i'm erik schatzker in cape town. we came here to south africa to give you a close look at the extraordinary potential and the enormous challenges this continent offers is is is and -- businesses and inventors worldwide. we brought together government and nongovernment leaders from around the globe to discuss debate and in some cases decide the future of african business. from infrastructure to agriculture to technology, how will africa attract the capital it so desperately needs but avoids the pitfalls of waste and conflict and corruption that have left its promise unfulfilled? for the next hour, you'll find out on "the africa opportunity." ♪ in africa, the optimism is infectious. the natural resources seem limitless. the population is young, growing, and educated. yet today, the africa rising narrative is in doubt. squeezed and foreign investors are pulling back. is there a bull case to be made for africa? that is one of the questions we sought to answer in cape town. presidentald caprica, of the african development

erik schatzker pointed this out the first time around. the federal reserve deciding not to move interest rates and taking his forecast for the fed funds target rate rising from four times to two times and that is despite a couple of things happening. you've got rising core inflation. said, yes, yellen the fed believes that the inflation will rise to the 2% target, but the inflation we are seeing now reasonably may not be sustained. they seem to have adopted a view that they are not behind the curve. but they can run the inflation a little bit harder, although she has denied that would be a specific land. and at this point, they don't and the fed is falling back on the idea that we are now globally data dependent. there are other regions in the world that are in trouble. waitprudent for us to instead of, as there always said, reacting to only what happens in the united states. madam chair yellen: global economic financial developments continue to pose risks. against this backdrop, the committee judged it prudent to maintain the policy stan

today erik schatzker spoke exclusively with mary jo white about the progress she has made thus far, andt other top priorities for the sec. i think we have accomplished a great deal already. one of my highest priorities confirmede i was was enhancing our equity market structure. we have taken a number of measures to date to do that. up the also set mechanism in the energy to do the first comprehensive review of the equity market structure in the agency's history. we have a market structure advisory committee is that is getting more active. there taking on all issues, while we optimize specific areas to do more in the short term. last year we propose a rule for greater transparency, which was enormously important. erik: you have talked about the potential for fundamental changes. will that cover his of review be done while you are the sec chair, and will be seen as fundamental changes put into place? >> i think some of them may be in the eyes of the beholder of what is fundamental or not. markets forquity investors and those seeking to raise capital or fundamental. this is a review that w

erik schatzker asked about these tensions earlier this month. and i disagree on some things? yes. we have a process for working ourselves through that. scarlet: so what gives. was the motive behind this move. disagreements are not unusual. guest: they are not unusual and bridgwater has a huge culture of fighting things out internally and debating having people vote on who is right. it is very weird to anyone outside of bridgwater but within bridgwater, it is the norm. what is more about is having jensen focus on investing as opposed to running the company. it's more of an administrative role at edgewater and a lot of investment companies. it is emblematic that they want to focus on investing. jensen is known to be a very smart man and that is what they are focused on. rubinstein has an extensive career in technology. could describe bridgwater as a technology company. they utilize model for a lot of their investing goals. they are always adjusting these models. quantitative strategies. letter kathy burton wrote , they discuss that because technol

alix: that is erik schatzker's rayusive interview with dalio.onald trump who will be speaking in portland, maine. we will take you there when it begins. ♪ scarlet: this is bloomberg markets. alix: let's head over to the markets dekes -- markets desk. julie: barnes & noble came out with earnings today. sales out with year-over-year of 1.8%. it was roughly in line with estimates. the company says that it retail 1.3%.omp sales rose by adult coloring books has been a hot trend. games and music and gifts. angie's list coming out with its , is forecast below estimates for the year. are up 4%. shares that is because angie's list said it will remove membership get -- to axis reviews. accesss like -- to reviews. american eagle out with its numbers. abercrombie & fitch was out earlier in the wood week ended well. -- in the week ended well. that's not the case for american eagle. underline the numbers here, it got a boost from a better tax rate. so gross margins did not improve at the company. one analyst said the gross margins missing because of increased

we want to bring back in erik schatzker. you have had time to look through the economic projections. what can you tell us? : let's start with economic projections, and then we can go back to the state. we have been talking about the difference between nominal growth and real growth, and the influence inflation has on that. 4.5% unemployment by 2018. this is an economic picture that is steady, and by some measures slightly improving. going back to the statement briefly, it is this global economic that drop that appears to be concerning the fomc the --t, this i am obsessing of the use of the word "despite. words, the fed thinks that u.s. economic activity should have suffered, but it hasn't. let's go to the data check. , equitiesclarida rallied, neil coming in, you saw the intraday on the 10-day. a solid seven basis points move. oil lifting, as is gold. let me go back to professor blinder. textbook?this in your alan: the basics of monetary policy, certainly, but they today, certainly not. we do not teach freshmen how to fix it

