speaking of blackstone, in the magazine real estate issue, what's come to be known as blackstone's israelisthe investment giant made a strategic turn to real estate and others are following. jason kelly and i spoke to reporter steven gendel. >> you go back about 11 years. and they have had real estate investments for a while. but it was small, maybe a quarter of the assets of the firm. private equity was a 75 billion dollars and maybe $20 billion in real estate. and then they get a deal to buy sam zell's equity office properties, a $39 billion deal that more than doubles the size of their portfolio. they get it in 2007. almost immediately after they get it, the signs are flashing red, but they are still able to get themselves out of the, a number of properties at the top, make a lot of money and have a lot of cash on hand, and then a business there and then pick up a ton, right after the financial crisis, and that launched this juggernaut, launched this business. $136 billion slightly larger than the private equity portfolio, and it has become a winner, so much that everybody else wants to

carol: telling us about blackstone.lor riggs is back with a look at blackstone's real estate empire. incredible, and in that story the tower of seattle sold for $500 million and it is a small peace of the puzzle. are two competing factors going on. one is you have the nerve to get .nto the market in 2008 making a concerted effort to make it to the real estate market. as they know, they have been traditionally more in the private equity side. this has sort of worked out for some of the real estate portfolios have a larger market cap. sort of a huge portfolio. carol: shows how important it is. taylor, thank you. more on blackstone when we talk to the company's head of tactical operation. right now, our real estate focus continues with a story about rooftop solar panel and how a reporter discovered aims can get obligated when buying a home with pre-existing solar contracts. story was thatar she went to go by her first home excited about it, excited that it had solar panels on the garage, like most of us, she was excited ab

in speaking of blackstone, in there isestate issue, a piece on blackstone's real estate model.elly and i spoke to the reporter. jason: you go back 11 years, right, and they have had -- >> you go back 11 years, and they have had real estate, but it was small. then they get presented with purchase a $39 billion deal. it doubles, more than doubles the size of their portfolio. i think almost immediately after , the signs are flashing big-time. they make up a ton after the financial crisis. billion. it has become a winner so much that everyone wants to do the blackstone model. jason: it's pretty amazing. it certainly was the pivotal year. i remember it well. 2007. on gray, the architect of all of this, sees everything happening and he is literally selling while he is buying and offloading -- reporter: it could have been a disaster. jason: and he follows that up by buying at the peak and again come up for years that looks like a disaster. they are able to navigate -- reporter: single-family homes. jason: let's talk about that. reporter: they made money on the turn. but i think it was

prolifice of the most sports investors, blackstone's mr.er, and nba hall of famer and atlanta hawks owner grant hill. this is "bloomberg businesswee " ." carol: welcome back to "bloomberg businessweek." join jason kelly and me for "bloomberg businessweek" every day on the radio from 2:00 to 5:00 p.m. wall street time, or listen to our podcast at itunes, soundcloud and bloomberg.com. find us online at businessweek.com and on the mobile app. nbabiggest names from the technology summit set down with "bloomberg businessweek," and topping that list is david blitzer, global head of tactical opportunities at blackstone and cochairman of harris blitzer sports entertainment, and co-owner of the philadelphia 76ers. jason: each year grows so dramatically, no doubt. we have some very colorful players that really, really seem to dominate social media, as well as on the court, so it is fun to watch that engagement. but it is going strength to strength, and if you look at the global nature of the game, how that couples with the incredible performance and

million investment from blackstone.he u.s. and the u.k. are at a crossroads as the u.k. prepares to leave the eu. for the ninth straight year, u.s. colleges reached a record in fundraising with almost $47 billion. david: searching for yield, i guess. joining us is jason kelly. let's start with that story now. we have the former european credit chief for blackrock getting a ton of money from blackstone. is that surprising? >> it is surprising a little bit. we are talking about it because you know this is going to be the most consumed story on the bloomberg today because two names we know well, blackstone and blackrock. many people forget they have a long history themselves. blackrock started in blackstone's offices. larry fink working for steve schwarzman at one point. if you have a good name and can make a good pitch, you can still raise a lot of money for a new hedge fund. david: they are raising a ton of money. it is going to be one of the largest in london. it is generally thought to be hard to do right now. >> you h

