everything is digitized and connected and the implications that has.ne of the difficulties that i feel is that we honor innovation and technology. we honor it in the markets and honor what happens. we sort of ignore the dislocation and the disruption, the jobs that will be lost. we're very excited about autonomous cars and driverless cars and what do you do with the drivers that make a living off of this. how should we address this? >> when the first internet revolution came through, the u.s. led it and president clinton introduced it to all. that's in terms of the impact it could have. many were concerned about the disruptions of jobs, that it would create a have and have not society in the u.s. that there wouldn't be new job creation or gdp wouldn't grow, and the reverse was true. 22.5 million jobs, 18% growth in gdp, 17% growth in real per capita income for all americans on average. so i'm the optimist there. will there be disruption of jobs and companies? absolutely. 40% of the companies in the middle east or in the u.s. will not exist in ten years

the new digital economy is >> get ready because the future is coming. the new digital economy is taking over and it's undoing our global industrial economy in the process. advances in information technology data crunching, automation and robotics as well as advances in science are changing human society beyond recognition. the possibilities for increasing our prosperity are huge but so are the pitfalls. for those whom the revolution leaves behind. i'm back with alex ross, he's the technology futurist. author of a book just out. our iphones build by foxconn in china. foxconn is going to have, they have more than almost half a million robots now and they are going to have a million i guess in the next couple of years ago. they have a million workers and they have a million robots. this is fascinating. one of the cheapest labor cost places in the world is replacing its low-level labor with robots. what are the implications of all of us including china? >> so if you think about robots and humans they have die die d diametrically opposed , robots are the exa

and our goal was really a digital revolution. we didn't know who the winners and losers were going to be. we didn't know if pents.com was -- pets.com was going to win or lose, google was going to win or lose. but we knew this were going to be far many more winners than losers. and if i could just add this: jack and i in 1993 and '94 had already partnered when the democrats were in control. and we had already passed this law in 1994, the telecommunications act of 1994. and and it was killed in the senate. couldn't pass over there. but we had already passed it nearly unanimously. and what jack and i had decided in 1993 was that although he was one of the most conservative congressmen from texas and i was amongst the most liberal democrats, montana, that we -- massachusetts, that we were going to put it all aside, we were going to be non-ideological, that we were just going to solve it as a problem so that america could sprint out into the lead. so when we reached 1995 and now jack is the chairman and i'm the ranking member and we'v

so it was of a digital free-for-all. sole '02 telescope the timeframe to create the capacity that all these new companies so words like group -- google and you too are impossible to be created so we got a lot right but nothing was perfect but one thing we did do took the world from analog to digital and now you're using the words that were created including twitter that would not be possible. >> also what we got right is we collaborated with the strong friendship, as he did with other members of the committee. with a sincere desire in with that legislation passed in 1934 like smoke signals so with a historic opportunity not only as members budget talk with members of the industry not only where their world was but been the goal was to root take away the lines of demarcation in by unleashing those competitive forces to create that investment needed to bring us to the world today. but now looking at this we tried not to pick winners and losers. >> one of the goals of the legislation how low do you do that legislatively? >>

digital works for retail. talk about how digital works for your business. >> he was a pioneer in the streaming business paving the way for companies like netflix. let's talk netflix. you're a shareholder and you're a true believer in read and what that company is doing. has any of that waivers at all. >> it's nice when you're right. but nothing has changed. in fact i'm almost at the point of i don't want to say, quote, double down but to the point that i admire them even more. there's a theme i look at with successful companies over and over again. in the sports industry you try to find a great coach. in the movie business you try to find a great director. in these businesses i'm trying to find great leaders. and the folks that you trust to make the left and right turns. reid focuses on one part of the business. ted is very much the hollywood creative content force. these two guys, basically, to use an old anlage, they have been playing chess while everybody has been playing checkers out there. a few years ago

wfrom the single digits to the lower 20s. we have a light wind generating wind chills near 0, so bundle up! your planner shows that we have a decent afternoon headed our way with highs in the mid 40s. temperatures range from the single digits to the lower 20s. we have a light wind generating wind chills near 0, so bundle up! your planner shows that we have e decent afternoon headed