erik schatzker spoke with ray the last play minutes. he talked about federal rate moves.t rise in rates. the next big move will have to beat towards quantitative easing rather than a big tighten. predicting a downside rather than an upside. big statement a to make that the next big move will be easy. the next big move will not be tightening. it is really not anyone's sonority oh at this point. ready at thisay atnt -- anyone's priority this point. the data, if you look at it, everything is playing out in the way they anticipated. they are all about the data. shouldn't they be hiking this month? said they are data dependent. fix their looking at what is going on with china. china is at a unique stage where they may give up 20 or 30 years of credibility they have developed. the federal reserve is conserved about -- is concerned about that. if there is a difference between devaluation. what they did in august was devaluation. ,hat they are saying now they're not going to let this thing go rather quickly. it is going to drift down over the course of the year. >> that is the ba

jon: eyes should introduce erik schatzker, i just could not resist. starboard is notifying yahoo! and its shareholders that it plans to nominate directors, nine new people to sit on yahoo!'s board. victorious, were this is very hostile. every single current director would be swept out of office and no longer serve shareholders. this is a company owned by shareholders. shareholders will have the last word on this subject at the annual meeting in june. starboard has a lot to say. all, it is unfortunate this action is necessary. we have requested an opportunity to work with the company and to work constructively with the board of directors. furthermore, we cannot envision a scenario where the shareholders would entrust the current management team and aard with exit eating turnaround plan giving the years of failed attempts under the current leadership. 's stock tells the story of this board and management. much, perhaps at the front of mind, what it was able to achieve at darden. thatn is the company takingrd succeeded in over by sweeping out that slate o

erik schatzker has the news. 242,004 february.se over the median forecast in our survey of economists. rate studyyment at 4.9%. if you include revisions from february and january, job creation is on a 238,000 average monthly pace, matching what we saw in 2015. if you are looking at it against trends, 242,000 is superior to what we have seen as an average. bottom line, the economy continues to create jobs. the strength in the labor department is drawing people into the workforce. the labor participation rate is up to 62.9%. the continuation of a trend. it is now at its highest level since january of 2015. as we have seen, it is a young and yang situation the jobs report. we have that situation here. this report and numbers do create some concern about productivity and the pace of wage growth. wage growth now at 2.2%. saying, economists we surveyed have been looking for 2.5%. that is the lowest since july of 2015. a worrying sign for the fed and policymakers who are looking for signs of inflation. average hourly earnings fell for th

stephanie: thank you, erik schatzker.re going to talk markets and a whole lot more with carla harris. ♪ we are watching the markets. down, down, down across the board. china exports are shrinking. carla harris is with us. we are looking at worries around the world. how big of a concern is the china slowdown to you. carla: i think there is a lot more understanding this time around. i think last time i saw you, people were much more concerned with the slowdown and the hard or soft landing. people are starting to understand china a little bit better now. there is less uncertainty around it. i think we have had some good news. inhave had some resiliency terms of confidence. the labor numbers have been good. we have had revised gdp numbers. there is still some uncertainty and you know my refrain is that the market hates uncertainty and surprise. i do think there is enough good news that will counteract some of the shakiness and concern around china. where does the sources of concern come from right now? carla: there is a lot o

mark: sec chair mary jo white speaking to erik schatzker. target ofould be the a takeover. company plans on defending itself from a mr. investor, next. -- mystery investor. ♪ mark: this is "bloomberg markets ." i am mark barton. vonnie: i am vonnie quinn. we go to julie hyman. julie: thursday deal that is not happening. -- now to a deal that is not happening. long day ofen a opposition to the deal, including from shareholders of terraform power, an affiliate of -- of sunedison. terraform was supposed to buy some of vivint solar's assets. tepper still is not a fan of management. terraform up, sunedison up, vivint's declines have been going faster. citigroup says that a takeout price could be $81 a share in american express. its growth story could be attractive to a bank, for example. shares at $59.34. yahoo!, there has been talk about whether it may try to sell its core assets. verizon -- ityer, is unchanged now -- but they verizon cfo says there have in no discussions with yahoo! yet. those shares down 2.5%. we will stick with this m&a theme. mark, you are looking at burber

