in an interview with john micklethwait, roman made the case for why they still have an advantage. >> fixed income indices turn over 10 times with the s&p 500 turns over. you also have the economic agent. think of the fed as people who buy funds for other reasons than active investment, and the buyers, who are accounting driving. or a liability to match, pension fund. there is a possibility that somebody like the government could come in and cause problems there. they talk about trump to push things toward passive because they think it is cheaper. legislation,d be which would push things lower, but we think we can add 1.25% to 5% alpha. when you compound this over the lifetime, the difference is considerate. when you talk about u.s. rates 3%, the amount of outperformance is substantial. >> talking about fixed incomes, you have not gone to these other things. is that purely because that is the area where you think you can excel? it is because we want to do something well. we want to be the best at what we do. theon't think we can be biggest or all things to all people. we think we can

in an interview with john micklethwait, he made the case why active manager still have the advantager passive funds. >> indices that turnover 10 times what the s&p 500 turns over. you have non-economic agents. just think of the ecb and fed as people who buy funds. you also have -- who are accounting driven, think insurance companies or pension funds. the opportunity for outperformance is much larger in fixed income. >> there is one possibility like the government can come in and cause problems there, trying to push things towards passive because they think it is cheaper. mr. roman: of course there could be legislation which would push to the lowest possible price, but we can add 1.25% alpha, and when you compounded over the lifetime of retirement accounts, the difference is significant. when rates are at 2.3% in the u.s., the amount of outperformance is quite substantial. john: you have focused on fixed income. you have not gone towards other things. explain that as well. is that because that is the area where you think you can excel? mr. roman: it is the reason we want to do somethi

john micklethwait spoke with treasury secretary steven mnuchin about the administration's plans to spurand enact reform. mr. mnuchin: i think there are a lot of things we need to do to create economic growth. the tax plan is one of them. plan,nk reform of the tax middle income tax cut, making businesses more competitive. we also need regulatory relief. too many businesses are held back from making investments because of excess regulation. we also need fair trade. on the deductions, you have done a lot about sttting rid of mo deductions. markets, pushes money towards property. why didn't you choose to target that? key things wehe talked about keeping our charitable deductions and the other is the mortgage interested action. -- deduction. the big part of the american dream is to own a home. john: it is not necessarily political? mr. mnuchin: it is not necessarily political. housing finance is an important part of creating growth. john: we talked about regulations and getting rid of them. which ones? you talk about dodd-frank being too narrow. how would you describe that? what is the broad

." ♪ oliver: we are joined by bloomberg news editor-in-chief john micklethwait. hn, in your opening remarks section of this week's "is this week" you essentially hold up donald trump his own meter stick, by his own standards for what he promised. tell us about how you went about taking about this. john: i think it's probably the fairest way to judge him, and that he said it's the way he wanted to be judged. he sold himself as being a businessman who would run the government more efficiently, and he would do better negotiation. he rubbished barack obama, hillary clinton, generations of u.s. trade negotiatoris, and said he was better than this. he said he could run things very efficiently. i thought it was a nice conceit to sit and look and say, he was the ceo, and if you were the board examining how he had run this company of america, how well had he done? carol: let's go down that path. let's just take, talking to russian officials and giving up intelligence information, that is akin to -- john: allegedly. carol: allegedly. no, let's be fair. john: if you were the

here is bloomberg editor-in-chief, john micklethwait. john: we're in toronto.es have gone up by a third over the past year. there is huge growth in vancouver as well. and today, the ontario government announced a 15% tax on foreigners coming to buy houses here. i suppose i have two questions for you. one, is this a bubble, and is this the way to fix it? the other one is, surely as a liberal, what is wrong with someone like me coming here to buy a house? p.m. trudeau: i encourage you to come and move to canada, and settle, spend all of your money, and invest, and hire more people. we are open to global investment. i think one of the challenges we are facing, and we certainly saw it -- john: you can't, with a straight face, say you are open to global investment on one hand, and then charge people 15% if they want to buy a house? p.m. trudeau: it depends on whether it is speculation, or whether it is living to move moving in to live. the challenge that we're facing is one of, and we saw this more acutely a year ago in vancouver, a dearth of data on exactly who's d

