♪ on "bloomberg best," the stories that shaped the week in business around the world. the coronavirus continues to global economy. >> a dent for the iphone. >> this being the likelihood of its first big revenue drop in 11 years. >> hsbc rolls out a dramatic overhaul. >> this is the right plan for now. >> ubs chooses a new leader. >> now it is time for the next chapter for ubs. boldrgan stanley makes a

move. >> real clients, real revenues, real profits, they have got all of it. >> the imf makes a growth rebound but the imf director issues caution. and the ecb' as bill blaine as his insight on challenges ahead. has faced a lot of challenges, but overall domestic demand is significant and continues to be. >> it is all straight ahead on "bloomberg best." ♪ abigail: hello and welcome. i'm abigail doolittle. this is "bloomberg best," , your weekly review from bloomberg television around the world. let's start with a day by day look at the top headlines per

the human cost of the coronavirus continued mounting as the week began, with reported cases nearing 75,000. more and more companies are cutting revenue forecasts in light of the outbreak. on monday the warning came from apple. ♪ >> apple is the latest company to issue a virus-related guidance miss as the outbreak hits factory output and demand. the company says it has resumed operations in china, but ramping up more slowly than expected and that will constrain global iphone supply. >> looking at some of the revenues for the second quarter ending in march between $63 billion and $64 billion u.s.. they have pointed out they are unlikely to meet that revenue forecast. they haven't of course issued a new one, but they have said production has come back online more slowly in china than expected. but apple has also seen a dent

in demand for the iphone and they have closed most of their 42 stores on the mainland. this all ties into the growing pressures on the economy here, with economists we have been surveying saying you are looking at gdp in the first quarter that is down from 5.9%. ♪ set -- hsbc is set cot 15% -- sat to cot 15% of its workforce and cost cuts of $4.5 billion. >> with think this is the right plan for now. we are definitely looking to invest $100 billion of risk-weighted assets, $14 billion to $15 billion of capital bull -- of capital and the three years and parts of the business that are performing well, particularly asia. this is coming with a substantial cost-reduction

program coupled with organizational simplification to speed up the pace of execution. we are going to be quite surgical and targeting those parts of the business we are not -- where we are not generating accepted returns. we are going to take the risk-weighted assets and reinvest them in other parts of the business where we will see better returns. we think it is a great plan. ♪ >> adidas and buma say china puma say-- and china business is hurting. >> they say february was destroyed in the ceo's words. adidas, similar picture. >> if you look at the number of companies reporting changes to earnings guidance, a number of demand-side consumer-oriented companies cutting earnings forecasts, because it is not just a demand problem, a supply problem as well. chinese consumers are staying home, airlines really hurting.

chinaloomberg exclusive, planning on taking over hna group and selling off its core airline assets pretty latest example of how president xi's government is stepping in to contain the economic fallout from coronavirus. >> the company has been on a mission to turn around its fortune as it has seen its debt pile grow and cash pile shrinking. its latest pivot to focus on aviation has seemingly backfired. potentially tomorrow we could hear whether the government will indeed go through with its group -- hna and a group. and china is reportedly considering other measures to bolster the a/v nation it -- aviation industry including mergers and an aid package. >> it is all about apple and the big guidance warning that he gave, that knocked the market down a little. but all is forgiven today.

looks like we are headed for another record on the s&p 500 index, another record on the nasdaq. >> a lot of that, as we have been saying, china might take measures to support the economy. that could include bailouts for hard-hit industries. it is a recipe for risk appetite. ♪ has named ralph hamers as -- ralph its new ceo. hamers will take over november 1. it is a surprising pick for the world's largest wealth manager. last month ubs cut financial targets for the second time in as many years. what you think of ralph hamers as the new boss? anti-amoti. he is more in retail banking and a mati was the investment banker

amoti was the investment banker. the timing is a surprise. buyorgan stanley agreed to e*trade, stand-alone brokerage. it is an all stock takeover valued at $13 billion. >> this is another wall street bank rang to get main street customers. >> i think that is what is driving it. right now they cater to the wealthiest u.s. consumers and that will give them access to more retail investors. analysts this morning on the call seemed concerned about the dilution morgan stanley could see if thoseill concerns linger but it seems morgan stanley feels real good. borman has said he looked at the asset many times over the past 20 years. i think he was excited about something that gives them a bigger presence and wealth management. ♪ unicredit has

