♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next hour, airbnb shares closed down 4% a day ever going public. we will talk about this sky-high valuation and the tech industry in general, with the cofounder of linkedin and partner in greylock. plus, makeup talk. renewed calls for facebook to

break off whatsapp and instagram. we will talk about what is at stake for mark zuckerberg's social-media empire. vaccine rollout -- we are awaiting approval of the pfizer covid-19 vaccine. the company expects americans to be inoculated very soon. tech stocks fell on the s&p 500, after a record day yesterday. want to get to katie einfeld in new york could airbnb pulling back a little bit which we have been watching with great fascination. breakdown the day for us. vibe: there was a risk-off to trading today, but a bright spot was disney. it had a banner day in markets after the company projected that disney plus global subscribers

could hit 260 million by an by 2024. for,-- for context, netflix has 200 million subscribers. shares of over 13% to a record high. if you look on the board, there is a lot of red. itlcomm fell over 7% after started making its own -- apple started making its own solar motors for its devices. that was perfected in markets today. thenb, doordash, both ended day lower after justice skyrocketing after their trading debuts this investors are trying to figure out how to price these ipos. markets were waiting for any prospect on fiscal stimulus. time is running out for lawmakers to pass anything by end. the s&p tried to pare losses but

didn't quite get there. the index is down about 1%. even still, the week's biggest loser was the tech sector. the nasdaq 100 and the week 1.2% lower, led by the drop in qualcomm that i mentioned, and even though there was a jittery field in the markets to end the week, you saw the small caps hang on to their games. also 1000 gain for the sixth -- the russell 1000 gain for the sixth straight week. rotation trade is alive and well, emily. emily: all right, katie, thanks so much for the update. i want to talk a little bit more about airbnb now, pulling back a little bit from the highs over the last two days. i sat down with an early investor, reid hoffman, , tounder of linkedin talk about the listing in the sky high valuation. take a listen to his reaction. reid: i have been super pleased

with the company and the team and the recognition of what the company is trying to do. that is part of what you see reflected here. i think that the question about how we transform travel, how do we transform the sense of belonging, i think those things are super important and i think that the market is responding to it. i think overall i have been just delighted. emily: i told brian that the price doubled live yesterday, and he seemed genuinely stunned. he was at a loss for words. it was a special moment. but if even he is surprised, are you at all concerned that the evaluation is too lofty combat tech valuations in general are getting out of hand? reid: well, i'm a little bit worried about the overall market generally, because i think we still have a lot of the pain of the pandemic and how it is going to affect small businesses and main street and all the rest of it. i am kind of worried for society

and economy as a whole to get back to the necessary rebuilding we need to do. that may be reflected in -- i don't tend to think about valuations in the days and months period. i think in the years period, because what are you building for the future. the short answer is kind of notnge for investors -- eh, sure. but i'm focused on what the next two years bring. emily: let's talk about that. has seemed soech decoupled from what is going on in the rest of the will and america. are you concerned about a bubble could burst or do you think that the good times are going to keep on rolling? i think ultimately for the country in the tech industry, what we are seeing from the pandemic is a huge acceleration of the digitization of work, life, all of these things that matter to us. and that means more rapid

adoption of technology product and more innovation and more fast growth, and that would be good for the tech industry. what is really important is that we bring the tech industry -- we bring more tech platforms to help small and medium businesses airbnb, paying the mortgage and rent through being able to build a treehouse in the backyard or any number of different ways you can develop airbnb. that is important, because the technology is going to shape us and get us out of the recession to build the images of the future, including s&p's, but we need to get there. that is what is really important. emily: now, you are a beautiful post -- you wrote a beautiful post about your investment in airbnb. some of your colleagues didn't think it was a good idea -- who wants to rent out someone's

couch? it has been a long 10, 12 years since they started the company. what makes airbnb and ryan and the team different, given the ups and downs and the lowest point back in march? reid: well, it wasn't a surprise to you, probably, in a number of other people, that when i launched my podcast, i made ryan my very first guest because i learned so much from him how to do this. what i learned is that they didn't just treated as the design of a website or interaction or graphics. they treated it as a design experience and design of visiting a place and connecting with the local community, and they looked at all of these different elements, including doing all of this very pretty work about hosts and finding out what is going on. that is part of what i think is there magic in white airbnb -- and why airbnb is not because

