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technology. coming up in the next hour, secret project. have a team to working on satellite technology to be an internet services to devices. it will allow it to bypass wireless networks. latest. plus a pay raise. the reins, akes receiving a $242 million exception package. details.ve and big tech in 2019. of the ent from one most anticipated ipo's to a floundering company just survive.o we look at what it faces in the new year. but first to our top story, loomberg was the first to report that the iphone maker has a secret team working on a satellite technology. to find new ways to bring data directly to its devices. according to people familiar with the matter. he company has got a dozen engineers from the aerospace antenna design industries working on the

project with the hope of deploying their results years. five for more i want to bring in bloomberg technologies. what do we know about the so far? >> we know it's top secret. it's operating like a start-up inside apple. has the ear of tim cook. it has the right funding. bunchou said it has a of ex-aerospace engineers and executives all working plan to be able to let phones receive their data from antenna towers and satellite, in a way aiding some of the wireless network carriers that we have today around the world. > what are they hoping to achieve with this? >> this is part of apple's goal under steve jobs and been accelerated by tim cook, to own everything. if it was apple's call they with 't have to deal anyone. they would just be their complete own entity in terms in heir supply chain terms of the companies they need to work w. for example, hey are working on new chips to replace intel in

both the iphone, in terms of processors uter for the macs, they have done all sort of new components devices. satellites is another way to enable it, and that's data.ctivity to >> where are we in this long process? >> we're very early. or e in about year two three of this initiative, this thinking inside apple nd i would say we have another three to five to even seven years to go. this is a very long time line. very s very stealth, early, very small, we're tory team so aways away on this one. >> you talk in your story apple rarely goes into initiatives that they can't see profitability or light at the end of the tunnel. do they see that and when? >> yeah, i mean, i think they see the light at the tunnel as a way of enabling to do more stuff in-house. imagine being able to beam ata from a satellite to your apple watch, your phone, your ipad or mac evices in your home and then not needing to rely

entirely on the carriers. super long, right? they are in no rush. to t takes 10-15 years do that's still good enough. apple isn't going away any time soon. talk about trying to learn from some previous failures that you highlight in your story ecause this hardly guarantees success. what are some of the failures that came before, hat they can try to learn from? >> you've seen all sorts of starling, facebook butcher their effort. was trying internet balloons in developing regions for years. that's gone no where. and e seen spacex amazon doing more in the satellite space. they are talking about doing filings with government on this but you really don't see the light at the end of the tunnel and as far as t as theirs. their implementation is much different. >> and while it's about the project, ultimately it's about the men leading it. there are men and women

involved in the project. >> correction. and john, they were top aerospace executives at google, and they are leading project. they have a team. they hired a person named williams, a big time executive at aerospace corporation working on satellites and wireless of nology and all sorts space endeavors so she's part of that, too. they have people from satellite companies called ssl, terra bella, which is part of the larger google a -system so there are lot of people working on this, some of the biggest brains in aerospace. me, both recting men and women behind the scenes making that project come to light. technologies, thanks for joining us. now to another story out of world, boeing may have a problem the company's star liner up ecraft lifted perfectly from cape canaveral today but an engine burn did not go nasa says d now the capsule won't be able to meet up with the international space station planned.

this test flight was unmanned but the company to begin flying manned flights on the star liner next year. a guest over the phone with more. what do we know so far about the star liner failing to the international space station? we know, the early stages of this probe, when it separated from a space there was a timing system issue, so essentially, the spacecraft a clock ting on that was not set at the right time. so it was doing some things sequence. it burned an engine to move to a place at the wrong time. so right now, what happened was that they used a lot of fuel in that process and did to try to get to the space station. happening, nasa says they will land early new mexicoing in and call that the end of this flight. >> justin, you talked a lot too much fuel

too early. this is a technology show. about the technology behind that. ow difficult or easy it is to correct that next time? >> well, i think that's the question right now because with that clock issue, which showed the ission elapse time, boeing doesn't really know what caused that. and so they are going to be investigate, you know, which has already started, but especially after the landing, to try to why, in all the scenarios that were run before the launch, that this outcome was not something that was foreseen. nd the administrator did emphasize today this is exactly why you have a test flight because they want to ind things like this, that were unexpected. >> justin, we've been about all day boeing. the clear leader in space but there is also a company talk about frequently, spacef. where are both of them process? in this >> indeed there is.

