and given adobe's size, that's significant. figma has managed to both be important kdesign-wise to a productive community, to a kind of product design community, to the software community so it's important design-wise and it's a productivity app which starts to potentially get it into some competition with microsoft, in figma a lot of workers will build workflows and ways to hand off design work from those doing more of the interface design to those with the coding there is a potentially larger addressable market but also a software language issue here figma has some simplified ways of designing that are different from what you do in photoshop, in in design, right, in dream weaver and some of those other things that adobe has built or acquired how they integrate all that and make to make sense is going to be important but the addressable market is opening up here in a way similar to when adobe moved into marketing with the omniture buy. >> you said something key that th that is has become a hugely important product. the questio

these are values adobe has in spades. of the ability to build our culture and our team, we think we will be able to accelerate our culture, and i am excited to explore with this acquisition means to the team and figure out how we can have more impact on our community. for me, i grew up using adobe software. it is a chance to help adobe think that the next generation of creative tools and how they are used collaboratively, and what that means. that is a dream come true. i am excited for this. emily: all right. thank you both for sharing both sides of it. coming up, were talking everything merge and whether ethereum's energy consumption will decline by 99%. this is bloomberg. ♪ an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards. emily: ethereum has just been repaved. the blockchain network just completed its largest software update to date. the upgrade is called the me

these are values adobe has in spades.se of the ability to build our culture and our team, we think we will be able to accelerate our culture, and i am excited to explore with this acquisition means to the team and figure out how we can have more impact on our community. for me, i grew up using adobe software. it is a chance to help adobe think that the next generation of creative tools and how they are used collaboratively, and what that means. that is a dream come true. i am excited for this. emily: all right. thank you both for sharing both sides of it. coming up, were talking everything merge and whether ethereum's energy consumption will decline by 99%. this is bloomberg. ♪ when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but t

it creates new growth, a new growth driver for adobe. think photo shop and premier, the largest revenue generating segment seeing growth slow and companies spending to get into the metaverse analysts say the deal is defensive, keeping salesforce and microsoft from acquiring the -- figma from acquiring the company and increasing competition. back to you. >> for more on this deal and the broader tech m&a landscape let's bring in phil drury. it's good to have a banker in tech on today, phil on this deal you're not involved you can talk about it why do you think the market hates it so much >> i think it's early. it tells you two things. focus on figma first which is say it shows you that good private companies have alternatives the i.p.o. market for the most part is closed, obviously this is another alternative that figma chose to sell. from adobe's standpoint it shows large cap companies with significant cap positions motioned to move when it comes to strategic decision making it as it relates to the stock price, it's early. there's a lot o

can you rationalize what's happening in the stock market versus what's happening at adobe?t's talk about adobe, jim figma is actually one of these rare companies that has achieved incredible escape velocity they have a fabulous product that appeals to millions of people they have escape velocity as it relates to the financial performance. and a profitable company, which is very rare, as you know, in software as a service companies. and while they are a rare company, the ability to put together that as well as a company like adobe is even rarer in terms of how we can both harness as well as accelerate that business. so, you know, from our perspective, when you think about it from the perspective of shareholders, which was your question, we really believe that the combination, whether it's creating this new world of creativity and productivity, it's what we can do as it relates to accelerating creativity on the web, inspiring an entire new generation of designers and developers and stakeholders, it is going to be a great value for their shareholders as well as adobe's shareho

what happened here is that the vcs gave figma is resources to compete with adobe and beat them adobeompeting product called xd, and figma got all the mind share from the designers. so, adobe tried to beat them in the marketplace, and they couldn't so, this acquisition makes a lot of sense because it's in fact an existential threat to adobe's ability to keep mind share in their target market. and that's why i think, you know, they paid a premium. they had to. and because it was existential there are very few companies facing existential threats from new trends this feels a lot like facebook buying instagram or salesforce buying slack because they were competing for their core customers over the long term >> at the same time, though, i see a number of companies, some of who have already gone product that are making the case that they are existential threats to some players like smart sheet and productivity, pro core and construction management, logistics. isn't it possible -- speaking of logistics, look at what fedex is going through. isn't it possible that there are more industries wh