better,lgorithms are but human experience from the design perspective. that is what i take away. emily: obviously, this is a week that you are celebrating and the team is celebrating, but there is talk of the $4 million that may have been left on the table. peers like bill gurley say the ipo process is broken. should the process be reevaluated? you're taking a number of portfolio companies public. my mother, are you ag--i wonder, ghast at the money that could be in it right now? reid: the whole thing is if it's implicit. we had the exact same commentary when we took linkedin public and linkedin went substantially up. everyone seemed to misunderstand that this is a journey of decades. it is a journey that as part of what you do is you say what is a

price i can get a lot of long-term investors, people who will be with me for decades, two decades in building this company? you try to get them on board as high as possible and that will be a little under, sometimes surprisingly under what the market is especially in the first month afterwards. and that is fine. in a multi-decades earning. it is not clear that if they had gone out at 146 that he would have had the same demand for anything else. these are the people coming in saying that we think you are a buy at this price. that's ok. the real question is what you are doing. emily: i goes to the idea that tech is somewhat divorced from the rest of the world. you are worried more broadly -- what is your advice to entrepreneurs right now? are you telling them to strike while the iron is hot, or we can

wait it out? it seems like this positive environment in silicon valley is going to extend. reid: well, as an entrepreneur you are always focused on speed and motion. generally speaking, entrepreneurs are thinking i can go public now. that is generally a good idea when the markets are open and we believe in our pricing for the future. that is a good thing for entrepreneurs to work on france. that is probably the advice i am giving. that being said, the whole thing is you are building for a decade or more, building for the long-term. you don't ever just do something because you can. in how yous is transform the world, how you offer products and services that matter to people and how you elevate society and create new jobs and employment.

that is the real metric you are looking. availability of capital is an important part of entrepreneurship. emily: you were telling us earlier this year that you are investing in founders who had never met and companies that don't have offices. it?competitive is how often are you making investments and how long does that keep up? reid: all of us have been running to keep pace with what the general acceleration industry -- traditionally it was we visit your offices and, yes can we still do -- we are finding the pace is if anything picking up. emily: reid hoffman there. all right, coming up, more legal trouble ahead for facebook. we will look at the antitrust case that me cost to the company

whatsapp and instagram in the most extreme scenario. that discussion is next. this is bloomberg. ♪

emily: california has confirmed it is joining the antitrust lawsuit against google. the state attorney general alleges that google search violates antitrust laws by entering into his exclusionary business agreements that shut out competitors and suppress innovation. google maintains its response, saying that people use google because they choose to, not because they are forced to or cannot find alternatives. google maintains that the suit is "deeply flawed." u.s. federal trade commission took a major step towards the

possible breakup of facebook by formally filing an antitrust lawsuit against the tech giant and accusing it of abusing its monopoly powers in social networking to stifle, edition. how might this impact the empire mark zuckerberg has built? i want to bring in sarah frier. small developing's today. a judge has been designed -- a judge has been assigned to the case. what is the latest we know? sarah: this is essentially the worst thing that could happen to facebook because instagram and whatsapp are there future. not is what --they have asked for much revenue from whatsapp because they are trying to build the right kind of business model. they have really taken their time with trying to play these out, and in the next few years, this is when it is going to happen, and these are also the years that the fcc is asking that these companies get broken apart. now, it would be very technically difficult for

facebook to do this. first, facebook came out with a response saying that the fcc already approved these deals or at least let these deals go through in 2012 and 2014. to ask for them to be undone now would have a chilling effect on the market. emily: so, how bad would a breakup be? this is not what mark zuckerberg ,ants, but it is a huge company and if they spin off instagram, how much would it hurt this book -- facebook? sarah: if you think of facebook's next big opportunities, it is all in instagram and whatsapp. is the path to e-commerce the next big revenue stream. and whatsapp is a tool for that. zuckerberg is trying to integrate the messaging components of these apps.

