carol: welcome to "bloomberg businessweek". i am carol massar. oliver: i am oliver renick. issue, thehis week's ukrainian oligarch wanted on the u.s. bribery charge. oliver: d.c.'s top lawyer has a long road ahead of him. carol: is the chicken industry rigged? oliver: all that ahead on "bloomberg businessweek". ♪ carol: we are with the editor in chief megan murphy. you guys look at toshiba, a once mighty company, if you will in japan, but it has come undone. japan's crown

jewels across electronics, across power, etc., and what is so interesting is they had to take this $6 billion write-down based on the business you could describe as something that people don't often associated with the company, and that is building nuclear reactors. across the southern united states, power plants have been beset by problems, not finishing on time, a contractor not well equipped to carry out the building of this. it has really hurt the company. it lost $7 billion of its market cap before this was announced. it is a company in trouble right now. oliver: was this specifically a bad bet by toshiba come are they suffering from that sea change in the industry of nuclear power, which is slowing? they went with an outside contractor building this that did not have a lot of experience in that area, and that hurt them in getting this done and meeting

deadlines. was move into nuclear power 2008-2009 when the u.s. government was offering incentives for this. we have had a sea change or reevaluation, and a reengineering of regulations that will govern the industry more broadly, and toshiba is suffering from that as they look to move on from what was looks like a bad bet. oliver: the mayor of miami, who won might expect is not quite aligned with the donald trump's demographicven his and politician, but he's going along with the president's orders at this point. megan: he governs the city that as you say has a huge foreign language speaking population, latino population, cuban population. down to the sanctuary cities issue, cities that weren't enforcing federal

immigration law in terms of a deporting people. miami was one of those per soon after donald trump announced he was revoking that policy under the obama administration, he said he would comply with that. there is no reasoning behind nass. that is because he does need federal funds to do one of his sweetheart projects, the massive acrossructure investment miami-dade county, which they view as crucial to building out that city. aerybody knows how much of benefit that could be, so yes, it may be politics, but it is all about the money. carol: it is all about the money. let's talk about this oligarch. who is this? megan: he is ukrainian magnate and says in this story, i don't understand what the term oligarch means. the thing interesting about him is that he is connected in many ways to issues that royal the

trump administration. he is associated with being a business partner of paul manafort, trump's former campaign manager. he stepped aside due to questions about his ties to ukraine, ties to russia. as we know, there are continuing allegations that swirl about the trump administration's connections to russia. we have the nominee for national security adviser michael flynn stepping down because of contact between what they were going to do about sanctions with russia. this man sort of stands at the center. is he the missing link between the trump and putin and some of trouble closets advisers -- closest advisers? ,liver: it is very multilayered and for that reason, we talked to the reporter who got to the source of it all. "bloombergry in business businessweek" is based on this idea that he is the one the media has ceased on as the

missing link between the white house and vladimir putin. these allegations are unproven, but it is coming to a head for donald trump and his presidency. oliver: there has been a huge focus on russia's involvement in the u.s. election, with hacking and all that. there are people in trump's cabinet that have been friendlier to russia than their predecessors. where does he fit into that. who is his connection to the president? >> if you were paying attention must summer to the presidential campaign and allegations of russia's influence on the trump campaign come eu would know the name paul manafort, who was trump's campaign manager for a time. working reports, he was for one of ukraine's presidents who had close ties to russia, but was also allegedly, and he denies this, receiving huge cash payments from that president. the question is where did that

cash come from. in his name was mentioned because he used to do business with paul manafort. they were business partners in a real estate project in new york a couple of years ago, so that is the first time that westerners heard about this particular oligarch as someone who is close to putin and doing business with paul manafort, who is close to trump. then came that dossier that was widely discredited, and there were questions about the money there as well, and now finally it turns out that he is being prosecuted by the united states on entirely different matter. a want to extradite him from austria, and things look bad for him, except now donald trump this president. the question is what will the trump white house do with this case? where they continue to prosecute him and antagonize vladimir putin? or will they back off? vladimir putins

in turbid the preceding of his criminal case in the u.s.? the donald trump administration says we will go through this, will he take that as a slight? >> the idea that it is not about the bribery. it is an unproven assumption. that win after putin and russia encroached into crimea and 2009, the obama administration was looking for ways to punish putin to antagonize him, and one of the ways that was why the reported was he was going to put pressure on the oligarchs in putin's inner circle, so he would seem lik likely target. even if he is not in putin's in her circle, he knows people who are, so i could be one step ,loser to just getting antagonize and vladimir putin, but now we have a president of power who's not particularly interested. he ha inherited this

