she is on stage with david marcus at techonomy. you could watch that conversation on bloomberg.com. us with an join exclusive interview later in the hour. but get a check of the top headlines. u.s. stocks have been fluctuating. vodafone is one of the big reasons. the second-largest wireless cavity having the best day of the year. strong growth in russia. ford has started production of its new f1 50, complete with an aluminum body. the lightweight truck should mileage. better f-150 >> the fuel economy improvements , people are still asking for it. it is a cost of doing business. it's just like buying new tools. this is a cost for our customers. if we can bring that cost down for them, they will love it. it will be available in dealerships next month. pandora taking another swing at the copyright royalty board to try and lawyer -- lower its royalty rates. >> pandora should be a revenue stream for artists. we shouldn't be there salary. we should help them in other ways. help lift the artist economy, help them plan to spurs, reach their audience. >> pandora says it has paid over three t

up next, more on paypal when i speak with former paypal president david marcus. he will also tell us about his new job, growing facebook's messaging services. ♪ >> welcome back to the best of "bloomberg west." i'm emily chang. former paypal president david marcus is settling into his new role as facebook vice president of messaging services. they have 500 million active users. i asked why he would leave a job as paypal president to become a vice president at facebook. here is what he told me about leaving the company. >> it is overrated because most of the things you do every day are not actually that much fun. that is the truth. that's what you do for a living. you get to a place where, you know, there is nowhere up to go. and as a result, you have a lot of social pressure to stay in the job and continue doing the things you do. but you know, if you're an entrepreneur like me, you'd rather go build things than manage things. that's why i couldn't resist the opportunity to go build something large at a scale of over 1 billion-plus people. i wasn't able to resist

david marcus, transforming facebook messenger. ♪ >> you are watching bloomberg west.ory johnson. facebook messenger has 500 million monthly active users according to david marcus, who .oined emily chang today emily started by asking why he thought being a ceo is overrated. >> it is overrated because most of the things you do every day are not actually that much fun. that is the truth. that is what you do for a living. there is nowhere to go. , if that's you do for a living, you get to a place where there -- if you are an entrepreneur, you would rather go build things than manage things. that's why i couldn't resist the opportunity to go build something large, at the scale of one billion plus people. i wasn't able to resist that. >> you are managing 15,000 people at paypal, 100 people at messenger. >> that's great. >> how do you feel seeing everything that has happened in ebay spinning off paypal? how do you feel about this decision? >> i feel great. when i'm happy, i go to work every morning. we have a phenomenal team of young people who don't know what is impossible

our guests this week include facebook vice president of messaging, david marcus, best-selling author gladwell and billionaire tech investor yuri milner.

>> isaf, stays with david marcus, the vice president of messaging products -- projects now on facebookhe tech community when he left paypal unexpectedly to go to facebook to run what was then a strong product there product, a lotr of problems and a lot of complaints. today, facebook announces they now hit 500 million monthly active users on face messenger alone. mark is aby asking little bit more about his position to leave paypal. why. one thing he said to me as being a ceo public or private is overrated. take a listen. >> most of the things you do are not actually that much fun. that is the truth. that is what you do for a living. you get to a place where there is nowhere up paired a lot of social pressure to stem a job and continue doing the things you do. if you are an entrepreneur like this -- like me, you would rather build and manage things. that is where i could not resist the opportunity to build something large. of overtime, one billion plus people. >> he told me he is now happier than he has ever been, even since ebay start -- decided to take -- to -- decided to spin off of

joining me is joe taneus and david marcus, ceo of evermore global advisers. that is the question, when you keep hitting record highs either on intraday or closing basis people get a little nervous. are you nervous? >> understandably people get nervous when you see record highs. we tend to focus on underlying fundamentals. just because you hit a record high it doesn't mean the market is going to correct itself. you look for things like are we heading into a recession? do earnings look like they continue to move higher. are valuations at a point. we don't think we are at a point where markets pull back in a meaningful way. >> david, those of you argue we did have the pullback allowing the market to continue its rise. do you agree in general with what joe just mentioned? >> absolutely. it is always about the fundamentals and really looking past just where the indexes are and looking at the specific companies. look, we are a global fund. we can go anywhere in the world. we think the best opportunities are looking at the fundamentals in europe and here in the u.s.