instagram has a younger demographic. whatsapp has a international demographic. these products have a better reputation than facebook, which angrys name used in statements from regulators on all sides of the aisle in every country. this company has been under fire, but people still have an affinity for instagram and whatsapp. it would be benefiting for them to be untangled. point this is what the fcc is recommending, and unwinding of these acquisitions, but how likely is it that would be the actual remedy? i actually feel like we are going to see a long legal battle of facebook using every trick in the book to make sure this does not become the end of the process, that they don't get broken up. company is, the working to integrate these

products and to tie them closer together as this decision gets delivered. alreadyany is -- it has made it so that the advertising facebook'snstagram's advertising system. untangling them would be technically difficult, not that that would stop the company from reaching that state. but the company is likely to argue that it is either impossible or unreasonable to do. angerhere is a lot of over facebook right now. more than 40 state attorneys general. they are facing a very strong fight. we haven't heard from the doj what they will do. we have congress seeking the punish facebook for its monopoly power. i think it is going to be a very

rushed few years for the company had. as for the company -- for the company ahead. emily: sarah frier, thanks so much. this will be a big story for you and for us the next few months and potentially years. i want to get to breaking news. we know the tesla will be joining the s&p 500 and 100. now we know which companies tesla will be replacing. tesla will replace apartment investments in the s&p 500 index and replacing a company called occidental petroleum in the s&p 100. this will happen on december 21, when tesla is scheduled to be added to the s&p 500 and 100. we will be following it on that big day for the company. coming up, only a few weeks away from the end of 2020 could that means companies are ramping up to meet last-minute holiday shopping demand.

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dramatic rising shift to e-commerce during the pandemic this year, retailers, carriers, and the fulfillment ecosystem have had their operations stretched to the limit to meet customer demand. hubcent survey by commerce find a 40% increase in consumers who said they would be doing more that half of the holiday shopping online. we are joined by the founder and ceo, also the latest guest in our "retail transformed" serious. thank you so much for joining us. your company connects retailers like walmart and home depot with suppliers to fulfill orders and organize deliveries. what kind of activity have you been seeing over the last week? >> we haven't seen dramatic rises in the -- we have seen dramatic rises in the volume of

orders. e-commerce is a significant portion it is an increasingly greater and greater portion each year. this year with covid, people aren't going to stores -- the stores are not hosting midnight parties for big screen tv's the way they were. digitalng is going to a situation. emily: as someone who is probably doing 100% of holiday shopping online, it has been trendsting to see the noticing delivery times being delayed. i'm curious what the biggest challenge is -- the biggest challenges have been of pulling off this additional traffic. frank: the challenge is going to be delivery. you say you are seeing delays. we will see greater and greater delays in the next couple of weeks. everyone is -- tends to procrastinate, and this year is no different. the difference this year is that warehouses are going to be stretched to the max and the

carriers are going to be stretched to the max. some of the major carriers have already for the retailers they are not going to be making certain pickup run in their stores. others are being limited into how much they can ship. you can imagine with covid, the warehouses are going to have fewer people because of distancing. the warehouses will have less throughput. the trucks will be maxed out. emily: a vaccine is around the corner, but it will take time to roll out. what is your outlook on the future of physical retail after become out of this? frank: i think these kinds of events have a tendency to change things and persist in those behaviors. i think we are going to -- most of us probably didn't do curbside pickup. most of us didn't do grocery delivery. those kinds of services are becoming part of our lives in much the same weight you once flight first class, you don't

enjoy flying coaches much. to these things. you get used to grocery pickup. you get used to curbside delivery. i think the trends are going to persist and online commerce is going to continue to persist. all commerce is becoming digital commerce. you cannot order a pizza without picking up your phone. emily: distantly a good time to be in the honors -- it is certainly a good time to be in the online commerce business. commercehub is on the list of companies we should be watching to go public. i know insight partners took a big stake in the company and hired morgan stanley to explore the options. where is commercehub on that journey? when do you have a time when you have a timeline to go public? timeline don't have a to go public, but we did a recent acquisition and we took on a major investment inside partners. the company is a great

inflection point. ,e have been building for years and e-commerce is coming into its own at this time. a great partner to help us scale from this point to the next level. we are excited about it. emily: what are the top priorities in 2021? e-commerce an perspective, obviously amazon has a tremendous leg up. they own their own physical facilities, they have tremendous ability to grow orders from multiple locations to get timely delivery. other retailers are catching up. we will be focused on trying to continue to digitize the supply chain and making it easier for retailers to offer an endless isle of products but be able to achieve customer experience where they can mimic what amazon is doing in two-day delivery with outstanding service. emily: all right, well, we will be watching all of that. commercehub ceo and founder

frank poore, thanks for stopping by. coming up, the covid-19 vaccine may get an emergency authorization from the fda today we are following all of that for you. more coming up, next. ♪

