blackstone. 1985, blackstone starts. two people, you and pete peterson.re did you get the money? steve: it did not require much. it was an advisory business. you talk and people give you money. david: you each put in $200,000. steve: the strategic plan for the business, which we announced in a letter to everyone we knew, was first, the m&a advisory business. it required no capital. the second was going into the private equity business. david: you had never been a private equity investor before. pete said, since we haven't been, we will go out and raise a small fund, a $50 million fund. you said, let's raise $1 billion. that is fairly audacious. where were you going to get $1 billion? steve: we went to our top 18 prospects. everyone said no except for metropolitan life and new york life. one said i will give you $50 million and one said $25 million. but, i do not be a big part of the things. you have to raise $500 million or our commitment is worthless. -- commitments are worthless. we had already gone to everybody who we knew were the best targets. i look

that firm was blackstone. 1985, blackstone starts, to people. where did you get the money?en: it did not require much. it was an advisory business, so you talk and people give you money. david: you each put in -- stephen: $200,000. the advisory business, it required no capital . the second was going into the private equity business. david: you have never been an investor before. pete says, we will raise a small fund of $50 million. you said, let's go raise $1 billion. that is audacious. top 18: we went to our prospects. exceptdy said no metropolitan life and new york life. one said, i will give you $50 million. the other said i will give you $25 million. i don't want to be a big part of the thing, you have to raise at least $500 million or else our commitment are worthless. we had already gone to everyone we knew. omg,ked at that and went, we are going to fail. we met one more company called credential, which was the number one financer in those days. we were in work on a friday having lunch with a chief investment officer and he was having a tuna on white bread and i am bu

we visited blackstone, virginia, a state that trump did not win in the 2016 election. >> blackstone is a 3 hour drive south of washington. the residents here are proud to say they are part of the south. this trump supporter says he is doing his best to keep up to speed on what is happening in the capital and he is definitely not happy. >> i don't think americans want this to go on for days and weeks and weeks and this witness and that witness. it just seems it's millions of dollars being wasted. we have so many national issues we need to solve as a country. >> the family businessman does not believe president trump did anything wrong with regard to ukraine. >> i think a lot of this is just good politics and good business. you want to know where your money is going. you want to make sure things are doing right before you help somebody. >> around 4000 people live in blackstone. roughly half are white. the other half are african-american. the region is traditionally conservative but in the last congressional elections, a democrat won the district. most african-americans we meet don't want

mack osborne runs a wholesale beverage company in blackstone the trump supporter says he's doing his best to keep up to speed on what's happening in the capital and he's definitely not happy about the hearings. i don't think americans want this to go on for days and weeks and weeks and this witness and that witness and his just seems this millions of dollars being wasted and. we have so many issues national issues we need to solve this country and this system fatsis the family business man doesn't believe president trump did anything wrong with regard to ukraine. i think a lot of this is just good politics and good business you want to know where your money should go or you want to make sure the things you're doing right before you help somebody. around 4000 people lived in blackstone roughly half a white hostler african-american the region is traditionally conservative but in the last congressional elections a democrat won the district. most african-americans were made on the street don't want to comment on the impeachment proceedings thomas tyler is an exception he says he'd rather

>> blackstone.ked about that for awhile these other stocks are doing very well, blackstone is making all-time highs as is jpmorgan, but seemingly every day. i think bx, that's what you want to be in. >> if you read the note it's a lowrate story. this is a brokerage they're going to be doing better the yield curve has been steepening however, and i think there's an argument to be made, that the curve could continue to steepen. you would think long-term rates are tethered because of the feds, those should be a reflex ks of long-term rates. but the term premium has been negative and forcing the yield curve down we're seeing global growth starting to get better, negative yielding debt from 16 patrol 11 trillion and started to see those differences between international and the u.s. compressed as that blows out you can see our yield curve steep -- >> for our viewers and listeners, this is not a screaming, pounding the table by citi they said we don't see a lot of downside what they preferred it seems lik

john blackstone, san francisco. . >>> millions on the holidays. the get away turns dangerous wednesday in virginia while hoppers dash for last-minute gifts. >>> also tonight president trump turns his impeachment into a rallying cry. >> they had nothing. there's no crime. in fact, there's no impeachment. >> as debate rages over the next step. >> this email is explosive. >>> mass castles. notre dame is dark at christmas. >>> they run wild in the west while these horses could be yours. >> the horse of your dreams in this corral now. we need you to come out and pick him up. >>> the newest gift is trending, something old and nothing new. >>> boeing's new ride in space returns to earth after a botched first mission. >>> and if christmas was a competition, this family's record-breaking light display might win. >>> this is the "cbs overnight news." >>> good evening, everyone, and welcome. i'm errol barnett. the countdown is now on, a record 115 million people are traveling for the holidays and nearly all of them doing so on the road. that can be dangerous

