eric: you're in charge of what we might call blackstone's retail effort. when blackstone extended its reach to individuals, the clients had to meet the s.e.c.'s qualified perform standard, at least $5 million in investments, who are blackstone's private wealth clients today. joan: we're still targeting that market of qualified purchasers and those are products like the traditional private equity and global real estate product. erik: the same stuff the institutions are allowed to invest? joan: correct. but today we're creating product, the spoke for credited investors and those below but are targeting the $1 million to $5 million investor. the biggest client group of many of the brokerage firms you might think of and they are really underpenetrated in the business. erik: in the past blackstone has done fine tapping into the institutional market was the source of $400 billion plus of your assets under management. why move downmarket? why is the retail channel, which is a downmarket term, hold so much appeal? joan: a couple reasons. first is the need and dema

blackstone crown prince john gray recently became the president and chief operating officer of blackstoneup to one day succeed ceo and cofounder stephen schwarzman, who steered the private equity firm over 30 years. how did john they get to the top of the private equity business? it is a story highlighted in the latest edition of bloomberg businessweek. joining us now to discuss is the executive editor for global television, jason kelly. jason: hi. shery: seems like john berry from the outside does not seem like much of a risk taker, joining blacks the right out of college, buddy could get the top job. jason: he could. he may not seem like much of a risk taker. he has embarked on some of the oldest real estate of the last 25 years. not the least of which was taking private 29 or 30 publicly traded real estate firms over the course of building this massive $100 billion plus real estate operation. the biggest example of that was the 2007 buyout of hilton hotels, which initially looked pretty disastrous to be honest. vonnie: right at the peak. jason: right at a peak. they announced this deal

he is 48 years old, the only job he has had is at blackstone.e got there out of university of pennsylvania and did signature deals along the way, they owned hilton hotels for a while, and now he finds himself in the number two job at a firm that controls $434 billion in assets. carol: this is a firm that is so identified with schwartzman. he is not going anywhere. joel: no, but the important thing with all these succession stories is it is about stability. making sure not only employees know who is in charge, but investors. that is a powerful thing with gray because when we talked to investors, one of the things you get is his acute eye. he would remember specific numbers, that is like ocd probably. there is a big takeaway for that. if you are entrusting billions of dollars to these people, that is the kind of professionalism you expect. jason: it is important to note in the private equity world that this has been a consistent theme. not only at blackstone, but the other names people probably know. kkr, carlisle, apollo, all of these firms have

blackstone is gigantic and they recently had someone named jonathan gray.ason's story is a look at gray, estate been this real guru and when you look within blackstone and their portfolio, they more -- are more of a real estate company than a private equity company. jason: it was a fascinating story to work on in some ways because this has been a career success on success for jonathan gray carried he is 48 years old, the only job he has had is at blackstone. he got there out of university of pennsylvania and did signature deals along the way, he was on hilton hotels for a while, and now he finds himself in the number two job at a firm that controls $434 billion in assets. is so this is a firm that identified with schwartzman. he is not going anywhere. joel: no, but the important thing with all these succes abouttories is it is stability. not only employees know who is in charge, but investors. that is a powerful thing with gray because when we talked to investors, one of the things you eye.is that -- is his acute he would remember specific numbers, ocd prob

and president of blackstone. morgan, over to you. >> thanks. great interview. was very interesting, the discussion about the push to draw in more retailers and the growth opportunities there. david said he didn't get to ask a number of real estate questions, the comments on this idea that not just rising rates and also there's pressure in retail and this amazon effect. really fascinating. >> got to china and the stock and a lot more good stuff, david. thanks to you. >>> as we head to break, take a look at shares of tesla. the company on track for its worst month ever down nearly 25% so far in march. the worst performer in the nasdaq 100 today and later, more from tim cook on apple's privacy policy in light of the facebook data breach. stay with us ♪ ♪ my ambition is to find something. ♪ ♪ me. ♪ ♪ ambitions live everywhere. synchrony gives people the buying power and financial tools that help make them happen. ♪ ♪ synchrony. what are you working forward to? >>> welcome back now for our etf spotlight where mike santoli is taking a look at what drove the q1 downsi