barton.d i mark let's go to ridgefield, connecticut where our very own erik schatzker is standing bythe chief executive of canadian pacific railway. mark, thank you. as you say i am here with hunter harrison. he has been trying to straighten a deal with norfolk southern valued in the tens of billions of dollars and, hunter, let's start with that. you are still pursuing norfolk southern. you made overtures to csx, another railway you had potential talks with in the past. there's a little confusion as to who you want more. i will put it in terms i know you will understand. if i am making moves on to the girls on either side of the dance floor and both of them know about it, neither of them is going to be very pleased with me. what do you do? hunter: you do it very carefully. erik: [laughter] we have said both of our organizations in the east would work with our franchise. there is not a favorite. one has this advantage. one has that advantage. we think we could fit well with either one. but neither of them think that they would fit well with us. so, i have a sewing job to do for either

this was brought up in an interview with erik schatzker, my colleague.what he had to say about it. >> the making of purchases that put money directly in the hands of spenders, because the link between having money in the financial baskets and having spending, it is becoming weaker and weaker. : ray dalio there, something brought up by milton friedman. it might be useful at this point? mishkin: it is not that you're going to increase liquidity by buying treasuries and that that increase liquidity in the system. here you print money, and then you fly in a fleet of helicopters and drop it in people's hands, and they go and spend it. is actually fiscal policy. i remember during the year of the recession that the bush administration actually put in place rebates. my mother got a $300 check, and that is really more like helicopter money. you give people money, and they can spend it, and i said to my mother, well, why don't you take me out to a nice dinner? fiscal policy, and the federal reserve is not legally allowed to do that. if you actually wanted to send

was an exclusive interview with erik schatzker.ull disclosure, the chairman of bloomberg lp, the parent of bloomberg news is a nonexecutive director at laxton. scarlet: time now for the bloomberg business flash. corporation has said no thanks to a takeover from apollo global. no word whether the company plans to engage in negotiations or if apollo plans to return with a fresh proposal. representatives from both companies declined to comment. alix: shares of valiant pharmaceuticals are plummeting today. its ceo is warning that the challenges of the past few us.hs are not behind the stock has fallen 76% since august. scarlet: a former equities trader at schroders has pleaded guilty to insider trading and will be sentenced in june. the charges relate to trading in companies like homebuilders swan hill. is a bloomberg business flash. still ahead, we are going to tell you about a deal raising a lot of spirits today in italy. is one part campari with a splash of the french riviera you. the chief executive is coming on that. do stick arou

. -- barclays ceo, an exclusive with erik schatzker. .oming up here is surveillance i will be joinedene talking to the former imf analyst. we will be talking about china. paul donovan also talks of negative rates next. ♪ francine: bankers beware as bankts are pricing -- chiefs braise for more pain -- brace for more pain. hold? weish positions speak to olivier blanchard. prices rise the most since mid-2014 as food costs surge for lanyard new year holidays. -- lynn are new year holidays --

erik schatzker asked about his efforts to buy norfolk southern.unter: there is not a favorite there. both the organizations in the east would work with our franchise. there is not a favorite. one has this advantage, one has that advantage. we think we could fit well with either one. either one of them -- one of them would fit well with us. aik: is the approach to csx sign, an indication that you are running out of patience with norfolk southern? o'er the prospects for getting a deal done there are deteriorating? hader: if you go back, we the initial conversation with csx. offer --ke we made an you don't do that in a 1.5 hour meeting. erik: you have not made an offer? hunter: no. i have a reputation of being a past gun, but i'm not that fast. we spend an hour and a half with them. this goes back five or six months ago. the initial talks, things did not work out. wasid not look like it going to fit for either one of us. we stepped back at that point in time as a result, look at other alternatives, norfolk southern. we ran the numbers there and looke

bridgewater associates founder ray dalio shares his thoughts on the fate of the global economy with erik schatzkerabout investors, so i'm trying to back to what investors should do. erik: what you think is appropriate, and what they should do. ray: i want to convey the average investor. i think of the average investor, most everybody, do not compete against pros like ourselves or other people. they are not making tactical asset allegations on the market and moving around in the markets because you are probably going to lose. you have to have a balanced portfolio. in other words, think about how you will get a balanced portfolio. what you know is that asset class as a whole over a period of time is going to thing you -- outperform cash. is going to that is the thing you can be most comfortable with. if they do not, then you have a depression. the only time that has not happened. to know how to achieve a balanced portfolio -- and that is a whole other subject i do not know if you want to go through. if you are talking about tactical debts in other words, i , could come on the show and say, "i think

