♪ michael: coming up on "bloomberg best," the stories that shaped the weekend business around the world. on forf in france, risk investors. >> dare i say it, the political risk around the election. >> ecb keeping rates on hold. and getting an earful from shareholders. canada and the u.s. tangle on tariffs. >> this is the beginning stage of what is expected to be a long and brutal slog. >> with all the action, we have high profile reaction. >> you have to think of the world as rich, fair, cheap.

we are in rich territory. ,> unless you do something bold we are running into real serious problems. >> companies report earnings and the leaders take us behind the numbers. >> we are demonstrating the quality and power. >> not yet firing on also lenders. >> wear comfortable with how we came out. >> it is straight ahead on "bloomberg best." ♪ >> welcome. this is "bloomberg best." your weekly review of the most important interviews and analysis from around the world. we will start with a day by day look at the top headlines. even before the trading week started, all eyes on the presidential election in france. ♪ >> now we know it is definitely

n.cron versus le pe >> there were contrasts drawn between the two of them, but what each candidate has it how they performed is coming across dramatically. defeat is mine, only mine. but there is only one choice to make for the runoff. to vote against marine le pen. even the republican candidates acknowledging his defeat and calling to vote for macron. fort is a strong result europe. there is a lot of skepticism still in europe, especially from investors. we are learning three things. democracy is alive in france and europe. europe is winning, and populism is losing.

there is little chance that marine le pen can become the president. it is a probability that is in the low single digits according to our models. >> both establishment parties were eliminated in the first round. macron and marine le pen will face each other on may 7. both have different visions for the future of france. >> so we have had this relief rally in the euro-dollar, higher than 3%. the question for markets, will the french do as they have been told, to get behind macron? >> they will. it would be nice at this point if we can stop saying that we cannot trust the polls. we can. this is the fourth or fifth time in a row where they have called it exactly right. we have taken the view, dare i say, the political risk around the selection -- >> a banner day for u.s. stocks,

for all really, after the first round of the french election is said and done, macron and marine le pen prevailing. what people expected. >> that is the crazy thing. huge moves despite the results coming in as polls anticipated. are you surprised to the degree that which risk assets surged around the world on a result that was in line with the polls? >> it was a strong day. investors the day is took this sort of release -- relief as a chance to buy opportunities that emerged last week with the earnings season. if you look at the leaders, it is industrial. we have two sectors that are beating expectations. politics is definitely have a short-term impact on the market, but the longer-term trends are still intact. >> trade wars could be back. you have the president putting a

tariff on canadian lumber. why go after canada when you have worse offenders in the market? >> it is their term. he is moving ahead with things that have been in process for a long time. this debate has been going on since 1981. basically, canadian lumber producers harvest timber from government homeland. it is largely private land in the u.s. and the u.s. has long charged that they charge less than they should for the lumber that is harvested and it is an unfair subsidy. so the two sides are at a point now are the u.s. lumber producers are asking for tariffs. and they are getting it. >> what is the message for those in beijing or mexico city? how should they interpret what happened today with canada? >> we have been saying that this administration is much more enforcement oriented than the prior ones. we have been bringing lots of

cases, this is our second billion plus dollar fine just so far this year. it is in a year where there is one in a whole year, let alone two, in a couple months. enforcement is very much on the forefront in this administration. we are going to take it to court and we are confident that as has been the case everything will time in the past, we are going to win. >> the cap administration wants to put forth the biggest tax cuts in reforms in u.s. history. >> we will lower the business rate to 15%. we are going to repeal the alternative minimum tax. we will have a one-time tax on overseas profit, with the implementation of the new tax the debt tax would disappear. >> the white house essentially released what is in many ways a

mirror image of what donald trump released as a candidate on taxes. there are tweaks from the campaign. he talked about repealing the estate tax, the amt, and the corporate tax rate of 15%, which he proposed in the campaign. a lot of these goals are shared by republicans in congress, the big sticking point is how it is paid for. >> the key moment is when gary: a tax fromwould be the left and from the right, politically speaking it will be whether they can unify the republican party in order to advance gold. -- goals. >> if you are trading on this plan, you have to think if they can actually pass. and they can. because you cannot increase the deficit after the 10 year window by cutting tax rates if you're going to use the reconciliation process they plan to use to get it through.

