♪ taylor: i'm taylor riggs in for emily chang and this is the "best of bloomberg: technology." where we bring you all of our top interviews from this week. coming up, tesla's turnaround. at least one analyst says it looks incredible. we hear about a guest who raised his price target to 370. plus, covering all of tech in the new year's with one of wall street's most watched analysts.

why they like it companies like facebook and apple. tech regulation. legal and legislative hurdles continue for technology, like overseas apps like tiktok. we hear from senator marsha blackburn and how much more needs to be done. we begin with tesla. its stock has been on a runaway rally. last week, we saw shares of breach the ceos goal of $420. an analyst joined me to discuss whether the turnaround is working. >> if you look back at the last six months, it has been massively impressive what musk has been able to do in terms of turning this around from a demand and profitability perspective. base case, 370.

is 580-600. you could start to see the stock go much higher. bull case, $580 to $600. a lot of that really rests on china. taylor: dan, i've spoken to a neutral/bearish analysts who really are concerned about demand in china. do you have any sense of what could be a bear case if something were to happen, may be the economy starts to slow? what would need to happen for you to turn more bearish? >> if i look at the work we have done in asia on the ground, and overall demand, how quick could you get to 100,000 units in china? could that be quicker than the

u.s. or europe? if the answer is yes, then i think this is something that really could take the story to the next level. in terms of the bear thesis, ultimately, you hit some sort of regulatory road block in china, giga three hits a snag, or you have competition that slows down the underlying demand story in china. that would be the bear thesis. some have been skeptical, as you and me have talked about many times over the last six months. musk has proved things over the last few quarters. got to give them credit. stocks had a parabolic short squeeze, but china is the next leg of the growth story. taylor: so much of the bull thesis relies on demand for the model three. that is the least profitable of all the models. at what point do you need demand to shift to the more profitable models?

dan: when you look at s and x, that has started to tail off in terms of overall demand. what has been key to the tesla bull thesis and the stock going from $300 to now $430, it is really profitability. they have done a great job getting profitability on core model three and what that trajectory looks like. but i do agree, you need to see. it is really software and sort of upticks within the actual versions. you need to see that software version from self-driving to others, that's an extra $5,000, $7,000, $10,000 per car. that is all profits that go to the bottom line, so that is the key, the gross margins story for tesla over the coming quarters. taylor: dan stayed with me as we have a lot to discuss regarding uber, a company cofounded by travis kalanick. this week, he cut his last ties

to uber, stepping down from the board and selling his shares. he was ousted in 2017 following months of chaos and controversy. he says he wants to focus on new business and philanthropic endeavors. i asked guests about the move. >> it doesn't simplify things anymore than 2017 when travis was ousted from the ceo spot, went to the board. i guess he was the largest shareholder and he was on the board but focused on his new company, cloud kitchen. he started selling the stock in early november after the post-ipo block expired. this is a little bit of a sort of slow moving divorce. from what i hear, travis's voice was not all that loud, so it codifies things already

underway. taylor: dan, do you agree? did anything change for you on tuesday on this announcement? >> it ended a dark chapter. you're talking about something that sold almost $3 billion worth of shares. it has been an overhang on the stock. it would be awkward if he stayed on the board. fundamentally, it speaks to uber being a train wreck since the ipo. this is the final chapter. now for investors, the hope is optimism going into 2020, but there is a lot of pressure. when you look at uber, that is the issue right now. look at some of the issues they have faced. i think right now there are a lot of worries going into 2020. taylor: brad, you are nodding your head. what are some of the issues they will be facing? >> one issue is profitability. this is a company that is still

losing billions of dollars. it is 12 years old. its core market, ridesharing in north america growth has slowed, so investors want to see growth in the newer geographies, also uber eats. around 20% of uber's growth bookings. the question is can it keep growing? the ceo has put a stake in the ground, profitability is around the corner, but investors want to see it get there. taylor: investors do want to see it. if you want to look at a chart i'm showing inside my terminal, it is uber and lyft, both down now 30% since the ipo. uber has been on an uptrend early to mid december. dan, in your case, what is the bullish thesis for uber? dan: look, i mean, for uber right now, you look at underlying growth not just drivers, but user penetration, 2% to 3% today, the opportunity

to monetize that going forward. if you look at growth and profitability in 2021, and if you look at uber eats, i see an eight dollar to $10 overhang on the stock. the question right now for uber is, do they cut that business or significantly get to a point of profitability, because it has been an anchor on the ship. it's the sum of their parts. investors right now, it continues to be a heartburn situation because of execution, overhang, i think as well as just miscommunication with the street. it has been that trifecta. taylor: that was bloomberg's brad stone and dan ives. with just a few days left in 2020, dan ives tells us his top calls for next year, that's next. and if you like us, check us out on the radio and in the u.s. on

