♪ carol: welcome to a special edition of "bloomberg businessweek." i'm carol massar. jason: and i'm jason kelly. we are in los angeles at the milken institute global conference. it is an annual gathering of the most influential people in business, finance, economics, commerce, innovation media, and much more. jason: we sat down with people

like the bp ceo. carol: we also sat down with the former whole foods co-ceo. butn: also, not to flex, the edge. what is this all about? >> a chance for you to hang out with edge. this is a massive dealmaker conference. there is programming on main stages, side rooms. ,pportunities and big thoughts but it's a chance for a bunch of important people to get together and find out how they want stupid -- figure out how they want to deploy capital. avosn: it has been named d of the west. >> it connects a lot of different pieces. you mentioned that media quint. there has been a lot of food conversations. a holding on psychedelics -- crazy stuff like a whole thing

on psychedelics. when you are thinking about how you are going to invest a lot of money, this is a chance to figure out what the next big thing is. carol: that's what people say. someone in real estate has the opportunity to go to a food or drug panel, something they might not normally attend. >> and figure out the entrepreneurs>> in the space and what the edge might look like, to bring it back to the edge. jason: one of the big names we caught up with was steve schwarzman, ceo, cochairman of blackrock. >> we talked a couple weeks ago about earnings. the big news was your conversion to a corporation, which sounds a oftle wonky -- cochairman blackstone. we talked a couple weeks ago about earnings. the big news was your con version -- conversion to a

corporation, which sounds a little wonky. >> we have been using k-1 statements. by getting rid of those and converting to the normal 1099, we can take advantage of that huge additional buying power. logic should say that if more people want to buy you, your stock will go up. jason: what have people said to you in the aftermath? are you hearing from a different class of investors? is your phone ringing from different people. >> yes, it actually is. people say that goodness you make that decision. stock.ly want to own the can you come and see us? our stock is up 13% in the last week and a half since i actually saw you. so you have a certain magic. i should come on frequently. jason: anytime. >> the other firms have gone up as well. not the same amount, obviously,

but i think it is the market looking and saying if that worked for blackstone, then probably the other firms will follow. jason: tim geithner over the weekend was talking about the strength of the economy, the bull market we have been in for a long time. he said the only thing we have to avoid is a dumb mistake. what could be a dumb mistake that we could make from a policy decision or market decision? >> i think there are a lot of mistakes you could always make. i think if there is really ,ramatic change in the tax area if the democrats win, for example. if a lot of the things some of their candidates talking -- are talking about, i think that would be -- it could have a certain psychological shock value. logic would say that would slow an economy. that is one of the things you can do. the other thing is that the fed

could increase interest rates. for at least an decade a fed that is unresponsive to the real world and maybe even earlier. people were so much about the fed -- worry so much about the fed do in the wrong thing -- doing the wrong thing. even if you start making a mistake and correct it almost right away, which is what --pened as a result of the response, that the fed is the guardian of the system. they are not the enemy of the system. if we have a lot of wage inflation or something else, which seems somewhat unlikely, but it may start increasing interest rates. most probably it is because it is the smart thing to do.

it is only when they get out of a cycle where they think something is happening that is not, and then prosecute it all the way. i tend not to think the people there are in the business of making mistakes. carol: up next, how some of the wealthiest americans of you private markets. my conversation with the bny mellon wealth management ceo. jason: should you be afraid of a recession? my conversation with brookfield ceo. carol: how to spend a million dollars on art. this is bloomberg businessweek at no can -- milken. ♪

♪ carol: welcome back to "bloomberg businessweek." i am carol massar. jason: and him joyce and kelly -- i'm jason kelly. join us every day on the radio from 2:00 until 5:00 p.m. wall

street and. listen and subscribe to our podcast. carol: you can find us online at businessweek.com and honor mobile app. here i hosted a real estate panel with some of the most prolific names in the industry. we are talking about tom barrick, jonathan goldstein, michael nelson and, robert morris, and michael kingston. he is this -- ron kingston. he joined me for a one-on-one conversation. >> we are in the midst of one of the longest recoveries and will probably be the longest recovery in u.s. history. clearly we are later in the cycle. the offering is very strong. we have strong gdp growth, low unemployment, low interest rates, and supply in most of the real estate sectors. carol: you see that continuing? >> i see that continuing. that's a favorable backdrop for investing in real estate. carol: you closed a really big

funds this year and am just curious, what's your next big target acquisition when it comes to real estate. a $15 billion fund with a global mandate, so we can invest around the world. only half of that fondled the invest it in the u.s. the other half will be really around the world. 30 countries overall, right? >> 30 countries, that's right. carol: are there some countries where you see an opportunity? >> we do like the u.s. very high quality portfolio of assets. the northeast, and in california. it's going to benefit from that. favorable macro backdrop i talked about. we have projects going on all over. we are about to close in the transaction in shanghai and we are very active in europe as well. we are seeing good activities all over the world.

