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tom: what is the macro call right now for you and mr. dalio? bob: well, we should not just -- tom: what is the macro call? bob: that the markets are under discounting the inflation picture. the sustainability, the self reinforcing of the inflation is not discounted. the degree of tightening overtime is not discounted. and i think within the stock market different -- even different types of companies and how they benefit or are hurt by a high nominal gdp rising interest rate environment. it is a unique environment that you have to -- you can't just take the average of the stock market. you have to go inside it. alix: that is bridgewater co-ceo speaking with lisa and tom. you can see that reflected in the markets as well. company after company have to rethink their margin guidance, and that is taking down their share prices. the s&p holding onto the lows, but off by 2%. tech getting hit the hardest, down by 3%. the reason that is interesting is a you are getting a huge move into the bond market. flip up the board and you can see what is leading t

tom: does the macro call right now for you and mr. dalio? >> our whole team. tom: patterson as well. what's the call? >> that the markets are under discounting the inflation picture. the sustainability, the self reinforcing of the inflation is not discounted. the degree of tightening overtime is not discounted. and within the stock market, even different types of companies and how they benefit or hurt by a high nominal gdp rising interest rate environment. it's a unique environment. you can't just take the average of the stock market. have to go inside it. lisa: how much has leverage been beaten out of the system and how much more is there to be unwound? >> i would imagine there is a lot more. lisa: traditional financial leverage. >> i don't really know. i would raise the opposite case as something that's important to register, which is not leverage in the banking system. as we think about the economic environment and the impact the tightening going forward, the banking system has not leveraged high capital. they have the most low risk asset folio in ages beca