guggenheim is one of the u.s. money managers.pes to strengthen that division by diversifying its u.s. dominant investor base. , our guest our scoop is here. >> that is the big question. there is a lot going on. at memory we have executive changes. is stepping down. a guggenheim, there have been a series of sec reviews into different dealings over the different managers. whether munich holds the mandate because of this. there is a competitive rate now and manage rate -- institutional investors are $30 million of assets at the time. goldman wants that money. jpmorgan wants that money. guggenheim was a great mandate. what happens next note these discussions have ended? -- guggenheiming looking for someone who is interested? >> yes. talking to different investors about this possibility. my sources say that there have been inquiries as well from other different types of investors as well. insurers, chinese insurers, japanese insurers. there is interest from across the world. things can change very fast. thank you so much. when somethi

what caught up with scott minor at guggenheim.t he has to say about refunding and what it meant for crowding out other assets. we are getting to the point where we are getting a crowding out effect where treasury bars are becoming so large it is making it more and more difficult for other are worse to get access to capital. jonathan: mary, arrieta point? -- are we at that point? mary: the strong technical we had is the dearth of supply. we have not seen an issue with issuers coming to market yet. that is part of why we think he was high-yield has done such a good job. jonathan: supply is supporting high-yield? we have not seen a crowding out effect come yet. krishna: he saw a bit of crowding out effect in the investment great market in the first half of this year where widened meaningfully. i would get back to things i've said before. figuring out where rates are moving based on just treasury supply widened is looking at onr in the market. it really has a lot to do with deficit and trade corresponding capital flows that are coming

this is where the guggenheim was designed.on years, he didn't have a lot of work. his wife said, "if you can't create architecture, why not create architects?" and so he started the school. when you come to taliesin to study, you're fully immersed in architecture. uh, you're living it every day. you'll see the students working in the drafting studio, uh, cooking in the kitchen, setting the dining room. and the students have been working in this space, the apprentices, uh, continually since 1932. you know, they're learning by being completely immersed in the, uh, the buildings of taliesin and taliesin west. >> talk about immersive learning. just as they did in the beginning, the students live in the desert. instructors, they make themselves. >> when wright first came here in -- in 1938, there was nothing here. so he purchased these canvas tents for the apprentices to live in while they constructed taliesin west. as they had free time, they would expand on the tent. maybe add a wall, add a concrete floor, until it kind of grew i

let's bring in scott minard of guggenheim and jeff rosenberg of blackrock. us, michael mckee reporting from the federal reserve. treasury came out with its refunding statement, the announcement today, the quarterly announcement, and we will be issuing a lot more debt. moreel: we will be issuing debt and this is an area where treasury and the fed converge s. as the treasury issues more debt to fill the hole created by additional spending, we see treasury issuance rise significantly after declining for a number of years. it was up because of the spending we had to do to get out of the financial crisis, going down, then coming back up at a time when the fed is raising rates. ratherrage maturity and than average rate paid by the u.s. government has been rising. and over the last five years, it has cost the u.s. government the higher rates about $100 billion, and that will continue to go up as we issue more paper. in the second half of the year, we will issue more than $700 billion worth of paper, which is the second-most ever after 2008 and the financial crisis,

we caught up with scott minor at guggenheim.e a listen to what he has to say about treasury refunding and what it meant for crowding out other assets. take a listen. scott: i think we are getting to the point where we are getting a crowding out effect, where treasury borrowings are becoming so large it is making it more and more difficult for other borrowers to get access to capital. jonathan: mary, are we at that point? mary: we have an opposite issue. the strong technical we have had, frankly, has been the dearth of supply. we have not seen an issue with issuers coming to market yet, and that is one of the reasons we think u.s. high-yield has done such a good job this year. jonathan: to mary's supply is point, supporting high-yield? we have not seen a crowding out effect from the treasury yet. krishna: he saw a bit of crowding out effect in the investment grade market in the first half of this year where spreads widened meaningfully. but i would go back to things i have said on this show before. figuring out where rates are mo

. >>> square is being called the best new idea and highest convicti name in thin tech by guggenheim.lyst there for higher subscription revenue for square. the price t the stock upto 685.70. kansas city southern to market perform at cowan. the analyst cites the preliminary trade agreement between the u.s. and mexico saying 50% of the company's business comes from the mexican market. the price$1 target no. the stock rose almost 1% to $119.45. >>> still ahead, yet summer was a hot one for the airline sector. ♪ ♪ ♪ >>> ford's credit rating w downgraded a notch above junk by moody's. the ratings agency warned that its rating could be cut further if the automaker doesn't make clear progress on its turnaround plan. ford faces weakening profit margs in north america a softer business in china and losses in south america and europe. >> the rally in stocks has been broad and some say thearket is firing on all cylinders and that's not necessarily translating into more savings for retirement. bob pisani, explains. >> the markets are at n highs. how is your retirement fund doing? the good news is