prosecution that the austrian judge has already said is flimsy , so he has an opportunity perhaps to let the case go away. will he or one he? that -- won't he? that is the question our article asked. i ask him how he feels about the case, about trump. oliver: he says i don't know why everybody is making all these connections. >> he thinks he is the victim of a propaganda campaign against him by arrival in ukraine. she is a long time political figure in ukraine who has made very close ties to the united states diplomats during the obama administration, and she is sort of arch an enemies. evidence ofis corruption and ukrainian industry, and now both of them are out of power at the moment and there might be a scramble if there is a regime change in ukraine. up next, bridging the

divide between moscow and washington. oliver: the uphill battles facing the top white house lawyer. carol: this is "bloomberg businessweek". ♪

carol: welcome back to "bloomberg businessweek". i am carol massar. oliver: i am oliver renick. one of vladimir putin's deputies claims he passed up relations between turkey and russia. oliver: he claims he can do it with the u.s. as well. dugan, a is alexander mystic thinker in russia who has been a figure on the political scene for two decades. the curtain characterization comes from breitbart news, the outlet when it was run by steve bannon, now the chief counselor in the white house under donald

trump. man who has ties to members of the inner circle of seems to have an informal role that goes well beyond his official position, which is limited as a tv host and talk a commentator. , iver: when i think rasputin think mysticism, the long beard, the puppeteer in some sense behind the russian symbol of power, so which one of those descriptions does he fit? looks the part. he has the long, bushy beard. adherent of the russian orthodox church and traditional values, so he is clearly a man who fits that mystic personality. i think there is some hyperbole

in the use of rest putin by breitbart, but it characterizes to some extent the sense that many people have of the kind of arldview he has of traditional rusher, traditional values in conflict with the west , in conflict with the islamic world, is one that has a lot of appeal among the russian leadership, so he is a voice that is heard by many. he has hadseems like sometimes warm, sometimes cold relationship with putin himself. tell us how their core philosophies right now a line and how that will affect policy from russia? . >> right, for a time the kremlin had not really in braced his hard-line nationalist views, and at the height of the conflict in ukraine in 2014, dugin was on state television a lot.

he'd make calls for a broader russian state expansion into ukrainian territory and for this vorussia, butno when the kremlin wanted to dial back that conflict come a found himself off tv and in the cold. now we see the same conservative guys coming back, and particularly with the trump administration in the u.s., that is somebody that dugin clearly views as somebody who shares his views and the worldview, and in fact stephen bannon has referred n's thinking and speeches before he took office, and this is something -- the two men have not met, but there are elements of their worldviews that coincide. oliver: you did talk to him.

how does he feel about the characterization of rest putin? >> he obviously tries to play and limit hisence --e, but he can confirm rasputin is a complicated historical figure and not somebody he is glad to be compared to, but at the same time speaks highly of stephen bannon. oliver: and the politics and policy section come the trump administration has come up against a slew of legal controversies in the past month. carol: president trump's top lawyer has been conspicuously absent. >> he is the white house counsel, which is the president's chief lawyer. partner at aas a big and influential corporate law firm, and he is known for being a leading expert on

election law. his job at the white house, he is responsible for things like ethics enforcement, the vetting of nominees, and the analysis of thoseive orders, and all latter areas i have mentioned, the trump administration has run into trouble, and the question is where is he and all that. oliver: let's figure out who this guy is. we have not heard his name a ton, and perhaps we should be. where does he come from and how to trump find him for this role? >> he was trumps campaign lead counsel. calleds from a law firm jones day, large corporate firm, where he practiced a type of law that exist only in washington, federal election law was so he represented members of congress. he has had jobs with the republican party and is well reputed. former head of

the federal elections commission, where he was known for favoring policies to allow more money to come into politics, anti-regulatory policies. carol: let's talk about some of the instances you mentioned earlier. you would have assumed that when president trump sign that executive order that it would have been safe from legal attacks. obviously it wasn't, so where was he in that process? >> that question i don't have the answer to be at when we try get him on the phone, we were told he's not doing any interviews with anybody, but that executive order would have been squarely within his purview. that is exactly what the white house counsel is supposed to do. as some noise explained to me in interviews, another way of understanding what the white house counsel does is that he keeps the president on track. carol: he's like a traffic cop, right? >> a lot more than a traffic

