>> welcome to bloomberg businessweek. julia: we are inside the magazine headquarters in new york. this week's issue -- a new model for the u.s. health care system. marvel unleashes the black panther at the box office. that is ahead on bloomberg businessweek. ♪ carol: we are here at the editor in chief's office -- a story

that has fascinated else but came out a couple weeks ago. a trifecta of well-known individuals. warren buffett, jeff bezos, jamie dimon talking about fixing the health care system. >> the biggest guys around. the details about this remain hazy. what is going to be the solution and health care, and how will they try to fix it? can spearhead this initiative between amazon.com, berkshire hathaway, and jpmorgan. where we try to pick up the narrative is the reaction within the industry. the health care industry is like, amazon is at the door? it is not what we were expecting from amazon, a foray into health care. it's a situation with their individual companies -- what does this mean for the individual players?

the insurers, the middlemen? this is a massive cocktail of what is happening in health care. why do prices keep getting higher and consumers feel like they are getting the shortest straw of all? there's an expectation that there is middlemen. pharmacy, benefit managers. there seems to be a focus that this triumvirate can bring there. julia: big pharma says it is not our problem. a lot of the money here gets creamed by the guys in the middle, the insurers and benefit managers. carol: i feel like when it comes to drug pricing, rice's don't make sense. there's refunds that come into play. the relationship between big , it -- pbm's

>> it is very opaque. that's why this triumvirate is cutting turbulence in the market. what they could bring to bear is, what if we just negotiated directly with pharmaceuticals? we don't know what is going to happen yet, but if you could do that, you would put a lot of downward pressure on a bunch of this opaque market proving to be a little too lucrative for some players. have ain the middle, you u.s. administration talking about repealing and replacing obamacare, drug pricing. storys will be an ongoing we will be watching. this is just the appetizer we want to give you. this story will be one we will be watching throughout the year. think of this as the appetizer. understand the players, and we will get to an entree soon enough. julia: what about the main

course? the u.s. cover and the asia cover, honing in on boeing. >> it is an amazing story. in part, because of what boeing has been able to do as a business. if you look at the dow, boeing has been the top-performing stock in the dow over the past year. carol: shareholders are happy. >> investors are ecstatic. there is a lot of nuance to that . basically, everyone else in the world, except investors and employees, are, boeing is hurting us. julia: flexing some muscle. story --t's go to the the boeing ceo kind of driving everyone crazy except investors. boeing.ink we know they've been around for 100 years. in year 101, they've overtaken ge to become the largest and

most powerful industrial company . they have really started to shake up the marketplace in ways ,hat we are just now exploring and whose effects we ultimately don't know. julia: the old slogan used to be "working together or code -- working together." julie: boeing today, in any speech you hear an executive give -- the phrase comes up compete to win." this is a company that seems unafraid to play hardball, to knock heads together. if people don't like the consequences, they don't seem to care. .ulia: i call the ceo new he's been around since 2015. you described him as turning on upon angelically -- turning

unapologetically hard-nosed. >> he is very driven personally. extremely charming in person, charismatic. again, he has a goal of turning boeing into a growing industrial champion, into a 1990's era ge that everyone looks up to. his foot is on the gas. this is a company right now that seems determined not to let up. i think that in some regards, .ompanies reflect their leaders that might be true of what we are seeing at boeing today. julia: the share price has doubled since january last year, the best performer in the dow. investors clearly rewarding him at this stage, they are happy. julie: absolutely.

things that is fascinating is that ge has imploded. for shareholders who want large industrial stocks in their portfolio, boeing has sort of become the only game. i think that boeing has, in terms of their share price, benefited tremendously from the turmoil at ge. at the same time, it reflects the underlying strength of the business. they are very focused on trusted ability, really shaking up -- , reallyon profitability shaking up. that is a very high level picture, with 1000 little details that made it come together. julia: the cost initiative that they are running out, partnering for success. critics have called this "pilfering from suppliers."

