caroline: live from the milken institute global conference, i'm caroline hyde. we are wrapping up our final day here at milken. we heard some of the brightest, most thoughtful minds on the next step in their business in this recovery. in this half-hour, you will hear the ceo of engine number one.

plus, we will discuss a media tycoon. we also spoke with the howard university president about the school vaccine policies and education. some fascinating conversations we had the last few days. romaine: it is winding down here. they bill this as a conference of ideas. there are a lot of deals, too, but there was talk about the big ideas, what people are looking forward to. caroline: solutions. how we embrace the supply chain issues. the minor should in your conversation about the role of crypto, what elements are investable. romaine: economic inclusion, we heard a lot about that. we have a roundup of some of the voices we heard so far. >> i would be pulling back on the taper.

i would have started it already. the first step is pulling back on the taper. the second step is normalizing interest rates. you have to be careful because you don't want to jolt the markets and change too much at once. >> we want our clients to be exposed to the next faang's. tesla is becoming a faang. >> one of the silver linings of the terrible pandemic is an acceleration of talent. we are seeing capital that will allow us to level the playing field in terms of innovation in this country and create jobs everywhere, not just in a few places. caroline: just a few of the voices. here is the ceo of engine number one. it made shockwaves by the firm winning a boardroom battle.

jennifer joins us now. we are talking about gm, electric vehicles. you are deeply thoughtful about the role of the retail investor. you made seismic changes to the way they are running their business. they are looking at exposing certain assets in oil and gas. as a shareholder, pleasing to you? is this what you intended? jennifer: we are still a shareholder at exxon. the change will take time. the first piece is getting capability into the boardroom. they are independent directors. they are in the room now. our hope is exxon is looking how they are changing how they make money, how they are successful in years five and 15. we hope to see some different capital allocations. romaine: maybe we will see

those. i think what engine number one was able to do on the exxon pipe opened a lot of people's eyes to the power that smaller investors can have. i'm curious how others can look at what you did and use it as either as template or a guide to approach the relationship to other companies. jennifer: we founded engine number one on the idea that we take the data, not waiting the rankings on the past. we take the climate, the social worker data and use it to look at the valuation of companies over a long period of time. if you think about it that way, everybody that owns the company, whether you are a big institutional investor or small retail investor, you own the company. we want to engage with these companies over time. romaine: that has always been

the case, in theory, but the companies have not always had much incentive, unless you held 10% or 5% of the stock. jennifer: we think about it as if we can have a conversation with the company. that is our value framework. it becomes an economic issue. the company has an economic incentive to take into account climate or worker issues so they can be more successful over time. that is part of the work we do, engaging actively with these companies. part of it is are minding everyone they have a vote. that was the impetus for engine number one. caroline: and reminding the retail investor they have a vote. the retail investor had seismic waves across the market this year because of gamestop, because of the reddit community, but it was a hedge fund thing we are looking at. what if they could vote together on company boards? jennifer: that is the idea with

the vote etf we launched. first of all, they are always economic issues. if you want to drive change of scale working with the biggest companies in the market, gm will transition. if exxon is not running optimized value in time, you care about that. with this etf, every individual will not understand how to vote every stock every year, but they have a vote, they can use it. our etf votes more aggressively than a lot of other asset managers, but always around economic. taylor: romaine: talk about some of the generational differences we are seeing among investors and what they want out of an investment. it is more than just profitability. they are looking to park their money somewhere that is in alignment with their values. is this now will be the dominant theme as those folks get older

and become wealthy? jennifer: yes. i think as money comes up through the system, people want to have an impact with their dollars. they will want to have strong returns. more institutional money, those investors care about returns. our business model, we put those two things together. we only do it in a way that companies want to move as well and increase returns for everybody. that is a way to unite the different parts of the market so you get sustainable outcomes. caroline: what you also need is transparency around the measuring of -- we see interesting moves by europe trying to understand data and set some guardrails of what investing in environmentally friendly companies mean. the social and governance is almost harder to measure. are we starting to see more agreement across the investment