♪ emily: welcome back to "bloomberg technology" i'm emily chang in san francisco. the fda is scrutinizing recent reports of allergic reactions to pfizer's covid vaccine as it readies an emergency use authorization. we are joined by a general partner of the investment team at the engine, an investor in a number of biotech companies. i know you have been following the latest of elements very closely. the recent reports about concerns about the possible reactions to the vaccine, how concerned are you about that,

and do you think it will slow down the process at all? >> hey, emily. i think we have the vaccine on the cusp of approval is really important. there may be additional elements around safety and efficacy, but the fact that we have a great starting point with these vaccines that are so close is really important, and of course we will need to do more work as an industry to make sure we have got a number of the populations and people covered. i think we have a great and exciting starting point. emily: what is your outlook on the distribution process, especially if you need not just one shot, but two shots within a certain amount of time, and of course, huge population? certainly logistics and infrastructure required, a formidable challenge, but one

.hat we are ready to mobilize with the -- as we know with the two vaccines that are eminent in the fda right now, with two shots and refrigeration requirements, i think the opportunity to really look at a number of technologies that are focused on addressing logistics and infrastructure getting down to room temperature stability, single-dose a path to scale the volumes that we need, is really important. as we look into 21, we are really -- as we look into 2021, we are excited about one of the companies we have supported which has such a technology for the room temperature stabilization, single dose, a path to scale that we need to as we are heading

into the new year. new data just got some from johns hopkins, the cases of covid-19 pumping 70 million around the world. modernagot pfizer and on the cusp, as you say. do you think there will be a lot of different options when it comes to actual distributors? there are china pharma companies working on it, but pfizer and madrona, it will be the first to market. -- pfizer and moderna, they will be the first to market. will they take the majority of the share, but will there be 0-- or will there be a dozen choices? ann: that's a great question. it is hard to see that there is a dozen, especially in 2021, given what we are seeing right now in results. but there was a number of others that are pushing really hard

behind pfizer and moderna. i think it is very possible that that we will see more entrenched , but i think a lot is going to on theing on -- riding first two, plus another handful that make it out for approval heading into 2021. but the logistics challenge that you pointed to come i think it to be pretty formidable, and it is going to be a real challenge with just two players can given the elements in the supply chain the double dosing. they are going to need to be more investment in resources mobilize to get over some of those challenges that they pose, the fact that we have a great starting point. emily: let's talk about the investments. you mentioned one of your portfolio companies. covid -- the fight to get it

under control has created opportunities for up-and-coming biotech and health tech players. where are you doubling down, knowing that fighting this disease is going to be really important for the next two years? -- next few years? ann: absolutely. 2020 come if you will, pandemic and pivoting, those are maybe been seeingwe have this year. one aspect that has also been clearly prominent is the detection, our ability to do surveillance, to do screening, to do diagnostics, to know where this isn't to help us deploy our vaccine resources. one of the other pieces to talk about is detection with the vaccine we have, and where can we best use it with frontline workers and communities.

we have been very excited to , one of theot preeminent companies focusing on that wastewater detection of covid-19 that we have seen has .een important epidemiology is emerging with covid-19, and this team had been working in that space and then pivoted into covid-19 pretty us00-pla o help wastewater sites around the united states understand what was happening in their communities and where the outbreaks were happening. surveillance and protection of community health for covid-19 or for other aspects will be important in 2021. go ahead.

well, look, we are going to have to leave it there, but that is fascinating to hear where you are doubling down. tt of the engine, thank you so much for joining us. coming up, 150 companies founded by black on for numerous entrepreneursack competed in a competition presented by morgan stanley but only three could take $2 million in prize money. we will hear from one of the winners and the morgan stanley vice chair about what rose about the rest. this is bloomberg. ♪

chicago--based

startup bank $1 million at the start of a competition that backs black-led companies outside silicon valley, boston, and new york. it afforded a total of $2 million in investment capital to three winners. the ceo to seeh what it took to snag the tom price. >> what he really means is we want to connect to the end use of a physical product to the beginning use of the same product. we want to create a system by thingse stop harvesting out of the ground to make new things and these are the things that are already harvested. we are just trying to provide technology to allow that system to work more smoothly. emily: companies as big as google are using it.