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taylor: we are coming up on the conclusion of a decade and and big tech has made its mark. i spoke to dan ives for his forecast of 2020. >> really, a continuation of the thesis in terms of the super cycle. it really comes down to the math. 900 million iphones worldwide. about 1/3 of those, 350 million have not upgraded in 39 months. we are going into a super cycle, 5g on the tail end of that, and when you look at that, some of

the parts, i think this is a re-rating stock that continues to go higher. i think $350 is base case. i continue to look out two, three years, you could see a stock that starts to approach $1.5 trillion to $2 trillion in terms of that core thesis playing out for the next two years. taylor: what if the super cycle doesn't materialize? dan: great question. i think that is the bear thesis. what happens if 5g is a bust? especially on the first part, i look at the iphone 11, you look at the trajectory going into later this year. from our work in asia, it looks like the line in the sand is about 200 million units with the 5g cycle, so in terms of suppliers, all indications are that will be a strong product cycle. there could be speedbumps and we will hit those in a given quarter going into 2020.

as of right now, the visibility looks as strong as we have seen it. i would have to go back 5, 6 years in terms of where i've seen it. that is why we have such a bull thesis on apple in terms of the iphone in terms of services and re-rating. taylor: part of the bull thesis continues to be a supreme balance sheet. if we go into balance sheet analysis, i am taking a look at another chart showing frankly $100 billion of net cash, cash after the debt they have. what is the best use of cash? dan: it generates $60 billion in free cash flow. i continue to believe they will get vertically integrated. they will have more technology within the phone. you saw the intel 5g acquisition, i could see more of those, but i do think content is what they go after. i think they will acquire a studio in 2020, mgm, lionsgate,

you know, a handful of others that i think would fit the bill, because content is key, that is services. when you look at the streaming tv service, that is something they could look to acquire. they will continue buybacks significantly, but i do believe cupertino gets more acquisitive in 2020. taylor: i want to go to microsoft. according to the bloomberg terminal, you still have an outperform rating on microsoft. i keep hearing their azure cloud product is poised to benefit more than amazon from the shift to cloud. do you agree? dan: that continues to be why it is our top pick, along with apple. the ceo in my opinion, covering tech for 20 years, it is one of the most jaw-dropping turnarounds i have seen for any tech company. because right now, microsoft is the cloud play.

i think they further narrowed that gap with aws. look at the jedi deal. that is a good example of that. i think on the first phase of cloud, it was amazon. they won that. the next phase will be microsoft. that is why it is a re-rating stock and numbers continue to go higher. that is one that is only halfway through this cloud story playing out. taylor: that was wedbush managing director dan ives. for more 2020 predictions, i was joined by mark mahaney on monday. >> it is our facebook of 2020. it is a dislocated stock, unpopular, a failed ipo. nobody wants to buy uber. we think the story is going to get better and better as we go through the year. it is likely to have more upside like facebook did. the economics are starting to prove themselves out.

what the company has to do is bring down operating losses each and every quarter. we think they will, and we think that by the end of 2020 going into 2021, we can have a break even quarter. you want to buy stocks going through that kind of order. taylor: moreso than lyft, because of its diversification? rather than just rideshare? mark: i think they are probably joined at the hip. it is hard to see one dramatically outperforming the other. what i find is that the shorter term oriented funds have preferred lyft because it does not have the food business and is just in the u.s. market, but the flipside is that uber has more levers they can pull to get profitability. they can sell one of their international assets. and they also have 70% market share in the u.s. generally the company with the greater market share determines economics. that is uber. taylor: how do they overcome this in five, 10 days? mark: i don't think it will be implemented immediately. i think this is going to be a court fight. we think that it could lead to something like a single digit

