bill ackman says he has an opinion. thing, when i've never seen a company fight a short seller this long. liz: are you ready? overstock, remember overstock against -- >> everybody. liz: rocker something. >> who won? overstock is still in business. liz: very much so. but they, the people who were kind of pounding on overstock had to settle because they were saying such bad things and putting out bad information. >> if you you look at ackman's call, there was some, there was one part of it, fromç what i hear, that the herbalife people are annoyed about involving revenues and things of that nature. real financial specifics. it is up today, look at that. by the way, can we get a daily, can we get a one-day. liz: intra? >> that is amazing pop for the -- liz: i don't know why it says zero. unchanged right now. how can -- intraday. how can it be unchanged. >> how did we move the stock a little bit. liz: now down a penny. >> i moved it down, but in any event. there you have it, the battle continues. liz: okay. >> by the way, i

we are awaiting bill ackman to take the stage. scott, it has certainly been a very interesting, a rocky ride for bill ackman although it seems he's coming off what had been a good month. >> yeah, melissa, we're waiting for bill ackman. he should be taking the stage within a matter of moments. we'll find out what kind of idea he's presenting whether it's one that's already in the public domain or whether these are no ideas. remember, he has a couple of new investments, new in quotes because he's had them for some time. he hasn't revealed them publicly. we wonder if he uses the sohn stage today to bring those to light publicly. it will be interesting, in fact, if he does that. he gets about 15 minutes on stage. not a tremendous amount of time. he would have to go through both of the names and, in fact, he reveals both of them quickly. he is off to a decent start for the year. certainly last month was good for bill ackman, up 4% in april, up 2.5%, a touch better than that year to date. that's net of fees. a little known fact as well,

bill ackman made the announcement this morning.on school of medicine, and the other is from cold spring harbor. great work by all involved in this conference and certainly what bill ackman is doing, the amount of money that he has put towards this noble cause. another activist investor, keith meister of corvex management just stepping in where he pitched his latest big idea. welcome. it's good to see you again. secentury link is the name. why? >> so today we're going to file a 13-d in century link after the close, disclose we own about 13 million shares, representing about 5.5%. simply put we commend the century link board on doing a game-changing, transformative deal in merging with and acquiring level three. we think it makes the dividends secure, creates massive free cash flow, and allows the company to become a focused enterprise telecom network infrastructure company that grows. now the key is to execute. one of the hidden assets inside of level three over the last four years has been a great management team had who executed t

mark: still ahead, then -- bill ackman says he will probably stay away from pharma after the big lossant. this is bloomberg. ♪ ♪ mark: live from london and new york, i am mark barton. vonnie: i am vonnie quinn. this is "bloomberg markets." bill ackman says he will probably stay away from pharmaceutical companies do this after his pershing square fund lost $4 billion on valeant. he says its company has recovered since and not -- is -- looking for a wider francine lacqua asked ackman about the listing. bill: we are looking for more liquidity. launched pershing square almost 14 years ago. of hours.ng-term plan we have been trading at about a 15% discount. coming to london, we have more liquidity, will access more investors. with the discount, the, ftse 200 eligible company. by as early as june. francine: you said you have been unhappy with this discount. how do you expect that to be adjusted? bill: there is actually more demand. as a 50 250 company, we achieved that potential. we could have as much as 12% incremental demand from index funds. plus the fact that this is really a north amer

that's the publicly traded fund run by hedge fund manager bill ackman. has been listed on the euro neck amsterdam since 2014. this fund in london is a second listing. so why list on the london stock exchange? well, ackman said in a presentation to european shareholders last month that the british market has a deeper pool of investors and he hopes that demand will narrow the difference between where the stock trades and the net asset value of pershing square's investment. to capture the popularity of index investing and in conjunction with the second listing, pershing square is about $4.7 billion. the firm manages will $11 billion total. half the amount of what it managed two years ago. pershing square suffered from negative returns over the last few years, notably due to a position in valiant which resulted in a $4 billion loss. the purpose of this publicly traded fund, of course, is so ackman can have a permanent pool of capital to make his betts, guys. >> even more so, right? he already has a good pool of permanent capital. . and the point you made is i