sphere as to what social and governance investing is? jennifer: i think we are starting. a real way to push that forward is make it economic and about returns. we are using material data. you are looking at it in an economic returns oriented framework. if i am exxon, my emissions are pretty important. if a company employs a lot of workers, then how they treat those workers, whether they pay more than a living wage, worker retention, those are material issues for the company. if there is a company that has huge emissions, that is a material issue. really look at each company and look at the business they are in and use that data, and then it becomes integrated. romaine: this message is

resonating at milken? jennifer: it is definitely resonating, how you make money and get the financial services and capital market. romaine: jennifer grancio, engine number one ceo joining us on the platform in los angeles. taylor, back to you in new york. taylor: we still have a lot more to come from milken. we will hear from the founder of entertainment studios next. this is next. this is bloomberg. ♪

caroline: we are live from the milken institute global conference in l.a. romaine: right here in the lobby, i'm romaine bostick. taylor: i am still on set. we will see. let's take a look. i know you guys had a great conference with a media mogul. we talk about the advertising rebound we were expecting this year, how are companies thinking about where they are putting their dollars? do they put it in traditional linear tv, in internet? we found this research. they upped their u.s. add forecast for -- ad forecast for 2021 again. what is crazy is digital has been a huge standout, up 50% so far this year. tv according to the study only looking at a 3% increase. as you can see, you are starting to see the shift in ad dollars. romaine: we spoke to byron allen , who owns a lot of affiliates,

abc, fox, weather channel. he said advertising is holding up for a lot of these stations, but he also talked about the idea that some of that money is not necessarily being funneled to black-owned media. he sued mcdonald's, alleging the fast food company distributed -- company discriminated against black-owned companies. a push to correct what he called decades of bias against like owned businesses. we have a real good conversation about inclusion and his expansion plan for allen media. byron: what i did was i went to madison avenue. i said, listen, you are spending $270 billion a year advertising and almost zero is going to black-owned media. why it is important to say black-owned? it is important because you

don't have a seat at the table if you don't control your image, how you are seen around the world. you are not really part of a democracy unless your voice is widely heard and amplified, you are just kind of a background player. what i said was women don't really own their networks, so they are not controlling their image. asian people are almost invisible. you have a bunch of white guys that own spanish-language networks and they can't even speak spanish. we don't have a real democracy unless everyone is at the table and being heard. you can't do that without ad support. i said to madison avenue, i need you to lean in and provide real economic inclusion. romaine: as we record this today, bloomberg is reporting that you and a few other partners have regrouped here on your bid to buy the tegna network. byron: we think it is a terrific

company, one of the largest portfolios of big four network affiliates. they cover 39% of the country. they are extremely well-managed. i already stated numerous times in the last year or two that i plaln to invest -- plan to i nvest to buy as many big four affiliates as we possibly can. we love the local news business. look at the extreme weather, you know? whether is not national -- weather is not national, weather is local. when folks are in new york watching their cars float down the street, they want to turn on their local news and find out what is going on. hurricanes, floods, everything. when you take local news, weather, sports, and traffic and marry it with sports, it is essential programming. caroline: the $10 billion you want to put to work, are the valuations right at the moment?

byron: we have synergy we can achieve. let's say the press was correct. let's say bloomberg was accurate. us going after a tremendous station group, we are one of the largest providers of television shows, syndicated television shows and cable shows. we have 70 of them on the air. they have terrific station groups, say someone like tegna, has valuable broadcast real estate that can grow our television business as well if it were something like that. caroline: the tegna deal, you are partnering with milken and others. is that correct? are there any other partners? byron: that i cannot confirm or deny, but those are some great partners if you can get them. [laughter] romaine: what about the financing aspect? bloomberg is reporting a $23 a share option is on the table.