still not enough on the week to be worse than adobe.as lost a quarter of its value for investors, just this week so, who else is losing a little bit of steam and your money this week well, nucor steel, eastman chemical, international paper, theyou o rndut the list. all down 16% an ugly week "the exchange" is back right after this [watch: heart monitor connected.] technology makes it easy to connect to everything from your wrist. [watch: speakers connected.] but to connect to all your clouds, you need more than technology. [watch: 50 feet to pin.] well that's not fair. you need cdw to implement vmware cross cloud services. a portfolio of multicloud solutions. it'll simplify workflows, speed innovation, and secure all of your applications. how did you get here?! [watch: the backdoor is open.] vmware makes connected multicloud possible. cdw makes it powerful. at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more

in other words, are they adobe and adobe was hit harsh this week >> salesforce, last week i was watching some of the conferences at goldman sachs, leaving the door open for m&a activity. >> you have figma now selling for 20 billion and selling at 50 times the annual revenue, what happens is people say desperation. there's desperation. now there's two kinds of tech, the qualcomm kind, you have these chips used in phones and autos, maybe phones are good, maybe china is too slow. and then there's this kind of tech where you got big ticket items. and you can't close deals. workday closed deals but the last time salesforce had some pushback then you have the other problem, the dollar. >> yes which they talked about. >> they've done everything right. >> i thought of you this morning i was listening to you as i do on the way into the studio, i went to get my coffee and the other person who was to help out didn't show up that happens three times a week, the milk is not out, everything, i heard you talk about needing more pain, that's what fed chair powell said, people need to come back to work w

let's start with figmo, what does the adobe acquisition say or not say about the m&a market?couple things one, it talks about the power of the cloud and collaborative software model for more than a decade now, adobe had this fixed chokehold on the entire design market, particularly in the enterprise what we're seeing now, companies like fig ma, companies like can vau, they're doing the collaborative approach a little bit of an existential risk to their business model, their pricing model and their relationship with users. >> that risk has been well telegraphed by the street. these series of downgrades mention one thing, competitive land landscape. does this acquisition reinstate the adobe case, make it more competitive against the likes of canva, or do you think that's still going to be playing out? >> we're going to see this play out over the next two, five, ten years but what i can say about canva is last week they had their user conference, and the visual work suite is what everyone is excited about now. a mix of word processing, great video editing tools that they didn't

cfra research doesn't understand why adobe wants to buy a company that overlaps with what adobe alreadys and why adobe is paying over 400 times the revenue this year. adobe reported third quarter earnings higher and fourth quarter estimates is lower. not a great day. wynn resorts and the hotel and casino company ex-paneledded it is convention center and believes it'll drive a lot more events to the location and that means revenue. wynn popping 6.25% and we have las vegas sands catching a bid here as well. it's up about 3% after the kansas city chiefs sue know submitted -- casino submitted a new ten year gaming session in the chinese mecca for the gambling. the launch of cesar's sports book and casino truck tour. stocks lower after the financial protection bureau announced it will start regulating the industry by aligning the sectors rules with those of credit card companies. so a lot tighter here. launched an inquiry last year that concerns of buy now pay later companies was accumulating debt and they'd get swamped by that and down 2.5% and paypal 2.7% and the streamer upgraded from inl

you have a new note out on this story, adobe buying sigma for $20 billion.ompetitive threat to adobe. i wonder if this is an admission of defeat. either way, that is a huge number. is this a smart deal? >> technology-wise, it may be smart. but this is the wrong time to do it. valuations of cratered since november. for a company that was valued at $10 billion last summer coming to buy them for $20 billion, nobody is liking it. i think they lost $35 billion in market cap right now for a company that is going to generate 400 million dollars in revenue next year. they need to think hard and long. they are looking for margin expansion, profit growth. even if growth slows down. and adobe is a widely diversified company with a very large array of creative products. the competition, it is not a big deal to me, frankly. emily: anurag rana, bloomberg intelligence, along with anurag rana, principal -- carolina milanesi, thank you. fedex has withdrawn its earnings forecast amid worsening business conditions. the package store giant is pointing to weakness in asia and ch

