU THINK ABOUT IT RELATIVE TO THE MEASURES THAT ARE GOING TO TAKE PLACE OVER THE NEXT SEVERAL MONTHS?

TUDOR JONES: THIS WAS A TAIL EVENT. A TAIL EVENT IS -- IT COULD ALWAYS LEAD TO NUCLEAR CONFLICT. NORTH KOREA'S 25 MILLION PEOPLE. ECONOMICALLY A VERY SADLY BEREFT COUNTRY. UNLESS AGAIN IT WAS GOING TO LEAD TO SOME TYPE OF CONFLICT, IT'S A NONEVENT NONISSUE. PARTICULARLY NOW THAT IT SEEMS WE'RE HAVING SOME MEANINGFUL ADULT DIALOGUE BETWEEN THE TWO COUNTRIES. AND I THINK IT'S A GREAT THING AND I THINK WE'LL SEE IT SLIP OFF THE RADAR SCREEN.

SORKIN: YOU THINK WE WILL SEE -- AND ARE YOU HOPEFUL THAT SOMETHING WILL HAPPEN?

TUDOR JONES: OH, ABSOLUTELY. I THINK IT'S FANTASTIC. IT COULD BE DONALD TRUMP'S CROWNING ACHIEVEMENT SO FAR IN HIS PRESIDENCY. A LOT BETTER THAN TAX CUT.

SORKIN: REALLY?

TUDOR JONES: ABSOLUTELY. BUT WE CAN TALK ABOUT THAT.

SORKIN: LET'S LOOK MORE BROADLY JUST FOR A MOMENT JUST AS A MACRO TRADER IN TERMS OF THE WAY YOU LOOK AROUND THE WORLD, THE WAY YOU LOOK AT GROWTH AROUND THE UNITED STATES. YOU'VE TALKED ABOUT A POTENTIAL BUBBLE EMERGING. ARE YOU STILL IN THE SAME PLACE?

TUDOR JONES: I THINK THAT THERE'S THREE THINGS THAT ARE KIND OF DRIVING THE WORLD TODAY, AND THEY ALL START AND END HERE IN THE UNITED STATES. THE REST OF THE WORLD -- I CAN'T REMEMBER A TIME WHEN THINGS ARE AS KIND OF BORING AS THEY ARE. RIGHT? WESTERN EUROPE SOMEWHAT STATIC POLICY THERE, EVEN THOUGH WE'RE GOING TO TALK ABOUT THE END OF QE. JAPAN'S BEEN RELATIVELY UNIMAGINATIVE IN WHAT THEY'RE DOING IN THE ECONOMIC SITUATIONS. SAME THING WITH CHINA. YOU HAVE SOME IDIOSYNCRATIC STORIES IN EMERGING MARKETS, BRAZIL AND MEXICO AND TURKEY. BUT WHERE THE ACTION IS IS HERE IN THE UNITED STATES AND THAT'S 'CAUSE YOU'VE GOT THREE THINGS THAT ARE KIND OF PUSHING THE PRICES AND ALL THE ASSET CLASSES. AND THAT'S FIRST FISCAL POLICY. AND REALLY FISCAL PROFITACY. MONETARY POLICY. AND THEN, OF COURSE WE HAVE -- AND I WOULD CALL IT MORE OF A TRADE IRRITANT THAN A REAL TRADE PROBLEM. EVEN THOUGH YOU HAVE TO MONITOR THAT ONE CLOSELY BECAUSE IT CAN ESCALATE.

SORKIN: ARE YOU WORRIED ABOUT A TRADE WAR?

TUDOR JONES: YOU KNOW – AGAIN, YOU HAVE TO PUT IT IN PERSPECTIVE, RIGHT? IF WE JUST LOOK AT OUR FOUR BIGGEST TRADING PARTNERS, WE HAVE A SIMPLE WAY TO AVERAGE A TARIFF OF ABOUT 6%. WE HAVE ONE OF 3.5% - OR 3.5%. SO THERE'S A 2.5% GAP IN UNFAIRNESS, RIGHT? IF WHAT THE PRESIDENT WAS TRYING TO DO WAS JUST TO NORMALIZE THE TARIFFS, IT'D BE 2.5% ON WE HAVE A TRILLION AND A HALF DOLLARS OF EXPORTS -- IT'S A $40 OR $50 BILLION PROBLEM IN AN $87 TRILLION WORLD ECONOMY. THE DANGER WOULD BE THAT HE'S JUST NOT TRYING TO EQUALIZE THE PLAYING FIELD AND EQUALIZE THE TARIFF DISCREPANCY. THE DANGER IS THAT HE'S TRYING TO DO AWAY WITH THE BILATERAL TRADE DEFICITS COUNTRY BY COUNTRY. AND THERE'S A PROBLEM WITH THAT. BECAUSE WE'RE RUNNING A STRUCTURAL BUDGET DEFICIT. IF YOU JUST BALANCE THE ACCOUNTS THAT -- TYPICALLY THE WAY THAT BALANCES IS YOU RUN A TRADE DEFICIT TO DO THAT. SO ON THE ONE HAND WE HAD THIS MASSIVE BUDGET DEFICIT THAT THE ADMINISTRATION AND CONGRESS HAS ENGINEERED. ON THE OTHER HAND, HE'S TRYING TO DO AWAY WITH BILATERAL TRADE DEFICITS AND THE ACCOUNTS DON'T BALANCE. SO IT COULD BE DANGEROUS IF HE'S FOCUSING NOT JUST ON TRYING TO GET FREE AND FAIR TRADE BUT TO ACTUALLY DO AWAY WITH THAT BILATERAL TRADE DEFICIT. BECAUSE IT'S ACTUALLY JAMMING A SQUARE PEG IN A ROUND HOLE.

SORKIN: AND THEN THERE'S THE FED IN ALL OF THIS. EXPECTED TO RAISE INTEREST RATES LATER THIS WEEK. IF YOU WERE RUNNING THE FED RIGHT NOW, WHAT WOULD YOU DO?

