dan loeb tried with sony. he have a big push now with other b's because of this proxy season.y not succeed there. that has not been a great investment for him at the moment. they are really at the peak of the fight now because it is proxy season and we will see. you may have to lick his wounds and pull back from that too. acts, ocore vex, star board. his fund is relatively new. make maguire -- >> he is really involved with sotheby's. of the time.t 100% there are going to be losers, but generally they are around and they are still around because they win more than they lose. trackake carl icahn's record. >> it is pretty impressive. >> over many decades. karl was doing it when you had to put big ads in the "wall street journal" to get attention. right now he is on twitter. >> thank you both, ken squire, founder and principal of 13d, and bloomberg contributing editor the one and only bill cohan. >> and rising demand and not a lot of inventory. are buying investors up, yes, trailer parks. ♪ >> you are watching "market makers." i am erik schatzker with stephanie ruhle. who would've

dan loeb has come out aggressively criticizing the management of the company.created valuesothebys.com. he has put the three board members has recommended himself up against the three existing board members. we have not heard back from sotheby's yet. while dan loeb has been pretty n, he is not asked the ceo to step down. >> and love the way it is phrased. versus jessica the blitz. >> what is he saying is that this is a tremendous premier rants. there is great value that can be unlocked. with this management you cannot. these are aggressive words. >> this is part of the new activist mo. do this on icahn ebay. whether it is working or not. he was not able to do this a lot. we will see if yes more success. will come outf with recommendations in the next couple of days. maybe dan loeb is coming out with these data points will affect you. >> tomorrow tune in. we are having a showdown of the supreme court. it is the broadcast network versus aereo. we will be talking to the former cochairman of the wb network. i forgot what time it is. julie hyman has more. >> thanks

we have heard from other well-known guys, who dan loeb has a ton of respect for. ket is massively overvalued. if you seen any of these auctions, it is blowing people's mines. dan is saying no way. with the explosion of boomer wealth, there are more and more new people in the high-end art market. people are going to sit all day long look how expensive it is. there is only so much out there. >> we are going to need another response. we are actively trying to get it. the mud fight continues. the investors ain't shy. >> let's go back to our social media hour. real and whichis one is from the onion? >> gary is still with us. you are a man who understands humor. what is your cassie echo >> american airlines. -- american airlines is fake? >> real. >> no. i was just kind of play along. you would die. that was easy in the scheme of the onion game. >> i got it wrong. >> did you really? there you go. we want to continue our social media conversation. i want to bring in another superstar. that the ceo of a startup helps celebrities, fans, and all sorts of people billed stardom

i spoke with dan loeb this morning, who told me this exclusively. nt on our screen. loeb telling me, the criticism of my service on the yahoo! board shows their desperation. it's dishonest they would attack a very successful experience. he goes on to say, where i worked collaboratively with other board members to make positive change in the company, like recruiting marissa mayer, and helped create significant value for shareholders. the update, thirdpoint has launched a website called valuesothebys.com, much in the same way it launched the valueyahoo website, and that's the place where they'll compile their argument, if you will, or collective argument against sotheby's. there's a look at their stock right now. guys, interestingly enough, i spoke with a yahoo! board member, who was hand-picked by loeb, who defended loeb's service on yahoo! saying the guy saved the company. >> it's probably one of the stupidest arguments that sotheby's board can make, and for that alone they should be fired. to say that somebody who came in, doubled the price of a sto

the report from iss basically backing maybe it makes sense, this argument that dan loeb is making, heame up along with harry wilson to join the board. iss seems to be saying that makes sense. the largesth is proxy adviser to institutional investors, telling mutual funds and others how to vote their shares, so it is an important voice command the debate is pretty much endorsing a good part of dan loeb's argument. >> they are also saying take a look at what their numbers look like. maybe they do not make a lot of sense. " isll right, "market makers coming back to in a couple of minutes. up ahead, a lifetime of disruptive innovation. that is what priceline founder jaywalker is being honored for, and he will be with us to talk about it when we return. ♪ . . >> live from bloomberg world headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> general motors keeps on trucking. earnings beat estimates at higher truck prices make up for the cost of all of the recalls. >> no doubt about it -- facebook gets mobile. it wasn't that long ago the social network

first step was, let's go out and see if we can round out this board, it's got a lot smaller when dan loebthe investor, sold some of his stake and left, along with two others. it's hard to run a company when there are only five board members. a lot of stuff has to be addressed. >> and leading up to this, before marissa mayer took over, yahoo! was really plagued by leaks. we don't know where the leaks were coming from, but marissa mayer came in and sort of locked it down. she not only overhauled the board, but she somehow gave her employees the confidence not to leak stuff to the public in the press before they were ready. >> you are absolutely right. this board has changed a lot over the last few years. i do think, in an effort to crack down on leaks, you are also looking to sort of make people excited about the place they are working. sometimes you have leaks come from companies like yahoo! because of people being disgruntled about what their role is. a lot of what marissa mayer has done over the last stretch as ceo is try to put a team in place that would sort of be on the same page abou