one jumps out to me it's adobe you bought it. gutsy, gutsy in this kind of market >> we did. well, if you look at adobe it's really trading back to where it was back in 2019, so we think when we look at this company their products are industry standards, and that's important because there are incredibly high barriers entry. and the management team has done an excellent job making acquisitions that have increased their total addressable market over the years we're giving the benefit of the doubt and think this is also an opportunity for the company to continue to grow its addressable market and especially with valuations where it is down here at 18 times forward numbers we think this is a compelling opportunity. >> i'll get to the stock you sold in just a second, but i see you bought more adobe. >> yes, we did, so i agree with brenda just said we bought adobe for the first time a couple months ago, then of course they made the acquisition, the market came way down at selling 18 times forward earnings and we just added to that position. so i reagree it's a stock very cheap, has

operating system adobe needed to make a move.adobe is a service the world is moving to platform. they made a move it will take time to play out in terms of the bottom line it was the right move to make. you know, the fed has changed the equation on the economic health of the country and what will it be for the future for the next 12, 18, 24 months that changed where the tech opportunities and shift to the cloud continue to be resilient and strong that is where we invest and grow those positions. we are going to be hedging out the rest of the portfolio given the macro uncertainty back drop. >> one question a lot of people are asking where is the bottom for tech just a few weeks ago, we saw rates rising and also tech rising at the same time. people thought maybe we hit the bottom what do you think? >> if things keep going the way they are and no about face from the fed, i think we can go a lot lower from here. possibly 20% lower from here you know, you have substantial earnings risk. you have the push/pull with legacy and new tech

i think this week we kind of moved down the progression of what's been going on. >> one thing d adobe, that was offense and defense. it was keeping figma away from salesforce and microsoft one thing back to fedex, you're in the camp that it's a macro problem, not a fedex problem >> i think both. i think fedex underperformed in terms of their gross margin so long they talked about global growth. they talked about europe they talked about asia they talked about also cost side this is where they have been terribly inefficient this draws a bright light on the companies not doing this we will talk about those companies delivering and delivering free cash flow. fedex is not one of them. >> we are looking at the brute at losses here you looked at me like you had something to say fedex problem or macro problem >> i do think it's both. the macro problem is creating the company specific problems because demand is falling. we account have rallies. we have had them this year, bear market rallies are the norm, not the exception. watch a couple of things tim mentioned t you have to watch credit tha

adobe dropping nearly 17%, getting a major premium in the deal, just last. valued at $10 billion. software's ace has and suffering this year. the ig be, it is down over 30%. our next guest predicts that we will see that. known for hitting number one on the institutional investor all star list. 17 times in a row. longer than the show has been on the air. rick, it is an honor to have you on fast money. where do you think that will happen? in terms of where the targets come from? the public we traded market or in the private markets where there seems to still be a willingness to give them premiums? >> let's start with some context. valuations are down a lot. the stocks, from the peak in november, are down 65% and, the software group. the valuation for the highest group are down from 35 times next year's revenue to eight. the broader groups have improved. the valuations are down a lot. whether we think that is the bottom is something that we need to think about. i think that you need to get through the third quarter earnings reports , you go through an economic

first time in years we have gone and bought govies you didn't know fedex was going to be down, and adobe, they wer corner stones in dragging this market down, and they are big names and heavily indexed and there's management at fault there, so it's difficult to try and figure out on the earnings basis where you can do a macro call, because the -- >> we're having obvious technology issues with kevin we'll get back to him in a second and kevin raises an interesting point about how high rates are going to go, and how sticky they are going to be once they get there. and goldman sachs today is pointing to a higher peak like many others as well. what do you think this week holds for stocks are you as negative on the market as these other folks appear to be >> well, i think joe made a great point, as did liz, in thinking about what was driving the rally in june, from june through the middle of august this expectation for a soft landing and for a pivot. i think what really took the wind out of the sails of the market in the last week, this soft landing had come off, it had grown from a whisper t

despite that news coming in on adobe.r advocates are not completely sold about a new law taking effect next year that's supposed to help lower rental fees in california allows prospective renters to buy their own reusable credit reports and then submit them to different landlords would rather than paying a fee for a new report. with each application. landlords can't charge an application fee if they accepthat tenant approved report. but that'she issue. consumer advocates have. landlords are not required to accept that report. they can also charge a fee for a background check, which typically ranges from 25 to about $55. american airlines announced that it will close its flight attendants base at san francisco international airport at the end of january. more than 400 flight attendants will be forced to transfer to new locations now current sfo employees were promised an equivalent position at any other base except a x in a company wide email. the base currently serves as the home location for sacramento, san jose and san

