♪ kurt: i'm kurt wagner in for emily chang. this is the "best of bloomberg technology." where we bring you all of our top stories from this week inditex. coming up, how the coronavirus has impacted tech with global smartphone shipments expected to drop 2.3% this year. we will bring you the latest numbers. plus, jeffrey smith reacts to gauls by activist investors to push out jack dorsey as ceo.

an interview with the impossible foods cfo on plans to enter china despite the spread of the coronavirus. the global smartphone market has been slowing down for some time. the coronavirus will only make it worse. according to ibc, smartphone shipments will drop 2.3% to around 1.3 billion units. bloomberg's paul allen and emily chang spoke with the privacy -- -- ibc president on wednesday. >> we have a number of analysts looking at this. we would say that the tightest component -- the ingredient in this is the people. people are not fully back to work. with think the manufacturers in china are mainly 30, 35% of capacity. they are slowly starting to ramp back up. that is good news. china also has been a place where many components are manufactured.

from that standpoint, what we have now is we believe the tightest components will be pc circuit boards and screens. that would fit with the story we saw today, that if you are having trouble with replacement parts, what is one of the biggest parts? it is not your processor, it is that you drop your phone and you break your screen and you need a new panel. the idea that displays and screens are already starting to show up in short supply, absolutely fits that story. that's what we are going to see. everything is generally tightening as we get deeper into this. emily: we have heard tech conferences are being canceled. you guys just canceled -- >> yes. it was supposed to happen today down in santa clara. emily: there is all this loss of productivity. employees working from home. employees may be not working at all. how do you begin to assess the impact on the technology on the technology industry? crawford: we are living in this

time where we have seen gdp and tech. tech has been -- the rate of tech growth has been over 2x that of gdp. for perspective, back in 1999 we were shipping dog food bags. that was 1.6 x. was growing at twice the rate of gdp. the first thing we look at is the gdp growth rate going forward. we have put together a number of scenarios. we have got a optimistic scenario probable scenario and a , a pessimistic scenario. we think in the optimistic scenario, gdp goes to two and a half percent. in the probable scenario, it goes to about 2%. in the pessimistic scenario, it goes to about 1.4%. that is global gdp. and then, of course, we would look at all of the different components that are tied to gdp as well as overall demand, as well as what verticals will be impacted.

we believe, from a probable standpoint and from a probable standpoint, we are talking about if china starts to come back online in the springtime, but faces headwinds into the middle of the year going into the second half of the year. and the probable scenario says the virus spreads around the world, which is what has happened. we are out of the optimistic scenario. we are now into the probable scenario. we think it comes down to how much it spreads into other regions of the world. which is taking us somewhere between the probable scenario and the pessimistic scenario. that takes i.t. demand from where we thought it would be to somewhere between 3% and 1% growth. we could, in a negative scenario, get 0% growth. we do not think that will be the case. we expect we will be between those. let's call it 2.5%, maybe 3% growth. paul: i am wondering, to what degree are cloud services insulated? crawford: great question.

when you look at the overall services market, those tend to feel the impact a lot later. it is sort of that, as a service business we think -- the direct answer to your question is, not nearly as much as the people making the tangible goods. it is a lot easier to say, i will put off my mobile phone buying. the actual people who are at the top of the stack in service or cloud applications, in this marvelous time where technology is eating the world, companies, if they are going to be in business, they are using a cloud service provider. that means they are likely not to back away from those cloud service providers. kurt: that was ibc president crawford del pratt. despite president trump's claims that his administration is ready

coronavirus, senator says they will not be able to meet his goals of one million test kits by the end of the week. we spoke to a professor of epidemiology at the johns hopkins school of public health. >> things are ramping up. i'm pleased that diagnostic capacity has expanded this week and will continue to expand in the coming days. more cases might feel alarming , but it is us just getting a better understanding of the situation. paul: are enough kits available? >> yes. they are coming online and about half of state and local health testing laboratories now have capacity to test. i understand the rest of them will be coming online this week. that will bring us to about 10,000 tests per day if things run smoothly. emily: tests have not been available.