it is creating a fundamental shaping of -- fundamental reshaping of boeing's business. this started in 2012 under the previous ceo. i think it was, under -- at that time, boeing was going through tremendous soul-searching. , thatthe 787 dreamliner was enormously draining on the company. their early issues with that the manufacturing problems that led to it being three years late. so i think the boeing took a look around them and said, why are we -- like other large along with, plodding single digits on operating margins when our suppliers are earning double or triple that? was -- there was

this sense that we have to put our needs and profitability first. carol: a design director put boeing on the cover of bloomberg businessweek. >> we have the ceo with this beaming smile. we put this face to give you the feeling -- julia: the sky is the limit. julie: it is a wonderful picture of him. he looks like he is in a good spot, happy. how many pictures do you take of a ceo when you are doing something like this? >> a lot of photos, as much time as they will give us. carol: do you change the backgrounds? julia: you will sit -- >> you will see inside our feature, it's beautiful. julia: the success and the pushback on supplies, you've

been kind of cute with that with the plane in the background. it is a fundamental part of the story. >> it's a part of the environment he is really pushing for. moscow is not talking about the hundreds of russian mercenaries killed in syria this month. carol: and the global ambition of wwe. ♪

carol: welcome back. online at can find us businessweek.com and on our mobile app. carol: u.s. forces killed hundreds of russian mercenaries in syria. julia: the incident is raising the possibility of greater conflict between washington and moscow. >> it has been an active start to the month of february for sure.

we have seen an escalation intentions, some actual shooting going on. we've seen aircrafts downed from iran, from turkey, from russia, from israel. shotve all seen aircraft down from the first part of february. the most interesting, seismic event happened on the night of february 7, when it seemed that a battalion of -- what by all accounts used to be russian mercenaries, numbering in the realm of 200 to 300 -- were killed by a u.s.-backed force u.s. forces and kurds in an attempt to take an oilfield that the kurds had been attempting to take. carol: who was behind the russian mercenaries? >> it is murky. putin's spokesperson would not

address this. they are not official russian troops. but given encouragements russia had in ukraine, they often are not wearing official russian military gear. that these few hundred mercenaries were under the control of a firm known as wagner. to put it in blunt terms, it is the russian equivalent to the u.s.-based blackwater. these are private mercenaries that, unlike -- not unlike the folks we sent to iraq 10 years they are not part of the official military, per se. is an organization controlled by -- someone known as putin's cook. he has a catering company that does business in the kremlin. units control of military been operating in

syria, hoping a sought shore up his gaze. -- helping a sought shore up his gaze -- assad shore up his gaze. some: it appears to be sort of rogue attack, but if you look at responses from the russians, perhaps not surprising , given they deny involvement, but the united states response despite what you say is action on the ground. what is going on? mattis,efense secretary all he was willing to say on the record was that this is perplexing. look, i think that is an accurate assessment. they were very confused by what happened. week, i mean the united states forces on the ground embedded with the kurds communication with

the russian forces there. this is like a jigsaw puzzle of proxies ofld, where big powers, the u.s., turkey, russia, iran, israel. there are lots of interlocking lies. especially when it comes to this part of the country, where the euphrates is, the u.s. is with the kurds, and on the other side , you have russian forces with a sought -- with assad. our people are having communications with russians, and it appears communications have broken down. fantastic reporting by our moscow-based reporters. we knew this was a rogue operation. we are not sure who gave the go-ahead, but there was communication during, before, and after. are you moving, why are you moving? stop moving, we are going to attack.

there is still lots of mystery about the incentives and impetus,ass and who called this in. hundreds of wounded in these past few days. julia: the problem children of exchange trade and funds. carol: how one entrepreneur at leapfrog his payment company into the mobile era.

julia: welcome back. can also listen to us on radio on sirius xm channel boston, and106.1 in in the bay area. asia: and in london and in

through the bloomberg at. reasons tore finding worry about certain exchange traded products, or btp's. tool: they use derivatives generate outside returns. blowoutweek, we had the in the exchange rated note that bet against volatilities, betting on car markets. what that put into focus was what some exchange rates have complexity at their hearts, not always as risky as expecting etn, but some have derivatives at their heart. there's lots of technical terms in there. explained exactly what investors were doing when they were getting involved with these products. >> first, let's talk about volatility. oh way we can measure how active the markets are in terms of

price wavering. when markets are calm, volatility is low. when markets are moving, volatility kicks up. carol: in terms of volatility, the markets have been low. a lot of complacency. >> that causes problems for products that debt on or against volatility. they were betting that volatility would remain low, which they have. we really saw that start to get washed out monday afternoon. one of the prices where we saw that most definitively was in the exchange traded fund or exchange traded products world. we saw an exchange traded note etp. etf versus an an etn is technically a debt obligation, in this case from credit suisse.