blackstone's byron wien is wall street's amazing kreskin. we decided to give you that title. you are here in a fox business exclusive in your first television appearance, byron, since you just put out your top surprises for the markets and investment for 2019. you are sharing it first with the "countdown" viewers. we are thrilled about that. thanks for being here. >> always good to be with you, liz. liz: let's start with the federal reserve. >> okay. liz: okay. let me first say, federal reserve has said probably two more rate cuts. today, jpmorgan came out and said we are going to revise it, we think it won't be two, it will be one. byron wien says what? >> zero. no rate cuts. i mean, no rate hikes. liz: no rate hikes. >> the fed will stay pat. why should they raise rates again? the mandate of the fed is unemployment, keep unemployment low, keep inflation low. unemployment is low. inflation is low. the fed is where they want the economy to be. there's no reason for them to take action. liz: okay. when given the choice, when asked, two rate cuts this year, one or zero, you say

labour's lady blackstone questioned the actions of thames valley police, but does he really think ite time to interview under caution the wife of a dying man who wishes to choose how he dies and in the light of the woman's story, the treatment of loving families like criminals and the nothing minister think that the law on assisted dying is well? my lords, it is for the cbs to apply the law, not to make the law. every case has a turn on its own facts and circumstances. lord keen faced a backlash from other peers. lord pannick, a senior lawyer, represented musicjournalist debbie purdy, who campaigned for clarity on assisted dying while dealing with primary progressive multiple sclerosis. she died in 2014. would the minister except that there continues to be a very considerable uncertainty in this area, as indicated by the baroness blackstone plus my question, that is causing enormous distress to those of the end of their lives and theirfamilies? for people with a terminal illness, with no hope of recovery, who are suffering great distress, that for these people come the current law wh

alix: i'm looking at blackstone and targa resources.ng a 45% stake in targa resources. you've seen equity very active in this space. the trade has been to buy some midstream assets and partner with a midstream partner to get paid on that. you have oil, you need to get it out, you pay a toll to midstream operators. blackstone operates their own gas and oil production. i don't know if they have it close to where target winds up operating. operating.nds up this is not new for the private equity space. david: the third company we are watching his walmart. walmart.-- is for more, let's start with walmart. comparableong same-store sales. they've maintained their guidance for the coming year. we got disappointing december retail sales numbers. that left people scratching their heads. this is a reiteration of the imbalance. sales, with such strong such strong commentary, raising questions about the december retail sales. we have macy's, nordstrom in the coming weeks. macy's has made some comments that sales in early december were sort of disapp

about e got to talk blackstone. your day job, after all. night job. >> they do pay you to do this. do you look at from a market perspective? hat do you see out there, and i'm especially interested in what you see in europe because you worked there for a while. for a second.xit are you a buyer in the uk, in now?pe right >> well, look, a, we have significant investments in the uk, and we're very comfortable the businesses that we're invested in, in the uk. i don't think any of us know what will happen. i don't know. pull up some odds, and everybody has got a slightly different view. >> i actually think that things i l work themselves through, do, and i think the uk is very resilient. et a great market economy, cetera. but it's bumpy, okay? and there are going to be times from just an evaluation standpoint, where you in, in wanting to jump different asset classes or ndustries relative to them having traded down quite dramatically. i don't feel like that's necessarily the case right now. are down a bit. but not dramatically. closely.'re looking

many headlines from jason kelly's interview with joseph baratta at blackstone global.going on throughout the day. let's get straight to the bloomberg first word news. today, there is a sign tensions may be easing between india and pakistan, india -- it was that attack that led to the worst military standoff between the countries in half a century. pakistan says it would consider releasing this indian pilot. his fighter jet was shot down and india says it will not negotiate for his freedom. former trump lawyer michael cohen opening the president to a number of legal risks and unfurling a series of explosive accusations and a dramatic day of testimony before a u.s. house committee. viviana: it was my experience that mr. trump inflated his total assets when it served his purposes, such as trying to be listed amongst the wealthiest people being "forbes," and deflated his assets to reduce his real estate assets. republicans rail democrats for allowing an admitted liar to testify. the founder of bridgewater associates giving credit to the u.s. federal reserve and says it in

