blasphemy against the american creed." >> we've seen nationalism destroyed to the nativism. immigration is always brought to america. we see confidence in the value of free markets and international trade, forgetting that conflict, instability, and poverty fall away from protectionism. mark: what we see as a veiled reference to president trump he said "bullying and prejudice sends a national tom." secretary of state rex tillerson heads to the militaries, -- he will focus on conflicts in iraq and syria and on increasing iranian influence in the region. in riyadh, he will explore ways of improving relations with saudi arabia and iraq by participating in the first meeting of the countries coordination council.

five rounds of brexit talks and no breakthrough. theresa may is calling for urgency in the negotiations. she made her comments since she arrived in brussels today. >> we will be talking about a variety of issues. i look forward to discussing that, but also the other key issues. immigration, the security council terrorism. across europe and the u.k. wants to continue to play a full role. mark: prime minister may says the united kingdom will be "looking at setting out ambitious plans for the weeks ahead." britain is due to leave the eu in less than a few months -- 18 months. tear gas was fired to break demonstrators preparing to protest police killings of opposition supporters. the action was in spite of court rulings that removed the government's ban on legislations.

human rights groups accused the president of using police to cross the scent. global news -- global news 24 hours a day powered by over 2700 journalists and analysts in over 120 countries. i'm mark crumpton, this is bloomberg. ♪ julia: live from bloomberg world headquarters i'm julia chatterley. scarlet: i'm scarlet fu. julia: i'm joined wiesenthal -- joe: on joe weisenthal. julia: it's not positive, but so close. joe: the question is what'd you miss? scarlet: the dow plunged more than 22%, a gutwrenching 508 points, how has it changed since?

the founder of a home depot weighed in on the historic stock market crash, as well as tax reform and regulation today. highlights later. a final frontier. travel may not happen in our lifetime, but investing in the sector is taking off like a rocket ship. adam jonas has the space name you need to know right now. thea: what'd you miss? communist party congress rolls on in china, some investors remain cautious about the chinese economy. as congress been more focused on solidifying president she's power rather than pursuing the essential report -- reform? in, how shouldop investors be reacting? let's bring in patrick, chief strategist at silver crest asset management. it's an interesting point about this. is very their tone

triumphant about what they have seen in the last five years. hollow triumph, why? reforms that the described as being overdue and critical to put china on a sustainable path forward. hardly any of them have taken place. every year that on by, the word has been wait until the next meeting. after xi consolidates more power, he will be able to do that. this time around, you don't even hear that. you hear that china has a different model, socialism with chinese characteristics, and full speed ahead. at the same time, those troubles are the underlying imbalances in the chinese economy. julia: can i say we've seen them trying to achieve financial liberalization, then they had to wave that control.

can we make any kind of argument that some kind of consolidation of power to be able to control what's going on at lower levels with necessary reform? >> the stock market is a very interesting example. there was a previous stock market bubble in 2006. there was a bubble in china, it burst, the government did not intervene. it went back down to earth, and did not read -- derail the economy. instead of allowing the market to correct, which is what they needed to do to have a functioning stock market allocated capital property. this time, they intervened, and continue to intervene. a lot of people around the world look at that and said they're obviously not going to let the market be decisive, which is what they said is essential to put china on the right past. scarlet: a lot of people congress directed by the national team.

i don't know whether we can link the displacement in hong kong overnight to the chinese communist party congress. it was down 2.2%, came back 1.9%, it was a pretty dramatic move. do you think there's a connection to what pboc governor has said? >> it's very interesting what he said. he said china might be a skewed moment and may need to be careful about that. the moment in which that and a cumulative debt became so a sked may need to be careful about much, -- basically you'd be financing more debt and things would fall apart. it's interesting that he said that publicly. people have been discussing the privately for many years. the imf has been warning about these high levels. one of the interesting things is that a lot of people have been positive about the economy. the reason it was on the rebound was because the government was

pouring more credit into the economy, fueling asset bubbles, fueling even more overcapacity, even more debt. that's exactly what the imf and others have been warning that could lead to that moment. joe: how unusual was it to hear this coming from him, and as you said, people have been talking about this for years, since a long as i've been paying attention to economic markets. is it going to come at some point? >> i think we have seen already a growth squeeze in china. accumulations work the same way. in a western economy you have theyebt crisis, in china, have been able to avoid serious corrections for a lot longer than a lot of critics have said. that's not necessarily a good thing.

