taylor: knology. coming up, teslas cyber truck debut. demos don't go exactly as planned, but the specs are sharp. we get the opinions. once estimates be analyst predictions.

plus, one billion people's data is left unprotected on a google cloud server. we will speak to the hacker who discovered it. first, our top story. new musk unveiled teslas cyber truck with stainless steel exterior and armored glass that is not supposed to shatter, but the demo didn't go as planned. >> oh my god. well. maybe that was a little too hard. taylor: for more on the mishap and how shareholders reacted, i want to bring in a reporter who was at the event. before we get into the pomp and circumstance, how was the cyber truck? concept the futuristic pickup truck that elon musk has been teasing for 12 months. it is exactly as he described. --nk of the 1980's film in called blade runner served in november 2019. it rolls out on stage, it is

big, boxy and looks nothing like a conventional pickup truck. it is really impressive on paper. 0-60, canto 14,000 pounds, makes it competitive against traditional combustion engine pickups. on paper, it is this amazing thing. it is just that it is so different from traditional pickups. it is a little concerned. the everyday american driving around their pickup, it is not something for them. taylor: i do want to get to the moment last night when they went to shatter the glass that is not supposed to break, and it did. what happened? >> the cyber truck is on stage and elon is talking about the reinforced steel which tesla has invented. the chief design officer is on stage with a sledgehammer and he hits the door and nothing happens. a genuine success. elon turns around and says,

throw a ball at the window, so he throws a ball at the window and smashes. it is not go through, but it smashes and you heard elon react in a particular way and he says throw another ball, so he does and the second one smashes. the crowd is awkwardly silent, giggling. it was not clear if this was supposed to be the case. this steel they plan to use is the same reinforced armored steel for the truck. spacex will use it in its starships and the glass is supposed to be armored in the same way and what no one is talking about is just before the ball hit the window, tesla did another demonstration where they dropped the same ball on the same material on a flat edge and it didn't break. taylor: so then what happened? believing that a vehicle with a different type of glass? >> we can go on the reaction. there are people on twitter speculating that this was deliberate. it has got everyone talking. but the whole point is that a pickup truck is supposed to be

durable. if you're going to convince americans driving big ford's which can cost $100,000 to buy a new truck that is so different than it has got to live up to what a truck has to do with his drive around tough terrain, take hits. taylor: what are you hearing about the durability of it? and we have to ring and pricing. he mentioned 100,000 dollars. this is $40,000. >> the lowest end model, the base model, $39,000, but remember the model three. test the has been promising a $35,000 model three and we have never got there. the average selling price is near $50,000. there is lots of skepticism that we will ever get a base model. the highest models will have a bigger price and some of the specs are amazing. up to 500 mile range. you can carry 3.5 thousand pounds in the back.

a truck has stuff in it, it gets weighed down. according to tesla, there truck can still perform with its amazing suspension system. the question everyone is asking is well is actually hit the road? taylor: i want to get there but i first want to talk about the event. you are at the launch. what is the tone on the ground, what is the height of these big unveiling's? >> this was interesting. elon was not his normal self at the model y. there were a lot of headlines. what the company did in march is a history lesson. it dragged on, starting with the first model s, model 3, then the model y. this occasion, they go right to the chase. all of these test the fanatics who were stunned because they did not expect it to look like at. i spoke to one woman who has preordered the cyber truck.

an s, a 3.ed she said she just wants the latest technology. she doesn't care if it is a truck. they just want the latest from tesla. this might not be there big winner, but it keeps them in the game. there is this race going on for entrance to the ev pickup market. ford wants to electrify the f-150. it is getting competitive, but what we do know is that it is not going into production until 2021. it looks like they have surrendered first advantage. taylor: tone on the ground, it is so interesting. thank you. travis kalanick will just not stop selling overstock. the co-founder has now sold $1.5 billion of shares. million ines a $570

stock that he sold off three days this week. in a filing, he signaled he could offload his entire stake. i want to bring in bloomberg doubt knology is -- "bloomberg technology"'s eric newcomer. does he just want the liquidity? >> the stock market does not seem to be taking it as a negative signal. it has been up lately, but to me, he understands who learn than anyone. arguably up there with dara. obviously he is not running the company, but this is the man who built this business. the idea that he is selling it, i think is a signal that people should watch. taylor: i also want to talk about a different story that you were writing today about dashboard cameras. while it is rising sea concerns, i wonder if it is good for the uber cars to have these dashcam's to help with safety