TUDOR JONES: I THINK RATES WOULD BE 150 BASIS POINTS HIGHER RIGHT NOW. AND THAT'S – IT'S WHERE THEY SHOULD BE. WE'VE GOT 3.8% UNEMPLOYMENT AND NEGATIVE REAL RATES. AND WE HAVE A 5% ON THE WAY TO A 7% BUDGET DEFICIT. THE LAST TIME THAT WE HAD THE UNEMPLOYMENT RATE WHERE IT IS NOW WAS 2000. AND WE ARE RUNNING A BUDGET SURPLUS AT THAT TIME OF 2.5%. WE WERE TALKING ABOUT BOND SCARCITY AT THAT TIME. AND NOW WE HAVE THE EXACT OPPOSITE/ SO WE'VE GOT FISCAL POLICY THAT LITERALLY CAME FROM ANOTHER GALAXY AND WE HAVE MONETARY LAXITY. AND THAT BREW IS WHAT HAS GOT THE STOCK MARKET SO JACKED UP.

SORKIN: WHEN YOU WAKE UP, YOU WAKE UP AT ABOUT 3:00 IN THE MORNING AND CHECK THE LONDON MARKETS EVERY MORNING. WHAT ARE YOU THINKING ABOUT OVER THE PAST COUPLE OF WEEKS? WHAT'S BEEN THE ISSUES THAT HAVE CONSUMED YOU AT THAT HOUR?

TUDOR JONES: OOH. AT THAT HOUR. I THINK THE FIRST THING I'D DO -- THE FIRST THING I'D DO IS I HAD THIS RUNNING DEBATE WHETHER I'M GOING TO LOOK AT THE PRICES FIRST OR I'M GOING TO LOOK AT MY P&L FIRST, BECAUSE I'M ALWAYS EXPECTING. SO I'M JUST THINKING "OH LORD, JUST PLEASE LET THE BE A SLOW TRANSITION. NOTHING DRAMATIC -- THAT WHILE I'VE BEEN SLEEPING SOMETHING REALLY BAD HAS HAPPENED." SO SOMETIMES I LOOK AT THE PRICES AND SOMETIMES I GO LOOK STRAIGHT AT MY P&L. SO THAT'S THE FIRST THING I DO. WHAT I'M THINKING AT THAT POINT IN TIME IS HAS THERE BEEN ANY SIGNIFICANT CHANGE THAT I WAS ANTICIPATING WHEN I WENT TO SLEEP? AND IT'S A GOOD DAY WHEN THERE'S NO – WHEN THERE'S NOTHING SIGNIFICANT. IF IT -- ANOTHER TIME, ANOTHER THING THAT YOU'RE ALWAYS DOING IS -- PARTICULARLY IF YOU'VE GOT GLOBAL POSITIONS IS WHAT ECONOMIC RELEASES HAVE COME OUT THAT ARE GOING TO BE IMPACTING YOUR PRICES? SO I'M ALWAYS THINKING ABOUT THAT.

SORKIN: BEFORE WE TOUCH ON JUST -- SINGLE BEST INVESTMENT THAT'S WORKING FOR YOU RIGHT NOW? AND SINGLE INVESTMENT THAT MAYBE HASN'T WORKED FOR YOU THE WAY YOU THOUGHT?

TUDOR JONES: PROBABLY RIGHT NOW, IN MY POSITION, I'M LITERALLY AS LIGHT AS I'VE BEEN. I CAN'T REMEMBER HOW MANY YEARS IT'S BEEN SINCE I'VE BEEN THIS LIGHT.

SORKIN: WHEN YOU SAY "BEEN THIS LIGHT" -- IN WHAT RESPECT?

TUDOR JONES: IN MY POSITIONS.

SORKIN: MEANING YOU'RE MOST IN CASH?

TUDOR JONES: MEANING I DON'T HAVE A LOT OF MACRO POSITIONS ON RIGHT NOW ECAUSE I THINK THE REWARD RISK IN A VARIETY OF THINGS HAS DIMINISHED AT THIS POINT IN TIME. I LIKE TO HAVE SIGNIFICANT LEVERAGE POSITIONS WHEN I THINK THERE'S AN EMINENT PRICE MOVE DIRECTLY AHEAD. I DON'T LIKE HAVING POSITIONS AND IS PROBABLY A FAULT OF MINE AT TIMES JUST BECAUSE I THINK ULTIMATELY INTEREST RATES ARE GOING UP OR I THINK ULTIMATELY THE DOLLARS GOING TO GO HIGHER. I'D MUCH PREFER TO BE LEVERAGED RIGHT AT THAT POINT WHEN THEY MOVE THE MOST SO I'M NOT SUBJECT TO UNEXPECTED EVENTS OVERNIGHT OR OVER THE COURSE OF WEEKS OR MONTHS.

SORKIN: IS THERE SOMETHING YOU'RE WAITING FOR?

TUDOR JONES: OH, I'M -- YEAH THERE'S A LOT I'M WAITING FOR. I THINK THE THIRD AND FOURTH QUARTER ARE GOING TO BE PHENOMENAL TRADING TIMES. I HAVE A FEELING WE'RE GETTING READY TO GO INTO A SUMMER LULL.

SORKIN: SUMMER LULL? AND WHAT DO YOU THINK IS GONNA HAPPEN IN THE THIRD AND FOURTH QUARTER, THOUGH?

TUDOR JONES: OH, I THINK WE'LL SEE -- I THINK WE'LL SEE RATES MOVE SIGNIFICANTLY HIGHER BEGINNING SOME TIME LATE THIRD QUARTER, EARLY FOURTH QUARTER. AND I THINK IT WILL INTERESTING BECAUSE I THINK THE STOCK MARKET ALSO HAS THE ABILITY TO GO A LOT HIGHER AT THE END OF THE YEAR.