this is not even possible is part of the problem. >> it is the beginning stage of what is expected to be a long and brutal slog. this is like an airplane that just about hit the runway, it does not have a destination, the plane has not even been built but we do have design ideas from the white house. >> in japan, if they cut -- the sign of exit monetary easing remains far off. >> no change in the negative rates. it is -0.1%. no change in yield control. keeping it anchored to zero. no change in the amount of bonds it will buy. what did it change? 2017, they 1.5% for reduced it to 1.4%. >> it was decision day at the ecb. they keep their simplest program and rates unchanged. we are talking about degrees of

dovishness. dovish.-- was this less >> slightly less than last month. they said the risk had diminished further. >> the other bullish elements in my mind said, if financial conditions prove inconsistent with the view or balance the risk for inflation, we are ready to act again with increasing -- , what does that mean? you are rising too much or bonds , sod rising too much they are putting out an element of dovishness down the road. >> it comes across the bloomberg terminal, gdp analyzed coming in with a significant downside surprise, 0.7% is the read. 1% was the estimate. 2.1% would be the previous number. this comes in at 2%.

and it is in line with economists estimates. and the survey shows the median estimate was 0.6%. the headline number softer than anticipated. 0.7%. and the median estimate was a full percentage point. it is weaker than thought, but not the worst case scenario. look back over the past five years, first quarter of the gdp averaging -- and 2.4% for the remaining quarter. there is something wrong with the first quarter gdp. to quote fisher on this, there is something going on with the data we do not understand. i think that is true. it is a negative surprise. i'm not worried. >> going into the second quarter, the headwinds of consumption and also inventory is supposed to reverse. you are supposed to have business investing, particularly in gas and oil, and you put it decent globalp of

growth, you could get a second quarter gdp at 3.8% and that is what morgan stanley is forecasting. david: still ahead as we review the week, investment insight from howard marks, and exclusive conversations with to oxford viewers in china. earnings from amazon and europe's biggest banks. and more of the top headlines, wells fargo shareholders make themselves heard at an annual meeting. >> standing up and saying, i am not going to sit down and i want to hear from the board members. david: this is bloomberg. ♪

♪ david: this is "bloomberg best." i am david gura. let's continue our global tour of the top business stories. wells fargo executives dealing with repercussions of an account

scandal and after england meeting the board of directors -- annual meeting the board of directors felt the pressure. >> after a shareholders meeting in florida, all board members narrowly survived a vote to remind -- remain in position. this is in the wake of the funny account scandal. this was rockets, not your typical meeting. >> it was really just, at some point contentious. i mean, it was almost three hours long and one of the things, the first interruption we had was a gentleman who works for an organization that works with homeowners. he is standing up and saying i want to hear from these board members on what they knew about the scandal and when. from there we had four different individuals who again interrupted the meeting along those same lines. >> are the questions you had going into the event answered? >> not really.

we are still wondering, what can the board do? some of these board members got logos of confidence, four of them did not make it out of the 60% threshold. for the remaining, only three of them above 90%. that is really low. >> submitting a revised takeover now at a dutch maker -- $29 billion. how much of an improvement is this? >> it is a decent bump. this is the third time they have come back. this is about 8% above the last offer. as you say, almost $29 million, so it is a big deal. and it shows what kind of pressure that the chief executive is under to negotiate with ppg. i think a huge amount is the easiest way to describe that. they have been resistant, they have been entrenched in terms of

the way they have responded to this. to say, we are not interested, leave us alone. and the argument to the shareholders is, if you hold on and let us to the separation of the business, we will create more value for you. offer, overthe ppg time we will give me something better. >> the big deal in the luxury space. a friend billionaire moving to consolidate control over christian do your for about $3.2 billion, one of the biggest transactions ever. why would they purchase christian dior, it is a big paycheck. >> they make the fashion accessories and handbags and clothing under the dior brand, it has actually been separated from the perfume business since the 1960's. so this is bringing those together under the umbrella of one company. by doing this he is hoping they

can find synergy and have a greater impact and finance more easily. down as le pen stepping head of the party and she wants to campaign for president to represent all the french people. what do you make of the fact she is stepping down? she is trying to broaden her appeal, but will it work? >> i would not be reading too much into it. as you said, it is an attempt to broaden appeal. she wants to present herself as a unity candidate for all french people. given the history of the national front that is going to be difficult for her, but this is a symbolic effort by her to recognize the fact that there is baggage that goes with the party. >> china saying it will maintain what it calls through did policies after the economy saw a pick up in the first quarter. this is according to the agencies reporting on the