and security. your thoughts. classic privacy versus safety trade-off. surveillancee a state so they have a record of anything happening and sacrifice privacy, it is a tough choice. the more cooper washes this, they are worried about safety and trying to make moves that show they are doing everything they can to make sure the experience is safe and realize that they are going to be held accountable. even though huber said these are independent contractor drivers, they know their reputation is on the line based on the experience customers have. they are really trying to consider the surveillance effort. global global company, so

they can look all over the world and say, what places are welcoming surveillance to have a better sense of safety and what places aren't? it makes sense for them to look at it. taylor: is the audio individual optional? can the driver? when it is on or off? >> huber is giving choice here. this is early. they are experimenting with it. i expese will be able to -- that their preference is. i think it is probably going to depend on region, regulations, all sorts of regulations. the problem is, you have a driver and writer who can't necessarily agree on what they bloomberg has to give people options here. shipments of apple's popular air pods are expected to double this year. bloomberg has learned -- 60

million of the devices. that has been driven by higher than expected demand for the priceier air pods unveiled last month and they cost $249. chasing bigger deals, we speak exclusively to the ceo of splunk. we hear about the new pricing strategy that could feel in software dollars. this is bloomberg. ♪

taylor: splunk is the world's first data to everything platform. it software collects machine data and provides insights to businesses worldwide. 10% friday,s rose and its biggest gain in years. joining us for an exclusive interview is splunk president and ceo.

great to have you. as a day. thank you for taking time. i wanted to talk about the new pricing model. volume-based and booking revenue annually instead of on a multiyear basis. both of those analysts loved today. why did it change? doug: one of the biggest problems we have had as you get so much value and it is data volume-based, that people get scared how much volume is going to go through. thatve heard for years they want to have a better option. we came out with two pricing metrics a month ago. one is an enhancement, one is new. the enhancement for data volume the enhancement for data volume is we have tiered the pricing and condensed the tears into bands with an unlimited

option at the upper end. if i start with 100 gigabytes of data per day, i can start to see the value and i can see 100 bands with an unlimited option at the upper end. alternativend the is probably more fundamentally long-term. we have a virtual cpu and a virtual core option. we rolled those out, because the way you use the product could make one more advantages versus the other. customer success is our number one priority and we want to make sure cup shimmers have options. -- we want to make sure customers have options. taylor: i want to show this chart for our bloomberg audience. you are having your best week all year going back to last november. how much of the changes did you are alsot today helping boost that guidance? doug: we are really excited about the results. you never really know on the an earnings call how people will

receive it. one of the bigger breakthroughs we drove is we have been transitioning the company from a perpetual license model to a cloud model. that can wreak havoc on financial statements and is a big shift for customers and investors. this quarter, we released an annual recurring revenue metric. going back five quarters, we can see what it looks like in the distant or recent past and where are we today. being able to show people that we grew annual recurring revenue year-over-year and have a $1.44 billion capability or metric within the company really helped people to cut through the gap-based revenue versus what do these annual contracts look like . taylor: if there was a negative piece of information, free cash flow with $30 million more negative than analysts wanted,

operating cash flow seems negative, but you are looking to make that positive. what are investors missing that you would like to clarify about those numbers? doug: i think what they got this time -- because walking through the cash for the past two quarters it is a really a timing issue. as you move from perpetual where , andthing is paid up front bewould ask term licenses to paid up front. as we shifted to cloud, we enable people to pay normally, which has a big impact on cash flow. be paidwe were not able to drive a model with enough clarity to give confidence in the forecast. this quarter, we anticipate $1 billion of positive free cash flow in fy 23. we always said it would snap back and be back in the upper 20% range versus revenue and that helped people understand. taylor: he recently made a $1

billion acquisition. going forward, what could i look for in terms of organic growth versus acquisitions? been we have largely organic growth. even the acquisition, which we are excited about -- the revenue is not that large versus a $1 billion acquisition price. it enables us to get into this new category around observability. as people move closer to the cloud, it is hard to look into the applications to see what is happening. the combination of a bunch of really cool organic products, this in stream processing products, with things like signal and a smaller acquisition called omniscient, provide the ability for our customers to get deep understanding that help applications on the cloud workloads. that is going to result in interesting customer success. on all doug merritt

