he's concentrating his job hunting efforts on major firms.is day, he got together with peers who were also aiming for similar jobs. all the conversation was related to job hunting. >> can they really land jobs at major firms? these young job seekers know they face unfavorable odds. but with success on the line, they can't give up. ♪ ♪ ♪ >> kim is the first son in a family that runs a package manufacturing business. he grew up bearing the family's expectations on his shoulders. his life began going astray in the summer of his senior year. he suddenly lost the ability to read. he says it was a psychological disorder caused by stress. after that, he got into college but soon dropped out. his parts got divorced, and now he lives alone while working part time. he makes $5 an hour at his part-time job. that means no matter how hard he works, he can only pay for rent, food, and counseling. >> in south korea, male citizens must complete mandatory military service by the age of 30. this is a difficult prospect, who has little control over his life. he

♪ emily: it is the iconic venture capital firm.leiner perkins caufield byers made its name investing early in google, amazon, and genentech, but many begin to wonder if the glory days for this company are over. then, the firm was rocked by the most closely watched trial in the industry. ellen pao sued the firm for gender discrimination. sparking debate worldwide. joining me today, general partners john doerr and beth seidenberg. thank you for doing this. it is great to have you here. you have been quiet for a long time, quiet through the trial. why are you here? john: you know, nobody likes litigation. and we are human. this trial was painful. at the end of the day, six women and six men heard five and a half weeks of testimony. they deliberated for 1.5 days. they found decisively on the facts that this company did not discriminate, that we did not retaliate and that ellen's claims had no merit. we know there was a second trial going on in public opinion and on this topic of diversity it found against the echnology industry and we

firm in tokyo. stomachs are starting to growl. it's time to stock up the food corner with boiled eggs and cheese. >> translator: it's always here. no charge. >> reporter: once a month something else is free of charge. organic vegetables and fruit, fresh from the farm. to ensure no one misses out, the produce is handed out to all 70 workers. >> translator: tomatoes and cucumbers. >> reporter: the health food binge is the brain child of the head of personnel. he saw what colleagues were eating for lunch, and he wasn't impressed. >> translator: they were eating lots of carbohydrates, usually bread, because it's quick to eat, and they can get back to work. >> reporter: free food is not easy to turn down. it ensures staff get all the nutrition they need, at least for today. more important, though, has been the change in mindset. more workers are bringing home-made lunches. they say all you can eat eggs and vegetable rations remind them to practice balanced eating. the firm has to fork out some money, but the benefits make it worthwhile

emily: facebook is going to ruin the firm. david: ruin the firm. emily: do these people still work at greylock? david: some do, some retired. not because of that. emily: john, you are behind some of the newer hits -- dropbox, instagram, tumblr. how do you fill the big shoes of david sze? john: what i learned is you probably don't try. for me, instagram is a good example. i brought it in and people did not love it. emily: really? john: reid was not sure it would work. i believed in kevin and had enough affinity for the category and the product that i really wanted to do it. emily: why didn't reid think it would work? john: i don't know. reid said some words, and who knows exactly what he meant? he thought it was interesting, but not huge. emily: is there a science to it, a formula to these things? john: with kevin, it took me a while to convince him to raise money. i chased him for the better part of six months. david: airbnb is another example. this is one i was like, i don't get it. i don't get it. reid was on the other side pushing really hard to

are more firms becoming exporters? when we look at it first in sectorf the tradable taking advantage and producing more, because usually you have to produce before you can export, it is a different -- it is an interesting story. on the left it is increasing. mining, and extraction are positive. we did see that overall, manufacturing contracted strongly. counterintuitive at first. of course, if we think that it takes time perhaps for firms to , just to this new reality first, you have to see what you want to see as an economist which are the factors of production moving to the new sectors. then, you would first look at ora like investment growth employment growth because they could tell you which sectors have now actually -- are now able to pool more from these factors. you can see when we look at different sectors that there are a few here on the right that have quite sizable investment growth. these could be the new growth sectors for russia and this is chemical production, mining, rubber and plastic products. if you