the index it was tracking moved so much over a short time that credit suisse decided it would wind up the product. anything that pours money into the fund -- carol: hold on a second, because this is important. by winding the products, it goes down to zero? in thene that comes 500ious weeks or months, million floated in. a record week for the product. all of those people are suddenly faced with credit suisse saying they are terminating. julia: does that mean they lost money? inthis product went down 90% the space of the day. it will be liquidated later this month and people will get whatever the prices were at that point. investedo is actually in this product? sophisticated investors, or mom and pop, retail investors? whot is difficult to know

owns these things. if you look at the bloomberg terminal, you would be left with the impression it is sophisticated people. that is what it is aimed for. however, talking to a number of retail investors, it was not necessarily the case. there were forms online talking about how xiv was making people a huge percentage every year. people were piling into this. were: while the markets complacent -- you've done great reporting on all of this -- but while the markets were complacent, people were making crazy money. that inverse volatility index was making so much money. >> monday, when volatility started to spike, people were saying, markets have been calm for a long time. now was a good time to go shortfall. then they got completely washed out. carol: this week's game changer is steve streets. he invented the prepaid habit

card, and has reinvented his company to facilitate mobile payment. >> steve is the founder and ceo of a company called green.. it is a company that a lot of people have probably not heard of, but they provide prepaid cards. they have been making interesting deals in silicon valley. they have worked with apple and uber, trying to build out their platform. julia: take a step back. he's kind of a visionary. he first saw the shift -- he foresaw the shift to mobile banking. he said he would not be quick enough to take advantage, so he made some bold moves. 2012, he could see that the banking experience was moving to the mobile phone, and he felt his company would not get there at -- get there in time. so he did in acquisition of a company clalled looped.

that had aating app lot of geolocation services and interesting technology. the bank basically said, i don't technology you have. i want your talent, people who can develop on mobile. now, they are making all of these important partnerships. they power apple pay cash. not a lot of people have heard of them, but they are fundamental to some huge businesses out there. >> exactly. they power apple pay cash, apple's personal been low. it is an interesting business -- apple's personal venmo. dot on theee green card, but they are the bank powering it. julia: and they are working with uber and into it -- and intuit. >> i think the looped

acquisition gave them the mobile development team they need to work with these big companies that have lofty dreams for financial services and their business. is not just a prepaid card. you can use the banking platform to plug into these interesting technology companies. as oneyou described them of the most distributed banks now in the country. the growth we've seen is phenomenal. >> not to knock on the prepaid business. but yeah, the partnerships they've made with uber, for instance, they are the ones who pay all the uber drivers at the end of the week. or help pay them, i guess. they are facilitating all these payments for silicon valley. when i spoke to steve, he said the reason we can do this, we have this incredible platform and team, but we are really able

to speak technology to these companies. as more and more of these tech giants want to make their way into banking, it is interesting to see them partner with long-term players. julia: banks that speak technology, or tech firms that understand technology -- >> they are definitely a bank first and foremost. prepaid was steve's brain child moree 90's, when he saw people were going to buy things online and didn't have a bank account to do it. that is why he created the prepaid card. flashforward 20 years, now it is prepaid is at -- huge part of the business, the biggest part, obviously, but you can see the platform being used in different ways. targets the eggs on lawyers it claims are conspiring against the company. behind thewhat is

republican apparent change of heart regarding spending? we use our phones and computers the same way these days.

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julia: welcome back to "bloomberg businessweek." i'm julia chatterley. carol: i'm carol massar. exxon strikes back against those suing the company. julia: whatever happened to the deficit hawks in d.c.? carol: how the wwe came to dominate streaming. julia: all of that still ahead on "bloomberg businessweek." ♪ julia: we are back with the "bloomberg businessweek" editor-in-chief.

in "bloomberg businessweek," in the more must read section, we are honing in on at some mobile, sick to death of the climate change of lawsuits. it is fighting fire with fire. >> it is an interesting take. i would call this one a need to know read. what exxon has done here, is change the narrative by going after lawyers. the very lawyers that are suing them, they are turned the narrative and they are going after them. we are talking environmental activist and attorney generals. carol: they talk about the la jolla playbook. >> the la jolla playbook, that is the term. what happened is six years ago, the rockefellers, which have a fund, the irony here is the rockefellers were standard oil. standard oil is basically exxon today. the rockefellers invited a group of people to la jolla, and exxon has pointed a finger at that and said they were conspiring against us. that is the whole essence of

this story. carol: so they were plotting against exxon? >> some of the legal experts say this is a moonshot, but a bold one. it is designed to be a fear tactic. julia: they are trying to spread fear. >> seeing if they can get them to back down. it is an amazing legal maneuver that a lot of people have their eyes on to see if they can pull it off. carol: it is amazing, a fear tactic against the rockefellers. i'm curious in this environment -- >> it is bigger than that because the rockefellers, it is the brothers' fund. this is all about exxon knowing something about climate change, and doing nothing about it. there are multiple people who would be interested in that side of the conversation.