we had to move to broadband and digital. so we created a digital freefall in that bill where every company could do everything. so that telescoped the timeframe that it took to deploy fiber across our country, to create the capacity so that all of these new companies could get created. hulu, andike google, youtube are part of the culture today but they were impossible to be created before the act. we got a lot right, nothing is perfect. but one thing we did do was move not only our own country but the world from analog to digital. if you living in india or china in a using the words that were created including twitter or facebook that would not be possible without that bill. . >> what we got right is, we worked together. fortunately, we had a very strong friendship prior to that, as he did to other members of the committee. i think we asked the right questions. i think it was our sincere desire to get this right. the last major piece of telecommunication legislation somed in 1934 when you had radio, some telephone, telik --

so mobile is driving more consumption of content and that's playing into our digital media and digitalketing trends. >> now, quickly, i have to ask you while we got you, do you feel like you're swimming upstream here? are you doing well despite the global macro environment or have people at the start of this year been a little bit too negative on the overall growth prospects for tech and software in 2016? >> i think john, for us, what we have done really well as a company is we have anticipated how technology can both enable us to reimagine a business that was very successful for us which was the digital media business but i think more important create a brand new category which is digital marketing and when you talk about what's happening with digital disruption, i think irrespective of what's happening on the macroeconomic situation, every company whether it's government institution, educational institution, financial services has to reimagine their entire customer journey and it's a digital first journey and i think the fact that they're all investing in that technology and we're th

this digital era will do the same thing except five to ten times the impact. the implications are 1 to 3% gdp growth, 19% economic benefit but it will result in disruption however. you have got to think of it in terms of invocation, start july countries, rescaling your workforce, inclusive of the entire country every children, you've got to think about health care and education and we'll go the connect a thousand devices when cisco was first formed to 14 billion to get the right innovation to the right person and the right machine, and health care and entertainment, but it will require all of this changing very disruptive. i think it can create a much larger middle class in the middle east, startup nations not in the traditional industries but in the whole new era of applications and health care and education. i'm the optimist on the middle east but it requires both the government leaders the citizens and the government leaders coming together. >> it's the implementation of academies basically places in which people can get easy access to the education and tra

there chips allow people to interact with wireless devices, open digital locks and exchange digital information. their next generation of chips will help people predict their identity online and in the real world. >> with augmenting yourself, you can take ownership over your identity. with the chip technology we are developing, we can give you the power of cryptography in your own hands. reporter: cutting-edge technology with a human focus. the workplace of the future is taking place from automated assistance to augmented reality systems and cybernetic implants. one thing is for certain, tomorrow's workplace won't look anything like today's. daniel: my guest joins me now to talk tech. if more and more things are becoming automated and machines are doing more for us, should people worry they will have their jobs taken over? guest: i think that's a good question and it's a question many people have been asking since they heard the word digital economy. they are saying if our economy is undergoing this digitalization, will low skilled jobs no longer be relevant? we had a latest comment from the sw

they do expect it to continue to get growth in the mid single digit range. they do also expect to continue opening new stores. they have 15 new stores planned to open in 2016. they will continue their diversification product range, which is of course also important as you were saying if you make coats, you need to also plan for summer. that's what moncler has been working on in the past couple years. z that process has been moving along positively as well. so really, it's just an all positive day for the stock and for the company as they do come out with those numbers. even though there are concerns about the continued instability and the weak growth in terms of global growth, moncler seems to be positive once again. back to you. >>> now, moleskine outline iing. the ceo joins us here in the studio. good morning. >> good morning. >> so things are still going well for moleskine in terms of your projections. i thought paper was dead. i thought nobody other than me carries a notebook around that they write in. >> well, clearly news about paper's death were prett

will the investment bank make a double-digit return? >> the most important issue is the core franchise today. our consumer business, corporate business, and investment banking. generates anchise return on tangible equity and double digits today. that is important and i think the street needs to get its hand around it. the investment banking industry now is not covering costs of capital. in our view, you cannot rely on bank balance sheets to fund economic growth. we need a robust market. i have to believe a robust market in the banking industry will have to be financially healthy and it will be. mark: the barclays chief executive there. we are joined now with more on the bank's challenges ahead. is the big thumbs down for barclays shareholders today. >> it seems to be a common theme in the early season that european bank ceos cannot get it outt when they put strategy. with of it has to do capacity of the plans they made, the lack of any concrete evidence of when this thing will be turned around. mark: exiting africa, a good or bad move?