the landlord is blackstone group so since there's been a alleged recovery in housing prices since the crash in two thousand and nine but most of it is gods of the likes of blackstone group and if you look at that house prices actually i saw a great chart from i think it was the financial times that price an s. and p. five hundred actually house prices have been declining so it hasn't been performing as well as s. and they've been underperforming the stock market oh my god blackstone arbitrage opportunity you have wrought selves i suggest you short yourselves of borrow money into you eviscerate your own corporate balance sheet and then blow your brains out on live t.v. they gave us all of the kind of fun experience for the financial predatory class. well don't go away much work coming your way after the break so stay right there. are you do believe he can mimic will resume funding in the realm of education the right to education is being supplanted by the right to access educational loan higher education is becoming just another product that can be bought and sold but it's not just abo

the landlord is blackstone group so since there's been a lead to recovery in housing prices since the crash in two thousand and nine but most of it is gone to the likes of blackstone group and if you look at that house prices actually saw a great chart from i think it was the financial times that price an s. and p. five hundred actually house prices have been declining so it hasn't been performing as well as s. and they've been underperforming the stock market oh my god blackstone what arbitrage opportunity you have wrought selves i suggest you short yourselves of borrow money into you viscera your own corporate balance sheet and then blow your brains out on live t.v. they gave us all of the kind of fun experience for the financial predatory class. well don't go away much work coming your way after the break so stay right there. both the united states and russia have announced their nuclear weapons posture both countries are in tree a new age of war the age of hypersonic weapons we now in the new arms race. are you economic war is unfolding in the realm of education the right to educa

in two thousand and nine but most of it is gone to the likes of blackstone group and if you look at that house prices actually aside a great chart from i think it was the financial times that price an s. and p. five hundred actually house prices have been declining so it hasn't been performing as well as s. and they've been underperforming the stock market oh my god blackstone arbitrage opportunity you have wrought selves i suggest you short yourselves of borrow money into you eviscerate your own corporate balance sheet and then blow your brains out on live t.v. they gave us all of being kind of fun experience for the financial predatory class . but don't go away much more coming your way after the break so stay right there. baby and. say this on march eighteenth vote with your remote to zante for special coverage of the russian presidential election exit polls opinions real time results monitoring and much more. like a war zone with you on the idea that dropping bombs brings us to the chicken hawks forcing you to fight the battle. to stop to try to tell you that every gossip the pu

the landlord is blackstone group so since there's been a alleged recovery in housing prices since the crash in two thousand and nine but most of it is gone to the likes of blackstone group and if you look at that house prices actually aside a great chart from i think it was the financial times that price an s. and p. five hundred actually house prices have been declining so it hasn't been performing as well as s. and they've been underperforming the stock market oh my god blackstone one arbitrage opportunity you have are automatics just selves i suggest you short yourselves or borrow money into you viscera your own corporate balance sheet and then blow your brains out on live t.v. they gave us all of the kind of fun experience for the financial predatory class. well don't go away much work coming your way after the break so stay right there. it's been almost fifty years since we've had human beings on the surface of another planetary body and i hope that we could actually put together an international lunar exploration initiative much like we have the international space station conso

john blackstone, cbs news.coming up on "cbs this morning," a california task force is using a unique program to make sure guns stay out of the hands of people who shouldn't legally have them. carter evans rode along with the specialized agents as they tracked down the weapons. >>> and the breakfast you think is healthy may not be so good for you. nutritionist dr. mark hyman shares his tips for eating healthy. that's the "cbs morning news" for this monday. thanks for watching. i'm anne-marie green. have a great day. -- captions by vitac -- www.vitac.com ♪ seresto,jake...o, seresto ♪ seresto, seresto, seresto whatever your dog brings home to you, it shouldn't be fleas and ticks. seresto gives your dog 8 continuous months of flea and tick protection in an easy-to-use, non-greasy collar. ♪ seresto, seresto, seresto oh no, jake. seresto. 8-month... ♪ seresto, seresto, seresto and i'm kenny choi. time is 4-- here's neda iranpour with a check of weather. first.. it was a fight against intense flames.

the landlord is blackstone group so since there's been a alleged recovery in housing prices since the crash in two thousand and nine but most of it is gone to the likes of blackstone group and if you look at that house prices actually aside a great chart from i think it was the financial times that price an s. and p. five hundred actually house prices have been declining so it hasn't been performing as well as s. and they've been underperforming the stock market oh my god blackstone arbitrage opportunity you have wrought selves i suggest you short yourselves or borrow money into you eviscerate your own corporate balance sheet and then blow your brains out on live t.v. they gave us all of the kind of fun experience for the financial predatory class. well don't go away much more coming your way after the break so stay right there. is a global trade war if donald trump follows through on increasing terrorist and ending existing trade deals it seems very likely after all this was at the very center of his campaign for the presidency it was a promise he made to his base to let make america