that means the imbalances persist, the debt levels grow higher. a correction -- maybe there's a correction in the end that is cataclysmic, maybe it's simply that there is a growth squeeze that we see more what happened to japan. you just don't get the growth from the new investment that you should be getting. you grow from a high-growth economy to a low growth economy. --ia: will we get investors when we get strategist on here, they say there's a possibility in china, you just have to be specific. where do you see those, what do we need to see and china to make broad investors go we can just keep one eye on china, we have to focus and be careful about the risks we are taking? >> china is in the middle of an adjustment from an investment led economy to eight consumption

driven economy -- to a consumption driven economy. the sectors where there's overbuilding, overcapacity, we know that exist. that's where i would be short. i think there have been some successful strategies over the last couple of years that taken advantage of that. that adjustment isn't happening the way it should have, it's inevitable that it will. the second question you had was what's the point at which i would grow worried about the chinese economy and its impact on the rest of the world? the thing i would watches the chinese currency. there was a lot of talk that china might devalue its currency. there were many people who argued it was inevitable and they should do it. i argued that they shouldn't do it. it would fix the problems in china and would export those problems to the rest of the world economy. they have held the line.

as critical as i am about china's management of its economy, one thing they have done is not devalued against the people saying they should. it is -- it has benefited the world economy that they have not. scarlet: she strategist at silver crest asset management, think you so much for joining us. coming up, we spoke to home depots goaltender about tax or form -- cold co-founder about tax report. from new york, this is bloomberg. ♪

♪ anrlet: what'd you miss? exclusive interview with the founder of home depot. bloomberg's new york city bureau chief jason kelly spoke with him at the robin hood investors conference. he began by asking if he was

worried about the valuation in the market -- devaluation in the market? >> it's too late to worry if something happens. my description of worry is how much am i exposed if things go against me? that includes a much do i need to live, how much exposure do i have two forces beyond my control -- do i have to forces beyond my control? myself, as aest supporting the market is down 40%, suppose it was down 90%, where am i done? what adjustments am i going to have to make? that's the way you do it. i understand if i was more risk-averse, i would have less. on the other hand, if i was more

1987, 2008, could be a painful time. >> if wall street is always a balance, investing is a balance between fear and greed, where is it now? >> i think what's going on in the market is a lack of alternatives. you look at bonds and stock year 2.5% block, if the fed takes rates up 100 18 year bond is going to 18 year bond is going to have a rising yield and an attendant reduction in value. i like the idea of companies that have shown people they are generous and share in the success with stockholders. i'm more focused on dividends and buybacks.

i'm very sensitive to balance sheets. if there's a stressed event out there, these companies are going to be able to stay the course. >> how healthy do you think balance sheets are? >> enormous liquidity in the market. as the fed sops up julie, the liquidity is going to go away. i look at the banks, they are in the best shape they have ever been in my entire life. think the excess of regulation washington gives us opportunities. regulation is more reasonable, i think this is going to be good. probably is the fed nervous to have a bank pay out more than 30% of its earnings and dividends. it lets you buy all the stock you want, because that can be turned on and off. see some flexibility

on the upside of dividends. look at jpmorgan see some, i'veo get jamie run to home depot -- right home depot when he was out of work. i really believe that the banks today are a whole different kettle of fish than they were in 08 and in the past. >> what about regulation at this point? is the industry getting what it needs in terms of regulatory reform or changes? what are we going to see? candor of say the regulations as much improved. the understanding in washington, you don't have regulations for regulation sake. you have regulations to make sure that things don't happen. i think we've gone beyond that. to err on's better the side of safety than risk. i think a little bit too much in the way of safety, i think we