how much the men have you seen especially in the pandemic? >> almost 2000% growth year over year. even amidst the pandemic we have seen growth in demand from our customer base, and that is most exciting. when you say gains, what do you mean? >> there are things we are using our normal course of work, whether it is the desk you are using to do your work on, a computer, manufacturing plants, something in a laboratory data scientist would use. our platform helps a company manage all of their physical assets or resources one one technology platform. emily: now some committees are working from home forever. -- some companies are working firm on forever. how will that impact demand? garry: it will impact demand even more. one of the problems was helping

to break down the natural silos of a business, where people don't know about the physical assets within the same company. imagine everyone goes home to do their work. there is 50,000 new silos if you are a company of 50,000. oyedpect the work to be bu by the fortunes we find ourselves in. emily: you are an entrepreneur, you just won this competition. there is not a lot of people like you raising money, not enough. i'm curious what your experience has been and what you think can be done to lower the barriers to entry an increase to dispense. amongsthere is a phrase black and diverse offenders this er.her and whit investors need to invest in more women, need to invest in more

black and brown founders. beside that, companies either hire more drivers technologists to theiness leaders pipeline we have in the startup world. higher and wider would be the case solutions. emily: we covered an initiative where a bunch of companies are coming together to hire a million black workers who don't have college degrees and upscale them and get them trained. you also have the nasdaq and goldman sachs adding requirements for companies on the board. do you think we need more mandates, more laws to make this a reality, given that it has taken so long and we are not seeing the progress we want? garry: i think so. makenk it is time we not

it voluntary to do it every consumer wants, diverse business climate, diverse business world, because we are a diverse country. i would hope that our regulations match our needs in the actual marketplace, that is one of them. the other thing i would sit is that the consumers are pushing to be more diverse. it is the case that companies who are more sustainable and more diverse have the returns. if you think about it from a different perspective, it makes business sense, but i think there is a role for the government to play in this arena. cooper,hat was garry and joining us to talk about what it was like to be on the investment side, we have the cohead of morgan stanley multicultural innovation lab, which contributes half of the won.on dollar prize just

i could see you nodding as garry was talking there. much work to do, and i'm sure you are excited about the other companies you watch. was it like to be on the investor side in this environment? >> i have to tell you, emily, it was so exciting and it continues to be exciting every time i have the opportunity to participate in something like this and see the large number of companies that not only apply, the quality of the companies that get to the founding stage. as you heard me say before, there is not a supply issue at all. every time we have an opportunity to do something like this, it reaffirms, and the solutions these companies are coming up with our solving real problems and they are coming up with solutions that have a very and diverse perspective, and that is what rise of the rest is all about. emily: talk about the trends you saw in this particular crop of companies, whether it is by

sector, or the problems they are trying to solve, given that we are in a very unprecedented time in american and world history and we don't know what next year is going to bring. carla: but i'll tell you, the beauty of being in this part of the ecosystem when you are looking at very early-stage tech-able companies, you do start to see things from an part of the things in the companies we reviewed, you can put them in 4 categories. theuld put garry in sustainability category, because even though it is about managing assets, if you think about it, there is a sustainability theme because he's talking about reusing assets you already have as opposed to going out to purchase or having those assets reproduce again. there is certainly a strong theme around health care and ed tech. every time we have the opportunity to review the

committees at the morgan stanley cultural innovation lab commit is the same thing over and over get as they say in puck, you see inre the -- as you say hockey, you see where the puck is going to go. on the other side of the social unrest where we produce solutions around that, i'll tell you one thing you can know, the fact that there is still going to be innovation around health care, still going to be innovation around technology, especially in the software space. there is going to continue to be an ovation around financial services. i think at a minimum, you can think about those three things, and you see what is going on with respect to retail, and it is going to continue to be revolutionary innovation in that sector as well. emily: now, you look at 450 companies, and i'm sure there are hundreds if not thousands more out there that we should be looking at. what is your advice to other

black and brown entrepreneurs who want to start a business and are trying to get off the ground , the folks who did not win the competition? how do they break through? carla: i'll tell you, the beauty of even being a part of something like rise of the rest is you have the opportunity to meet other investors, you have an opportunity to meet other people like us who are interested in helping you and giving you counsel and giving you connections. the beauty of even getting involved in something like this ly expense orrked network. even if you didn't win, you should make sure you are staying connected to the people you met throughout this process and keeping them apprised of the changes you are making and how you continue to evolve and develop. you should continue to stay at it with respect to asking for their capital. difference inked the amount of capital available for entrepreneurs of color this year there was last year, and i would argue because you had a