we have our interview with ceo of blackstone, steve schwarzman.awrence kudlow, to replace the gary cohn. he is seen as a trump team player. ♪ betty: what a day, another day for the markets where we had again a day of declines. retail sales were setting the tone for investors, saying perhaps consumer spending is shaky, and this economic recovery we have been in so long might be shaky as well. i want to point out breaking news we had a few moments ago that might add bullish sentiment, the senate rolling back portions of the dodd-frank law, listing burdens for financial institutions, including smaller banks. that could be a lift for the markets tomorrow. yvonne: certainly deregulation has been simmering beneath trade concerns. larry kudlow will be interesting replacing gary cohn. he has been the trade hawk concerning china. asia -- china. -- weighd be way down ed down. betty: let's check how the markets closed a few hours ago in the u.s. the retail sales report setting the tone, declines in the s&p, down 0.5%. the dow off by 250 points. 0.2 percent.s

blackstone is gigantic. jason's story is basically a look at gray, who has been this real estate guru. when you look at blackstone in the portfolio they are more a real estate company than a private equity. >> this is a fascinating story to work on, because this has been a career success. wasonly job he has ever had straight out of the university of pennsylvania, and he did these signature deals on the way. himself in thes number two job at a firm that controls $434 billion in assets. >> this is a firm that is so identified with schwartzman. important thing with all the succession stories is that it is really about stability. theng sure not only employees know who's in charge of the investors know who's in charge. that is a really powerful thing. investors, oneto of the things you get is an acute eye. he remembered very specific numbers, like ocd, probably. if you are entrusting billions of dollars to these people, that's the kind of professionalism. >> it's important to note in the private equity world this

. >>> welcome back we have a news alert this evening on blackstone.e rogers and more details. >> steve schwartzman the co-found ore it have blackstone group made close to to $787 million last year. this is close according to numbers we -- paid out in dividends from partnership units. fueled a lot of the payout 125.5 million was in total compensation bring ugh to 786.5 million total take home from blackstone for 2017 for suarezman. 2015 mud in 811 million or so for reuters. -- for last year up about 24%. back you do. >> can't trade that one. i was thinking same thing. >> as we often talk about is to bes amongst us guy wuss taas talking about -- >> power pitch. >> but the story on blackstone this is an environment seeing a lot of exits in terms of the private equity compression on fees but these guys are in the right places at the right time it is still a great environment for them. >> let's switch gears. american outdoor brands. formally smith and wesson. >> we're talking about american outdoor brands no at very big company obviously because the gun de

john blackstone climbed aboard. >> most driverless cars being tested in america still require a human ready to grab the wheel or hit the brakes if technology fails. but the shuttle bus making its way through san ramon, california, has no driver, no steering wheel, no brake pedal. it's the first completely driverless vehicle licensed to operate on public roads in california. >> this is a big day for us. >> randy i was aki the head of the county transportation authority, this is an exciting ride indeed. >> this is the first, we're on a public street. >> actually this is my first time, after working for months trying to get a license to be on a public street. >> this is the way you fore see citizens of san ramon getting around. >> san ramon's mayor bill clarkson sees autonomous shuttles as a solution to both traffic jams and parking problems. >> fewer people will need cars. >> every parking spot here costs you x amount of dollars to build or even more expensive you build parking garages, 70,000 per parking spot. >> that's huge. >> we're going to do less major infrastructure improvement,

it was reported blackstone has bought 15% of kohlberg and company.ls and raise a fund last year of $2.2 billion. have somethat interesting kismet. >> it is like the ultimate private equity deal. it is the definition of inside baseball. i thought it was a fascinating trade. they cap did extremely off market. >> it is interesting to see how these firms come together. ofckstone is in the business buying and selling real estate. now they have this fund. they also bought part of leonard green. this is a cool business. eatingrivate equity is private equity. taking a little nibble at the corners. among the winners in the bracket. >> no winners yet. blackstone,of remind us what is this? do everyst thing we year if i say so myself. more than 40 people come together and pledge $10,000. we pool it together and whoever distributed.ey is doing the math, upwards of $400,000 a year on the line. recruiting the, bankers and private equity guys into this monday get super into it. recruits is ranked last at the moment. he is at the bottom. he can make a comeback. he ha