things splunk. thanks for joining us. still ahead, we will hear from he infosys chairman on who thinks will be the leader in the 5g race and why. this is bloomberg. ♪

taylor: infosys chairman says 5g is the next strategic frontier of telecommunications and he believes the u.s. is going to be the leader. he spoke with tracy alloway at the new economy forum in beijing. take a listen. as athink you will see 5g next strategic frontier of telecommunications and if you believe that it is going to drive a new cycle of growth and come up with diverse applications in many industries, than the building blocks of that, where did they come from, becomes more important. the current issue between the u.s. and china and so on, i

think who are the suppliers, who does the network buy from, becomes very important. basically, what we will see is, in areas where the u.s. has influence, it will be driven by nokia. it will be driven by huawei. some countries will choose from both. >> i am curious how india fits into these tensions between 5g suppliers. are you going to choose one side or the other? nandan: that is up in the air. our telecom industry is facing changes. they are faced with high taxes, so they are dealing with more short-term issues and i think we still have not had the 5g license options yet. is some time india away. there is a whole issue of one of the applications. i personally feel that the u.s. is going to be a great place for

5g and there is a historical reason for that. was with the justice department years back, they had -- they had the long-distance company and seven so-called baby bells. each had a physical footprint. time, they all combined into two companies. of those olderlf baby bells and at&t the others. what happened is that each of these companies now has a physical footprint of fiber and they could not enter into the markets of the other because it is quite expensive to lay fiber, but what 5g is his use fixed wireless. it allows to go to the home and get wireless with the same fiber capability. now, you see each of them challenging the other in their territories. verizon is leading in eight

cities in the u.s. fixed wireless, which is a specific u.s. requirement will drive massive 5g and that is an emergent need which will generate a lot of revenue. i think fixed wireless in the u.s., not all this newfangled stuff. that is all great, but fixed wireless will drive u.s. consumption and a think u.s. will be a leader in 5g. taylor: that was infosys chairman nandan nilekani at the bloomberg new economy forum. the new economy forum is organized by a division of bloomberg lp. the parent company of bloomberg news. technologyto be a laggard, but now it is a pioneer. carlyle group cofounder david rubenstein spoke with a number of tech executives about china's entrepreneurial strength at the bloomberg new economy forum. inif i wanted to invest artificial intelligence companies, should i go to china, united states, israel? -- we released a

study a couple weeks ago about where ai was on the global scene and there are a number of countries leading. there is no question that the u.s. is the farthest advanced. china has a national priority to co-leading in-- ai a huge priority. they are producing many more articles, patents and so forth. david: do you think women have as good a chance to rise up in technology companies as men in china? >> absolutely. david: and therefore you go out of your way to higher woman -- women or you don't? if they are equally talented, you're going to get the same cross-section anyway. >> we need to get rid of the glass ceiling concept. as a corporation, we should create a working environment for women. a lot of them when they give birth, we create a work from home environment for them.

one technology which i would rather look forward to is to ar/vr, so you can replicate this atmosphere at home. you can have this experience at home. this is emotional. the bloomberg forum is emotional. if we can replicate this at home, it empowers women and i think it stops the problems we talked about at this forum. can reallylogy empower things including women's careers. david: the china dispute with the united states on trade, has it affected you in any way or do you care if it is resolved in the near term? >> it has not affected us per se, but it is actually kind of dangerous. is way it is going, if there really going to be additional sanctions or the two countries

go further apart, i think if you look at technology advancement, innovation really happens when people collaborate. even if you look at china, the builtndustry is really upon a lot of grassroots entrepreneurs who know about the market. at the same time, there are a lot of engineers and entrepreneurs who have had experience in the states and come back to the capital, which is funding this growth. lot of them -- a are associated with the states. this kind of biodiversity is actually very important. that was carlyle group cofounder david rubenstein at the panel at the bloomberg new economy forum. the new economy forum is organized by bloomberg media group, a division of bloomberg lp, the parent company of

bloomberg news. coming up, our look back at the week in tech from apple to president trump and they continue the struggles of we work. that is next. this is bloomberg. ♪

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>> this is bloomberg. weekly storyur starting with apple and its effort to get president trump to cut it a break. ceo tim cook gave president trump a tour of their austin, texas plans. it was not just to show off the back pros being built in the states and may have been to stay in the president's good graces. trump took a moment to say he is looking at exempting apple from tariffs on goods and imported from china.