emerged as one of the main contenders for the top job at hsbc. executiver-old french is said to have been in talks with europe's biggest banks as well. we have seen a lot of moves at the top of european banks this week. what do we know? >> they are in the final stages of appointing a new ceo of the hsbc. this week they came out with strategy. it doesn't look to have been received particularly well paired the main thing markets are waiting for his who is going to be running this bank and it looks like now jean-pierre mustier jean-pierre has a good shot. >> equity futures lower and treasury yields, economic impact creeping into the data, china reporting car sales dropping 92% in the first two weeks of

february and japanese manufacturing's worst performance in seven years. europe appears resilient but supply ise surface, being impacted as factories in china shut down. >> we are seeing additional clusters and other parts of asia, not just china. we are seeing a surge in cases, another 52 in south korea. they have now 208 cases. japan has 727 cases and three deaths. continuedic impact is -- is continuing to rise. the international air transportation aviation association is seeing the likelihood of its first big revenue drop in 11 years, since the global financial crisis, because of diminished air travel. activityusiness shrinking in february for the first time since 2013, according to one measure, as coronavirus

hits supply chains. >> is the first indication it we have seen of how the coronavirus is hitting the u.s. economy. everything up until now has been pretty positive. it was led by the services sector in the u.s.. they reported they dropped the 2009, to the lowest level since 2009. the data only goes back that far. and we have to think about why. >> there will be an assessment of the coronavirus risk and the economic risk. >> is this a reality check? >> it is. we went through a time in which q4 earnings were so strong that they were an excuse for us to continue to bid up stock prices, in the face of forward revisions that were very, very negative. now we are getting real quantification of the coronavirus impact on q1 and q2. i expect a churning market the next several weeks as they try to absorb the reality of the macro situation, which may not

be as bright as we hoped for. ♪ abigail: still ahead as we review the week on "bloomberg best," banks.nges at the the imf takes stock of the coronavirus. the, a conversation with ecb executive board member philip wayne. ♪ next, earnings reports loom large for investors, especially when it comes to commodities and the possibility for more destruction in china. >> demand is holding up. we are shipping our products. abigail: this is bloomberg. ♪

♪ abigail: this is "bloomberg best," and i'm abigail doolittle. supplyonavirus impacting chains and consumer demand. our review starts with the segment heavily exposed to those risks, commodities. ♪ earnings but the acknowledgesiner short-term uncertainty from the coronavirus outbreak. what kind of impact do you see on investor returns if the issue isn't contained shortly? >> the current impact on ininess, tragic impacts terms of people but demand is holding up. we are shipping our products. prices have held up in part because of other supply-side disruptions. and we haven't seen issues with receiving payments. as long as things are contained

with this quarter, we think they will hold up for the remainder of the financial year. if not, we revise our forecast. but so far we remain confident about the outlook for the remainder of the half calendar year. ♪ an australian-based metals group is seeing the potential for lifting investor concerns, iron ore surging prices allowing the exported to boost dividends. your assessment of the coronavirus impact was more on sentiment than fundamentals and pricing. has that evolved? >> we haven't seen any change to basic fundamentals. price is holding up well. we have faced supply-side disruptions due to weather events either in brazil or western australia. from our perspective, we are shipping as per usual. our inventories are not

increasing and the iron ore is being consumed, and all of our customers are still producing steel and we have seen no change in the schedule for our shipments. ♪ mayor says its 2020 outlook will be marred by considerable uncertainty due to the coronavirus outbreak. shipping's largest company expects operating profit to be lower than estimates. tell us how severe it will be? happenspends on what with the virus now and in the next few weeks. in the past two and a half weeks we have seen a big sign in the number of new cases slowing every day. that is positive and that we think we may be reaching a peak in the next two weeks. if that were to be the case, we expectsk be -- we would a weak february and march and a rebound in april, may be a sharp

rebound in april or may. dale uncertainty about what happens when the migrant workers return. telecom expects operating income to rise again and as the german phone company edges closer to a wireless deal for its u.s. unit t-mobile to buy sprint. 10%e had an increase by over the past six years on the dividend year. this decided that this year we decided something differently. decidedyear we something differently. it is a still 4% yield but nevertheless we want to do this integration of sprint in a perfect manner. we create ae yield, supervalu coming from the byger, $43 billion, integrating the networks, plus the opportunity to gain ground against at&t and verizon.