firm and stomachs are starting to growl. it's time to stock up the food corner with boiled eggs and cheese. >> it's always here. no charge. >> once a month, something else is free of charge. organic vegetables and fruit fresh from the farm. to ensure no one misses out, the produce is handed out to all 70 workers. >> tomatoes and cucumbers, whole veggies are best. >> the health food bing is the brain child head of personnel. he saw what colleagues were eating for lunch and he wasn't impressed. >> translator: they were eating bread. >> it ensures staff get all the nutrition they need, at least for today. more important, though, the change in mind set. more workers are bringing home made lunches. they say all you can eat eggs and vegetable rations remind them to practice balanced eating. the firm has to fork out some money but the benefits make the worthwhile. >> translator: new graduates and mid career workers, we've become known as the firm that provides vegetables. this program helps to raise our profile. we're very happy ab

the 4 percent will be assuming on those levels those 5 firms one or more of those firms 5 percent that'se'll invest. >> i want to make sure i understand. >> 5 percent each. >> i know that but i'm trying to see your - >> pardon me. >> what you recommend. >> no. >> but no, i want to make sure that people understand where i'm asking and because we are in the design phase he want to make sure i understand where we are the process thus far you've described it looks like we're on target 40 for you - i'm familiar with the firms they've been in the industry a while and want to go back to commissioner meibergers point in the entire staff the desire team the turnover is all the time but and most of them their stable so this is they're starting with 5 percent of funds inform fund only is that it. >> or consultants. >> yeah. >> uh-huh. and, of course, negotiate key men. >> as everything else you've done i want to make sure to commissioner meibergers point you'll do that in any structure. >> yes. >> i'd like to add on that point as key men one of the things we as a committee looked at carefully inclu

the 4 percent will be assuming on those levels those 5 firms one or more of those firms 5 percent that'se'll invest. >> i want to make sure i understand. >> 5 percent each. >> i know that but i'm trying to see your - >> pardon me. >> what you recommend. >> no. >> but no, i want to make sure that people understand where i'm asking and because we are in the design phase he want to make sure i understand where we are the process thus far you've described it looks like we're on target 40 for you - i'm familiar with the firms they've been in the industry a while and want to go back to commissioner meibergers point in the entire staff the desire team the turnover is all the time but and most of them their stable so this is they're starting with 5 percent of funds inform fund only is that it. >> orconsultants. >> yeah. >> uh-huh. and, of course, negotiate key men. >> as everything else you've done i want to make sure to commissioner meibergers point you'll do that in any structure. >> yes. >> i'd like to add on that point as key men one of the things we as a committee looked at carefully includ

own, your own firm. you own your own allergy/ent firm. what drove you to entrepreneurship? >> well, for about four years, ken, i actually worked in a hospital as an assistant professor and wanted to have my own vision for my private practice, focusing on patient comfort. people don't realize how -- what an impact that allergies and asthma have on the day-to-day life of people. it affects their social interactions, school, work -- and wanted to really spend time with patients, taking care of that aspect. being an allergist is a lot like being a detective. you really focus on the cause of why the person is sick. and i wanted, in my own practice, to have adequate time to spend to get to know my patients as much as possible, to find out what was triggering their symptoms. and being in private practice allows me to offer both of those things. >> now, when you talk to -- or if you can talk -- you can, in this forum right here -- right now, what would you tell them if they would think, "eh, i don't -- i don't think i'm motivated enough to go out there and start my own firm, or beg

the firm is believed to be linked to the son of an i.o.c. member when tokyo won the bid. diac is under investigation for corruption during a doping scandal during his tenure as the head of the world governing body for track and field. the olympic organizationing committee denied involvement in the alleged payments. it says they believe tokyo was selected because they selected the best bid. japanese officials say they'll look into the allegations. >> translator: we will work with relevant government agencies to find out what really happened and will confirm the facts with the tokyo metropolitan government and the japanese olympic committee. >> tokyo was known for having the most honest process of all the candidate cities, which made me confident. i don't think we were involved in the alleged payments. >> he says both the tokyo government and j.o.c. have denied similar allegations in the past. >>> turning to the rio olympics, health officials are advising athletes and other visitors to protect themselves against mosquito bites. they say an outbreak of the zika virus continu

that's what got pumped through his firm. that individual wall street guy who paid the bribes, his cut alone of that $250 million that got pumped through his firm? he personally got $18 million from the deal. that was his fee apparently for managing the money. for taking such good care of that public resource and investing it so wisely and prudently. so yeah, spending $1 million on bribes is prove lagat unless it gets you $18 million you get to put in your pocket. and so andrew cuomo busted that up. ended up going on from the attorney general's office to be governor of new york state. the comptroller who ran that office, the comptroller who was in charge of doling out the state money, who so loved the king david hotel, the comptroller ended up going to prison along with at least one other person in his office. but it's interesting. the guy from wall street who paid the bribes, he did plead guilty to doing it. he pled guilty to a felony charge of rewarding official misconduct. but turns out he personally never had to do any pr