joining us, you wrote apple's political savviness is an undervalued aphis set -- undervalued asset. the political savviness at apple this week. >> this is an ongoing story. apple has been clever about both personal diplomacy with president trump and president xi in china. you have seen donald trump say repeatedly that tim kok -- tim cook us and when he trusts. that he can pick up the phone and called tim cook. to apple's credits -- credit, that gives the company a fairer airing in the white house. they have been smart about rebranding money it already spends on things like data centers and on parts for its devices and coming up with a large number and touting that as

apples contribution to the u.s. economy. for somebody like president trump who likes to talk about his contribution to the u.s. economy and his efforts to bring bring auring-to manufacturing revival in the united states, those words from apple are music to the presidency airs. marketingthe apple pr machine underway this week. pros, but we are not talking about building the iphone at that factory. yet he has gotten in president trump's good graces. you see that as an undervalued asset when you take a look at apple? >> absolutely. to put some context to that, we are talking about 1% of apple's business is this mac pro, this high-end computer. asset. is an undervalued when we think about this

relationship, it is a relationship that both benefit from. it is clear to look at how apple benefits from these exclusions from tariffs. not only that, but as we go forward, at being in the good graces of the ministration should help with future tariffs, as you have outlined. at even next year as this plays out. the separate piece on this is this helps trump obviously as well the link is brand around what is, globally, one of the most respected companies globally. i think tim cook, if we remind the last decade, is that he came in being really known as being an operator. now he is, has become a statesman. there are two other phases, and the next i think is an innovator. topic,t piece off important about tim cook. an aspect that gets overlooked,

he stays out of trouble. as simple as that. if you look at other tech executives, i think it is part of his underappreciated potentially the world's greatest ceo. >> we switch from the operator to the basic fundamentals. can you remind me of your base case as it relates around .ariffs if there is not an exclusion, how does that change the probability of apple? tariffstalk of 10% coming in december that will impact the majority of their products. the u.s. accounts account for a third of overall resin -- revenue. inre are some any layers that. if i through an answer out there it would still concern or fear out there or may create too much optimism. it is hard to say. i think this should be the civil take away. that what happened this week -- the simple take away.

what happens this week would not have happened it was not for this december set up looking good for apple. i think, ultimately, there will be very few are no tariffs levied against apple in december. >> interesting. i want to switch gears and go over to facebook and google clinical as this week. google changed some of their put ago as where they said they will restrict it misleading info and ban candidates from targeting election ads based on people's political affiliation. words that output facebook relative -- google relative to facebook and twitter. >> google found a happy medium or to their credit, they quietly , and waited out all of the fire and brimstone facebook had been facing the last few weeks and months about putting lads, and quietly redid -- about political ads, and quietly redid a few of the rolls around little as an advertising bits in general.

rules.w of the political targeting for political ads. the things companies do often is to take email less, people have some point -- people who have signed up to support a candidate or people companies already known for their customers, and google and facebook both allow companies and candidates to target those people with ads on their site based on email lists companies and candidates already have. that will no longer be an option going forward for candidates. i think that is potentially a pretty big deal. you saw google getting credit from companies -- from people who had been critical of facebook, and allowing more or less freewheeling palit glads of all kinds -- more or less freewheeling political ads of all kinds. >> how much pressure is facebook under? >> relative to google, i think

they're under a similar amount of pressure. these two comedies are front and center when it comes to relations and changes to the business. not surprising to see both of those companies this week start to move ahead and give some curb some oflly the tools that can be used for hyper targeting that we have talked about. the civil answers they are under a lot of pressure. as i thing about -- the simple answer is they are under a lot of pressure. as i think about how that could pressure their overall business, it is modest. we are talking about very small tweaks to this political machine. i am not a fan of facebook. i am old, i am 50, i do not to get as good for the platform. that said, when i meet with advertisers, they cannot get enough of this. when you talk to applicable campaigns, they cannot get enough. there will be $3 billion spent in 2020 on facebook in the u.s. elections. it is incredible that type of spend. yes, this is a certain amount of

pressure on facebook but they are still -- they're still a massive opportunity for facebook and google related to applicable advertising. >> as you come here and take a look at the charts i am showing in my terminal, it is all be work, bonds at a low, $.71 on the dollar. are comes where there layoffs. is this a company that is correctly rightsizing it self? >> i do not think we now have a choice that it now has this a normal -- this enormous clean up after what has been an unrestrained growth bench. this company has a couple billion dollars in annual corporate overhead which is close to three quarters of their resume -- quarters of their revenue. that is a significant cost base any to cut. obviously, there is a large