we are looking at cases going back two, three weeks in the united states. what's your best guess? how many americans do you think are actually infected by this virus that we don't know about? dr. rivers: it is impossible to say and that is why it is so important we have testing capacity. i think we will see more cases in the coming days and weeks, because there has been transmission likely happening that we have not observed. we are going to go out and find those cases and get a better handle on the situation. but there's no way to really estimate what the current status is. emily: what is your long-term outlook for just how serious this is and how many lives it could claim? dr. rivers: i think the current risk to the average individual is low. for communities that are seeing transmission, i think the state and local public health departments for those jurisdictions are communicating about what risks will be. i do think there is reason right now for the general public to take steps to reduce their own personal risk, regardless of what they are seeing in the community. the best ways to do that are

hand hygiene and respiratory etiquette, which is covering your cough and staying home if you are sick. paul: i ask this question to a number of guests, because you see a lot of people walking around with facemasks. are they actually effective? dr. rivers: they are effective if sick people wear them to contain their coughs and sneezes and so on. they are not particularly effective for well people to stay well. we are also concerned about supply chains and making sure health care workers have access to those masks, because they are at high risk, being in contact with people who may be sick. we want to make sure they have access to the supplies they need to be healthy. kurt: that was dr. rivers of johns hopkins bloomberg school of public health. coming up, why some activists want changes at the top of twitter, including pushing out jack dorsey. and if you like bloomberg news, check us out on the radio, on the app, and in the u.s. on sirius xm.

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kurt: shares of twitter surged on monday after bloomberg reported that elliott management is pushing for changes after stake in theillion company. this includes moves to replace jack dorsey. jeffrey smith spoke to ed hammond wednesday. >> it's hard to talk about somebody else's position. twitter is a position we have looked at for quite some time. we have a lot of respect for elliott. the governance structure, having a ceo who is the ceo of two different companies is highly , highly unusual. is jack dorsey unusual enough to be that special? he might be. he might not be. i don't know the answer to that.

i think it is going to be a discussion among jack and the board, as well as elliott in the even theybe shareholders to determine whether there is a better construct to manage that company. and if it is important to keep jack is a visionary involved in the business. i have potential predictions, but i don't think it is appropriate to share those. >> is it a better company with jack dorsey or without? >> i'm not sure i can answer that, and it depends on in what capacity. i don't think it is fair for me to answer that. i do believe jack is a visionary, a unique leader. but i don't actually know how involved he is and what he is doing day-to-day at the company. and can't say with the right outcome is. is >> one thing you have

been active on is ebay. last month, you wrote a letter berating them for not having done their strategic review fast enough. what do you need to see their to be satisfied? >> ebay is one of those terrific businesses that should be able to handle the situation well. it is a true and adept business and a marketplace. they did sell off stubhub, one of the things we were asking them to do, but we would like them go further. we would like them to sell off classifieds. on the operational side, we need them to perform better. there's more that needs to be done and it needs to be done faster, with more focus, and we care. there is a ceo search process going on and we care. we expect them to hire a best of breed ceo. the talent level and skill level

of the ceo is important and we believe ebay can attract one. >> it is something you are working on currently? >> we have conversations with the company frequently and it would be around this time of year when it makes sense to talk about board representation. that is not always the answer. it may be the answer in this case, but it is not always the answer. in every company we look at, it's not about the board to start with. the board is a tool of governance for us to oversee a company. but the board is overseeing management. at the end of the day, the most important thing is the ceo and strategy. the board has to oversee that. when you hear us talk about how companies can improve themselves and how they can perform better, and how they can create value for the benefit of all stakeholders, the ceo is incredibly important.