wholesalers including trading firms saw a 44% fall. in contrast, air transportation profits rose 39%, due to the drop in fuel costs. textiles went up 19.8%, due to the lower cost of raw materials. and retail profits rose 28%, backed by active spending by foreign travelers. some analysts say many companies are likely to be affected by moves in the currency market in the current fiscal year. >>> officials from japan's transport ministry inspected the head office of mitsubishi motors in tokyo. the investigation is in connection with the recent revelation that the company rigged data on fuel consumption. the ministry officials are looking into how the automaker manipulated fuel efficiency data for tests of four mini car models. the scandal involved a total of 625,000 vehicles. mitsubishi was told to submit the results of an in-house probe by may 11th. but the ministry concluded that the report was insufficient. the internal investigation found that a manager had instructed an employee at a subsidiary to fabricate fuel consumption data. the

this is, of course, related to the issue that no firm is born an exporter. you have to really -- if you produce something domestically it's a difficult competition than you produce for export markets. you have to adjust your production. you have different quality and standard requirements for your product. you need a different logistic marketing, packaging approach and usually needs some changes in how you produced then compared to before for domestic market and that needs investment. it seems like at the moment we have, of course, not many investors in production and exporting firms coming forward to do so. this might be related to many of the support structure constraints in the economy which did not change, so we have a change in the relative prices but we don't have a change in the reality of production for firms in russia. if i don't see a major effort instruct you're of reforms and structure of the economy it's unhikely i will see new growth potential emerging and russia's growth in the medium term being higher than the 1 or 2% growth potential that we

are there now emerging more than before, are more firms becoming exporters. and when we look at it first in terms is the tradeable sector taking advantage and producing more, right, because usually you have to produce before you can export. it's an interesting picture. you see, every culture output here on the left is increasing. mining and extraction is positive still. but we did see that overall manufacturing contracted strongly. and this is counterintuitive as first. but, of course, if we think that it takes time perhaps for firms to adjust to this new reality, and first you have to see what you want to see as an economist, that the factors of production move to the new growth sectors from the ones that are not growth sectors anymore. then you would first look at data like, for instance, investment growth or employment growth because that could tell you which sectors have now actually -- are now able to pool more off these factors. and you can see if we look at different sectors that there are actually a few here on the right that have quite sizable invest

the firm's pre-tax profits tumbled 26% year on year. as for the current business year the survey shows the firms expect a 1.6% decline in pre-tax profits. now we're going to go to markets. u.s. stock markets were lackluster with the dow jones ending the day flat up just about 9 points. we saw a decliechb half a percent on a tech heavy nasdaq. let's see what's happening in coke owe. he's standing by at the tokyo stock exchange. good morning. tell us what you're seeing over there. >> very good morning. bit of a mixed session as just touched on there. a bit of a negative sentiment for investors. we did see crude oil also recent sluggish earnings from department store sales. let's have a look at how the markets are open. the nikkei and topix in the positive. largely led by the swings that we have seen in the dollar yen rates dipping when the dollar weakened. the focus remains squarely on the plight of mitsubishi hoe tors. that follows the mileage data scandal we have been covering that surface last month. nissan announced earnings after the

for firms like ours, it is very interesting.son because we are the largest in the world in allocating money to hedge funds. we arerprised me is getting good-sized flows because what is watching out our number of our competitors. there is apening is move to quality. there is a move to performance. the people who will be left in the business will do very well. the people who are marginal performers will not hear it in a normal environment, in a normal environment, 20% of hedge funds go out of business every year. that is a normal environment. we are looking at a slightly abnormal environment. as an allocator of capital, you are focusing on quality. how aggressively are you redeeming from those who cannot deliver the results you want. >> we have been doing this since we are prudent in .erms of taking money away let's look at it this way. we started with no assets and now we have 67 billion in that business. about who wel choose. that is the most important thing. --something is wrong, >> a changing strategy, to develop its own multi