. >>> blackstone ceo steven schwartzman tells cnbc he hopes the trade tariffs will be delayed. >> overreactioneading to overreaction is really, you know, not a good idea. >>> italian ten-year yields rise against german bonds after a deal for parliament speakers >>> and spreading concern. markets growth, what's the market upset to see whether it's sounding an alarm about credit markets. >>> good morning, everyone happy monday we are back after a two-week hiatus hopefully, you missed watching "street signs. and of course it has been a couple of tumultuous weeks as far as trading has been concerned and overnight sessions, to be honest we saw good performance in nikkei, rather weak performance in shanghai. we'll get into that shortly. but the picture so far in europe is one of opttism. stoxx 600 trading up at 3% already, one hour into trading let's switch to european markets and you can see that all of them barring ftse are in the green this morning we are, of course -- it is going to be a shortened trading week, with friday off for the easter holiday. but still a couple things you want to watch o

and the countries that don't, n't. >> other ceos shared cook's concerns including blackstone's steve schwartzman. en there needs to be negotiated arrangement bethe two countries, and i think it's important to note that most of the types of things that aress being dis from the u.s. side can be delayed in terms of their inplementation and hopefully will be. >> despite the aggressive rhetoric from both sides, there areeports the two or negotiating behind the scenes. the trump administration hasre rtedly handed the chinese a to-do list that includes a reduction of chinese tariffs on u.s. autos, more cnese purchases of american semiconductors and greater access to the financial sector. i spoke to a source familiar with the discussions who says china's officials seem willing to cooperate on these issues. they're willing to buy more u.s. semiconductors and accelerate the timeline for greater foreign ownership in security. chine officials said that president xi jinping would highlight more financial reforma business forum in mid-april. today the foreign ministry reiterated again that beijing

john blackstone has more. >>> please give us justice!ephon clark's grandmother stood with national civil rights leaders and described the moment he died in a hail of police gunfire. >> why did they have to kill him like that? >> reporter: those 20 shots were captured on police body cam video. clark was in his grandmother's back yard when he was killed. >> show me your hands! gun, gun, gun, gun! >> reporter: civil rights attorney ben crump joined in the call for justice. >> this is reminiscent of so many police shootings of unarmed black and brown people. >> reporter: clark had been spotted by a sheriff's helicopter as a suspect was breaking windows. officers pursued him and within seconds of reaching him opened fire. they thought he had a gun. it was only a cell phone. sacramento mayor darrell steinberg has seen his city rocked by protests. >> it is rather iconic that the city's aggressive video release policy in some ways has not lowered the temperature. it's raised it because the video itself raises those questions. >> reporter: one qu

here is john blackstone in san francisco.s hoe hey garcia-zarate was acquitted in november by a california jury for the 2015 murder of 32-year-old kate steinle in san francisco. he had already been deported back to mexico five times before shooting steinle with a stolen gun. kate steinle's death became prominent in donald trump's presidential campaign. >> i am also going to ask congress to pass kate's law. >> cited often as proof of the need to get tough on immigration. and when garcia-zarate was found not guilty of murder, president trump called it a disgraceful verdict. no wonder the people of our country are so angry with illegal immigration. now garcia-zarate is facing new federal gun possession charges but his attorneys are using the president's tweets to argue they should be dismissed. >> when achieve executive at any level orchestrates, you know, in our opinion, a double jeopardy litigation merely to conform to their political platform -- >> in state court, attorneys successfully argued the shooting was accidental, gar

>> glor: all right, john blackstone in sacramento, thank you.re was a deadly school shooting in alabama today. the police say two students were shot during dismissal at huffman high school in birmingham. one, a 17-year-old girl, later died. the other is in critical condition. the police say the shooting may have been accidental. tomorrow the president will formalize his plan for a 25% tariff on imported steel and 10% on aluminum. the administration suggested today there may be some exemptions for u.s. allies, including canada and mexico. nancy cordes is following this story tonight. nancy? >> reporter: jeff, congressional republicans are making a last- ditch attempt tonight to change sse president's mind on this issue ahead of that announcement tomorrow. 107 of them have just sent him a letter expressing "deep concern dbout the prospect of broad global tariffs on aluminum and steel," and warning that the move will make u.s. businesses less competitive and u.s. consumers poorer. republican leaders from the speaker on down have been ysrning the pr