we are going to talk about that or the plan when it relates to what can be done differently. when it comes to ebay, we can have a conversation about the board, but the most important decision they have to make is are they going to bring in a ceo who is a superstar ceo. kurt: that was jeffrey smith. let's hearaction, from partner and chairman of the shareholder activism practice at austin. he also spoke with ed hammond. >> this is a forward lead company. -- founder led company. is very important to understand that founder-led companies are just different. and jack dorsey is one of the most iconic pioneers. he has founded one of the most influential media companies of all time. he has actually started to do really good at twitter. when he rejoined in the 2017, he started to right the ship. numbers were good relating to audience growth and retention.

he has a very strong board. he look at the board and you have the former president of the world bank, the former cfo of google. the ceo of salesforce. ands a list of executives this is really strange that elliott would choose this time and this company to go after. >> and not huge tenure on the board either, right? a lot of them have turned over recently. do you think they have bitten more than they can chew? >> i think so. elliott is not that experienced in running proxy fights. that is something people forget. the last proxy fight they ran was several years ago and i think they have misjudged the situation here. kurt: that was a partner and chairman of a shareholder activism practice at sidley austin. mw's big bet.

we will hear from the german automaker's ceo. and later, the ceo of impossible isds and how the ceo disrupting global supply chain. this is bloomberg. ♪

kurt: once the go to brand for luxury buyers, bmw is facing pressure from tesla. the german brand's answer to the electric threat is a sleek, battery-powered car. the cfo spoke with matt miller in munich, germany on the launch of the new electric concept vehicle. >> i think a real bmw does not compare to any other band -- brand. that is where it comes to the

heart of our brand. that is the first real dynamic car from mw. -- bmw. it has an acceleration of only four seconds to 100 kilometers per hour. it has a range of -- and it looks like a real bmw. >> the range has been the hardest to nail, but it has also got 500 horsepower. how do you achieve that? other german carmakers have not been able to achieve that. in 2013.rted the i3 that is when we started to ponder, what is the future going to look like? we thought our architecture has to be able to be flexible enough to cater for mobility and combustion engines. that is the result of our thinking. >> you don't think pure electric

cars are the future? >> you know, the world mobility market is highly fragmented. there will be specific niche is where you can have only electric cars, but for bmw, we need all of the driving dynamics. it's much more than just the engine of the car. i think this is the right answer for us, but there will be other segments with only pure electric architectures. >> i am a motorcycle rider. -- r18.he are 18 to have aing motorcycle on the market? differentycles is a market segment than cars. full mobility has arrived in the car market. almost everybody is working on it now and we have already sold 140,000 electrified vehicles in 2019.

we will accelerate that expansion. >> initial investment is obviously huge when you are starting a new model. you have done a lot of investment in production. will the costs after that start to sink? you need fewer parts in an electric motor. >> i'm not sure the complexity of the car is really diminished. there are so many other components, and of course, to have flexible architectures we can produce it like the same plant is a huge advantage over the competition. >> what about the headcount? a lot of your competitors have already started reducing headcount substantially and you have yet to do that. do you need to catch up with them? >> bmw is a growing brand so we need our people, our workforce. of course, we have started to invest more heavily into electro mobility, so there is no need

for us to reduce our headcount. >> i have to ask about the coronavirus. there was reportedly a case here at the center in munich. is it likely you will have to shut down any facilities? >> i can confirm that, as of today, we had one case in our center. hope we did was, that worker who was a temporary worker, put into the hospital. the hundreds of people who met him have been asked to stay at home and be placed under quarantine. that is our immediate measure. but currently it is not necessary and upper be overdone if we shut down facilities. i think we have the right strategy. >> what is the biggest impact beyond the people? as far as the business of selling cars. when we hear things like fiat chrysler having to shut down a

plant, i think about the supply chain. when we hear about empty showrooms after the lunar new year, is it a supply problem or a demand problem? >> you refer to china. we had the new year's celebrations, and afterwards, customers did not return to the normal routine. that also influenced our market in china. specifically, in now, the world february. is normalizing and we don't see any serious effects on our supply chains. but that is something we have to watch every day. >> it is quickly evolving, obviously. still expects 5% to 10% sales growth in china. can you confirm that is your target? >> we expect growth in china and we also expect growth for the rest of the year over the whole world. whether that is true for the