will see a loosening of some of these -- particularly with regard to the banks. they had a feeding frenzy. u go listenf it is yo to what barney frank had to say in the early 2000, everyone has a right to own a home, every american should own a home. guess what? everybody played the game because they thought they were playing the tune that washington wants to hear. blowup, all these loans they say how can that happen? when you have a guy that's combined tow houses with no balance sheet, no documentation, would you expect to happen? >> are the right take part in now to present that? >> yeah, i think there's a healthy concern for going too far with flexibility and making loans. papers, these piles of

you come up here and he said you had to sign a piece of paper and you got alone. it was absurd. that's what we were. learned, but those who did ignore history are doomed to repeat it. i think we are in good shape. but those who did ignorescarlet: that was ther of home depot speaking with jason kelly at the robin hood investor conference. julia: now time for the bloomberg business flash, a look at the biggest business stories in the news right now. rekaibi is suing barclays for manipulating prices on the london metal exchange. and allow stocks to share confirmation of information -- confidential information. least $850 million 2013.n 2010 and

barclays the nice the claims. the chairman of bp is retiring. the energy company 2013. says call hendrix sundberg will chair the next meeting in may, and will stay until a successor is found. he has been the german since 2010, he 65. united continental holdings declined the most after it is a painting profit outlet. the profit margin could mean it will fall further behind delta airline. ceo,a setback the united who is in the middle of a turnaround plan to improve the service and years of industry lifeguard. that's your bloomberg business flash. scarlet: are stocks of the hour getting smoked following results. philip morris is one of the biggest liars in the s&p 500. you couldn't resist that smoke. it's a pretty straightforward story. philip morris, like many of its competitors, have been trying to migrate to what is called

reduced risk product. smokeless tobacco of various kinds. is something called. s, something that he took tobacco, doesn't produce smoke. it's essentially e-cigarette. julie: it's their version of e-cigarettes. after seeing a lot of smaller competitors gain traction with this, the big server companies have gotten into it anymore decided fashion. fashion. philip morris has spent more than $3 billion developing these products, they are gaining traction, they are just not gaining enough traction to make up for declining volumes of cigarettes. joe: tobacco stocks have done incredibly well, even with the anti-smoking stuff, the decline in smoking. investors have done amazingly well. could there be a turn where the trends are changing faster than investor expectations? julie: it doesn't look like it as of this quarter. volumes were still down a half a percent, to be sure, the company

has said the volumes will continue to decline. on the one look bloomberg. just to give you an idea of how much they depend on combustible cigarettes, that's the top there. on the bloomberg. there was a decline of about 4% in. cigarette volumes it's still huge at the bottom. smokeless tobacco has seen a huge increase from something like 2 billion to 9.7 billion units. we are think big increases, they are just not big enough to ramp up and account for the declines we're seeing. russia,taly, spain, some of these countries where it has dropped. julie: philip morris is just outside the u.s., it's all tree at the has the u.s. business at this point. scarlet: julie, thank you so much for the latest.

coming up next, the president praises the stock market boom, but the reporters are doing so well. from new york, this is bloomberg. ♪

♪ scarlet: what'd you miss? the dow broke above 22,000. like the trade balance, it's a way of keeping score. said that if tax reform fails, there could be a significant reversal in stocks. it's ironic that the president's wealthiest supporters appear to be missing out on this record rally. this chart shows the s&p 500 since the election, the white line, it's up about 20%. the yellow line tracks the 24 wealthiest donors of the president on the bloomberg billionaires index. their return is in the neighborhood of 6%. is the other u.s. billionaires in the ranking, up

by double at 14%. lagging way behind the s&p 500. is adent trump billionaire, but he is not included because he doesn't break the top 500. julia: there are other u.s. billionaires income outside of the united states. let's look at the u.s. banks. you know how much i love talking about these guys. they have been buying -- define remedy -- defying gravity. when i look at is the financial index for the s&p 500. its proportionate stocks that are above the 50 day moving average. you have an affair on the we have nowide, seen the moving average ratchet up to over 90% above that 50 day moving average. it'salso as little as 12% earlier on in september. the question is how do we sustain that if we don't see higher bond yield, a steepening of the curve, some stimulus