the law firm here in washington dc. there are a lot of big firms in the city joined today. one of the biggest and we know that it is a firm that has long establishment ties with the gop and also of course, the firm that represents the trump campaign as well as donald trump individually. we do not know where donald trump is heading from here. but, he's leaving this law firm and he left that meeting over in rnc and he met with top gop senators and before that the big meeting at the rnc. and on first street here with the meeting with paul ryan. halie jackson is still standing by, halie, did he say anything? >> reporter: he waved at me standing outside here but that was about it. he has done that all morning. it is interesting. we heard as our colleagues pointed out, we heard from chairman priebusnd paul ryan but have not heard of donald trump. you can see secret service just kind of dispersing it at this point. he was with his aids, all walking down this building. trump's legal team he's meeting with his lawyer apparently. we are working to find out what happened inside this b

two firms have announced yet losses. officials at major oil wholesaler said the group's net loss was about $330 million at the current exchange rate. the group sales fell to about $33 billion. lower crude prices pushed down retail prices of petroleum products. japan display was found by integrating. let's check on markets. tokyo stock prices have made a good start. the nasdaq gaining about 1.62% on the day. let's see how tokyo markets are. good morning, ramin. tell us what you're seeing at the open. >> good morning. extending the gains yesterday from japan as well as wall street. both indexes were up 1.25%. we did see the jump in oil prices. also prospects of debt relief in greece. data out of china yesterday. let's have a look at how the nikkei and topix are kicking off. that's largely backed by a weakening yen. japan finance minister repeatedly talked about possible intervention. still, the yen has this year, in fact risen about 14%. that's up from the beginning of may. that's despite bank of japan policy trying to wea

or another firm that may be interested in this company?e: because of the restructuring and recalls and what it will cost, you're suggesting takata can't survive in its present form, is that fair? >> absolutely. and i think take caughta -- think that takata would acknowledge that as well and overnight in japan time they hired lazar to help in restructuring and seek investors. they know at this point that they have a mountain of liability that at some point they're going to have to face. part of the reason that the automakers have been footing the bill to this point is the company still claims not to know the root cause of these air bag ruptures which is the defect that's caused these recalls. so there's a lot of unknowns still to be worked out here, and certainly if you're a private equity firm, this is a company that's cheap. it may be cheap for a reason but even with today's rally, this is a company that's lost 80% of its value over the last two years. francine: thanks so much for all that analysis, craig trudell. called out by the state

it has to be firm. and free from any greening whatsoever.hen you bring them home, keep them away from any moisture. and store them in a cool, dry place but doesn't store them in the refrigerator. it's a baking potato. boiling potatoes you put in the refrigerator. so for french fries, mashed potatoes, still the number one is the russett potato and it's great for us, too. i'm tony tantillo, your fresh grocer. and always remember to eat fresh and stay healthy. ♪[ music ] wanna drink more water? with sodastream you turn plain water into sparkling water in seconds. and because it's so delicious, you'll drink 43% more water every day. sodastream. love your water. we make sure that our crews as well as our customers are prepared to how weather may impact their energy. so every single day we're monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. during storm season we want our customers to be ready and stay safe. learn how you can be prepared at pge.com/beprepared. together, we'r

it's costing us this firm x millions of dollars to do it and this firm x millions of dollars.hat may or may not impact li liquidi liquidity, i presume. it costs $10 million to do so but liquidity stays the same. are you also looking at, to the -- you know, nominal cost i guess is the word. >> i think nominal cost is the word. that will certainly be a part of that study or any economic analysis is to set a baseline. the baseline would include considerations of the cost of operating today, absolutely. >> yeah. and i'll end here. you began with when i first very questions, there are good things as far as what you're talking about here from industry and otherwise, as far as one of your opening comments and they were talking about how some of this information is being put out as far as your studies and what have you represented. i'll put it this way, is that as far as you can go or can you improve that? can you reveal, i don't know if the right word is here? can you reveal more information as far as the methodology, the data points and everything else that goes into it? i ask that

