joining this is jason kelly from bloomberg news, executive editor for global tv. e outside the bubble, explain exactly where is and what are hudson yards and a high line. jason: it is a beautiful day on the west side. i'm looking right at the hudson river. we are a little south and west of you at global headquarters. what you see behind me, the biggest commercial development in the united states. it has even more significance because of the names moving here. the decision to move kkr from midtown has caught a lot of peoples'attention. larry fink is moving his firm's headquarters here. you have a lot of buzz about the fact these big titans will be moving here the hudson yards and marking a shift at how this city does business. vonnie: i still have not been to that side of town. shery: tell me about history repeating itself. is not the first on all these big names followed kkr. jason: that is exactly right. westade its name it 9 57th street. there were a lot of firms that went that way. oft you see is an extension something that has been happening in manhattan for qu

for more on where this is headed, let's bring in jason kelly. also, the author of the new tycoons. ng that you would have to write a new chapter. jason: there is a lot going on in private equity right now, little bit of movement, a lot of ambition. that is not new, but the news from carlisle is two guys who work there are being elevated positions.co-ceo it is a big deal because these private equity firms are very much cults of personality. they are formed in the personality of their founders, so handing the reins to a next generation and chores that they are not kind of one generation firms, that they are building for the long-term. we have seen similar moves at other firms. shery: it could be seen as a transitional moment for the industry. we know the ceos are in their late 60's and early 70's. transitional time and has been for the past few years as these private equity firms that were small, privately held her ships that focused on private equity for a long time. over the last decade they have expanded into hedge funds and real estate and credit. they have gone public. blackstone

bloomberg's new york city bureau chief jason kelly spoke with him at the robin hood investors conferenceegan by asking if he was worried about the valuation in the market -- devaluation in the market? >> it's too late to worry if something happens. my description of worry is how much am i exposed if things go against me? that includes a much do i need to live, how much exposure do i have two forces beyond my control -- do i have to forces beyond my control? myself, as aest supporting the market is down 40%, suppose it was down 90%, where am i done? what adjustments am i going to have to make? that's the way you do it. i understand if i was more risk-averse, i would have less. on the other hand, if i was more 1987, 2008, could be a painful time. >> if wall street is always a balance, investing is a balance between fear and greed, where is it now? >> i think what's going on in the market is a lack of alternatives. you look at bonds and stock year 2.5% block, if the fed takes rates up 100 18 year bond is going to 18 year bond is going to have a rising yield and an attendant reduction in val

he is there at bloomberg's new bro, -- bureau, jason kelly. >> you mentioned 30 years ago was quite aken. ken: yes it was. jason: what do you remember from black monday? >> it was like any other day, at my desk doing business. i remember the crash, i remember being in part confused by a. i will always look back, but respectively, if you look at where interest rates were and alternatives for investments, you realize that investors had viable choices. that is why i think a comparison with today is not valid. look where interest rates are now. i think a ready recipe for losing money is to buy long bonds, why? because rates are likely to go up, especially if this economy keeps moving the way it is. office, i was in shock, i was not necessarily worried for two reasons. company's --he companies i had invested in, their balance sheet were in good shape. i also know i had good businesses. and two, i have a healthy respect for not having lenders as my partner. that is when you use control of the decisions you make. so i understand financial engineering and how it works, and i understand it is

jason kelly sat down with home depot founder at the robin hood conference in new york. n asked him to recall that landmark day. i was at my day, desk doing business. i remember the crash, i remember being in part confused. you look back, and see where interest rates were at alternatives for investments, and you realize that investors then had viable choices. the's why i think comparison with today is invalid. compared to where interest rates are now. i think a great recipe for losing money is to buy -- because rates are likely to go up. so i was in my office. i wasn'tshock necessarily worried. two reasons. i knew the companies i had invested in, i knew they were in good shape. i also knew they had good businesses. , i have a healthy respect for not having lenders as my partner. because that is when you lose control of the decisions you make. financialstand engineering, how it works and how it is applicable in some cases. in my case -- >> and you held pat there. -- i a matter of fact added -- the ban and i still have it. to it, and investment in north carolina, a textile