i'm erik schatzker in cape town.th africa to give you a close look at the extraordinary potential and the enormous challenges this continent offers companies and inventors worldwide. we brought together government and nongovernmental leadership from around the globe to discuss , debate, and in some cases decide the future of african business. from infrastructure to agriculture to technology, how will africa attract the capital it so desperately needs but avoids the pitfalls of waste and , corruption, and

theory is speaking to erik schatzker last week. >> when oil prices go up, you will have a lot of companiest need capital because they control wells again and profitably. they don't have access to capital. they are probably still over leopard versus the value of the reserves and they don't have access as a result. they will need our capital even when prices go up. >> i think they will have a lot of activity. >> you do? will it be your most active investment this year? >> yes. david: you say private equity is at potentially the most interesting time in its history. why is that? >> it's a confluence of a couple of different factors. private equity has been successful over the years. certainly high-performing funds have done well recently with new funds. they are in the double digits, billions of dollars. at the same time, if you saw the statistics from fourth quarter and up until this year, transaction volume has been down, off by 25% last year. january was the lowest transaction number since 1991. the confluence of all this challengingg with dealmaking scenario is looking for an opportunity

he joined erik schatzker exclusively on bloomberg and they spoke about the markets but started withhe fed's next move. >> you could see another 25 basis point rise in rates. i just want to be clear. the next big move will have to be toward quantitative easing, rather than a big tightening. >> the next move could be up. >> you could get an uptick. >> as early as a couple of weeks from now? >> i think it would be a serious mistake. i think the federal reserve has come around to the notion that we are living in a world economy and that the circumstances that are surprisingng them, have surprised them because they are not paying enough attention to the long-term debt cycle. there is a reason that they are attitudes have changed -- that their attitudes have changed at think it is great that they have changed, but if you look around the world, risk is not inflation and risk is not overheating economist. >> you still feel the same way about the trajectory of the federal reserve. >> that's right. >> if the risks that we have talked about, if they are asymmetrically -- asymmetrically to the

erik schatzker is here to try and answer the question if they will ever be competitive again.and british bank again. the: and they are combination of lehman's old, and the barclays capital that bob diamond bills. . as a truck that really helps to answer your question. have a look at this. this is the percentage of industrywide the revenue divided between the u.s. investment banks and the european investment banks. you can see that the european share has been shrinking. it is now 70 u.s., 30 european. what we do not capture her, and lets you will hear from bob diamond to go back to the pre-rice is timeframe that prior to the financial crisis it was roughly 50-50. first of all, they used to split this in half, and now it is 7030, going towards 8020. it raises some big questions a. stephanie: in 2017 did not believe they were a big competitor. erik: and they have had a nasty wake-up call. david: if you are a european bank that has to that around, you have a lot of headwinds. you have regulatory overhang, you have to cut cost left right and center. how do you catch up and not worl

tomorrow, erik schatzker sits down with barclays ceo jeff staley.erg ." valeant pharmaceuticals is increasing the size of its board and adding three independent directors. one of them is the vice-chairman of bill ackman's hedge fund, pershing square capital. the lachman defended the company while it is being investigated over a mail-order pharmacy it used herein -- over a mail-order pharmacy it used herein -- over a mail-order pharmacy it used. the london stock exchange announced it was in talks to combine with another stock exchange. a record number of americans will take advantage of lower airline fares to travel this spring. airlines for america says 140 million people will fly in march and april, almost 3% higher from one year ago. that is your "bloomberg business flash." iegod: i want to welcome d ferro argentina makes its long-awaited return to the bond market. is it still distressed? is a too late to buy into argentina? diego: i would not feel that we are running out, but we are slowly working out. was a change in regime, the regime chang