cop. he's not just figuring out who gets to see the president or where paperwork goes on but vetting the legality of what the what the does, so president seeks to a coverage does not end up in court. carol: and so the president can accompanist things? oliver: i talked to megan murphy . she said he is the guy that should make it so that there is no fixing required. >> that is a good way of putting it. i think the white house counsel is supposed to keep everything within the bounds of law. carol: kelly conway goes on fox news and does an endorsement for ivanka trumps products. that is a no-no. >> you would have expected the white house to make it clear to staff and white house what they can and can't say about the p businesses. is him up becau

the fact that donald trump has maintained ownership, and one would have thought the white house counsel would have taken cautionary measures so something like the kellyanne conway episode would not have happened in the first place. oliver: what authority does he have? checks and balances? or is it mostly an advisory role? >> he doesn't have the authority to call out the national guard or something like that, so i would say he is in the type of role that her lawyer would be in the private world, which is to say you can warn your clients away from that behavior, born ethicalents away from gray zones, but in the in you don't necessarily have the to stop the client from doing what they want to do. oliver: what about kellyanne conway's comments, does he

then say we have to submit this person to review of some ethics committee, or is that now up to some other powers? the'm not sure he has authority to actively do anything to her, but has the authority to tell his client, the president, this is way beyond the line and you need to discipline this person. so that would be something that he would be expected to do i think in most administrations. this discussion and as you point out, if you go to past administrations and look at the white house counsel, who can be helpful to the president and also hurtful. >> that is right. the biggest comparison was the watergate years, when you had white house counsel who ended up not so much keeping the president within the bounds of the law, but ended up themselves getting sending to prison for breaking the law. can be a force for good or for

ill. oliver: up next, white car insurance has been going up. carol: and why volkswagen is preparing for a potential border tax with mexico. oliver: this is "bloomberg businessweek". ♪

oliver: welcome back to "bloomberg businessweek". i am oliver renick. carol: i am carol massar. you can also listen to us on brady on serious xm channel 119. -- to us on the radio on sirius xm channel 119. in the markets and finance sector, your car insurance bill is going up. oliver: texting does have something to do with that. the math hasn't been working in the car insurance industry in their favor. tell us about that?

.> a couple of reasons, one, people are texting while driving. the treasury department for the first time ever started to put together reports on why car insurance rates are spiking so much. the reason this is happening is because people are texting while driving, looking at her map while driving, and also the parts of your car or a lot more expensive. these are things that are supposed to make your car safer, right, cameras on the bumpers and everything like that, but where it would have cost $1500 a year ago to get your car fixed, it costs $3500 now. youer: right off the bat, point out industrywide that companies have been paying $1.05 and cause for every one dollar in revenue. am i wrong there? >> they are losing money. they are losing five cents for every dollar in premiums. a year and a half ago, the first

people to get on this was warren buffett and geico and allstate, and they said we can't keep losing money like this. we need to raise rates. oliver: there is also this economic angle where people are driving more and that has to factor into it as well? >> isn't that ironic. the economy is getting better and people are driving more, so that causes congestion on the roads, and the sad part about that is now it is the third-largest costs or households, to pay out these expenses in their own insurance now. carol: while wall street is happy that they are upping the premiums, it is problematic for households, certainly lower income households. >> it is and there are states across america putting a lid on it, saying you have to justify these hikes. travelers was the latest one to do it. they decided that it will take throughout the year to see them start raising these prices,

because california, michigan come in different reactions. carol: they are pushing back? >> they are pushing back because it is simply unaffordable, right? i thought the treasury department doing some about this was one of the most telling signs. the nation is saying we need to monitor expenses. wall street loves it, regulars and consumers are getting concerned. oliver: what has cropped up from the competitive standpoint? you see a lot of ads on tv where you can compare car insurance rates and all that. is that sort of a symptom of some of these companies saying we need to start raising our premiums and providing an avenue i guess for customers to go and pick and choose? >> this is the fun part of the story. mark cuban and other venture capitalists said it is really hard to do insurance, so what we to prices go comparison websites and help people find their insurance.

