david solomon, president and co-ceo of goldman sachs -- co-coo of goldman sachs. that is next.is bloomberg. ♪ alisa: i'm alisa parenti in washington, and you are watching "bloomberg technology." a check of your "first word news." swat teams converged on marjory stoneman douglas high school as students, with their hands raised, came running out. after days of negative press following a former aide accused of domestic violence, president trump today sought to make clear his thoughts on the issue. president trump: everybody here knows that i am totally opposed to domestic violence of any kind. everyone knows that, and it almost wouldn't even have to be said. so, now you hear it, but you all know it. alisa: at an event in washington, vice president pence admitted the white house could have handled the situation with former staff secretary rob porter better. porter resigned last week after his two ex-wives came forward with allegations of abuse. today, congressman trey gowdy, chair of the house oversight committee, said the panel wants to know how porter was allowed to work at the w

the goldman sachs technology conference in san francisco.have been hearing from twitter and square ceo jack dorsey. uber ceo dara khosrowshahi, coming up. i will speak with david solomon, coming up. heather bellini, i want to start with you on facebook. no company seems to be getting quite pummeled in silicon valley like facebook has been recently. unilever now threatening to pull their ads because of the platform being what they call a swamp for extremism and hate. how concerning is this? heather: so, i think if you are a chief marketing officer, you want to make sure that you are protecting your brand. brand safety is top of mind. it is not just for facebook. it is also for youtube with google. it has been experiencing the same type of feedback. i think maybe some of this might be a little bit overdone. i don't think that facebook and google are trying to create an environment where this type of backlash is occurring, but i do think they are making a lot of efforts and inroads, whether it is investing in people to try and make sure they're

>> diversity is hugely important for goldman sachs.or us to be successful with our clients and excel as a capital organization, we have to have a very diverse organization. we have been working at improving the diversity of our business for 20 years. we hire a lot of people every year, particularly young people out of school. we have been very focused to try to make sure that the diversity of that group of people matches the diversity of the world we are hiring from. whether it is women, black americans, or hispanic americans, we are looking for opportunities to continue to increase the diversity of our population. over the past year we have made great progress. we have brought the number of women up by really focusing on that entry points in the pipeline. if your entry point in the pipeline creates a more diverse it istion over time, pretty much the same. you should do brighter i haven't -- better at having a broader pool. we continue to be very focused on the. >> that was david solomon, goldman sachs president and co-coo. among the i

coming up, we will hear from goldman sachs president and co-coo.lus, deep dive on how to get more women in tech. former twitter ceo and cofounder ceo dick costolo joins us. former uber board member bill gurley ways in. why he sees a lot of promise ahead. our coverage this week from the goldman sachs technology conference right here in san francisco. we'll hear from tech heavyweights throughout the hour including the ceos of gopro, ripple, and goldman sachs. let's kick it off with david solomon, goldman sachs resident and co-coo. david: the year is set up in a way in which i think it should be very constructive for m&a activity and ipo activity. ipo activity started to pick up toward the end of we have got a 2017. very healthy ipo backlog, but we also have an environment for a variety of reasons why meeting for a8 should set up strategic year for m&a. private market valuations, are they healthy right now? i think private market valuations have heightened the bit over the last 12-24 months. capital has been tighter for private market funding. i would

the analyst at goldman sachs.ave, bill will join us for an exclusive interview as the waymo over trial wraps up. why he's very optimistic about over under new leadership. >> all episodes of bloomberg technology a livestreaming on twitter. you can check us out at 5:00 on -- thi sis bloomberg. ♪ bill has been making headlines recently. he helped lead the ouster of travis kalanick from leadership. he took the witness stand and spoke to us kim goldman technology conference in san francisco and we get started by asking the about the state of venture capital, take a listen. >> this is something that has been going on gradually for a 20 year. rather than something that just happened yesterday. go back years and decades ago in the venture industry, they were famous people -- hyper competition has made it so the majority of the biggest fears is missing out on the next investment. they are afraid to have a reputation as some of who asks too many questions or pushes too hard. i think it has led to a situation where there isn

i believe in it but at the level of goldman sachs you don't get to live that. so you do something like this. it is a just writing a check or giving people money because people lend money for financing but invest in education, people have mentors and advisors but everybody loves that because it is one thing to advise a 200 billion-dollar market cap company but it is another to advise a caterer of a family business maybe 12 employees and once to figure out if it makes sense to invest in a new truck or refrigerator. it is nice to practice what we do on a human scale. i know a lot of you have aspirations to leave behind the human scale but somebody who started on the low scale and now has achieved escape velocity. >> small is the new big. >> i always say complement small business people but i never really match a small business person who really, really wants to stay small. [laughter] >> so to invest in the business, you are a great study so where are we? with that valuation of where we are? >> let me just say where it is things evolve. over the course of your care