bill ackman joins the show at 10 past 7:00. reminder -- if you are a bloomberg customer, you can watch everything we do. go to tv . you can follow all the chart and functions and join the conversation, ask a question. anna: if you think you have a question, get in touch. coming up, a disastrous andunter with juncker, theresa says only she can get breakthrough brexit. strong and stable leadership is thae phrase. we will talk about that next. this is bloomberg. ♪ anna: welcome back, everybody. 1:47 in new york. let's talk about twitter. manus: twitter has told bloomberg that it's seen a bump in extra heavy-duty president trump, but it would love to see other world leaders be so connected. they announced an expansion of the existing business partnership related to streaming video. anna: the coo and interim cfo, and emily chang asked him about his role. >> the first thing i would say is i love working with jack and the rest of the leadership team. we approach running the company as a team that is focused on specific priorities,

when you look at a guy like bill ackman, he is lagging the market even in this better market year forwhat do you think happens to somebody like that? are you hearing from your equivalents across the industry, that they're also pulling money for the likes of a bill ackman? >> all i know is things like folks like bill ackman is what i really learned from you guys, which is that it's not just us. there's lots of folks, lots of institutional investors are pulling.from the activist hedge funds, again, it's very hard to buy stocks off of a screen. we think alpha is generated by the sourcing of alpha, it's a hard thing to do. we get something for the fees we pay interest marc, great to see you, chairman of the illinois state board of investments. there is that. >> yeah. well, i think, i agree with the fact that there are very few people that can outperform the indices, that you shouldn't pay for something that is below an indice. i do think there are plenty of people out there. i seen them, i sat next to them, that consistently can beat the market, time the market. just like everybody else,

investment of all time pouring in tens of millions and took out $3.7 billion, so if all the turmoil that bill ackmanas been involved in the last few years, this is a guy whose going to his bread and butter and back to the real estate roots. >> bill? >> that was the question i was going to ask, scott. we all sort of expect controversy from bill ackman these days after the whole referee between him and carl icahn, but do we see now, is it more a plan b for him, shying away from controversy or just see real value and real estate these days? >> i think he sees real value in the investment. if you look at the ackman portfolio and ackman performance, there's two spectacular blowups, one blowup in the last couple years, which he sold out and took a big loss on. herbal life has not traded in the direction he thought it would and lost money on that, but if you look at other stocks in the highly concentrated portfolio, platform specialty, products, howard hughes corporation, it's the performance of the stocks that has helped ackman from march 31st of the 2016 to april of 2017, up 18.5% net of fees. now, most

one of the most widely attended discussions was the activist investor and billionaire bill ackman. when asked what president trump should do to get the focus back on the presidency versus on the russia investigation, ackman said he needs a win and the only place to get it is with infrastructure, not health care. ackman said the health care clip is absolutely a concern but too difficult to tackle. trump should drop it for now. we know hedge funds had measly returns. when asked about that, he said the hedge fund industry should compromise on fees and cut them if it can't get returns above 20%. on the chipotle mexican group stake he has, quote, i took advantage of chipotle's crisis, he says he bought chipotle around $380 a share, you see it now at $7, aual high $499. he's in the money right now. why did he buy chipotle? this is the way he thinks, he said chipotle is a long runway, huge potential in breakfast, dessert, catering. they haven't done that yet. they don't have an app. there's a huge runway there. of course, the valeant loss, he had just loss so much so much money there. wit

the guys that want to be on the stage that bill ackman is on.heard some pretty interesting picks from these guys this morning. some market movements already. one from david thomas. he is recommending a long in a company called gigamon. he's predicting a 40% to 50% up side over the course of one year in gigamon. the stock price is up significantly on that one. partly also due to the fact that elliot took a 5% stake. that was disclosed earlier this morning. another tech name that we heard was totem point saying he likes xilinx. he says it's a play on artificial intelligence and machine learnings. he sees data centers, automotive and industrial. we only heard from one manager calling for a short position. david copley is very bearish on china. he's nervous about the spillover from china into australia and new zealand and called for three shorts that could play that market. everyone is very excited waiting for the main event to start. we're looking for some insights from names like bill ackman and others. can't wait for it to start. we'll keep you p