outside of washington? scarlet: who knows. joe: maybe we will get a pro-deregulation fed chair. julia: even lending would be a result. joe: here's a stock that's doing really great. kernel are required. , a maker of liquor and cognac. it's been surging lately. the company sells in china have been very strong -- the company sales in china have been very strong. the hong kong market, with exposure to china, it winds up pretty well. 2015, soldloomed in off hard in early 2016. dipped earlier this year, but surging lately. it's pretty interesting, other liquor company, cognac you can see what drives that, exposure to china. julia: refined taste.

scarlet: this is your specialty comparing a random company, with a broader -- i love it. this is the market close. the dow unchanged. this is bloomberg. ♪ is this a phone?

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if you are tuning in live on twitter come up with to welcome you to our coverage. with market minutes. we thought we would get a selloff and look at that, the dow ended up positive. up.as been a steady climb like --look >> apparently that streak is a record. you some individual

names because buyers more assignment there. underhone a orders are scrutiny. there are reports that apple cut orders by more than 50%. apple down 2.4%. sales led toette lower than projected earnings and united airlines missing its earnings forecast. >> next take a look at the government bond market. that presentts trump is leaning towards powell for fed chair. you look at this late breaking headlines, granite they already made a large recovery. yield a little bit

lower. -- therace interpretation is there more hawkish possibilities out there reportinge politicos that he is leaning towards powell. is one of the more possibilities. >> it works like a couple of basis points. thanen saying how the less banks a modestts rally. a perfect way to describe it. kiwi exciting things, the dollar.

an unexpected change in government leading this. ousted.mbent they have a nine-year run. we will wait to see what happens there. quick check of euro dollars as well. some headlines about catalonia reeling, but it did capture those losses. finally on the commodities front, oil falling, but still above $51 barrel. gold futures gaining moderately, just half a percent in some

commodities you might like to consume, coffee and cocoa having a good day. both of those picking up. those are today's market minutes. stocks ended up closing after spending much day in the red. still, it might be -- our macro strategist joins us. i want to get your comments on ,. from a market perspective, does that change anything? >> he is not an economist by training, but by all reports has a recurrent grasp of economic drivers.

he is a bit of a deregulation rest. i think if you line up all the candidates and assign a color to aem, he is kind of technocrat. i have not been in media that long, but one thing i've learned is you have to the views reports -- if mnuchin is the source of , then of course he will tilted towards powell. to the 30 year anniversary today.

it looks like we going to start today with some exciting giving what happened in asia. stocks falling because somebody sold them. need to describe and a lot of times, it is just noise -- noise. as you pointed out in one of your notes, by recent standards -- >> you would expect it to have -- happen want to year. >> and we have really back. the someone argue quit selling? that brings us back to the

ultimate story. people don't see a better alternative. >> also, stocks offer a positive return. look at the earnings to price. you still get a yield of about 4.2 percent. that is associated with stock market gains around the long-term average. monetary policy is broadly accommodating. are somere superficial's, there are

similarities between now and -- 1987.n he even have a new fed chief hurricanewho is in a in the british isles. i love the lines you give. you did not have consolidation in their which is my favorite. have an interview with chilton investment companies. we will have their next spirit from new york, this is bloomberg. next fromhad their new york.