the analyst at goldman sachs.e, bill will join us for an exclusive interview as the waymo over trial wraps up. why he's very optimistic about over under new leadership. >> all episodes of bloomberg technology a livestreaming on twitter. you can check us out at 5:00. this is bloomberg. ♪ retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ show me the olympic winter games ♪ leaving every competitor, threat and challenge outmaneuvered. ♪ like i've never seen before. ♪ ♪ xfinity x1, yeah, i always know the scor♪. ♪ triple corks in 4k... lookin' so sick. ♪ ♪ stream live on every screen, every win, every trick. ♪ ♪ 2000 hours of coverage, get yo

>> diversity is hugely important at goldman sachs.or us to be successful with our clients and really excel at the human capital organization, we have to have a diverse organization. for 20 years we have been working on improving diversity. one of the things we are focused on is we hire a lot of people every year. we have been very focused on trying to make sure the diversity of the people that we hire each year out of school matches the diversity of the --ld that we are hiring for from. whether it is women or it is black americans or hispanic americans. we are looking for opportunities to increase the diversity of our population. we have made real progress. we have brought the diversity of women into the summer classes that will come up from something in the lower 40's to the higher 40's by really focusing on that entry point in the pipeline. if you do that and your entry point for you are hiring a lot of people creates more diverse populations over time, you should do better at having a broader pool to promote more women through the

brad from the goldman sachs tech conference.as gone up and down with the market, take a listen. >> we have seen the markets bounce back some, but i don't follow it day-to-day. isthe peak of the market over $800 billion. it dropped down to maybe 300 billion and today it is back to 450 or so. counsel for anyone following these markets is, do not follow it day-to-day. believe this is fundamentally a movement that is changing the nature of a new asset class, to measure that over month in years. there is talk about it being the next bitcoin. is that a benchmark for you? brad: i do not think it will be one size fits all. i think it coin increasingly is digital gold. it is a store of value. bitcoin will not solve a payment problem. the time it takes to confirm a bitcoin transaction on averages 3-4 hours. per transaction the fees are around $15 per transaction. that is faster than swift. in contract, x rp's 1000 times faster and cheaper. a sent toaction of confirming transaction and it takes three seconds to complete. i look at bitcoin

the latest from goldman sachs.his is "bloomberg markets: asia ." ♪ haidi: as you mentioned, it wasn't smooth sailing. it was quite a stomach churning roller coaster. buckling and go along for the ride. opening the dow with that lunch, and we had a 25 minute period with a swing of more than 900 points before we had major u.s. stocks finish in the positive. the question is, is this the new normal? his volatility back with a vengeance? let's take a look at how things are tracking when it comes to the asian session. we are seeing this recovery mode playing out when it comes to japanese equities. some of the hardest hit yesterday in the selloff. the topix rising about 3% at the open, the nikkei 225 also up by 3%. this is being driven by tronics best buy electronics -- by electronics and auto. david: finally we can focus on the data coming out. there, and the words of bon jovi, because that has almost been the anthem across markets. really living on a prayer as we extended that rally into january. as the dust continues t

julia: goldman sachs -- david: goldman sachs did a survey and they are listing the things you are talkingbout is the biggest impediment to growth -- regulation, access to capital, and also finding skilled labor. something else you have worked on hard is health care. how much of that is a burden, disproportionately to small business? a big company has a lot of resources to figure out the problems with health care. a small business, it is a lot harder. believeer: i think we that health value -- the quality relative to the cost is probably one of the major weaknesses in america right now affecting our entire economy. we are way off the charts, how costly it is -- incredibly high. the quality of american health care can be very good, but it is highly uneven. the data does not show that american health care on averages better. this is one of our first-order issues. we were starting to make a little bit of headway in restructuring our health care system in changing the way we pay for health care. have been paying based on volume -- if you do more, you get paid more. guess what, people do more.