more because of the other side of the trade, which is bill ackman. for this, what is it? not a lot of money, though, literally. >> is only 800. it's not a lot of money for. . if there is a debt problem. i struggle upon this, to impute this on the auto sector i think is wrong we we heard from ford, we talked about this two days ago, i think there are mobility plays to go to the big three for. i think these three will be able to play a space. why shouldn't they? back to gm, it's not a hertz story. i would underline that. >> you are in gm as well. >> the dow is still going. >>> still ahead, amazon is on fire, you are probably rolling in the dough from amazon. we will tell you how to get profits for free. in the meantime, here's what else is coming up on "fast." ♪ i'm on the boat ♪ i'm on the boat ♪ everybody looking good, i'm sailing on the boat ♪ >> and you are not alone. from a surprising development, millennials can't get enough of avocados and boats. we'll tell you how to cash in. plus ♪ it's the zone, baby >> there is something in the charts that says now is the time to

only at td ameritrade >>> be sure to tune into the exclusive coverage of bill ackman's presentation monday, 1:25 p.m. eastern time. tune in. >> allergan had a good run recently. what are your thoughts on some gas in the tank? >> i would point out a $10 fly on a $250 stock, i might want to think of widening it out. my wife is a huge fan of allergan stocks. >> i like it. >> silver is good. i want to be contrarian and get long slv. >> i think you can do call spreads to do it. >> not outright buys. >> thanks for watching. i'm melissa lee. you can check out our website and in the meantime, have a great weekend, see you next friday. "mad money" with jim cramer starts right now. >> the following is a paid presentation, brought to you by beachbody, but filmed by me on my iphone and directly from my heart. >> hold up. i want to ask you a question. how do you feel when you look at yourself in the mirror? not so good. like, "ugh. gross." who is this person? like, you know you have to do something, but it's so confusing! there's fad diets, extreme workouts, and it's working for other people, but it is

we also wanted to mention that when we talk about activism, bill i -- bill ackman is the next up at thee. we will be the first to see if there are any headlines coming out of that. terminal users can follow along at the t live blog. david: thank you very much, julie hyman. the house of representatives again a weeklong recess today after a debate on health care reform and intense bipartisan negotiations over anonymous spending bill. how have things changed since the election? i spoke with debbie dangle of michigan and dave brat of virginia, each of which calls the other friend. i asked them how congress has changed. of that on the bipartisan. it has been months, right? everyone is going back to readjust of the politics, etc., but i am hopeful, especially on the education front. we're all friends appear. that's not recorded much in the press. but i think that is starting to get out a bit more, as the party lines blur and we want to speak to the midwest and the forgotten man and woman back home, i've hopefully -- hopeful that it's coming. quite how much has this surge of populism changed t

ken griffin and bill ackman.ith ken griffin who sat down at the milken institute global conference in beverly hills to discuss recent entrenchment in the hedge fund industry. >> i have been in this space for almost 30 years and over that time there has been an explosion in the size of the industry, the number of funds, $3 trillion of capital, it has been an unbelievable growth story. and like many of those, we are going through entrenchment as the dynamics are changing. it is harder to create output, there is more competition and a lot of sharp people trying to get into the marketplace. it is causing some of the second-tier players to fall by the wayside. firmsu see second-tier that do not have a competitive advantage eventually having to call it a day. youruld you describe position as offenses or defensive? >> offensive. >> in what way? >> looking for talented individuals. we hire them and bring them on to our team in this environment with those firms shutting down, it a lot of good people are out there that we