spacex is another of the two for this nasa commercial crew program and essentially nasa has hired fly their ies to astronauts to the space station. earlier this year in march, spacex flew their crew dragon capsule to space station and docked for several days before returning, and they are some additional testing next month on the nflight abort system so that if there were a problem with the rocket the your capsule would be ejected safely. but with what happened today, one of the big uestions will be how much did that set the plan for manned flights next year nto later in the year as opposed to earlier in the year? > it sounds like spacex's technology could be a little boeing's. of am i reading too much into that? >> maybe a little bit sign offasa has to on everything before they

are ready to fly personnel. with the issue today on this elapsed timing issue, there is a similar system at spacex so everybody wants to fully happened what with that technology and those systems because, you now, nasa did emphasize if there is any applicable to the spacex system, that will also be looked at. so i think right now the question is just what happened what is the fix, you know, set the schedule from there on. a realistic timeline for commercial travel? >> well, that's a very good question. i think nasa would like to 20 to be the year where they rotate their personnel from the space station on two commercial companies, boeing and spacex also after that boeing and spacex would like like to sign up additional lients who don't work for nasa, don't work for a

government, but have the means to fly and just take hem because both of those spacecraft have additional seats that can be used, can sold. beyond that, virgin galactic says next year they will their first customers into space. there have been similar which y blue origin has a lot of funding from the creator of amazon. next hink that in the 12 to 18 months you're going too see a real movement because these companies are where they have done years of development, testing, engineering, and now it's the point where either going to work or it's not going to work, but they need to fly. > i never thought i would live to see the day a potential commercial space to el, but thank you bloomberg's justin bachman down.eaking that all coming up, tesla reaching records. we'll discuss its turnaround in 2019 and whether elon musk's lofty goals can be met. next.

and if you like bloomberg news check us out on the radio. you can listen to the app, bloomberg.com and in the u.s. on serius xm. this is bloomberg.

>> tesla ends the year with shares reaching records, that $420 hing share price that elon musk made a goal. the beginning of the year that tesla stocks slid due to liquidity of the and a delay model wide crossover. investor worries were lleviated with offerings raising over $2 billion. we then started to see some goals as musk said the

year weaned with at least deliveries. as of now that target remains possible if the ompany can hit 105,000 deliveries in the fourth quarter. this year tesla began selling in australia, taiwan, uk, parts of eastern europe and china. of those investors are very on china as tesla will begin deliveries from soon.hanghai factory tesla said it may also lower by model three price tag 20% or more next year so what events are our analyses zeroing in on? let's ask craig in new york san ere with me in francisco, joe, both roth and p securities have market in shares of tesla. with you.rt another record high. 405 price target now on the shares. of the you make recent record highs? >> i think two things are going on. recall that

investors were surprised by the margins they put up. now it becoming apparent that competing companies really aren't able to offer the products that we thought they were going to. so not only is china happening as you pointed out very strong ks competitively going into 2020, more so than we thought. of this o you make recent run-up in the shares? > we've been big believers in the china market long term but i think people have really aggressive for 2020 and beyond. he reality is, people are missing the character of the million sales in china. the very different than typical sales in north model is not a comp, the safety profile overall range and expectations and costs to those vehicles is very different, and people are giddy around, you know, big numbers out of china without understanding the direct comp ends up

being for the vehicle. >> both of you went straight to china. a chart to our bloomberg audience, all of auto sales within china. the picture has not been good on a year-over-year basis you're everyg at declines in month of the last year. does tesla have enough to offset there what looks like a pretty big mac crow headwind, joe? > there will be a segment of the market they will able to penetrate. you're seeing negative year-over-year comparisons. a very large number. china is the largest auto world, largest ev market in the world. so i think if you were to about them trying to sale half a million units in china it would be unreasonable. get to a couple of tens of thousands per month i think probably they can. the long term they will need to successfully penetrate other markets, though. craig, as we take a look

at china, do they have enough demand, with the 20% on those model three's to offset a big drop right now in car sales over in china? you know, that's the key point of our thesis is we're fairly see some substantial deceleration of the growth in 2020 versus 2019. we're looking at unit growth falling to something like this 6%, from 47% year. that's a major drop-off. when you see the u.s. you know, down 40% year-over-year in the third quarter for tesla, you know, be big going to enough to back fill that volatility? bviously there are other pieces with the model y. but frankly, we don't see it. there is hink going to be big growth on the 47% this year. be hink it's going to item bid tepid and continuing growth in outyears. >> you talked about other markets in china.