SORKIN: TALKING ABOUT THE STOCK MARKET -- TOMORROW, GOLDMAN SACHS IS LAUNCHING A NEW ETF BASED ON JUST CAPITAL, A FOUNDATION THAT YOU FOUNDED. IT REALLY SORT OF TAKES A DIFFERENT LOOK AT CAPITALISM AND TAKES A DIFFERENT LOOK AT HOW TO CONSTRUCT AN ETF AND EVEN SORT OF WHAT MAKES A STOCK WORK OR NOT. IT'S NOT NECESSARILY THE PROFIT AND LOSS STATEMENT. IT'S A WHOLE SERIES OF OTHER METRICS. TELL US ABOUT HOW JUST BEGAN AND WHAT THIS ETF IS ALL ABOUT?

TUDOR JONES: IT REALLY WAS ONE OF THE CASES FROM THE MOUTH OF BABES COMES INNOCENT WISDOM. SIX YEARS AGO, A STUDENT RAISES HIS HAND IN THE BACK OF A CLASS IN COLUMBIA AND ASKS THE PROFESSOR, "WHY CAN'T CORPORATIONS BE A FORCE FOR GOODNESS? WHY CAN'T THEY USE THEIR CAPITAL -- HUMAN AND FINANCIAL IN THE PURSUIT OF JUSTNESS -- JUST CAPITAL, IF YOU WILL." AND THAT PROFESSOR WHO THAT QUESTION WAS ASKED TO WAS DEEPAK CHOPRA, WHO'S A FRIEND OF MINE. HE CALLED ME UP AND SAID, "LISTEN, I DON'T KNOW MUCH ABOUT WALL STREET BUT HERE'S THIS IDEA THAT HAS A GREAT DEAL OF APPEAL." AND IT'S REALLY EASY TO DISMISS A BIG 'AIRY-FAIRY' IDEA LIKE THAT. BUT THE REALITY IS IS THAT THE COURT -- THE PHILANTHROPIC SECTOR IS ABOUT 360 BILLION THIS YEAR. THE GOVERNMENT SECTOR IS ABOUT 4 TRILLION – ABOUT 10 TIMES THAT SIZE. THE PRIVATE SECTOR IS 15 TRILLION, SO IT'S 40 TIMES THE SIZE OF PHILANTHROPIC GIVING EVERY YEAR. IF YOU'RE GOING TO HAVE TRUE SOCIAL CHANGE, IF YOU'RE GOING TO HAVE REAL SOCIETAL BETTERMENT, IT HAS TO START WITH THE PRIVATE SECTOR. IT HAS TO START WITH BUSINESS. AND THAT KIND OF LED US TO THINK, "HMM – OKAY, THIS IS WORTH A BETTER LOOK." SO WE GOT A SMALL GROUP OF FRIENDS AND WE STARTED LOOKING, BECAUSE I THINK THE ORIGINAL IDEA WAS THAT WE WERE GOING TO JUST SEE IF COMPANIES WHO WERE TICKING THE BOXES ON A VARIETY OF JUST BEHAVIORS, HOW THEY PERFORMED. THE INTERESTING THING, ALL THE WAY BACK IN 2013, WE JUST RAN SOME MOST BASIC SCREENS, IS THOSE COMPANIES ALWAYS, ON A PRICE BASIS, OUTPERFORMED THE MARKET WHICH WAS AT THE TIME REALLY INTERESTING TO ME, OBVIOUSLY BEING A MARKETS GUY.

SORKIN: DID YOU BELIEVE IN THIS WHOLE SOCIAL IMPACT, SOCIAL RESPONSIBLE INVESTING APPROACH?

TUDOR JONES: SO HERE'S WHAT'S INTERESTING. WHEN I THOUGHT WE'D FOUND SOMETHING NEW. I DIDN'T EVEN KNOW -- HERE I'D BEEN ON WALL STREET FOR ALMOST 35 YEARS. I DIDN'T EVEN KNOW THERE WAS A $3 TRILLION ESG ENVIRONMENTAL SOCIAL GOVERNANCE INDUSTRY BUILT AROUND IT. AND OF COURSE THAT IN ITSELF WAS TELLING THAT – AND ADMITTEDLY I'M NOT A STOCK GUY, I'M A MACRO GUY. BUT I HAD NEVER EVEN HEARD OF IT. BECAUSE IT WAS SO FRACTURED. IT WAS BECAUSE THERE WERE JUST NICHE INDICES AND FUNDS DOING IT. AND A LOT OF THEM ALWAYS HAD AN AGENDA. AND SO OUR FIRST IDEA WAS – THE FIRST QUESTION TO ASK OURSELF IS, "HOW DO YOU DEFINE WHAT IS JUST?" AND SOMEONE HAD THE BRIGHT IDEA OF LET'S ASK THE AMERICAN PUBLIC. LET'S ASK THE GREATEST PEOPLE IN THE GREATEST COUNTRY WHO FOR THE LAST 250 YEARS HAVE DOMINATED THIS WORLD. LET'S LET THEM DEFINE FOR US SO THERE'S NO QUESTION WHAT IS JUSTNESS. AND SO WE BEGAN POLLING AND, BOY, DOES THE AMERICAN PUBLIC HAVE A STORY TO TELL.

SORKIN: AND THEY CAME UP WITH EFFECTIVELY THROUGH YOUR POLL SEVEN DIFFERENT DRIVERS OF WHAT YOU THINK MOVES A COMPANY IN THE RIGHT DIRECTION. AND THEY HAVE VERY LITTLE TO DO WITH ACTUALLY A PROFIT AND LOSS STATEMENT.