mikeg up in the next hour, 's well, goldman sachs asset management global head of fixed income. -- goldmansset management global head of fixed income. now your bloomberg business flash. walmart is spending money on the e-commerce leader flipkart. it would be part of a deal that would boost flipkart's valuation to as much as $20 billion. feeling the pressure. movie passes it has been warned that long-term viability is in question. the start of has 2 million subscribers who can watch one film a day in a theater for less than $10 a month, but the more members act, the faster movie moviepassns cash-- burns cash. 2017 was described as unusual an eventful, but the danish coming sees profit rising in 2018. maersk is selling energy units to focus on transport. that is your bloomberg business flash, alix. alix: timeout for the wall street beat. jim watcher says the next bear market in stocks will be more catastrophic event -- jim rogers says the next there market in stocks will be more catastrophic. jeff bezos and other billionaires get crushed after the market selloff. finally, the final offer, qu

goldman sachs shares are down a little today.n why is one bank that capitalizes off of volatility that knows how to trade off this stuff is goldman sachs. my trading source is saying this, that goldman sachs is making lots of profits, that the profits will include today's trading volumes and volatility and this is the one bank that is making a lot of money amid this trading swings. what banks aren't making a lot of money. if you think about it, the banks that focus on much more stayed asset management stuff, and the names that come up there is merrill lynch, bank of america, merrill lynch, much more of a brokerage firm. what every analyst is saying, looking at goldman sachs' quarter, lloyd frank -- lloyd blankfein, his mantra is not working out. now that you have volatility coming back, that puts him in a strong position because they're going to have good earnings, a lot of people think when they report in a couple months. one other point on this markets you got to watch the trading here which it's fascinating to me, it looks lik

the success of goldman sachs, and gdp.ing it better for small business people and growing with it. that's the kind of rationale you here. you also have to have an ethic in the belief. keep going to pharmaceuticals and maybe make a living. part of abeing process that helps cure people. in construction, you have to want to build things. if you are in finance, you have the have a core belief in the value and the efficiency and capitalistss of the system. people work there to try to make a profit. not because they want to win everything but because they want to make enough money so that it is self-sustaining. where you have to keep asking people for help. people go out and make the product, they hire people, they get paid. we give them a wonderful cycle in the country. veryt to do that on a short scale. but the scale is so large, it's not a human scale. don't get to see that operating on a human level. we will show the effectiveness of overdue by investing small businessman. education, programs that help them. negotiate, how t

i believe in it but the level goldman sachs operates, you don't get to live it so you do something likes not just writing a check or lending people money. and goldman sachs, everyone loves that because it is one thing to advise $200 billion market cap company but another thing to advise a caterer which is a family business, with 12 employees, want to figure out whether it makes sense to invest in a new truck or refrigerator and get paid back and be sensible and nice to practice what we do on a human scale and that, a lot of you have aspirations on a human scale and have $100 billion -- michael bloomberg speak here yet, there is somebody who started on a low scale and now he is achieving escape velocity. >> small is the new big. and >> investing in themselves. great study of the economy, where are we in this economy? a little evaluation of where we are. >> let me just say regardless of where it is things evolve. you are in business a long time. over the course of your careers, you're going to see highs and lows of multiple cycles so you always have to be in the contingency planning busin

president and co-ceo of goldman sachs joins us exclusively from the goldman sachs technology conferencen san francisco. julia: one of the most-watched of latecipated delivered a surprise for investors. 0.3% month over month, 1.8% year-over-year, topping estimates. 10 year yield rising to a four-year high after the report at 2.91%, to be specific. joining us now is professor at the university of oregon. great to have you with us. been saying all along, one number does not make a trend at this stage but it helps to explain some of the conundrum last year about why we were seeing a better or more .ignificant pickup >> exactly. why inflation was so low, it seems to be resolving itself late last year. this number in particular being a good sign that maybe the fed inflation forecasts will work out as we get further into the year. >> maybe there hasn't been a huge change and may be market volatility is market volatility but big picture, has the fact that the inflation forecast may be starting to come around to how the fed expected to evolve, does that change the macro backdrop in the sense tha

theater from goldman sachs joining us this morning -- peter from goldman sachs joining us this morningexpecting 56.5, came in at 55.3. i will have a complete breakdown of the manufacturing. it is having a little bit of an impact on pound. is will have plenty more on the next. let's get to the bloomberg first word news. nejra: u.s. oil production has surged to over 10 million -- billion barrels a day. new drilling and production techniques have opened up billions of barrels of reversinge u.s. oil, decades of declining output. britain's international trade secretary has cast doubt on agree tohe u.k. will brexit transition phase. the official u.k. government position is to seek a transition years.of about 2 the uk's prime minister has vowed to fight attempts to extend protections for ex-pats. theresa may said the bloc should stick to its original cut off day of march, 2019. canada's minister of foreign affairs has said that she is cautiously optimistic about the ongoing nafta trade talks with the u.s. and mexico. she made the comments in an exclusive interview with bloomberg. >> significa