this is bloomberg. -- we will head there and

>> who served a longer: families. korea isor says north months away from perfecting its nuclear weapons capabilities. said it is that the united states and it -- and its allies. shouldsays he u.s. behave as if north korea is on the cusp of launching a nuclear attack. item on the agenda, and raised.e president has news powered by more than 2700 journalists and analysts in

more than 100 countries. this is bloomberg. erik schatzker there's standing by for exclusive interview. taken away. i'm here with richard chilton. firm that billion invests in principle equities. you are managing money on this day in 1987, black monday. i don't want to spend too much time on this, what do you remember? manager andortfolio fellpeed at which stocks

was a well experienced. there were names like one or communications which owned warner bros.. -- within the next hour in the -- res market, we work withwere coming in premarket communications and jpmorgan down another 50% so cameis on alan greenspan up with futures and turned the market. what did you learn that day that has stuck with you? greedy whento be

others are feel for -- fearful and fearful when others are greedy. you have to have the opportunities to buy in opportunities like that. you have to be buying companies that are really good. similarities see andeen portfolio insurance some of the instruments that have become popular today. distinctly when they came into our offices to pitch portfolio insurance and it was new. it was a way for them to protect the downside which exasperated the decline because --

it is a different form. etf's have taken on that form with respectability of leverage. a statistic that says 65% of the capital is indiscriminate selling capital, meaning if the market starts going down, they could exasperate another decline. >> i realized you're not saying the decline is going to happen on such and such a date or what would precipitated. when it comes, what is going to happen? when a a lot of money has --n made in the u.s. market

they will put money in fixed income. they will take money out and that will force the selling and when that happens you will see it go work in reverse. >>'s of the decline is going to be how much worse than it would've been otherwise? >> hard to predict that it will be worse and it will cause indiscriminate selling regardless of price and fundamentals. childrenith the investment companies since 1992, i'm curious to know is it easier or harder to be a stock banker? >> -- stock picker? harder.nk it is

it really pays to think about the long-term. i think that is why you're seeing really good traders having problems today. if you don't have the firepower, -- it isng while easier today than it was in the --t, harder to be a traitor trader. a lot of companies are doing really well. markets give you an opportunity no matter how good it is.

look at the poster child for wonderful stocks. amazon in the last year -- it always happens. you just have to be quick and patient. >> do you think the market is overvalued? >> i don't think it is overvalued, but i think it is easy to correct, which is healthy. a correction in an upturn that will go on for the next two or three years by essentially a availabilityry and of credit. >> a lot has been made about the .erformance of active managers hedgesenact manager who

expect to outperform the market on a net basis? >> it all depends on your timeframe. return is 75% -- anyone -- there has to be an understanding of what the hedge fund can deliver for you. one thing i want to say is hedge funds -- and a lot of people have given up on them. we have seen a lot of market liquidity. rain for eight years, it does not mean you sell your umbrellas. it is going to rain again. hopingt of people president trump and his administration successful with tax a form.

-- tax reform. littlell say it is a late for tax a form. it would have been better coming in 2010 when we had record employment. predominant of the tax and small businesses will have a lot more capital which is going to further exasperate over the long-term. >> you think it will feel inflation? -- fuel inflation? >> i do. it is happening. it is important to happen. we have been in the worst market.ive only abu dhabi has a higher tax rate.

will so the seeds of future wages we are pushing. >> good to see you. we are here in toronto wrapping up. >> great interview. thank you for that. schatzker.ditor erik this is bloomberg.

vowing to stayn on the job despite differences with trump. joining us now bill, who covers national security.

it was the biggest take away. >> despite the public differences, he will stay on as long as his services are needed. two other hotspots it touched on, one was china. tosays he thinks it was time raise the pressure on china to do more on north korea and he saying ball saudi arabia that qatar has done everything everything asked of it. the administration's frustration with china on not doing more with north korea, we have been hearing this from a

while. is anything going to change. was there anything about this rhetoric that something will give? >> no. the one big part of china has is the pipeline that supplies quite a bit of the oil. the u.s. has always wanted the pipeline to be debated for some kind of sanctions and china has signaled it is not willing to let that be part of a yuan process, but that is the golden egg that americans are always try to push for. >> bloomberg do not speak to isalin albright and said she between a rock and a hard place. best -- did not give a

lot of ground there, but in the be trump appears to coming around saying he supports tillerson and tillerson himself has said in the past did some of when itedictability comes to negotiating with countries like china or even north korea. you.eat to chat to , adam jones of morgan stanley will be here to tell us investmenticked for opportunities for a yes, it is the space economy. from new york, this is bloomberg. ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.

for first word news. former president george w. bush addressed a form today. bigotry and white supremacy against any form is against the american creed. have seen nationalism distorted into nativism. -- forgetting that conflict and stability follow into

protectionism. trump said his administration's response to the hurricane puerto rico deserves a perfect 10 rating. the president said i think we .ave done a really great job the seo answered -- the european union union chief negotiator says it has been 15 months and there is still no progress in the negotiations. as the u.k. prepares to lead.