TUDOR JONES: WELL, HERE'S THE MOST INTERESTING THING. WE START OUT -- WE STARTED FOCUS GROUPING AND AND THEN WE STARTED POLLING THEN WE TOOK 200 METRICS AND THEN COMBINED THEM INTO ABOUT 39 THAT WE ACTUALLY MEASURE. AND WE AGGREGATE THOSE INTO THE SEVEN DRIVERS. AND THE SEVEN DRIVERS ARE, IN ORDER OF IMPORTANCE, THE FIRST IS, "HOW DO YOU PAY AND TREAT YOUR WORKERS?" THAT'S 23%. THE SECOND IS, "HOW DO YOU TREAT YOUR CUSTOMERS? DO YOU RESPECT THEIR PRIVACY? DO YOU RESPECT THEM INDIVIDUALLY?" AND THAT'S 19%. AND THE THIRD IS, AT 17%, IS PRODUCTS, "DO YOU MAKE HIGH QUALITY, LOW COST, AND SOCIALLY BENEFICIAL PRODUCTS?" AND THEN THERE'S ENVIRONMENTAL SUSTAINABILITY, COMMUNITIES, DOMESTIC JOB CREATION. AND THE FINAL DRIVER AT 6% - AT 6%, IS "DO YOU SERVE YOUR SHAREHOLDERS AND MANAGEMENT?" AND I MEAN, THAT'S -- THAT'S INCREDIBLE, RIGHT? WHEN YOU THINK ABOUT IT. BECAUSE THE WAY CAPITALISM IS PRACTICED TODAY IS THAT I'D SAY 80% TO 85% OF WHAT THE CORPORATE BOARDROOMS DO IS MANAGING FOR THE PROFITABILITY OF A PARTICULAR COMPANY. AND EVERYTHING ELSE KIND OF COMES AFTER THAT. IT'S DIAMETRICALLY OPPOSED TO WHAT THE GREATEST PEOPLE IN THE GREATEST COUNTRY ON EARTH THINK SHOULD BE THE WAY THAT THEY MANAGE THEIR COMPANIES. AND SO THE FIRST TIME I SAW THAT, IT WAS LIKE BEING SMACKED IN THE FACE. BUT OVER THE YEARS AFTER AWHILE, YOU CAN'T HELP, I THINK, IS OUR BOARD AND OUR STAFF AND OTHER PEOPLE -- IT STARTS TO IMPACT THE WAY THAT YOU THINK ABOUT HOW -- WHAT ACTUALLY COMPANIES SHOULD BE DOING ON THIS EARTH. AND IN FACT, ONE OTHER THING. HOW DID WE GET TO WHERE WE ARE TODAY IN TODAY'S DEFINITION OF WHAT A COMPANYS MISSION IS? IF, YOU GO BACK TO 1970, MILTON FRIEDMAN FAMOUSLY SAID, "THE SOCIAL RESPONSIBILITY OF A COMPANY IS TO IMPROVE ITS PROFITS." THAT'S HOW WE GOT TO THIS SHAREHOLDER MANAGEMENT – I SHOULDN'T SAY ME FIRST BUT CERTAINLY THE CONCENTRATION ON THEIR BENEFITS. AND WHEN MILTON FRIEDMAN SAID THAT, TAX RATES HAD COME FROM 91% TO 70% AND SOCIAL INEQUALITY – OR EXCUSE ME, INCOME INEQUALITY WAS 1/5 OF WHAT IT IS TODAY. SO, YOU CAN SEE THAT 40-YEAR-OLD DEFINITION OF CAPITALISM WHICH EVERY CEO, EVERY SHAREHOLDER BEGAN TO ADOPT. YOU CAN SEE HOW IT WAS RELEVANT AT THE TIME BUT FAST FORWARD TO WHERE WE ARE TODAY, IT'S A DIFFERENT DEAL. IN 1985, 90% OF THE WEALTH OF THIS COUNTRY WAS OWNED BY THE -- EXCUSE ME -- 35% OF THE WEALTH OF THIS COMPANY -- COUNTRY WAS OWNED BY THE BOTTOM 90%. TODAY 23% OF THE WEALTH OF THIS COUNTRY IS OWNED BY THE BOTTOM 90%. AND THAT 12% DIFFERENT HAS GONE TO THE TOP ONE TENTH OF 1%. SO CAPITALISM MAY NEED MODERNIZING.

SORKIN: OKAY. REACT TO THIS, THOUGH, IF YOU WOULD. THIS IS A NOTED PROFESSOR, U.C. BERKELEY, IN "THE WALL STREET JOURNAL" WRITES THE FOLLOWING: "IT'S ABSURD TO EVEN TRY TO SEPARATE RESPONSIBLE FROM IRRESPONSIBLE FIRMS. HOW CAN A SOCIALLY RESPONSIBLE INVESTMENT STRATEGY CLAIM TO PRODUCE SUPERIOR RETURNS WHEN THERE IS NO AGREEMENT ON WHAT RESPONSIBILITY MEANS OR HOW TO MEASURE IT?"