percentage increase in cost. keep in mind there are two or three hedges. first, uber and lyft gave out a lot of subsidies to drivers in order to get them to drive with uber and lyft in the first place. if you are giving them benefits, there is less need to give out subsidies. second, they can pass some of these expenses onto consumers. and third is, there is only a small percentage of drivers that are actually full-time drivers. those are the hedges. taylor: i want to take a look at number two and number three top picks, google and facebook. with all of the risks, the antitrust, google and facebook are number two and number three. mark: i think regulatory fares fears have been rising for a couple of years. i think we are close to peak regulatory fears. i think it is highly unlikely these assets get broken up. in which case, we have already seen the worst of it. we have seen fines imposed against both companies, and it has not impacted their advertising revenue growth rates. the interesting angle on google

is that as the business has finally gotten scalable and big enough it is less of a drag on margins, so you could actually have a positive earnings story out of google this year. with the two cofounders kind of stepping aside, we may get more rationality in some of their investment spending, what they call the other bets area. taylor: are you thinking facebook is poised to see better ad revenue growth than google? mark: absolutely. keep in mind, we have two things coming up this next year, the quadrennial year. we have the olympics and the elections. i think both of these companies materially will benefit from that. you will have an acceleration in u.s. advertising spend. facebook and google are a great way to play that. taylor: another big tech name is notably absent on your list. it is amazon. where is amazon in your bull thesis? mark: i think there is an overhang there. for us it is a medium buy, not a strong buy. as a long-term asset, it is great.

the overhang is that the aws business has been slowing down, margin pressure, greater competition from microsoft. i think we and investors want to see clearing of the air before we get more aggressive on the stock. taylor: that was mark mahaney of rbc capital. wework, perhaps this year's biggest flop. we explain what happened and what the road ahead looks like. and later, we hear from one of tiktok's biggest critics. the changes she wants to see on the viral app. this is bloomberg. ♪

taylor: in our series rewind, we look at the world's biggest technology companies and the challenges they faced.

in less than one year, wework went from having a $47 billion valuation and being the darling of the venture capital world to needing an $8 billion infusion to avoid running out of money. there was a big rebrand, the company broken up into three distinct businesses. in july, bloomberg reported wework was targeting a sale of $3.5 billion.r came and the comy said to consider a valuation $30een $20 billion and million. the ipo was delayed and the ceo stepped down. in october, softbank came in with a rescue plan for 80% of the company. earlier this month, they clinched billions in financing led by goldman sachs. for more on its performance and

what lies ahead, i got perspective from our guests. >> i think there has been much ink spilled about situation, but our perspective was fairly straightforward. the loss profile was so big, investors needed to work to figure out how they were not losing $2 billion a year. the company spent two dollars for every dollar of revenue generated, so our perspective is that could have had a different reception from the buyers. then there are the unforced errors, but nothing indicated the core proposition was objectionable. taylor: what's your take? >> i think this was the straw

back.roke the unicorn's the first company trying to go public with billions in losses, reminding the market that there's a difference between being a tech company or a tech-adjacent company. this is at the big breaker between lyft, uber, and companies that had tech within the product but were actually in legacy sectors. taylor: you mentioned that had the information been presented indifferently, the ipo might have stood a chance. what would you have liked to see differently? >> the tragedy is that they have since out that information. they have released all of the information someone would need to build a good model. it's heartbreaking to see theyis

had. what phil said is right. investors know how to evaluate a company. when you have a company that is not easy to evaluate, you have the burden of proof. at this magnitude, even if 47 billion was not the right number, we are talking a large company and transaction. the metrics were all on hand and are now public. taylor: have they come out and said they were a real estate company, -- if they had come out and said they were a real estate company come up with this have gone through? >> i don't think they could have raised the same amount of cash. the story when they got started was day were going to invent technology that would reach more scale.

it brings to the forefront a slew of enterprise companies that are far more recognizable and comparable to things in the market with great margins, revenue growth, and profitability. taylor: we fast-forward to present day. the cost cut measures you have seen, are they enough? >> it's hard to say what the day-to-day operating plan is. you have a company that's basically going to be private for some time, even though it is making disclosures beyond what a private company would do. we have maintained that there are a lot of smart, capable, experienced people around the company. i would be surprised with the parade of wake-up calls if the company did not get itself back on track that makes some sense.

the other thing we could say is people were worried it could take down the ipo tech market. luckily, it has been quarantined into its own kind of thing. whatever it is, it's not representative of the mainstream tech companies people are looking forward to seeing. taylor: tiktok as a national security risk. u.s. senator marsha blackburn has called it "china's best detective." we hear what she said after tiktok made some changes. bloomberg technology is livestreaming on twitter. this is bloomberg. ♪