>> we have to pay what we are required to pay. make sure -- obligations have built up. corbyn also submitted the idea of a second referendum. governor brown issued an mobile homeuspends parks and manufactured homes. 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. >> let's get a recap from today's market action.

it looks like things will be down. the biggest decline in three weeks. >> one thing that keeps going up, paypal holding on an impressive gain in over 3% after the company beat earnings. estimates andg its q4 estimates also ahead of expectation. >> the final frontier is the next emerging market. release theey report outlining the implications of the space economy.

he is here now to explain. great to have you here. investors, they cannot really get access to this, where the private guides are all over this. coming toion is space. targets launch cost that are 50 to 100 x. you are putting mass production .echniques to satellite you are applying moore's law and computing power at the same time and so the amount of observation or communication or other objectives is really going up at a time when the demand for

broadband isn't. cost?t does a launch >> they have launch costs down to $60 million. >> that is lower than traditional ones? >> yes. -- the teams at morgan stanley, some of those second order patients. >> a lot of people will not feel like they are investing in space until spacex was public. when thatication of might happen? >> we don't have any indication of that.

we're learning through this opinionse have some and in terms of what he has done with tesla and attracting talent. we imagine whether it is a year or five years, we don't think it is too early for investors to consider the implications of space which could be accelerated by a sex. there are other objectives as well. you listen to what vice president pence and some of our vulnerabilities. anything outside basically is space dependent. lights testtatus

satellites, are there any other things you're interested in? we touched on mining in tourism and mars and while we think those are part of the end there is a more is oriented --a more more oriented -- more earth approach. we make assumptions as to how much comes from satellite. go daddy is on board. intou are expanding

underserved areas. all of them are pure placed. areng, northrup, lockheed in place. give us some time in you get increased percentage. >> let's talk about tesla. there is increased enthusiasm that the agency of automakers are catching up. prospectsessed their -- how do you assess their prospects? >> a former auto executive described tesla as an analogy of the dog race. they are the mechanical white rabbit and all the other oems

are kind of chasing the rabbit. catch the rabbit, they just hope they are the fastest dog. early.till they have superior access to capital talent. they can lose money and investors are forgetting. it won't last forever. we won't dismiss the germans, japanese and u.s. automakers. there more concerned about $1 trillion club. enter thised to business for their long-term independent. spirit --dent independence. apple can take you to the turnrt at a loss, just to

your car into a mobile apple store. they can make money on the backend. >> because back to the ecosystem. jones, thanks so much. up, are robots coming for wall street? it will hear from former chief technology officer at goldman sachs. this is bloomberg. -- we will hear from former chief technology officer at goldman sachs. this is bloomberg. ♪

>> automation taking over wall street. former chief technology officer at goldman sachs was the

architect behind the firm's risk management system. he spoke with bloomberg about the future of automation and what it means for jobs. >> we are seeing certain roles need someonestill to start a relationship, but that relationship is not done via hey let's go to dinner, it is really i have a great piece of data for you. in fact, we have seen that on wall street with quite a few less interested in meeting with brokers and getting access to data. >> how to describe what that looks like. every businessst is going to be automated to the

point where very few people are involved. almost any job back in the happen and weill will -- we are already seeing that. when i first started, i was amazed that more things were not automated. it took a while before lunch on it trading became the norm. now, i think it is the norm. be -- it is the trading strategy. and bought money through and sot inefficiencies what is left is the value added and the people. i would not be surprised if all