coming weeks, i would not be able to confirm. but it is far too early to make a prognosis for the full year. bmw is a growing brand. >> it's only the beginning of it's also the beginning of your march. tenure here as ceo. congratulations on that. what do you bring to the table that is different, or what, in terms of strategy, do you want to do different? >> i think we have a set strategy. i have been for five years on the board. what we have pondered about will not change rapidly. hope we try to do is be faster than our competition. we want to expand more quickly. and i think we have created a. specific strategy which fits perfectly for bmw and rolls-royce and we are rolling that out now. you will see that will be quite successful. we are quite confident about this. >> you didn't make a plan to

build minis in oxford. what do you expect for the future of the brand? cracks in the oxford? >> -- >> in oxford? for three years, we have been pondering what the effects would be but there has been non-whatsoever on the production, supply chain, or brand in the united kingdom. we will also see what happens until the end of the year. i would be a little bit more optimistic than the public. at end, everyone the will make sensible decisions that industries, markets can develop further. i am slightly confident. could envision being built somewhere else. i can't imagine building a

rolls-royce coach anywhere other than england. does it stay there? >> absolutely. rolls-royce is an english brand with english origins. that will stay. >> how was the luxury business? it is arguably a peerless product. how is that market? echelon.k in the upper we are the market leader. we own 50% of market share and that is evolving independently of the rest of the world. with our new products, i think we have set the ground for further growth. >> that was bmw ceo oliver. coming up, why hp rejected a -- xerox's takeover offer. and bloomberg technology is livestreaming on twitter. global to follow our

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♪ kurt: welcome back to the "best of bloomberg technology." i'm kurt wagner in for emily chang. on thursday, hp rejected an unsolicited takeover approach from xerox. saying it quote, meaningfully undervalues hp and disproportionately benefits xerox shareholders. to valuet has routes that are not dependent on a combination but xerox. hp's ceo.spoke with >> we have rejected the offer for two reasons. first, it undervalues the company. second, it creates a risky

balance sheet. and third, it is unrealistic. because of those reasons, have -- we have rejected the offer because we do not think creates value. >> one of your complaints about xerox is you have said they are a company in terminal decline. i think you have characterized them as a desperate buyer. how can you be confident of that? is what hasan see of thee devaluation company and a clear negative trend. the best way to estimate that is the total contract value. it is easy to predict where the business will go and this will be key information to understand what will be the performance going forward. >> one would assume that information is to put an offer on the table and get due

diligence. why not do that? >> need to address the problems we have seen. need to make sure the value exchange is right. is, the the combination capital structure needs to make sense for the businesses. he needs to be realistic. this is the conversation we need to have before any discussion of a combination can happen. >> in terms of the pure logic of a combination look, the printing business is a part of hp. do you think long-term it would make sense to combine so you have an extended platform? >> we see logic in driving consolidation. we started to try that years ago when we bought the samsung printing business. there is an opportunity there. we took a company that was losing money.

those will help us to grow into spaces we are not operating. we think consolidation makes sense and we are open to exploring that opportunity. >> i would be interested to know how it is for you personally. you have been at hp for most of your career. immediately, you find yourself in a hostile situation. you have xerox and carl icahn on one side and you and your company on the other. what have you learned from it? >> key thing is the importance of being focused. this is the key thing we have been driving in the company. we need to continue driving the business forward. q1 result that we had in really shows the ability we have had not only to stay focused, but to continue to make progress. >> i think we are so focused on the potential deal here that we lose sight of the fact you are

