>> well, james gorman pointed out that, in january that they're spending more money, as if, you know, there was the knowledge that this is something they're dealing with, on software and systems to really be more involved here. again, i think it will impact in terms of processes. it has to. having said that, i think this is going to be an overreaction. this isn't a reason to not buy the stock. the reason not to buy the stock, there they be some dynamics in the wealth management, asset management, overall trends that i think -- look, it's been as good of a spot for that business for the last two years, and the stock's underperformed. i don't love that. i also, you know, i was reading a report by jeffries, they point out, dead capital marks are actually kind of back. equity capital markets are coming back. m and a advisory fees, they are the lowest they've been in a long time. the dynamics for the other parts of the business aren't great. those are the things i'm more worried about. these headlines are things to pay attention to but this isn't the reason why i would not be owning the st

mark parker, james gorman, heading up that committee. just have a hard time imagining that it would go anywhere near the i said of his tenure. the key will be if somebody does comes in and how long that transition is, and iger was not willing to give me a timeline. he wasn't willing to go there. >> is the betting it would be an insider or someone from the outside? do you know? >> i think it's too earlier. there's certainly a number of candidates internally. this is not a company that's gone outside, as you know, tyler. if you want to go back when iger succeeded eisner, there were some outside candidates. meg whitman was in there. my guess is the higher likelihood they'll have an internal candidates. >> what's next, then, for nelson peltz? what's he got, i don't know, 3 billion dollars of shares? >> yeah. >> what's he likely to do? he can, i suppose, be satisfied that his stockholdings are worth more than they were when this all started. >> he will point to that. certainly there has been a benefit. don't forget, most of that is made up of

. >> james gorman said it. a lot of what peltz was looking at is stuff they have already done. >>> let's talk about apple. reportedly looking at developing home robots after abandoning the electric vehicle ambitions. according to bloomberg, they are looking to build robots to follow you around the home and a tabletop device to use robot you cans for a display screen. if you are doing a facetime call and if you went like this with your head, the screen on the other end would do the same thing. move a little closer to the jetsons. >> i was more interested, by the way, of the new lom. if you believe the -- >> large language model? >> it could be better than chatgpt. >> they have promised that for the developers conference. >> if you believe that model is going to be as good. >> we need a robot following me around? what would it do? >> if it did the dishes, that would be cool. >> i don't think it would do that. i have three dogs following me around. i'm not sure it can help me. file my nails or something? >> i'm no

and we spoke to james gorman on the committee.hallenged. still sub-5200. utilities and energy the only two sectors that are green. 10-year come off a little bit, 4.36 but the long bond above 4.5. still to come, tech is the worst sector in the market. there is a reset coming for that group? we'll discuss that after our break. xwch l - so this is pickleball? - pickle! ah, these guys are intense. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. when i was your age, we never had anything like this. what? wifi? wifi

that is why iger and james gorman on the board to help succession.s a challenge to find somebody with that type of operational expertise, period. when you look at the espn piece that they are carving into its own business and parks and resorts and experience and the rest of the business, the streaming and studios, they need three strong leaders that sort of have a ceo that is great at running those three leaders. each leader will have to be different. this is the problem a lot of massive companies, whether it is apple or microsoft or whatever, they become so big and profitable can one person run all this? this is a challenge for a lot of big companies including disney. where did we go from here with succession planning? finding another iger is obvious he not going to happen. caroline: one reason iger might want to hand over the baton sooner is he's done with mudslinging from people like elon musk. musk said he would support peltz joining the board. he has an ax to grind against bob iger. what do you make of that? ross: hopefully elon can keep his job

suggested, well, inflation will be stickier, or i wouldn't be surprised if we get no cuts like james gorman. on this note, we do have the headlines now from the richmond fed president barkin. >> barkin saying it's smart for the fed to take our time before beginning the process, remember that word, the process, of toggling rates down. he thinks they ought to cut rates but not necessarily right a away. he's optimistic keeping rates can bring them back to the target. he's looking for inflation to decline and he wants it to be sustained and he wants it to broaden to more goods. we've heard that from a bunch of fed folks, the idea of broadening the decline. higher rates, he believes, is yet to come especially showing up in balance sheets of corporations and higher interest payments. the economy is less vulnerable to a slowdown. companies spent time preparing for one that didn't happen. a couple other points, he says the risk of continued shelter and service inflation is something he's watching carefully because goods prices, which have been negative, have started to normalize. he believes the fe