human toll, thousands of people will lose their jobs and that is painful for those folks. but the comedy has to get its costs under control. after that they have a lot more -- the company has to get costs under control and then they have a lot more work to do. ande heard from wework they want to expand in a positive way and be cash flow positive by 2023. your thoughts? >> i think they have gotten religion and that they are not done with the cuts at this 20% level. i suspect the number will drift higher over the next six months they be ultimately a third of the people unfortunately will not have a home there. i do not know the specifics of the plan my sense is that there so much focus within softbank and we work to get there, they will find a way to get there. it may include shuttering office space.

i suspect they will find a way to get there at the cost of topline growth. partnds down, my favorite of our friday is our week in review. thank you. tesla's breaking. how investors are reacting after the shatterproof armor demo did not go as planned. this is bloomberg. ♪

taylor: since disney successful launch of its streaming service next week, much has been made over exactly how it will affect the competition. now we are getting an idea from netflix. internal data at netflix

suggests users are not fleeing to disney plus. according to an unidentified person at the company, because of proprietary information, netflix subscriber cancellations have not accelerated recently. up 10eek disney signed million some scrubbers in one day. now back to our top story. elon musk probably would have liked to have a do over. he unveiled tesla's long-awaited electric pickup truck last night. but it did not go as planned. two of the trucks armored windows were shattered for a while, the truck was the number two trending topic on twitter, not always good for publicity. . andre our auto reporter still with us, gene mu nster. >> it is symbolic. the glass plaguing -- the glass

breaking is embolic of the tesla story. trying to disrupt the status quo . you would never imagine, not just the glass incident but a few minutes before that during the presentation, you never imagine any company doing that. they do disrupt the status quo. their cars or disrupting the auto industry. that is the one piece of it no ceo in their right mind would have done what elon did with that. secondly, it is also represented about who he is. making quick judgments that may not be in the best interests about what has happened with twitter and elon in the last year. unfortunately, you have to take the bad with a good. when i watched it, it was painful to watch. as i stepped back and processed talking with people about it today, i think that, incredibly, you're going to think that i am tone deaf here, i think there was that summer lining because some people thought it was really funny -- a

silver lining. >> it might have been painful to watch, but the fact is we are all talking about it today. and we cannot stop watching that video. is that in and of itself a little bit of a success for elon musk? >> i think so. i definitely do not think smashing the window was intentional. i do not know if that was a success. but i do think the radical nature of this car, the design of the car, it has drawn everybody's attention. in that sense, it is a great marketing success, i think. i spoke with a professor of design here in detroit who said it might be brilliant. tell.rket will it is seeming to appeal to a certain niche audience. >> let's talk about the appeal of that design. is futuristic helpful or hurtful for future buyers? >> definitely not something that appeals to traditional truck

buyer spirit i think that is why you saw tesla stock fall today, because -- traditional truck buyers. it does appeal to people who are into video games. and it is just sort of... hummer or the jeep wrangler. those are almost an ugly but good-looking car that have both had extremely strong calls followings. farther,taking that extremely off-road, and might actually appeal to some people with the bragging rights it provides. buys this, tesla lever or a truck lever? lover, or aver -- truck lover? >> attest the lover. i think there will also be -- a

tesla lever. n think there will also be a suv segment. kind of that weekend warrior techie type of person. surprisingly, the car, i think there is a lot of value in the car. before they announced the price, my sense was that it was going to be closer to $70,000 and ultimately the average selling price may be closer to the mid 60's -- mid 50's. i think they're trying to open this up so it is relatively affordable. ultimately it should account for 5% of overall deliveries for tesla. now $20,000ice tag lower than what you are forecasting, what does it do to the composition mix of profitability? the last time we spoke we were talking about wanting to see

more model as an model x, high profitability vehicles to make up for a lower margin. where does this truck fit into that scheme? >> i suspect this will be toward the low end of the profitability , in part because if you look at what is happening with model why, for example, that is going of the same a lot manufacturing process and components of model three. in this case we have a whole new vehicle design. it is a departure from the classic divine -- classic design language. given some of the specs, i do not see the interior, but my sense is there is going to be some good value here which is usually representative of a little bit lower margin. the good news for tesla, is that they do not need cash like they did two years ago. they have $5 billion in the bank and are only taking on a hundred