running day-to-day, a significant company. many employees around the world. let's switch on to what's going on there. coronavirus a huge factor for businesses how is the . coronavirus affecting hp? >> it is a big company and we have many parts unrelated to the recent actions. we said last week that coronavirus is having an impact. on the manufacturing side, after chinese new year's, the manufacturing rep in china was slower. we are recovering but we said this is going to have a temporary impact. we expect to recover in q3 and q4. kurt: that was hp's ceo turning now to women in office. women have been told to change themselves and be more assertive

to succeed at their jobs. but the director of inclusion at netflix thinks that's not going to close the gender gap. in her book "the fix," she argues it's time to stop the women-fixing epidemic in time to start fixing the workplace. she was head of the u.n. innovation coalition for change. she spoke with with emily chang and paul allen on monday. -- with emily chang and paul allen on monday. >> it is ensuring you know that the barriers are that women and minorities face at work. you remove those and create a workplace culture where people are valued for their individual identities. there is a big focus on creating belonging, an environment where employees feel they can contribute in a unique way. currently, we do not have that. most have to conform to a 1950's ideal that does not really serve anybody. this is about crating the right organizations where women can thrive. paul: i was intrigued by that

1950's ideal that you mentioned. men are expected to fit some certain gendered stereotypes as well, aren't they? michelle: it was part of my research that i was surprised by as well. i assumed the outdated, what i call the don draper ideal work for men, but it simply doesn't. when you look at the barriers men face, there are many as a result of this. things like male silencing, male bullying, the challenging -- challenges men face and the difficulty in talking about these. i always say, gender inequality is one of the best things to happen to men. they just don't know it yet. >> some of the takeaways from your book, diversity programs are largely not working despite increased parental leave. workplaces are failing parents. what are some concrete things that managers and the rank-and-file can do if so much of what they are doing isn't

working out? michelle: the main thing we are asking leaders to do is lead. we need leaders to manage the day-to-day inequality moments as and when they happen. in order to do that and to aware of how inequality is showing up in your work, you have to know what the barriers are. so that when the inequality moments happen, so you can recognize them and intervene. speak up. advocate on behalf of women. use those moments as learning or teaching moments. in order to do that, we need leaders to disrupt the denial. one of the things my research found is that most leaders are in denial about inequality that men and women experience in workplaces. they believe that workplace is a meritocracy. that it functions for everybody in the same way and that is simply not the case. living up to this outdated ideal is what creates challenges and barriers. kurt: that was michelle king, netflix director of inclusion and author of "the fix." coming up, how plant-based

impossible foods positions itself amid food safety concerns due to the virus outbreak. we will hear from cfo david lee next. this is bloomberg. ♪

kurt: apple's top iphone maker says that expects manufacturing plants in china to be back to normal operations by the end of the month. the unit assembles the majority echohones and its comments others in seeing a swift recovery. it says its factories are currently running at 50% of seasonal capacity because of the outbreak. china's number two online retailer sees revenue growth above 10% while saying its plumbing area estimate, given

the rise of the coronavirus. income, topping robust user growth. however, 10% growth is less than are of what analysts expecting. as the coronavirus continues its spread, the demand for more quality controlled food and shipment safety is also rising. impossible foods, famous for its impossible burger, is sticking with its plan to enter china at a time when animals are more scrutinized. emily chang and paul allen spoke in anid lee wednesday exclusive interview. >> there's no question that since asia comprises nearly 40% of the entire meat industry, our mission at impossible foods remains the same, which is to offer every mediator, whether they be in asia, china, or here in the u.s., more and more of our great impossible burger and

impossible pork made out of plants. we are excited today to announce we are passing on cost savings cost to wholesalers by by reducing cost to wholesalers by an average of 15%. consistent with our global a moveconsistent with our global mission to be available everywhere. emily: china is the world's largest consumer of pork. so, that makes sense. but let's talk about food safety. this is a question on everybody's minds. what are you doing to ensure the safety of your shipments, and should the public be concerned about broader food issues? >> impossible foods was founded by a phd, md pediatrician pat brown. from the very beginning eight years ago, our fundamental culture, our dna, is rooted in ensuring we have the highest quality, most healthy options that hard court mediators can crave. eaters for us, that