. >>> we end this half hour with john blackstone making a trip to his favorite donut shop. last year, but was rescued by the love of neighbors as well as strangers. >> oh, yeah, yeah, yeah. >> what a christmas present to see you back here. >> oh, yeah. >> reporter: stella chan is back behind the counter at donut city in seal beach, california. >> just let me say hello. >> reporter: for nearly 30 years, stella and her husband john have been a team, selling sweet treats. >> she brings smiles to everyone's faces. just super loving people. >> reporter: last year there was doubt stella would even survive, let alone return to work after a debilitating brain aneurysm left her partially paralyzed and unable to speak. >> now is stronger, stronger. hold trey. i need to move. i don't want to stay home. >> reporter: but with his wife in a coma last year, john came to work each morning at 4:00 a.m. alone. then some of their regs offered to help. >> good morning. how are you? >> two dozen. >> we tried to offer him help with the medical expenses for stella. >> reporter: he didn't want peo

around 4000 people lived in blackstone roughly half a white the other half were african-american the region is traditionally conservative but in the last congressional elections a democrat won the district. most african-americans were made on the street don't want to comment on the impeachment proceedings thomas tyler is an exception he says he'd rather see president trump's political fight decided at the ballot box next year we've got. to go 20 did this saddle so either the people will replace him. if you replace you get rid of the man to go to the country i. mean the people who voted for. him in a local baba shop molly black occasionally chats with customers about the impeachment proceedings she says she doesn't personally follow the hearings she will remain a trump supporter regardless of what's said in washington. everybody has their pros and cots there's things that make a good president good and bad president bad but look at the economy now there's no reason no reason to kick him out no reason for them ph that's 3 this is a good show. how they got a great job with a figure of s

he fuses it with blackstone.t is important to note that bradley's new roger -- logic of rights and governance does -- is not completely modern. the notion will be rejected in the new deal era and in favor of the balancing of right. but we have in bradley's dissent a recognizably modern rights bearing individual. we have a hallmark of the modern logic of liberty and governance, that dichotomy between private rights and public power. the rule of law is now about shielding private right from state legislative invasion. bradley succeeds in this work. he succeeds in institutionalizing this new logic of rights, and even justice miller in his majority opinion gets dragged along. he gets dragged along in his majority opinion and the way he frames the question. he frames the question -- this as whether these exclusive privileges are at the expense of the community -- notice that old language. he frames the question as whether these exclusive privileges are at the expense of the community in the sense of there being a curt

blackstone chairman and ceo. why he thinks it is geopolitical risk and not the economic cycle dominating the market narrative. and amazon in the crosshairs. facing widening antitrust scrutiny from the u.s. federal trade commission. amanda: quick check on the major averages. alluding to a couple factors at play here, including the jobless report tomorrow. jobless claims today are bolstering the picture of a strong labor market. that is influencing treasuries. the s&p 500 basically treading water. materials and financials showing a little bit of support. consumer staples and energy are the weak spots. not really helping out but among those giving some support. watching 3030 on the s&p 500, seen as a key resistance level. the december tariff really helpt among those giving some support. watching deadline is a big thing in focus. checking in on the u.s. china trade balance, it has declined rather sharply. it is at a 16-month low. that could be seen by some as a bit of a victory, but it's happening as imports and expo

this is blackstone infrastructure. it was done 50% higher than their offer was. it is interesting to see these public shareholders pushback at these private equity firms and say listen, you need to pay up a little more to make this worth our time to take it out of the public market. lisa: more broadly, can you give us a sense of what the advantage is for companies to be private over public? sonali: a lot of people are having a lot of issues with corporate governance. a lot of the things that flew in the past that allowed management teams to do what they wanted to do are not flying with investors anymore that want more control. especially big index funds that have taken a more active role in the market. meanwhile, you have private equity willing to say ok, let's be patient, while we also have co-investors, pension funds, that are willing to put more toward our deals. with that said, valuations are as high on average as they have been since 2000. the earning and return on these assets will be a more difficult thing moving forward. lisa: thank you so much and to all