president. what do you make of it? >> it is a strong signal that they will not be stepping back. there is a view that the growth was so good that perhaps it peaked. but when you look at the congress at the end of the year, the parties say they will continue to keep growth on track. latelyd similar amounts that the economy is on track to meet its target. the message is they are letting the economy go from here. >> there is a major showdown brewing in washington. cracking open the net neutrality debate. backs unveiled for rolling the neutrality rules in the nation's capital. >> this is going to be a political debate that will engage millions. we will be focused on the fact and the law. americans believe in a free and

open internet, but they also want to have next-generation networks to be built out. i think what the fcc does not need is heavy-handed regulations that put a lot of rules into businesses that keep them from building networks and that will be the course we are charting. >> it is a dramatic reversal from a few years ago when there was this fight over net neutrality, the tech companies won that time. there were strong supporters of net neutrality and you had companies like at&t and so on who lost. this time we have a new administration and they are getting their way. warning the u.k. that the remaining 27 countries are its chief concern as it seeks to limit the negative consequences of britain's departure. european ministers signing on -- off on the guidelines that will form the basis of talks.

is this the eu toughening their stance toward the u.k.? >> that is a way that some people are interpreting it, because the negotiating guidelines that the ministers signed today in luxembourg do ine some explicit demands relation to financial services, in relation to the rights of eu citizens in the u k and british citizens in the eu, and with that they the bill u.k. would have to pay on leaving the eu. and what the leaders are going to sign off on on saturday, general principles for the eu going forward. there will be more negotiating mandates and the real negotiation will not begin until after the u.k. election. ♪ >> the president set to sign a memo ordering wilbur ross to determine the impact of rising aluminum imports, which could

lead to curbs on imports. why is this happening? why is the investigation happening? >> it is a lightning rod point for the campaign and now the administration. steel was in their sites during the campaign and then they talked about aluminum in the end and wilbur ross made it clear last night that they were looking at trade issues that seemed to have a lot of focus or maybe a bit of uncertainty and aluminum is very much one of those topics. >> speaking to analysts and those in the market, they are uncertain that there is much to come out of this. people point out that these investigations, nothing really happens on the other end. ♪

♪

welcome back to "bloomberg best." i am david gura. markets around the world enjoying a rally after the first round of french elections, but what is the outlook for the long-term? we sit down with henry mcveigh and how it marks to get some expert -- howard marks to get some expert insight. >> let's talk about european growth. based on what you have seen, why is it surprisingly positive? >> we do a lot of quantitative models and on the ground research, it is the monetary policy. when you look at the ecb with the zero interest rates it has a stimulus effect on the economy. we saw a similar picture in the u.s. a couple of months ago were the monetary policy was moving forward but there is no cyclical ignition to drive the growth until housing picked up. that happened in the u.s. and in europe right now we see the house prices go up but not a lot

of consumer lending activity, so the transition investors should look for is monetary policy with cyclical parts of the economy, including housing. right now, monetary policy is dominating but the base of you is that the cyclical components will pick up. >> what about fiscal policy and structural change? we lived through gridlock in a time of monetary stimulus. are the europeans doing a better job of governing? >> i am glad you asked. another thing missed by most people, in 2012, the fiscal austerity was 150 basis points dragging on european growth. it will not be 3% or 5%. that is a big number. 20 basis point addition to growth. in the near term it is quite a tailwind. i think as europe starts to mature and politics, the political rhetoric settles down, they will have to go back and

address the debt loads that that part of the world faces, but i do not think that is the business today. ♪ >> most asset classes are in high valuation territory. >> to me that sounds like 2007. >> as well as you say a bit. you know, you have to think of the world as rich, fair, cheap. we are in rich territory. we are not alter rich -- ultra rich. you know, it is not black and white. line down the a middle and say everything here we sell and anything here we buy. there is a middle ground, which is fair and we happen to be in my opinion largely above it. >> what would it take, where would we have to be for you to feel like we were in the warning sign territory? >> if the high-yield bond to