firms decrease the number of people that have and that is the same for almost most companies out there. and artificial intelligence better than what he said. it is the adoption curve furiously will get glimpsing reports of making postings practical. but it is not tomorrow. >> good news for today's traders and sales people. betweennk offers have five and 20 years in terms of what happens. featureechnological

which many outside go way, that is what we're talking about. are there any doubts that we get there regardless of how long it takes? if we leaveno doubt , meaningy and checked we don't have a result -- revolt of some point, we will get to a doublehere ai is able to every two years. there's no doubt -- there's nothing technical that prevents us from craving something smarter than us. >> with the benefit of the program you help architect, it predicted the financial crisis from better -- for better.

-- far better. >> i'm proud of the system. define the system as software, we are missing the point. what helped goldman is that people used the system. >> their processes said if the system -- if something is bad, you don't overwrite it. softwarele, your altogether to make a system. i think where other firms fail, they might have had it in pieces of risk, but people did not necessarily aggregate that. it is really all of those things coming together. i think as time goes on, we will smallerle become a component in the quality of data

increases. remember, you can read on our auto series on automation on bloomberg.com. coming up, and it will back to the 1987 crash on black monday. this is convert.

>> 30 years ago, the stock market plunged, the dow lost

more than 500 points. this one, you want to pay attention to, then drop in the dow industrial puts everything into context. >> really puts everything into perspective. at today's move. >> speaking of black monday, lessons learned. >> i had a really interesting vantage point for black monday as i have made plans to travel to texas. i was in dallas the day of the crash and what was so fascinating was the hotel i

checked into had alan greenspan and margaret thatcher in attendance for some sort of awards think. have was memory i trying to call new york from my hotel room that evening to find out more what was going on and .ot being able to call out bizarre thendd, to be there physically the day of the crash. it was a frightening week come up more frightening than any 2008.n first of all, the systems had not been tested. reserve seven?l we did not know.

there was no playbook. system was in many ways more fragile. it was less interconnected than 08, but i don't take the system had been tested. that were a lot of views they might not survive. one of the real lessons was a hedge fund manager was i suddenly realized i was a lender to my brokers and i was an unsecured creditor to the people i did business with and so it gave me a really good luckily aon and lesson on making sure i was and ibusiness with firms was not indebted and if i was,

to keep my assets and treasury secretary tucci -- treasury securities. >> president trump reportedly leading towards jerome powell to lead the fed chair. likely picke will .rom a short list of candidates that hedge suggest fund managers with psychopathic tendencies perform worse than their peers over time. researchers studied the personalities of more than

one-to-one hedge fund managers. businesses continue to invest in wind and solar. amazon has bought more than one point two giga outputs, second only to google. that is your business flash update. >> how cool was that video. he tweeted earlier of him is .tanding on the wind turbine obviously, the drone footage. everything pretty cool. >> i thought he was standing on an airplane.

i wonder if this is not so subtle messaging. .hey have 18 windfarms up their they picked glass and are recycling it. coming up, what you need to know for tomorrow's trading day. this is bloomberg.

>> the u.s. stock market hitting record highs once again. coming up, the fed speak tomorrow. >> i will be watching for existing home numbers as they come out tomorrow morning. honeywell,

alisa: i am alisa parenti in washington, and you are watching "bloomberg technology." let's start with "first word" news. defending hisp is

administration's response to hurricane maria and puerto rico, which he says this is a perfect 10 meeting good he held a meeting in the oval office with the puerto rico governor. white house chief of staff john kelly is hitting back against critics who say he was insensitive to the family of an army sergeant killed in niger. the president expressed his condolences "in the best way he could." florida democratic congresswoman has claimed of trump told the sergeant's widow that he knew what he signed up for. secretary of state rex tillerson says he will remain until use "no longer needed." tells bloomberg he is motivated to serve the country and the president and president trump has called reports of the disagreement fake news. former president george w. bush addressed a foreign in new york city -- forum in new york city on freedom and free markets and said that bigotry and white suem