john blackstone, cbs news, san francisco. >>> still ahead, a royal snapshot.th their dad, prince william, in a newly released picture. a newly released picture. honey, can you get the snacks? guess who's early? good thing walgreens is right around the corner with last minute holiday supplies. get in. get out. get jolly. with last minute holiday supplies. mucinex cold & flu all-in-one. fights... oh no. no-no-no. did you really need the caps lock? mucinex cold and flu all-in-one. laso you can enjoy it even ifst you're sensitive. se. yet some say it isn't real milk. i guess those cows must actually be big dogs. sit! >>> here's a look at the forecast in some cities around the country. ♪ ♪ >>> no sleigh bells ringing here. instead it was sun, surf, and santa hats as many down under woke up to celebrate a christmas tradition in australia. crowds swelled at sydney's famous bondi beach. tourists traded icy weather for a little festive fun in the sun. there was even a christmas tree. >>> in baghdad, protesters built a christmas tree out of iraqi flags in solidarity wit

blackstone. 1985, blackstone starts. two people. you and pete peterson. the firm? steve: it did not require much. it was an advisory business. you talk and people give you money. david: you each put in $200,000. steve: the strategic plan for the business which we announced in a letter to everyone we knew, was first the m&a advisory business. because it required no capital. the second was going into the private equity business. david: you had never been a private equity investor before. pete said, since we haven't, we will go out and raise a small fund, a $50 million fund. you said, let's raise $1 billion. that is fairly audacious. where were you going to get $1 billion? steve: we went to our top 18 prospects. everyone said no except metropolitan life and new york life. one said i will give you $50 million and one said $25 million. but, i do not be a big part of things. you have to raise at least $500 million or our commitment is worthless. we had already gone to everybody we knew who were the best targets. i looked at that, and i went, "omg, we are going

lisa, how are the likes of apollo and blackstone plowing into wall street's domain? >> they have been in lending for quite a while now, but what has changed is there has just been a flood of cash into direct lending. so there are bigger pools of capital, and really eating into the markets, syndicated markets. lisa: all right, how is that eating into wall street's underwriting business with leveraged loans? >> well, they are doing deals the size of $1.8 billion, $1.6 billion, deals that could've gone to the syndicated loan market. in war barclays, goldman sachs, others that may have a range to sell to institutional investors. direct lenders are just taking those deals away at the moment. murray lisa: how much could they -- lisa: how much could they how end up taking away from public markets, some of these wrong apollos and blackstones of the world? what we are seeing a real -- lisa: we are seeing a real emergence of a new asset class. apollo suggests as much as 10% of the high-yield loan and debt market could go private in the next five years. that is a huge amount. l

john blackstone, cbs news, issaquah, washington. >> o'donnell: and that's the "cbs evening news."o'donnell reporting from our new home in washington. let us know what you think. and thanks to the entire cbs news team that made this possible. we'll see you back here tomorrow. good night. captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org ♪ >> announcer: this is the "cbs overnight news." >> i'm tanya rivero, and we have a lot more to tell you about this morning, starting with cyber monday. when the numbers are counted, it's expected americans spent more than $9 billion online yesterday, but what's good for shoppers is not so good for the malls and retail stores. one study found almost 1700 stores inside malls closed in 2018. another 4,000 have closed so far this year. those numbers didn't stop one company from building a brand-new monster-sized complex in new jersey. nikki battiste got a look around the american dream mall.

blackstone, should i buy it now?ly you should buy it now i think it's a name i bought structure of blackstone. the reason you can buy it now as much as it is is where the inflows are going from institutional investors right now into the space they are all-time highs. blackstone is highly diversified, very well run and poised ins position to continue to grow in the future. it's a name if you're allocating financials, i love asset manager particularly with electronics, this is one i love. >> rod for you, par in boston. any thoughts on biotech m&a surge in recent weeks? >> yes, i do one thing i would say backing up, biotech is a space you own pipelines in litigation. we owned it on selloff, 25% price appreciation gave all of it back. it's come to the foreagain because of drug price baiting also m&a bristol and celgene m&a happens from strength also stagnation in the pipeline very idiosyncratic, very specific to the company and you just want to be careful. i think you'll see more and more as long as you don't see a lot o