coming up, i sit down with lloyd blankfein, the ceo of goldman sachs.hery: first, president trump's budget. we will be discussing it with democratic president of john yarmuth of kentucky -- democratic representative john yarmuth of kentucky. ♪ david: this is bloomberg markets: balance of power. i am david westin. shery: let's get a check on the "first word news." mark crumpton has more. mark: top intelligence officials told the senate intelligence committee that russia is intent on meddling in the upcoming u.s. midterm elections, particularly through the use of cyberattacks. national intelligence director dan coats said that the threat to the integrity of the elections needs to be addressed. >> there should be no doubt that its pastrceives efforts as successful and views the 20 u.s. midterm elections as a potential target for russian influence operations. that director coates added no single agency is in charge of dealing with potential russian meddling and that efforts to utilize cyberattacks will likely continue because they are considered low cost an

oryou believe goldman sachs morgan stanley?20% off of the equities market and they said that rates could rise. debate and i am having a lovely time. actually, it rained yesterday. >> you have taken my voice with you. we will see you tomorrow. manus: monday morning. welcome to "bloomberg markets," i'm guy johnson at the new london headquarters. cash trades less than 30 minutes away. ♪ guy: the equity rally rolls on into asia, but stocks and bonds investors are testing. jay powell's first appearance as fed chair. china's flags in the german heartland. a chinese conglomerate becomes a

still ahead, goldman sachs ceo lloyd blankfein live on the globe an goldman sachs 10,000 sl businessesin washington, d.c. it's a do not miss interview takes place at 3:30 p.m. eastern. a quick reminder that you can catch all of our interviews on the bloomberg by typing the function tv . you have all the charts and interviews and everything else. this is bloomberg. ♪ >> it is 1:00 in washington and 2:00 a.m. in hong kong. i am shery anh. and im david westin. welcome to bloomberg markets: balance of power. shery: hero the top stories we are following. take abounce around and policy from the massive up-and-down swings we have seen over the past week. president trump tackles trade, saying that u.s. steel companies are hanging on for their lives. we look at the latest on potential tariffs as well as the brewing battle over infrastructure. after making a big comeback, michigan's economy faces new challenges. we will have an interview with michigan governor rick snyder. ♪ shery: let's get straight to the markets. we continue to see

david: goldman sachs is part of this survey. they said what you said.t a lot of time on compliance. state and local. every time they cross a jurisdiction there is another regulation. is there anyone trying to harmonize these things? >> i am working on ways to harmonize the regulatory burden for small businesses. the more we understand and appreciate what that looks like the more energy and urgency we will have to address those issues. opportunity, it will take 10 years for a small business owner who gets a contract to build a road. is of the things we can do reduce that burden and harmonize where we go with that approval process. the same is true with the retail business. if you have multiple locations you're paying taxes everywhere. understand the burden so you figure out to lift it. taxes werehat survey not one of the top three persons -- concerns. we had a budget plan last week. some people are concerned that might lead to inflation and higher interest rates. how would that affect small theyesses? on the one hand would give people tax breaks. small b

goldman sachs and wall street they are in the business of making markets in those markets there is a spread and by being both the buyer and the seller in these markets and providing quote unquote liquidity they are highly profitable in a business with you might argue very little risk in a way and they're printing money ok let's talk about your latest creation g.'s euro because this is as the name implies really tough into a huge profit center because there is no. ability to do a lot of the shenanigans that we've seen over the years is that a fair statement and can you give us an update on teaser well i would say and because there are various public offerings going on i have to be somewhat restricted by what i say i can't talk about the profitability or potential profitability but yes this diagnosed exactly what we're doing we're taking this core business of goldman and the various prime brokers unfortunately i don't think they make all their money from just buying and selling i think there's also manipulation and as you and i have talked about as you just mentioned so it's not only i

goldman sachs and wall street they are in the business of making markets in those markets there is a spread and by being both the buyer in the seller in these markets and providing quote unquote liquidity they are highly profitable in a business with you might argue very little risk in a way and they're printing money ok let's talk about your latest creation g.'s euro because this is as the name implies really touch into a huge profit center because there is no. ability to do a lot of the shenanigans that we've seen over the years is that a fair statement and can you give us an update on teaser well i would say and because there are various public offerings going on i have to be somewhat restricted by what i say i can't talk about the profitability or potential profit really but yes this diagnosed exactly what we're doing we're taking this core business of goldman and the various prime brokers unfortunately i don't think they make all their money from just buying and selling i think there's also manipulation and as you and i have talked about as you just mentioned so it's not only it