. >> speaking of, he has been getting pressure from dan loeb. third point hedge fund since -- says that dow can add billions by spinning off commodity chemicals and plastics. they have rejected the proposal, saying that they do plan to sell some underperforming assets. the question is -- how do you deal with an activist investor like mr. loeb? >> people make choices based on where they see the strategy and execution. with six consecutive quarters of year on year improvement, performance speaks for itself. this is a complex company. we take a straw materials and make over 2000 product families that are integrated. they all get used and reused in common sites for utility and infrastructure. we are only -- one of the only companies in the world they can do that and make money. consistent financial performance and the long-term is the goal, we keep delivering in the short-term. while the investor says they have an idea to make more money, we listen and we engage. if we learn something, we will execute against it. we have learned a few things at this

in other headlines today, dan loeb says the house needs new leadership.ys the current directors don't own enough stock to ensure that their interests are aligned with theirs. those are some of the headlines we are following. >> thanks very much, carol massar. we feature individuals with major compliments that might not have happened without that a-ha moment. my guest today, she has been the public relations girl for nightclubs, she finally hit what she describes as rock bottom. gabrielle bernstein is the new york times best-selling author of "may cause miracles." she has a new book out called "miracles now." thank you for being here. >> thank you for having me. >> i want to understand this a-ha moment when you hit rock bottom. >> i was 25, running a pr business, representing nightclubs here in new york city. as you can imagine, it led me to some dark areas in my life, really looking to find my happiness outside of myself and an external circumstances. by the time i was 25, i had a great quarter life crisis. i say great because it was a turning point for m

ackman,s that bill dan loeb doing today.n your opinion, is this any different from what was going on in the 1980's? >> no. why do you think it is different? >> they are embracing the media, using the media as a tool, coming after each other. >> i tried to. >> you did? >> yes, i did. i took interviews and everything else. i was described as, you know, a raider. who is the raider around here? i put my money in. these guys running the company, they did not have any stock to speak of. anas considered a raider, asset stripper. >> so when you see what carl icahn and bill ackman and the others are doing, the way they are conducting their businesses, do you think it is a good idea? >> sure, i do. it creates value for the stockholders. wait a minute. [beep] >> you wrote in "time" magazine that carl icahn is the best thing going. >> that is right. >> a lot of people would say that carl icahn is the best thing going for carl icahn. >> he is a stockholder. how would they respond to that? >> what if they make money in six months, but two

go with dan loeb's choice for a board member. >> is that where you hang out on the weekend?great to see you. have a great weekend. >> great to see you, too. >> coming up, he's one of the top music producers, actor, author and musician, rza coming up. keep it there. [ female announcer ] every box of general mills big g cereals can help your kids' school get extra stuff. they're the only cereals with box tops for education. you can raise money for your kids' school. look for this logo. only on big g cereals. you can make a difference. every cereal box counts. humans. we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back, offering exclusive products like optional better car replacement, where if your car is totaled, we give you the money to buy one a model year newer. call... and ask an insurance expert about all our benefits today, like our 24/7 support and service, because at liberty mutual insurance, we believe our customers do their best out there in the world, so we do everything we can to be there for them w

we saw dan loeb at morgan stanley, which certainly didn't hurt.e saw nelson involved in state street. that helped. but sitting back and waiting for the activists to write in with his white hat and save the day, if you are an investor in citigroup am a you can't do that anymore. we need the top institutional investors to take more accountability themselves. >> this op-ed is not praising activists at all. they compare this to basically the 1950's and mark party is and -- and mccarthyism. they say it is "reminiscent of joe mccarthy" in the 1950's in the same way he hid behind patriotism. at the end of the day, shouldn't the goal be to make money and you want these companies to be profitable? so i don't care if it is an activist and an analyst, if people are out there speaking out, really try to rattle the cages and get something done, isn't that a good thing for shareholders? >> as long as it creates long-term value. note sayingut my that these large banks should sell off assets, i have gotten pushed back. i've gotten beat up. and a halfired one time

