>> welcome to bloomberg businessweek. >> we are inside bloomberg

headquarters in new york. to accept democratic debates with a crowded field of candidates will bring you the takeaways. >> bloomberg's exclusive -- he defends his record against fiscal hawks and the u.s. in his first interview with an international news outlet taking office. time here inso david: two people laugh at the same kinds of things? there is almost nothing dwight will be the hunger games of the media industry. we could do that we could not do now. david: do you have a guess host that is not top of the class? how do you coach them? joel weber, how do you put an issue like this together? >> our goal is to program what does it take to be a conversations at backyard summer leader? lorne: if you are in power, barbecue, a little bit of everybody knows you are in power everything streaming going to be so you don't have to explain a conversation that unfolds. your power. >> would you fix your tie? david: people would not media spends billions warring with each other. recognize me if my tie was fixed. i

>> lance, not a name you hear about much anymore. down by another scandal and the question is, is there a chance at redemption? to dustally got bacon back into stuff. what happens to win a back its honest like that? is there a chance at a second half? joel weber, thank you so much. taylor: i want to take a look at the democratic debates. give us the key take away from the debate. >> we saw both night that was the moderates versus the progressives. getting a lotes more attention in some of the folks trying to negate last attempt to get them selves and

dust themselves and the race. progressive, progressive. everybody else on the wings trying to get the attention away from bernie sanders and away from elizabeth warren. >> they are together in the middle of the stage and instead of going at each other, they instead teamed up and beat back a lot of the moderate arguments against the more extreme policies. taylor: the comment that got my eye was joe biden -- take it easy on me, kid. sort of a put down? >> that was a real eyebrow raiser. things going against him, namely race relations. kamala harris is a black woman and his age. these are things he struggles to deal with. >> so fascinating. a story about josh green on with jilly goodman stay

us. president trump's currency policy is hard to get a handle on. taylor: sending mixed messages last week, president trump told reporters it is a beautiful thing but he would not without taking action to weaken the currency. >> the country is very strong. the dollar with a beautiful thing and one way but it makes it hard to compete. i did not say i was not going to do something. trump did not get what he wanted after wednesday. >> we were watching it on real-time in our daily -- on our daily radio show. mixed signals is how i would describe it. secretaryew weeks the steven mnuchin said we have a strong dollar policy. larry kudlow came out and said we are not going to intervene and trump came out and said he had not ruled out that option.

a lot of people are starting to raise the question, is the u.s. committed to the strong dollar policy? to understand why this is important, take us back to the 1990's were the thought began where we instituted a strong dollar policy. the u.s. is unique in that it is the only medicine that prefers to have its currency be strong. that was a policy put in place in 1995 by treasury robert ruben. left then, the u.s. has dollar policy to the treasury, which is not the case now. , awas introduced as a way commitment that the u.s. would not devalue its currency and that in turn boosted demand for u.s. treasuries, which has been very important for the way the u.s. finances itself. important to the rest of the world was something the rest of the world can look

to, but investors can look to - volatile world. this liquid bond market where foreign investors can rest assured that the country is not going to debase its currency and that is why we have seen the dollar emerge were one of the reasons we have seen havenllar emerged as the currency of choice and why treasuries are regarded as the world's haven assets. --on: taylor: we talk about dollar policy. a strong dollar does attract foreign inflows. tying that altogether is dynamics. >> this is a bad time for everyone if the u.s. were does -- were to strip away from formal policy. investors, in a world

of negativellion yielding do not have a lot of options. at the moment, for holdings of treasuries are at a record high -- yetave not seen any but the u.s. is more dependent than ever on these foreign inflows. it is a crucial time. next, bloomberg's exclusive interview. jason: he set down down in mexico city. it was his first interview with outletrnational news since taking office. ♪

♪ taylor: belinda, thank you for joining us.

this is the best of bloomberg technology, where we bring you the top interviews. do you ever take any tips and give them to your ally coach? >> no. >> i will stand up for canadian interests. coming up on bloomberg best, the stories that shaped the week in business around the world. >> welcome. >> thank you. >> they have the dream, we have the reality. >> between the three of us we can do anything. >> this is where we should go. ♪ taylor: welcome back. jason: join us for bloomberg businessweek every day on the radio from 2:00 to 5:00 p.m., wall street time.