around corners and how things feel. 59 productions have previously created the light shows with the guggenheimera house, but its next project is going to focus on the sound of minutes of silence in a dark room with no light at all. we like to try and do things that are quite different, i suppose, so sometimes it is huge scale and colour and the crowds, and sometimes it is intimate and small in museums. the next chance to see this is at the edinburgh festival on august three. that was jen at the royal albert hall. now, the tour de france is coming to an end this week. the monumental 3351 kilometre race is now 115 years old. fans love its epic proportions and its gruelling pace, but this year they may also be able to enjoy lots and lots of lovely data, because analytics and machine learning are coming to one of the oldest sporting competitions in the world, and kat hawkins went to find out how. this year's tour de france is taking place against the same beautiful french mountains as always. but there is a big difference this year. technology is playing a big role. cycling is becoming increasingl

through this story, we will be joined by paul .ollins he is the author of nine books of nonfiction, a guggenheim of new and a chair england state university. >> thank you. wonderful to be here in the city, where these events not but one of the institutions that was so crucial in researching the story in the first place. one of the ways i even came to this story was through teaching. a lot of my writing seems to begin this way. i was teaching a class in the victorian section. i had students looking at dickens, the mystery. famous mystery, because dickens passed away in writing it. the book was intended to go, because the plotting came from his son, describing an ending that seem to draw elements from the western taste -- western case. it was published in a magazine and on account of it and when he this was one of the first things he wanted to see. i'm going to begin reading from the prologue, which is set to 19 years after the case. as was mentioned in the introduction, this was a case that had unfolded after an alumnus of the medical school was out to making -- out making his usual rounds. visit

guggenheim's steve forbes says there was an ongoing concern about the impact of transportation costs.say the view -- they do the company as best in class. a lot of enthusiasm. we are hoping to see that translate into slightly higher movement in the stock price today. >> i want to mention its competitor lowe's is out with their numbers on the 22nd. i pulled up a stock chart because we tend to look at lowes in competition with home depot. they had been trailing home depot for a wild. if you look at it on a one-year basis it is a tighter race. we will see how lowe's does. mark? >> still ahead, crypto crunch. why bitcoin and other currencies are retreating. it going down by 3.6% today. this is bloomberg. ♪ >> live from london i am mark barton. >> this is bloomberg markets. collateral damage, the rand is down as turkey's financial turmoil impacts emerging markets. the south african trade ministers both to bloomberg about the challenges facing his country. >> we have been affected by the currency instability of the south african rand, it has gone down about 13 something to the dollar to abo

guggenheim's scott minor, diane scott, and jeffrey rosenberg from blackrock on it.ow first word news. kailey: china says trade disputes can only be resolved through negotiation and blackmail will not work. the u.s. wants to ratchet up pressure on china. bloomberg has learned the trump investors and may double its plan to tariffs on until hundred billion dollars of chinese imports. beijing may be waiting for the rest actually take action before it unveils its next move. meanwhile, the u.s. and mexico close to resolving one of the biggest sticking point in rewriting the north american free trade agreement. bloomberg has learned that they are in their final stages of negotiating a deal on cars sold under nafta. ministeran economy will be coming tomorrow for talks with the u.s. trade minister. president trump has renewed his call to end robert mueller's investigation. he tweeted that the attorney general jeff sessions should put an end to the probe. he called it rigged. and a disgrace to the u.s. global news 24 hours a day, online and at tictoc on twitter, powered by mo

square shares climbed in wednesday's trading after guggenheim added it to its best ideas list and gavee best price target on the street at $100 per share. the revenue potential from the firm's cash app is underappreciated. coming up, one analyst out with the most bullish call on the street for amazon and alphabet. why optimism for tech is still playing the market. this is bloomberg. ♪ toly: u.s. stocks plowed records on wednesday with tech shares helping lead the way. a bullish tone for alphabet and amazon. the latter is hovering at new all-time highs. romaine bostick joins us now from new york with more. talk to us about this note from morgan stanley. >> he is making a very bullish call. frankly, he is not really alone on this. quite a few analysts on wall street have taken a much more bullish view, if that's even possible, of a lot of these big tech names. a lot of it really has to do with their market dominance and what a lot of these analysts perceive as their continued dominance, when they look at names like amazon, alphabet. a lot of what they are looking at is what type of compe