>> glor: all right, john blackstone staying on this story. john, thank you.was six months ago today, hurricane maria slammed into puerto rico. take a look at the pictures then and now, as we tell you 95% of the island had no power in the days after the storm. now, about the same percentage has it back. david begnaud returned to puerto rico to check on the recovery. >> reporter: driving through town, we saw alyssa and her husband on the side of the road with buckets. they come here to this faucet to get water because they don't have it where they live and they haven't had it for six months. by the light of day, this town looks like paradise, but without power and water, it is a living hell. >> you don't see anybody from the electrical company working here. >> reporter: we met up with yvette diaz, who wrote to us on social media, where she is demanding that officials restore power to her and her neighbors. >> i don't think that we should be protesting for something that we need and something we pay. >> reporter: there is good news. more than 90% of electrical c

john blackstone in sacramento, john, thank you.baton rouge, new police video bs been released in the shooting death of alton sterling in july of 2016. showing the entire shooting from multiple angles. louisiana's attorney general said on tuesday the two officers involved will not face criminal charges. mark strassmann is in baton rouge. shows officers responding to a 911 call, a complaint to a man matching alton sterling's description was threatening someone with a gun. >> put your hands on the car i shoot >> put your hands on the car or i'll shoot you in your ( bleep ) head. do you understand me? >> reporter: the video shows two white police officers wrestling on the ground with sterling. you can hear police trying to taze him, but sterling continued to struggle. >> taze his ass! >> reporter: after the two police officers struggle a bit longer, one yells, "he's got a gun," and then gunfire, six shots in all. ( gunfire ) one of the officers takes the gun found in sterling's pocket and places it on the car. baton rouge police chief

forming the stock market oh my god blackstone. i suggest you short your money in your own corporate balance sheet and blow your brains as. they give us. again now californians do seem to be getting increasingly irate automation in san francisco for example there have been a number of attacks on driving cars here with passers by banging on their windows and also on their bonnets and in the same city a robotic guard was taken out of service after a public outcry with security bought was tasked with shaving away homeless people from outside business offices it was vandalized there numerous times during its patrols and also there are new reports that kitchen assistant in a burger joint has angered some. well that robot there is no news philippi and has prompted the twitter hash tag rise of the robots with some complaining jobs are being stolen from people others see automation as inevitable one expert we spoke to says it's no surprise though that people are angry. robotics is developing very fast and it's going to begin parents and it

the carlisle's and blackstone's and kkr's of the world are looking to sell. sometimes, they are selling to each other. kkr,rlisle is selling to what you really want is an ipo or strategic acquisition to get have ash and hopefully company that exists as a standalone down the line. we have seen a lot of exits. if the markets continue to stay where they are, we will see more of that, for sure. vonnie: will this wave continued through the next quarter? jason: the financing is there. this dry of money, powder everyone talks about in private equity land, is not going away. you are seeing the ability to raise those mega funds -- apollo raised the biggest funds everlasting are, eclipsing blackstone's notable 2007 fund. we are back to the days where private equity firms can an a chests.amass giant war the other notable thing about this deal, carlyle is partnering with one of its bigger investors, the singapore sovereign wealth fund. looking for creative ways to put together big funds of capital and often the limited partners want a piece of the action at a slightly lo

jeff. >> glor: john blackstone, thank you. we move now to the economy.l street gave today's jobs .eport a big thumbs-up. the dow soared more than 400 points. m ax is nearly 2%, on this ninth anniversary of the bull market. this is what the market is excited about. the economy created 313,000 jobs. the unemployment rate held steady at 4.1%. more now on this from jim axelrod. >> reporter: the economy's nine- tar expansion is now the third longest on record. cbs news financial contributor mellody hobson is impressed. >> the fundamentals are very strong right now in our economy, and all indications are really solid, i have to say. >> reporter: the latest fuel for optimism-- the 313,000 jobs created last month. the 89th straight month of job growth includes 61,000 new construction jobs, the most in 11 years. retailers added 50,000 jobs, financial services 28,000. the largest increase there since 2005. treasury secretary steve mnuchin this morning on cnbc. >> the president's number one objective is to create economic growth, 3% sustained g.d.p. we have now had

. >> john blackstone. thank you. >>> there is much more ahead. >>> birth control pills are for women, right. new research suggests that could change. >> later, the moment teachers became life savors. ♪when you've got...♪ ♪...nausea, heartburn, indigestion, upset stomach, diarrhea!♪ ♪nausea, heartburn, indigestion, upset stomach, diarrhea!♪ here's pepto bismol! ah. ♪nausea, heartburn, indigestion, upset stomach, diarrhea!♪ >>> we are getting closer to the day when men will have the option of taking a birth control pill. will they? here is chief medical correspondent, dr. jon lapook. >> we decided on the pill. >> the birth control pill is 60 years old. never been one for men. dr. stephanie page says it is about time. >> one of the issues for men is that they really have few options available. >> dr. page and colleagues showed a study showing a male birth control pill, mimics testosterone was safe. it dramatically lowered testosterone levels with no change in mood or sexual function end of the month. >> sex d

