that was my conversation with brookfield ceo bruce flatt. coming up, emerging themes for impacting investors. we will speak to the new head of nuveen securities impact investing. this is bloomberg. ♪ shery: this is bloomberg markets. i'm shery ahn in new york. i'm amanda lang in toronto. bank of england governor i'm amn toronto. mark carney has accepted the role of special envoy for climate action and finances. it was announced as part of the u.n. climate change conference kicking off today. he will take on the role with a pay of one dollar a year, after stepping down from the central bankers job. companies, he said and industries not moving toward a zero carbon emissions will be punished by investors and possibly face bankruptcy. here inn the meantime, bloomberg headquarters in new york, we have the global investing for him. rekha unnithan is set to present nuveen securities' approach. mark carney has acceptedshe is here . thank you so much for coming into our studio. there is so much focus on impact investing. at the same time, so many glo

we spoke with head of canada's alternative asset manager, brookfield asset management.preparing for the next downturn, but we are not quite there yet. >> we don't see anything in the current economic environment that troubles us that there will be something happening tomorrow morning. having said that, we are close to 11 years into this economic cycle. i don't think economic cycles have been repealed. there will be a recession in the developed markets at some point in time. some countries are headed there today. particularly in europe. because of that, we have very high stock markets. there will be disruption in credit markets in stock markets. our view is, when you are in an high stock markets. environment that is more robust than you might otherwise have, you should be careful. we have more dry powder in funds, more cash on our balance sheet. our balance sheets are more financed long-term. getting ready for the point where we can capitalize on situations if the markets turn. if they don't, we will be fine. we will keep investing. we are more cautious today than we wer

>> you know, we see names like simon and brookfield.rying these new experiential offerings aimed at the younger ee vochlg consumer. >> do you buy the notn -- i have to say i'm skeptical about the notion that teenagers are going to go back tthe malls for shopping experience. i mean,ou know, it's all about online and we know that target and wal-mart like to have people shop online and then pick up in thetore. but are teenagers going to the malls for that shopping experience necessarily in. >> yes, this is a great piece. and actually a common misconception. what we are seeing in a.t. carney research supporting this as wellt' is less about digital or instore and more about the seamls experience tween the two. you are seeing a lot of the click and collect gain traction. maybe the purchases are happening online. actually the store isyi p a more important role. actually, gen z's are showing a preference to stores more than millennials did. so there is some truth to t resurgence of stores. but it's not just stores it's a digita store together.

manager of asset brookfield asset is preparing for the next downturn.ot there yet. he spoke to amanda lange. we do not see anything in the current economic environment that troubles us that there will be something happening tomorrow morning. having said that, we are close to 11 years into this economic cycle. i do not think economic cycles have been revealed -- have been repealed. there will be a recession in developed markets at some time. some countries are heading there today, particularly in europe. because of that, we have very high stock markets. there will be a disruption in credit markets and stock markets. our view is, when you were in an environment that is more robust than you might otherwise have in an average environment, you should be careful. more powder in funds and more cash on our balance sheet care to our balance sheets are more financed long-term. getting ready to the point where we can capitalize on situations if the markets turn. if they do not, we will be fine. we will keep investing. we are more cautious today than we were in 200

an exclusive interview with brookfield ceo. up next, more of the week's top headlines.nomy suffers. political infighting puts the country at risk. >> the future is somewhat uncertain. nejra: this is bloomberg. ♪ nejra: this is bloomberg best. let's continue our global tour of the weeks top stories in business, finance, and politics. the nato held a summit in the u.k.. recent tensions didn't exactly play out as predicted. >> nato leaders are wrapping up a gathering to mark the 70th anniversary. issues discussed ranged from arms control to china. what a turnaround from president trump who went from criticizing nato to saying that the u.s. was prepared to walk out to now defending nato, saying it's an organization that has worked well. >> it is reminiscent of having family over for christmas. nobody gets on. there's an argument. in the end, you are family. that's what we got to despite those open disagreements about the future of nato. the nato statement itself was pretty benign. committed to a road forward, the value of the alliance, for all the members. nothing like the

next they say at it's getting more and more stressful as each day goes by anagain residents said brookfield's and have lower given a 60 day notice justdays before thanksgiving at the place woulclose when the lease runs out at the end of january repeal manages and operat 650 senior living facilities across in a brookdale spokespers try. believes the property owner for the closure because they want to sell thproperty. it rea quote they're not renewing the lease because this was a 30 plus year lease at would no longer lines of brookfield's overall strategy to own its properties now. however residents say that the owner trying to go sheena lease even lowering now many are left feeling ice. heless on where to go next. >>i expected my everything they told me that i could live years the rest of my eye.'m not going to give up this place until they. cart me out ok well we wish we knew more, we wish that brookdale head told us a lot of what their intentions were a long time ago so we could have had more time to look. and make decisionshat not it's a scary in christmas and you hike new year's. >>now bro