we talked about australia, europe.ern where do you see other areas that need to pick up the slack? it's going est be europe and other developed markets and none of them is going to be as i think ina but it's important to keep this in context, in two ways. irst, remember, craig just pointed out, i think fairly that year over year growth deceleratindecelerating. is 's happening here enormous market share growth. i think that they are going to need to be successful y.h the model they will need to penetrate other segments, but if this can continue to grow in the double digits, you know, probably they will -- stock will continue to do well. >> craig, i want to switch over from geography into the mix.osition at what cars they are selling. you talk about how the model could --

>> the more profitable cars x.e been model at the beginning of the year, we saw some start to ation to take shape. that's one reason why revenue is down year-over-year in the third quarter. continued. continue three has cannibalize there. higher tart with margins but it will significantly pressure preexisting demand. frankly, we don't think it's ada active to the model 3. we think it's a substitution play an doesn't really much the market beyond what's already served by the model 3. >> joe can, you're nodding. what do you make of the composition mix within the sxy3. >> i agree with a lot of what craig is staying. y will ters, cannibalize significantly and there will be margin hit although the higher volume and i think there will

be some cannibalization of well.odel 3 as it's important not to lose sight of the laernl picture. coming -- picture. it's a little surprising given how long we've known that electric vehicles are that no one has really stacked up with tesla premium ort of mid segment. >> weigh in on that. where is the competition? on a bunch of things but one thing write disagree quite significantly the assessment of porsche and some other vehicles. porsche drivers care about actually hicle goes down the road. if you look at stuck ses -- the ound the tacon crushed it. the model s couldn't get around that. they had to jig the thing to strip the vehicle, add extra to even, et cetera, try and get there and still failed and they are going to and try and do it

again. drivers care about that experience in the age cle and epa mile numbers don't matter as much. think there are a number of potential buyers for tesla vehicles. hey will be switching over to porsche and other oem's over the considers of the next year. look at another chart inside my terminal, what's been the big from the streets to catch up to the share price? the median price target is 293. is it elon musk himself? what is it that makes people so nervous or cautious, i should say, about this company? musk.on't think it's look, he's been musk for a while, right? i don't think it's anything new. fact that this stock has moved very quickly. it is expensive, i, for wrong , got caught footed as we know, so you analysts looking at it

really want to jump onboard? as they load the china factory, and so i think people are a little to jump on the train here. >> craig, what's biggest overhang for you on this at k as you take a look the difference between where the shares are traying and that median price target? i look now, the way at things, tesla is no longer a start-up. tesla is a maturing company. why does it deserve to trade at 40 or 50 times earnings? it doesn't. this is a company where profits, and, you know, overall shareholder returns really matter. transition that, you know, some short term investors really skip, know, they drive the volatility in the stock. the biggest institutions are drive the at valuation. i don't see any major institutions loading up the truck on the stock up here.

i think you're much more likely to see people be uyers back closer to their 250 level which is our price target. 249. t could very easily get there with a margin missed that joe is referencing that agree is likely to materialize either in the fourth or first quarter and disappointment around china expectations around china are really lofty. >> both of you sound a neutral thanre some of the other big bolds there.have heard out what needs too happen in 2020 for you to change your pinion on tesla and become more bullish. joe, i'll start with you? >> to be honest i'm looking an entry point. i have been positive and saying for a while this ev's y makes the best in the market. they still do. i believe i can serve for tors best by wait this modest set of q-1 expectations. your thoughts? >> yes. for oing to look

expectations versus what i think is a fair outlook. i did upgrade the stock to the $200 level. part of my bullishness was china. thought people were far too bearish on the financing outlook and on china, and we a lly do see china being real market. but, you know, if china ends a 300,000 unit market cai turn positive, absolutely but i don't see of in the realm possibility right now. >> thank you. craig irwin of ralph capital and joe osha of j&p securities. coming up, we hear why the administration came to the defense of the t-mobile sprint merger and why they benefit will consumers. that's next. this is bloomberg.

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politics. new alphabethe c.e.o. learning. this is bloomberg.