TUDOR JONES: WELL, I'D LIKE TO UPDATE HIM. THERE IS ACTUALLY A DEFINITION. THE AMERICAN PUBLIC JUST GAVE IT TO US. IF HE WANTS TO ARGUE WITH US, THAT'S FINE. I'M NOT GOING TO. BUT THE GREAT NEWS IS THERE'S A WIN/WIN HERE. WE CAN CLOSE THIS CHASM AND WE CAN DO IT IN A WAY WHERE EVERYBODY WINS. AND HERE'S THE MOST AMAZING THING. SO WE CREATED THIS INDEX. WE TAKE THE THOUSAND LARGEST COMPANIES IN AMERICA AND WE RANK THEM FROM 1 TO 1,000 AND WE ALSO RANK THEM ON A RELATIVE BASIS WITHIN THEIR SECTOR. AND THE MOST INTERESTING THING IS THAT IF YOU TAKE THE TOP HALF OF EACH SECTOR AND JUDGE THEM AGAINST THE BOTTOM HALF OF EACH SECTOR, ACCORDING TO THE AMERICAN PUBLIC'S DEFINITION OF SOCIAL RESPONSIBILITY, HERE'S WHAT YOU GET. YOU GET COMPANIES THAT ON AVERAGE CREATE 20% MORE JOBS. THEY PAY THEIR EMPLOYEES BETTER THAN THE BOTTOM 500 DO. THAT EMIT 45% LESS GREENHOUSE GASES. THEY PAY ANYWHERE FROM 70% TO 90% LESS FINES ON A VARIETY OF FRONTS. THEY DONATE 2.4 TIMES AS MUCH TO LOCAL COMMUNITIES AND CHARITIES. BUT THE MOST IMPORTANT POINT, THEY ON AVERAGE HAVE A 7% HIGHER R.O.E. THAN THE BOTTOM ONES. AND THIS IS JUST BASED ON THOSE SOCIALLY RESPONSIBLE METRICS THAT THE AMERICAN PUBLIC HAS SAID ARE SO IMPORTANT. AND JUST ONE LAST THOUGHT. WHEN YOU THINK ABOUT -- WHEN YOU LOOK AT OUR TOP THREE DRIVERS, RIGHT? THE NUMBER ONE IS DO YOU PLAY -- HOW DO YOU PAY AND TREAT YOUR EMPLOYEES? IF YOU HAVE A MOTIVATED WORKFORCE THAT YOU PAY WELL AND TREAT WELL, YOU PRODUCE A HIGH QUALITY OF LOW COST PRODUCT, IT HAS SOME BENEFIT. AND YOU TREAT YOUR CUSTOMERS THROUGHOUT THE ENTIRE PROCESS, WITH RESPECT -- YOU RESPECT THEIR PRIVACY, ET CETERA. IT'S A PRETTY GOOD BUSINESS FORMULA – AND IT'S A WINNING FORMULA. AND THESE COMPANIES ARE OUT-PERFORMING THOSE THAT DON'T.

SORKIN: BECKY QUICK BACK IN THE STUDIO HAS A QUESTION FOR YOU, PAUL.

BECKY QUICK: PAUL. THANK YOU FOR TAKING THE TIME THIS MORNING. YOU MADE A COUPLE OF COMMENTS ABOUT THE BROAD MARKET EARLIER. YOU SAID YOU THINK WE MAY BE HEADED INTO A SUMMER LULL RIGHT NOW BUT THAT YOU DO THINK IN THE THIRD AND FOURTH QUARTER IT WILL GET MORE INTERESTING AND INTEREST RATES, YOU THINK ARE GOING TO GO MUCH HIGHER. YOU ALSO SAID YOU THOUGHT STOCK PRICES HAVE THE POTENTIAL TO GO MUCH HIGHER AT THE END OF THE YEAR TOO. AND I JUST WONDERED IF YOU COULD TELL US WHY. BECAUSE NORMALLY WHEN PEOPLE SAY INTEREST RATES ARE GOING TO GO UP SHARPLY, THAT THAT COULD ACT AS GRAVITY ON STOCK PRICES. WHY DO YOU THINK THEY BOTH GO UP?

TUDOR JONES: WELL, AGAIN, LET'S JUST PUT THINGS IN PERSPECTIVE WHERE INTEREST RATES ARE. WE HAVE NEGATIVE RATES. IF YOU GO LOOK AT WHAT HAS SHUT OFF THE STOCK MARKET HISTORICALLY, IT'S BEEN REAL RATES ON THE SOMETHING IN THE NEIGHBORHOOD OF LIKE 200 BASIS POINTS. WE'RE NEGATIVE RIGHT NOW. SO WHEN YOU'VE GOT A LOT OF TECH COMPANIES GROWING AT 20% PER YEAR, WHO CARES ABOUT A HUNDRED BASIS POINTS? WHO CARES, RIGHT? SO I THINK YOU'LL SEE RATES GO UP AND STOCKS GO UP IN TANDEM AT THE END OF THE YEAR. IF YOU HAD TO -- IF YOU ASK ME TO KIND OF THINK OF SOME ANALOGIST -- TIME PERIODS, I WOULD PICK 87 IN THE U.S., NOT NECESSARILY SAYING WE'RE GOING TO HAVE A CRASH BUT A TIME WHEN YOU HAD A BUDGET DEFICIT, AND YOU HAD STOCKS AND RATES GOING UP FOR A PERIOD OF TIME. 99 IN THE U.S., THAT ONE ALSO JUMPED TO MY MIND WHEN THINGS GOT CRAZY THE END OF THE YEAR. 89 IN JAPAN. AGAIN, THEY HAD STRONG FISCAL MONETARY PULSES THAT WORKED THEIR WAY THROUGH THE STOCK MARKET. SO I COULD SEE THINGS GETTING CRAZY PARTICULARLY AT YEAR END AFTER THE MIDTERM ELECTIONS. I COULD SEE THEM GET CRAZY TO THE UPSIDE.

SORKIN: CRAZY TO THE UPSIDE. BUT YOU'VE BEEN TALKING ABOUT A BUBBLE IN THE EQUITY MARKETS AS WELL ON THE DOWNSIDE.

TUDOR JONES: ALL RIGHT. YOU'RE TOO YOUNG BECAUSE YOU'VE NEVER SEEN THIS MOVIE "PUMPING IRON," BUT IN IT -- AND THIS IS BACK –

SORKIN: THIS IS THE ARNOLD SCHWARZENEGGER MOVIE. I KNOW THE MOVIE.

TUDOR JONES: THAT'S RIGHT. SO ARNOLD, RIGHT? -- IF YOU SEE -- THE GUY, JUST LOOKED FLIPPING AMAZING IN IT, BUT HE WAS ROIDED OUT OF HIS BRAINS. RIGHT? AND SO THAT'S NOT SUSTAINABLE. SO HERE WE'VE GOT NEGATIVE REAL RATES. WE'VE GOT INTEREST RATES THAT AGAIN LOOK UNLIKE ANYTHING THAT WE'VE SEEN IN THE STOCK MARKET TOP BEFORE AND WE'VE GOT A 6% BUDGET DEFICIT DURING PEACE TIME WITH 3.8% UNEMPLOYMENT. SO YES I THINK THIS IS GOING TO END WITH A LOT HIGHER PRICES AND FORCING THE FED TO SHUT IT OFF. AND YES, THE REASON I PICKED A COUPLE OF THOSE YEARS IS IF YOU LOOK AT THE STOCK MARKET RELATIVE TO GDP, WE'RE AT LEVELS THAT HISTORICALLY IN SOME OTHER COUNTRIES LED TO A BLOWOFF AND SOME TYPE OF ECONOMIC CONTRACTION. AND WE'LL PROBABLY GO THROUGH THE SAME THING. IT'S AN OLD STORY. WE'LL PROBABLY PLAY IT AGAIN.