blackstone was the business doug first invested in, before he got interested in the oil lease.big operation. 100 trucks hauling water to and from oil fracking sites. very profitable. james let it be known that he was backed by a billion dollar trust fund. >> i was like, their guy's a winner. >> a lot of money around. were they making money? >> yes, it sure seemed like it. >> and james was buff, all man. >> it's 20 degrees outside and he'd be wearing a tee shirt. he wants you to see his guns. he's showing them off. they're perfectly white teeth and tans. they looked like ken and barbie. they didn't fit in at all. >> not a nickname sarah took to, mind you. >> no, i feel like i have somewhat of a brain, i don't want to be called just a barbie. >> you're living in a town of men. >> 92-1. >> all jacked up on testosterone. >> yeah, it was miserable. every day was a plan on how to get out. >> with him? >> yeah, we wanted to leave the oil field, but he just saw so much opportunity and money. he was like one day we'll get there. >> doug carlile liked james and sarah's entrepreneurial st

the blackstone model. blackstone's real estate model proves lucrative and liquid.ewsom suggests big tex paysdividend -- big tech dividends to consumers. david: we start with alan greenspan. he said he's very concerned about the budget deficit. wadingwaiting into -- into stagflation. >> the tone of his interview was that he seemed to be thinking this was inevitable. he pointed strongly to the entitlement program, saying the ballooning costs will eventually come back to bite us. 's covered jeffrey gundlach outlook in january, he really pounded on the issue that investors are not paying enough attention to the mounting debt in the u.s. for a while, the tea party was a driving force in the political conversation. they seem to have quieted for the last couple of years as spending has mounted. david: we had paul krugman warning about recession, kyle bass warning about it. >> we've seen people have changed their call. going into the end of last year, a lot of firms were saying we are not nervous about recession in 2019 or 2020, but that tone seems to have shifted already.

there has been a lot of talk about the heller case and blackstone. it is important to actually, as we have these discussions, to be honest about what we are trying to do. every proposal that has been made in the gun safety area is entirely constitutional. don't take it from me. , whoit from justice scalia o said the second amendment is not unlimited. commentators and courts have routinely explained that the right is not a right to keep and carry any weapon whatsoever in any manner whatsoever and for whatever purpose. that's the language we need to bear in mind. we cannot be fooled by those that suggest that what we are trying to do is unconstitutional. what we are trying to do is constitutional, it is just, and it will save lives. rep. mcbath: the gentleman's time has expired. i ask that the following items the added to the hearing record. we have a letter from prosecutors against gun violence in support of bipartisan background checks act of 2019. we have the loopholes that allow -- we have a 2019 report from every town for gun safety concerning int

donatedof blackstone millions to m.i.t.ers are criticizing him for advising president trump and hosting the saudi crown prince. global news 24 hours a day, on air and at "tictoc" on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm courtney donohoe. this is bloomberg. guy? guy: thank you. the auction process is underway. take a look at where the indexes have settled. a small tick higher during the auction process for the may markets. london finishing down, hsbc is a huge weight on the market. dax is flat. similar story for the cac 40. if you are on your way home you do want to carry on your coverage of the markets, you can do so on digital radio. "the cable" show will take place at the top of the hour. jon ferro will be in new york, i'll be here in london. find it on your bloomberg devices. this is bloomberg. ♪ guy: live from london, i'm guy johnson. vonnie: in new york, i'm vonnie quinn. this is the "european close" on "bloomberg markets." guy: hsbc was down hard today, the worst p

but blackstone recognized that as well. there's no way to assess the disproportionality to the gravity of the offense in the abstract. by contrast, the incorporation question that's before the court today is easy to assess in the abstract. we ask ourselves not whether civil forfeitures, a right against excessive forfeitures is somehow deeply rooted and hence can be incorporated, we ask whether the freedom from excessive fines, which has been recognized since the 13th century, is incorporated. and it's important to recognize that the indiana supreme court's decision in this case did not adopt my friend's suggestion of simply saying that it doesn't apply to forfeitures. the citizens of indiana today don't enjoy protection from excessive fines of any kind. and that's true of the citizens of three other jurisdictions as we pointed out. >> if we were to assume for the sake of argument that imprisonment for six years would not be an eighth amendment violation for this offense, what would that say about a fine of $42,000? is it po

the ceo of blackstone group donated $350 million to m.i.t.rotesters are criticizing him for his work as advisor to president trump and his hosting of the saudi crown prince. and trade talks between the u.s. and china resumed today, this time in washington. the president described the negotiations last week in beijing as a very productive. bloomberg has learned that there are still key differences between the two sides. the u.s. is threatening to boost tariffs on chinese goods if there is no deal by march 1, but the president has said he is open to pushing back the deadline. time is running out for the but is prime minister to get parliament to support her brexit plan. negotiators from the u.k. and the european union are working on a new legal text for the most contentious part of the deal, the backstop plan for avoiding a hard border between the u.k. and ireland. ides believe she has until for very 27 to get a better deal, before lawmakers a vote to take control of the process. global news 24 hours a day, on air and at "tictoc" on twitter, po