>> this is bloomberg technology. i'm taylor riggs in san francisco. alphabet's new c.e.o. is getting a hefty paycheck. a total compensation package of about $242 million if he hits all of his performance targets. co-founder is larry page. earlier this month, for more, we're joined by bloomberg technologies. what struck me about this, it's the first time hey have tied performance, compensation, i should say, to performance. now? >> i think in part because

he man in charge has stepped down away from the company. i imagine this is part of time where the board is more among jewel. they have said they were not a managerial company and was the way they struck dhurd compensation. a lot of it was about retention. built in ey instinct incentives to keep sundar around. are some of those benchmarks? >> tied to the stock of the company. of the s still 99% sales. i don't see that happening in the next three years changing.lly they have the self-driving cars, there is some sort, speculative if they spin those business units out entirely, whether that would affect the stock the stock is primarily looking at a couple of

things. one is just the growth of advertising business and any products they are making in new areas like loud and youtube and hardware. >> do you get a sense that three years is long enough avoid some of that short boost, and manage for the long term? >> three years, that's where we've seen some early reports, that's where google is hoping to get, somewhere close to or even first, but certainly show much more progress in the cloud business. business has been a top priority. at least they talked about calls.t on earnings still in third place behind microsoft and amazon. ext year there are expectations that they might break out and show to it wall street. google has been historically pretty slow about -- not that, ansparent on but that would be some evidence for investors that business, they are continuing to invest in

that. is ink that time frame fairly realistic that they will deliver something like that. >> as we've been mentioning, only been a few weeks but he is running the whole show. on how it's going? >> so much of the other bets outside google are long term companies and operations and self-driving cars or something, we've seen a ittle bit of progress with waymo tests in arizona. their expectations. they were saying in would have aey fleet of self-driving cars. go e is a long way to before it's operational. before they actually have eople in cars without a driver in the front seat. and those are day-to-day changes. the alphabet c.e.o. is -- okay, waymo this

quarter.ey for the this much to google cloud. this to youtube. decide, going to here are the businesses we're investing in and here are the ones which we aren't. bloomberg, thank you for joining us. >> and coming up, the and fall ofrise weworks. we'll break down what was supposed to be one of the biggest ipo's, that's next. this is bloomberg.

>> let's get to our week

long series big tech 2019 look at the we world's biggest technology companies in. less than a year, weworks from a $47 billion valuation to needing an $8 to avoid fusion running out of money. at the start of the year rebrand. a big it was broken up into three lines t business wework, welive and wegrow. looking to go public in september and is targeting a share sale of 3,000.5 billion but september came and the company was said to consider a valuation between $20 $30 billion in its ipo. by the end of the month the delayed and the c.e.o. stepped down. then we go on over to october. came in with a $9 billion rescue plan for 80% stake in company. then just this week, weworks

$1.75 billion in financing led by goldman sachs. for more i want to bring in wallace from titan a -- i want to look at what happened with ipo. was there something specific wework or purely investor send. wee works and was just caught in the mill. >> there has been much said situation but our prospective, the loss profile of the company was so big that investors needed able to do work to figure out how they were not $2 ng to be losing billion a year basically ad infinitum. in company sort of year and year out spent about $2 billion for every dollar generated. the disclosure had been different could you have had a very different reception a stock buyers of like that.

then there were the unforced errors of the governing nothing that we heard from our customers youcated that the core, know, proposition of wee works was objectionable. it was the way that the handled.itself was >> bill, what's your take? >> sure, i think this was broke the hat unicorn's back. the first company trying to go public with $2 billion of losses, 20 times sales, and really kind of gave a reminder to the market there a difference between being a technology software company and being a tech enabled or tech company. this is kind of the big reaker between lyft, uab ber and a couple of other companies that had tech within their products but legacy ll in sectors. >> you mentioned a point that had the information presented differently, the ipo might have been able to stand a chance. what would have you liked to have seen differently in that offering statement? tragedy is that the company has since put out

all of that information. a 49 page deck that they have released of all the good kpi's that somebody to build a model for the company at the unit level. t's a little bit heartbreaking to see they had it. they just decided, it's really not clear what the were, to not give the investors the advantages that all of the private investors had looking at the metrics, at the unit level for the company. so i think what phil said is right in the sense that know how to evaluate a sas company and when you have a something or customarysy then you e, have -- sort of a burden of proof. especially at this magnitude. even if $47 billion wasn't the right number you're talking about a very large very large a transaction so i think sadly the metrics were all on hand and are now all public. phil, have they come out and said we don't want to be overvalued an tech company, would this