i have always been a big fan of what goldman sachs is trying to do here.o remember trying to start a small business. it is a little bit bigger. something like 20,000 people. but i can tell you the best were for 80 company for me at the beginning when you did everything. when you get there early and i had to put the coffee on salon people get there they could sit ton at their desk and get work. sleeping afterwards. we had a small fish tank. it became a symbol of what we do and all of these businesses. i would also like to thank lloyd blankfein and catherine and john. they are the ones who really put this together and they deserve a big round of applause. [applause] when i started the business, it was, and most of you in the room will not believe this day existed, but it was before pc's were invented. i know you do not think that was possible. but we literally created our own saturday every afternoon i would solder the circuit boards for these computers that we were buildinge computers that we're building which never worked on eventually we did get them to w

goldman sachs says if you're buying, maybe you shouldn't. goldman came out and is saying today that most cryptocurrencies will likely crash to zero eventually. yet the bank was bullish on the underlying technology which you may have heard this term, block chain, saying it clearly has a role in many types of transactions, a digital ledger that can make more transparent all kinds of financial moves. cashing in on bitcoin, that premises what reality shares nasdaq next jen economy etf exchange traded funds does. mouthy moniker for what it is and it's a block chain etf. right now, it's flat at $23.07. joining us is the guy who runs it, eric irvin. what did it start at? >> $24. liz: it hasn't moved too much. >> we had a nice run off the bat of almost 25+ and it's backed off with the stock market correction. liz: maybe a better way to show, i don't want to say froth, that has a negative connotation to, it but the excitement is you opened with $2.5 million in there, and now what is the etf have? >> it's 102 million as of last night, and to put that

greg, and here with he is the head of this division and goldman sachs, and greg, as you oversee m&a,apital markets -- we have had talks these last couple of weeks about the volatility in the market right now. in your capacity of overseeing deals -- has that actually impacted decision-making? last week was an interesting week and markets and it goes to show conventional wisdom is always wrong. if you go to weeks ago and as somebody about volatility, it would say we will never see it again, but last week we saw at the highest. the market will settle down and volatility will be ok and contained. volatility is generally not a friend of m&a and transactions but it might be a one-time market correction of values being down eight percent to a 10%. i think will be fine. if you are a private equity firm or a strategic looking to buy another company, i've got to think a better evaluation correction i'd be a welcome occurrence. >> absolutely. it is only one way, but if what happened last week results and a percent or 10% lower, than the mindset of seller's for the first time in a number of year

goldman sachs and wall street they are in the business of making markets and those markets there is a spread and by being both the buyer and the seller in these markets and providing quote unquote liquidity they are highly profitable in a business with you might argue very little risk in a way and they're printing money ok let's talk about your latest creation g.'s euro because this is as the name implies really touched into a huge profit center because there is no. ability to do a lot of the shenanigans that we've seen over the years is that a fair statement and can you give us an update on teaser well i would say and because there are various public offerings going on i have to be somewhat restricted by what i say i can't talk about the profitability or potential profitability but yes this diagnosed exactly what we're doing we're taking this core business of goldman and the various prime brokers unfortunately i don't think they make all their money from just buying and selling i think there's also manipulation and as you and i have talked about as you just mentioned so it's not only

when bloomberg and goldman sachs brought me up for a coaching session. i am r.g. share a birthday with him. please welcome, the 108th mayor founder and ceo of bloomberg llp, and someone who understands baltimore's charm, michael bloomberg. [cheers and applause] ♪ man i'm a soul soul man ♪a mr. bloomberg: happy birthday. we share a birthday. that is valentine's day. they say that is unique. but if you think about it, it's not that unique. to a greatlcome

goldman sachs says you'll get for rate hikes and make it to 3.5%.in asia says it will be a moderately tight bandwidth for the bond market. the spanish come with bills. sterling is a little bit under pressure. steepening.ve his that's was going to carry through in the bond market? early for aever too glass of jamison and this gentleman. alexander he cart. -- alexander ricart. juliette saly has your first word news. treasury yields will .it 3.5% in the next six months that's according to goldman sachs asset management. they are defined the consensus for around the three. managerire hedge fund ray dalia oh has seen the roots thes -- dalia has seen roots of a recession in the next 18 months. he says bonds are past their peak but it's unclear how far the stock market is from the talk -- the top. slump is a minor correction typical of late cycle behavior. south africa's ruling party told jacob zuma to quit after he refused a request to resign voluntarily. the executive committee may decision during a 13 hour meeting in pretoria. bank of england policymake