it is the best point of entry for disruptors because they do not need to do what an insurance company does, put a lot of capital behind the balance sheet street we can just help you compare what is already out there. that makes it more competitive for all the companies. the people we interviewed are saying they're seeing more people switch now the never before. on the other hand, they wonder if rates will start rising for the next decade before they fall again. carol: what you may want to start paying attention to how much you pay for chicken? oliver: and brazil's crumbling finances. carol: this is "bloomberg businessweek". ♪

oliver: welcome back to "bloomberg businessweek". i am oliver renick. carol: i am carol massar. ahead, warren buffett sours on money managers. oliver: snapchat takes a different angle on apps. carol: and the chicken industries information sharing service. oliver: all that ahead on "bloomberg businessweek". ♪ oliver: we are back with megan murphy to talk about must reads in this big issue of businessweek. we are looking at some of the knock on effects from austerity measures in brazil. megan: when you think of austerity, you think of greece,

other places in europe. you don't often talk as much about brazil. we are seeing how the bite of these austerity measures, cutbacks, other social where fair, infrastructure, it is leading to mass protests across the country, people taking matters into their own hands, thousands of people demonstrating. not workingaying by and protesting is meeting to a dramatic escalation in violent crime. the murder rate in a country that is already challenged in terms of the crippling disparity between the wealthiest and the poorest, and it is roiling the state. they are struggling with key assets to bail out these states, so it will be difficult. this is economic and social turmoil as well. carol: you look at volkswagen, which has had a tough couple of years.

this has to do with the border adjustment tax. megan: the border tax that trump keeps talking about. the reason for this is interesting. to sell what people want, which is different models of suvs. they have decided to shift production of larger suvs to mexico and they only recently made that decision. if that border tax comes in, it will hit them harder by many analysts calculations than other rivals, who also set up production facilities in mexico. as we know, it could not, at a worse time for this brand after the emissions scandal and trying to rebuild its reputation in america and still feed on that goodwill people have for volkswagen stretching back to the love bug and the beetle. oliver: just a string of not great news. manufacturercar that is grappling with the impact and the knock on effect of this border tax, we have to emphasize that hundreds of thousands of cars are produced

in mexico and ship to the north american market. bw made this move at a very bad time it is turning out. oliver: let's go to the features section. tell us about what this is. carol: i love this story. oliver: it is really interesting. megan: what it looks at is this up skier company that for years has been collecting the most extensive detailed information about the chicken industry that you could ever imagine. words are being grown on different farms to what different companies sell in terms of wings, bone, breast meat, and unbelievably detailed array of information which is being shared among the largest producers and sellers in this industry and faces allegations that it is at the center of a price-fixing mechanism among companies to allow them to deliver very strong industry-wide earnings beats

cycle after cycle when you think they would have been hit by the natural tendency of that industry to have been flow. carol: we got more from chris leonard. >> you have four poultry companies controlling the majority of the market in the united states. these companies use a little known information sharing ostat.e called agr these poultry companies report immensely detailed information to this company almost in real time, thousands of points of data from every poultry plant in theseuntry, from what plants are producing to what their sales are come a particular products, the cost of feed, electricity. they compile this data into a report then shares it back with

the poultry firms, so what this means is that these companies have an extremely detailed, almost real-time view, into the operations of their competitors. needless to say that this has raised a lot of questions and a lot of concerns that it could be a vehicle for collusive behavior. cross theere did they line, because stuff like this certainly exists. it exists in health care. i have covered it in hedge funds. carol: retail. oliver: the financials space. there are companies that compile that data and share it with them. where did they cross the line? share it with them. where did they cross the line? >> great question. ♪ -- the information is unusual and two regards. its specificity, and secondly in

its timeliness. of specificity, there are information sharing services and all kinds of industries, but generally these services tended to aggregate information. a health care company might see aggregated average insurance prices in louisiana. agri stats, the detail is specific in its granularity. you can see what poultry plants are doing on a weekly basis. it is a breakdown of what kind of products they are producing, costs on this product, revenue for each product line. they get the reports every single week. carol: you mentioned that granular data. you are specific in your story. you talk about one plant, 24.3% , 28ts chicken was breasts percent wings. he goes even further. it talks about which product mix

yielded highest price per pound, and you also note in these reports that they reveal what many consider to be one of the industry's most bible trade breakdown.e caloric why is that so important? >> it is amazing. the industry guards this kind of information or says it guards it very jealously, because this gives you a competitive edge. the chicken business is a game of margins, commodity business. profit margins did not used to be fat here at anything that can help you get an edge against a competitor, feed, content of feed, and mix of feed is of vital competitive element, because this breaks down to how fat you can get chickens on how little food in a short amount of time. toave to say i was stunned