catch up on our daily show. listen via podcast. you can find us online at business week -- businessweek .com. now an exclusive view with andres manuel lopez obrador. jason: he sat down with john city with hisico first interview with an international news outlet since taking office last december. their conversation began with a discussion about their neighbor to the north. neighbors and this neighborhood exit mandatory for us to understand each other. great to a safe third country agreement. you were talking about. people from countries like honduras or el salvador, sick

asylum, they have to seek asylum in guatemala first rather than going to america. we you ever let mexico agreed to the -- agree? we wouldn't you we are enforcing a program to reduce the number of migrants with protection from those coming into mexico. migrants have been murdered. we have had some cases like that. and that is something we do not yet, we have mobilized to the national guard because it was a necessity. plan sincehave step before the threat of terrorists. ,he results have been good although i insist the best is to look into the causes.

accused donald trump of having a campaign of hatred against immigrants. he does not want immigrants in america. you still believe that? andres: as we normally say, he has been doing a lot less of that now. when i was in the united states, this was a different discourse. it was more of an anti-mexican discourse. but now, president trump is more moderate. >> with mexican immigrants you think? andres: yes, yes. and is something noteworthy we are grateful to him for that.

>> can we look at the mexican economy? did you hope the economy to grow at 4% and there are worries that it may go into recession? you can see consumer spending is not very high. deepening mexico will go into recession this year? -- do you think mexico will go into recession this year? andres: we are doing fine and doing well. growing as we not would want to grow. on the other hand, there are no risks of recession. we are saying 4% in this six-year administration. say --hnicians may

we grew up 6% a year, 5% or 6% a year. which growtheriod was 6% with no devaluations without inflation. the mexican miracle in the economy, that is what we want. >> can you have a mexican miracle at interest rates of 8.25%? you have been very good at not interfering in the central bank. andres: it is important to lower the rate to encourage growth. this is an issue that i am leaving for the central bank to decide. try.

we are not going to be able to grow but also to develop. jason: for more on that interview him a some of the behind-the-scenes, i caught up with john nichols in mexico city. >> the last time we spoke you did a formal interview with -- he complained that trump was setting a pager towards mexicans and mexican americans. ever since he has become president, he has been remarkably calm no matter what he talks about trump becoming more moderate, which to some extent, i am news.sed with fox he has many friends across the border. things.but back on some dowill probably not agree to third country status, which is

look, anyone, looking for asylum has to get asylum from me first before g is likely to say no to that but the rhetoric is incredibly calm. the issue of the free-trade bill, that is the one on the .orizon that is a possibility the democrats might hold that up and mexico is counting on that going through. he did not attend the g 20 summit john and has not been engaged with the broader condor of world leaders. what you make of that? what does that say about his stature? he wants to focus on mexico. he does not want to travel. the answer is, chuck came to meet him. he told the mexican people he

spent the first year here focusing on what he needs to do for the country. that is his style. deliberately.y, on the campaign trail, he does rallies every weekend a bit like trump but with a different style. he goes to all corners of mexico and tells them he is fighting for them and doing things for them. it is a big change from his predecessor. in allegedly involved corruption scandals, that could also be an issue. put them in the pantheon of world leaders you have talked to over the past couple years -- putin, erdogan, merkel. how does he compare to those peers around the world? andres: he believes -- he believes in unorthodox

economics. he has a theory that if he cuts spending, everything will be fined and there are bits -- he lashes out at a mere liberal. now that the gdp number is not advancing as he hoped, he made comments like that but it is a very different style. it is much more gentle and the remarkable thing is the man of the left does not want to spend money. that is unusual. lifene you spend all your waiting to become from minister and on the left wing talking about doing this, doing that. then you come to power and did the opposite. you plan on spending because you think there is too much corruption but also because you want to be absolutely clear that mexico was not going to be badly run. that is a noble way of looking

at it. that is a different thing and whether he can keep pulling that off. next, a troubling reality at victoria's secret. jason: plus, the silicon valley's top shot. this is the business week. ♪

jason: welcome back. taylor: you can also listen to was on the radio at sirius xm channel 119, also 1:00 a.m. 11 30 in new york. 106 one in boston 91 f went -- fm in washington. jason: in london, on dab digital and through the bloomberg business app. taylor: time is not kind to victoria's secret. jason: jeffrey epstein's decade-long relationship with

wesner is weighing on the company but not really issue for the lingerie brand. struggled secret has to find its footing in a changing consumer environments. taylor: that is what i wanted to look at. we're taking a look -- very simple annual revenue. there are two ways to look at this. in 2017.s highs the last two years, sales have fallen. above $7 billion in annual revenue. they have a dominant position. it's hard to see her you top that. yet some of the worries are mounting. jordyn holman. >> it is not a great moment for victoria's secret. -- les wexners has a long time friendship with jeffrey epstein. at one point stain was the power of attorney for wexner. over ties over a

dozen years ago, but the skeletons in the closet caused more issues for the company down the line and the modeling agency they use and this responding to consumer demands. jason: this does not feel very 2019. >> not at all. -- womenst few years and not for men just look at. victoria's secret has not quickly shifted to the trend

happening. jason: it is fair to say no one andessentially used sex more specifically --