rob sira guggenheim thank you. >> thanks. >> you bet. >>> the coming up the u.s.on trade leaching canada the odd man out is a tri lateral deal doable plus can goods have stood the test of time but are time changesing look at the old versus new the takeout on campbells verpsz grub hub >>> if you are in the market for a home wait. the new report says it's not a buyers market yet. but it's coming. we'll tell you when. all that and more when power lunch returns. ♪ becausi'm ine gog to make this place your home ♪ ♪ ♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest. are you ready to take your then you need xfinity xfi.? a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. >>> welcome back to power lunch. with the trade deal in place between the united states and mexico, the focus now shifts to canada an

was convinced that ballenger has given lamb's to us in the kit that was controlled by morgan and guggenheimss contributors to taft campaign. taft'sributors to campaign. he accuses ballenger of being corrupt. that,eviews and concludes in fact, bollinger had not been corrupt and there was a legitimate reason for not preserving the lambs. he exonerates ballenger. but pinchot is convinced it was a cover-up. -- taft firesys gladys for insubordination. he fires pension. -- pinchot. he seems possessed. he knows it will have huge consequences. he says he cannot tolerate insubordination. then there are the congressional hearings. the democrats higher the robert mueller of the day, brandeis, the people's lawyer, the guy you do not want against you. brandeis reviews the record and concludes that taft backdated a document that he reviewed to exonerate ballenger, suggesting that a cover-up is worse than the crime. he exposes this on the stand and he accuses taft of corruption. cap says that he backdated the document to create a chronological record of the evidence and relied on like a judge reaching the

a visiting professor at northwestern and harvard law school and in 2,008 awarded a guggenheim fellowshipin constitutional studies. he appeared before the u.s. supreme court to argue the medical cannabis case after successfully arguing in the night circuit in that case one of the rare cases the ninth circuit got it right in the supreme court got it wrong. [laughter] he also co-authored an amicus brief in texas and appears frequently on television programs in the author of several books including restoring the lost constitution. constitutional law cases in context which is a very important book that gives a casebook on the constitution to take a historical perspective to the evolution unlike most other common-law casebooks the author of contracts cases and doctrines in the structure of liberty was awarded the ralph gregory book award and translated into japanese. please welcome professor barnett. [applause] >> thank you for the introduction it is a great pleasure as always to be back at cato. and it is truly a pleasure to be here to celebrate the publication of helen knowles new book the t

no it's jack dorsey and the super square the stock is soaring 6% hitting an all-time high after guggenheimses it to 100 bucks calling it the best idea shares are up 150 pertz this year can you still buy it here? >> stocks will go to 85 and from 5 they go to 100 and they put on a 100 price target what's most important to remember is this say company that has the $1.5 billion in sales and that's for the next few years so if you believe in that sort of revenue growth and the size of the pie they have in mobile payments could the stock go up another $15? >> what do you say, pete >> i like the name and i think it does go to 100 and paypal is a better buy and with the valuations and there are comparisons there and paypal makes more sense, i think. >> there is something else that sent square soaring and it is back to 7,000 and there are signs in the market that many bitcoin shorts could be waving the white flag and let's head back to the nyse hey, bob >> always a pleasure to be with you, mrelissa. bitcoin rallied and the cboe bitcoin has had a modest decline in bitcoin short positions the more wi

ballenger, the new secretary, has given lands to a syndicate that might be controlled by morgan, guggenheimd other contributor to taft's campaign. so he lays his charges before pinchot, who takes him to task, basically accusing ballenger of being corrupt. taft reviews the evidence, like a judge reviewing a case, and concludes that in fact ballenger hasn't been corrupt, and there's a legitimate reason for not preserving the lands, and he exonerates ballenger, but pinchot is convinced there's a cover-up. first taft fires glavis for insubordination, because he's continuing to make a fuss, and then although he knows the consequences, he fires pinchot. possessed,, pale, because he knows it will have huge consequences, but he says i cannot tolerate administrative insubordination. then there are congressional hearings. unfortunately for taft, the democrats hire as their counsel the robert mueller of the day, the brandeis, the people's lawyer -- lle brandeis -- lee brandeis, the people's lawyer. he concludes taft backdated a document he used to exonerate ballenger, suggesting to those in washington

guggenheim investment chief said, sell your stocks in august. see, quote a perfect storm for a recession, cooing liberal pull krugman and larry summers. they both said the same thing. remember when liberals said get out after trump won the election that cost some people so much money. if you listen to bull market haters at msnbc or cnn you would have lost a lot of money. remember when the media predicted dire consequences over this trade fight. let's take a watch. >> the future is looking very grim right now because, you know what? trade wars lead to bad things happening. >> dow futures are down sharply as concerns rise over a potential trade war. >> this move is sending u.s. stock futures plunging. >> does the president not understand how a trade deficit works? >> looks like the beginning of what people said was coming, a trade war. >> wilbur ross said he is surpised by market reaction. i would like to make something clear. wilbur ross is lying to the american people. check yourself, mr. navarro. liz: bring in trend macro chief investment offic