and hired david marcus from paypal in the messaging space. i think you are going to see a of stuff around that with them. they are going to try and do more of it. and they are in a good position to do so. >> kara, we got spoiled having you here but it is good having you anywhere. nev even in l.a. >> not a bad place to be on a friday. and if you are in the markets today. it is rough lly unchanged. consumer confidence so far this month, better than expected business. the s&p and nasdaq for their part able to hold on to gains at this hour. slight gains at that but we are seeing mixed averages for the time being. shares of pandora in the green after an sec filing. the company's ceo bought 25,000 shares just after it fell to a 52 week low. that is always a vote of confident when a executive does that. and pandora up 12% on that news. >> samsung samsung releasing th edge today. are people going to buy it? and somewhere steve bomer is smiling. microsoft passes exxon mobile. and spotify can't succeed if it keeps screwing song writers. strong words fr

marcus. that's "new york times" columnist david brooks and "washington post" columnist ruth marcus. hields is away. we welcome you both. so now that you've had a whole day to think about it, david, how is the president's announcement on immigration sitting? >> i've totally changed my mind. it's a great thing. (laughter) no, actually, it's terrible. first, constitutionally, my paper did a good story on whether this was constitutional, and the white house did get a vast number who think it was and wasn't. it's divided. those who think it was a grab of power are probably on the right side, but that's me, i politically. this period of gridlock is going to end some day and people will actually cooperate, they will do things, build coalitions, pass things by a majority vote by the way the constitution designed, but what happened last night will make it harder and push that date further on. the president will make passing immigration reform and other reform harder. the number one issue in this country is restoring legitimacy of government. i don't care whether the president believes he was

i'm marcus. >> david. >> nice to meet you. >> nice to meet you. >> i'm alison. >> nice to meet you. >it's an honor to meet you. >> nice to meet you. so what makes this location different from the one that i was at earlier on greene street? >> this store is a small percentage of our business, but we also do all of our shipping here. >> how much business will this store do, this location right here, a year? >> retail sales as opposed to the whole company? 10, 12%. >> okay. so what will i find in here? i mean, pretty much the same kind of stuff we saw at the other place? >> this has pretty much the same stuff. >> so you--how many pies do you make a year? >> 40,000. >> do you make pies in this-- >> we do not make pies in this location. we only make pies in our greene street location. and this is our shipping area where david packs up our packages to ship. these are our products that we use for shipping, and we have dry ice here for shipping. this store costs more to run than it brings in, in revenue, but we need it because of-- because we're doing our shipping out of here. >> oh. the big

david. >>> police say a man found dead in wilmington allege akilled by his co-worker. 41 year old marcus cruz faces murder charges in the strangulation of donald smith. a cleaning crew discovered the 57-year-old body on tuesday morning in eden park. cruz was arrested after police say they found evidence during a search of his home. investigators say the victim and suspect were colleagues at reed community recycling in new castle, but have not revealed a motive. this is the 25th homicide in wilmington so far this year. police said today they are taking action to cut back on crime. >> we have an academy class in place replacing the numbers we are occur -- currently down and think we can slow the violence happening in the city. >> who stole more than 100 tickets for a penn state-temple football game? what officials in happy valley are trying to figure out today. 115 tickets were stolen from a batch that temple was running to penn statement ahead of tomorrow's home game. sections nku, 37 to 72. the officials are not sure how the theft happened, but are sure anybody with the stolen tickets will no

david pietrusza, thank you for your time. happy thanksgiving. coming up next, we are going to talk with marcus of defense one about national security threats. before we get to that, i want to show you the republicans thanksgiving address. >> hello. i am tom cotton. senator elect from arkansas. i want to wish you and your family a blessed thanksgiving holiday. have early as long as we been a people, americans have set aside a day for public thanksgiving for our many blessings. many chase our modern thanksgiving back to the programs. this hardships of the incoming new england winter, settling a gers of new land, these pilgrims celebrated a feast to thank god. president washington established the day of thanksgiving where americans, acknowledge with grateful hearts the favors of the almighty god. after the civil war, president lincoln proclaimed the last thursday of november as a single day for a nationwide thanksgiving. to help unify people of a divided nation. just days after the shock of pearl harbor, president roosevelt established the fourth thursday of november as our national day of thanks

and i think that the data that david's group, for example, is collecting will be a major contribution to allow really rigorous analysis on that. >> and michael and marcus, any final thoughts on working effectively with cms data? >> yeah. we've spent a lot of time working with their actuaries trying to sort of solve the black box. i think one last closing comment i would want to make is, value-based purchasing is here. there was a lot of hand wringing back with the election in the supreme court case, but by that point, particularly with deals like what devita did, it's very clear the marketplace has spoken. and folks that are the doing fee for service now have got to start changing their ways. because this is coming. it's in medicare fee for service. it's in commercial now, and so it is imperative for their survival really that they start making the changes we're talking about here today. >> any other final thoughts on the panel? >> it is with this past-moving area, and this fast-moving attention around value based payment it is a very challenging area for the research to keep up. and we very much appreciate the discussion that all of you had about the