adobe plummeted 17% yesterday once the deal was announced.s on adobe and bank of america cut its rating to neutral from buy saying the fig ma deal will be an over hang, until the acquisition proves itself to be profitable. can we look at ncr, because it is not a pretty picture. this is sort of like twinning federal express here down 21%. right now after the provider of automated teller machines, announced it's going to split into two companies rather than sell itself. after the split, one company is going to focus on digital commerce while the other will focus on atm's, and ncr says tough financing markets cut its efforts to find a buyer even though it did come close with several private equity firms that kicked the tires before deciding nope and walking away. and nordstrom down 18% year-to-date is actually higher by 2% right now, after mexican high end department store chain liverpool acquired a 9.9% passive stake. the high end retailer, one bright spot where you see much of the retail sector selling off , and by the way, while we're on the

. >> sterling, i want to ask you about adobe. not one of your favorites here, but one that i know you have covered for a long time. this move to buy sigma. we will see if that goes through. but a lot of people hate the stock right now because of that move. strategic rationale has questions about whether regulators end up allowing this to go through. what is your thought on whether if it does go through and based on the track record at adobe, this is actually a smart purchase? >> strategically, i think it is a very good move. terry tough for the stock. people really did not understand and appreciate the acquisition when it happened a few years ago, and even further back, when they acquired macromedia. but this is the defining moment in time for adobe. when you look at what they actually bring to the table in terms of collaboration, user interface design, bringing designers and developers together, and offering opportunity for adobe to actually bring creative quality truly into the cloud. a lot of what happens with photoshop is sti

adobe should have bought it earlier.ould have done better things to innovate but they are where they are in terms of what it says about where we are in software remember this -- the movement of all data to the cloud and applications built on that is the biggest super cycle in the world today. i think it's bigger than what i saw on the internet itself in 2000 and 2005. we hosted a dinner last night in with building applications in the data cloud these founders in 2003 would have been showing me websites to put on dwoogal instead they're showing me applications to put on snowflake and aws. the future of the world is going to be about putting all data into the cloud and leveraging machines for humans to make better decisions we talk about snowflake is betting from it and figma is an incredible application going to ride these rails to help businesses, you know, create the future. >> founders are feeling good today broadly. it's good to see you always. we'll see you soon >> great to see you, scott >>> thursday night football

. >> next week we're going to get oracle and adobe to off cycle big software reports, and that will be really informative. >> indeed. as we are in the blackout window for fed speak as we get into closer to a fed meeting and obviously cpi, hard to overstate the importance of that print on tuesday. have a good weekend, let's get to dom chu in the half >>> all right, thank you very much, carl quintanilla here we are, the "halftime report," i am dominic chu in for scott walker today stocks pushing higher yet again, aiming to break a three-week losing streak but a big warning from a major investor about why stocks could fall below june lows, we will debate that call with our investment committee they are today brenda -- shannon -- john, and jim -- in englewood cliffs, new jersey, checking on the rally at this hour right now, we are up 332 points, north of 1% gains for the dow, 1.25% gains for the s&p 500, solidly above 4,000, 4,059 the last drad there and 1.8% advances for the nasdaq composite. and by the way the russell 2,000 small caps also showing a bit of outperformance as well we will

to me it's -- chatna ryan from adobe said it's still going pretty good.blem. >> no, what i'm saying is on a secular basis we're very optimistic on e-commerce going forward. we think it will settle back down and go back up again. it's just we are in that settling process right now >> look, asia's terrible and i don't understand it's just terrible this is china. this is a country that bounces back what is really going on there's? >> asia is the center of manufacturing in the world >> right >> so when you see these things happening i feel it's a leading indicator of something more profound and that's why we feel the macro -- we are the bigger player in asia and so we see things happen before others do and that's one that's got me really concerned as well >> trying to figure out, coal mine versus execution. you could not have been happy -- you're l. you said you're disappointed you could not have been happen i why in your own execution. you just started so i can't necessarily say how could you screw it up? but there are some things wrong here >> we are 70 day