blackstone is the world's biggest private landlord.rivate equity money has driven into the sector that you occupy right now. how is that changed the dynamics, and what impact does it have on your investment opportunities? bob: it's a really good question. i think that the housing market, particularly when you aggregate single-family housing and multifamily housing together, is very deep. it is an active market there. there are thousands if not tens of thousands of transactions that occur every year. we think that professional institutional ownership of assets is really critical and important. i know when we acquire an asset, typically we might buy a 500-unit apartment facility, community, we have the wherewithal and the skills and the history to create a neighborhood where otherwise it might be four walls and a roof, if you will. we interview our assets with different social and community programs-- imbue our assets with different social and community programs, financial literacy programs for adults. i think that institutional ownershi

david kennedy also, so blackstone and hellmann and freon are one bidding group.nuary and here we are and goldman sachs private equity arm with advent as well is another i think a fairly large equity check here in a take-out deal assuming let's call it some people say 30, maybe even a little bit higher than that. talking about a $10 billion deal at least and an equity check of size this is moving along it is worth keeping an eye on. with athena having been successfully financed, arconic falling by the way side, and this very large lpo we talked about on monday that we got. >> those are all high quality players. >> yeah. in terms of the potential buying -- >> i got to relook at it just in terms of bad quarters, i nominated electronic arts quarter as the worst of 2019, up on the news that the next game is doing well. that group has been beyond belie belief. >> you had a few worst quarters of the quarter as they have come along. >> i change them up. i change them up new worst quarter comes around >> we got all three major indices just below break even for the week le

street journal reporting that hank paulson is trying to push for a deal, steven schwarzman from blackstone is trying to push, because they know what's at stake for the markets. it's up to the chinese, will they be able to open up their markets to u.s. companies? >> what's interesting about this, i think they are willing to open up to a certain degree. obviously everyone talks about what they can give the united states in the immediate term, the purchasing of more goods. theic issuthe issue is with strl reforms. the chinese want to sort of decouple the tariffs from actually showing that they've changed china. they don't want to have other countries see that the united states has had success in changing china's structural reform through the tariffs. they're going to try to through the talks for political purposes sort of decouple the talks from the structural reforms. cheryl: the markets are going to see right through that, unfortunately. but at least the story will end for now. riley and david, thank you very much for getting up and covering this for us. >> thanks. bye-bye. lauren: still ah

they will accept a sweetened deal from helmet and blackstone. this will put it at 4.9 billion euros at 46 euros a share. that is right where scout 24 into the day. -- ended the day. telecom italia was the other big mover of the day. the state lender will take a stake in telecom italia, according to people familiar. 6.4%, one of the conditions of the stake that they have to spin out their landline business. something investors have wanted to see from telecom italia, analysts say it is worth 15 billion euros. and i also want to show you the volume picture. today, a lot of conviction behind the trade. we are ending with more volume, something we rarely see going into the weekend, but now investors are happy to hold onto their positions as market gained into the close. vonnie: and that was a look at the european close. now, let's get analysis from our managing editor for rates and fx. we are just about 10 minutes into the friday close poll and one of the major things that move the markets in europe was the idea that the u.s. and europe are getting c

the ceo of the blackstone group donating $350 million to m.i.t..m trump andrk with mohammed bin salman. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more 120 countries. this is bloomberg. francine: thank you. let's get to the latest on brexit. not accepting the time limit on the irish backstop. jean-claude juncker is meeting with theresa may tomorrow. he said on monday and brexit richter is "in god's hands." more, we're joined by our guest in brussels. there seems to be a believe in the market that at the 11th hour, the eu will give into something and we'll make it easier for theresa may to go with the new deal, slightly different deal to parliament. what are the chances of that happening? >> the music in brussels sounds similar. you have jean-claude juncker saying god only knows how this ins, but on the ground things are moving. we have the prime minister in town, the entire u.k. delegation in brussels. isorrow, the men to watch the u.k. attorney general. -- the man to watch is

