with us in new york, howard ward. u.s. multinationals have a deal with trade every day. al. howard: yes. global trade is about 60% of this is an so enormously important topic. it is important that we do as much as possible to avoid hurting global trade. gdp, andl hurt global as you mentioned, a lot of u.s. multinational's are significance exporters and we own a bunch. can weren we talk up -- talk about apple when we come back? howard: sure. tom: this will be a wonderful conversation and well-timed. out with a new paperback with an afterward. a look at the past and a forward view of american monetary policy tomorrow at the total clock hour. -- at the 12:00 hour. this is bloomberg. ♪ francine: this is bloomberg surveillance. daybreak, bloomberg with jonathan ferro and alix steel and david westin. what are you most looking for two? jonathan: regulatory overhaul, i think that is the big takeaway with their interview with the president of the united states. will it be a breaking up with the banks or something like the u.k. version? that with skyto bridge. river,am stuck on the

ward. jay howard forced into the wall by ryan hunter rter champion at 256 miles an hour.rborne. hits the safety wall cockpit first. two more feet and his head is crushed. terrifying wreck. look at this. unreal how these guys survival these speeds. hard to watch and more amazing is dixon walked away with barely a scratch. >> just a little beaten up there, you know. definitely a bit of a rough ride. you just hold on and you know, believe in the safety progress that we've had over the last many years. >> seven laps to go. winn winner heelo castro nefs, and gets by castroneves, first ever japanese driver to win the race. and of course traditional drinking of the milk. and one happy champion. >> and we come to the side by side with laps to go, that's the moment, you got go for it. and we did it and we pulled away and fantastic. >> unreal. >> warriors took a day off today to get family time and avoid the media onslaught for 24 hours. but cavaliers hard at work. this is the best cleveland roster past three finals as lebron has so many more weapons at his disposal. but defending

and ward village in hawaii is 9 million square feet of development. in terms of history, howard hughes, you think of him as an aviator but made most of his money in real estate, he invested in real estate, he acquired sommer land. they bought rousch for the shopping centers and didn't take much interest in the master plan communities. we got involved when they filed for bankruptcy and that's when we bought out the 50% interest held by the heirs of howard hughes. and howard hughes began its existence when we spun it out of general growth. just a little bit of history on the company. we bought 25% of gdp in 2008 for $60 million. filed for bankruptcy in april of 2009. i talked about it at this conference in may of 2009. i think the stock at the time was around $1. we bought out the hughes heirs. the company emerged from chapter 11. investors made 100 fold return versus the november 2008 price while bondholders got their money back. we spun it off to shareholders and got backing from black stone, brookfield, fairholm and us. in 2011 we bought the 47.5% of woodlands held by morgan st