electrical, some waste cost more solo will mean he started republicans that are being obstinate 1st, adobe little bands mccollugh from finish will call in is that he's not, there is, are you a quick me to please them, you know, give them your smoking out of your sped dameion is registered about how many have gathered today under the people's patrol banners. they're targeting migrants to become too numerous yet a got it. all this analogy right now was the russian, california crystal club in you get, it was not most bullshit down with almost a normal one. actually really gonna come point before it really start pulling the recall then it's you're supposed to, it was in, you're going to come back is coming for 30 minutes from albany cost. so other guy than more than i'm not going up at the desk to sort of build it up. and actually it's one that i will all police mistakenly small patrol. not on the sun roseville, not on it, but there was a boy with the people as patrol will explain to the migrants how they should behave in serbia. unfortunately, we care about 70 illegal comes in this area and w

you see adobe road right here. this is 1600 bilby road. the location, the fire winds blowing about 9 to about 14 miles per hour. so picking up, you get that afternoon. sea breeze. more of a northerly wind kicking in right now in and around that fire. so a lot of grass in that area that's where they'll be fighting with that fire there. hopefully not allowing that to get up in the hills. all right. around the bay area, though. here's your forecast for fire weather conditions over the 24 hours here. now we're looking pretty good here is we're going to see nothing popping up out there right now. that's because we've had all that moisture on the ground. so fuel moistures are running very high, keeping hard for fires to burn the right now. the fog is begin to move back in along the coastline. the sea breeze is blowing out there. the more fog developing overnight tonight is tomorrow morning. and then changes coming our way as high pressure going to strengthen just a bit. that is going to send the temperatures soaring in many spots. now it's not g

as holders of adobe, holders of fedex, this was a painful week for us to be sure. fedex is the one this concerns me a little bit more the adobe situation i think is indicative of how the market is going to react to news that they don't particularly like. they didn't really like the deal that they announced and punished the stock severely fed, the fact that they can't give us or illuminate what the rest of this year looks like is grim and what is also a little bit concerning to me is that it seems like we're hearing that same kind of tenor from across various industries we heard barry stern earlier today. >> he was making comments about the people he is talking to. so overall it didn't feel like a good week and it doesn't feel like it's going to get a whole lot better soon. >> scott >> frank, i think the reaction to the inflation data was absolutely appropriate but i think that the market made the wrong reaction to the fedex data you know, fedex has never been particularly profitable margin wise, it has huge inefficiencies between the ground and express business sin

you see adobe road right here. this is 1600 bilby road.

how appropriate talk was sort of been more upon or what adobe abuse would be? 0 software which we might be restored with clinical some. kennesaw, a can program so we're not in the mrs donna this was quoted car was donald introduce was can support his own if you swear the group course 20 quiz. i did so she hopes to number surely the for them it under to bill are still there was solution nature to who to call to be able to produce immature matter this a true subbing for an adult is for you that a shovel sort of you owe me. c ah, yeah, maybe see that for me to make them maybe to problem with sell boncey, my vision missing? no. the only now who's come eat all the, you know, put these silva than a sema point of view. they could be more than that. they move nikki zion, excuse me, what i am, i went out more feeding all way too, because to be at that with the east coast, then add them, then it should be in a blue . ah, ah ah, what we've got to do is identify the threats that we have. it's crazy even foundation, let it be an arms race is on very dramatic development onl

i understand they can take market share there's a way to capitalize on these moments. >> but an adobe could be seen differently as a microsoft you look at what microsoft is doing in gaming. this is pretty offensive, right. who knows if this deal will go through, the activision blizzard but that's operating from a place of strength, and trying to get ahead. >> the key strategy here is in a recession, you invest, and it's a question of what you're going to end up investing in i think you're right i'll agree on this point if these companies make the right investments right now, it's going to put them in much better position in the long-term. the question is what do you invest in, and when you cut, are you cutting the things that are going to end up hurting you in the future i don't see a large scale end of the game for big tech. i think they're more vulnerable to outside challenges than they were before and there's no way around that. >> great look at the challenges, alex, thank you. >>> one company not cutting costs this morning is robinhood announcing a new program called robinhood gol