and i work with brookfield properties on the 5m project. i also have a few other members on the project with me today, the project architect, and the project's landscape architect. both of them are happy to answer any questions, if necessary. i planned a very lengthy presentation for this evening, however, i'm happy to report that we have reached an agreement between the city and the department to find a location for the trees to be transplanted. i sincerely thank the folks from the department of urban forestry and oewd. so while the subject of this appeal order specifically pertains to the trees -- the 5-m project is at 5th and mission. as part of brookfield's scope of the project, we will be delivering half an acre of privately owned public open space known as mary court. this is a development agreement project that is also designated as a mayor's priority project due to the ex-tensive housing and projects it'll be delivering. all the project approvals were developed with the understanding that this project would bring with it an influx o

sacramento restaurant parking lot early yesterday morning packages were right in front of the brookfield's restaurant visib to people driving by just come at reports. >>it di't go outside the white lineit was all right here a delivery jeff bl never ordered piled high outside of his brookfield's restaurant in maison avenue business, you know. to monkey >>this it's not normal and al found roughly 75 amazon packages he early sunday morning on his way in work couple a box of them pried open, i guess, but there was nothing stern about nothing rely to make it look like it was a crime scene and to select really out place they cl the sheriff's office and start coming through the restaurant's surveillance footage findingthis yellow box truck driving into the parking lot just before 06:00am it's the only vehicle caught on camera large enough to carry 2 large pounds of packages leaving the lot just 17 minutes later, but i don't know why he was asleep them, 's just mystifies me. detectives came to collect the boxes returning them to amazon spokesperson says the package were left by a driver hired thro

another asset manager, brookfield, recently spoke about the distress ahead.ruce flatt says the $511 billion firm is prepared. >> we have more dry powder in funds, more cash on our balance sheet. our balance sheets are more financed long-term, getting ready for the point where we can capitalize on situations, if the markets turn. if they don't, will be fine. lisa: so here is the big conundrum. you have private equity firms around the world hoarding cash, preparing for a downturn, expecting some sort of recession or at least reduction in asset prices. and yet, that is part of what is perpetuating the credit cycle, given that any dip in valuations is met with more buying. coming up, this week's billionaire beat focuses on what super yachts show about the global economy. this is "money undercover" on bloomberg. ♪ lisa: i'm lisa abramowicz. this is bloomberg "money undercover." time for pension pressure. morgan stanley saying investors need to downgrade their expectations for the performance of the private investment fund. john joins us right now with that story.

. >>> brookfield is buying cincinnati bell for more than cincinnati bell's network serves more than 1.3 millionth homes. deal is expected to close by the end of nexpiyear. sharesd by more than 10% to $10.45. serepta hherapeutics struck a deal in a deal worth more than $1 billion. roche will have mor rigs to the gene therapy outside of the united states. serept rose to $135.58. >>> all week we were getting you ready for the new year by bringing back market monitor guests. tonight's guest likes defense stocks. last time she was on recommended visa which over the last year is up 32%, master card up 46% a paypal up 26%. we welcome back mariann marianne montagne. grad to see you back. >> this theme is energy.. it's a tough sector. you're going for the dividend as well. we start with exxon mobil tonight. why that one? >> right. well, i guess just as a backdrop, as you said, energee has a tough area, and we like the sector now becausee like the defensive types of names. >> right. >>y ene fits in there very neatly. global energy producer.rated they've had severalct pro in the work that will com

an exclusive interview with the brookfield ceo and up next more of the week's top headlines. political infighting puts the .rand coalition at risk >> it is somewhat uncertain. >> this is bloomberg. >> this is bloomberg best and i am nejra cehic. let's continue our global tour of the world's top stories in politics. there was a summit in the u.k. and recent tensions within the alliance didn't play out as predicted. >> nato leaders are wrapping up a two-day gathering. the issues discussed ranged from arms-control to china. the obvious issue is what a turnaround from president trump who went from criticizing nato almost saying the u.s. would be prepared to walk out, to know saying that this is an organization that is working well. >> the prime minister having family over for christmas. not everyone gets on, but in the end your family and that's what we got to, despite those open disagreements about the future of nato and what nato's deal should be. forwardmitted to a role . and the value of the alliance. nothing like the discord we had seen -- feared could come from the meeting.

that was brookfield asset management ceo bruce flatt.china lifting the factory mood across asia. why it is a bright spot. asia had is next. this is bloomberg. ♪ promoting thepan, chief operating officer to be the next ceo. the job will be to complete a sweeping overhaul of the firm's global operations. he will replace the current ceo in april. >> the sense of urgency is even stronger now than when he became ceo. there will be no big shift in management direction but i think speeding up this decision-making process is important to focus on going forward. nearly 60% of the cost reduction plan has been completed. shery ahn joins us now. this was not totally unexpected but it was still a big deal for a company that has been dealing with concerns about the leadership of the company. not unexpected given that he was the longest-serving ceo, which in japan is about seven years. the timing is interesting because usually do it at the start of the fiscal year, which would have been next year. we have seen these cost-cutting measures in japanese ba