have -- let's talk about the mall, because we have had some fun with people talking about the mall is dead. the generations z might go shopping at malls. you made a big acquisition with the second-largest mall operator in the united states. what is the future of the mall? >> there's no question we are ofng through a period adjustment within the retail sector. within the long run, great real estate always wins. we own 100 of the 400 talk shopping centers in the united states. we joined 96% occupancy. carol: how do you do that? is that they are in busy, populated cities, and that makes it a success story? >> that's the starting point. obviously with real estate, location is really important.

our malls are located in densely populated urban areas. we effectively manage these assets. you're needed to be continually investing in these assets, keeping them relevant. jason: speaking of brookfield, i sat down with the ceo of the firm. you can almost call him the warren buffett of canada. the reason he is so important and this firm is so important right now is because they are nipping at the heels of blackstone in terms of assets managed around the world. they have property everywhere from manhattan, canary wharf in london, infrastructure everywhere. carol: that's something you have really done into with it. jason: absolutely. they are on the forefront of trying to figure out if these public-private partnerships will work. here's what we had to say. >> inevitably, all infrastructure will transfer into private hands, but until the point that governments are governmentsched, or

and the individuals who run them are pushed, it's easier not to do it. people yell at you when they have to pay for the toll on the road they did not have to pay for. it's going to be slow in the otc countries, but it's coming in -- otc countries, but it's coming in eventually. jason: is there still appetite for that investment? >> yes, there is a lot. the largest business in the world's real estate. second-largest is the infrastructure it's all built on ,. so these are enormous businesses. . when i say it's slow, they are still incredible amounts of infrastructure being privatized all around the world. in fact, much, much more outside of the united states. governments do not have the money. therefore, they are going to skip the steps of government ownership and one right to private infrastructure -- going right to private infrastructure.

that's occurring today and increasingly around the world. k acrosshen you looo your businesses, what worries you the most in 2019? where are you seeing warning signs? >> we don't see big issues in the economy out there. clearly, valuations are higher than they were 10 years ago, seven years ago, five years ago, three years ago, a year ago in the stock market. interest rates look like they are going up but they don't look like they are going up at the current time. those are the things that could disrupt the markets. when that happens, how it happens is a political issue. i say when we are investing into long businesses, you generally don't get too concerned about short-term government. jason: one of the political issues out there that i know is in one of your backyards, or front yards, is brexit going on in the u.k.

maybe it will happen, maybe it won't. you have been pretty clear that the affect on your business has been at a minimum so far. still true? >> yes. i would say most of our businesses in the u.k. today are doing well. i think longer-term, the u.k. will still be a great place to invest. there is no term, doubt this is disruptive and not helpful for business. willall countries, they see it through. , one ofere at milken the fun parts is ceos from all walks of life, a lot of financial folks, investors, but you also get people from different and distinct. jason: industries you caught up with someonejason: i was fortunate enough to host a panel with. carol: here is the conversation with bny mellon ceo of wealth management. we got into that and also about

the state of the overall u.s. financial markets. >> we really work with two groups of clients, your core wealthy family, and family offices, which are very much like institutions. when you think about the alternatives, that has changed a lot over the last two decades. today there are more private equity backed companies in the u.s. than there are. equity companies the whole spectrum of private equity investing has changed. while 20 years ago, it might have been buyout and venture, today you have a buyout, venture, private equity, even a secondary market today. there are a lot more choices. our clients are generally comfortable with private markets. that's how they tend to become wealthy themselves through their own private businesses. they are cognizant of the cycle, valuations, money that has been raised in private equities.