we have one hundred 40 million and ours in the u.s., attempt is to become the number one in the u.s. market. ♪ >> astro plans to make an additional 200 million savings in -- $200 million in savings the 2018 after separation from bayer. fell 5.1arter profit percent, in line with estimates. tell us about the year, clearly a big slow down in the automotive industry. how is that playing out for covestro? i think we delivered on the full-your guidance and also on the guidance we have given, so overall we delivered a solid year. wewas $1.6 million, delivered growth of 2% and freed up cash flow of $437 million. to in addition, we were able

have a return on capital well above our weighted-average cost of capital, so it was a solid year in a very challenging environment. ♪ >> shares are surging in sydney after latest guidance provided a sense of resilience. spoke to the qantas ceo. >> we are positioned well until the end of may. that will be the equivalent of grounding six aircraft and having 700 to many people, but we are managing that by asking cuts. to take pay our earnings will continue the way they aren't and extend out until june. ♪ gainingart shares are ground after the retailer posted

lackluster holiday sales, suffering the same fate as target and five below. still, investors remain confident in the walmart forecast. >> went to the holiday was not going to be great for walmart, especially after target disappointed. walmart said many similar things today, there was not excitement in the aisles like apparel and full-year forecast was resilient. remember, walmart is a resilient company. full-year sales and profit guidance is shy of estimates but enough to keep investors happy and remember, the u.s. consumer is still doing well. ♪ >> after a posted profits that missed analyst estimates after ceo thomas rebel plan to streamline europe's second largest insurer. line, 5%wth on the top growth on underlying

earnings-per-share and 5% increase insolvency which will lead us to propose to our shareholders a dividend increase of 7%. it is very solid with us. it is true we have experienced more natural catastrophes than we thought last year, but this is something that will be reflected in price increases. significantly increased, so issues have been addressed and decisions have been taken end in 2020 we will see the change. ♪ surprising the farmer in a u.s. better position than the street anticipated. how is the farmer stabilizing and why didn't the street see it? deere is seeing optimism on the u.s.-china trade deal in these agricultural purchases

will bring more farmers to the market. there was so much uncertainty so how do you justify buying this expensive piece of equipment? in itseat, deere statement did not mention coronavirus so it is calling for flat equipment sales in china. to the degree that shifts, the coronavirus will be very interesting to watch. they are concerned about their supply chain and will spend $40 million to expedite so that they have the parts the need for international operations. ♪

♪ abigail: you are watching "bloomberg best." calls for global redound

-- rebound despite risks from the coronavirus outbreak. interview, and she says she urges governments to take action. >> we see china taking very aggressive measures involving containment of the virus but also in pouring liquidity into the economy, the equivalent of 115 billion dollars from the people's bank of china, cutting interest in thedriving stimulus direction of affected regions. my most important message is a broader message. we do live in an era of heightened uncertainty. we just saw a reduction of trade

tensions, and the coronavirus hits. thatwant to follow-up on in more detail. you are just coming off the back of the trade tensions, that you have the coronavirus to deal with. level, what tools are you looking out for synchronized response to mitigate the downside? fact very much valued the that when 2019 shaped up to be the worst year since the financial crisis, central banks to a synchronized rate cut and more monetary easing. what they have done is the .5% boost.of a we also saw fiscal measures countries, but what

is missing is a more aggressive swing in structural reforms, and that is where we expect that, if there was to be more attention, it should go. monetary policy basis is shrinking, and the reliance on fiscal measures as well as structural real -- structural reforms to boost growth ought to be stronger. abigail: coming up, deeper dive into two big stories, ubs chairman joy -- ubs's chairman talks about the transition at the top and the morgan stanley ceo talks about e*trade. plus, global policymakers. the singapore budget features billions in stimulus. the finance minister tells

bloomberg, investors shouldn't worry the government as abandoned fiscal prudence. this is bloomberg. ♪