SORKIN: BUT WHAT ARE YOU LOOKING FOR AS THE TOP THEN? OR THE TIPPING POINT?

TUDOR JONES: I'D WANT TO SEE A LOT OF -- AGAIN, WE'VE GOT BUYBACKS RIGHT NOW THAT ARE KIND OF, SPEAKING OF ARNOLD SCHWARZENEGGER – THEY'RE LIKE THE TERMINATOR, THEY DON'T STOP. SO -- AND WE'RE RETIRING EQUITY AS A PERCENTAGE OF TOTAL MARKET CAP AND AT UNPRECEDENTED RATE THIS YEAR. RATES HAVE GOT TO GO UP ENOUGH TO EITHER SHUT THE ECONOMY DOWN AND OVERWHELM FROM REAL MONEY SELLING LIKE WE HAD '07 – THOSE BUYBACKS -- OR TO MAKE IT ECONOMICALLY LESS COMPELLING FOR COMPANIES TO ISSUE DEBT AND BUYBACK STOCK. THIS IS REAL SIMPLE.

SORKIN: I KNOW JOE'S GOT A QUESTION, I WANT TO GO TO IT. BUT I WANT TO ASK YOU ONE OTHER QUESTION WHICH RELATES TO ETFs. WHICH IS TO SAY, ALL OF THE MONEY THAT'S FLOODED INTO THE ETF WORLD, TAKE THE JUST CAPITAL PIECE OUT, HOW DO YOU THINK THAT'S GOING TO IMPACT THINGS IF AND WHEN WE DO HAVE A DOWNTURN?

TUDOR JONES: WELL, LIQUIDITY IS EXTRAORDINARILY CONSTRAINED. EXTRAORDINARILY CONSTRAINED. CAN WE TALK ABOUT THE JUST ETF WHICH IS GOING TO DEBUT ON WEDNESDAY, THOUGH?

SORKIN: WE CAN.

TUDOR JONES: OKAY. SO, YOU KNOW, WE TALKED ABOUT HOW THESE COMPANIES OUTPERFORM. THE OTHER WONDERFUL NEWS IS THAT THIS INDEX THAT'S OF THE PEOPLE, BY THE PEOPLE, AND FOR THE PEOPLE – THE JUST INDEX – IT'S AS AMERICAN AS APPLE PIE. IT HAS HISTORICALLY – IF WE JUST TAKE THE CONSTITUENTS RIGHT NOW, IF WE GO BACK TEN YEARS, THEY'VE OUTPERFORMED THE REST OF THE MARKET BY OVER 50%. SINCE WE'VE BEEN LIVE, THEY'VE OUTPERFORMED THE RUSSELL BY ABOUT 4.4%. THERE'S ACTUALLY POSSIBLY ALPHA IN THESE SIMPLE METRICS THAT THE AMERICAN PUBLIC HAS IDENTIFIED. SO I'M EXCITED BECAUSE I THINK HERE'S POSSIBLY A CHANCE TO MAKE MONEY AND DO GOOD BY INVESTING IN THIS ETF. AND I THINK, MY LORD, BESIDES THE RETAIL , I THINK THE RETAIL RECEPTION IS GOING TO BE GREAT FOR PEOPLE THAT WANT TO BE INVESTED IN THE STOCK MARKET. BUT I THINK STATE PENSION FUNDS, MY LORD, TO BE ABLE TO TICK OFF ALL YOUR ESG, TO HAVE SOMETHING CALLED J-U-S-T ON YOUR PORTFOLIO, IT SHOULD BE – I THINK IT'S GOING TO BE A REALLY BIG ETF DOWN THE ROAD. I THINK IT'S GOING TO RIVAL THE S&P AND THE NASDAQ BECAUSE I THINK IT HAS BOTH — POTENTIALLY, POSSIBLY — PERFORMANCE CHARACTERISTICS AND YOU GET TO FEEL GOOD WHEN YOU OWN THEM.

SORKIN: LET ME GO TO JOE. BUT WHEN DO YOU THINK ON THE PERFORMANCE CHARACTERISTICS THAT THIS MODEL WORKS? MEANING IT'S CLEARLY WORKED OVER THE PAST TWO YEARS. HARD TO GO BACK AND REALLY BACK TEST IT GIVEN THE WAY THE POLLING AND EVERYTHING ELSE WORKS. YOU THINK IT'S A FIVE-YEAR PERIOD BEFORE YOU REALLY KNOW? TEN YEARS? WHAT DO YOU THINK IS -- YOU NEED A DOWNTURN?

TUDOR JONES: WELL, I THINK – LOOK IN 2013 WHEN WE FIRST STARTED THIS, WE JUST TOOK SOME OF THE BASIC ESG CHARACTERISTICS AND THEN WENT BACK IN 2013 AND THEY WERE ABSOLUTELY KICKING ASS THEN. AND THEN EVERY TIME – THEN WE STARTED CREATING THESE INDICES AND STARTED MONITORING FOR THE LAST FIVE YEARS AND THEY JUST CONTINUE TO OUTPERFORM. I WAS LOOKING AT SOME OF OUR MATERIAL AND SAID, "OK, THROUGH MARCH 31, THE JUST ETF SINCE WE'VE BEEN TRACKING IT LIVE OUTPERFORMED THE RUSSELL BY 3.47%." I SAID, "LET'S UPDATE THAT THROUGH YESTERDAY. AND IT'S UP 4.2%." SO WE'VE HAD ANOTHER 90 BASIS POINTS OF APPRECIATION IN THE LAST THREE MONTHS. OBVIOUSLY IT'S A TOO SHORT OF A TIME, BUT I HAVE INTUITIVELY BELIEVED THE STORY THE PUBLIC IS TELLING. I THINK THE BUSINESS MODEL IS SIMPLE: TREAT YOUR EMPLOYEES WELL. GREAT PRODUCTS. TREAT YOUR CUSTOMERS WELL. YEAH, YOU'RE GOING TO OUTPERFORM.