that rockefeller brothers fund was inviting people to have that conversation. attorney generals among them, environmental activists among them. that is where exxon is trying to seize on it and say it is a conspiracy. julia: the whole industry has come under fierce criticism. it would have far larger implications. >> that is why it is such a need to know. carol: exxon saying they have a right to free speech, this plays into that as well. plays intostuff this, because, at the same time, while you could call that a strategic meeting, isn't exxon having strategic meetings on the other side of this? it is really such an interesting dynamic, and we will have to see what happens. right now, it is just so many depositions. carol: we will see how this works out. one talk about the interesting dynamics between republicans at right now. this is in the remarks section this week. anybody who has been covering politics or business news, and

government, especially here in the united states, it has been about reducing deficits, not adding to spending. >> this narrative around the deficit has been a republican priority since about 2010. the deficit hawks, that was a thing in congress. and the artwork we came up for this story is amazing, because that deficit hawk is an extinct species now. it lasted from about 2010 to 2018, and you are not hearing about it anymore. the change is they realized voters don't care. julia: the deficit hawk is going the way of the dodo. the last one standing, we all watched senator rand paul say, you can't be against deficits 's deficits and now

voting -- >> such irony here. julia: he said it it is the definition of hypocrisy. >> he got up there and delivered a jeremiad for the generations, condemning republicans were who were being hypocritical. for opposing deficits when obama was in the white house but now embraces them with trump in the white house. julia: to be clear, he is a republican himself. he is condemning his own party, saying it is fiscally irresponsible. >> he was shrugged off by his own party. after he sat down and voted for a $300 billion increase on spending over two years, on the heels of a $1.5 trillion tax cut as recently as december. julia: to put some flesh on that, what are some of his colleagues saying? thune --tor johnson - >> it was called the colossal waste of time. so, the thinking of the republicans is, we want to cut taxes because we want to help

the supply side of the economy. encourage companies to invest. which will create a greater gdp. all deficits might go up, but they will fall as a share of gdp. that is the laffer curve resurrected. the laffer curve is the idea that the u.s. economy is so overtaxed, it will actually cut the deficit problem. julia: or at least be deficit neutral. that was the initial promise as wasas this tax overhaul concerned. >> of course, the institute for global markets at the university of chicago interviewed 42 prominent economists from the left and right, and asked them, will trump's tax cut pay for itself? and one of the 42 said yes, only one. and it turned out that person made a mistake and meant to say no. so, no one supports that idea.

which is unfortunately the last thing that people like mick mulvaney, who had been a deficit hawk as a south carolina republican congressman, that is the thin read that mick mulvaney claimed to.ave >> what intrigues me is, do voters care? >> that is the heart of the story. you would think after rand paul got up there and delivered his speech, the republicans would be cowed. they would be embarrassed and worried about going back to their voters and having to admit to them that after having cared about deficits for years they were now supporting massive deficits. the answer is they can afford to shrug off rand paul as they have come to the conclusion that they can get away with it. in fact, it will be good for them to do this, to cut taxes and raise spending, because that is ultimately what voters want.

julia: up next, why china's baby bump fizzled. carol: and betting on a stem cell breakthrough to treat ms and crones. julia: this is "bloomberg businessweek." ♪

julia: welcome back to "bloomberg businessweek." i'm julia chatterley. carol: i'm carol massar. you can find us online at businessweek.com. julia: and on our mobile app. in the economics section, the baby boom, or bump, china following the relaxation of its one child policy seems to have been short-lived. carol: it is proving to be challenging to get couples to have more children. >> there was a mini baby bump, not quite a baby boom. births went up 8% in 2016. which was the first full year. then, they went back down last year.