a form in the stock market oh my god blackstone one of the trucks up until you have brought a mixture self i suggest you short your stuff. borrow money into this or a your own corporate balance sheet and then blow your brains out on live t.v. they gave us some kind of fund experience for the financial predatory class. welcome back fifty seven percent of americans have less than one thousand dollars in their personal bank account according to a report by go banking rates a personal finance website the site polled one thousand u.s. adults in february and found that thirty nine percent say they have no savings at all that number is up from thirty four percent last year when asked why they weren't saving more retirement for emergencies a full forty percent of respondents say they simply don't have enough money the second most common response with twenty five percent was struggling to pay bills the survey found that the problem of low or no savings was worse for millennia old burdened by low wages and the cost of higher education. this is a big energy week and many industry executives and

the blackstone first asian real estate fund raise $5 billion years ago.boards emerging, the financial services roundtable will join the clearinghouse association, a trade group. members of the financial services roundtable include the biggest u.s. banks who supported the trump tax overhaul. the organization will be allowed -- led by the clearinghouse president. that is the latest bloomberg business flash. it was a day of declines, ending the six-day winning spree, the best since october last year. the u.s. mulling over cpi number and the backing of secretary of state rex tillerson. this is bloomberg. ♪ david: it is 1:00 in washington and 5:00 in london. i'm david westin. shery: i'm shery ahn. welcome to "bloomberg markets: balance of power." david: here are the top stories we are watching at this hour. change at state. rex tillerson reads on twitter that he's been fired by president trump, who wants the cia director as the new secretary of state. the first woman to head the cia -- her confirmation may not be a sure thing. pittsburgh goes to the polls. vot

manus: blackstone chairman and ceo talking about levers. let's talk about unilever.e consolidating the headquarters in london. the move is a blow to ukip prime minister theresa may -- u.k. prime minister theresa may as the country prepares for brexit. the company is saying that it is not a brexit decision, but it feels awfully like one. wordn't mention the "b" these days. brexit plays into it, of course, even though it is not part of the specifics as to one of the reasons they are going. manus: how big of a blow is going to be for the u.k.? >> they are basically moving a registration there. they are taking that and moving it to the netherlands. it does not necessarily mean that you are moving a lot of jobs, it could be a handful of jobs. most of the employment, they plus people in the u.k. the home business will stay in the u.k.. the food business stays in the netherlands. none of that changes. there is a lot of symbolic importance with the political backdrop. and: fiat, chrysler, ferrari also chose the netherlands for their legal entity headquarters. that had nothin

now given this perspective of where i am at, i own blackstone and that is the one stock that has notperformed the s&p even with dividends. little bit below and given my 30 year outlook, should i rotate my money from blackstone into jpmorgan chase. >> wow i am going to have to say yes. i was doing a round table today with jeff marks at the street. people should listen to him. we both feel that jpmorgan, we broke our discipline and advised members in the actual owners plus.com club, i got to tell you, steve is a winner and then we have paul in nevada. >> caller: booyah, from reno, nevada shout out to your team, real money pro. >> thank you so much terrific product. >> caller: when i call about tlt it has been a favorite of mine with the large market swings, i think we need products like this tlt with the increase in interest rates recently, some are short and some are wrong. >> a couple of etfs that i don't regard them as etfs, i regard them as stocks that play bonds and play gold. you are hedging correctly. i used to think before they had these that what you had to do is you had to be

so william blackstone -- sir william blackstone. they'll surgery on an lightman ideas in a variety of forms. -- enlightenment ideas in a variety of forms. they also drawn republican traditions, both ancient and modern. there are many other figures that we can illustrate this with. i have here cicero and machiavelli, both from the agents as well as from -- agents -- agents that these as i develop is this, but the brave and christian traditions must be studied alongside these other perspectives if we want to truly understand the ideas that shape, that inspire the founding of the american constitutional republic and our great experiment and republican self government. i'm speaking here of the biblical traditions as we find in the hebrew scriptures. i am also speaking more broadly about the christian tradition. here i have illustrated this with the tradition of the apostle all. also in the american experience where they are drawing on hottest in articulations. particularly influential, we have john calvin. we could illustrate each of th