see the detailed information on feed, feed costs, caloric counts shared in a typical report. carol: up next, warren buffett's favorite fun. oliver: and the race to attract mobile viewers. carol: this is "bloomberg businessweek". ♪

oliver: welcome back to "bloomberg businessweek". i am oliver renick. carol: i am carol massar. buffett speaks his mind, and you may be surprised what he has to say. carol: indeed. >> for the last couple of years, he has been talking a lot about the fees investment managers and investment consultants, the kind of fund-to-fund managers charge, and he has gone out of his way to say that the fees they are charging investors are

acessive, which has been difficult message for a lot of buffett fans to hear. carol: i love the bottom line on this story, we do the bottom line. it says warren buffett convinced many investors that the market can be beaten, but he is a big fan of index funds. awkward. let's take a step back. you know warren buffett, been to annual meetings, read his investor letters. anybody who knows warren buffett, he is a big-time value investor, but it is that he can beat the overall market. that is what he has been all about. >> absolutely. he is really considered perhaps the greatest stock picker of his hasration, and the way he outperformed the market, at least earlier in his career, was by finding securities, stocks that he thought were undervalued , then he would buy in and hold them over the long-term.

he is famous for investing in the washington post company back when president nixon went after it. he got it for a great price and ultimately made a time of money on that stock. coca-cola is another of his investments the did very well. later on his career, he started buying whole companies, and that is what a lot of people know him guy who isis building a conglomerate, berkshire, through a lot of takeovers, but the root of it all are these long-term concentrated bets on companies. it is not the diversification that you would get five buying an etf or index fund that tracks the market broadly. oliver: what i thought was interesting was that while it does seem a little bit jarring that this well known, renowned stock picker is saying you better by an index fund. it does make some sense when you

think about the fundamental type of investor like off it versus investing through hedge funds and stockpicking has become today, where you see fund , hedges underperforming fund managers going after the same highflying stocks, and then they all go down together. i wonder how much it is a reflection of how investing itself is sort of changed. is probablyhere some of that in there. , one of thehere people i spoke to for my article was this gentleman, he spend a decade and a half in the hedge fund industry. went to columbia. he recently left, and part of what he told me about why he left was to your point. he felt like a lot of hedge funds were classic indexers -- closet indexers. the partners in these hedge funds were having to pay these huge fees, plus a carry, to be

in these hedge funds, but at the end of the day, they were buying up a bunch of stocks. ehey weren't doing th investing that buffett council. carol: european broadcasters are seeing advertising stall. oliver: so they turn to mobile phones. >> for the past few years, european broadcasters have tried to catch the young and mobile audience. they are having trouble accessing that viewership, and they have tried to come up with capturevative ways to young mobile audiences who are increasing tuning out of regular tv so to speak. oliver: so what is the solution? you have a lot of on-demand television, netflix come all this type of stuff, but what you guys have written about is something interesting. i don't know how i would describe it, but maybe a micro-series. >> that is correct. one of europe's biggest movie,

and, and tv backers, hbo-kind of channel in europe, has started producing mini series, episodes 10 minutes in length, that you can watch on your smart phone, and they are targeting young, mobile professionals who would want to watch on the go while they are commuting, while they are on the metro to work, and that is the way there are trying to win over this new audience, which is very lucrative to advertisers. oliver: tell us about the programming itself. i'm curious here. youtube videos, 3-5 minutes, but have and hbo tight production element to it, who are they recognizableoard, actors, narratives that continue? >> the narratives range from comedy to drama to romance, and

it is well made, well produced. it costs about one million euros per season, which is typically 10 episodes of 10 minutes, said the money they are putting into this is quite significant, so it is not your typical youtube video. it is a very well produced show that could run on hbo as well come a just and a shorter format. oliver: as a consumer, how do i get access to it? the have membership to system, then can i just sign in or do i have to pay an extra fee on top of that? is it like a pay-per-view basis? how do i get access to it? product,a pay-per-view and you can access those shows on your smart phone and your mobile devices like your tablet. that is currently pay-per-view. there are other products going

on in europe where broadcasters are also investing in these youtube networks, multi-channel networks, which are usually free to watch and which compile youtube channels where you can watch everything from basketball trick shots to yoga classes to comedy to humor on the go or on your computer at home, and those are typical free, and that is also meant to extend the range of the audience from your regular tv set to the mobile audience that watches on the go. oliver: up next, marketers are starting to give snapchat what it wants. carol: why we have reached a peak music festivals. oliver: this is "bloomberg businessweek". ♪