>> u.s. lawmakers have been after the popular viral video of tictoc for a variety reasons. the chinese company has been the target of national security concerns as well as a review. one more thing they're are concerned about, the fact that g as 13 to make in app purchases. why one lawmaker wrote a letter. earlier this month, tiktok

responded by upping the minimum age to 18. i spoke to senator marsha blackburn from d.c. to find out if that is enough to appease lawmakers. they haveeased changed the age. that is an important first step. having these children streaming these videos, buying these emojis that can be converted to cash by the recipients, it is just inappropriate. we want to protect children online. we want to make certain that apps are age-appropriate. that was a step. you mentioned the other concerns that were there for tiktok. we are going to continue to work with them. when you look at the facial recognition, the profiling that is done, the concerns on national security the chinese government -- listen, you can't tell where their commercial

sector and their military sector begin and and. they are all one in the same. china is determined to build a surveillance state that is not hong kong protesters, so we know what they would do to us. when you think about profiles that they are building of these children and how they would use down ther 15 years road, it is of tremendous concern to us. hasenator, now that tiktok raised the minimum age, is that enough for you to recommend it, or do you have some bigger concerns about the beijing government using that? >> we have other concerns. we are going to meet with them and i look forward to sitting down with their leadership team in the coming days. >> do you agree that tiktok should be under review? >> i think it is appropriate to sit down with them to have this

discussion. and then to decide if these companies like the faces app or tiktok if it is something that should be under cfius review. it is the right question to be asking. >> having discussions with leadership is a great way to start. how do you take it to the next level and prevent data in the u.s. to be sent overseas to the bashan government? >> one of the things we discussed today in commerce privacye was having legislation and data security legislation here in the u.s.. too far gdpr which went on privacy in the eu. you have california looking at doing their own legislation, but it is time for the u.s. to put a basic federal privacy standard on the books. something that online

consumers want. they want the ability to protect their virtual you. they want to secure their identity online. we had a tremendous hearing, great bipartisan participation. one of the things i liked the entire panel of expert residences -- expert witnesses, they were all female. one of the reasons for that is because women are concerned about privacy. listen to that. i did see that. i want to address that. as we move onto to talking about big tech, one of the treats -- tweets you had was about google censoring conservative voices, what are your facts to support that? >> when you look at the research that has been done, and we have done a good bit of this work in our office. other groups have done this. you look at the groups that are

that are the posts censored that go left of center and the posts that are censored sensor --ght of right of center, there are plenty of numbers out there you can look out for this. one of the significant things as we worked on this issue, you had a ceo of one of the tech companies say they are -- there are employees in california who bring their personal opinion into the workplace. it is their worldview. this is something that needs to be a neutral platform if indeed your social media and your online connections are going to end up being the new public square. >> that was senator marsha blackburn of tennessee. uber excitedg up,

about its debut. brought into cleanup and rebuild the company's reputation. huber has been more than just a ride sharing service. we will explore some of the biggest tech stories of 2019 next. plus, how we prepare to fight were supposed -- fight more sophisticated cyber threats in 2020. we will discuss possibilities. ♪

taylor: let's get back to our year-end series rewind. big tech companies like facebook, twitter and google headed to capitol hill to testify in front of congress in regards to potential regulations. the biggest tech unicorns headed to new york to hit the public market while others have --

the year would not be complete if we did not mention the streaming wars. to of the biggest trends date is cutting the cord. there is an endless amount of content if you are streaming on the list does not seem to be getting shorter. the most valuable companies on the s&p 500 will introduce their own streaming services, investing billions of dollars to compete with netflix in what has become known as the streaming wars. disney kick things off in november. at $6.99 a month, it disney plus cost half as much as netflix. atle tv plus is cheaper $4.99 a month, but only a small library. two other services to watch out and peacock from comcast. why now? the more people cancel their subscriptions and the higher

netflix's stock rose, the harder it got for companies to ignore the change in habits. users, 63%poll of said they watch their favorite shows online. with a u.s. producer is making at least 100 more shows per year now than in previous years, the pace does not seem to be slowing down. taylor: as for the performances of streaming services in 2019, got perspective from rich ,reenfield and greg per tale head of retail practice at 80 kearney. >> i think that is the policy. we like to call it streaming wars and i think the press in the industry likes to talk about one of these eating into the other but the reality is we are going to see an explosion of streaming services. the consumer wants to stream