can crave. for us, that means being radically transparent about how we make our products, ensuring we pick the right plant-based ingredients to ensure that the public is certainly safe, but beyond that, has a better option than the incumbent industry for their health and for the environment. paul: do you anticipate any sort of marketing difficulties in china for plant-based meat? >> i think the verdict is out that meat eaters, not just here in the united states, but as we have seen in singapore, hong kong, and macau, meat eaters globally crave meat that doesn't make them feel as guilty. the impossible burger is exactly that. the craveable burger, a slider for less than two dollars at white castle, or in the hands of a michelin star chef, and it can transform in the hands of a chinese chef as it has here in the united states. i don't anticipate that changing regardless of the headlines of the day.

paul: the headlines of the day of course, mostly circulate around coronavirus at the moment. has that had any impact on your supply chains? >> we have had no material impact, and frankly, it has allowed us to focus on distributing more of our product. we have seen such unprecedented demand that even as we are fully in stock today, you can get a quarter pounder made by impossible at any mom and pop restaurant that wants to serve it through our distributors today. we know that our demand will increase. we have been undeterred and frankly not distracted by the news of the day in serving our mission. emily: disney resorts have been closed in china and shanghai and hong kong. what about your partnerships with disney world and the cruise line? any impact there? >> we were really privileged to see disney chose impossible foods. it was years in the making. they have an extremely high bar on quality.

to be the choice they made for the plant-based products they are happy to serve is something i think is going to pay off for the long-term. we have not seen any impact today, but our focus really is on a long-term mission and business that goes beyond what we see day by day. kurt: that was impossible foods cfo david lee. founded in 2007, ammunition is a studio responsible for creating iconic products like beets by dry and polaroid. -- beets by dry and polaroid. i spoke to the founder and partner about the design process and how the retail experience can be improved with better product design. >> if you reinvent something, you are probably not going to get the acceptance you want. you start with a basis of what people know and draw them into what it is doing that is new and beneficial. >> can you give us an example?

it uses a enormous amount of technology. food, doesour temperature. ultimately, it has to look and behave like an oven. this could be anything, but this needs to be a good oven. if it was a spherical ball floating on a cushion on your counter, people probably would not have bought it. >> would not even know to put the food in. >> yeah. >> when i think about design, this idea of real simplicity. it is certainly appreciated. i am wondering, as a non-designer, how much of that is a trend? is something that is hot now? how much of that is built into the way things should be designed? >> for me, it is built-in. it has always been that day.

simple is timeless. simple is beautiful. simple is the way things should be. what's challenging is things are very complex. the art and process of making it simple is very challenging and it takes a lot to do that. we spend an enormous amount of time figuring out how to make complex technology understandable and easy. >> you mentioned the oven. you have a coffee mug as well. what is a product out there you haven't worked on? what is a product in need of a redesign right now? >> oh, man. things, i see of them constantly. i have six kids, so i have gone through a lot. in children's products, there is oft an in numerous amount nonfunctional design and waste. it is about time to start putting as much attention on products for children and their parents as we do on phones and watches.

it is a category that is not given enough attention. kurt: that was my conversation with ammunition founder robert brunner. coming up, why one of tesla's largest outside shareholders is not spooked by the coronavirus. jane sanderson tells us where he spotted buying opportunities in the chinese stock market. this is bloomberg. ♪

kurt: facebook and its partners are weighing a revamp for the libra project in an effort to appease global regulators. the social media giant is considering making the cryptocurrency into -- sources say the libra association lands to reintroduce of the project soon.