david: let's go now to jason kelly, bloomberg's new york bureau chief with a special guest. d calhoun. you oversee private equity operations at blackstone. you have a really interesting look inside the board room, and i want to get to consumers in a minute, but take us inside the board room. how are ceos feeling? david c.: we do a survey every quarter. we are pretty disciplined about it, as well as the anecdote about -- anecdotal things we find out in conducting our work. it is a lot of optimism, more optimistic than i have seen it. i have been here three years, for lots of reasons. the economy is bouncing along at a faster pace than it has been. we have seen it in pretty much all facets of our public portfolio. people are feeling pretty good. this is investments picking up. butll not collect euphoria, this sense of optimism i think israel. -- is real. jason: are they feeling inquisitive? how do they put this to work? david c.: we are always feeling inquisitive. we are investors. we are not trying to take money out but put money in and get big returns. we are inquisitive and

david: jason kelly joins us and personnel. that was last june when you're talking to glenn. gentlemen. what do we know about them and what will this mean for carlisle? jason: what's interesting is that you have this pair of guys, one of whom has just been that the firm almost his entire adult life. he joined in the mid-1990's and has really seen the growth of carlisle since its inception. it only started the late 1980's. lee is a bit of a rare bird because he did most of his private equity career at another firm. he was there for 20 years before he joined carlyle just a few years ago. having the sort of inside, outside balance is really interesting. david: as we were talking in the break with alex, it was unusual to move from one private equity to another private equity. jason: it is. these guys are so inextricably tied to their firms financially in a lot of ways because these are partnerships. i think sometimes we forget that they are publicly traded firms. these are very lucrative partnerships. it's hard to get yourself out of that. we have seen this over the history of car

vonnie: you will have to write an exit chapter, a new chapter. .hat is jason kelly thank you.ing right up, erik , it very sterling, chief executive of starwood capital group. this is bloomberg. ♪ vonnie: live from london and new york, i am vonnie quinn. back to erik schatzker. the hotel and real estate business. erik? the: i'm here with barry, ceo of starwood capital with $62 billion roughly speaking. nice to see you. whye's one reason while -- the world's financial relief have beaten -- it is all about money. the saudi's have a lot to allocate and we know that. but there is a lot of competition. is this just speed dating or is their business getting done here? >> i have been here many times we have had clients here in the region. business is getting done and a renewed interest in the public investment fund to allocate capital and we are expecting to have quite a bit of it from the -- through the process of interviewing prospective managers as well as thinking about upping the sides -- for existing funds. >> to make the allocations. but it is a good thing. for us as an institu

bloomberg's jason kelly sat down with the conference with the heavy hitter in that associates foundertive ken lancome. what is going on in the market right now is a lack of alternatives. you look at the stock market and bonds, you know this. 2.25% bond, if the fed takes rates up next year 100 races points, dachshund basis 100ts, a 10 year bond -- basis points come up for tenure bond is going to -- i like the companies that .how the ability to grow i'm more focused on dividends and buybacks. buybacks are an on and off kind of thing. i'm sensitive to balance sheets. is a stress event out there, these companies have to be able to stay the course. >> how healthy are balance sheets? >> enormous. up qe, thesops liquidity will go away. the banks are in the best shape they had ever been in my entire life. i think the excess of regulation out of the washington gives us opportunities to say, regulation is more reasonable. i think the fed probably is nervous to have a bank a out more than 30% of its earnings in dividends. they will let you buy all the stock you want because that can be turned on

bloomberg's jason kelly sat down at the robin hood investor conference with the heavy hitter internets founder and chief executive ken lancome. >> what is going on in the market right now is a lack of alternatives. you look at the stock market and bonds, you know this -- a 10 year, 2.25% bond, if the fed takes rates up next year 100 basis points, you know a 10 year bond is going to have a negative -- a rising yield and a reduction in value. i like the idea of companies that have shown the ability to grow. that are generous in sharing their success with stockholders and dividends. i'm more focused on dividends and buybacks. i consider buybacks an on or off kind of thing. i'm sensitive to balance sheets. if there is a stress event out there, these companies have to be able to stay the course. jason: how healthy are balance sheets? >> there is enormous liquidity in the market. enormous. as the fed sops up qe, the liquidity will go away. but i look at the banks, the banks are in the best shape they have ever been in my entire life. in fact, i think the excess of regulation out of washingt