the amount of americans who could afford their own homes so they rent blackstone and all these private equity own all the properties rental rates are up to 10 percent a year in some places and that is causing stress but the fed doesn't count that into c.p.i. the government doesn't count that into c.p.i. and said they do own or quibble interests and that's way low or something like one percent or 2 percent a year rather than they double digits in many places and so you can see that for example wolfert to point out remember his background is in auto sales and stuff like that so he really focuses on that he said with used cars for example you can see that the most the feds the government's own data the c.p.i. for used cars has declined by 11 percent since 1905 but actually used car prices have actually soared since then there had donek adjustments for the quality improvements in these cars suggest that in fact is down by 11 percent if you count how much better this car is than no car you could buy in 1905 right there the default rates are not occurring because of an economic downturn but

free market economy especially from banks and corporations that are imposing monopoly pricing as blackstone is doing in the rental market that's beyond greed that's a kleptocracy and then the problem is a club takhar see blaming people are trying to get by day to day is greedy when the fact is intrinsically and empirically what we're seeing is the hit inflation numbers that the new york times as a report that no other mainstream media outlet reports because they're in the bag on the payroll they're in the good jake specially when is as i said that masses higher hierarchy of needs you know nobody needs an i phone but they do need a house. and rental units are going up they do need health care especially the law changed to you have to have these health care products those are going up by double digits year every year for the last 567 years and maybe somebody dips into their reserves and you know they could afford it the 1st year well technically you know just struggle to get by and we every year we keep on seeing these signs of like oh the average american only a $600.00 for an emergency now

john blackstone, cbs news, san francisco. >> barnett: ahead on the "cbs weekend news," the growing arketf second-hand goods, proving popular with holiday shoppers. baseball's controversial idea behind home plate. and merry and bright, how one gomily lights up the night at christmas. i didn't have to call an ambulance. and i didn't have to contact your family. because your afib didn't cause a blood clot that led to a stroke. not today. we'd discussed how your stroke risk increases over time, so even though you were feeling fine, we chose xarelto® to help keep you protected. once-daily xarelto® ... ...significantly lowers the risk of stroke in people with afib... not caused by a heart valve problem. in fact, over 96% of people remained stroke-free. don't stop taking xarelto® without talking to your doctor, as this may increase your risk of stroke. while taking, a spinal injection increases the risk of blood clots, which may cause paralysis - the inability to move. you may bruise more easily or take longer for bleeding to stop. xarelto® can cause serious, and in rare cases, fatal bleeding.

john blackstone, cbs news, issaquah, washington. >> o'donnell: and that's the "cbs evening news."h o'donnell reporting from our new home in washington. let us know what you think. and thanks to the entire cbs news team that made this possible. we'll see you back here tomorrow. good night. captioning sponsored by cbs captioned by media access group at wgbh access.wgbh.org he could've just been the middle class kid who made good. but mike bloomberg became the guy who did good. after building a business that created thousands of jobs he took charge of a city still reeling from 9/11 a three-term mayor who helped bring it back from the ashes bringing jobs and thousands of affordable housing units with it. after witnessing the terrible toll of gun violence... he helped create a movement to protect families across america. and stood up to the coal lobby and this administration to protect this planet from climate change. and now, he's taking on... him. to rebuild a country and restore faith in the dream that defines us. where the wealthy will pay more in taxes and the middle class get the

how are the likes of apollo and blackstone plowing into wall street's domain? lending for quite a while now, but what has changed is there is a flood of cash into direct lending. bigger pools of capital. that is really eating into the markets, syndicated markets. into how is that eating marcus with leveraged loans? >> they are doing deals at 1.6 billion. deals i could've gone to the syndicated loan market. otherss, goldman sachs, may have a range to sell to institutional investors. how much could they end up ,aking away from public markets from these apostles and blackstone's of the world? >> we are seeing an emergent's of the new asset class. high-yield10% of the inn and debt market could go the next five years. that is a huge amount. that brings up questions about the risk that is embedded when you have more of this business moving to private firms that focus on private debt, which brings me to jason. regulators are focusing on private markets, but figuring out ways to open them, not close them down or shutdown risk. how is the sec trying to democratize priva