carroll: cover story, bloomberg editor-in-chief john carol: cover story, bloomberg editor-in-chief john micklethwaitght up with justin trudeau and talked about a lot of issues, including trade. megan: i'm sure john will talk about it, but the thing that stands out to me with justin trudeau is when you look at immigration, lgbt rights, trade, is he the last traditional picture of a liberal we think of? he really goes into that. i think my favorite part is why canada has not been subject to this wave of populism. >> justin trudeau is in a strange position. on one hand, he is carefully positioning himself as the anti-trump. that is very much what he is appearing, he is the last sort of the liberal leader of a country. trump has been useful to him because it has enabled him to put slightly more hard lines around his own image which was getting fuzzy. now by definition he is in the opposite camp then donald trump in a lot of things. on the specifics of what happened, donald trump is attacking him about milk subsidies. or strangely, it could be one where donald trump has a reasonably good point from the p

we talk to ivo daalder, former ambassador to nato and john micklethwait of bloomberg. >> the kind of grownups, a, they have pulled off by relatively, certainly the middle east, relative success against the picture of kind of carnage on the domestic policy side. yet they are doing all this, and ivo would understand it much better than us. they are doing it with virtually no staff at all. >> rose: we begun with ian bremmer, president of your asia group. >> the they came to riyadh to see the american president, they made him feel presidential, like he was on the right side. israel, netanyahu had to corral his cabinet to all actually show up to see trump on the tarmac. you had a little bit of dissent, there's open media there. but of course its personal relationship is very warm. trump had a couple of gaffes but israel at the end of the day an incredibly strong ally of the united states and happy with trump and with obama. then he goes to the vatican and it's obviously a little more formal, stilted, awkward. the fact that pope francis gave him the autographed encyclical on climate change

." ♪ oliver: we are joined by bloomberg news editor-in-chief john micklethwait. ing remarks section of this week's "is this week" you essentially hold up donald trump his own meter stick, by his own standards for what he promised. tell us about how you went about taking about this.

here are some of the highlights, starting with john micklethwait's conversation with pimco ceo manny explains why they retain an edge in the market. >> fixed income turns over 10 times more than the s&p 500 turns over. it's also the fact you have noneconomic agents. think of ecb and the fed is people who buy bonds for other reasons than active investment. and you have the buyers who are accounting driven. think insurance companies or veterans funds. the opportunity for performance we think is much larger in fixed income. >> there was one possibility that someone could come in and cause problems. trying to push things towards passive because they think it's cheaper. >> of course there can be legislation that would push for the lowest possible price. we think over the business cycle we can add 1.25% to 1.5% alpha. when you compound this over the lifetime of the retirement account, the difference is quite significant. when you consider we are talking about 1.25% to 1.5%, to 2.3%, the amount is quite substantial. >> will pimco be as american as it is now or a much more global firm? >> i

that's john micklethwait.ister of one of the inchingtial advisers, her family connections to china this weekend. taking a look at that next. this is bloomberg. ♪ bloombergis is markets the trump economy. markets,"y scrut -- the trump economy. increase scrutiny from jared kushner's sister, with a wealthy visa program that would welcome chinese students if they invested. raising red flags that she invokes a brother's connection to family business. the company is coming out today saying "ms. myers wanted to make it clear that her brother had stepped away from the company and had nothing to do with the project." let's bring in caleb melby. going into the room in beijing, what was she pitching? >> there is a tower going up in redevelopmentf a area over there, close to manhattan. definitely could be considered part of the same market and they were pitching up to $150 million in investor money for this deal, $500,000 or more per person. if you invest that in a project like this, it creates jobs, construction jobs, in