carol: welcome back to "bloomberg businessweek". i am carol massar. oliver: i am oliver renick. thecan also catch us on radio on serious xm channel 119. and the focus on mobile oftion, warming to the idea the vertical ad. snapis is the ad format has pioneered. it has been touted by them as something that will get people to pay attention to their

ads. people don't tilt their phones when they are watching videos, so sometimes they will see an accurate if you are facebook, it is one third of the screen. snape is saying maker at vertical and they will get the full screen. it will be more of a swipe action, then you will know if people are taking a look. aboutas been difficult that for advertisers is they have been making ads in the shape of a tv for decades, and so they have had to get used to differentf creating a set, different camera positioning, and trying to put together a shot that works for vertical while they are doing horizontal. that takes more planning. it has been difficult to convince them to get on board, but they are starting to warm up. oliver: whenever you see on line

of on facebook or whatever and it is vertical, you're like, what you doing? it doesn't even use the space. ofit goes against the rule artistry, a video taking. you learn about the rule of thirds and that horizontal is better than vertical because you get perspective and the shot looks more attractive to the ye, and then snap is saying no we know better. this is how people want to view it on mobile phones. advertisers thought that was ask for something so off base. why should we make a different ad just for your platform. are you big enough are important enough for that? inter-instagram, and everything changes. oliver: they are copying snapchat with the story product. it is the exact same thing as snapchat. exactly the same

product copied by instagram, and a lot of people are worried that p'st was a huge blow to sna growth potential. snap, but inng for terms of advertising, it has been good for them. it has opened up the market, so now instead of making an ad just for snaps vertical format, they can make an ad for a whole category of formats that run on multiple plant forms, so for advertisers, finally some of to a coupleed actually who said finally they can justify for their clients doing this format. carol: and the companies and industry section, musical festivals are realizing they may have a volume problem. oliver: we are talking crowd size, not how loud the music is. music festival businesses 10-20 years old depending on when you want to say it got going.

lollapalooza, you can go back to woodstock, but in the modern era , lollapalooza was seen as starting it. it was formed by a guy. --then it settles in chicago. every music festival at the start loses money. the one coachella puts on is the exception, but after the early years of lollapalooza, you saw festivals pop up across the country, and the success of those vessels leads to an explosion where it seems like there is a different musical festival in different city every single weekend. you have multiple festivals in and around the same area, and this in many ways has been great for the consumer because if you want to see 20 ask in one weekend, you can do so for the cost of seeing 3-4. you get a headliner like beyonée and u2 as well as these other

people, and it has been appealing to concert promoters who have gobbled up these festivals because they have seen the popularity, and now we are reaching the point where there is so many of them that there is the possibility of saturation come and that you have too many in certain markets, and the lineups at these festivals are looking increasingly the same. oliver: obviously as you point out, you can go back to woodstock to see when it started, but i think a big push for music festivals was the imported electronic music stuff from europe. how much of that took it over the edge? it has been around, but that was a really big element when you all these european djs they came over. is that when we started reaching peak music festival? the rise foritated sure. you saw around the same time that festivals began to proliferate in the u.s., you saw other festivals, a lecture to

do, or other events like that, and then you started to see there were a few too many of those festivals because some of them closed down. they have already have the saturation point, and now we have settled back into a norm, but perhaps not as many as they saw thebe, and you also major festivals co-opt some of those artists. if you go to the smaller festivals, there is a range from one-day festivals to three day festivals, 10,000 people to 100,000 people, almost all of them will have one-to djs if not more. i went to half a dozen music festivals last year, all of them had major dj as headliners, or many of them in the second tier of acts. it is easy for them to travel around. they play 100-200 shows a year if not more. one act that stood out to me was a dj, major lazer, he played

like it every major festival. or another one like a disclosure, those electronic acts of the ones appearing at almost all of them because there is a belief they will bring in a certain group of fans who might otherwise not attend. carol: "bloomberg businessweek" is available on business stands now. oliver: also online of bloomberg.com. a favorite story? carol: i had not heard of agri from that collects data the chicken industry and shares it back with them. now something think there is price collusion in the industry. we learned a lot. oliver: a lot of chicken vocab in there. carol: yes, indeed. how about you? oliver: warren buffett his advice to active managers. it essentially what he's telling people is don't pick stocks. whether that's not the changing landscape or just passive

investing, it is interesting. carol: the whole active versus passive betas out there. oliver: raging on. more bloomberg television starts right now. ♪