video. we have seen it with what happened with netflix and hulu. even look at youtube, look at how much time is being spent. you have jeffrey katzenberg introducing whidbey, but every where you look, people want to stream content. the consumer is spending right month for0 dollars a linear tv packages. you still have millions of subscribers to multichannel television. the number of homes that actually have to have sports and news, and the only way they can get that is through a linear tv package, that is 40,000,000-50,000,000 homes that are going to come out of the pay-tv bundle. the cut the cord tied bundling. they're going to find new ways of getting content whether it is netflix, amazon or hulu or disney plus or apple tv plus. andof these are easier cheaper to subscribe to then cable was. you can cancel, you can have a few of them for a period of

time. this empowers the consumer to create the bundle they want instead of being forced to take channels they didn't want. >> i do feel like this can be somewhat confusing to the consumer when you think about all these different players and price points. some of them are already advertised but not yet available. are these streaming services doing a good job of marketing themselves? how is that playing out? >> one of the challenges they have is they are drawing so much attention. the narrative around these services is very difficult for them to control. that makes it challenging for them to get the right message out around price points and win content is going to be available. we are already talking about content and networks that are going to be available in 2020, the kind of mutes

conversation about what is available today. >> one thing you should think about is the consumer looks to one of these services to focus on. every streaming service needs to create addicts. the services that have one surer two shows you are watching, you are not going to build habitual daily behavior where you just go on their looking for something. you may go onto disney plus starse you want to watch wars, but there is not a lot you want to watch as an adult unless you want to watch old marvel shows. there isn't a lot to actually watch. when you think about where you actually build the daily behavior, sort of like when you turned on your cable box into school through trying to find something to watch, i think that is what netflix has tried to create where there is something for everybody and there is always something new. there is always a new show coming on. they are trying to build that addictive behavior where every night you are going back looking for something new are continuing

what you were doing last night. that is very different than most of these other surfaces -- services. plus, mentioned disney obviously apple plus is trying to do a similar big highlight shows to get people interested. how do you feel that those two in particular have hit the market? >> i think it is hard to deny that disney plus has been an incredible early success story. they have already announced 10 million subscribers on day one. part of that is people who locked in multiyear deals, and people who took it free through verizon. still it is staggering. working with bob i -- they are probably heading toward 20 plus million subscribers by the end of 2019. in a couple of months they will have added 20 million subscribers per that is staggering. the question is how do you grow from that? there needs to be a lot more programming to keep you interested. right now, you are burning

through a lot of library. people are re-watching hannah montana. when they get through that they are going to realize there is not a lot of fresh content, especially for a more mature audience. that is going to be interesting to see, how much is disney going to invest, how much are they relying on legacy content and will that be enough to mitigate insurance. you will start to see disney spend more money and collapse more windows so their movie frozen 2 won't be on disney plus for six months. >> that was rich greenfield and greg portillo. 2019 was the year of the tech dominated the news says it was one in particular that investors had been waiting for. it was supposed to be the ipo of the year. it was supposed to be the world's most valuable with a

suppose that market value of as much as $120 billion. all of that changed wearing their debut, dropping nearly 11% in the first two days. while words like "debacle" have been thrown around, ceo remains optimistic. >> you can't pick when you go public. you can control how you execute as a company. leave me, we believe that our business can and should be profitable over time. >> the timeframe would be 2021, and people agreed. >> and investors want profitability, and we will get that here soon. end do not see that as the of the road, i see it as a milestone. it was an achievement in terms of making that available to public investors. >> since then, the stock price hit a record low in november. a licensing battle in london and disclosing 3000

sexual assaults on its platform, uber remains optimistic. >> the business itself can be quite profitable. the next 2-4 years are going to be about growth, and then we will flip it over. >> they spent the year cost-cutting in significant ways, shedding 1000 jobs and rearranging positions. after watching other companies like lyft look lackluster after going public, they are now thankful for the debut, telling listeners that the conference in november "thank god we went public when we did." ♪ as for uber's performance in 2019 in competition with lyft, i got perspective from a senior research analyst. >> it is clearly disappointing. i think what hoover and lyft -- investorhe problem was

expectations around demonstrating a path to profitability would be clear. investor's expectations shifted. uber and lyft were slow to react. they did not necessarily communicate clearly that path, and investors punish them for it. the other thing that is interesting is we have seen over the years lots of high-growth companies that went public when they weren't yet making money but the iposs were successful. i think in uber's case in particular, that share magnitude of the losses were something investors struggled with. that was something a large function of how long these companies were private for before they went public. taylor: your take on the 33% drop? >> i think what you saw out of the market this year was -- over the course of the year was less of a willingness from public