we have a succession committee that our chairman chairs and james gorman who just joined the board is they met seven times last year and will meet more this year. they're confident they'll choose the right person at the right time. >> after that interview, trian told jim cramer he's heard all this before and it hasn't been enough. >> i had no issue with bob. the only issue i had with bob was the succession plan, which, again, is at the feet of the board, not with management. my issue in this fight was with the board. i don't believe the board was doing their job. that's the problem here. if they did, then they would have had a succession plan that works. >> disney shares are up frac shanally today. so will disney and the board be able to meet the shareholder demands? let's ask alex sherman out with a new piece today, laying out what the company needs to do next. there's a note this morning highlighting a new risk now that this one isle behind us, saying that iger could stay longer than his 2026 contract. do you believe that's possible, and do you see that as a good or bad thing? >> i

bringing on someone with like james gorman from morgan stanley who did it right there under a lot ofure, you know, i think that will be an issue. but again, everybody wins. you know, the stock's up over 50% since last october. but there's more upside here for a sock that was once el well above -- a stock that was once well above 200. so i would look to really good execution across the areas that have been troubling. entertainment is 45% of revenue, 8 of operating profit. the theme parks are doing great and sports is a keeper for the long term. liz: well, if you compare disney's performance year over year with with the s&p 500, because i was looking at this, it's underperforming. i mean, the s&p over the past year, 52 weeks, up 26. we've seen disney's stock continue to go down today, so i think it's give or take disney's been up about 19-20%. this is year. so year to date disney has outperformed. what we'd love to see is year over year because that's the s&p 500 comparison, i think, that shows over the relatively short term, you know, people would like to see a better performance here

as james gorman has said. >> i actually think that would be the most bullish thing that could happen, it would suggest, inflation is a problem, the economy is fine, it can withstand rates at these levelsn sustain rates at this level. people are wishing for rate cuts, and i've said, be careful what you wish for, the inflation genie i think is right back out of the bottle in the form of all the things you mentioned at the top of the show, and the fact that gold is rallying, with the dollar going higher, and yields moving the way they're moving is really interesting, and i think significant, melms. >> i agree with everything you said. i think it would be that he's not raising rates, because things are good, and dhint need to, i mean, it would seem like this isn't a great time to start cutting, you want that dry powder when you need that dry powder, right? we don't need it right now. so, i -- i'm surprised there's still three on the table. i -- i agree with your open. could be two, could be one, wouldn't be so shocking. three is more surprising than zero, i would think. >> right. but to d

what i like, and i saw in my career is they have james golf -- gorman, executive chairman open morgane disney board. he went through a much more difficult period of succession back in 2009 or 2010 and he's going to be a board member that bob iger is going to look to. i don't think bob iger wants to go past 20 6 but we brought lot to questions a a lot of investors had about implementing a plan, not just having one. now we're going to see disney results. haidi: how does this play out with future proxy battles? does that mean we'll see boards programs invest more in these anti-activist responses? >> they're always there and i think -- the important thing that investors want and in this case with disney, 1/3 of the investors -- but the institutions want to stay transparent. they want to see a strategy that makes sense and also see results. bob iger is very capable to do that. i think when you look across entertainment, another one, it won't be a proxy battle but paramount is considering selling the company given that it's a small player in the changing world from linear networks to stream

i like the way you started that conversation, i appreciate it in your video roll before this james gorman'sn backward looking and it's time to look forward. i think this annual meeting drama and the proxy battle is based on real substance and fascinating, but actually, with disney trading at $123, now 122, thank you, per share, the stock price is certainly looking forward and analytically we should too. >> stock prices, sorry, is saying what? >> is looking forward. 123 is a generous enough stock price that it's discounting a huge improvement in profitability at disney and that was the primary bone of contention in this proxy fight. so making the case that the stock price has begun to look forward and it's time for the conversation about disney to as well. >> they have to deliver to a certain extent. what is the key thing there? being able to deliver on the promise of profitability, for example, in the direct to consumer business? >> that's the number one. the board and the succession issues are important, they're critical, they won't be resolved in the next few months. they shouldn't be res