ken griffin and bill ackman. with tim griffin, who sat down with erik schatzker, who discussed recent entrenchment and hedge fund industry. ken: i have been in the space for almost 30 years now, and over the 30 years, it has been an explosion in the size of the industry. the number of funds, $3 trillion of capital, now deployed in hedge funds. it has been an unbelievable growth story, and like many growth stories, we are going through a period of retrenchment as the dynamics of the playing field are changing today. there is more competition. this is causing the second tier players to fall by the wayside. we saw this from the dot com bust. erik: is your position, would you describe it as offense or defensive right now? tim: it is offense. erik: in what way? ken: in the quest for talent. there are a number of really talented individuals we can bring onto our team in this environment. with firms shutting down, there are a lot of good people that we want to bring into the citadel. with firms struggling, there is a go

and bill ackman's presentation gets under way 1 at 25 eastern here live on cnbc. hey. pass please.to fix the elevator. nothing's wrong with the elevator. right. but you want to fix it. right. so who sent you? new guy. what new guy? watson. my analysis of sensor and maintenance data indicates elevator 3 will malfunction in 2 days. there you go. you still need a pass. tha...oh, burnt-on gravy?ie. ...gotta rinse that. nope. no way. nada. really? dish issues? throw it all in. new cascade platinum powers through... even burnt-on gravy. nice. cascade. that's why a cutting edgeworld. university counts on centurylink to keep their global campus connected. and why a pro football team chose us to deliver fiber-enabled broadband to more than 65,000 fans. and why a leading car brand counts on us to keep their dealer network streamlined and nimble. businesses count on communication, and communication counts on centurylink. >>> welcome back to "worldwide exchange." the wall street setup, stock futures down 28 points. s&p down 2. nasdaq down 3.5. remember, this is coming offer record closures for

we have a great lineup of guests and speakers, plus, a live broadcast of bill ackman's presentation.5 p.m. eastern time. that's on "power lunch," but don't miss what we do as well on "closing bell," don't miss a second of that at the sohn conference next week. kevin, meet your father. kevin kevin kevin kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. >>> welcome back. the annual meeting this weekend in omaha, and becky quick caught up with warren buffett, and she asked if he thought his original purchase was a mistake. >> a mistake in the sense i could have done better if i bought the s&p. we made quite a bit more money than if we just sat in treasury bills, but there were a lot of things to make money in that we missed. >> so should you take mr. buffett's advice, buy funds, or follow his stock picks instead? bringing in thomas with gardener, along with mayor, a finance professor at santa clara university, author of "finance for normal people" -- >> oh, thank you. >>

. >>> bill ackman says chipotle ceo steve els is outstanding.ckman who runs pershing square, invested in the chain last year. his praise of els comes after he became chipotle's sole ceo after the co-ceo left the company. speaking yesterday, ackman says he is poised to go on a great investment run after his bad bet on valeant forced his hedge fund to go back to basics. valeant contributed to back-to-back losses for pershing's flagship fund. we'll see if this is a comeback year for mr. ackman. >> he's poised to go on a great investment run. okay. if you say so. we'll flood back. i'm sure investors are sitting there thinking -- >> he's had some winning trades. 2014 he killed it. his fund up 30% a couple bad years. >> strikes of desperation a bit that comment. >>> salesforce.com reporting better than expected earnings driven by demand for its cloud based sales and marketing software. here's what marc benioff had to say on millimeter la "mad money. >> we're seeing customer wins, foreign exchange going our way. and the culmination of many great quarte

bill ackman has been in serious decline for the last few years.e of this, trying to make a big comeback -- steve cohen is trying to make a big comeback. julia: he was one of the most expensive fee collector funds out there at sac. the rumor is it will be a lot lower at this one. that's one way the hedge fund guys have to attract money from pension funds and endowments have been less --uctant since the returns have been reluctant since the returns haven't been there. those fees have started to come down. investingworse when in etf's or index funds with hardly any fees commute can be what these guys have been doing. fees, you can beat what these guys have been doing. has to offer something different. if steve cohen and his new firm does reduce fees as a way to get that $20 billion target come up with that be a permanent change or would he be able to shift it and change it as needed? bill: $11 billion will come from him. they reach agreements with various investors on the fees. those are often bilateral negotiations, one off negotiations. , he can st