market investors to accept large .osses and on profitability really, a record-setting year with tech ipo's, uber and lyft led the class. that ipo supply led to technical challenges. and uberhad lyft to try to stay private for longer. i think that -- some of the demand when they came public. i think a lot of that had expired and that led to a lot of supply. there are a lot of technical issues at play out as well. i think uber is facing headwinds. issues, theulatory london problems, and other things over the course of the

year. that kept sentiment low. we will see if that will conflict over the course of 2020. taylor: that was tom white and egal a rudy and. have seen rampant cyberattacks in the past for years on both personal and institutional scale. what the threat landscape will look like in 2020? we will find out. this is bloomberg. ♪

taylor: let's talk cyber threats. cyber security concerns have been on the rise as data breaches typically occur in spaces like financial institutions and social networks. with 2019 wrapping up and an election looming, i was joined

by gary steele monday and this week's segment to discuss what the cyber landscape will look like next year. securitynt is a cyber firm that helps companies worldwide stop targeted threats and safeguard their data. , thethink the reality is cyber concerns are increasing not decreasing. we have seen lots of highly technical attacks. people need to improve their posture. on cyberspending related products and services to increase. taylor: you were talking about some three key trends you see going forward. the first is they target people, not infrastructure. how are things becoming more personalized where more and more we get -- if you well. >> the reality is infrastructure broadly has become more secure. what is more vulnerable as a person? some kind of targeted attack, usually in the form of social

engineering. just look at your facebook account, instagram, they try to figure out something about you and then they craft a low war -- lure that makes you want to engage. security to help organizations block these. identify them and blocked them. we also do a lot of work all bet identifying it ourselves and be sure that we are not being lured into an attack. the truth is if they attack you at work there will probably attack you at home as well. taylor: the second point that shocked me was email. i thought we all knew how to ignore spam email. >> it is the way business runs today. those are the kind of attacks coming in. , 94% of allback breaches come back to a single person. the way they are being targeted is either through an emailer through some cloud app.

in some way an employee is so interacting with a cloud application. taylor: we are approaching 2020 elections, what are the threats and the cycle of the elections? what are the biggest issues? >> i think that anytime there is some sort of uncertainty around major events like an election, you have a lot more participation from cyber actors. what they will do is create things related to that particular event. the election is perfect from that. people are going to be more susceptible to being lured into some court of attack. -- some sort of attack. for us, we are trying to have all of our customers be better secured and secure their employees. watching what on the actors are doing and watching were the market is headed and tried to stay one step ahead of the threat actors. taylor: like reese on the dnc hack on clinton and 2016, are we better prepare? >> i think we are better

prepared, but the attacks are probably more sophisticated. as we enter the election year, you're going to see more participants. everything from state actors to organize crime to anyone trying to take advantage of another person. taylor: what do we do to prevent -- i am not thinking hacking on voting machines, but more bigger utility, a power greg -- a power grid, is there anything we can do to prevent those? oni think there isng awareness employees. they are improving infrastructure. going back to the first point we made, the thing is most vulnerable today as people. that is the root of any kind of breach that may happen. betterthinking of how to protect their people because they are the key. taylor: any big change we can --e today to help 2020 echo

2020? >> be vigilant. if you look over the last 18 months, $26 billion have been lost as it relates to business email compromise. the incentive and is there for threat actors. i think we all as individuals at work and i don't need be more vigilant. taylor: that was gary steele. that does it for this edition of the best of bloomberg technology. we bring you all the best throughout the week. tune in each day at 5:00 p.m. new york into :00 p.m. san francisco. onare live streaming twitter. be sure to llow our global breaking news system on twitter. this is bloomberg. ♪

>> coming up on "bloomberg best," the year's most compelling conversations. from europe, the middle east and africa. brexit was the issue on everyone's minds and it seems everyone had a different view of its potential impact. >> a no deal brexit would be a bad idea. >> the crisis we have gone through over the last few months has made the likelihood of ultimately a no deal brexit much smaller. >> brexit is a great opportunity for the u.k., a great opportunity to reboot the economy. >> the ecb kept rates at record lows. bankers had plenty to say. >> i don't think negative rates are bringing the benefit we would like to see. >> an asset bubble. >> negative rates help the