erik: it's been great for oaktree in brookfield. howard: and for our peers, that's right.eagues and i left the firm where we were managing $7 billion, and our hope was we would get back to $7 billion. and as you said, now we are at $120 billion. that gives you an idea of when wordarted oaktree, the alternative investment didn't exist. now it is extremely important. so that is an area of access. capital has flowed to the alternative markets. you've heard me before describe the people doing as handcuffed volunteers. they are doing something because they think they have to. erik: do you worry, because of the fact that we have negative interest rates, for example, because we had and still have quantitative easing, that the old rules of the game don't apply any longer? and if they don't, what do you do? howard: that's really one of the most important questions. i wrote a memo to months ago different," time is and historically, those words have been used by people to bullishness that didn't work out in the past, and violations of the norms that prevailed in the past like valuati

but residents say the company must do more unethical don't want to feel that way i about brookfield but i mean foed to i'm not going to give up. >>this place until they cart me out ok. >>now it's also important to note that residents haven't receiv a written nice yet. residents also say that their meeting tomorrow with local ad, the city. secrets to see what they can do that next and how they can fight this they also said they're planning a protest the next ming weeks, we're live in san pablo tiller the psac ii kron 4 news taylor. thank you. >>let's step outside with 4 zone forecast can be a live view of the embarcadero where the streets are still wet and sanrancisco that's right lawrence is here so is it still raining there. >>parts of the bay area it is rated a bullet to store moy this tn out to be a nice little storm coming through tonight, so still dumping outside in parts of the ba area but headed east now you can see the front as it is moving on through some more snow up in the sierra nevada as that system moving on by but now it is moved out of san francisco and really headed eas

i would also like to thank you for the staff you have put together, both here in brookfield and in d.c.. they have been terrific to work with and we look forward to working with them for the rest of term. rep. sensenbrenner: thank you very much. rose clancy, fairway and menomonee falls. >> i'm going to shorten a few of my remarks since a lot has already been said, and you have made it very clear what your position is regarding the impeachment hearings. before whatever reason, i heard a practicing constitutional lawyer say just a few weeks ago give a very different interpretation than you have given. i think, rather than get in the weeds about what's appropriate, the fact is, the hearings are going forward. i tt and watching the testimony the other day of our foreign service ambassadors, and the people who have given their lives, their years, their dedication, their intelligence, they are articulate and i find it , difficult to not want to believe there testimony. however, all of the facts are not in yet, and there's a lot more to come. and i echo what others have said, that if they wou

brookfield asset management is considering building its assets in india into a real estate fund.ager help discussions on a potential ipo for property trust. it could raise more than $1 billion. i am viviana hurtado and that is your bloomberg business flash. alix: time for bottom line. we will look at companies worth watching. today we have a special guest, nick pinchuk, snap-on manager and ceo. snap-on manufacturers tools and equipment for various industries with over 1000 employees around the world. also joining me is brooke sutherland. talking to you about the view from the c-suite. how are we doing? nick: you think about today, holidays are coming, skywalker is rising. i am going. we want to see what happens with rey. for me, the action with tariffs makes it more positive. that changes the national association of manufacturers who have been involved are very positive about this. the tariffs, you can talk about what we did not get and got, but in reality this is a binary change. people could have thought this could be a negative. for me, i think it is some kind of confidence bu

>> i'd probably go with the brookfield asset management just because it's infrastructure, it gives youaged private equity-type format. ashley: very interesting stuff, mark. thank you very much, everyone else has gone for the big tech names of course, so you're the outlier there thank you so much. >> happy new year. ashley: same to you thank you for being here. retail might not be in danger like previously thought. look at these new numbers, brick-and-mortar out pacing online shopping and by a lot. check that out. retail 2019, 14% online, 86% brick-and-mortar. maybe the demise of the store has been greatly exaggerated. let's bring in ron johnson, the former jc penney ceo. ron, this is interesting stuff. i think that i saw somewhere target sales about 7% of the revenue came from online and that means that 93% actually physically comes from consumers into the stores, and are we over hyping online too much? >> we're not overhyping online because for the last decade, it disrupted the physical store, and if you go to the next decade in a position where the physical store is the upper hand, e

peter is joining from us brookfield, wisconsin. democrats line. good morning. caller: good morning. -- just wondering how [indiscernible] -- trust us, while we have violated a nuclear deal with iran, while our president has violated even our own national security through that phone call with zelensky. kim jong un over and over said trump's not reliable at all. he breaks his promises easily. tries to make others, to do whatever he wants. we are misusing the pressure to sanctions too much, which will decrease its effectiveness soon and endanger the value of the u.s. dollar. because it makes those countries to sync up. we should do something before it gets so late. and how we expect north korea to trust us while our own allies like macron laughed at us. trump doesn't know anything about international laws. thank you. host: thank you. let's go to barbara next indiana. good morning. caller: good morning. i think that the officials should keep the pressure on korea and do not let them know that no one is afraid of them. because when you back down from people, they wi