it is a question of selective this. , is the u.s.urious still kind of a favored destination for some of these ultrahigh net worth individuals when it comes to investments? are they looking more overseas? where do they want to be? >> it depends. the u.s. is roughly half of the public capital market, but our clients have liabilities denominated in dollars. you tend to see a home bias towards the u.s.. i think we will continue to see a bit of a bias. carol: there is not any movement away from that because of the dilutions -- the valuations? >> listen, our clients have always invested globally. when your liabilities are in dollars, you tend to have the bit of an overweight to that. carol: coming up next, a timely topic, especially with tech earnings coming out as of late. the department of justice. we got into how they feel about the size of the tech. jason: and also what the boj

considers the most pressing cybersecurity risk. it's pretty scary. carol: this is bloomberg businessweek at milken. ♪

♪ jason: welcome back to a special milken addition of special edition of "bloomberg businessweek." carol: it's a great event, people from all walks of life. we are also doing it on our bloomberg radio program, so check that out on sirius xm channel 119 and a.m. 11 30 in new york. 99 fm in washington dc. jason: a.m. 960 in the bay area. carol: here is the milk and institutes a global conference. i got the chance to sit down with the department of justice --assistant attorney general jason: he is helping decided what mergers are going to go through or not. we are talking about sprint,

t-mobile top of my. carol: there are so many issues to be determined. we started about talking about calls to break up the technology. where do you stand on a breakup in the technology -- big technology? >> we have a number of standards, the antitrust laws. we will look at every industry and apply the laws based on the evidence. don't know if breaking up any particular industry without an actual investigation that shows they are doing competitive harm is the right approach for antitrust enforcement. that antitrust enforcers should be looking at and we certainly are. there is not any panel or conversation i do that amazon does not somehow come up in that conversation. it is such a bigger player, not only in retail, but so many industries. do you look at amazon in a different category? >> amazon has been a disruptor

in a lot of different sectors. carol: is that a good thing, from your perspective? >> i think when you are an initial disruptor and create more efficient products and services and lower the prices consumers, that's always positive. the problem becomes when you have market power and you take certain actions that might actually harm competition, which ultimately will harm consumers. that's the type of conduct we look at. as i have said before, big itself is not bad, it is big behaving badly that becomes a problem for antitrust laws. that's certainly an area we would be interested in. jason: also here, you got to koch up with -- catch up with john denver's. -- john devers. carol: it's so topical. we are talking about state entities tapping into american corporations. jason: it's about computers, but also good old-fashioned spy craft. >> i am here to talk

specifically about china's economic espionage. leadersthe business about the threats to their business and investments posed by the threats to intellectual property sponsored by the chinese government. jason: what is that threat look like to the average person, the average businessperson. what should they be worried about? >> the combination is a cyber threat, very often an insider threat, and sometimes a combination of both. china is using their intelligence services the way they might use them. jason: traditional spy craft, right? >> it could look like someone who works at your company who is downloading data on a don't thrive and taking pictures of data.reen with somehow taking that technology and sending it over to china is this approach -- is all a part of this approach to economic the

moment. you replicate that product in china and replace the american company on the global market eventually, if all goes well. for the american worker, you lose your job in step three. jason: as you talk to executives, are they worried enough about this? >> i do think, increasingly so worried about it, recognizing it, and realizing they have to confront it. also being aware of who you have working at the company and what they might be doing behind the computer. are they accessing data they don't really need to have? are they downloading data they don't need to download? are they in the office at strange hours when no one is around? . all of that. jason: how much do you run into the perspective -- resistance from the perspective of business saying, china is an important customer, important market, i have a partnership with a company there. i don't want to jeopardize things by going overboard.

>> you cannot go overboard. we are not saying don't do business in china. you have to do business in china. the key is business -- doing china.s smartly in what data do you put in china? what dado is acceptable to china? it's not don't do business in china, just do it smart. carol: i think about the trade talks going on. what kind of policies can the united states put in place that really pushes the chinese to not steal intellectual property from u.s. companies? this has been a sticking point for a long time. >> it has been a sticking point for a long time. it's all about behavior, not about what you agree on paper. we have had agreements in the past. we have not releasing behavior change. the key will be enforcement. the way we try to do is to use sanctions to put chinese companies in a position where

they cannot import parts from the u.s.. we have done that successfully. that is what we are doing with current tools, bringing cases obviously against defendants, especially insiders. those are folks we can arrest and get them here. we have arrested for the first time in history a chinese intelligence officer in belgium and had him extradited here. there are a variety of things we are trump to do in terms of enforcement. it is all about behavior, more than agreement. carol: i think about the u.s.-china relationship. from the business sector it has been tricky. everybody wants to be in the chinese market because of the size. what perspective do you get from u.s. companies about being very careful about u.s. policy that you don't push too hard? it's a tricky balance. >> certainly. we tried to not do anything that would jeopardize our business. we are following violations of u.s. law.

