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hi, i'm the internet! you knoarmless bowling.lt? ahhhhhhhh! you know what's easy? building your website with godaddy. get your domain today and get a free trial of gocentral. build a better website in under an hour. maria: welcome back to "wall street week." i'm maria bartiromo. the country is committing to the future and making a major investment. the public investment fund contributed $25 billion to the black stone group which could be the largest infrastructure fund. they are calling it the largest infrastructure fund ever. i talked with black stone's ceo about that fund and the need to improve infrastructure across the world. >> we announced we are planning

on raising a $40 billion fund. we can't comment on fundraising because sec makes us unable to do that. but the purpose of the fund is to put most of of its money in the united states. and there are different times of infrastructure that we could be facilitating. it could be the youth at some point will be making improvements in terms of approvals to do infrastructure prongs. when the government is building things. anything that touches a government in the united states takes somewhere between 10 and 15 years to get approved on average. if you are doing the same prong in germany or canada, it takes two years. so i would say we have a long way to go as a country to make ourselves as efficient as other major countries which themselves are concerned about environmental issues as well.

maria: where do you see the big opportunities? the president talked about an infrastructure plan. he wants to put an infrastructure plan in place. are you talking about bridges, highways, all of the above? where are the opportunities? >> the opportunities for the most of part are in the private sector. you don't need these enormous approvals except for pipe lines, other types of energy, things, power plants, utilities. telecom. there are a variety of things you can do where virtually all of the monies we raise can be deployed. there is a bonus, if you will, if the government can reform and i think politically the democrats are very in favor of expanding the infrastructure. i think there are chances to

have public-private partnerships where governmental units that have assets with cash flow sell those assets, federal government adds a bonus payment to encourage them. then the money is reinvested to build more infrastructure in that community. things like roads, bridges and other things that need to be improves. >> here the crown prince was talking about this new city that they are developing which is going to be from the ground up. they will need everything. there is that opportunity as well. how much of the fund will be u.s. versus international? >> this fund will be primarily u.s. with the ability to do some outside the u.s. it's being raised and is geared for the u.s. maria: the black stone group has

been incredibly successful. where are you seeing the big opportunities for the next five years? >> we are seeing a lot of opportunity all over. what we are doing is we have been the highest performs products in the world, whether it's private equity or real estate, whether it's rescue. what we learned is investors want different levels of return. someone less risk, less return. we are firing we can create products that the average investor gives them a -- a 70% return. that's a potentially large market. maria: looking at the segments where you find growth. do you find you need more so in

real estate. the retail sector? >> i thought you were talking about where is blackstone going. blackstone has substantial white space to grow the firm as we go to different times of investments. this involves going to retail investors as well as institutions. in terms of asset classes, prices are higher now than they used to be. but the economies of the world are all expanding. it's one of the few times where everything is going well. maria: in addition to giving money to black stone, the saudis have given $5 billion to softbank for their vision fund. my thanks to blackstone's ceo.

we'll have more after this break. >> announcer: billionaire and trump supporter peter theil is going all in on saudi arabia's tech sector. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.

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bar are's a rarity. a technology billionaire who supports president trump. i spoke with peter theil in riyadh. what we been talking about what his highness is doing that will be in this new city of the future. where do you see the opportunities in terms of starting from scratch. when you have a city, what kind of technologies will be most of needed? >> it's -- there is a tremendous amount one can do when one starts something new from scratch. one thing that's striking about the great cities of the world like london, new york, silicon valley, many other places, is that even though they are incredibly dynamic economic places, it's extremely hard to change things. so in new york city it costs a billion dollars to build one mile of subway.

in san francisco you can't built new highways or anything new. the transportation grid is set. so there is this weird transportation problem with the big cities where in effect becomes incredibly hard to build new transportation once the basic city has been built if the transportation systems are inadequate. i would say they are badly inadequate in all of our major cities. even the developed world. it ends up meaning people have super long commutes or need to live in small apartments near the city center where they have to spend all their salaries on the apartment. so i think it distorts the economics in the cities to a tremendous degree. in london, it's minus 2.

if you build 1% housing the housing will go down 2%. that's because the transportation systems are the 19th century and it's completely stuck. that's a challenge that i think you could rethink in an exciting way. so i wonder if one could do something to build a potentially enormous city but one where the transportation works at every level. maria: let's talk about artificial intelligence. people war why it more a.i. and machine learning you have in a situation, the fewer jobs you have. are robots going to be take our jobs? >> i'm always nervous about the abstractions. ai is one of the greatest abstractions of all. it could known the next

generation of computers or the last generation of computers. if you had generalized artificial intelligence where you had a computer that was smarter and more able in every way possible. i would say the problem is not economic, but political. it would be like an alien from another planet landing. what does this mean for the unemployment rate in the question would be are they friendly or unfriendly. so i think to the extent the economic questions serious, it's much more the political question. the history of technology has not been one of pure substitution. as we automated things in the industrial revolution it freed people up to be more efficient and do other things.