oil is rising on a call from goldman sachs. the market is likely rebalance.p at the high of the session. switching to base metals, they are higher. it beat a con missed estimates. commodities, cattle on heardg strides expansions that were lower than estimates. exports were up 31% year over year. sales gained 23% year-over-year. julia: we have some breaking news. the airbnb ceo is departing. .e is set to be replaced we will bring you further headlines as we get them. earnings, the rally in crude prices has worked both ways. profits lifted to a three-year high, but refining and trading fell short. the shell ceo spoke with matt miller. there is an effect on the different tax assets we have on our balance sheets. it is an effect on the tax history. as a result we had to take an adjustment on our different tax assets. it basically meant a $2 billion non-cash hit to our earnings. going forward it is positive. the united states is the single biggest investment destination. $10 billion a year. we are well exposed to the united states. well.s going to be doing there w

the firm narrowed a historic gap in market cap between morgan stanley and goldman sachs.any from on wall street looks like it's on a roll right now, it's morgan stanley. mark: i love the middle manager story. maybe you could quickly tell us that. this is a double question. tell us the middle manager story a-.kly, but he gave himself tell us the middle manager story. erik: he grew up in a very large family in melbourne, australia. his father was an engineer and very competitive and instilled competition among his siblings. an iqy he gave them all test and he posted on the wall the results of the iq test. with it what his father predicted every one of his children would end up being and he predicted james gorman would be a middle manager. a few years ago, at his father's 90th birthday coming he had one of his siblings raise a glass to his dad and somehow in the course of that, it turned to james gorman and james gorman turned to his father and says, i think i made it, dad. to answer your question about a minus versus a plus, he has done what all shareholders would agree is

now let's talk a little about what will goldman sachs recently well they made a projection of what three g.d.p. growth were russia and twenty chain what i mean while russia's own ministry for economic development expects only two percent gross if i remember right belief so why but you me if it isn't from goldman sachs why do they see a more jolly picture than the russian government or maybe there are jolly fun people listening but that could certainly be one reason but there is quite a different set of numbers there so. you know there are so many various analysts and experts some of them predict less than two percent growth for russia believe our ministry's projection was just over two percent which of course it will be very nice to live up to three point five percent growth projections go even higher but i believe we can begin to talk about such numbers in a couple of years our task for now just to run a comprehensive structural reorganization that would trigger. a move that would involve reorganizing that taxation system works restructuring our expenses reforming economic sectors and t

goldman sachs is doubling down on the bullish stance.itive outlook is driven by a strong economic backdrop were emerging markets. alix steel spoke with jeff curry, global head of commodities research at goldman sachs. jeff: we would argue the fundamental picture is very much intact. what we are seeing on the books represents several different factors. an emhey are more of related asset, traded by that space. they are looking through this noise. i think more importantly, the --kets that have less of the sellers, the etf players, the sfs players are driving this. fundamentally, nothing has changed. the irony is the catalyst for the selloff in the equity market with the inflation print last friday because of strong global economic growth, which is the foundation of our upgrade on commodities last week. x: which fund will provide the best path to inflation if there is a selloff? >> global head, but you have to wait for it. risk.y works if you have 1475, a substantial upgrade. >> let's talk about the fundamentals. this is wti, 1-12 months spr

dorsey cold the goldman sachs -- told the goldman sachs conference there is value in twitter remainings because twitter can work on every device and every platform. chipotle has lost customers due to a string of foodborne illnesses. the head of taco bell will be the next ceo. chipotle has often derided the kind of fast food taco bell sells. that is your bloomberg business flash. tom: thank you so much. two themes with hans redeker of morgan stanley. let us begin with a strong dollar, or maybe it's a weak andar policy of mr. mnuchin now we have a fiscal overlay. we have tax cuts and the new budget is proposed and signed by the president and even the new president budget over the last few days. what does that fiscal overlay do to dollar dynamics? hans: this is obviously a fiscal expansion within an economic it's actually not textbook-like. when you compare the current policy with the previous republican president bush and at that time and 2004, 2 thousand five when it was implemented, there was a lot of hope that would boost u.s. productivity and it did not. the question is, is this a si

goldman sachs, we love them, we work with them, but goldman sachs isn't coming to the south bronx toto make sure we're going on the same track as large corporations and we're hoping congress will give us some help. >> any small business owner has seen, it's time to make the payroll every two weeks, pacing around the night before saying how will i do this, how do i keep this business going another two weeks. what advice will you give a small business owner that goes through that tough process every two weeks? >> don't sleep. >> other than learn how not to sleep and work on your feet. >> you have to be creative. you have to be creative on how you bring your money in, how you spend money, how you supply people. you may have to get creative with the scheduling. you may have to get creative with the jobs that you take. sometimes you have to pass on opportunities because the cash flow simply isn't there. you have to have great relationships, great relationships with your friends, your family. in many cases small businesses are not getting money from banks, they're getting money from family