-- georgia 40.0 that would be one example. -- 240. that would be one example. i think we are not in a bubble because one of the characteristics of a bubble is having people say, no matter what price you pay you will make money. we saw it in the tech bubble, in the bubble 50 years ago. >> and you are not saying that. >> and nobody else's. >> they are saying it is difficult to find things to buy. >> but that is good, because it implies people are exercising -- the awareness. ♪ david: still to come, more of the week's most compelling interviews, including a conversation with alan greenspan. the prime minister of turkey getting fed up with the eu. and a top internet entrepreneur in china says the capital is pouring into the tech sector, maybe even too much money. >> it is like hundreds of

companies being traded. david: this is bloomberg. ♪

♪ >> this is good news for france, europe in the global economy, because france is set to embrace european targets and renew the european agenda. >> do you think this could mean reforming the european union? could this mean a more integrated eurozone we have seen before? >> more europe is needed, not just for the monetary union, which is a pillar of integration, but also to reassure citizens about growth and jobs, something europe has not been delivering well recently. >> what do you think about the prospects for brexit? cronwould you imagine ma

is different? >> i imagine it would be unclear terms. -- on clear terms. a --urope will reach position with brexit. david: that was the entire finance minister discussing the impact of the french election with bloomberg. while result in france where thing is mostly positive for the future of the european union, turkey's attitude is becoming more negative. in an interview with bloomberg, the turkish prime minister accused the eu of treating his country "liek a student -- like a student." >> are you interested in continuing to push for membership, or are you changing your mind? you want to go a different path? what is your ideal solution? >> wham! by the european union to have honesty -- we invite the

european union to have honesty. will they continue to work with turkey are not? they need to put forth clearly. we shall see their decision and then we will determine our own part. there are elections in members of the eu right now and therefore the rhetoric is different. we will see if the different types of rhetoric will continue after the elections or not. it is clear what some members of the year did before the referendum, therefore the eu should determine a future vision of itself before we can proceed. it should put forth what kind of a path it wants to walk on with turkey or won't. this nation needs to find out what goes on in their head, do

they see europe as a union of religion? they need to put forth, if they have the idea that a non-christian company -- country has no place in the union, otherwise there is no point on both sides wasting time. david: turning to asia, the chinese entrepreneurs club held a summit this week. we spoke with several ceos at the event, starting with an investment giant to the capital. elections are underway, we saw brexit, the u.k. elections, french elections, how much of that is factored into your strategy? how much is impacting the choices of chinese investors? seen a huget really backlash against foreign investment. notexample, even brexit has made a dent in terms of foreign

investment. the british government still welcomes foreign investment as well. and i do not see that will happen in france or germany. so we are looking at those opportunities. i think what is of concern to us is probably the u.s., although i think in the last month or so that concern has been relieved somewhat. the potential of a trade war obviously is deeply concerning. >> what do you see as the key risks this year for the chinese economy? >> i think it is the pace of leveraging. the last two or three years i feel like -- the system. that partially explains the rationale why china is now opening up the capital market as quickly as investors want to sigma because fundamentally the system is not ready -- want to see, because fundamentally the

system is not ready. we are talking about probably over 250 gdp. now, china at this point, given the huge amount of savings, china can clearly deal with it in the short term. but the leverage should not be increasing anymore. >> you said you think there is too much money coming into the tech sector, are you suggesting there are bible -- our bubbles and if so where? >> it is everywhere. it is not one particular area. we are talking about business in general. especially in the last 5-6 years. you see a tremendous amount of money pouring into the market, whether it is from foreign firms or local firms, there is too much money. whenever there is a new concept emerging, live streaming for example, and you have a new app

for example, the so-called shared economy like uber model and all these different models. you see, not like the talent of the company being created, it is like hundreds of companies being creative. in theory, they will never be successful. but whenever you have a new concept, they think it will work, they do not want to miss this. there is a lot of money coming into these companies. and so, the result is that in a huge competition in terms of market share and in terms of getting the cash for the market share and gets a bigger, so a lot of companies argue rational. week full of important events and policy decisions, few observers can offer more perspective than alan greenspan. for aned us african -- us

conversation on friday. >> you share at least one thing with president trump, in emphasis on growth. he has a prescription for how to return the united states to more robust growth and it starts first and foremost with a fairly dramatic tax plan, or the outlines of a plan at least, so is that a way to re-stimulate substantial growth in the united states? mr. greenspan: it could be if you are willing to make the cuts in social benefits, which would be required to fund the type of program he has put forward. remember, it is not only a tax thing, it is also military expense. we were going through a period in the last decade with a share of gdp going into our military was at the lowest levels since 1940. what weannot maintain

are trying to maintain militarily unless we come back with a significant amount. so the budget outlook is not only a tax question, but it is a military question. and he of course, trump, has said both. it is a problem. >> but there is some hope if they could have significant tax cuts that are not reducing the rates, and not increase the thatit, there is some hope could restore some degree of growth back into the economy. mr. greenspan: the tax expenditures are not what they were. we have all sorts of things. one thing left off in this plan forremoving the exemption interest. that is a big deal.