thing have gone through? >> i think it woof been but at the same time they probably would not have been able to raise the cash as a private company. story when they got started 10 odd years ago was going ey really were to use technology -- it kept the eye off the ball of this traditional real estate company. what this brings to the forefront is there is going be a slew of enterprise companies that are formerly and comparable with great margins and revenue growth and hopefully profitability as well, that the markets will get excited about. >> we fast forward this to present day. the cost cut measures that you've seen so far, are they enough? >> at wee works it's hard to ay what the day-to-day operating plan is in there now. i think you have a company to be basically going private for some time even though it's making beyond what a

private company would do. there are a lot of very, capable, experienced people around the company. i would be surprised with this parade of wake-up if the company didn't really get itself like back on track that makes some opposed to the optics that were put forward to the market when they tried to go public in the fall. the other thing we could say about weworks impact, is a lot of people were worried it would take the tech po market down with it and luckily, i think, weworks has been quarantined into own kind of thing whether it's real estate but it's not representative of kind of mainstream tech companies that a lot of people are looking to come 2020. market in >> as you sort of analyze the company a lot of the companys this was a that had not been tested. it was a business model that tested in an economic downturns. re there any other

disclosures or things that the company could do, that if there were a downturn that they were able to pass risks, of those would that make you more comfortable? disclosedlly they all the stuff which is the occupancy rates and what it costs to fill up a desk and what it costs them to build it. even though it's a new business model it's not particularly difficult to that they ran out of a bunch of office space up, represented it out at a slightly higher rate. i wish they had put forward more evidence. because they certainly made the claim that the company was recession proof and occupancy up during a recession. that's kind of thing that would have been easy to decided toey had do that and if they go again that's something that people ill be looking for especially as we get deeper into the cycle. >> phil, i want to come back to you and take a look at fundraising that we've seen from the company, $5 billion package, $1.75 of credit from goldman sachs. how long does this last the

company until they have to fundraise again? it's certainly a unique path for one of the so-called unicorns to go of large is wave equity rounds followed by credit packages and rescue packages, but i think, you some good are bones to this business and they are just going to have to accept that new pricing reality and i think that's what happened recalibrated where they put in eight billion. it reset the market and let investors and retail investors know, we've kind of come away from this rosy scenario and we're going to bring things down. so i think it will be nteresting to see, what happens in the private markets, and if there will be interest, things have so far.atively tame >> what are some of the biggest lessons that some of these other uniforms that we about have learned this year from weworks? >> more corporate governance, independent directors, profitability. it's actually a pretty long list and actually what i think will be interesting is, these companies are going to learn that they

need to kind of bring in a more corporate structure, bigger voices to the table. they will have to sacrifice of growth at all costs for the sake of profitability but it doesn't happen overnight, light? a lot of busy finance departments for these unicorns over the holidays. eager to will be come out and go public probably before you bring in a lot of uncertainty towards theend of the year with upcoming election. a few s talking to analysts yesterday, tom forte, we were talking about uber and lyft and they have had to readjust. be a positive by 20 202021, you can't beat at any cost. were there other ripple ffects that you saw in the industry that was sort of outside just being affected? to weworks?

think the reason that investors like the sas companies, the crowd strikes and so forth, recurring subscription revenue, it's a lot easier to understand prospectsong term of a company will be and we had 12 or so companies like this year lic versus these market place and nies like uber lyft, where the company has to buy each new customer every time. and so i think that what you see is a story about much than marketing costs these sort of get big at any price strategy would have indicated is true at this scope of n the these companies. big owner ere a of uber, lyft, i would say hose customer acquisition cost metrics would be something i would be focused on but getting thrown out of london rkets like all at once would be a bigger risk for me than a few cents per rider. it seems like even though

these are really big companies. arguably added 50 billion revenue footprint. only for county reasons that gmv and not revenue, it's a very big company so you would think he long term profitability equation here would be more visible and maybe we get to see what that looks like in he coming year but maybe not because they got big without really knowing what that looks like so far. fascinating 2019 conversation. ed wallace of train research and phil has let of equity's end. both.you c.e.o. ethan brown tells us about a banner year and what to expect in 2020. this is bloomberg.