the view from goldman sachs, live in capetown. and taking off. the promise of 20% earnings growth for the current year. investors shrug off problems with two of the company's major projects. we speak to the ceo, tom enders. good morning and welcome to "bloomberg markets: the european open." i'm matt miller in berlin, alongside guy johnson in london. will have a big smile on his face today. let's talk about market reaction more broadly. 30 minutes into the trading day, basic resources bid. metals are up. i wonder if there is a south africa story in this. industrial goods and services trading higher, banks bid as well. tradingenerally strongly. only one sector in negative territory this morning, and it is food and beverage. nestle and the nestle effect is rippling across the sector to stocks like danone. let's get a first word news update with sebastian salek. sebastian: 17 people were killed and assure -- school shooting in southern broward county, florida. the suspected gunman has been arrested and is said to be 19 years old and a former student

[applause] i congratulate goldman sachs for developing so many small and medium-sized enterprises andor hosting the 10,000 small business summit. the 29t 2,019th 6 million compas like yours regularly generate 63% of all of the new jobs in the country then and play a little bit over half the total employment role of the country. [applause] some of you will also become entrepreneur giants with bill gates and others. but even if you fall a bit short in their stratospheric heights you still have the wonderful satisfaction of having your business child grow into the healthy adult scale enterprise. it's also interesting to note that the next entrepreneurs in the country is changing and changing rapidly. that is [applause] in my previous life in the private sector i invested in lots of businesses come and interestingly i found the ones that were small or medium-size when we went into them ended up making the best rates of return so i don't know why i fussed around with so many big one. they were also the businesses where a single individual, sometimes even a single individual decision could

this was part of the goldman-sachs small business summit in washington, d.c. it's 40 minutes. >>> sir richard branson, ladies and gentlemen. we are thrilled to have you here today. you need no introduction, but i'm going to give you one anyway. you've started over 400 companies in your career of managing businesses over five decades. i'm sure that there's going to be a bunch of valuable insight that you can provide to all the business owners that are here, so screw it, let's get on and do it. and i'm really excited, personally. this is great for me. so i'm just going to start. you started all this when you were a kid. you were 16 years old. you launched a magazine, "student" and you then went on to launch virgin records. i'm pretty passionate about music myself and i know a little bit about the music business, not an easy business, you had no experience in production. so, talk a little bit about this entrepreneurial spirit. you're 16 years old. where'd this all come from? >> well, first of all, hi, everybody, and thanks for a lovely welcome. i think i just saw

84 points you can attribute to the 664-point loss to goldman sachs at the moment. so it's the biggest drag. these might be the biggest laggards but goldman has the biggest chunk of points that is pulling down this market where we are continuing moment by moment to go lower and lower. charlie, you have a favorite word for this kind of day, don't you? mr. gasparino? >> it's called a puke. you can talk to the traders what that means, the market cleaning out its system, getting all the impurities out, and it's a trader word. let me play a little devil's advocate. i'm going quote people we generally don't quote on fox business. austan goolsbee. liz: he's a friend of the channel. >> a liberal economist. larry summers, not a guy i'm friendly with but i know his work. they would say two things, it's not my view, but just to throw it out there. the level of corporate tax cuts may not lead to the massive increase in gdp and possibly earnings that we're going to get from it. we may blow out the deficit on this in a major way if we don't get economic growth up to 3%. if you hav

coming up, more from our coverage of the goldman sachs tech conference this week.from george john about policing online content and investing in ai. if you have a bloomberg terminal you can check out tv , watch us online, check out our graphics. you can contact us on twitter. tictoc, the first 24 hour network streaming live on twitter. this is bloomberg. ♪ emily: coinbase customers are expressing concerns with the cryptocurrency exchange after they with drew unauthorized money from their account. explaineder on reddit how they purchased a number of currencies for $500 and were later charged $1500. we reached out to coinbase for a statement. the company responded, we are investigating an issue were some customers were incorrectly charged for purchases of digital currency. we will be reviewing all card transactions for the last few weeks to ensure all affected customers are notified. all customers can find updates. coastal ventures partner george john built a successful career in marketing as cofounder of rocket fuel. what does he make of the current controversy