this hotel group is cutting its global workforce. most of the losses will be in china, where business has crumbled in the wake of the coronavirus. the indian startup is also cutting jobs in the u.s. and japan. the company was founded in 2013 and was once valued at $10 billion, but investors have soured on the money-losing business after we work. one investor still sees considerable opportunity in the chinese stock market. ed hammond spoke to james anderson about the chinese companies he is eyeing. >> i think the current pattern of capitalization is wrong. why do i think it has got the ability? -- it is not just to the extreme profitability, it is that the whole area of enterprise and

corporate software in the cloud in china is underdeveloped. alibaba's position and i think the growth drivers are profound. the finance side is pretty powerful. >> what are some of the challenges of deploying capital there? it is not the same as investing in the u.s.. what are the challenges and how do you navigate them? >> the first thing i would say is that the people who run these are thes recognize, long-term owners and deployer's of capital. so there is that similarity with with the west coast american model on that front. that they find innovative companies, does the government feels is helping them drive the economy of china forward, are allowed to have their role and their dominance.

but they do occasionally have their wings clipped. regulation in china is probably more effective than europe or america. >> that is a marked difference between between china and europe. you have much heavier state involvement in these companies, particularly the ones you guys driving the economy. >> yes and no. hyphae are quite interested at the moment to the degree in which these companies, the environment is made so it is still profoundly dynamic. when you think about the big american technology companies, they are the same ones. we haven't really seen anything like the emergence of bytedance or tictoc in america in recent years. i think this environment is probably more dynamic in china than elsewhere. >> looking beyond the coronavirus and fluctuations it is causing, how much of your pet on china depends on political stability?

>> i think any serious level of political unease in china would interrupt it for some time. i am very sure -- unsure what is the best method. to some extent, we have always felt would get prior indication. ultimately, legitimacy of the communist party depends on delivering the economic and societal goals. and hence, you see that breaking down first. i don't think politics will be the first thing to change. i -- ipotalk about the process. we spoke about the damage conflict. softbank is the heart of that. the peak of that model. do you think they are to blame for breaking the ipo model? >> i think they have a share of responsibility. i think we believe the model is very broken in itself, from the process itself.

in a deeper way, i don't think companies need to go public until later. i don't think they want to go public until later. and i think that is structural. i have to say, i have quite a lot of i think you can pursue sympathy with that. i think you can pursue longer-term goals. if i may be complementary to many venture capitalists, i think being owned by benchmark and sequoia is good for a company, whereas it is not always the public market is as supportive and sympathetic. >> if you have this shift where a lot of gains are being contained in a private market, it concentrates those gains in the hands of the few, the rich? >> i am very sympathetic to that. we are trying. enoughously not have influence to alter it ourselves. we are trying to give people access at a much lower cost. i know we are not directly involved, but our investment trust in the u.k. charges less

than 0.5%. >> a company we speak often about, tesla. usually when it is a much lower price. today it is that 7.25 at the close. are you selling at that level today? >> no. i want to be completely honest. we have some clients with holding restrictions. as we have already explained in the course of the last month or two, we have had to do something about that. but structurally, no, we think the company is stronger and more competitively advantaged, and that outweighs the share price. we are more buyers of weakness than anything else. i think the pattern these days is much more that increases in share price are tending to show the companies's winning a very large area. i think the opportunity for tesla has gotten greater, not

just in the extent of its leadership over the industry, but many of the other activities we are talking about. i don't think i can give you a figure. i don't like to be tied down to one number. we will tell you when we get there. >> i promise that if it hits 5000, we will have you back on. kurt: that was james anderson. portfolio manager at bailey gifford. that does it for this edition of "best of bloomberg technology." we will bring you all the latest in tech throughout the week. tune in each day at 5 p.m. new york. and 2:00 p.m. san francisco. of course, bloomberg technology is livestreaming on twitter. check us out at technology and be sure to follow our global breaking news network quick take on twitter as well. this is bloomberg. ♪

francine: from edinburgh to the city of london and to the top of an asset management giant. today, she oversees more than $300 billion in assets for nearly 2.5 million clients. with investments that span the globe. anne richard's journey began in scotland. born and raised in the capital, she got her degree in electrical engineering from the university of edinburgh. richards went on to an mba outside of paris.