i caught up with bill ackman. of persian square.t has launched a share buyback and is working on two potentially large investments. he is in london because he is putting part of his company on the london stock exchange. he had this to say about his now infamous holding in valeant pharmaceuticals. 40% and we about have recovered 20% from the bottom. at the market is still not recognized. it is still impaired with the discount. francine: so he is listing in london because he thinks it will attract more liquidity and make the discounts he has shorter. i try to ask about valeant. he did not really want to talk about that but said that he will probably stay away from pharmaceutical companies from now on. ckman recapitulating his track record and moving forward with style. here is the "new york times" with alexander stevenson on mr. paulson -- i can do that. course, john paulson having a tough time with investors. you wonder when these guys will make alpha in this tumultuous market. francine: it is a very challenging market. he wanteded w

bill ackman told us in january he took two new long positions. i made calls, tried to figure out what was going on here. it could be one of two things. number one, these could be securities that aren't required to be disclosed through 13-f filings. there are a select group of securities that don't need that disclosure. number two, potentially the more likely scenario, that he drew these positions through derivatives. that's what we know at this point, melissa. >> leslie, thank you very much. so this is just the latest in the stake in gm, ackman, we still don't know what his new positions are. maybe through derivatives -- >> he does a lot of derivative trading. >> think about gm. think about where the peak was around the stock, as a trump trade. in the start of the first quarter. you really had an opportunity to come out of the gates and buy that stock. obviously first quarter gets you into a place where that stock really hit its peak. down almost 12% since that point. i'm long gm. i think of all the autos, i think it's the one that makes the most

the howard hughes corporation up by -- up after bill ackman reiterated the support for the company. he has held shares for six years and is the largest shareholder for howard hughes, a real estate company. this is not a new position for him. we will keep monitoring those headlines to see if there are any other stock or market-moving news coming out of it. scarlet: good stuff. thank you so much. investors news for this merger monday. a tie up betweentwo retail rivals, the making of a tv goliath, and the battle takes another twist. let's bring in alex sherman. let's start with your scoop on the sinclair tribune. a tv goliath in the making. are we done here? alex: we are done initially, but not in the broader world of tv broadcasting deals. it will be interesting to see where we go. sinclair buying tribune. , with this new station, they will on more than 220 tv stations around the country. tribune owns 14 fox affiliates, more than any other local affiliate stations. that is why fox and blackstone potentially interested in a counter bid. they did not end up bidding. the end price is a l

bill ackman is recommending howard hughes to investors.king in new york, he says howard hughes has "a huge start over the past six years," and that this is one of the most opportune times to invest. pershing square is the single largest shareholder of that stock. that is your "bloomberg business flash." joe: i want to bring you some headlines from the investment conference. david einhorn saying pretty negative comments about core laboratories, a company that does petroleum reservoir services to major independent oil and gas producers. he says the company has a 45 potential downside on the stock. it is not a secular growth story. the company is likely to underperform its peers. they are confused about core labs. instantly falling 2.5%. there is little job -- there was ambiguity about his comments, but very negative. 45% downside for petroleum reservoir management company core labs. from new york, this is bloomberg. ♪ scarlet: i am scarlet fu. what'd you miss? everyone talks of the strong earnings season we have had so far and the foundation

. >> the bottom is for someone like a bill ackman that's going to be able to buy the retail square footage. the bottom is the retail opportunity for an institutional investor. not to be sarcastic, we always say, yeah, there's a retailer, it's amazon. besides amazon, myself, i've done a poor job point out, alibaba isn't another alternative beneficiary besides amazon to this e-commerce move that we see and obviously it's globally exposed. i think 120 today, nearing its all-time high. baba and amazon together, there's your retail opportunity. >> we're not even discussing the fallout in other areas, some of these -- the ggps, simon properties. we could throw up those stock as well. >> that's where the leverage comes into play as well because they have to go back to the market to get new capital and that could cause -- >> but those two you mentioned, judge, simon property, spg -- >> looking at them right now. >> the stocks have been battered, they should be battered, but they have class a space. so there is a value beyond just the mall in these spaces because they are close to city centers, the