>> 1972 and for decades there were no women partners for the u.s.. a couple years ago, the firm hired a former product manager .t google and ceo of a startup it was a big deal and everybody was looking to see how she did, especially since sequoia had been in the news a couple times over things partners had done over things that were that female. think -- it was a lot riding on her shoulders. are not prepared to be is lower our standards when asked about bringing in

women partners. that is a tough beef to say the takes thesequoia partnership. what has her experience been like more than others? >> a lot of people thought she was brought in as a direct result of those comments. sequoia had been trying to pointt her before that but the task was unfortunate. this crazy experience she had right after she joined sequoia capital's. normally partners from the big procedures from like that have to be careful when they go to the world. they get mobbed. every on to ignore what's the pitch of -- their startup idea. she describes going down to a conference in l.a. there are lots of entrepreneurs, lots of other people who normally wl their

i.t. to its capital. she said the people did not know who she was but walking around the room, people just looked at her, saw a young face, an asian woman and did not look down at her name tag. she was in marketing or not an important person. they did not need to look at her name tag. would not happen now because she has -- is a more recognizable figure now. anecdotea devastating but a conscious mindset a lot of people and technology has. taylor: still ahead, taking on netflix. why 2020 will be the hunger games of the media. jason: lance armstrong -- or member him? -- remember him? taylor: this is bloomberg businessweek. ♪

jason: i am jason kelly. taylor: i am taylor riggs. the hottest in all of sports, the cyclist lance armstrong, banned from sports. he has become that kids. -- kid. jason: talking on moving the company beyond trading. taylor: and a 20 million other

conference. jason: joel weber back with us with this week's story. i love this. an expensive war about to unfold. we will have a lot of streaming platforms. the biggest tech company is out there -- think netflix, hulu, disney, apple. everybody will be in this game. taylor: so expensive. you have netflix spending four point -- four $5 billion. of a looming to send that much? doing that ise what the ultimate takeaway becomes. no one is going to walk out of it. everybody will be tarnished. haslix marketing budget hbo's programming budget. we are talking lots of money. jason: there are great details

in this interview and story about how they are spending that money. thank you so much. taylor: for more on the news streaming video services coming here are the reporters that wrote this week's remarks. >> it was this incredible showdown and the next year will get even more fierce and brutal for all of these media companies. >> we have talked about this collision course that all these companies have been on. it has been looming for a while. this is really where it comes to their netflix. it does not have this themselves anymore. -- disneyd amazon seems to be. the disney plus will arrive in november. hbo max will arrive.

for a long time, it was netflix, a little amazon, all of a sudden it is this wild open -- wide open field. you have to headed to netflix. they paved the way and it feels like everyone else is playing catch-up. how worried is netflix? i do not think they are too worried in that they do have a little bit of a buffer. they have the rights for a lot of these companies. some of them are coming to an end and there was news recently a vast amountying of money to get friends on netflix, one of netflix's most popular shows. that is going to cost $100 million or whatever they were getting from netflix. you give that money to bring it over to hbo and hope that friends will come to hbo max is a new service.

what is also so daunting about this competition is for years, dvde media companies, as sales were declining, they made up that money by licensing their shows to netflix and amazon. it was easy money. you did not have to do much. you artie made the shows -- already made this shows. now that is part of the difficult decision. we are to give up easy money. you're going to bring those shows back and you bring back and get them to mess up services. not sure i saw this when coming. lance armstrong got himself a podcast. banned from sports, the former cyclist is making fans forget a little bit about that scandal earbuds by your blood. is an editor from san francisco. >> he was banned from sports.