under-performing the stock market oh my god blackstone what are the trends up until you have brought a mixture self i suggest you short your styles of money into you eviscerate your own corporate balance sheet and then blow your brains out on live t.v. they gave us a big fund experience for that financial predatory class. and . it's been almost fifty years since we've had human beings on the surface of another planetary body and i hope that we could actually put together an international lunar exploration initiative much like we have the international space station consortium and together the countries of the world cooperating with the private sector could afford to get back into real space exploration and i think that would that would create a real a lot of excitement. when you go shoot what you could you know we're going to tell you the truth none of us i noticed but playing in one million people that guy. killed people even dangerous. now no one's income tooling can choose a few pennies randomly and that's. so true some prominent them down that's the last you know and it's got to

john blackstone has a preview of the lucas museum of narrative art. ♪ >> reporter: a long time ago onnet earth a movie called "star wars" inspired generations and made george lucas one of the most successful filmmakers ever. >> great shot, that was one in a million. >> i created it. i lived with it for 40 years. >> reporter: in 2012 lucas sold the rights to "star wars" to disney for more than $4 billion. >> there is a point because i was -- same thing with my kids. there's a point where they get old enough and you say you have to go out on your own. you cannot live at home anymore. which is basically what was going on. >> reporter: with "star wars" gone he's been pursuing another passion, the lucas museum of narrative art. >> we are very happy to be here. >> reporter: at a groundbreaking in los angeles lucas and hesitate wife, melody hobson, launched the billion-dollar project. >> three. >> reporter: when it opens in three years, the streamlined building will seem to cover over a park. it may resemble a "star wars" spaceship. but don't let that fool you. >> everybody calls it a "star

under-performing the stock market oh my god blackstone one arbitrage opportunity you have brought amongst yourselves i suggest you short yourselves a part of money into you eviscerate your own corporate balance sheet and then blow your brains out live t.v. they give us all a big kind of fun experience for the financial predatory class. you can you let me tell you it's none of us are not in the morning and one million people and i'm. killed. even dangerous. now no one's come to him if you think he's wrong that's. i'm done some is not so is not i can quit place is not a good country i'm. trying to see to administer a live bunch of family as well as from. the youth of this but at the message is that it is. just that the culture. of the code was less sure it was the tragedy of christmas. just with the embrace from the i'm still feeling that i'm. a little sleep on a slow slow. play almost anything from a member of any place the dots they come out of that are johns and i'm based on my show that's how tight no one can absolutely not blast i would miss the writers from that make matter how donati

under-performing the stock market oh my god blackstone one arbitrage opportunity you have brought amongst yourselves i suggest you short your styles of money into the eviscerate your own corporate balance sheet and then blow your brains out live t.v. they give us all a big kind of fun experience for their financial predatory class up. this is. the church secret indeed just like priests accused of sexually abusing children can get away with it quite literally i like to call this the do graphic solution so what the bishop needs to do then he finds out that the priest is is a perpetrator is simply moves him to a different spot were the previous standards not the highest ranks of the catholic church conceal the accused priests from the police and justice doesn't do that any that's not good as the end and then i include that it is this out in the. street. in the heart of the swiss alps this is a place probably more secretive than the pentagon more mysterious than the cia and better guarded than for knox ellis with customs are here permanently on the site is controlled by them and they impose t

underperforming the stock market oh my god blackstone what are the charts up until you have brought a mixture selves i suggest you short yourselves opara lunny into your own corporate balance sheet and then blow your brains out on live t.v. they gave us a link kind of fun experience for the financial predatory class up. on this not is not that can put place is not good country. true. but show me this bunch. of stuff. like this but this is cool. to. watch. list with. checking the serious. calling in just for the from the moment of oneself to be to get them. to. play almost anything for the most and the best and i think i now read that john said and based on the last night no one can i do not believe that i would list like this from happening i don't i'm not making. i mean can i. shouldn't fuck man i can now move in with almost feel now with the fuckin on a book that says search in the southern africa show you will see battle of the good of the citizen the micra voices in his or the world of the sleep. together you know the lot of this. the series was closed. in the heart of the swiss a

look, bennett said that blackstone has 25 billion of dry powder and we have over 20 billion of dry powderploy it. we are not doing it now and that says prices are not low enough to be a screaming buy. we hope they will become it. as he says, the things we own will decline but we will get a chance to make great buys. we look forward to that. money, three jobs, raise deploy it when things are at low prices and harvest it when things are at high prices and it depends on the middle one. raising money does not do that if you do not spend it on bargains and you will never have a chance to garner profit if you did not buy cheap. erik: thank you for being here. the pleasure is mine. howard marks of oaktree capital. vonnie: makes it seem so easy. thank you to you and howard marks. moment.ay with us for a goldman sachs up 1.5%. shock, we knewa lloyd blankfein what at some point leave but the wall street journal says he may do it by the end of this year. their story says goldman will likely follow an announcement of the departure with a quick transfer of power because the two copresidents are around