for instance, companies come to us, we are careful not to reveal their identities unless we have to go to trial, unless they want to be revealed. that is a way we can work with them. we are not proclaiming from the mountain tops that this country was targeted. carol: coming up next, u.s. transportation secretary talking to us about troubles -- boeings troubles. jason: also caught up with the ceo of bp, bob dudley. it was earnings day. we talked about oil prices and also, warren buffett really gets into the energy business. carol: looking forward to that. this is "bloomberg businessweek" at milken. ♪ so with xfinity mobile

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jason: welcome back to a special edition of "bloomberg: businessweek." this week, we have been talking to the top names at the milken is -- institute. the former co-ceo of whole foods. edge. and u2's the

we are with joel weber, tell us about your panel. >> the theme was visual intelligence. between aonversation cofounder of a hedge fund and an artist. these are people who have been near ai for decades and have a lot of fantastic in. sight -- insight. carol: what do you think in terms of investment potential? this was a thing i think permeated throughout the conversation. feel we are still in the early stages of what we will see unfold. that is a dramatic when you think about how many places ai has already infused. , yourhone, there's ai financial portfolio, already has a i already. we are looking at the fields that could be affected by ai. -- ideaa profound ai

because there is a lot of promise in it. opportunity,n of but also pair -- peril. i felt like he: came up in almost every major conversation here. >> you cannot not talk about it, it is such a dramatic force. and now that the u.s. and china are becoming world superpowers on this stage, there are a lot of unknowns. carol: it is the result of so much data out there. >> data, computational power, and storage. carol: joel weber, thank you so much, editor of business week magazine. we have talked about automated cars and technology, something that also came up with just edition secretary elaine chao. feels veryident strongly about the need to

address our infrastructure. the biggest problem is how to pay for it. the president has already said that everything is on the table. area whereure is one there should be bipartisan support. be long-term policy needs to done on a bipartisan the -- basis. the president has always said that infrastructure is a real priority and we need to talk about it. money there is so much out there, ready to do private public partnerships. they have got to be coming to washington saying let's do something. >> there are private pension funds as well as endowment funds that would love the opportunity to invest in public infrastructure. because they are looking for long-term investment with collateral that won't walk away. that is certainly a government project.

i hope that there will be greater interest in allowing the private sector to come in. currently, there are a number of states that disallow the private sector from investing in public infrastructure. we have to remove those hurdles and allow the private sector to come in. they are a tremendous source of capital. , the: i have to ask you purview of the boeing 737 fell under you. the administration has been criticized for taking so long in grounding it. >> i don't think that is fair at all. the faa, who ultimately make the , they are a very fact-based organization. facts beforeo have they can grab the plan. -- ground the plane. if you do not have a fact-based reason, how would you explain on -groundingplane -- un

the plane? we have a number of audits going on. i have also set up a special committee to look at the certification process going forward. for aa is waiting software fix from the company before it can do anything. i want to assure the flying public that safety is number one at the department of transportation. and that the faa will not sign off on anything or not 100% satisfied with. jason: i also got a chance to sit down with bob dudley, ceo of bp. we went through the numbers, they were a big contributor. but also talk about warren buffett. carol: this was amongst the most

read stories, warren buffett making a $10 billion investment in occidental. there is a lot of m&a talk in the energy space. jason: here is what he had to say. >> first quarter, oil prices down. bang on expectations and earnings, operations worked very smoothly. very pleased with the earnings, no big surprises. jason: steady as she goes. one of the things we are always interested in is what trading business. tell us what was moving their. -- there. >> we had a big quarter in trading. bit,rices were moving a oil prices are very volatile. three or four days down just on a sweet. tweet.a

everyone is waiting to see the extension of the iran waivers. if they are extended, i don't think you'll see the prices dip. what is your big concern in 2019? >> we plan on $55 a barrel. ,f i worry about it longer-term we end up either with a spike or a drop, that's not good for the world or for planning. be in this we will fairway of 60-75 for 2019. ? i wonder about the role that private equity plays. it seems they have been in and out of the energy business. how do you see them? , not only here, private equity has moved into

the north sea. cases, they are buying established operators or are buying a percentage. we have some very good private equity partners. here in the u.s., it goes up and down a little bit with their sources. when money is easier, you see more of it. it's easier now. plays intobuffett the broader conversation with his investment. does that change your strategy? >> it does not change our strategy. i was surprised. a number of years ago that mr. buffett was not particularly interested in energy. it goes to show the energy engine of the u.s. has really grown. he stepped in to help occidental, a great company. the assets are really good. it does not surprise me there is competition for it. next, this man is

putting his mark on microsoft. this is "bloomberg: businessweek." at milken.