dopingng to the u.s. agency come he was the worst in history, part of a team that did something unprecedented. the government sued for $100 million. it is one of the things you think that this guy is never coming back from this. what the story is about is the meticulouslystrong built this come back and started getting a podcast in 2016. it was this confessional podcast and the story talks about while he was doing that, it looks like this total vanity project. he was putting pieces and place to rebuild his business. what captured the story so well was what made him so successful, whether it was free doping early in his career or

as a cheater, this guy is a grinder. whenevgo do, he is going to do it and do it. that is what he has done here. he has meticulously built this up. help us understand what he is doing. .e has got this podcast there is an event series. he is out and about what is he up to? max: the best way to think of him as a youtube star or influencer. he has a sizable audience during the tour de france which just wrapped up a week ago. this podcast was near the top of the atkins charts. he is using that and the community of fans that as he pointed out, they never went away. authority figure can say, lance armstrong is bad. but there is a pretty sizable chunk of sports fans that will

love him no matter what. out, if youure it have a media platform like a podcast come you can bring in those people to you once a week or every day or what have you and you can send them to events so armstrong has these -- they are not racist because he is banned from sanctioned races but they are rights and he has enough let a grant called we do. u. d, they are selling water bottles and the kind of stuff apparel's companies have sold. he has got the band back together. i was looking at the podcast during the tour de france and it was exciting. ,ou have got lance armstrong his teammate who was a helper

postal on the great u.s. team and another part of the alleged doping conspiracy. it is all these guys, the cycling authority, sort of main that arerts -- sports back together and do what they have always done. jason: up next, our interview with nasdaq ceo adena friedman. we talk about the market changes over her career. taylor: this is bloomberg businessweek. ♪

jason: welcome back. bloomberg businessweek every day on the radio from 2:00 to 5:00 p.m., wall street time. catch up on our daily show by listening to our podcast itunes and bloomberg.com. jason: find us online and

through our mobile app. in this week's bloomberg businessweek, we caught up with nasdaq ceo adena friedman on how the company is more than a stock exchange. a company called the football index is a u.k.-based firm. and basically, it allows people to bet on certain players. it is a must like fantasy cabal in a betting context and it created a marketplace that allows people to buy interest in a player and watch that player and understand what the returns are. jason: more deals like that coming, different sports are different industries in a similar way? adena: we're in the horse race because we have three races in the betting platform and we do verticalas an industry related to rates and high transaction processing capacity,

as well as the potential for surveillance. we have technology that we provide to the industry with regulators, exchanges and market assistance that help monitor stipulation of nefarious behavior in the market. you can use the same technology in a betting contest and we have a module we created for sports betting that would allow you to monitor the behaviors of the people betting in your platform. >> when you've your about these come you go back a decade or a couple decades. you would not have thought the nasdaq would get into this but it is a different environment. did that become more of your business, those kind of new versus core marketing, not or marketing but trading? our trading revenue was 25%. streams arerevenue 75%. that can come from data

analytics. it can also come from market technology. our technology business, we can provide that technology to other business week. we provide technology to markets in very different spaces, not just markets. it is the process part of our business. how much money is out there to start up companies that safe private so much longer? what are you seeing as a result of that? adena: i agree there is private money out there and companies have a lot of choice. they can choose to stay private longer. they have more investments than ever before in a private space. we have an aspect private market that helps companies manage the liquidity. we would much rather see companies pass the public markets as soon as they show arrests and if you think about it, in the private market, it is the concentrated investor base

that focuses on the top of the economic scale, where is your best if you bring some it is in the public market, you are giving every person in the world . if you look at the staff, well over 50% of people in the united states are invested directly or indirectly. you allow those hard-working people in america to be able to invest in these companies. carol: you are at the nasdaq. you started as an intern. intern, ande an what you have seen in terms of what has changed in the market environment? adena: a lot. in 1993.the nasdaq in the trading business. i was able to look at the trading as technology and i was a product manager at nasdaq. it was trading projects that we

were delivering. i was put in charge early in my career of small trading products . i was able to make the most of them and we can find technologies. we could do great things. at the time, we were a u.s. equities market. they were global technology companies that serve 130 other markets but also we were banned equities and treasuries market and now a european market. we did expanded dramatically. jason: if you are not doing this, what would you be doing? adena: i had a child and this and be an astronaut. whether or not i would is a question, but i did get to meet an astronaut for the apollo 11 anniversary. she gave me the answer i knew would be the hard-won. i majored in physics.