adobe shares tumbled 18% in new york after the news.ire capital for $14 billion. as part of the agreement, shareholders will receive cash per share. the real estate investment trust accounts berkshire hathaway an investor in the deal -- and its portfolio totaled $11.4 billion. shery: and the equity space, the nikkei losing ground at the weakest level in a week following the strength of the japanese yen at the 142 level against the u.s. dollar. the kospi continues to lose round together with the korean yuan, which is very close to the 1400 level versus the u.s. dollar. we are talking 2009 levels. the asx is led lower by materials and investors -- materials. the strength of the yuan, we are seeing it after significant weakness of the land that we were talking about 24-year lows against the u.s. dollar at one point earlier in the week. there is a lot of talk of intervention. that has led to changes in the japanese currency. the korean yuan is very close to the 1400 level. the aussie as well. a little strength, this after being posted this

i believe it goes back to 2020 watch adobe on the software side, watch those chip stocks. may not be a great story at least for right now for technology i'll send things back over to you. >> dom, really appreciate it thank you very much. let's kick off the show with some good news in the oil markets. crude oil is lower again today you can see that, it's trading at 8580. it's down about 5% this month. and while many are still talking about $100 or $125 barrel of oil ahead, why don't we flip the script come at it from a differenting an,. russian oil, still flowing, pretty much at the same rate it was before putin's war oh, and they're selling it at lower prices to countries like india and china. speaking of china, they continue their bizarre and failing covid zero policy and keep locking entire cities inside their homes, slamming economic oil demand and look at this the u.s. government continues to sell millions of barrels per week from our emergency oil stockpiles the spr, as it is known, is now down to levels we have not seen since all the way back in 1984 thankfully, that

stuart: are we going to check adobe? i think it's down again 4% lower lauren: yes.ay after announcing that $20 billion bid for what was it? figma. i bet your investors thought you're bidding too much. lauren: figma was worth about $10 billion in their latest private equity valuation and adobe is paying $20 billion, that is the biggest buy-out of a privately-owned software start up ever but look, they do business with popular clients like airbnb and coinbase, and the analysts are saying you over paid, deutsche bank is just one of those analysts and they took their price target down by $100 to 400 so still well above where adobe is now. stuart: let's check the big board we've been in business six minutes and we are down over 300 points, close to 400. that is 1.27%. just from 30, 500. here are the dow winners there's only three. j & j, amgen, and coca cola. lauren: staples, healthcare. a nervous market those are the type. stuart: s&p 500, comcast, phillip morris, moderna, crown castle. not significant gains for any of them, and the nasdaq winners, not a single big tech

we also see, going back to the adobe deal, $20 million in size, it could drive for investors along thech is always needed, we are about to see one major revolution of decentralization through web3 of tech applications that emerge in -- very good time. >> silicon valley's ceo's ceo. you found it and took public be a systems, give me the founder's perspective. how hard is it right now to be a fledgling startup or a founder with an idea to sit in front of an investor and chamoli with cash in public --pocket? -- cash -- and come away with cash in your pocket? >> raising money is not the same as it was last year, thank goodness the words revenue and cash flow matter again. the other thing is run rate, cost and expenses, we have seen a slew of layoffs, not because the company could not afford this people, but they are we thinking about how to get to profitability and cash flow positive. we will see good ceo driving great companies all last a long time. ed: there are some areas you have a keen interest in, web three being one. what will big tech do when it comes to web three? will he do anyth

but a lot of us are saying, we were looking to adobe to really kind of stabilize, get things the waye liked them, that the web is still doing well, and it was not even in the discussion >> right buybacks, of course, and by the way, the buyback blackout window sort of begins today it's going to lead some argue to some short-term vulnerability. >> well, look, i think people -- still fedex story. look, i got to tell you -- >> what? >> i finished the interview, i was shaking. >> yesterday, you mean >> i was shaking i was, like, regina, my executive producer, did that just get -- did he just say that and i said that, you know, people said, is it a canary in the coal mine? i said, are you kidding me it's the coal miners the coal miners in the coal mine that canary died a long time ago. so what jay powell -- i was like, is jay powell watching then, i said, if jay powell is, is barry sternlicht? he's a heavyweight >> he is and he is not afraid to speak his mind barry yesterday was powerful gundlach says the best opportunity in ten years >> says nasdaq could outperform for years. >> go buy ap