carol: for decades, it was a one child policy to control population growth. they wanted to put the brakes on it. that was in place for a long time. so, when they made this change, it was kind of startling. but they were doing it to help the population and economic demographics. >> they were concerned china would start graying too fast. and that will have economic implications. carol: like japan. >> right. a workforce shrinking really fast, the dependence ratio, the number of young people it takes to support every asian person is aging person is going to start tipping into a point where it is unsustainable. julia: it is really bad. you put figures on it. population is expected to peak in 2030, and then decline. >> the workforce has already started shrinking. so, i think about 5 million last year. so, this was supposed to be a

baby boom, and launch a different trajectory. we see them going back down. carol: why is it difficult to have more than one child in china? >> basically the short answer is that life in the city is so expensive. a government official came out this year and said they did a survey, and 80% of couples cited financial worries about not -- as a reason for having a not having a second child. in places like shanghai, the cost of a 1000 square foot apartment is 90 times the median salary. julia: compare that to new york. >> in new york it is about 25%. also, education costs are high in the cities. julia: you have people focusing on the couple, and they were excited about having a second

child and then they looked at it and said we would have to move, we are struggling now with education costs, it is not feasible. >> that's right, they ran the numbers and they said no. it is not going to work for us. julia: what is china doing about this? can china change this? the welfare state there is not great. can they subsidize? >> that is the big issue. they have been trying to bolster, make it easier for mothers, adding and expanding maternity wards, adding seats to in kindergarten. there is not universal public at kindergartens. maternity leave is five months paid leave nationwide. but, the people we talked to said china is too far along its development trajectory for these policies to make a difference. julia: what do you mean by that? >> it is already on its way to becoming a first world country, and what we see in countries at

that point in development is ir opportunity costs of having children is factored in. the woman has a career. financially, it does not look as attractive. carol: in a technology section, a stem cell pioneer hopes his next breakthrough comes from placentas. julia: here is a reporter with the story. >> he's a jet certified pilot and stem cell pioneer who suggests we will live longer if we treat our bodies like we treat planes, with a more regular maintenance schedule. the primary factor, most people will tell you planes are longer lived than a few decades ago. julia: don't wait for things to go wrong. make sure you are tinkering with the body and that it is working properly on a continual basis? >> he is a cofounder of human longevity.

julia: which we have heard about before. >> until recently, chief scientific officer of biotech giant, cell genes, a cell theory subsidiary. he has just stepped down and larity.ceo of cellu julia: he is a specialist in stem cell therapy, but what they're going to do is specific. explain what they are focusing on. >> cellularity is focused largely on therapies derived from stem cells from discarded placentas. the theory goes that these cells which are similar to the stem cells that a lot of scientists have been pitching as regenerative medicine for years from discarded umbilical cords are a better way to apply therapies to a much wider swath

of the population. how does helacenta, think that differs from what you say and what we have seen talked about for many years, which is taking cells and blood from the umbilical cord and using that as a medical tool? >> scientists and doctors have been telling parents for 20 years, if you freeze your umbilical cord blood, that will help your baby live longer later in life as more therapies are derived. so far, the umbilical cord cells have only proven useful in a few rare conditions. what cellularity aims to do in the next four years is developed therapies that can treat all kinds of immune disorders, and ms, andhn's disease to

eventually the hope is it will be more generalized longevity for everybody. julia: it is not just about the family members, or those connected to the people the cells have been taken from, this is a broader cure they are talking about. disease or multiple patients. this would be so groundbreaking if successful. they are talking about doing it in a few years. >> yes, by the end of 2022. julia: how does it help the regenerative function of the body? >> because stem cells in placentas are so purpose built for regenerative functions, they are then better suited then stem an stem cells from other places in the body to mimic regenerative cells that are at risk, or the death of which is a primary symptom of these kinds of immune diseases. carol: up next, we go inside the

very lucrative halls of world wrestling entertainment. julia: and, how careful timing and perfect timing will land "black panther" at the top of the box office. carol: this is "bloomberg businessweek." ♪

carol: welcome back to "bloomberg businessweek." i'm carol massar. julia: i'm julia chatterley. you can find us on the radio on sirius xm channel 119 and a.m. 1130 in new york. carol: and in london. and in asia on the bloomberg radio plus app. in the features section, world wrestling entertainment, or wwe, is on a roll. julia: shares are trading at an all-time high. they are making more profits than at any other time in their

history and they are taking some big risks. carol: our reporter took a trip to the company to hear about its plans about world domination. >> right now, a lot of entertainment companies are struggling. wwe is doing really well. we looked into why that was. a lot of it has to do with a decision the company made in 2014. at the time, they were looking into what they want to do in the future with digital products, and they noticed their fans were subscribing to netflix and hulu. they thought, we should try launching our own video streaming app product. julia: risky. bold call. >> yes, at the time everyone watched it, if you are a big wwe fan, you would turn on cable and watch these weekly shows, and a couple times a year you would subscribe to a pay-per-view event like wrestlemania and pay your cable provider $40 or $50 to watch the big matches.