-assisting them in digitalized thing. -- digitalizing. this is quite a trend. in how big a threat of the banks facing here? the boss said this is a much bigger threat than regulation. mark carney has been talking about this. give me your idea about how much damage this is going to end up doing to the financial sector. how much distraction will we see? >> we are going to see a lot of disruption. that will actually fuel the activities that are happening at existing banks and banking institutions. i will play a catch-up game here. the disruption will certainly be tangible. it is not too late in the game. banks are trying to improve their own processes. we are seeing some very positive trends here. guy: in other industries, we have seen the incumbent operators ceased to exist. is that what we will see in the financial sector? >> we don't think so. we think banks retained one vital element and that is the trust to the consumer. that is something that fintech still have to build. for the next four years, we will see banks develop strategies that will capitalize on th

digital service system.ents fromgoogle, from facebook, all of the top tech companies. these folks are coming in for six months, in some cases, for two years. they are making an enormous difference in making sure veterans are getting services on time. fixing outdated systems. making sure that agencies like the small business administration, that has been clunky, is redesigning itself so if an entrepreneur wants to start up a business here in texas, they can go to one spot and within a day, they have handled on the regulatory red tape that used to require them months to navigate. now, the folks were working the digital service, they are having a great time. in part, because they are harnessing incredible skills to a purpose where they know that millions of people can be helped. and, what they will tell me is as they feel they have a president and somebody who is providing some air cover, there is no system that they cannot get in there and work and change and make significantly better. part of my job is to try

you know, the beauty of a digital age, this is the digits of a digital age, it's the fingers. it's a hands-on thing. it can restore the human scale to stuff. and when you're restorying human scale, concern -- restoring human scale, you think about how are we going to create circulation of currency between the business people in our community already. so, i mean, i don't mean to not answer your question, but i think -- [laughter] the object of the game is not to get attention for the ideas. >> right. >> i mean, that's my job right now, right? i wrote this book, i'm going to go out there, i'm going to stump, and i'll fight, and hopefully some people will read it. that's what books were for. the boy scout manual was one of them. this is another one. get it out there, let people see it. it's as easy as a pdf. the trap we don't want to get to the trap that obama fell into, okay, business as usual, what do we do? i've got to get bank to lend money to a corporation to build a factory in that town to hire people and get them jobs. huh-uh. that's the thing that just failed. what he sho

the digital camera became big, the endorsement was coming from the digital camera companies. it was very, very important to put in the work. to understand where we are going, where their needs are, and your needs. just have delivered that successfully. >>> in 2008, sandisk at that time was mostly about we decided we needed to diversify. today our business is a global lead ner removeable products and also sandisk has a position in plies that go into your notebooks and computers. so use it so diversify your business, focus on the market needs. be adaptable. it is very, very important to be taking calculated risks. take the risk, but do it in a sat cue -- calculated fashion. >>> when we come back, how to compete against big brands when it comes to advertising. plus, why it is important to say thank you to your customers. our cosmetics line was a hit. the orders were rushing in. i could feel our deadlines racing towards us. we didn't need a loan. we needed short-term funding fast. building 18 homes in 4 ½ months? that was a leap. but i knew i could rely on american express to hel

brr... it is cold this morning... temps are in the single digits and teens and have even dropped below zero in some places! wind chills are mainly in the single digits either side of zero this morning with mainly light winds... one of the reasons we new snow (in the north). we will have clouds track in this afternoon and snow track in tonight. a stray snow shower can track through this afternoon. highs will stay below normal today but it gets warm this weekend. i'll have more coming up in a few we will have clouds track in this afternoon and snow track in tonight. a stray snow shower can track through this afternoon. highs will stay below normal today but it gets warm this weekend. i'll have more coming up in a few minutes. developing overnight: waterloo police investigate a stabbing. they were called to west second street after 11 o'clock last night. officers say a man was taken to the hospital with stab wounds. he is expected to survive. police say they also took a woman into custody -- and she could be charged in the case. more about what happened. a big night for donald trump on tu

we are seeing demand for digital, and that is boding well for adobe. emily: you are very close to completing the shift from subscription to license based sales. in what particular areas of the business using the most current strength? shantanu: i would say that we are through the heart of the transition. that is why we have talked about how the creative business will grow greater than 20% this year from the peak. the marketing cloud will grow at 20% this year. so, i think both of those businesses are certainly fueling their growth. thereative, it is all about mobile applications that are being created. of the video being consumed a mobile devices. on the marketing, it is about the platforming the core infrastructure to deal with the demands of digital. emily: longer-term, what of the areas of competition that you are more worried about quest t? we have been talking about andy grove today. the day after his passing. his famous line, "only the paranoid survive." what are you paranoid about? shantanu: we're paranoid in terms of how technology will disrupt

