we have the opportunity to speak with chris ailman. the chief investment office at calstrs. they manage $307 billion the last time chris and i spoke was just after engine number you one, the hedge fund, secured three board seats on the exxonmobil board with the backing of calstrs he told us then about the closed-door talks that calstrs had with engine number one and exxon over the course of the months leading up to the vote. yesterday, with that board victory in mind, we asked chris if exxon was an isolated event or a start of a seismic shift and he and the industry approached activism? >> brian, it's both. we have three board members on that board which is massive. if you go back to look at may and the end of may, i think for the integrated oil and international oil industry, it was an historic day. we got three board members on exxon. chevron got told to increase their disclosure by their shareholders then royal shell was told by the regulator to up their efforts in moving to a low carbon output. huge day the beginning of the new era it was a new day in terms of shareholder

and chris ailman. i'm emily chang in san francisco.omberg. ♪ david: now you see it, now you don't. concerns about inflation and tightening went up in a proof of smoke this week, and all it took was a few words from fed chair jay powell. this is "bloomberg wall street week." this week, stacey cunningham of the new york stock exchange talks facts, direct listings, and ipo's. stacey: the primary driver to go public is no longer about raising money. david: and larry summers on risk and a different approach to antitrust enforcement promised by the new chair of the federal trade commission.