>> this is a bill ackman name. >> was. >> i should switch the transitional verbal there.ing to tell you, a good quarter. nice cash flow. they want bausch & lomb is fine, so there's no real time frame in the near term that they're in trouble. >> they don't have a near-term deal, something to deal with in terms of a maturity that they can't meet. if you're short the stock, it may not work out for you, and this was a favorite hedge fund short. i think they should have covered. belong term, when they start having to pay, maybe there's an issue, but they did a good job. is there a full to speak of? is it more that you keep locking and tackling. 50% move -- >> i would say what you have to do is say, listen, they actually did good stuff with bausch & lomb. if it didn't have all this, let's say you cut debt by $10 million, you would say it's a hampered drug company, but not desperate. value valeant is not if desperate not. >>> and having a good day today. we'll be watching more that he valeant this morning. we'll have the opening bell. stay with us. stay with us. ♪ predictable. t

. >>> david einhorn and bill ackman making news yesterday.eslie picker with the ripple effects from this year's event. >> reporter: we're still seeing those effects today. resnick said it's going bankrupt. a statement to cnbc that it has ample financial flexibility to pay down debt. and core laboratories down which einhorn said he was shorting. the long picks are moving as well. he sees shares doubling by 2020. >> a company is re-examining all the things that they're doing or whether it's denied boardings. >> reporter: gun lock took aim at passive investing saying the tide is turning to active management. >> active management, as i said, using the mark twain quote, reports of its death have been greatly exaggerated. >> reporter: how to play that. gundlach says when markets outperform the s&p 500, so, too, does active management. he's advising investors to go long emerging markets and short the s&p. leverage that one time. >> from smart money at sohn to tiger 21 the shift into real estate. the founder of tiger 21 to discuss the move and some o

. >> and you know as you think about the -- bill ackman did a long piece -- >> yes, we know about thatyou do. but five point is a california version of exactly that strategy. at an earlier stage. we're pretty excited about the way that was articulated. might be other questions about it. but nonetheless, we think that five point's really ready to. >> well, we'll watch. thank you for joining us to talk about. emile haddad and stu. >> let's get over to sue herera. >> all right. good morning, everybody. here's what's happening at this hour. secretary of state rex tillerson meeting with russian foreign minister sergey lavrov at the state department. >>> house minority leader nancy pelosi meeting with the dalai lama in india. she accused china of crushing the tibetan calls for autonomy. it is likely to irritate beijing which continues the dalai lama to be a dangerous separatist. >>> video surfacing of yet another airline incident. take a look at that fight that broke out on a southwest airlines flight when it landed in l.a. on sunday. it an apparently began when a man turned around in his se

bill ackman lost $4 billion. of pershing square capital management appears to learn the lesson. he spoke with francine lacqua. bill: we made the mistake. we could not see what was going on. that was a big mistake. prancing: are you going to stay away from pharmaceuticals? from we will probably stay pharmaceutical companies. ; herbalife is still his favorite. for a platinum parachute peter krause. he will walk away from $99 million after a surprising shakeup. -- nine directors were moved from the board. the majority owner wants to have more direct control. that is your bloomberg business flash. jonathan: we sat down with the pimco ceo at a global conference to discuss the fixed income equities and the future of pimco. they turn over six time what the s&p turns over. the the fact that you have ecb and the fed as people buying bonds. buyers whove other are accounting driven. think insurance companies, think pension funds. the opportunity we think is much larger in fixed income and equities. >> there is a possibility

programming note for you all day on cnbc don't miss our coverage of the stone conference including bill ackman'sern time. maybe we'll get these guys' thoughts too. the comfort in knowing where things are headed. because as we live longer... and markets continue to rise and fall... predictable is one thing you need in retirement to help protect what you've earned and ensure it lasts. introducing brighthouse financial. a new company established by metlife to specialize in annuities & life insurance. talk to your advisor about a brighter financial future. looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. >>> welcome back to a special edition of "squawk box" where we are live in omaha, nebraska, with charlie munger, warren buffett, and bill gates. we are calling this a meeting of the min