for right now, ethan allen, the presentation has just started. ethan allen his best idea to unlock value over the course of the next year. >> got a similar pop, macies. now back to the hill. >> thank you, mr. chairman. chair yellen in your first appearance as fed chair before this committee you commented on the need to move forward with housing financial reform and do you continue to believe the current state of our secondary mortgage market pose as systemic risk? and should congress and the fhfa be taking steps to share that public risk? based backed by taxpayers with the private sector? secretary lew suggested such an approach. >> i've long said. we think it would be desirable to see congress address gse reform to decide explicitly self-consciously, what is the appropriate role of the government in the mortgage market. and to try to bring private capital back into the mortgage market. there are a number of ways, different strategies, congress could take to accomplish that. but i do, i do think it's important for congress to try to resolve those

i look at ethan allen as highly stylized bedroom and kitchen and furniture store.looks at it as a place where the brick, mortar and land are worth more than the sales and he added that plenty of other people feel that way, too. oh i like that. in other words something could happen like a buyout bid to turn the sleepy furniture stock into an instant win if you view it the way sandell does and it will be promotional and that's code for meaning, wow! it may not be that good and he's switching around the inventory and that means there's earnings risk and that's how i look at it. pedestrian. call me pedestrian, i don't mind. that's why i think the stock can slink back down from its height of today, but the ethan allen end tables next to my bed never going to look at them the same way either. why not mcdonald's? last friday night, i sent a picture on jim cramer. mainly i've been part of the effort to fix my mcdonald's on twitter. people send pictures of the dirty mcdonald's locations and talk about how they want them clean like they used to be like when my mom and dad we

ethan allen was not immediately available to comment.ley furniture goldman sachs for a possible sale. we will keep an eye on this development. ethan allen getting a pop on some reporting that it may be a target for private equity. much more coming up. raising fresh funds in china. local competition and regulation remained big problems there and here in the u.s. how do investors size up the opportunity? ♪ scarlet: welcome back to the bloomberg market day. uber's china unit looking to raise another billion dollars in private money. the latest financing values it at $8 billion and brings the value of uber in total to $50 billion. uber has been burning through its cash as it takes a local competitors and legal barriers. is uber worth that much? david.hang spoke with he says private tech valuations are get rich. david: we are asked to take on a lot of risk. there's a lot of optimism causing pricing to be higher, causing expectations to be higher. riske asking to take high since 1999. pimm: with me is the general partner at benchmark capital.

a couple of private equity firms might be interested in ethan allen. no reporter has reported this in the past -- this is the latest report of this kind of potential activity. we are looking at a company called pacific energy -- it is a colombian oil producer. agreed to buythat it have now said that they are not going to go ahead with that acquisition. we are seeing the shares plunge here, the most on record for that company. a notable move in this energy company. reportafter there was a by capital forum that said the intel acquisition might face some antitrust risk. $54 a share. it's trading below that. the shares down three percent today -- 3.3% today. the iran nuclear talks continue at this hour. iran's foreign minister says negotiators will not be rushed to the talks. you cannot change horses in midstream. speaking a few minutes ago. you can see him talking live. the talks and the end of works than once again until tomorrow -- talks indiana were extended vienna were the en extended once again until tomorrow. the confederate flag will come down tomo

and opportunities in ethan allen and shares rose after. >> and it was a who's who of investing and finance. >> thanks very much. today at the fifth annualal if conference in new york city a joint vent you are of cnbc some of the brightest minds from the world of hedge funds and pension funds came together to share their top insights and ideas. maybe no one was listened to more closely on this day that janet yellen testified on capitol hill. than jeffrey, the man said are calling the new bond king. he made the case among other things that interest rates won't go up this year in part because he thinks the feds' view of the economy has been too rosie. >> every year the same thing. the triumph of hope over experience. just like a second marriage. they basically say, we're hoping for high growth. they have to revise it down. now the most recent for 2015 it is lower than the forecast ever was and what the actual was for 2013 and 2014. i just think the set-up isn't going to really play out for a rate hike. >> he also argued contrary to what the fed chairman yellen has been able if and when rates