financing is already lined up. is that true? byron: i can't talk about the tegna pursuit, but what i can say about financing, there is no shortage of capital in this world for a good deal. there is over $20 trillion in liquidity looking for a safe place to invest and a great return. the money is easy. that, you can get that. i raised over $310 million in one day to buy the weather channel. one phone call. there is plenty of capital. that is never the issue. what are the terms? for me, that is what you focus on. what are the terms? caroline: quite the animated byron allen. what did he keep saying? unfiltered. romaine: he was a former standup comic. he had us cracking up. he still believes in being a comedian, despite his success as

a businessman. he is real serious about this. he made a lot of effort to level the playing field, in his words. affect change. he did not tell us about the tegna deal. taylor: i want to bring you some other breaking news headlines we are getting. the moderna booster is getting fda authorization. we are hearing the authorization is a mix and match booster dose as well. we have been waiting to hear about that. if you did not get moderna, can you get another one? moderna and the j&j covid vaccine boosters do get u.s. fda authorization, authorizing j&j for at least two months after the first shot. we will have more next. this is bloomberg. ♪

taylor: more on the breaking

news around fda authorization around booster shots. the fda is authorizing a mix and match booster shot, saying first the j&j booster must be at least two months after the first shot. there are some caveats with moderna, but that is about six months after completed treatment. there are some caveats with who is eligible. after six months. j&j looks to be two months. moderna and j&j getting the boosters under u.s. fda authorization. caroline: it dovetails perfectly with the conversation we had with the president of howard university. we were talking about the vaccine policy over at the university, the way they managed most of their students. let's listen to what he had to say. >> we actually have students in all of our dorms. we and -- we have person

instruction and a small number of students who stayed online. there are faculty teaching from home as well. this is homecoming week. having the students on campus is very different, and it is refreshing. they are wearing masks, following all the usual precautions among but it is definitely some much better to have them in person. romaine: do you require vaccinations? dr. frederick: we mandated vaccinations in our residence halls, 100%. we have some exemptions, but they can't stay in the residence halls. we did the same for faculty and staff. i would say people have been compliant. caroline: this has also been an economic and social crisis. i'm interested as to whether that has as -- that has in any way impacted application rates, whether financially they are able to afford it at this time? dr. frederick: that is one of

the untold stories, that our enrollment has increased. we had 93, 99 students in 2019. last year we went up to 10,000 plus. this year we are just under 12,000. in the past two years, we actually increased our enrollment. for some reason that story is not being told. i think students are very much attracted to hbcu's, howard in particular. we are seeing people making the investment in their education. i think the pandemic in a lot of ways has underscored that, the challenges in the economy and what an education can do for your ability to participate. i think we are seeing something different. romaine: the attention put on hbcu's, particularly after the george floyd protest, there was a certain movement within certain pockets of the black community that this was a wake-up call, an embrace of the institutions that were not only

a haven for us, but helped us to prosper, that there needs to be a recommitment to that financially as well as the presence there. dr. frederick: two things. you look at the election of vice president harris. you always say she went to howard for undergrad. she is the first hbcu grad to make it to the white house. that was a big selling point. a second selling point is the dna of our institution is social justice. a lot of people have joined the caravan because of the summer we had last year. what is key is that when they leave the caravan, and they always have, we have got to make sure they leave us with all the tools they need. new tires, new gas, new engine, and more people have to stay on

the caravan to see us all the way through. people are seeing howard and other hbcus, buses on a caravan headed to a promised land. that is giving people an opportunity to be educated in the right way and also giving people a way to speak to bigger questions. on my campus, i am asking students about their mission of their major. people are motivated to solve a big problem in the world. they want to be part of something bigger. romaine: a great conversation we had earlier with the president of howard university. we had a great time here at milken. this will wrap up our coverage here, at least from beverly hills. i will go outside and put my sunglasses back on, but tomorrow we will be where? outside. caroline: he's going to get a hat.

tomorrow we are going to the port of l.a. you might need a hat, because it will be cold on the port of long beach. you should get a sign up. romaine: we will talk about the supply chain pain. we get our first look at what is going on at one of the busiest ports in the united states. ♪

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>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i'm emily chang in san francisco. tesla is feeling the supply chain pain, announcing in its third quarter earnings that it will be shifting to new batteries globally. what does the strategy mean for the electri