> let's get to today's top

tech calls. friday.n will give them the ability to charge higher prices analysts cited the continuing theme of the endor supplying competition, when compared rival offerings from ntel and u.s. blackberries surged after beating third quarter expectations. analysts noted an increase in services business. better than expected. and bookings, holdings, raised to ts 2300, citing increased travel ce in the company's ability to sustain growth and gains shared of travel market. the analysts continue to be bookings with execution of soft brands. that was a look at the top tech calls.

>> beyond -- has been one of the hottest companies of the year, with shares up 200%. jason and kelly spoke exclusively with the c.e.o. ethan brown about the company's e success. >> you always want to align yourself with the market players an that's what we've beginning of the company so when we decided to go into retail 2009, the first company was called whole ood and we've been able to proliferate out through koeger. when you look at our venture history. we have great list including great point ventures and many others, but if you're looking at the fast food space with the quick serve restaurants you want to the same philosophy. marquee players and how do you service them, whether it's mcdonald's, kfc or duncan. we're constantly looking to best partners

in the space so we can grow with them. focus?t's the sit is it retail? >> it's our consumer that makes the business so special. say.isten to what they they told us nothing artificial. keep everything natural so that's what we do. harder.es it it would be much easier to use modified plant material on the it take texture and appearance and aroma of animal protein but so we're o that constantly focused on what the consumer wants. meet the consumer where they are. if it's retail, we'll be there. now it's 50-50 and the market will tell us which direction. >> it could change going forward. >> so when you think about the tests, let's just talk bout mcdonald's for a second what have you learned so far. obviously, that's from a volume perspective but also brand perspective something that everyone, investors included have been looking at very closely. taken away u

from that test? >> i had a great privilege in the ontario area a couple of weeks ago and i drove out to there, and i went to three different stores and had a burger at each location, and they were identical and delicious. it was a fantastic and one that was very satisfying. it's a goal i've had for a ery long time, to be of service to mcdonald's. it's going very well. c.e.o. you heard the of mcdonald's in canada say that. can't say more than they have said publicly but i'm very enthusiastic. >> does it span into the united states? >> that's up to them. but what you want is a great test and i think we have ever sign that that's the case. china at for about 27% of the world's meat consumption by volume. a lot of dy eat plant proteins and they kind of look at meat as a bit of status symbol there. what's your approach, what's china?xpectations for >> you'll see us be very

aggressive there. we're aggressive in each that we occupy, whether here in the united kfc, , mcdonald's, subway, et cetera, you'll ee us move with speed and exploit the first mover advantage that we have globally in terms of building the brand that's most closely associated with the plant-based meat movement so i can't disclose anything in particular but we're guess that very excited about that market. and very active in our plans. talk a little bit about chicken if we can. chicken fans here as well. as it were,est, down in atlanta, i believe is where that was, it went buststers. how soon can you get into that market in a meaningful way? > so you'll see some exciting things from us in the poultry space in 2020. specific me partners or developments, but you know, we look at platforms.

beef, pork and poultry. you can see consumers pulling off very quickly pork, and you're also starting to see some poultry around the industry. so, we've done a lot of work there. you will see the fruits of 2020.in >> i do wonder what you've learned along this very a c.e.o.ng year as and as a leader of a company hat really is about a lifestyle and sort of who we are. >> get up every day and be auchbs and nto work on issues that are so important not only to me personally but to the world, it's a privilege. and so this year, i think we were recognized by the we're for what doing. this 't believe that is a short-lived trend. this is something that has very long legs to it. if you think about what we're doing, we're not people don'tat eat meat. we think that would be a big mistake. eating meat.

fried chicken, i love burgers. the idea behind the company better form a of meat to. provide meat that provides all of the delicious that we've come to love but does so in a way that's healthy for your healthier for the earth. if you look at what the mobile phone did in relation one hadand line, no to denigrate the land line and we don't think we have protein.ate animal we simply have to provide the consumer with a new and better choice and let them disaecision. >> he's part of business week's bloomberg 50 list year. >> and that does it for this bloomberg and bloomberg technology live streaming on twitter. be sure to follow our global breaking news network on twitter. this is bloomberg.

announcer: the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. announcer: the following is a sponsored program that is furnished by shriners hospitals for children. alec: what's up, everybody? it's alec. it is the night before i travel to oklahoma for my filming session. i love seeing my boy, kaleb. so ready to finally go somewhere new. alec: i can't live without my shoes. i also got to do this thing. kaleb: i have a hard time choosing which one. alec: don't wr,