dan loeb rocked silicon valley by buying a five percent stake in yahoo!. he and two allies were on the board and marissa mayer was bought in as ceo. less than one year later he sold his stake back, profit of 130%. nelson phelps likes consumer products. he has taken stakes in wendy's and the snack makers, but his biggest score came with snapple. he bought snapple for $300 million in 1997. three years later he sold for almost $1.5 billion. >> all right, we continue to deep dive. george,ing back bill harvard business professor, and john stravinsky, who runs the blackstone investment banking division. let's focus on the fight against ebay. john, what is your take on the whole thing? comes in,nahoe restructures the company, gets rid of skype, buys paypal, focuses on integrating the platforms, has done a brilliant job, the stock is up over the last five years. what is not to like about that? why not go after more bond companies that are not doing the right thing? he has a strong, unified board, he is doing everything necessary . he has a strategy and he has stay

more now between dan loeb and sotheby's as dan loeb is striking back, going on the offensive.nnual meeting urging sotheby's voters to vote for his slate of the directors, harry wilson and a gentleman by the name of olivia ressa. in a letter sent today he says, our nominees will reinvig rate the board of directors and bring a fresh perspective and criticizing sotheby's board saying they have no skin in the game. owning less than 1% of the company. also says sotheby's now is the board is overly focussed on short-term metrics in mr. loeb's words. he wants them to be more aggressive in the way they monetize their intellectual property. we've had a lot of growth. loeb saying that growth has come from market tail winds. not anything specifically that sotheby's itself has done here. he also goes on to say that they lack innovation and creativity at a senior level. and what's really interesting here is you remember yesterday, jim was on "squawk box" saying that the art market was in a bubble. certainly parts of it he thought were in a bubble, that he was short sotheby's shares as a re

a change that will bring about the kind of return that would stave off further inquiries from a dan loeb. >> one of the things that should isused in the vernacular activist investor is a terminology. i know tons of activist ceo's and they work very hard on change every day. it is not the term activist you should be looking for. it's the homework and the details behind what's being proposed and whether there is more or less value in creating that change. change for changes sake is a one-time event. change for the sustainable long term value is harder to do. for example, our company today tospending $10 billion create huge profits for the years 2017 and onwards. today, that is a headwind. that profit that will come in 2017 would never have come unless we put those investments in place now. they hurt earnings today. you've got to do the balancing act and understand what's behind the performance. >> you need to think long-term as the ceo, right? before i let you go, are you an activist ce? >> i will let other people defined who i am. i am urgently impatient and urgently patients at the same

>> when you look at fortune 500 ceos right now hiding under the covers am awaiting for dan loeb, billto come knocking, what is your advice to them? >> this is the time you had to be more collaborative, bring in the board of directors and bring in management team and be more of all and open up more. i am part of the team here. together we can do it. we can come up with the right idea and bring forth new products. the ceos know that. the ones that are by themselves know that. your analogy is a great one because they are by themselves undercover. the teamso embrace for will be successful. >> are there ceos that you look to and say he is doing it right? >> there are many. i have a lot of role models. is a phenomenal ceo. i think he is completely reconceptualized. he has revealed not just the technology models but fundamental business models. at that size and scale to do that come i think is all inspiring. aboutn i think philanthropy and real estate, is one of your goals to change the definition of capitalism? compassionatemore capitalism. it is probably best said by milton friedman when h

obviously, we have seen previous to that dan loebs activist role and change in management, but obviouslyttention on alibaba. and in terms of the growth, basically it's very attractive. >> do you own yahoo! after alibaba goes public? >> that's a very good question. it's a 2.5% position in funds we manage. and we have seen accelerating revenue growth, but yahoo! on its own, it is very much of a trailing name, but they'll have a lot of cash after this transaction. if they pursue an acquisition of aol, which will say they will be a search partner both to microsoft and google, if that position remains, then you might have something there that's intelligent. but for investors looking for just a cash to come out of yahoo! from the alibaba sale, they will be disappointed. >> how much of yahoo!'s value right now is driven just by the alibaba speculation or how much they think it will be worth for shareholders? >> 24%. >> the value per share is about $25 depending upon sort of where you think alibaba is coming out. 130 to 150 billion dollars. >> is that what you think? you think it can get up to $

. >> you have been, andrew the focus of an activist investor dan loeb.most recently. we will be talking with him in a bit. i wonder from the ceo suite, what you think about activist investors and what they're doing these days? >> well, i think it was over a year ago within i was first asked this question and i was asked, what do you think if they enter your company? i said i will say right now, look we work with all investors. the activist kind have a point of view. we engage that point of view, whether you are an activist investor or number and engaging third point is being what we have done. i will tell you it's been a positive interaction to date. we have learned some things. they've learned some things. i think if you approach it as an investor, they have a reason for that, they have a belief. you have to listen to it. you have to deal with it. think all the rhetoric that goes around it, quite frankly, becky, comes from the media play. i think when you go back to most of these investorings, that irlo irthey're looking for a dialogue. we share that in