wwe said, we will take those big matches and make those available on this video streaming app. you pay a monthly fee, and we will give you the big events, and give you interview shows, documentaries, additional archival wrestling matches. and they put this together at a time when all those video streaming apps were like netflix, they were aggregators. they were not individual brands. there was a lot of skepticism. people thought, is that a good idea? not surprisingly, it irritated their partners in cable tv, who got a cut every time you signed up for wrestlemania. they were not too thrilled. carol: this was a risky move but it paid off. >> it did. they now have 1.5 million monthly subscribers. carol: is that good? give us a comparison to the

other streamers. >> it is the 11th most popular video streaming app in the country, of about 220 of these things that exist now. it is the second most in sports related categories. only major league baseball has a more popular streaming. julia: this is important to ordinary viewers. >> you pay $9.99 a month, and there is a huge amount of material on there. they have their cruiserweight division. they have a weekly show. the developmental league has a weekly show exclusively on this app. it has proven to them, one thing that made the company exciting to investors, it has proven they can move their audience from place to place. the audience will follow them, and they are willing to pay. julia: the numbers are quite interesting in terms of what percentage of their viewership is coming from

international versus the amount of money they draw from these places. there is a disconnect of there. >> a lot of the viewership takes place overseas, and yet most of the revenue still comes from the united states. they think, what we need to do is do a better job monetizing that. having the wwe network helps. most wwe network streaming product is, the content is in english. part of what they are thinking, now, we have the big events like wrestlemania to broadcast in eight languages. part of what they are doing is figuring out, we can sell one product around the world, we just need to tweak it. we need to make sure matches are available in different languages. we have wrestlers from different regions, some good guys and some bad guys. they are in the midst of figuring that out. julia: in the pursuit section, marvel's new superhero movie "black panther," carol: it sold more tickets than

advance tickets than any superhero movie ever. julia: it basically is having a perfect moment. >> it the movie of the year. maybe one of the movies of the decade. it is really a big deal. julia: we talk about it being unapologetically afrocentric. the timing couldn't be more pertinent. >> what we write about in our piece is, it feels of the moment with black lives matter, and africa with what donald trump has said about africa. it takes its african heritage and wraps itself in its. . the designs are afrocentric, the clothes and architecture. it is a powerful statement at this moment. they have been planning this movie for years. d.c. comics said they need to diversify the superheroes we amount ofhe

superheroes. the kind of superheroes we have, and what they look like. they have been planning this a long time, and have been smart about having women characters, characters of color. characters people have not heard of. black panther is not a huge superhero. going down this path was a great decision. julia: it wasn't one of the big superheroes. it is set in wakanda, which is a technologically advanced nation, . chadwick bozeman takes the title role. there is speculation that he could be a contender for a future black james bond. idris alba, step aside. >> people are wondering when are we going to get a bond of color. idris elba has been mentioned, may bbe even approached, but chadwick bozeman is so good. he is so amazing at the action sequences, you can't believe it. he is going to be the new action hero. julia: his bodyguards are all women, and they kick bottom better than anything we saw in "wonder woman."

>> there are incredible woman women in this. everybody in it is good. it is empowering on a lot of levels. carol: "bloomberg businessweek" is available on newsstands now. the rollback of the one china policy, you would have thought that would create an baby boom in china. not exactly. julia: so much excitement in 2016. carol: now they are worried about population growth, and the aging population, having a future workforce. they talk about a demographic time bomb. i love this story. julia: relaxing this policy was the right choice. the problem is having more children is expensive. implications for housing. education. families are realizing they cannot afford to do it. now, china needs to have a rethink how to adapt this policy.

carol: some of the policies have not created the effects they wanted. julia: one of my favorite stories, "black panther," beating all records at the box office. i will be going this weekend. carol: bloomberg television is up next. ♪ . .

♪ david: when you told people you were going to raise a $100 billion fund, did they tell you you were crazy? masayoshi: some people said. [laughter] david: did you suffer discrimination growing up in japan? masayoshi: that made me stronger. david: how did you feel losing $70 billion of net worth? masayoshi: i was so close to, you know, fall down from the cliff. we almost went bankrupt. somehow, i survived. >> would you fix your tie, please? david: well, people would not recognize me if my tie was fixed, but ok. just leave it this way. all right. ♪