♪ back to welcome "bloomberg best." i'm abigail doolittle. singapore plans to post its biggest budget deficit since at least 1997. the government stepping up support for the economy, pledging more than $6 billion singapore and a fiscal package. the deputy prime minister also serves as finance minister and amin why these measures are essential. >> the economy is really feeling the effects of the global slowdown. and this virus outbreak will have fairly negative impact on the global economy as well as on

the singapore economy. if you look at china's integration in the global economy, it accounts for a much --ger share of global dp global gdp than during sars, and our economy is a lot more integrated with china. >> how dyer could it be for the singapore economy? severity ofs on the the outbreak. lot more integrated today and the ripple effective -- ripple effect of what is happening in china will have an effect on us. that is why it is important to stabilize the economy. haslinda: you said there are further funds to spend if needed. about thencerned signal on fiscal prudence you may be sending to investors, if it comes to that? >> it is because of our fiscal prudence that we have this large

reserve that we could use. and at the same time, we also have our past reserves, if we ever have to call on it, at which case we would need the approval of the president. but for now the government has been very prudent in the past i have enough firepower to deal with this for now. [laughter] ♪ abigail: two of the biggest stories involved ups -- ubs, who its ralph hamers will be next ceo. and morgan stanley will buy e*trade. bloomberg went to analysts -- bloomberg went to the top to analyze these moves. >> i have always felt e*trade was an incredible brand, great technology, clearly doing stuff on the digital side at a pace ahead of where we were. and we had a constant debate of

build versus buy and felt we were in a condition to make a bold move, and we went for it. >> why was e*trade the right business as opposed to a newer business? you say digital was a big deal and you considered robin hood >> i like the e*trade business model. they have a lot of clients. they have one of the best digital online banking businesses in the marketplace, and they sit on $600 billion of assets. at $3.1 trillion, you add the stock business sitting on $600 billion, we have 21 billion dollars in combined wealth management revenues and that takes our margins up 30%. it is not comparable. robin hood is a completely different kind of business. i like real businesses, real revenues, real profits, real clients. >> real clients come a much different than clients morgan stanley has traditionally taken on. how does this change morgan vent

-- how does this change morgan stanley? >> less than you would think. you would think that the stock clients are our corporate institutions, so that is not different at all. and for many of us, having advisory relationships also have online accounts with our banks or with a financial institution providing advice. so i think the channels in the last 20 years, have come together. you have to build businesses that make your clients happy, convenient to them, not convenient to yourselves. and our financial advisors, already our clients are constantly working electronically with financial advisors with morgan stanley. so the channels have converged. ♪ league of banks and he has been leading one of those banks for seven years successfully in a very difficult market environment he knows how

to interact with regulators globally, knows global regulation and knows banking strategy, knows digital, so he brings a lot to the table. we are honored to have him join us. and we also say sergio marty has been a fantastic ceo for nine years, one of the longest-serving ceo's in european banking. we are happy sergio led the bank transformation and we worked together well during that time and a really good understanding and appreciate his leadership as a ceo. now it is time for the next chapter at ups, and that will be written by ralph hamers. >> did ubs need regulatory approval given the ing money happen laundering issues? >> absolutely. in switzerland before a regulator can be announced, we reject regulators in many of these banks. we have our own due diligence process including legal counsel looking into it in the netherlands. we have taken into account

publicly-available information, and we built our decision on assurances that this was a chapter that ing put behind itself, the ceo has led transformation. of let remind you that one the first tasks of sergio and to settleubs was similar issues with regulators around the globe. and sometimes as a ceo of a bank you have to go through some of these chapters, and there was no personal liability for him that any of the investigation indicated, so we felt we have done a duly diligent process based on public information and aided by investigators and based on more details. ♪ now for a view from the european central bank at a key moment for the global economy.

ecb board member spoke with bloomberg's michael mckee. >> we have an economy that is growing because, even though the manufacturing sector as faced challenges, overall domestic demand has been significant and continues to be. we have a scenario where the economy is going to grow this something, which is modest but not where we see an accelerating problem. the fact that services continued to grow gives a lot of reassurance we have an economy , we seegrowing continued wage growth, we see continued signs that our of a gradual

improvement remain something we can rely on. weeks away from publishing new quarterly projections. any changes? of there in the middle forecast exercise per let me the data we are forecasting is indeed due to the virus. but in the base case, where it is concentrated in the first noth of 2020, this is particularly an indication for the key or medium-term element of our forecast. pmi's this that morning and other indicators are coming in broadly in line with most ofhave expected, what we see is in line with how we saw the world in the last forecast in december. ♪