according to her firm's web site, she and two of her colleagues recently settled a $5 million police brutality lawsuit. notably, her firm also represented the family of freddie gray jr., the 25-year-old man who was arrested on april 12, 2015, for possessing an illegal switchblade and who subsequently died, trag lick eye, in -- fragically, in police -- tragically, in police custody, causing rye rots in baltimore, if you recall. the suit against the city and the police department in which her firm represented the plaintiff settled for $6.4 million. well, this may have been a totally justified settlement. i certainly believe that any death in custody of a police officer by any accused is entitled to and requires a thorough investigation, but in a big city like baltimore, when there is civil and unrest and huge public atten, cities -- attention, cities are under political if not legal pressure to reach some sort of financial settlement. so this was a tragic case. the details were disputed, but it appears some of the facts were not clear certainly. ms. xinis -- and the point is, she has b

now becky, they are one of the firms hiring. it is expected to add 400 environmental engineers and scientists this year and looking to expand its payrolls by 15 to 20% for the next five years. back to you. >> mary, what if you're interested in this work but not an engineer or a geologist or something, what other jobs are available and do they pay as well as some of these scientifically based jobs? >> well, i think at the top of the rung are the engineers but you have environmental scientists and job growth there is expected to be about 11% through 2024 and then if you don't have an advanced or a college degree, there are jobs for environmental technicians. you basically need an associate's degree for that and growth there is expected to be about 10% through 2024 and the salary range there about 40 to $44,000 according to the government. >> mary, thank you. getting down and dirty with it. we appreciate it. >>> up next, we're on the money. you've heard of warren buffet, one of the richest men in the world. he's had a business part

and use private security firms instead? buchanan? pat: not likely, john. let me say, though, this week's going down in the mediterranean just off alexandria, egypt, is going to make this problem of security at andorts even more difficult harder to enforce but as for the idea of shifting to private concerns, you know, first the insurance and the liability of did thatte firm that would be extraordinary, the bece would have to dramatically increased for what they're doing, i think. i'm not sure folks would take it not sure most americans would even want that kind of risk so i don't think get change and if you're going to get any kind of change you're going to get is probably you might get more folks working for t.s.a. eleanor: you've got -- air considerably. lots of people are flying. vacation season is here. resourcesuld get the to be able to handle this. congress doesn't want to fund anything and that's a problem. complain.like to and to think that a private monopoly could take over and somehow magically make all of this better is really a fool's errand. gi

many firms quit providing face-to-face advice for small accounts. a quarter of all small firms were forced to close shop all together. the united kingdom's four largest banks have all raised the minimum assets levels for clients to receive advice. 80,000 american dollars at one bank, $160,000 at another, $355,000 at a third, $800,000 at a fourth due to the new rule. so to access retirement accounts that the united kingdom's biggest banks, you have to have at least $80,000 in your account. so what would that look like here in the united states? 77% of 401(k) balances in the united states are below $80,000. the lowest threshold. 99.2% of the 401(k) balances in the united states are below the $800,000 threshold. so if united states banks respond like united kingdom's banks did to this rule, we might find that less than 1% of americans will be rich enough to receive retirement advice at one of our nation's largest banks. we should call this the only the rich retire rule. americans with smaller retirement savings or americans who are just getting started

you know, there are different experiences in different sectors and firm-by-firm experiences based ontheir businesses. i am not going to comment on that. but i do not think that that is an accurate portrayal of where the u.s. consumer is. >> don lee from the "l.a. times." >> the administration and your department in particular have issued a number of administrative actions, regulations -- [indiscernible] including protection -- mr. lew: i can't quite hear you. >> i wonder if there are more, especially consumer protection regulations, that you would be rolling out and what kind of legacy the administration would have on terms of defending consumer protection? and then, and if i may, mr. secretary, on puerto rico, i wonder if you have concerns about the rescue package, what implications or what precedent that it may have for a state like illinois, which is in dire financial straits? mr. lew: in terms of consumer protections, there are many parts of the government that address that, but we are particularly focused on at treasury is the consumer financial protection bureau how important t

he is leaving the firm and will become a senior advisor and fans to start his own investment firm accordinga statement released. the firm's deputy chief investment officer for private equity will take on the responsibilities, overseeing this credit and hedge fund group. this goes back to the idea that hedge funds have had a rough go in 2016, all kinds of questions about whether the business model can persist. a terrible year for performance. they have been underperforming for a while. warren buffett notably questioning it out loud. of: let's take a quick rap the markets today, a nice rally across the board, especially on the nasdaq. s&p up 0.6%. it was a rocky week, midweek selloff with the fed minutes, but then higher on the week. scarlet: when you look at the breakdown in terms of industry groups, you have utilities, telecom, consumer staples, dividend rich bond-proxy-like companies up 2% of more this week. joe: a good week for the banks. they like higher rates and potentially steeper curve. scarlet: all talk so far, no action yet. the freedom party hopes to make a breakthrough at the bal