SORKIN: LET ME BRING JOE INTO THE CONVERSATION. JOE?

JOE KERNEN: THAT'S WHAT IM TRYING TO FIGURE OUT, PAUL. EXACTLY HOW WHETHER THERE'S SOME TYPE OF CORPORATE BEHAVIOR THAT YOU THINK RESULTED IN THE WIDENING INCOME INEQUALITY THAT YOU'VE POINTED OUT. WE ALL KNOW WE WANT CORPORATIONS TO STAY GLOBALLY COMPETITIVE AND, YOU KNOW, WHEN YOU'RE TRYING TO HIRE WORKFORCE AND THINK OF BENEFITS, YOU WANT TO DO AS MUCH AS YOU POSSIBLY CAN. BUT YOU WANT TO – YOU KNOW, GOING BACK TO ADAM SMITH, PROFITABILITY SETS PRICES. PROFITS, WHEN YOU WATCH YOUR Ps AND Qs, THAT'S WHAT KEEPS YOU COMPETITIVE AND ALLOWS FOR PROFITS TO EVENTUALLY BE DISTRIBUTED. AND YOU KNOW, BEFORE CAPITALISM, I THINK THE AVERAGE GDP WAS LIKE $700 PER PERSON. AND HERE WE ARE IN THIS COUNTRY, IT'S PROBABLY 50,000. SO WE UNDERSTAND THE BENEFITS. I'M TRYING TO FIGURE OUT WHETHER YOU REALLY ARE POINTING THE FINGER AT CORPORATIONS FOR THE INCOME INEQUALITY OR WHETHER WE MADE SOME POLICY MISTAKES IN THE GOVERNMENT. BECAUSE, YOU KNOW, STAYING AT ZERO FOR SO LONG, ANYBODY WHO OWNED ASSETS BENEFITTED OVER THE PAST TEN YEARS. THAT'S WHERE ALL THE GAINS HAVE BEEN MADE. BUT I DON'T SEE IT BECAUSE OF EGREGIOUS BEHAVIOR BY CORPORATIONS. I THINK IF THEY HAD BEEN DOING BETTER, MAYBE THEY WOULD BE PAYING THEIR EMPLOYEES MORE. CAN WE REALLY ATTRIBUTE IT – IS IT THEIR FAULT? CEO COMPENSATION OR SOMETHING. I'M NOT SURE I UNDERSTAND.

TUDOR JONES: WELL, I DON'T THINK IT'S BLACK OR WHITE. THAT IT IS ONE OR THE OTHER. I THINK THERE ARE SHADES OF GRAY HERE, RIGHT? THAT'S WHAT IT IS. AND ONE OF THE REASONS WHY I THINK JUST CAPITAL IS SO IMPORTANT, WE'VE GOT TO START THE DIALOGUE AND WE'VE GOT TO START THE DEBATE BECAUSE WE HAVE TO MODERNIZE THE DEFINITION OF CAPITALISM. I DON'T THINK YOU CAN HAVE THIS KIND OF INCOME STRATIFICATION WITHOUT HAVING THE GOVERNMENT COME IN AT SOME POINT. AND TO ME FOR YOUR VERY POINT, THAT'S THE WORST OF ALL OUTCOMES BECAUSE THAT'S THE WORST WAY TO REDISTRIBUTE INCOME. SO HOPEFULLY THIS IS AN ORGANIC WAY WHERE WE CAN DRIVE RESOURCES THROUGH INVESTMENTS TOWARDS MORE JUST COMPANIES. WE GIVE OUT A SEAL TO THE TOP 100 COMPANIES. THE MOST JUST COMPANIES. AND THEY CAN USE THAT SEAL IN THEIR PRODUCTS. SO FIVE YEARS FROM NOW, I HOPE WHEN YOU'RE IN A STORE AND YOU'RE GETTING READY TO BUY A BOX OF CORN FLAKES AND ONE HAS A JUST CAPITAL SEAL AND ONE DOESN'T, YOU'LL BUY THAT ONE WITH JUST CAPITAL. FOR THE VERY REASON THAT YOU ARE POINTING OUT, THE REASON WHY I THINK THIS INITIATIVE IS SO IMPORTANT, WE HAVE TO RETHINK WHAT CORPORATE STEWARDSHIP IS. WE HAVE TO RETHINK THE WAY THAT MANAGEMENT AND SHAREHOLDERS SHARE WITH EMPLOYEES, CUSTOMERS, COMMUNITIES, THE PLANET. OR OTHERWISE, WE'RE GOING TO BE BACK TO MILTON FRIEDMAN AND 90% TAXES. IS THAT A BETTER ALTERNATIVE?

KERNEN: I MEAN, I THINK MILTON FRIEDMAN WAS DEFINITELY ONTO SOMETHING. AND I UNDERSTAND MAYBE A NEO-CAPITALIST VIEWPOINT – IN THE MOST SIMPLISTIC TERMS, I MEAN WE DO HAVE A MERITOCRACY. AND THERE WILL BE WINNERS AND THERE WILL BE LOSERS. IT IS POSSIBLE TO HAVE A TOTALLY EGALITARIAN SOCIETY WHERE EVERYBODY HAS NOTHING. AND THERE'S NO INCOME INEQUALITY WHATSOEVER. AND I JUST WORRY – I'VE THOUGHT THAT WATCHING HOW WALMART STOCK HAS PERFORMED FOR SHAREHOLDERS OVER THE YEARS AND WATCHING HOW EMPLOYEES AT WALMART HAVE PERFORMED, IT LOOKS LIKE THERE HASN'T BEEN A COMPLETELY EQUITABLE DISTRIBUTION OF ALL THE GOOD TIMES THAT WALMART HAS HAD. IT SEEMS LIKE SHAREHOLDERS HAVE DONE A LOT BETTER THAN THE RANK AND FILE AT WALMART. NOW, I'D LIKE THAT TO CHANGE, BUT NOT IF THE OVERALL PIE STOPS GROWING FOR EVERYONE ELSE. THAT'S MY ONLY PROBLEM WITH REDISTRIBUTION – FORCED REDISTRIBUTION – IS THAT IT MAY BE OF A SMALLER PIE. DO YOU THINK THAT WAY AT ALL OR NOT?