he mentioned blackstone.ot of these firms are moving towards tech, so they are adopting some of these new norms, and that is going to keep them competitive and fresh. vonnie: i just want to ask, how much does pay come into it at the end of the day? mike: i've been going to annual meetings for most of this decade. you need to see pay links to performance. it is ok if you do well to get paid a lot, but when you don't meet targets, you need to have pay reduced. we will be watching old men and the other banks -- we will be watching goldman and the other banks. vonnie: looking for your turn report -- to your next report. at that is mike male of wells .argo, and julie albright thank you. house democrats are preparing for a historic double vote today on articles of impeachment against president trump. we will bring you all of the diplomats as they occur. this is a procedural vote right now. we are expecting the impeachment vote at about 7:30 this evening. this is bloomberg. ♪ ♪ vonnie: time for your latest bloomberg

an outfit called blackstone, started by the guy his friend introduced him to.ocked. one of those opportunities of a lifetime, ordained from above, according to doug. >> the whole thing kind of fell into his lap. and i think he thought that was his calling from god to move forward in that lease. >> an oil lease that is. a lease that would give doug and any partners he could bring in, the exclusive right to drill for oil on 640 acres of land on the mha indian reservation. the catch was that sort of opportunity doesn't come cheap. >> so you had to raise some money. >> oh, yeah. the lease was almost $2 million. >> and to raise that, doug carlile tapped his business partners and even his kids. >> i put $100,000 in it. it wasn't for a return or anything. it was to help him with his dream to fulfill that. >> but the next step to fulfilling doug's dream was even more daunting. finding investors to pay for drilling as many as eight wells on the property and that price was much steeper, more than $100 million, but the potential payoff was immense. and doug firmly believe

we heard from blackstone's ceo on wider risk areas.he geopolitical , they are the great unknown. it could have very substantial consequences. in the face of those geopolitical risks, the global central bankers are said to keep pumping out cash through 2020. bloomberg economics predicts the combined monthly balance the growth of the fed, the ecb, and the boj will end this year at the highest level since 2016. luca paolini is still with us. a little bit earlier about the possibility of fed rate cuts in 2020. that's an open question. what we know for sure is that they are out there in the market buying bonds. the ecb is doing the same. we see a lot of action out of the boj. how far can this go? luca: for next year, we expect major central banks to -- $1 trillion. it is less than what we have seen on average in the past 10 years. there is some kind of easing fatigue. you see that in the u.s. and the euro area. the general perception is that central banks have to do more. dramatic because the fed went from hiking to cutting rates. one trill

. >> to stray bullets hit kendra blackstone, one is lodged in the wall, the other into the living room. >> terrified and nervous, i didn't want to go last night. >> reporter: she and her family felt lucky, both stray bullets ruined their christmas but gave them a new perspective about what is important. >> hold your family tight. be grateyou have. >> reporter: they are praying for futhl e six-yer ar-oldwh at >> he is in critical condition on christmas day that is acceptable. >> a little kid, supposed to be waking up happy and ready to open gifts, eating a lot of food and spend time with her family. >> reporter: facing gun violence is common in the neighborhood, about 10 shootings near their house in 2 1/2 years. >> we are moving out. this is it. we don't want to put our family in danger. >> reporter: the boys mother declined an on camera interview. she thanked the community for the support. so far, no arrests and no motive in the shooting. in oakland, i'm da lin, kpix5 . >>> this just in, we are hearing reports tonight that four people were shot in oakland, it happened about 45 minutes

john blackstone, san francisco. >>> it's monday, december 23rd, >>> it's monday, december 23rd, 2019. this is the "cbs morning news." rough landing. sparks fly from a passenger jet as something goes wrong overnight. >>> treacherous travel. bad weather causes this massive pileup. where the roads could be dangerous in the coming days as millions head out for the holidays. >>> and lawmakers spar over what president trump's senate impeachment trial should look impeachment trial should look like. captioning funded by cbs >>> good morning from the studio 57 newsroom at cbs headquarters here in new york. good to be with you. i'm anne-marie green. we begin with powerful storms slamming both coasts at the height of the busy holiday travel season. the weather is being blamed for this massive pileup involving nearly 70 vehicles on an interstate in virginia yesterday. fog and black ice caused drivers to lose control, crashing into each other. most of the injuries were minor, but two people are in critical condition. it was a rough night for travelers in denver. a united airlines flight made a har