anna: we were just showing you a tweet from the cio at guggenheim partners. 1997 and the current turmoildo you? also point to lessons learned from that crisis and better management generally in the crisis. in 1997ay the country got very hurt. they have put plans in place to try to limit the pain we saw in 1997, for example, building up tion ofs, non-dollariza debts. there is more of a buffer. there are obvious parallels, but for now the real currency crisis is limited to what is happening out of ankara. startedhe one thing i the risk radar with this morning was the dollar. the phrase is the dollar showing its muscle, really beginning to flex its muscle. does that continued with the fed, which we are working on the assumption will continue with gradual hikes? is dollar a risk for you? >> it looks like it is going to continue higher. the only thing we think can get in the way is the weakening of the u.s. economic picture, which we are not seeing at the moment. anything above $4 billion is what people think will continue to hold the u.s. dollar in the pocket. with the slight turn on emergin

the mandate also included guggenheim to oversee $30 billion in assets from munich re.ich re now holding talks with other asset management to oversee those funds. as we stand, the talks are off. matt: sebastian, thank you. you, joining us for the stocks to watch. market open five minutes from now. futures are mixed, but there are interesting individual stock stories we will be following for you. the open is next. this is bloomberg. ♪ retail. under pressure like never before. and it's 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. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and runn

bloomberg has learned the guggenheim partners talks to state -- discussions involve the mandate focusingn thursday -- that is the bloomberg business flash. shares of advanced micro devices are searching. after getting a street high price target. this is way outperforming the price targets. a five day 50%on run. if you go back to july whenever ordered earnings, it is up 38%. of gamingng a wave and cryptocurrency mining. it is outperforming the rest of the chip sector but it has gotten a lot of attention by analysts. pricelatt raised the target to a street high of $30 per share. the average price target has gone up 20% in the past four weeks alone. that occupiespany a similar place, nvidia, fell after earnings and is basically back up new all-time highs. these fundamental drivers that you identify, graphics, gaming, crypto, that is kind of not going away. >> it is a little bit volatile but going back to amd they are doing a good job of smoothing it out. credit goes to their ceo. they brought her in in 2014. she was part of that wave of female executives who came in that year. she has done

guggenheim has said it is time to take risk off the table. is he right?: it depends, i would say. often, these situations give you opportunities. there is no black or white. market ishow deep the falling and you have to look for bad things. especially the turkish market is hit extremely hard and i would say there could he an opportunity for you short-term. think it will be solved. turkey will be something you will have to talk about the next month or the next quarter's about. guy: what is working right now in your portfolio? me, it depends. as the cio, i overlook all european strategies and i see at the moment that it is fun to have small caps in your portfolio and growth stocks in your portfolio with the idea of real growth behind, but for me in my deepest heart, i am a more defensive investor and like to have dividend stocks in my portfolio. night, mostp in the of these guys are paying dividends and that is what i like at the moment. be clear, there are a couple of good opportunities in the european stock market at the moment. guy: there are a couple of

as well as guggenheims robert sarah. good to see you both why the upgrade?ama free conference call >> as they have moved to volumes and generate gross profit on the model three, there should be a lot of earnings power on this platform it got confused with the solar city acquisition when we downgraded the stock what we heard last night was they targeted growth margins and if they're ability to deliver on that, the stock is going to go a lot higher >> you think this is a reality >> what we have seen historically is that short-term guidance has been relatively accurate it's been difficult to trust, but they're a third of the way through the quarter, the third quarter, we think there's a very good chance they hit that metric, and if they do, we think that stock moves higher. >> robert, do you agree? >> i have liked this stock for a while and frankly this set up has not changed, we have been waiting for volume and model 3s ramp and the model 3's are ramping. as you ramp volume, which they're now doing, you should get a lot of positive leverage off that fixed spac

guggenheim raising its price target to $100 naming square its best idea. >> thank you very much records once again for the nasdaq and s&p 500 the dow getting closer but still about 500 points away. the rally rolling on at the new york stock exchange where we find bob pisani. >> hello, old friend in the traditionally slow month of august, optimism or trade is the gift that keeps on giving. it happened again today. let me show you the s&p 500. look at that circle. that's when we got word about canadian foreign minister chrystia freeland making optimistic commentary saying progress was being made by the united states and mexico and canada to resolve their trait differences and the market just started lifting. now we have word prime minister trudeau in canada said there may be the possibility of a deal on friday the bottom line is it just keeps working the trade story overall. about 10:00 a.m. the dollar tended to drop this also happens on optimism on trade talks. the dollar down and that helps a whole bunch of things, particularly material names, steel names, energy names tend to rise. so