the proposed union between the oil service firms admit antitrust resistance in the u.s. and europe. halliburton must pay a termination fee of $3.5 billion. puerto rico will default on a $420 million bond payment today, escalating the biggest crisis ever in the $3.7 trillion municipal debt market. the governor warned the itsrnment would miss obligation, saying the commonwealth needs to focus on providing essential services. investors hold $900 million of its debt. creditors would accept a potential haircut according to the bank. warren buffett has taken aim at hedge funds. at the annual meeting of his company, the billionaire said that wall street salesmanship had masked returns for years. he said that managers as a group under perform what you could get "sitting on your rear end." global news 24 hours a day powered by 2400 journalists in more than 150 news bureaus around the world. mark: thanks. japan's 20-year bond yield sliding to a record. stocks sinking with the topix tumbling the most in 11 weeks. let's get to tokyo. kevin buckland is there. the yen's latest gains follow the tr

the criteria for organic firming is just as high as here.y are even stricter with the use of antibiotics in meat production. this painting of black and white, that is something we shouldn't do. the u.s. has higher standards in some areas, we have higher standards in others. will ttip lead to a lower standard, to a lower common denominator? we don't believe so. of course, most of our coomer -- consumer- most of our protection standards are under law. why should parliament ever agree to a ttip that will take away what they have fought for? on the other side of the atlantic, congress has fought, and president obama has fought for higher standards for the environment reduction agency. why, ever, should he agree on the lowest denominator and lowest standards? i just don't see that, not in a democratic system. host: let me take us into the future, the very short term. the ttip negotiations are new moving into what the negotiators call the endgame. the rush is on to get the agreement settled by this summer. the big question is -- can the goat negot

pursue equity firms acquisitions.loan sales this year totaled 2.3 billion pounds. 59% down from the same time last year. it's the lowest since 2000. that is the bloomberg is this flash area -- flash. francine: the u.s. has revealed how much was debt is held i saudi arabia. it follows the freedom of information request by bloomberg. we have the details. it's taken 40 years to find out the breakdown. what's the biggest prize? -- surprise? >> it took bloomberg to crack that. this is a scoop. is out.et is $116rising fact billion. china has 1.2 trillion japan has 1.1 trillion. highe still at a record for saudi holdings. it's an important distinction. it's an inside baseball. the holdings of the treasury, we don't know every holding. i can tell you for the past 30 years what societies do in the futures market, what they do in the equities market, that something is not reflected in these numbers. those are the nuances that draw the. the shock for me is this compared to what's going on with china and japan. francine: this is

the tech firms are trying to expand in china. nevertheless that will be welcomed news for facebook. >>> meanwhile, we are look at uber and lift steering away from austin. this after the public vote in favor of finger print background checks for the drivers. the ride-sharing apps tried to contest the city's ruling by putting the decision in the hands of the electorate. but on saturday they lost the vote by 56-44. this comes according to the tech tribune. >> that's the focus, the safety of the uber drivers. but i find it fascinating in terms of the use of technology. the actual uber technology which is being used so many areas. they have completely revolutionized the entire city or tech sector you could argue with a lot of people copying their model. >>> and we have voters in the philippines jumping to the front of the polls by challenging the political elite. martin song filed this report from manila. >> reporter: what a difference 118 years makes. it's taken that long for the philippines to start shaking off the shackles, not off

the german investment firm jav holding will buy the doughnut maker in a deal valued at just over $1.3 billion. in march they led a buyout of the coffee pod make kuerig for about $14 billion. >>> tribune publishing which owns the "chicago tribune," the "los angeles times," among other properties, has adopt the a shareholder rights plan in an effort to prevent rival ginett from acquiring all its shares. the plan, which is also referred to as a poison pill, allows tribune's shareholders to buy additional shares at a discount if gwinnett buys 20% or more of the company. shares of tribune finished down nearly 2% to 37.75. gwinnett down almost 2% at 15.83. >>> med evation has signed nondisclosure agreements with pfizer and amjet after the drugmaker rejected a better than $9 billion takeover offer last month from the pharmaceutical company sanofi. shares of medevation up 4%. >>> valiant pharmaceuticals plans to file its first quarter financial report by june 10th well in advance of a july 31st deadline. this is in contrast to last quarter when the company delayed its filing to review its acc