caller: what happened to blackstone's ratio? it is an embarrassment. "all presumptive evidence of felony should be admitted cautiously, for the law holds that it is better that ten guilty persons escape than that one innocent suffer." also, we wrote the bill of rights and we have more people locked up than any country in the world. it ruins all of these families. and to quote david kennedy, if you want to ruin a community, lock it up. we over criminalize everything. we have more children locked up. you can back me up on this purity we have more children locked up for life that committed a crime as a juvenile than the rest of the world combined. and you can tell us -- the bard university had debates and beat harvard university. guest: all the smart people are up early on c-span. host: every week. guest: i couldn't have said it better myself. i am grateful for your call and your learned approach to these issues. i wanted to share with you, as i was getting off the plane last night, coming in from kentucky -- it was a moment. the fair chance act had just

john blackstone, san francisco. . >>> millions on the holidays. the get away turns dangerous wednesday in virginia while hoppers dash for last-minute gifts. >>> also tonight president trump turns his impeachment into a rallying cry. >> they had nothing. there's no crime. in fact, there's no impeachment. >> as debate rages over the next step. >> this email is explosive. >>> mass castles. notre dame is dark at christmas. >>> they run wild in the west while these horses could be yours. >> the horse of your dreams in this corral now. we need you to come out and pick him up. >>> the newest gift is trending, >>mething old and nothing new.

. >> john blackstone on donut patrol. and that's the overnight news for this wednesday. from the broadcast center in new yo city, i'm vladimir duthiers. >>> it's wednesday, december 11th, 2019. this is the "cbs morning news." >>> jersey city shooting rampage. an officer, three civilians, and two suspects are dead after a wild shoot-out. what police found inside the shooter's u-haul that could have caused more tragedy. >>> high crimes. democrats unveil two articles of impeachment against president trump. we'll break down what happens next, plus how the president is responding. >>> there are no crimes. they're impeaching me, and there are no crimes. this has to be a first in history. >>> and a desperate search in the antarctic for a plane that went missing with 38 people on went missing with 38 people on board. captioning funded by cbs >>> good morning from the studio 57 newsroom at cbs headquarters here in new york. good to be with you. i'm anne-marie green. >>> this morning investigators are at the scene of a wild shoot-out in a new jersey neighborhood that left six peop

activist was chosen not to have children juge the impact of climate change also in new york is amy blackstone she is a sociology professor and author of childfree by choice a study of the wider child free movement and completing our line up from new york. she is chief of research and data at u.n. with me which advocates for gender equality and women's empowerment and what it's good to have you here in the stream let us start with our community because of course this is a debate and it's a heated one people have very staunch ideas about where they fall on it so i want to play a video comment from one such person this is carl law she is a student and an activist a climate activist in texas and here's what she told the story. according to the new republic we only have 12 years before we can reverse the effects of climate change before we experience the severity of the damages that it can truly cause on us earth everything. because of this i truly discourage having kids right now because you don't know the outcome our earth is our home and that's all we have we have one planet and we are not movi

john blackstone went back to seal beach to see how the sweetness of strangers has paid off. what a christmas present to see you back here. >> reporter: stella is back behind the counter at donut city. >> just want to say hello. >> for nearly 30 years, stella and her husband, john, have been a team selling sweet treats. the future brings a smile to everyone's faces. just, super leveling people. >> reporter: laster there was doubt seller would survive, let alone return to work after a debilitating brain aneurysm left her partially paralyzed and unable to speak. >> i can even hold a tray. i need to move, i don't want to stay home. >> reporter: but, with his wife in a coma last year john came to work each morning at 4 a.m. alone. then, some of the regulars offered to help. >> we try to offer him money to help with medical expenses for stella and he just wouldn't accept. >> you do not want people to give you money? >> reporter: john wood accept a handout, so as customers decided to try a buy out. >> can we get a dozen donuts? >> me for dozen. >> reporter: turning to social media

do you have any more specifics about what he was doing at blackstone? reporter: let's see.e was a senior managing director and head of private equity for portfolio operations when he was there. i also want to point out, i asked the company if there's any planned phone call for investors with the new ceo or if he's going to hold any press events at all over the next coming days. i didn't hear back on that, but to your point, i think that's going to be a key metric, whenever he appears in public for the first time, he's going to have a lot of questions to answer and his demeanor is going to be judged, because you know, that's something that dennis muilenburg, a lot of people said he was too comfortable and too confident when he was in front of congress. so that will be something people are going to be watching. david: yeah, that first conference is really going to be critical. i don't envy him for the spotlight in that particular role. grady trimble, terrific stuff. we are happy to have you on to tell us about it. thank you very much. >>> let's talk streaming, if we can. netf