. -- sec chair mary jo white speaking with erik schatzker in inclusive interview. have exclusive comments from a conference -- he is saying that he hopes that the fed would interest -- raise interest rates twice. he also says he would be surprised if rates go negative and questions whether negative rates would be effective. is falling ink trading. part of that is revenue is down 25% year on year. fixed income equities down 15% you're in your. scarlet, it was interesting to see in the credit market, he said other than the energy sector, credit is performing well. he says that $400 million repositioning reserve -- it's interesting. have they set aside enough money to deal with that? we will find out in four, five quarters' time. we have much more coming up on "bloomberg markets." keep it right here. ♪ alix: welcome back to "bloomberg markets." i'm alix steel. time for the bloomberg business flash. two united shareholders are battling to change the airline's board. they are nominating six candidates for the board this spring. with thefrustrated carrier fell performanc

erik schatzker with the final question at the press conference yesterday on negative rates.ss that with steven major. somehow, that may come up on bloomberg this morning as they drive for the conversation with janet yellen with the former chairman. ♪ ♪ tom: of the ramifications of economics and it comes out upon the industrial space. caterpillar out with breaking news right now and a real adjustment on revenue guidance. let me to new to the bloomberg terminal now. what i know is the revenue shift down about 8%. i am doing that in my head, but 9.35 billion dollars down from $10.2 billion. ramificationsity for caterpillar. they get confused with john deere. john deere, green. caterpillar, yellow. i am all over john deere and caterpillar. at the end of january company this company said there would be no let up in the commodity crash and they said they will continue to cut costs. declining demand from the mining industry. when you look at how miners have performed over the last three or four weeks, it is an ugly picture and it is impacting caterpillar and john deere. a.m.we

erik schatzker joins us. take itthey plan to over? is a effectively a palace coup and is worth pointing at the star board has done this before. a new4, it nominated slate of directors for darden restaurants which was in the process of selling red lobster and currently owns all of darden. the darden shares are up more than 50% after they succeeded. that's not the way it will play out at yahoo! because star board is not interested in a turnaround. what they want yahoo! to do is to sell the core business which may, according to our intelligence colleagues fetch as much as $5 billion. it would leave shareholders with that money plus the stake in alibaba and yahoo! japan. they are not looking for a darden style turnaround. there is a potential happy ending in the short run which is that the yuan -- which is that the current board faces an existential crisis and gets its financial advisors to work overtime to get this asset sold and then we will see what happens. do we know who they are planning to put on a board? it could be someone from d

erik schatzker is joining us for an interview with the metropolitan transportation authority and thek and new jersey. thank you. clearly, with the attacks in brussels, front and center, new yorkers and citizens of the world want to know about the safety and security of the transportation infrastructure of this city. is it safe, secure, are you satisfied with the communication that has been improved since the attacks of 2011? >> yes. we work closely with the intelligence agencies, police agencies, and board authority. we have since 1993. it is part of our day-to-day work. we have the see something say something campaign. it is a priority. itboth governors have made clear to me that there is no higher priority of what the port authority needs to do than keep its people safe. in terms of sharing resources, intelligence, gordon dating security forces, i do not think anyone does it better than new york. erik: you're satisfied that those words translate into necessary action? guarantees,an give but i cannot think of things that should be done that we are not implementing. erik: we are fort

later today, erik schatzker speaks with tony james of blackstone.will be talking about the state of his global wall street. this is bloomberg "surveillance." ♪ tom: good morning, everyone. tom keene new york. francine is in new york -- london. on thursday, all eyes will be on francine. the bank of the three central banks back to back to back. it's a total nerd fast here at bloomberg. here is the news with vonnie quinn. quinn: donaldie trump and hillary clinton can take steps forward as five states will primaries. ohio has become the crucial title ground. john kasich has a slightly to overcome. polls show trump with a double-digit lead in florida. this could put it into marco rubio's campaign. clinton is expected to increase her leader the delegate race. she is favored in four of the five states. the prime minister is making a trip to washington. he will hand the whole of shamrocks. party lost the majority and last month's election. his trying to get back for another term. voters will decide whether to build casinos outside atlantic city. yes, they w