you either felt that james gorman had just tanked it so that he could come in hot, or he could say, listenwhen he's ebullient about m&a, and about ipos, i mean, david, that's your world. >> it is. >> welcome to it. i'm back no your world now. >> the m&a world, i would not share that ebullience. there's a level of business that will continue to get done. as we get closer to the election, i think, certainly, from the perspective of companies considering a large transformative deal, which we have seen very few, of course, harder and harder to get done. so, we'll see. >> can i have a little comedy hour? do you mind? can we sneak comedy in? and i ain't talk c-o-m-i-t-y. the ftc apparently wants to block tapestry buying capri. that's stupid. that's okay. you can use the word. >> yes. >> it will not -- i mean, i guess they're looking at the 0.7 increase in apparel over the course of the last year. but this is being blocked, i don't know, because of jimmy choo? is jimmy choo the issue here? or is it michael kohrs? >> i'm not certain. i'm aware of what you're discussing, of course, if that it has b

. >> i can't shake some of the ceo commentary we've gottenen from the brngs, thinking of james gormang i don't think we're going to have any rate cuts this year or ceo in the tech space or in the food space, saying the economy is too strong they're not going to cut rates this year? >> well, actually, they should cut rates if inflation goes down even if the economy goes on. that is the super best case for stocks,s as we know going forward. inflation going down and economy staying strong they -- don't forget, they regard the current 5.3% fed funds rate as restrictive and if they see inflation moving towards their goal, long run, they think that the fed funds should be 2.6. i don't think it should be that low. i really think it should be 3.5 to 4, but that's still a point and a half below where we are today. they regard the current levels as restrictive if inflation goes down, they will lower those rates just on that basis alone even if the economy chugs along. >> okay. jeremy siegel, thank you very much for weighing in. >> thank you. >> appreciate it the bulls will like to hear that the

bob iger's first day back was my first day on the board and we added two new members james gorman whouccessful transition at morgan stanley, mark parker, we have calvin mcdonald and mary barra on the succession committee and the process, i feel, as a relatively new board member, the process is really buttoned up. i also feel strongly about the talent on the rest of the board. mel is on the board and oversaw some great succession planning at coca-cola when james quincey was anointed the new ceo. there is a ton of expertise and it's our number one priority. >> carolyn, there is the possibility should nelson peltz win that board seat you have to be thinking ability succession a lot sooner, mr. iger may say i'm not up for this. would the board be prepared for that outcome? >> the way i look at it as a board member and shareholder, we look at the track record of success since he came back and we want there to be harmony in the board room and also to be really good debate because there is a lot happening in the consumer media landscape. consumer behavior is shifting dramatically, but it's n

we have a succession committee that mark parker, our chairman, chairs, and james gorman, who just joined they met seven times last year. they intend to meet even more this year. they are confident they will choose the right person at the right time, and they have some time to do that, but it, again, they're treating it, you know, as -- with a sense of urgency, because it is so important. clearly, shareholders care about that, given what the company's been through these last few years, as you would expect. they care about what ends up being our top priority strategic. they want to know about the future of espn, about streaming and how it can be profitable. they care about our films, and they're interested in growing our parks and resorts business, where we said we're going to spend $60 billion over the next 10 years. amazing consistency in terms of subject matter and the list of priorities. >> and all things we're going to talk about in the time to come here, but -- >> but maybe no mistake, though, because you mentioned the 30% a few times. this was decisive in terms of how shareholders v

heard from mike, james gorman, through his own succession, mark barger and taking it as they should seriously and then go broader. paramount. >> heard of it. >> you've heard of it. involved in the middle of it. >> a bit. >> a question how a transaction can take place so shareholders are treated fairly, so the redstone family can get as much money as they can. can you speak how this could work, or not? >> obviously, i can't really address it other than to say all parties involved share redstone and her position, the committee representing public shelters and their position, b shares, are taking every day exquisitely seriously in terms of doing the right thing. the right review. the right thing for the company in the short term and the long term and just highly focused. >> do you think there's a deal in the next 30 days? >> you know i can't say that, my question is why negotiate exclusively with one party if there's a potential higher offer? >> you know i can't say that either. i can tell you -- >> theoretically. >> theoretically you would do something weighing all of your options, thinking abo