people are mostly employed in our society but not all in agriculture and working in factories. as agricultural and industry were automated, and had robots replace humans in factories it freed people up to do other things. that's bent history. i tend to -- that's been the history. i tend to think that's what will happen with aivment. it will free people up to do other things. it becomes a game of substitution only if you have an a.i. that can do everything better, smarter, and cheaper than any human being. that would be very scary. that's where my intuitions will start to break down. maria: what do you think are the skill sets people need to thrive in this new world of machine learning? >> you know, it's always -- i get asked these questions by young people.

and i think -- i think -- it's hard to give general answers, but it's always good to start with things where you are not competing directly with computers. where you have still maybe have some real skill where you are thinking very hard about the future about your place in it. and you should be asking critical questions. the default our colleges and school systems is to tell people they don't need to ask those questions. if you get a college diploma, you will be saved and everything will be fine. and i think that's not true. this is very difficult. people should be asking these questions much earlier because universities do not have an answer. maria: you say you don't compete with a computer. i feel like i'm computing with a computer on everything. >> maria, you are in one of the

safest positions possible. you are not competing with a computer. if we got a computer just like you, everybody in this room would be out of business. you are the last person in this room who has to compete with a computer. maria: don't go anywhere, more "wall street week" after this. >> announcer: the carlisle group has been a wall street powerhouse for decades. today, the new new york is ready for take-off. we're invested in creating the world's first state-of-the-art drone testing facility in central new york and the mohawk valley, which marks the start of our nation's first 50-mile unmanned flight corridor. and allows us to attract the world's top drone talent. all across new york state, we're building the new new york. to grow your business with us in new york state, visit esd.ny.gov.

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maria: welcome back. private equities titan david ruben stein announced he will be

stepping down from the carlisle group. >> my partners and i, the founders of the firm decide have a new generation running the firm as of january 1, and we are excited about it. maria: tell me the role you will continue to have. you are a major share holder and you will be watching. >> i will be the co-executive chair with bill conway. i will be active in fundraising. and i will be interested in how the firm does. i willen involved in a different role. maria: how do you want to see the investments change or look different. the firm has been diversified from energy to getty and hertz. how do you want to see the investments change going forward? >> we want to make sure we are at the cutting edge of investments. we have made investments at the

cutting edge. it turned out to be a good investment. we want to be around the world investing in many areas. credit as well as private equity and energy and real estate. maria: where do you see the growth today? >> the real growth is in the emerging markets. they only get 13% of private equity dollars but they are 55% of the world's gdp. maria: let me ask you about your thoughts on policy coming into washington. we are waiting on a tax plan to be announced and a bill to get to the president's desk. there is healthcare as well. what else your take on the tax plan? >> i think it's likely there will be a tax bill passed by congress this year or next. the house will pass it likely this year.

i'm not sure the senate will get it done this year but it's possible. i don't think there is much doubt it will get through the house. but i think the congress will give us a tax bill. maria: what are the implications of that. >> i think it will be a tax cut for corporations and a tax cut in the middle class. so you will see more spending and growth in the economy. maria: you think it will move the needle on economic growth? >> i do. it will cost to do this and we'll have to increase economic growth. the tax cut will increase the deficit. we'll have to make that up by higher growth. maria: do you think there are some areas of business that will benefit more than the others. you have got smaller companies and the pass-through companies with the 25% rate. who will benefit? >> small businesses should benefit.

but that's the president's desire to have small businesses benefit. you never know what's in a tax bill until it's final. the lobbying that goes on is very intense. generally i think small business will benefit. maria: my thanks to carlisle ceo david ruben stein. stay right there. stay right there. ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone you know win control? be this guy. check it out! self-appendectomy! oh, that's really attached. that's why i rent from national. where i get the control to choose any car in the aisle i want, not some car they choose for me. which makes me one smooth operator.

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maria: time to look ahead. let's look at big events next week that could impact your money. we kick it off with the economic data monday. we'll get the numbers on how working americans are doing when the personal income numbers are released. we'll get the numbers on housing vacancies and home price indices. we'll get a clear picture on the jobs market wednesday. and a big week with the labor department releasing the

unemployment numbers friday for the last week. that's always a market mover. another big week for earnings. thus day we'll get names like aetna, archer daniels midland. mastercard. and thursday watch for apple numbers. finally friday ferrari and progressive report their earnings for the quarter. president trump is expected to name the next chairman of the federal reserve. and we'll get more news on the gop's tax reform plan. coming up next week. we'll talk with the ceo of boeing. that stock has been on fire. we want to find out what the growth story looks like now. join us for our special program

over at fox news. that will do it for us on this special one-hour edition of "wall street week." have a great weekend. i'll see you next time. >> a regular old dad... >> all he said was, "who's gonna buy something from bill wagner?" >> turned art scene heavyweight. >> he went from very clean-cut to start wearing brighter-colored shirts, and then his hair grew long. >> how important a name is he? >> there are no comparables. >> he leaves behind a puzzle. >> oh, the sun is shining. or it's an egg. are you sure these go together? >> it's always a mystery. >> this is all your dad's? >> it's a very small portion of the art that he produced. >> how do you handle an 8-ton inheritance? >> every single day, i've thought, "what am i going to do with it?" [ door creaks ] [ wind howls ] [ thunder rumbles ] [ bird caws ]