jason: welcome back to a special edition of "bloomberg: businessweek." carol: this is a fun event. we love being in new york, but it is fun to get to the west coast. this is an area where you talk to titans of business, media, and technology. addition to moderating panels and schmoozing, we have been hosting our radio show. you can join us for that every day on the radio. carol: and you can catch up by listening to our podcast on itunes, soundcloud, and bloomberg.com. jason: find us online and on our mobile app.

carol: on the cover this week, -- microsoft's next chapter under the ceo. , perhaps is being bold nothing bolder than breaking away from windows and preparing for the threat from amazon. >> the company is no longer the windows company, it is focused on the cloud. when you think about how few technology companies have been able to shift from their flagship product and reinvest themselves. we spoke to reed hastings of netflix, a former board member, he says he cannot think of any company that has been able to do that. the market cap success and sales success is a real testament to his successful reinvention of the company. jason: let's talk about that. carol: his management style is different from bill gates and deftly from steve ballmer. talk to us about how he works.

>> bill gates was known for a louder style. steve ballmer was known for a lot of gesturing and yelling. nadella is much quieter, though i would say he is no less firm in his opinion. he has very high expectations, but he also listens. he wants his employees to be ambitious, he wants them to focus on being open-minded. even the people have sent us they have never heard him say no, never heard him yell, that is very different. but he is very strong-minded that equally strong-minded and insists the company does a good job. jason: talk about this rivalry up in your neck of the woods around the cloud. microsoft versus amazon, who has the upper hand? >> absolutely amazon, and that is the problem.

when he took over as ceo and wanted to refocus around cloud, there was one significant challenge. one of the most important parts of cloud and infrastructure services, amazon had a four-year lead. they are still quite a ways ahead, microsoft is getting important customers. there is walmart, starbucks is another customer. - a hugeon is a hugely - -- has a huge lead. something they have tried to make a where is that amazon is competing. and microsoft will point to the idea that they want to help the customer succeed. they want to the customer to be the one running their own platform and services. and not to replace them or do it for them. some customers we spoke to felt that was a powerful message. they start to worry more and more about jeff

bezos getting into their area. carol: one of the big topics year i felt everybody was talking about was food. jason: it was, and not in the traditional sense. science andng about affordability, accessibility them and what is around the corner. carol: and i know somebody who had something to say about that. the former whole foods co-ceo, we talked about the future of supermarket industries. organics in a cost-efficient way that is accessible to everybody? >> that is the great question. the pricing and availability has increased tremendously. i think it will take more years to do that. but more sustainable food choices in general have accelerated big done --big time. carol: your new company is investing in a lot of organic companies and blue apron.

what do you think the future is up meal kit companies? you hesitated. >> i am not an investor in blue apron, but a number of other small food companies representing the next generation. aremeal kit companies, they one choice of a litany customers have. we are seeing some limits in terms of a, the number of times people repeat of the concern about packaging, but when we combine the milk it with a physical store -- meal kit with is moreal store, it powerful. carol: there are so many supermarkets that seem to be struggling, where do you ultimately see the industry going? >> a massive change. the edge of it is a store in china, a complete interaction in

a fantastic way. but i think we'll see the future store is smaller, probably robot sized. the fresh product is exploding. you will see this confluence of choices that the customer wants in all sorts of different ways. 70% ofres are there, business, five years from now wants to be done in stores. but the millennial generation digitally andne pickup, it will look very different. carol: up next, clear extended partnerships. you know about them. jason: housley wizz to the airport, but their ambitions are much grander. and we look through the world of music. carol: and how to put together a multimillion dollar art collection. jason: this is "bloomberg: businessweek." at milken.