bit of an awakening in this find moreou will capital available this time next year. the thing really is to stay at it and to stay visible and to continue to put points on the board so that when you go back to someone that you met in december 2020, you can say here is what it was then, but let me tell you about the things i've done in the last 90 days the momentum is powerful, and that will get people to take notice. emily: we have a minute left. the last time we talked you told alf-fullre glass-h person, and you mentioned that there is more capital out there. rometty and ginni ken frazier yesterday. do you think we are at a real inflection point? this opportunity going to be more dystrophy did for black workers across the country, or

are we still going to be talking about this? carla: i don't think there is any doubt we will continue to be talking about it, but we will be talking about it differently. we will talk about the things put in place in 2020 that actually made a difference from people will be talking about the strategies that worked. not saying we will be there. i don't think you can take the gross amount of inequities that happened for centuries and think that in five years it will be completely wiped out. but i do believe that we will have made a big, big move between 2020 and 2025. i refuse to believe that this is just a moment. i would like to believe it is more like a movement. your optimism, and i hope it is a movement as well. carla harris, vice chair and managing director at morgan stanley, thank you so much. carla: thank you very much. emily: all right, still ahead, challenge,atest chip

replacing qualcomm. we will get the latest on apple's potential placement of qualcomm components. this is bloomberg. ♪

emily: oracle has said it has moved its headquarters to austin, texas, from homestead california to give more employees flex ability about where do their jobs. the software maker follows hte in leaving california. earlier this week, tesla founder elon musk said he would move to texas to focus on big projects underway for tesla. building itsrted own cellular modem for future devices commit move to replace components from qualcomm. a cellular modem is one of the most important parts of smartphone.

mark, we have been talking -- you have been reporting on how apple has been working to replace intel chips and its computers. tell us more about what it is doing to replace qualcomm. replacing intel commit replacing qualcomm in its iphones and other devices. the senior vp of chip development toward staff and an all-hands meeting yesterday that the company has started developing of the first cellular modem this year. theid not say whether company plans to release the modem, but it is likely to be at least a year or two away. are a number of different qualcomm components in apple products, not just this one, right? key qualcomm has in the iphone right now is the modem. they used to provide additional components, but those have been watered down in recent years.

apple has moved away from qualcomm and towards custom processors. the modem is the big thing for qualcomm and the iphone. emily: this is potentially a huge blow to qualcomm. mark: this is a huge blow for qualcomm. annualm gets 11% of its revenue from applicant and apple is their largest customer for this technology. as you remember, they struck a big patent settlement in the crosslicensing agreement last year -- i should say licensing agreement from qualcomm to apple last year, $1 billion deal that tolds the qualcomm modems enable 5g. is this going to hurt qualcomm? yes. the question is how long it will take to have the impact. emily: changing you slightly, ceo tim cook -- changing gears slightly, ceo tim cook said most apple workers will not be coming

back to the office until june. mark: in the same town hall meeting where the modem was disclosed, tim cook said it was unlikely that the majority of teams will return to the main offices globally until june 2021. he also implied that there would be additional work flexibility in terms of working from home in some respects. but unlikely -- we are not going to see a full-blown transition to remote workforce like facebook and others are toying with with the future. this is going to be a coming to the office company. but cook for the employees they learned a lot last several months, and for better or worse they have seen success with the work from home model. you see how many products they were able to launch with minimal delays. clearly it is working in this respect. emily: absolutely, it is quite significant for a company that historically has been secretive and prolific in turning out

hardware, that they can also move to this model as you have reported. our very own mark gurman, thank you for joining us this friday afternoon. that does it for this edition of "bloomberg technology."

another week of waiting for stimulus, for brexit, and for covid. welcome to bloomberg "wall street week." i'm david westin. special contributor larry summers of harvard. process, shares of ipo's hopping by $70 a share, that is a travesty. david: jay clayton. >> the culture of investing for the long-term is something we need to foster across our infrastructure. david: former house majority leader eric cantor. catherine baker of the university of chicago. >>