the founders would have known of this, because the american edition of blackstone mentioned this episode, and how parliament had essentially rebuked the crown by saying you can't do this. so there's some indication, and british practice that the crown could not act contrary to standing law, and there were various restraints on the crown's ability to impose martial law, and there was an absolute bar on the crown suspending the privilege of the writ of habeas corpus. if we turn to the revolutionary war, we see a similar pattern, but the executive was even more, was even weaker, still, so if we look at the state governor, the state executives, they all had executive power, executive authority. but they could not seize property during the war, they could not suspend habeas corpus during the war, and they could not authorize the military trial of civilians during the war. all those things, when they occur, occur under legislative sanction, the state legislature passed statute saying you can seize property, the state legislature passed a statute saying we are suspending habeas corpus and the s

. >>> dennis blackstone knew he had a sister somewhere in the country.was adopted at the age of 3. a geneology website pointed him towards connie rusk. he sent her a text. >> i said i had a sister and am curious if this happens to be you. >> i was driving. when that text came through, i slammed on my brakes and i had to pull over to the side of the road. >> the irony of it, dennis and connie had been living less than an hour from each other all these decades, now as you see there they are reunited. >> you can tell how excited she was. ordeal for hikers. one got stuck in quicksand. . >> a symbol for an international celebration at the end of the world war ii. that's next on "world news now." of world war ii. you are watching "world news now." know what turns me on? my better half, hors d oeuvres and bubbly. and when i really want to take it up a notch we use k-y yours & mine. tingling for me, warming for him. wow! this valentine's day get what you want . he may not be a household name, but george mendoza made history 70 years ago being one of the most ico

thanks >> coming up, a power player in the investment world blackstone's steven schwartzman weighs in on the summit with north korea. trade talks with china gives us his read on the markets. as we head to break, here's a look at the biggest premarket winners and losers in the dow on this morning where what's going on in the world. down 36. i don't know doesn't seem that significant. we'll see. endless fields of grain.... a wealth of oil.... and riches beyond your wildest dreams. there's a place where you can find all of this. in a suite of commodities-based etfs from aberdeen standard investments. everything from field crops to livestock, and precious metals to energy. all of which may help you diversify your portfolio. it's a big, beautiful world out there. why not invest in it? learn more about the commodity-based etfs... from aberdeen standard investments. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. you need decision tech. we sunleash

phelps, was a former head of european credit at blackrock, has attracted a $200 million buy-in from blackstoneg to a group familiar with that. we're tracking this new hedge fund by michael phelps. now going to become one of the largest startup funds in london this year. stuart roden, former chairman, is also investing interested or, and will also join, as a nonexecutive chairman, according to a person familiar that bloomberg news is citing. don't forget, bloomberg terminal users can interact with the charts they see on the television by typing gtv . look at that also chart hillary put together on the top left. also, coming up next, the battle of the charts. for you. this is bloomberg. ♪ anna: welcome back to the european open, 54 minutes into the trading day, perhaps a surprisingly positive session, up .9%, outstripping expectations. the cac is up more than 1%, the dax not far behind. more strength coming through after we saw a bounceback in asia equities as a result of catch-up from the chinese market after lunar new year holidays. now time for at battle of the charts. annmarie hordern ha

>> i did not i know joe works at blackstone and worked with byron.e were both mentored there. >> this is a kevin bacon thing doug cohen at athena capital managers and our guest host this morning richard bernstein. rich is also a cnbc -- huh >> big words for early in the morning. >> are we just going to get some kind of group thing from you three that you're all related? let me start with you, richard you've got that nice jacket on >> thank you. >> do you expect the trade deal to be already in the markets or a boost if it were to happen or a letdown if it doesn't happen >> all of the above. >> could be all of those >> all of the above. i think there is certainly the rally in the market to some extent has been because of people believing that there is going to be some kind of resolution, i think if you look at what's going on in the chinese market, you can see that where private sector companies are starting to out perform, you could see that going on. so i think the markets are beginning to price in some kind of resolution. the other thing in the back

what we are looking here, in blue, blackstone, yellow kkr.of these private equity firms as strong fundraising activities expected to continue. sayingresident of kkr many of their investors seeing the possibility for volatility, wanting alternative investments. as such, these shares of these private equity firms rising. we will have to see whether that trend does continue. taylor: of course we woke up on friday morning and the focus was on jobs. two other key pieces of economic data that were much better than expected, and i wanted to highlight those because they were really showing the effects or no effects really of the u.s. shutdown. the first, the manufacturing index. that came in better-than-expected. beating estimates of 54. also over a two-year low. a more stable outlook for the manufacturing index in the start of the year. our bloomberg economists are saying while the conditions and a decline in prices paid means production levels and profit margins should remain solid, no effect yet of the u.s. government shutdown. the university of m