TUDOR JONES: CAN I JUST SAY FORCED REDISTRIBUTION IS – THAT'S NOT A GOOD WORD. THIS IS ABOUT AMPLIFYING THE PUBLIC'S VOICE. THIS IS ABOUT AMPLIFYING WHAT AMERICANS THINK COMPANIES SHOULD BE DOING. AND YOU KNOW, AGAIN, AT THE END OF THE DAY, IF A COMPANY WANTS TO BE ALIGNED WITH THE AMERICAN PUBLIC, THEY'LL PROBABLY BE REWARDED BY MAYBE A BETTER WORKFORCE AND MAYBE THEIR PRODUCTS WILL DO BETTER OVER TIME. AGAIN, I THINK WHAT WE'RE DOING HERE IS JUST BEGINNING THE DEBATE AND THE DIALOGUE, PROMOTING TRANSPARENCY, GIVING THE PUBLIC A VOICE AND THEN ALLOWING ALL THAT TO FLOW THROUGH TO ULTIMATELY INTO CORPORATE ACTIONS. AGAIN, IT'S A WIN/WIN. GO LOOK AT THE COMPANIES THAT ARE DOING IT. THEY'RE OUT PERFORMING EVERYONE ELSE.

SORKIN: LET ME ASK YOU THIS. JUST A BROADER QUESTION ABOUT THE MARKETS. IT RELATES TO THE ETF AS WELL, THOUGH. YOU HAVE A NUMBER OF PENSION FUNDS THAT ARE GOING TO BE BUYING INTO JUST. THE CONVERSATIONS YOU HAVE WITH PENSION FUNDS TODAY, IN TERMS OF – WHAT IS A REALISTIC EXPECTATION? AND BY THE WAY, IT'S TRUE OF RETAIL INVESTORS, TOO. THESE DAYS YOU THINK IN TERMS OF A RETURN OVER A TEN-YEAR PERIOD. HOW ARE THEY THINKING ABOUT IT AND HOW DOES THE JUST PIECE FACTOR INTO ALL OF THIS?

TUDOR JONES: I THINK PENSION FUNDS ARE LOOKING AT THE LONG-TERM RETURNS ON STOCKS AND BONDS. THEY'RE PROBABLY THINKING IN THAT 6% TO 7% RANGE WOULD BE THE IDEAL FOR THEM THAT WOULD SOLVE SO MANY OF THEIR ACTUARIAL ISSUES. I THINK JUST IS GOING TO FIT SQUARELY IN THEIR WHEELHOUSE BECAUSE AGAIN, I THINIK IT ALLOWS THEM TO SHOW THEIR STAKEHOLDERS THAT THEY CARE ABOUT FOR A LOT OF THESE ESG THINGS. I MEAN LOOK, IT'S CLEAR THE INCOME STRATIFICATION WE HAVE TODAY IS CREATING A LOT OF THESE PROBLEMS. 62% OF AMERICANS DISTRUST CORPORATIONS. AND JOE, 76% OF YOUNG PEOPLE WILL NOT IDENTIFY THEMSELVES AS A CAPITALIST. SO YEAH. I THINK WE'VE GOT TO FIND SOME WAY TO ATTACK THESE ISSUES OF TRUST. AND I THINK ALIGNING YOURSELVES WITH THE PUBLIC – AGAIN, LOOK AT THIS COUNTRY WHERE WE ARE TODAY. I THINK GETTING WITH THE AMERICAN PEOPLE IN SOME FORM OR FASHION, IT'S NOT NECESSARILY GOING TO HAPPEN OVERNIGHT. BUT I THINK OVER TIME, I THINK IT'S GOING TO BE GREAT. IT'S GOING TO PRESERVE THIS VERY SYSTEM. AND I CONSIDER MYSELF A PROUD CAPITALIST. IT'S ONE OF THE REASONS I'M SO EXCITED ABOUT THIS.

SORKIN: WE'RE GOING TO LEAVE IT THERE. THE ETF, THE TICKER IS JUST. J-U-S-T.

TUDOR JONES: IT'S J-U-S-T. WE'RE STARTING ON WEDNESDAY. AND I'VE GOT MY FINGERS CROSSED.

SORKIN: STARTS TOMORROW. THANK YOU FOR JOINING US ON THIS HISTORIC DAY AND YOUR COMMENTARY ALSO ON THE MARKETS AND WHERE WE ARE. WE APPRECIATE IT VERY MUCH.

TUDOR JONES: THANK YOU, ANDREW. APPRECIATE IT.

SORKIN: AND I SHOULD MENTION TO EVERYBODY THAT PAUL IS A MEMBER – YOU KNOW THIS – YOU ARE AN ADVISOR ON THE ADVISORY BOARD OF DELIVERING ALPHA WHICH IS COMING UP IN JUST A LITTLE BIT THIS SUMMER. YOU CAN GO TO DELIVERINGALPHA.COM FOR MORE INFORMATION THERE. GUYS, I'M GOING TO SEND IT BACK TO YOU.

For more information contact:

Jennifer Dauble
CNBC
t: 201.735.4721
m: 201.615.2787
e: jennifer.dauble@nbcuni.com

Emma Martin
CNBC
t: 201.735.4713
m: 551.275.6221
e: emma.martin@nbcuni.com

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