carol: welcome back to a special edition of "bloomberg: businessweek." at milken. jason: while we are here, we have also been doing our daily radio show. in newto that every day york, in boston, in washington dc. in the bay area, in london, and through the bloomberg business at. one of the ceos we cut up was from clear. jason: it is a fascinating company, and anybody going through airports has probably seen their kiosk. but their ambitions are much grander. they want to take you through not just faster, but the stadiums, restaurants, and even your doctor's office. >> every card that is in your wallet should be replaced with your fingerprints, your iris,

your face and your voice. i look at my wallet and wonder why i am carrying around my business access card. why am i giving them my health care card. none of the things make sense in the day that we live in. and by the way, biometric makes it safer and easier. jason: let's talk about the security. anybody watching or listening, that will be there big hangup, presumably. how do you overcome that? wenumber one, i say that ought this company to increase homeland security, we are qualified anti-terrorism technology. i am a neurotic mother of three and not a great flyer, that was the foundation. is one thing, you have got to secure and protect privacy. we started by working with regulators with the department of homeland security. security is our dna.

membersover 1500 team bringing the technology to life. that is important because you bring that test and dialogue -- trust and dialogue. carol: what about sharing data? i understand you do not share data, correct? >> that is correct, we do not sell data. that has been since the beginning of clear. we sell experiences, not data. by securing your data, we can deliver you experiences, which you pay for. again, core to our company. i believe that clear is on the right side of history, that we have got -- gone after this in a customer centric way. jason: you know this already, but a clear highlight for me, sitting down with the image -- the edge from u2. we talk a lot about music and food. he is pursuing a philanthropic

effort to fund food as medicine. it is a fascinating conversation. ge: i am involved in a foundation that is interested in food and how food is connected i guess thise conference finds that interesting for its implications for health care. as we get into this issue of trying to keep the population healthy, food becomes a very important part. because our foundation has a lot of scientific evidence showing how food is a important tool for preserving health and resisting disease. which, of course, has huge implications. if you can keep the population healthy, you save a fortune in health care. that combination is why i think there is an interest. jason: it is interesting because

this was a real economic story. that are soe things top of mind around economics, in equity, -- inequality, why has food come to the four? -- the fore? the edge: it is a common denominator around so many things. it is a hot topic. and the andrew genesis the hardn has a lot of science behind why certain foods prevent disease. here, william lee, the head of the foundation, has just released a very interesting book called "eat to beat disease." we are here to talk to other experts about the importance of understanding how to eat in a way that offsets disease. you know, that is something that

affects you on an individual basis, but also societally and nationally. carol: pursuits have the perfect story for the audience here, how to spend $1 million on art. that is a small amount of money if you think about what bp's costsoday -- what a piece today. was givee wanted to do a few different advisors a special project. ae if they can come up with million-dollar art collection using art that is available right now. and offer our readers different ways to think about building a collection from scratch. if you have that amount of money and how would you spend it and build a collection that is interesting and valuable. carol: and you break apart between different types of art. >> right. each of these specialists have their own focus. we talked to one woman, lisa people toe advises

purchase art after 1980. we have an expert in old masters. each of them have a different way and looking at how you should build a collection. people come to different people because they have these specialties. jason: i feel like this speaks into a theme we talk about a lot. different generations have different approaches to collecting. different generations have different approaches to even how they discover art. that must have played into this as well. , i mean, you can focus on artists who are alive, sometimes the people getting the most heat. but the advisors tell you there are a lot of ways to come across art. auction, and sometimes, you will find a bargain in a space like classical, old masterwork. not everybody necessarily wants one of those paintings.

or you can go through the gallery system which can sell you new works that have never been sold at the artist has just made -- that the artist has just made. there are a lot of ways to come into the field. carol: "bloomberg: businessweek." is available on newsstands now. carol: and all of our interviews are available online. jason: what was your highlight? carol: i have to say, this is an amazing event. my first time coming and i just love the meeting with people from all of the different industries. obviously, the financial community but media, art, food, i just loved having this conversation. jason: you know what mine is, got to talk about the edge. but literally, within five minutes i was talking to the bp ceo and then here comes the edge. that to me captures milken in a nutshell. carol: you can find more stories

on businessweek.com. jason: and check out our podcast. carol: more bloomberg television starts now. alright boys, time for bed.

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emily: i'm emily chang and this is the "best of bloomberg: technology." coming up, big tech reports results, apple says the sales are stabilizing and the bet on services seems to be paying off. alphabet falls the most in seven years after revenue missed estimates, sparking fears that advertising are shifting spending to rivals. putsook