i have a phd in nursing. that is definitely a road that would have been a challenge. it is exciting to think about what the space program is doing these days. jason: and staying with technology, i sat down with the former president of these are a, now the management of an investment firm. fund, $210hird million. >> it is a continuation of what we started five years ago. ideae had a very specific to focus on syntax. the base we occupy is we are good at helping entrepreneurs figure out financial stuff. daunting, regulatory process. have you likened to that process. and othertrepreneurs

venture firms value it. in many cases, we have helpers because we can help make it successful. person.s a tiny little we can talk more about this but when i started, is in 2014 and a fintechred syntax -- companies. this rough calculation. .e estimate 15,000 jason: what was the capitalistic event that acceleration? technology changed. what with the big drivers? -- were the big drivers? your phone is now a computer in

your pocket. you do not have to have it inside the bag was a very big change. similarly, the advent of the -- we cut down the infrastructure of requirements. it would not cost tens of billions of dollars. you could do it by the drink. the financial crisis is the company -- every bank and insurance company bought out all of their idea labs. and all of the focus was on what is really a majorit happens in . a key thing and this is something that is not as well understood. it is an open question. i cannot predict the answer. has changed. trust

if you think about business issues, we give some apps on the internet your lodging credentials to your bank account. tens of millions of people do just that. and it used to be that it would take the medicine for structured built that brand to be trusted. and i think the expectation now, the consumer business would have come a call it a experience and if you do not get that, you are answering stupid questions. that reduces your trust. that experience characterizes many companies and they are trying to change all that but it is hard. meanwhile, you're on board 30 seconds and all things are very simple. that builds trust which would have taken a decade 20 years ago. jason: you can listen to more of my interview with hans morris.

taylor: coming up, the $20 million -- expected -- porsche. jason: the question is, is it a porsche? this is bloomberg businessweek. ♪

taylor: welcome back. onon: you can listened us the radio and sirius xm channel 119, also a.m. 11 30 in new york. taylor: 960 in the bay area in london on bab and on the louvered business app. moving over to the pursuit section, a pebble beach -- the prestigious car show. a porsche is expected to sell for $20 million. the most controversial sale of

the year. jason: some say this car is not a porsche. we caught up with the reporter. fromis is a type 64, car 1939. -- is selling at a pebble beach auction and some are calling it the porsche type 64 because it was made by porsche. wasver, the porsche company not started until 10 years after this car was made. this car was made with mostly bw carts or parts that mr. porsche built himself. it has been augmented from parts partsiat and other makers. is it a porsche ? -- is it a porsche? it depends on who you ask. jason: the heritage of this car to say the least is competent young the timing. 1939, we're talking about the not the party in germany.

himself served time in jail for war crimes. he was more than associated with the nazis. mentioned --as you is coupled together with different parts, not in a way that we're used to seeing it. part of the controversy. --s car was owned for -- by he raised the car and it got crashed. it was a bunch of colors, turquoise, silver, black near the engine flipped out multiple times. it has been a lot of things. some of the original parts are still with the car. however they are not in the car. it is really getting to the nut of what his original? this car has never been restored.

people say, this is the car in pristine condition. this is truly how it. what you see is what you get. other people say it have a ha p. porsche himself. american,ly controvesiltaylor:h somewhat pedestrian choice. jason: for a handful of some ofly acclaimed -- the african-american experience, the decision has beeorter is ba. as he put it, who gets to be an american? >> one of the main conversations that is happening is -- who is an american? what makes authentic american? i have been reading a lot. there are a few handles full of books. and all an american son of them deal with the black

experience, that is not what columns to mind when people talk about who is railamerica? summers andeat happening with artwork that says i am going to show you a specific story about an african-american and that is authentic america. you quote the author of an american marriage. sounded -- marriage like a novel about a white person in connecticut experiencing feelings. that is not at all but this book is about. an american -- marriage ismerican about a couple in atlanta. the husband is wrongfully convicted. you're looking at, what is life like when you have an incarcerated partner? i love that quote she said because even as african-americans, we have been so inundated.

america is white america. even pushing that joke and making it reality, that is oprah says it is why i picked up the book. taylor: bloomberg businessweek is available. find more stories from this week's issue, including china's generation the -- z. jason: and in minneapolis plan to make housing affordable as residents while up. what was your most read? taylor: i liked the story on the dollar. we knew the dollar strength was important. we were reminded how important that was. we heard from jay powell this week. jason: i like how you and katie really brought it to a very understandable away -- way of how this affected consumers. i loved felix gillette. he takes us inside something we have been thinking was going to

happen. now it has actually happened. taylor: you can find more of all this week's stories over the weekend. jason: check out our daily business week podcast. taylor: more bloomberg television starts now. ♪