with me at the table, john micklethwait, the former editor of "the economist."'m pleased to have both on this program. tell me what you thought of the president's speech. >> thought it was disappointing, to be frank. i think there is nothing wrong for theprogram. president of the united states to come to europe and remind europeans they need to spend more on defense. every president from truman on has been doing that and doing it in the forceful way he did is perfectly fine, although perhaps you get more results if you do it privately. but you also need to tie it into a commitment of the united states to the essence of the alliance which is article five, this notion the united states stands foursquare with our allies when it comes to their security and defense. it was particularly important for donald trump to do this since during the campaign he had called nato into question. he called it obsolete. the allies were sitting there waiting for reaffirmation of what is a treaty commitment of a treaty signed 68 years ago. and they did not get it. charlie: john? he kn

." ♪ oliver: we are joined by bloomberg news editor-in-chief john micklethwait. hold up donald trump his own meter stick, by his own standards for what he promised. tell us about how you went about

up, canadian prime minister justin trudeau speaks exclusively with bloomberg editor-in-chief john micklethwaitn the future of trade. p.m. trudeau: we are in favor of trade deals. we are in favor of progressive trade deals. >> on pathways to growth. p.m. trudeau: we are doing well because they are back investing in the kinds of things that make a difference in people's lives. >> on controversy and challenges. p.m. trudeau: the reason we are looking to legalize marijuana is because the current system is not protecting our kids. >> and on dealing with donald trump. p.m. trudeau: i've learned that he listens. >> it's all straight ahead in a special "bloomberg businessweek debrief." john: prime minister trudeau, welcome back to bloomberg. merci. [speaking french] john: that, you will be relieved to hear, is the last french you will get from me. can we begin with trade? the last time we spoke, you had barack obama in the white house, nafta was a thing of beauty. you were partners. you still say you are extremely pro-free trade and canada relies on this a great deal. on tuesday, donald trump went to

we talk to ivo daalder, former ambassador to nato and john micklethwait of bloomberg. >> the kind ofave pulled off by relatively, certainly the middle east, relative success against the picture of kind of carnage on the domestic policy side. yet they are doing all this, and ivo would understand it much better than us. they are doing it with virtually no staff at all. >> rose: we begun with ian bremmer, president of your asia group. >> the they came to riyadh to see the american president, they made him feel presidential, like he was on the right side. israel, netanyahu had to corral

john micklethwait wrote forget about ideology, political agenda, or whether you voted for him. him on whether he has been a competent executive could would you leave him in charge, him additionalnt would you be calling an emergency board meeting. we are joined by megan murphy. megan: this is not one that press made up in terms of how he wanted to frame himself. i think it is one of the fairest measures to look at him. he closed himself as a president/ceo. when we look back and peeled back what makes a successful ceo, leader of a company, there are several things -- forming a strong team around you. having a very disciplined munication strategy -- making sure you deliver on the things you say you are going to deliver on, and most importantly, not being caught out when you say things that are easy to disprove or are not true. if we look at political metric, the slate of competence, he has not really got the job done in that sense, even amid these scandals, many of them self-inflicted as well. julia: what has he gone right, megan? are successes in terms of the supreme court, keepi

he spoke with john micklethwait. first thee risk is political risk, such as north korea.understand and do not really know, not to mention the situation in the middle east. sectorsaw the energy under significant arrests in 2016 in the space of six weeks and the stock market reacting very strongly, something few of us had seen company. it turned out to be a good investment opportunity, but that could change, and you could see a collapse of one sector, just or 2001, to look back further. is it really sustainable? maybe, maybe not. >> are you worried about the rise of protectionism? you have donald trump, you have the border tax, you have some people thinking of a nasty trade conflict with china. does that worry you? to secretary mnuchin, it seems less of a risk. the protectionist argument we think is weak. john: so they will not put through a border tax? >> no. and there is a whole sector of it.economy that depends on we all acknowledge that globalization has had profound impact in terms of the labor market, the local label markets in america, and have potential dramatic out