who under the exciting rowden covered fragments overland adobe. another of hers, i fled from earth, trailed on to a t. okay. i will, will, will, hadn't i trouble to saddam? and from there i got to libya. there's so many owen. oh, on my way to libya, we were kidnapped for about to weekly nomination. mazacco. it was hot, had we experienced severe hunger and thirst. my son and around 5 people died from that. how much to somebody coming up, we left their bodies there more than because we didn't have a choice. good is now monitor a wet came to europe on a boat. he became a refugee at $24.00 because he refused to enter military service in eritrea. this means imprisonment. oh worse it who finished her didn't they didn't know the journey would be so divide that we were on the road for a very long time about a mom in front of it. and at some point food ran out of the bag of others. felix, it was especially difficult in the mount. and so as we had to walk up and down a very high peak and it had snowed am, if we had normal sneakers on, we hadn't got proper h

we hadn't covered that argument overland. adobe another person. so i fled from our trail down to a to yoga. and yeah, we'll, hadn't, i traveled to sedan. and from there i got to libya, the someone, holden. oh, on my way to libya, we were kidnapped for about 2 weeks. selina manage. hm. missouri, oklahoma, it was hot. had we experienced severe hunger and thirst. my son and around 5 people died from there. how much to somebody coming up, we left their bodies. there's more than because we didn't have a choice lady's name on it. in a wet came to europe on a boat. he became a refugee at $24.00 because he refused to enter military service in eritrea. this means imprisonment oh, worse. ah, it's ruth nifty than they. i didn't know the journey would be so de valera, we were on the road for a very long time about a mom of 100 of it and at some point the food ran out of the bag of others. feel that it was especially difficult in the mountains. yeah. as we had to walk up and down a very high peak and it had slow down as we had normal sneakers long. we haven't

adobe dot com slash business. check us out on youtube as well. we're under the d w news channel. i'm see from beardsley from everyone here. thanks for watching. i o. r. a more in depression, ah, musicians from ukraine and delaney's continue to resist. and they're giving rouzan performances at the beethoven fest. bon oh, aren't 21? d w. a pulse ah, the beginning of a story that moves us and takes us along for the ride. it's only about to perspective culture information. this is dw news and more. d w made for mines. oh oh, i devastated with our we can with cars carry effects of climate change. i mean failed to plug wired before a station in the rain forest continued carbon dioxide emissions have risen again. young people all over the world are committed to climate protection. what impact will they have because change doesn't happen on its own. make up your own mind. d. w. lead for mines. ah. oh. they are torturing people. think about jenko is that he never, ever forgives. ah. as duck kind of ties, no time to kind of us.

you can check adobe dot com slash business. we're on the dw youtube channel as well, from me and the team here in berlin as take care. bye bye. all right, it's generating a lot of hyphens. the members working in virtual world shopping in our digital doppelganger, is that the avatars are having fun. but is our data safe? and how do companies benefit? we put on our goggles and dive into the members. made in germany with russia and its artist, russia and its dissident artist, russia, a blacklist for different artist. with the focus on 60 minutes, you do with listen carefully. don't know how those 2 things you need to do. i feel the magic ah, discover the world around you. subscribe to the w documentary on youtube. with, with no mat averse is yours to enter, go to concerts without the claustrophobia.

this will have adobe expand its tools for creative professionals.igma allows customers to collaborate on software as they build it. and those are some of your business flash headlines we are following at this hour. still ahead, bloomberg businessweek with the latest rankings. we will see who tops the list and which parts of the world. that conversation next. this is bloomberg. ♪ taylor: this is bloomberg, i am taylor riggs. bloomberg businessweek out with the latest ranking of business schools around the globe. joining us to walk us through the results is our senior editor. it has been too long since you and i have spoken. we do this wonderful thing every year. talk to me about the rankings and the standouts. >> we have the top schools, stanford is the top once again. several years running. it has been on a run. it is a big undertaking, but people are very excited about doing this every year. stanford is number one, chicago and harvard number two, northwestern four and dartmouth at five. the top of the list has not changed. he sees changes in what y