digital service. that is a government word that means manager. [laughter] and right before gather to do this, if you count this as a healthcare.gov story you're talking about a second ago, then right before that i was a rookie just across the street with google. i was a slight liability engineering manager. >> hillary? hi. i'm hillary hartley. i came to the federal government for the presidential innovation fellowship, and at the end of my fellowship we launched 18f. it is a much more dramatic story there, but i've actually been working with government for, gosh, about 20 years, which is crazy to me. but it was always sort of thing outside. when i found out about the presidential innovation partnership if you like the right time both in my career and also in sort of where i saw government going and what i wanted to do and how i wanted to have an effect on the services that all of the use in your daily lives, the fellowship felt like my fix to these like into government for a short stint and have been there ever since. >> a short stint. >> it was

>> we are truly digital and make sure it isn't second nature but first nature. what to make sure the continue to be organization that does him -- important in the dishes work to hold powerful institutions and individuals accountable i want us to be journalistically ambitious it innovative and to make progress in the digital world. c-span: if spotlight is nominated for an oscar and winds will you go to the oscars? rebecca i don't know i have not been invited and denominations have not been announced for i hope they would invite us but i don't know how that works or food gets tickets or what is available it i will wait to if not that is fine i will watch with great interest. c-span: give us one downside to the publicity. >> i don't see one to tell you the truth. i lost all my anonymity like a roll around without anybody recognizing me. but it is good for journalism if for the public to reflect on our role with the importance of investigative journalism to hold powerful institutions available -- accountable and do it correctly per car hoping focuses the attention o

tonight i followed the journey of one tech worker who is giving up digital media for three whole months. >> it is easy to get to that almost drug-like state. >> reporter: eric mackey couldn't stop himself every few minutes checking his phone. >> instagram all the time. the click bait websites, the huffington post, the salon.coms, the buzz feeds. >> reporter: eric shares the screens as a web designer at sap and on top of that he would stop to check social media. >> they do a good job at succeeding youn -- sucking you in. >> reporter: then it happened. >> i cog cognitively said the word that feels warm. it was too close to what i had heard of, heroin addiction. it scared me to death. >> reporter: he knew he needed to stop. >> every time your phone buzzes or beeps or pings your brain is gary condit literally -- your brain is literally releasing toxins. >> reporter: they run retreats and camps for adults where all electronics are confiscated at the door. >> it can be scary. people feel anxiety and restless. >> reporter: symptoms of withdrawal. >> symptoms have phantom rings where their pock

we have a tremendous digit -- business in the u.s. which is generating double-digit returns. doing with technology in the retail business in the u.k., we think we are at the forefront and are generating good returns of growth. there are lots of places to deploy our capital. we will be doing so in a way that gives shareholders value. you used the word double-digit in a number of locations. when is the possibility of a double-digit return at that investment bank? the market wants to know what you are going to do with that. when will the investment bank make a double-digit return? think the most important issue is that our core franchise today, which includes our consumer business, our corporate business, and investment banking business, that it generates a return on double digits today. that is an important thing that the street needs to get its hands around. the investment banking industry is not covering its cost of capital. in our view, the world has learned that we cannot rely on bank balance sheets to fund economic growth. we need a robust capital market. i have to believe

>digits. i don't think that be i've ever had so many horrible things said about me in one week. $38 million in horrible lies, it shows you how brilliant the public s >> reporter: trump thanked his supporters who were not swayed by the all-out war against him, including mitt romney. >> every single person. we started out with 17 and went down to four. of the four, they're pretty much all gone. okay? pretty much. they didn't do so well tonight, folks. i'm not going to say that anybody didn't do so well. there's only one person that did well, donald trump. i'll tell you. >> no one had a worst night than marco rubio, the favorite canceled date of the republican establishment. rubio walked away empty-handed. finishing last in mississippi and michigan in the single digits, despite help from romney. >> i'm calling on behalf of marco rubio. >> reporter: on the democratic side, a huge upset. hillary clinton saw her double-digit led in michigan evaporate. bernie sanders took the state with just over 50%