why wasn't it done? because it is part of the third rail. and if you are going to do something bold, you are going to get some criticism. unless you do something bold, we are going to run into real serious problems. ♪

♪ david: welcome back to "bloomberg best." i am david gura. it has been a busy week for reports, with european banks among the most prominent releasing results. first to announce was credit suisse. >> credit suisse's first-quarter income has beaten its highest estimate. it aims to raise $4 billion and has abandoned earlier plans to launch an ipo of its with

business. -- of its swiss business. >> why not the ipo? >> we feel like we have raised 27 billion last year, and so we have been demonstrating the quality and power of what management and frankly beating the competition. so it is raising capital to back this move, it is making it much more palatable. and with the doj, when we were thinking october 15 we have two big things ahead of us, -- which we took. which could have had a broad range of outcomes, which was bad for the company. we are moving that in december or january, completely reset the dials, now we can look at the capital planning. and we have uncertainty over our heads. ♪

>> the bank at deutsche bank continues, large and -- cheney shares in the first quarter. and touching their lowest levels in a month. and reignited concerns once again about the ceo and his ability to recover lost ground. >> your u.s. peers saw a 24% gain on fixed income and currency trade and you had an 11% gain, are you firing on all cylinders in this quarter, are you going to match peers now? >> to messages. we are not as firing on all cylinders, that -- we are, we have seen the turning points in every space. we are strong when it comes to more complex structured solutions. that stuff tends to not happen overnight, it takes more time. there are many things we are working on. i'm optimistic for the future. >> barclays becoming the latest

to post disappointing first-quarter treaty results that failed to live up to the gains made by u.s. rivals. they are announcing their drop in equity and the trading business falling more than expected. >> we had a strong first quarter last year, so on a quarter to quarter comparison we did not have the uptick that a number of the u.s. banks did, but in part that was because we had a strong quarter in the first quarter of 2016. we always want to do better in the market business, but we are comfortable with how we came out and the overall profitability, in the investment bank making good improvements. and i think we feel good about the quarter. >> more positive for you, the assets returning from the sidelines in the first quarter, adding more than 20 billion swiss francs and boosting earnings with the wealth management business that helps income, beating estimates. >> the strength is something you

have seen for the last 20 years. a superior return of allocated capital. we had a 24% return on capital. so without compromising on quality and excellence of what we do. we are a leader in many areas of the business. we are the ones who choose to compete. >> shares in mobile telecom increment maker ericsson falling with a bigger than expected loss. in a bid to revive the company, the ceo promised to intensify efforts to cut cost and get rid of more than $1 billion in contracts. >> we had the top first quarter clearly highlighting the need for more focused strategy. what we saw was during the first quarter that it is a mixed picture and we see our net worth, three quarters of our business doing fine, having a stable development.

but the cloud and media have accelerated. and what we said is we need to and action,tructure which we do with our new strategy, in order to get the cost to be competitive. ♪ >> let's talk about samsung right now. maybe on track for its best year ever. to $6.7me rising billion last quarter, beating estimates by 10%. >> some mixed signals coming out of the earnings. as you mentioned, the net income is a strong and revenue is a little bit light. samsung has decided not to convert into a holding company which had been one of the points pushed by elliott as he was trying to get the company to move in that direction and be a little more accountable to shareholders. they are able to say that because the business is doing so well. popping, shares reporting 23% increase in sales

and a profit of $724 million in the quarterly report. and cloud services moving at 23%. the founder and ceo highlighted the success of the company as it pushes into international expansion, particularly in india. >> revenue in line my growing at a clip. and what about the class? -- cloud. >> executing well on all cylinders, that is what they are showing. the investment cycle that they embark on, they say we can deliver the top line growth, so it will be ok if we increase spending to bolster the growth story. from a profit perspective, again, the biggest contributor. the north american margins are steady, but the north -- but the world losses continue and they have a lot of opportunities to expand internationally. so i think the growth runway

continues, but more importantly they are showing that they can execute these numbers. ♪ >> let's continue on the tech earnings bonanza. phabet revenueal over $20 billion. up 44% and beating expectations a long way. revenue from its other unit, which makes up nest, showing improvement with $244 million. >> they are benefiting from not only their traditional search business that they migrate to mobile, but the you do business. there has been concern about the future of youtube giving issues with advertisers, but it is a huge business for google and it continues with growth. combine it with cost management and there is a lot for the bulls to be happy with. >> q1, 41%.