♪ watchingyou are "bloomberg best." i'm abigail doolittle. let's resume our global tour of business, finance, and politics starting in washington with the fed releasing minutes of the january meeting. seeed officials don't raising interest rates anytime soon. january minutes reveal officials were cautiously optimistic but acknowledged the coronavirus outbreak is a new downside risk. >> what was striking in the minutes today was that they were very optimistic about business

investment prospects on the back of the trade deal. what else was interesting in the minutes was that they did mention coronavirus eight times in the minutes. but they do say they are not that to deliver any cuts, isn't implied in the minutes. i think they think they provided enough insurance in terms of cuts last year that that will help the economy, that will create a cushion for the economy to withstand a shock like coronavirus. ♪ >> the european commission unveiling its white paper on regulating big data and artificial intelligence today. a commissioner says she favors one single eu digital tax for technology giants. >> it is tricky if each member makes their own system. then they have to deal with one set of rules and one country and another set in another country. maybe it is easier to say, this

is how it is done in europe. one stop, here you go, these are your taxes. >> the europeans are saying we have a huge market, a market where you can make a lot of money, but if you want to do business in europe, you have to do with the european way, you have to do it in a way that plays by our own rulebook. this is the sense you get behind the scenes when you speak to officials, that the eu feels of the american tech -- feels the american tech owns too much of this market and are two dominant unwanted change that through not just regulation, because today they unveiled measures to help european companies in the tech space, but they feel regulation is going to be the key going forward. ♪ >> turkey cutting its one-week repo rate to 10.75%, and we look at what the turkish lira does in reaction. so, so distant

from developed economies. -- 10.5 -- 10.75% is so, so distant from developed economies. >> he says he wants the rate lower, in single digits by the end of the year in the central bank is predicting inflation should ease in turkey through the rest of the year. what is interesting is that we are going to have a more frequent turkish central bank meeting through the rest of the year. so it will give markets a little more transparency as to what the policymakers in istanbul are doing with the turkish economy. ♪ >> indonesia cut its benchmark rate after three months, joining other banks -- other central banks that have east policy to cushion the virus's economic impact. indonesia lowered its growth

forecast. it won't be the first and last. >> exactly, we should prepare to see more central banks in the region respond and provide stimulus to the economies. we've seen this in malaysia, sri lanka, thailand as well cutting interest rates. so far this year bank of korea is having a meeting next week, coronaviruse more infections happening in korea, they are going to take a hit to gdp growth. ♪ agreed ton resource buy rival mason for $4.5 billion. trends back -- transaction values mason added 23%. the company's 1.5 trillion dollars in assets under new management.

>> franklin stock has been taking a dive, but on the other changes,n pushing for part of that consolidation. this is a nice premium in cash. can they pull this off? when we see merges of this type, we often see attrition when it comes to money managers and clients, because there is uncertainty when it comes to this integration deal. this will be an interesting mix of institutional and retail clients, and they do both well. ♪ >> jupiter fund management snapped up marion global investors as the industry faces pressure to consolidate. the british fund manager will pay 370 million pounds through the issue of new jupiter shares to marion shareholders. there is pressure to consolidate and this is one player acting on that. >> this has been there for a couple of years. you saw a couple of years ago very large mergers in the

industry. this is on a much smaller scale but jupiter is very much active-management focused. so the pressure coming from etf's, passive management, is quite severe for jupiter. ♪ contessa sao paulo has launched a $4. -- a 4.9 billion euro deal, one of the biggest deals since the financial crisis. >> this has taken me by surprise. people familiar had no idea this was happening. only yesterday they released their three-year strategic plan. that shows how much they weren't aware of it. from the contessa side -- from side, it looks very worked out. they worked outside deals with their insurance partner. they are already looking at potential antitrust issues, so they have examined this and set

this up completely before they spring the offer. moving ands like the the timing of the move because it is clear whoever buys or wants the european banking sector to be consolidated, and we were the first to move, and the transaction can create value for shareholders. ♪ >> al brands -- -- elle brands, the chair stepping down, victoria's secret going into private hands. >> now that victoria's secret will be private, challenges they face in production and sales can be handled without scrutiny of the public market. that was one of the big strategies in taking this private. brands isft of elle

the bath and body works in the skin and candle and lotion line. and that brings the question of how valuable that company alone is. >> the u.s. is sanctioning a unit of the largest russian oil producer rosneft over its ties to venezuela. is based in switzerland and targets the chairman of the particular unit. array ofhere is a wide sanctions placed by the u.s. government on venezuela and companies that do business with venezuela, but despite the country's oil production really a shadow of its former self, the oil coming out of the country into places like china and india is coming from rosneft, and this is another attempt to cut that off. >> u.s. homebuilders are off to a hot start this year, new home construction remaining robust in january as applications to build homes jumped to the highest level since 2007.