tonight i followed the journey of one tech worker who is giving up digital media for three whole months it is easy to get to that almost drug-like state. >> reporter: eric mackey couldn't stop himself every few minutes checking his phone. >> instagram all the time. the click bait websites, the huffington post, the salon.coms, the buzz feeds. >> reporter: eric shares the screens as a web designer at sap and on top of that he would stop to check social media. >> they do a good job at succeeding you in -- sucking you in. >> reporter: then it happened. >> i cog cognitively said the word that feels warm. it was too close to what i had heard of, heroin addiction. it scared me to death. >> reporter: he knew he needed to stop. >> every time your phone buzzes or beeps or pings your brain is gary condit literally -- your brain is literally releasing toxins. >> reporter: they run retreats and camps for adults where all electronics are confiscated at the door. >> it can be scary. people feel anxiety and restless. >> reporter: symptoms of withdrawal. >> symptoms have phantom rings where their pocket

reporter: and this is my digital self, my avatar. not bad -- a cut above your average photo or video. i could use it to make and model of myself with a 3-d printer, but i will get another starter to do that. >> it is five years since the fukushima meltdown caused by a earthquake innocent a synonymy in japan. germany shut down a nuclear power station. it was a move that signal the government's departure from nuclear energy. the station's operator, rwe, sacked three quarters of the workforce. the area changed forever. reporter: the inter-meter high cooling towers once signaled the promise of the nuclear age. costing billions of deutsche marks in the countryside, nestling against the majestic rhine river. five years ago it was taken off the grid and shut down. it is now the symbol of the end of an era. for hotel operators in the region, the nuclear phaseout was an economic meltdown. in 2011, his whole world changed. >> everything went crazy, about nine months after the phaseout decision, the power station began canceling its maintenance

david: amazon is betting big on digital content.ll show you how the company is extending its offerings. later, a conversation with the ceo of the national association of homebuilders. why aren't we seeing more buying? ♪ tracy: welcome back to "bloomberg markets." i am tracy alloway. bernie to politics, sanders pulled off an unexpected win in the michigan primary on tuesday, beating the front-runner hillary clinton by two percentage points. it may not stop clintons much to the nomination, however, but it is a warning sign of potential weaknesses ahead of the primaries next week. david: robert wolf still with us here. you are a supporter felix into clinton and at been a big supporter of president obama. what is your take away of what happened last night? obviously, the polling was devastatingly wrong here. the expectation was not that bernie sanders was going to win michigan. but it highlights that clinton may have trouble with the white working class vote, might have trouble in the midwest. robert: you gave a good answer. [laughter]

digital works for banking and financial services.gital works for your business. ♪ it. newdy versecation. there's always market somewhere. i try to find it just for you. i'm jim cramer. see you next time! >> you're watching an industry go from an underground -- what i like to call the "wild west days" -- into a respected, legal, licensed industry. >> there's endless business opportunities. it's like the internet boom. >> do you represent the new generation of cannabis entrepreneurs? >> this is america's new hot industry. >> so, it's always important to make sure that you have high-quality pot. >> with the medical marijuana, you take a hit of it, you're starting to feel, "okay, i hurt,

digital service. as a government word that means right before i got there to do this, if you count this as the healthcare.gov story, right before that, i was here working just across the mco that google. i was a site reliability engineering manager there. hillary: i came to the federal government through the presidential service, and at the end of my fellowship, we launched atf. there it was a much more dramatic story there. i have been working with government for about 20 years, which is crazy to me. it was always sort of from the outside. when i found out about the about where i saw government going and what i wanted to do and how i wanted to have an effect on the services that all of you use, the fellowship philly the right fit for me. for a shortvernment stint and have been there ever since. >> a short stint. >> it was supposed to be about six months. >> hello, good evening. i'm the chief digital services officer at the u.s. department of education. i have been in government a whopping eight month

digits? yeah, i do. >> cecilia live from florida tonight. and hillary clinton ahead in the polls in michigan. the stunning defeat last night. so, what are your sources telling you, how does the campaign explain the loss, cecilia? >> reporter: well, david, they concede that the sanders campaign spent a lot of money in michigan, and that he campaigned but look, they are talking about the delegates tonight. they say that despite that loss, they believe they have a delegate lead now that is close to being insurmountable. david? >> all right, cecilia, thank you. >>> now, to the severe weather hitting at this hour. the state of emergency in louisiana. flash flood watches in nine states. the system hitting from the gulf, all the way up to the northeast. at least two people drowned. homes under water. cars almost completely submerged. nearby, the road washing away. in east texas tonight, this highway flooded halfway up to the guardrails there. heavy rain still falling. here is the system at this hour