. >> erik schatzker sat down with them to talk to him about barclays and european banks.d, we will bring you the ecb announcement when it comes at 7:45 eastern time and followed by the press conference from mario draghi. we will have that live and talk about the china numbers. looking forward to the governor's press conference on saturday. francine: a lot going on. thank you so much. the single best chart on nominal gdp. tom: and also began putting affects of nominal gdp from negative rates. we show this earlier. -- showed this earlier. five up, four of the countries at negative rates. the green line is the united states. what is important is the duration out of negative rates. the journal has a great chart, germany out, switzerland out, denmark, not so much. the length, 10 years of negative rates is just as important as the debt. >> germany has a relatively strong economy. and low unemployment and you get , for the government, easier financial conditions and deeper lows on interest rates and still the sense of credit risk across the european union that is priced across t

earlier today, erik schatzker spoke exclusively with the honorable bill mareau. >> we are focused oned on growth that will help canadians. clearly, our agenda is to help middle-class canadians succeed after a challenging era. we want to help them in the next generation so we made a commitment to growing the economy. it's something we know will make a difference for the next generation and for investors, we know they want to see an economy that will grow at a healthy pace over the long-term. that's exactly what we are setting out to do. erik: we are talking about canada who taught the rest of the world how to run balanced budgets and they were rewarded by restoring their aaa credit rating. what if moody's doesn't agree question mark >> i think they will because what we have said we will do is be prudent along the way. we are blessed in canada with a particularly good situation. we have been able to make decisions over time that have lowered our net debt to gdp. among the g7 countries, canada to gdp towest net make investments to grow the economy. canadians told us they wanted us to in

smartest -- of two's dynamics, thetuse comments on the negative interest rates question two erik schatzker'sn -- the way she stopped and walked through what we have seen from lagarde and others. david w.: janet yellen has shown no enthusiasm about negative interest rates, has she? tom: that is interesting and i don't want to give an opinion. you are right. there is not a lot of enthusiasm. stephanie: tom keene does not want to give an opinion? what day is it? tom: look at my bracket. [laughter] jon: i think he came to some opinion in the end. tom keene, thank you very much. matt winkler will stay with us. we go to brazil where protests against the police -- president have increased. ♪ in the next hour, we are going to talk to don donahue -- tom donahue. we are going to talk about fixing the growth problem around the world. david gura: this is the bloomberg business flash. former cfo went on trial in october. the trial judge said there was nothing to the allegations. transcanada is expanding its three chin to the u.s. natural gas market, buying columbia pipeline group. itsscanada gets the bul

. -- erik schatzker is standing by with the barclays executive. : this conversation with jes staley, the ceo of barclays. at the headquarters in midtown manhattan. this is your 100 day anniversary. did you know that? jes: no. erik: is the honeymoon over? terrific, strong challenging but strong assets. the client basis is terrific, the opportunities are great. there is a lot in front of us. a lot of challenges but i am optimistic. erik: let's big about the immediate challenges, the market conditions appear to be pretty tough, volatility, complaints about liquidity and he fixed income market, the operating environment in general. is barclays on the same track as citigroup and j.p. morgan? a sales and trading business down? jes: the markets went through a germanic experience in -- traumatic experience and created a global calamity that we are still recovering from. how the banks evolve and how the regulars -- reg later to evolve to end up in a place where we have a safe financial system, where the banks will not get in trouble again and a functioning

erik schatzker later stays with the canadian find minister -- prime minister.anies out of 200,000 jobs in march was higher than expected. area, fallen to the lowest level in 13 months according to commission data. bank hast comes as the an effort to increase growth. boeing plans to limit 4000 positions in its commercial airplane. workers to leave under a voluntary program. that is our latest bloomberg business flash. jonathan: 15 minutes into the session in the u.s., the alan risk on rally continues. matt miller peeling back the stock market and movers. dot: they have nothing to with the fed driving the rest of the trade. valeant is one we saw the headlines break in the programs after offering is lenders. one time fee and interest on its loans in exchange for waving a technical default and loosening restrictions on its debt load. you can see the shares are up almost 3%. cheap after a recent rally according to jpmorgan. analyst raised his target to $100 from 71. the stock is an cheap following the recent rally that he has q1, 2016 estimates that reflect .olid tr

you put that they believe that bridgwater in radical transparency and truth very our colleague erik schatzkered ray dalio and we will play a bit of that. what we one is our goal is meaningful work and meaningful relationships. the relationships part is just as important as the work part. meaningful work and relationships to radical truth and radical transparency. what i mean by radical truth means we can talk about whatever weaknesses are, who is good and bring thoseand problems to the surface. and then radical transparency so everybody in the company can see all of this stuff going on so there is no spin behind it. david: professor, we knew about the 210 more or less principles and that they filed these. we heard some of these, but the thing i did not know out of your book is the process, fairly collaborative, process behind the principles. what you take us into what they do to implement these principles of radical transparency? professor: yes, i am a professor of development and i'm interested in if you wanted to create the most powerful incubator in your company to grow the capabilities of