>> we saw housing starts remain strong. they eased a little but are still at the second-fastest pace of the economic expansion. and housing permits, often looked to as a proxy of future construction, hit the highest level since 2007. and below that number what i thought was exciting was that single-family permits, so to build those single-family homes and not apartment buildings and things like that, those jumped the fastest paste since 2007. ♪ >> european leaders failed to reach her breakthrough over its 1.5 trillion euro budget. of 60have a funding gap billion to 75 billion euros pegged to the u.k. leaving the e.u. and the only way to fill the gap is spending cuts are put money on the table. this is where european leaders

don't agree. we are looking at a difference of one percentage point between the two sides but they are not able to get the agreement. officials behind the scenes will tell you it is not a big deal if we don't get it today. a lot of this has to do with the optics of a deal, leaders have to be seen as fighting hard for taxpayer money, but as long as it is done in the first half of the year, that is good enough. ♪

♪ you can get all our latest stock stories from our equity teams with tv on your terminal and latest news on your mobile app. abigail: 30,000 functions on the bloomberg and we always enjoy showing you our favorites. maybe they will be your

favorites. will get you quick takes on timely topics. writer mckenzie fagan had a few questions about jetblue airlines' new boarding procedure, no boarding pass and no i.d.. a camera and screen verified her identity against the customs database and let her on the plane. some passengers might consider the increasing use of facial recognition convenient, some might think it is orwellian, but it is already everywhere. the question is, how far will it go? turns out even some of those developing the technology are scared of the answer. this is your bloomberg take on facial recognition. becameay, san francisco the first american city to block police and other agencies from using facial recognition software.

>> concerns around civil liberties and whether you enable a totalitarian state with this technology, which seems to be the direction things are heading. >> so how did we get here? facialher ai, recognition developed slowly, beginning in the 1960's. with the help of high debt cameras, machine learning and giant databases of photos to increase accuracy, it advanced in a hurry. >> facial recognition is a technology that takes images from video cameras and tries to identify people in those images, by taking key points in the face and doing measurements of the distance between those various points. >> and 2018 london police made their first arrest based on facial recognition after crosschecking photos of pedestrians and tourist hotspots against a database of criminals. delhi, a police trial

reportedly identified in 3000 missing children in just four days. if it involves finding criminals and missing children, why would one be against it? look at the most of elle up to facial recognition system in the world, china -- the most developed facial recognition system in the world, china. >> that has been applied against minority groups. even in western micro seas, a concern about police technology to find suspects and people who might be involved in legitimate protests, so they can be tracked. >> and those are just concerns about the technology when it works as intended. a study from m.i.t. found whiteman in a sample were correctly identified 99% of the time. ever rates of up to 35% of the time with darker-skinned people. >> microsoft last year was the first major tech company to say you feel uncomfortable with

deploying the technology until clear regulation around. they were joined by amazon, which seconded those calls. it seems other companies are plowing ahead without such qualms. --to stake out guide lids guidelines, the algorithm law center and georgetown asked companies not to provide ai for autonomous weapons or sell to law enforcement unless specific laws allowing. a few companies have signed on, but not microsoft or amazon, possibly to sell facial recognition to police departments the world over. what is your facial recognition telling about you? face it, not much. abigail: one of the many quick takes you can find on the bloomberg. you can also find that on bloomberg.com along with business news and analysis 24 hours a day. that will be all for "bloomberg

best" this week. i'm abigail doolittle. this is bloomberg. ♪

♪ lisa: i'm lisa abramowicz. welcome to bloomberg "money undercover," a show that provides valuable insight into alternative investments. we take you inside the world of private debt, equity, and real estate. let's get to the burning issues in private markets. vision fund sees losses with its earnings raising alarms about lofty valuations. cash piling into rental homes with a big bet on the future of housing. and we look at the intersection of private equity and sports. wealthy athletes seek the best