alonso castillo investigo el tema y nos habla de la muerte digital.7 ;52 01;14 02;00 pkg es una realidad de la que nadie se escapa, pero generalmente son pocas las personas que han pensado que pasara con sus mensajes privados, fotografas y toda la huella digital que vamos dejando con el paso del tiempo. contar un albacea que administre su legado ciberntico podra ser de gran utilidad. los bytes de informacin que podran quedarse sin rumbo una vez que una persona fallece son incontables, pero la red social ms grande del mundo, tiene a disposicin de sus usuarios una herramienta paradesignar un albacea que podr gestionar su perfil como una pgina conmemorativa ylos usuarios tendran la posiblidad de interactuar con el perfil del fallecido mediante la publicacin de comentarios, enlaces y fotografas. ramon garcia- usuario de facebook. puedes ceder tu cuenta a alguien, para que herede tus derechos y manejar esa cuenta. el heredero digital podr publicar mensajes, cambiar la fotografa de perfil, responder a las solicitudes de amigos del fallecido que no estaban c

brr... it is cold this morning... temps are in the single digits and teens and have even dropped below zero in some places! wind chills are mainly in the single digits either side of zero this morning with mainly light winds... one of the reasons we are so cold. skies over new snow (in the north). we will have clouds track in this afternoon and snow track in tonight. a stray snow shower can track through this afternoon. highs will stay below normal today but it gets warm this weekend. i'll have more coming up in a few decision 20-16 coverage... new numbers coming in overnight -- as super tuesday voting wraps up. hillary clinton and donald trump are the clear winners. but they each face competition from within their own parties. tracie "we're going to go to florida." with both looking ahead after sweeping super tuesday. including texas, where trump wants to build going to break down barriers." "it is good to be home!" and his home state, vermont. "it means so much to me, that the people who know me best almost everything else. he's vowing to steal florida from marco rubio in two one per

la brecha digital estÁ 90 contra 18 es la brecha digital. es algo que no podemos aceptar.hijos >>> aunque no tengan niÑos, todo lo que hay que hacer es vivir en un desarrollo de vivienda pÚblica, que estÉ bajo servicio de comcast y esas familias serÁn elegibles desde esta semana. la fortaleza de internet de esencial que es un programa envolvente que ofrece un servicio por $995 al mes, subz dÍa incluye una computadora, menos de $250 y toda esta cantidad de entrenamiento relevante. en 5 aÑos como empresa hemos invertido $280 millones de en proveer algÚn tipo de educaciÓn en internet. 4. 4 millones de su sus d bajos ingresos. >>> gracias por estar con nosotros. en enfoque. y ademÁs. >>> gracias >>> quiero decirles que hemos puesto durante esta entrevista no solamente el nÚmero telÉfono tambiÉn la direcciÓn cibernÉtica que es (informaciÓn en pantalla) y cuando entren a internet miren arriba a la derecha hay un botÓn que dice espaÑol, hay informaciÓn importante, para aprender cÓmo utilizar la internet. para todos. gracias por estar con nosotros este domingo, asÍ llegamos al fin

digital works for retail. let's talk about how digital works for your business.u can see u.s. stocks very resilient today reversing earlier losses. all three of the major averages in fact are in the green. the russell 2000 is as well. i want to get final thoughts from rob seechen of ubs. where is the best place to invest in the market? >> since we were talking about opportunities in europe, we've already covered that, in my opinion, i would caution investors on emerging markets because i think there is too much complacency around rates and starting to be complacency around commodity prices. given the performance year to date, i would worry there. i would del beta and etfs and buy value on dips. and where i see value on dips is high yield. >> they have had a nice rally. >> they have, but they are still attractive. i think most of the bad news around energy as it relates to high yield and structural issues around etfs and the etfs used to expose high yoold yield are behind us. >> do you think value is back in meaningful way? there has been a pickup in the debate ov

we are seeing demand for digital, and that is boding well for adobe.ou are very close to completing the shift from subscription to license based sales. in what particular areas of the business are you seeing the most strength? shantanu: i would say that we are through the heart of the transition. that is why we have talked about in the latest earnings how the creative business will grow greater than 20% this year from the peak. the marketing cloud will grow at 20% this year. so i think both of those businesses are certainly fueling their growth. in creative, it is all about the mobile applications that are being created. all of the video being consumed on mobile devices. on the marketing, it is about replatforming the core infrastructure to deal with the demands of digital. emily: longer-term, what of the are the areas of competition that you are more worried about? we have been talking about andy grove today the day after his , passing. his famous line, "only the paranoid survive." what are you paranoid about? shantanu: we're paranoid in just like eve