tom sandell recommended the furniture company ethan allen.uable real estate play too, with 50% of its market cap being due to that but that the stock had been in a slump and thanks to its relatively low debt load among other things it was a prime candidate for a private equity takeover and/or a recapitalization which could generate much better shareholder returns in his opinion. and keith meister talked up american realty capital. and undervalued stock that had some accounting issues and suspended its dividends for a time. new management said they'd put that lined it and the stock was a rare opportunity to buy bond-like risk with equity-like returns. who doesn't want that? >> if he keeps bringing the heat we'll have to call him the heat meister. >> hahaha. >> he started with the premise that fundamentally real estate has gone up in recent decades. that's an asset that people want to own. that was certainly reflected by other panelists, including jonathan gray who runs the huge real estate practice at blackstone. >> kate kelly, thank you. >>>

said that the firm is one of ethan allen's largest shareholders, but he's not disclosed what the size of the stake in the company is. >> heath meister calling it his best idea for the year. called the investment bond-like risk with equity. that's what he calls those shares. he's seeing a number of positive catalysts for the stock down the line with between upside of 25% to 50%. so real estate perhaps, ha theme with regard to the three best ideas. and unlocking value from our delivering alpha conference kelly, bill back over to you guys. >> very true dominic. thank you for now. i was at that conference earlier today. speaking with jeff miller bill miller and jeff gunlock. i wanted to get their take on the shares. >> it's our largest position. we actually entered it via call options late last fall when we were down 30% last year. they became public at a $400 million market cap. today, they have a $215 billion market cap. they've never sold any shares to the public and they have billions of dollars of cash on the balance sheet. so, if they didn't make any money, where did all of that com

ethan allen was the best idea. tom sandell making it. >> i like this idea. is you have a rising tide in things like remodeling. people are treating their homes better in re-investing. renters becoming buyers, spending real money on furniture, yet this is a stop that has not eclipsed its prior pear from the '07, '08 real estate boom. i think this is the exact type of name you want to be long in the market, it is making new highs, about to break $30. i think once it takes that level out, it is a pretty smooth ride higher. >> another reit idea, american realty. you can see the obvious move in the stock when mr. meister did what he did on the stage here at delivering alpha. >> and looking and listening to what chair yellen said, i think she's jaw-boning -- in other words, talking rates up without actually having to move it up and she's preparing us. i think that is why lower for longer still plays and i think that that reit still plays. >> guys, thank you so much. thanks to all of you as with pel. much more throughout the day from delivering alpha. "power" start

ethan allen. and the one -- >> jeff smith said -- >> you wonder guys if these so-called activists -- i will not call them activists. so-called activists. if they're all just copying each other now, to your point be tyler, going back years to sears, that's sort of the first target where people said maybe they have a lot of money in real estate even though their core business is struggling. almost looks like the activists are just going from target to target saying this is a real estate play. because there is a lot of tax issues here that would benefit on the real estate side. >> i mean brian, there's no question that a lots of these activists look to financial engineering of one sort or another, whether it's splitting off low growth assets from high growth, whether it is thinking about dividends, buy-backs, et cetera, but it is remarkable that real estate assets that some of these companies are sitting on that you don't think of as such. and macy's for example, with a $29 billion enterprise value,

a few similar ones on an ethan allen stock pick. they talk about platform specialty, nomad and valiant which isn't thought of that way. those are all ackman names but he likes them too and finally on the distressed bond front richard perry among others said they like paper in those areas. one of my favorite bits of dialogue was on andrew's panel where he got into it with richard perry about puerto rico. let's hear what they said. >> you look at detroit and michigan and it has the lowest percentage of 25 and under that have a bachelor degree and it has the greatest flight out of the state. so you have a decreasing population that's going to be able to pay taxes. that's the worst place in our country. puerto rico is worse than that. if you continue to have a shrinking population base those debt to gdp ratios need to be funded by somebody. >> they're not leaving. that's the misunderstanding. they did leave detroit. they're going to the warmth and that's what's happening all over the world. >> so if you think about puerto rico, it was t