this industry was when i started, i started my firm in 1991. if there was 150 helping fund in the world, that's probably the number. today, 10,000. that's a lot of hedge fund. this became like the restaurants of the new millennial. everybody left wall street used to start restaurants, and now they are saying i'm going to start a hedge fund. most of them didn't know what they were doing. there i a lot of high failure rate. you have a delusion of talent. steve is right on that. no one has an information advantage. technology transformed this industry. everybody who has a high-speed hookup to these data bases, all the information i have on my bloomberg. now it's just a judgment advantage. you worked hard and made more phone calls. day it's machines reading these document much faster than you do. i think it's a more competitive environment. it's more efficient. and lastly i think as the bar goes higher, you need a higher kill set. 0 years ago you could be an and investor and do well, today you have to be a world class investor to do well. gary: in

this industry was when i started, i started my firm in 1991. if there was 150 helping fund in the world, that's probably the number. today, 10,000. that's a lot of hedge fund. this became like the restaurants of the new millennial. everybody left wall street used to start restaurants, and now they are saying i'm going to start a hedge fund. most of them didn't know what they were doing. there i a lot of high failure rate. you have a delusion of talent. steve is right on that. no one has an information advantage. technology transformed this industry. everybody who has a high-speed hookup to these data bases, all the information i have on my bloomberg. now it's just a judgment advantag you worked hard and made more phone calls. day it's machines reading these document much faster than you do. i think it's a more competitive environment. it's more efficient. and lastly i think as the bar goes higher, you need a higher kill set. 0 years ago you could be an and investor and do well, today you have to be a world class investor to do well. gary: in 19

law firm jones day, the ones who will vet his vp pick. but first hampton pearson has a market wrap. >> stocks little changed. dow up by nine and the nasdaq closes flat and the s&p closes down 23 points. shares of shake shack are moving in the opposite direction. the company's result came in better than extent pedestrian. and the number of americans filing for jobless benefits unexpectedly rhodes last week jumping 20,000 to 294000, the highest since february 2015. that's it from cnbc, first in business worldwide. ♪ ♪ you live life your way. we can help you retire youray, too. financial guidance while you're masteng life. from chase. so you can. financial guidance while you're masteng life. i'm terhe is.at golf. people say i'm getng better. but i'd like to keep being no oterrible at golfhat. for as long as i can. he's just happier when he's playing. but he's terrible. for the strength and energy to keep doing what you love, try new ensure enlive. only patented ensure enlive has hmb, plus 20 grams of protein to help rebuild muscle. and its c

andreessen horowitz has come on the scene, and it is like the hot new firm.ve got a lot of people in recruiting, marketing. steve: like an operation. emily: right, right. where do you see dfj's place in the hierarchy today versus 20 years ago when you started? steve: i try not to compete with any of them. in a healthy economy, you are going to have many different firms that do different things, have different strategies. if we are doing our job well, we will not come head-to-head with the same group over and over again, because that might imply we are doing the same thing they are, and why would we do that? i like a different approach, which is looking for industry sectors that are not over-invested. the ones where frankly, no one else is competing for the deal. the vast majority of investments that i have made, there was no competing offer. like no one else. emily: really? the question i was going to ask is, how do you get on the top list for every entrepreneur? steve: in the sectors that have 18 different firms that are well known, pursuing the same sector,

one ofcome to wework, the fascinating things you see is we have law firms, accounting firms, retailers, traders. things we are mostly excited about is we have started to tap the enterprise market. we have companies from ge to facebook to mckenzie, some of the biggest companies in the world. because they are recognizing a couple of things. one, coming into wework, you can do it cheaper than you can do it on your own. cultureortantly, from a and energy standpoint for their employees, their employees are energized by coming into wework. , thank youtie minson for joining us. david: that's scarlet fu with president and ceo of wework talking about expansion into asia. an interview with former british prime minister -- tony blair. iaae-m" from bloomberg's world headquarters in midtown manhattan, you are watching "bloomberg markets." it's looking more and more like today's indiana primary is a make or break scenario for ted cruz. if the texas senator loses, front runner donald trump would be all but unstoppable in the race for the republican presidential nomination. a cruz victory could raise

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