million reserves per day do not have to look at the gross margin question on cyber truck yet. >> you heard a production target of 2021. i still this from a coanchor of mine who said we have to account for a musk adjusted production target. do we really believe 2021? >> yes i think tesla has come a long way in terms of getting its production ramped up. also, the other timeline to think about is both ford and gm are going to be coming out in 2021 with their electric pickup trucks. so i'm sure you do not want to miss it by too much. that is when that copycats are going to be out there trying to compete with him. >> fascinating. thank you both for joining. coming up, your data is out there and it is unsecured. we speak to the cyber security expert who found over one billion people's data just sitting out there, on an

unprotected server. that is next. this is bloomberg. ♪

taylor: imagine a database somewhere that had all of your social media accounts, email addresses and phone numbers. that is what one diver security expert discovered last month. all of that data -- one data security expert, all sitting out on a google cloud server. how did he get there and what was it being used for? to answer that, let's head to st. louis where the man who uncovered the service -- the server is standing by. vinny troia the founder of data viper, how did you discover this? open were looking through web servers to look through databases that potentially have valuable information and we just kind of came across it. taylor: how does this breach, if

you well, fit into all of the other data breaches that you have discovered, in terms of size and scope appeared we hear a billion people and we sort of freak out. where does that fit in in your world? >> this is one of the largest i have ever discovered, maybe the largest anyone has peered it was so large in size that the initial size man covered -- the initial size we uncovered was 4 billion records. we whittled that down to 1.2 billion. that is fairly seen it yet. taylor: talk to me about the relationship between google cloud and people data labs. you said most of this data was collected by a company called people data labs, and it was been held on a google cloud server. >> sure, people data labs is an enrichment company. you can send them an email address and get back a user profile. they are data brokers.

what is interesting about this is that people data labs did not suffer a breach as far as i know. they most likely sold that data to a customer legally. they had contracts in place. and that customer would have mishandled that data and had it on an open google cloud server. taylor: and no thoughts on who that customer may be or what the data was used for? >> unfortunately not. this is something i do not think we will ever have visibility into. i personally notified the fbi once i found the server and they were able to get it taken off-line. but they are under no all legation to disclose who owns that server. because of privacy regulations, google will not disclose who their customer is either. taylor: who should bear responsibility for this, is a google, is it people data labs, or is it that third unknown party? >> i think it should be the third unknown party paired we lack at this point some sort of regulatory body that will go out and enforce -- to force the

company to admit the mistake, which we do not have. taylor: do you want to see that type of regulatory body? >> i do. there was a recent article by abc with tim cook where he was discussing the need for additional privacy controls and privacy legislation. i think that is something we are sorely lacking. when you look at the size of this data breach and the content, having everyone's social media information from facebook, twitter, linkedin, get have is, in my opinion, marcy get that having their passwords because of all the -- more significant than having their passwords because of all the single sign-on you are seeing. now when i can associate a phone number and an ml address with a facebook or twitter profile, that becomes more valuable in the eyes and attacked her. taylor: is that what makes this data so scary? because we do not need the passwords anymore and they have all the information they need? >> crack.

and we have nova's ability or no control into what data -- no visibility or no control into what data is being collected or what is being sold. going back to the cook tim cook interview, he mentioned apple does not want to make money collecting their data. that is true. like these data brokers pdl and others that are collecting volumes of information that we have novas build into. and we have no his ability into who they are selling the data to , and how that company is using it. so i think that is where the regulations need to step in. what data is being collected, and how is it being used. taylor: so much. we could go on and on. vinny troia of data viper, thank you so much. that does it for this addition of bloomberg technology. we are livestreaming on twitter. this is bloomberg.

♪ that doesn't for this addition -- that does it for this edition

david: you went to harvard business school. steve: yes. david: did you enjoy it? steve: no. david: did you want to drop out? steve: yes. david: you went out to raise a fund, was that easy to do? steve: i sort of looked at that and went omg, we are going to fail. david: in 2007, you thought maybe i should take the firm public. steve: i took it public for a lot of different reasons. i had a sixth sense that something terrible was going to happen in the environment. >> would you fix your tie? david: people would not recognize me if my tie was fixed. but, ok. just leave it this way. all right. ♪