>> reporter: just a few seconds ago i hung up the phone with steven swartzman of blackstone and supportinghis executive order saying this is a super important issue in his words for american business competitiveness saying he's been interested in ai himself since about three years ago when he was sitting on a bus with jack ma of alibaba explaining what the future of ai could look like an concluded in the united states was not nearly as organized perhaps as other countries around this issue. and so he and others have been leading a charge here for a comprehensive federal government strategy involving the private sector and universities, as well, on artificial intelligence so what we'll see from the president here is a five-point executive order. let's walk you through what it will do. in the first place, it will direct federal agencies to prioritize ai investments, that is, not spending particular amount of money but going to encourage them to focus their spending around ai it's going to make federal data models and computing available for ai researchers that's giving them the access to a l

but along with blackstone, with gic from singapore, the canadian pension plan and other investors asell. i'm hearing $7 billion in equity being contributed. so very large equity check and financing of course to go with it. $11 billion, i can't remember a deal this size since prior to the financial crisis. >> this is an extremely high multiple stock if people just presume that a company like this, which has always been a good company, that nobody would ever buy a company that sells at 50 times earnings. >> had 20% -- they had 20% growth though for year after year after year. >> does it mean that the companies that are growing consistently have -- are tired of not seeing their stocks get a reward for their growth? because that would be something. >> i know. there is a lot of questions i don't have answered here including why the ceo and president and founder of the company believes that their customers will benefit from their ability to bring new features and services to market more quickly while still enjoying the same high level of service. why he believes they're better off private

larry fink at blackrock, blackstone, blackrock that we should describe what we are doing. we are opening four new branches, that is 4000 people directly. another 8000 people indirectly. we go in with all of j.p. morgan. we open a branch, philanthropy and education for people who need financial education, charity, we do the whole thing. it wasn't just the 25,000 jobs amazon was going to do, it's probably 100,000 job supporting it and they would've gone from low skill to high skill to consultants and lawyers to restaurants and barbers and construction workers and that is the shame. that's what they lost and the whole ecosystem that creates jobs and furthers interest. cities and states act that way, they're going to be long-term losers. i was in new york city in 1974 and we had a financial crisis and crime in all of these terrible things. 10 fortune 50 companies left the city in a five-year period. jcpenney went to texas, american airlines left, it was amazing. companies were just leaving and cities and states can foster an attractive environment and help you guys to the othe

listings company over in germany agreed to be taken over to the private equity group lacks down -- blackstonethey came back after being robust one-time, and this time they confirmed it. investors flooding into this one as well, up by more than 12%. ivendi, the partial sale of universal music, the streaming income music that has been shattering estimates. they are also talking about buying back up to a quarter of the total stocks. vivendi up by more than 6%. standard life aberdeen, not such a positive story here. this is taken a company to the lowest in two months, perhaps reflecting the sentiment around it. to this takes the total drop over the last year to 40%. francine: thank you so much. amazon pulled the plug on new york, the company is exing planned to build a corporate office in queens. he says the e-commerce giant is throwing away a great opportunity. we spoke to a new york city councilmen of the news broke yesterday. >> amazon chose to pull out rather than site for the steel deal.ht for this the mayor was right, this is a tough town and you have to be able to take criticism and fight

alternative firms are raising lots of assets blackstone, carlisle, apollo etf's are raising lots of assetst's black rock in the middle there's hollowing out. i think that trend continues this year, and probably for actually a few more years after. >> that has nothing to do with where the economy stands today that's just a larger trend, which is to say people like alternatives better. they either want to go into a completely alternative space or the one that lives in etf's. they don't want to have their money managed. >> there's a few indicators. there's it.1 billion of dry pout poider does that stock every stop the market in january and put a floor? maybe. you have a backstop on the market also, if you look at my retail brokers and follow the cash balances of what retail is doing, there's a correlation there also with the economy, but cash balances are really low what that means is this is not a lot of cash left to come out of the sidelines and help the market on the retail side. >> that's interesting. when you look at athe retail investor that's in ameritrade, and you look at their cash b