he is interesting because he is never worked anywhere other than blackstone.usiness. his challenge is going to be, can he spread that magic dust on the rest of the businesses on private equity and hedge funds and credit? lisa: people in the story were saying that john gray revolutionized investing. what does that mean? publicly traded real estate assets that were undervalued. over the course of about a decade or more, he did almost 30 public to private transactions, where he took real estate asset private. hilson was the big example of big -- hilton was the example of that. , theen hilton and equity investors made upwards of $20 billion. lisa: not so shabby. someone who didn't make that was the country called -- country club criminal. he stole peoples money. jason: this was a mini made off ff.-- many mado madoff. so you go to your neighbors and ask them if they want a hedge fund. david: i have never had a neighbor asked me that. lisa: maybe you're not hanging out with the right people. ofon: this is the sun westchester and he went to stanford. he has a pedigre

john blackstone climbed aboard. most cars being tested. a human ready to grab the wheel or hit the breaks if technology fails. but the shuttle bus making its way through san ramon california has the no driver, no steering wheel, no brake pedal. the first completely driverless vehicle licensed to operate on public roads in california. >> for randy yuasaki, head of the transportation, this is an dpiet exciting ride. this is pretty cool. >> this is the way you foresee, said citizens getting around. >> mayor bill clarkson sees shuttles as solution to traffic jams and parking problems. fewer people will need cars. you build the parking garages. 70,000 per parking spot. huge. >> were's going to do less major infrastructure improvements. widening. freeways. and those thing that mess up traffic for a long time. >> now that this driverless shuttle is clear to operate on city streets. we know it won't be long until some pedestrians, staring at their phone, will step off right in front of it. will it stop? and residents can start riding. john blackst

reporter: blackstone's contention is the firm that suited them sold to soon, so they are just grumpyy did not make money. david: gaming the system on wall street. is a shot -- it is a shock. [laughter] great to have you. coming up, targeting china. president trump looking to slap as many as $60 billion in tariffs on chinese imports. if you have a bloomberg terminal, check out tv . live from new york and washington, this is bloomberg. ♪ david: in washington today there are reports that president trump is really going to go after that in some tariffs could be $30 or $60 billion. there are differing reports. these say that the president has a proposal and says that is not enough, go back to the drawing board. let's put a chart which shows where we are in trade deficit with china. it is that yellow line in the middle. the blue is the imports from china, the white is the exports out. in the last two years get down early in the trump -- it gets down early inped the trump administration, but has gone back up. alix: it is a great comparison to dr. evil, i want $1 million. david: there's

david: blackstone group chairman and ceo steve schwarzman understands both sides of the u.s.national investor, and, as an advisor to president trump. in an exclusive interview with betty liu, he put the debate into perspective. >> there's no doubt that there is a serious imbalance between the u.s. and china in terms of market access and tariff levels and nontariff barriers. part of this happens in the natural course of things. when you are a less-developed country, you have higher tariff laws. but we did that in the united states in the 19th century, and it helped build the united states behind the protection of those restrictions. the issue now is that, with china having such a large economy, even though per capita, it is not as big as one would think, but in terms of aggregate size, it is the second biggest in the world and it is growing at double the rate of any developed economy that it is sort of time to make that change, to make that transition. i think that the senior people in china well understand that, because it is in their interest as well as other countries. beca

the cofounder of blackstone gso said to be leaving the firm.was a senior managing director of the blackstone group and a founder of gso capital partners. we are hearing he is expected to leave the firm before mr. smith. within the alternative capital division, now leaving blackstone. more details when we get them. more coming up. this is bloomberg. ♪ ♪ you are watching bloomberg markets. i'm abigail doolittle. time for charting futures. we're taking a look at how to play at a potential trade war. stocks lower today because president trump plans to impose $50 billion in china tariffs over intellectual property violations. the president is expected to announce details on possible actions today. chinaf the criticism of has been for halloween the american manufacturing sector. industrialith 24% stocks may be more sensitive to this action. -- at this point down 1%. the dow is lower at this point, we see this chart down 1.5%. 8% below all-time high. do the technicals suggest more declines ahead? or a bullish reversal of the near term there is action?