one area where people were worried about, will they be able to succeed on mobile, all kinds of concerns. it seems like a juggernaut. >> google continues to kind of manage that market share. they are fighting back and they realize facebook is right there and they are trying to not feed any of that. david: this week, bloomberg television profiled a startup that is finding success in a growing area of retail. that is all my personal shopping. the three-year-old company raised millions of dollars in a funding round. we take a look at the journey from small to big. ♪ they personalize online shopping for women who wear sizes 14 and above. + women in the u.s. make up 67% of the population. shockingly only make up 17% of

apparel in the u.s.. this was founded on the mission of creating quality for the customer and bringing her to the table with fashion. one of the things that was clear for our customer was she was underserved in retail and media and what that meant was the discovery channel's were challenging. the one group of people that had -- were the gatekeepers of the community were bloggers and said it became our earliest advocates. we went from word-of-mouth and the power of a positive experience and it has grown from there. we very quickly realized we had a growing excited customer base. and it was working. where we had the biggest trouble with finding great things to buy. we are based in york city and we would scour manhattan to find the best merchandise in the customer sizes. eventually we were able to work

with a group of designers that agreed to partner with us to expand what they were offering, so we have worked with some of the best teams in the industry and we developed a to brand that are exclusively ours, and they really make up the backbone of the service. we recently elevated the call that we were making to brand by taking out a full-page ad on the first page -- first day of fashion week. really stepping up the conversation with inclusive debate in fashion. but we have not seen a move to actually produce in the garment that women can wear. that is the role that we play and we feel response ability to play and we are excited to do for our customers. the core of our product is understanding our customer as well as possible. we serve women better earlier in their styles, some much further along in terms of what they like and do not like. and the goal is to meet her

where she is. it becomes a relationship where we are showing her products, she gives us feedback, which will lead to better products and overtime we get to know her incredibly well. our mission is to be the beloved brand of plus size women. ♪

♪ >> this is my terminal. there is a spread of a spread and because he obviously in the last three days, the gap lower on friday and then a massive gap on sunday s&s trading started and now we're down to 49 basis points. >> mrs. wieters confidence going back 20 years -- this is to it is confidence going back 20 years. you can see it surging to the

highest ever since surveys began. david: there are about 30,000 functions on the bloomberg and we enjoy showing you are favorites on bloomberg television. maybe they will become your favorite too. here is another function. it will take you to our quick takes where you can get fast insight into timely topics. there is a quick take from this week. ♪ >> hackers today are not like they were in the movies from the 1980's and 90's. >> you want me to hack the planet? >> now they can be state-sponsored, breaking into servers and disrupting national elections. >> one lesson they may draw from this is they have introduced chaos and division. >> it can be a collective, like a multinational billion corporation by drainage release piles of sensitive data. or they can be agents looking to expose the cia's own hacking capabilities. these professionals are always finding new ways to gain entry

into government and financial networks. luckily, as they become more sophisticated so due safeguards that protect sensitive data. here is the situation. in 2005, more than 5400 data breaches in the u.s. were disclosed. the biggest being the adobe one into 2015. individuals are not the only one that risk. the u.s. has been battling an escalating cyber war with companies -- with countries like china and russia for years been in 26 sigma multiple agencies concluded that russia was behind the hack of national committee emails that were posted online. hoping to influence the election and donald trump's favor. a conclusion that the russian president denied. if proper precautions are taken, not all attacks have unhappy endings. in may, 2014, 100 million card numbers were stolen from target, but they were -- because the pin codes were encrypted and the banks immediately canceled the

compromised accounts. here is the argument, said the security is worse and better than it has been. the sheer size and frequency of attacks from hackers is skyrocketing, but the secrets protecting individuals and corporations are always being improved. the hack of jpmorgan did not result in financial losses for customers, who are covered by consumer protection, but it did urge jpmorgan to build a separate security operation staff with former military officers and the u.s. eventually identified and identify the hikers. -- hackers. requireshings cooker updated technology and monitors watching for any signs of trouble. i security comes with a high price tag. david: that was one of the many quick takes you can find on the bloomberg did you can also find them at bloomberg.com, along with the latest business news and analysis 24 hours a day. that is all for "bloomberg best."

thank you for watching. i am david gura. this is bloomberg. ♪

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