this time route for the band said to wait almost 2 years to see these arch rivals face off in the ru, adobe. and the scene was set at a pact out signal it during the park. the 1st controversy came early in the game. george lawson went down in a one on one with gorman's people, maia. but the play was ruled off side then a shot moment for the rossetto. once mako royce twisted his ankle in a contest with florian flick and was unable to continue. marius woke with the 1st real chance in the game, but he was denied by alexander swallow. just 2nd before halftime anthony modesto went just wide at minutes later, donio mullin couldn't find the back of the net either shaw his 1st chance in the game was blocked by nico. she looked back in the 66 minutes, substitute usa from a cookie. almost put his team ahead, but it was swallow with another good safe in behavior committee, mckoko wouldn't be denied wolf with the cross, and the 17 year old headed home. probably the most important goal in his young career and you could see what it meant to him. dockman coach, eating tears. it's new who had to think afte

so it seems to be a bit bill, adobe linked to the reaction and trying to kind of fix areas in the ah, russian economy that are vital. ah, there is, i would say also a very fair assumption that lots of most of stayed bureaucrats of high level or more or most of the security services and police and the russian national guard will remain in place and will not be called up to maintain control over the situation in russia itself. so there are definitely exceptions, but judging by a massive sort of the number of reports that we get, it seems that in all other areas and it is people of different age, different occupation, those who serve those who didn't serve that, that being around it up and send to the training camps 1st and i supposed to the front of that. well, up to now it seems that there was one could possibly say ambivalence in russia, taurus of this war, has the conscription changed the way the russians feel about the invasion? well, the russians and russians, you've seen yourself. some are going off to the front saying everything will be all right. others are streaming out to neig

this material, in such a house, until he built a second stone one under an iron roof, just such an adobeds, not every master could lay down such a roof. she is a work of art. a very beautiful house. he breathes in the winter it is warm in it, or it is cool there, he sleeps so well in it. he is for rest and cleanliness in it is ideal. after all, almost all household work was either on time in a separate kitchen or under such a canopy. this is how they do it, scourging all the ropes, the ropes are sharp, necessary in the peasant economy right there in the yard. this way of life is 5,000 years old, and it is still possible to live it, while remaining proportionate to nature. these are the water windmills ideal of modern ecologists were everywhere in order to come up with a rational, more harmonious, more economical, more environmentally friendly. just more beautiful wind. after all, the river will not stop blowing will not stop. and this is such a sustainable production throughout russia that today is called renewable energy sources, the local village came up with such floating mills, an in

the fam said to wait almost 2 years to see these arch rivals face off in the rue adobe. and the scene most sets at a pecked outs acknowledgement upon. the 1st controversy came early in the game. george lawson went down in a one on one with dawkins people, maia, but the play was ruled upside then a short moment for the rossetto once mock, the royce twisted his ankle in a contest with florian flick and was unable to continue. maria's walk with the 1st real chance in the game, but he was denied by others on the swallow. just seconds before hopped on, anthony mother said i went just wide at minutes later donyo i'm on and couldn't find the back of the net either. shaw, his 1st johnson, the game was blocked by negro. she looked back in the 66 minutes, substitute juicy from the cookie. almost put his team ahead, but it was swallow with another good side. and have you committed, michael wouldn't be denied wolf with the cross and the 17 year old headed home. probably the most important goal in his young career. i what it meant to him. oh, don't include it in tears, it's new yet,

look at the recent adobe 20 billion dollar megadeal.e the next two years will be very strong. that is critical. three, venture capital investors are sitting on $162 billion of cash for new investments. they are driving energy to find the best founder and a lot of early-stage deals. ed: what you are seeing is not risk aversion like we see in the public markets and the later stages. are you guys ready to spend, ready to deploy capital? or are you sitting on the sidelines? alfred: we are definitely not sitting on the sidelines. we have been extremely active in investing. if you look at the cycle, post 2008, the best breakout companies invested soon after those crashes. really good companies, strong founders bubble up to the top and valuations are rational. you can make bets and drive ownership much easier. this is definitely a good time. ed: you talked about valuations being rational, but there is hundreds of startups out there, potentially more with unicorn status, one billion-dollar valuations. what is the risk we see those valuations co