i love this upgrade from goldman sachs. the six-month brand call is now $82.50 they see stronger demand growth. that weply response have been waiting for from shale, they see that pushed out to 2019-2020. at some point when goldman sachs throws in the towel short-term, i have to wonder. gina: this week has been a pretty rough week for oil. most people were suggesting we will go back to lowe's 60, trade back in our range and this is really against consensus in my view. if this comes true, this will be a big change for the market. the energy sector as a whole has been a big laggard. it is picked up a bit of that pace in the early part of this year. it is still a tremendous laggard relative to the second. there's a lot of room to the upside should we get that from oil. alix: how long do oil companies need to see these higher oil prices to be confident they can release more spending into their projects? i don't think anyone has a good read on that. david: one of the big questions is the use of capital. where are you going to ta

well above where we are right now, but it could cause a 25% pullback in stocks according to goldman sachstoking about a range of 2155 2298 for the u.s. stock market for the s&p 500. an interesting thought-provoking note coming out today even if it does not necessarily paint what goldman believes is indeed going to happen. here andof rates something that has been affected by rising rates, we are talking home sales. homesales of new unexpectedly falling in january to the lowest level since august and it was the second month that that number missed estimates. we have weakness among the homebuilders today. aboutant to talk mortgages, general electric. according to an analyst over at rbc, the company could face in its cash charge investigation into the legacy some private mortgage business. -- subprime mortgage business. this opinion coming on the day that ge says it will make changes to its board as shares are down by nearly 3%. one area of strength today is airlines as warren buffett is reiterating he would not rule out the possibility of owning an entire airline. he owns stakes in these com

when bloomberg and goldman sachs brought me up for coaching session, we share birthday tomorrow and i'm honored to share stage with him today. please welcome the 108th mayor of new york. the founder and ceo bloomberg lt. and someone who understands baltimore's charm, michael bloomberg. >> signal share the same birthday, it's valentine's day. one out of every 365 and a quarter people ever born on the face of the earth shares the birthday with us welcome to a great event. i've always been a great fan. i remember starting a small business. the first day was me today it's a little bigger than that. something like 20000 people. i can tell you the best times in the whole country was at the beginning when you did everything. get in there early and had to put the coffee on sweeping up afterwards, we had a small fish tank and it became a symbol of what we did. i also want to thank -- they're the ones who really deserve a round of applause. [applause] when i started the business most of you will not believe the state ever existed. it was before pcs were invented. i know you don't think that was p

there is overlap with the information goldman sachs has made public.es that are taking the opposite side of the back with ray dalio. have ine thing these common, one is a chipmaker, one is a bank, one thing -- these are big international companies. the possibility that this is a long bet on the euro. if you wanted to do do that with this strategy, i will paint a picture of how you do that. index, and youe short out multinational companies. you hedge out the chip makers and the energy companies, anyone that does a lot of business internationally, until all you are left with is domestically focused european companies. that way, if you are assuming domesticrises, companies will outperform those who are exporters. you are left with the stock back that is a long euro. that is a possibility here. the way these guys operate, and we have no real insight, this seems to be the correlation trade. you have the benchmark loan, then you look for falling correlation of single stocks against that. and the euro exposure angle is an interesting one because you do see st

now let's talk a little about what will goldman sachs recently well they made a projection but others here want three g.d.p. growth regression and twenty chain when i mean well russia's own ministry for economic development expects only two percent gross if i remember right yeah i believe so why but you mean if it isn't from call that said why do they see a more jolly picture than the russian government or maybe there are jolly fun people listening to that that could certainly be one reason but there is quite a different set of numbers there so. you know there are so many various analysts and experts some of them predict less than two percent growth for russia believe our ministry's projection was just over two percent which of course it will be very nice to live up to the three point five percent growth projections go even higher but i believe we can begin to talk about such numbers in a couple of years our task for now is to run a comprehensive structure reorganization that would trigger. a move that would involve reorganizing that taxation system work restructuring our expenses ref

people have been lamenting low volatility, goldman sachs should do well here nice bounce for them >> you ready for -- >> they are going to challenge you. smart show, carter, mike, dan. >> this one issing go to be epic. >> i can't wait. i'm going the watch it and prudential felons. >> mike flew all the way in for this one. >> boy his arms are -- pru >> pru. >> good financials, pru gets you done have a good weekend. >> you too, scott. >> "fast money" is off the next two weeks for special coverage of the winter olympics don't worry, head over to our twitter at cnbc "fast money" and we will keep you updated meantime, stay tuned for full coverage of everybody's favorite winter olympic sport, curling, right here on cnbc "options action" after this quick break. cfa institute. directv has been rated #1 in customer satisfaction over cable for 17 years running. but some people still like cable. just like some people like banging their head on a low ceiling. drinking spoiled milk. camping in poison ivy. getting a papercut. and having their arm trapped in a vending machine. but for everyone else