jason kelly is standing by with a special guest. n: so much to talk about here with lincoln ellis. he is with northern trust, a senior investment strategist. and focusing on family offices. who are we talking about here? lincoln: i think there are three distinctive characteristics of family offices if you think about them in a broad sense. first is their approach to risk taking, right, they sit in the middle space the between our wealth colleagues come of the institutional and investors, both who were those who have to take particular kinds of risks, individuals who obtain particular kinds of goals, and institutions towards more reliability -- liability-driven. family offices could potentially buy bronze and go home, but they are risk takers by nature, families who have built substantial piles of wealth and they are looking to invest for a long time horizon. that is the second part, they are long-term, perpetual capital kinds of investors. the third thing is the decision makex in which they decisions, make them much more nimble actor

jason kelly's conversation with ken langone. >> this horrible situation at general electric should not hands and you are going to see it all come out when flannery bears his chest in november. tom: langone on general electric. caret google her joins us from bloomberg intelligence who is knee deep in the minutia of general electric. , usuallyevenue growth 3%,s a nominal gdp proxy, 4%, 5%, 6%. -1%, extraordinary. how did they get there? >> i have the industrial organic still well below expectations. it looks like it might be its power and that is probably the big hit. i think the big thing was what they did to dps. they missed -- eps. they missed a big, they cut big. everybody expected a big cut but this is much bigger than expected. , 7 billion dollars was the target as opposed to $12 billion to $14 billion. a miss was expected but not of that magnitude. i do not know if he is cleaning has dax before the november 13 analyst meeting or if things -- cleaning that desk before the november 13 analyst meeting or if things are that bad. tom: in the move from strategic to tactical, always lump

kelly can't even do it. trump is going to be trump and that's what we're all coming to understand. >> jason, it hasn't just been about john kelly. people have looked at h.r. mcmaster and general mattis and saying if worse comes to worst, if donald trump trying to go for the nuclear football and it will be fine, are people being delusional? >> i don't know if i want to put my confidence in a guy whose nickname is "mad dog." doesn't seem like a good idea to me. at the end of the day, if the safety of the world and our democracy depends on we trust guys to tackle the president if he tries to start a nuclear war, that's a really low threshold. do i believe they'll keep us all from being annihilated? i guess so. but will they keep him from exacerbating him from knocking people out of health care. i don't know. >> is that something that white house staff are deliberately doing? are they deliberately saying when we get in trouble, we're going to push a general forward because even if it isn't true, somehow that's soothing to americans? >> we've seen that twice now. last week kelly came out to the briefing room and had

jason: holds up military as elite class. how this elite class? new yorker kellyson, why is the military an elite class? like the "new york times" has a tough time, gee, i don't know, the fact that for $18,000 a year a 19-year-old with a year of training will go into a foreign combat zone and stick his life in front of a bullet to preserve american freedom? jason: elite class. >> stunning. that the "new york times" has a tough time figuring out why we venerate our military people goes to show you the bubble that these people live in. just one more thing on this too, by the way. fredericka wilson with this racist thing, with every reaction there is always going to be a counter reaction. when are they going to get this strategy of calling everybody you disagree with a racist is not going to work? you have been wiped out everywhere. wake up. pete: they don't have anywhere else to go. what else do they stand for? abby: here is the new yorker headline we can read these all day long. john kelly and language of the military coup. >> what the military would look like if t

david: kevin kelly, recon capital investment and jason rotman, lido isle advisors. we're breaking records, getting close to 23,000 on the dow, that has something to do with hope about taxes, right? >> certainly does because it reinforce as lot of leading economic indicators and as well as business indicators coming out, especially recently. we look at yesterday's pmi. you can see manufacturers are already spending money, instead of 13-year high, without tax reform. they're trying to get ahead of economic stimulus packages deployed in 2018. the market is forward-looking indicator saying reform of taxes will get done. david: jason, it's a much hope, everybody is hoping for tax cuts, at least investors are, we do have positive signs. manufacturers index way up despite a couple hurricanes. we had good car sales numbers, great profit numbers. real things are happening. reduction in number of regulations in this country definitely led to an increase in the bottom line? >> yes. to boot, i may add, a homebuilder, number two homebuilder in the country, lennar, just came out

jason smith not playing tonight. in his case kelly will get to start.ach scott brooks didn't want any excuses, though. >> no excuse. we just have to figure out how to keep playing with the next man up. i feel confident our bench is i some points. scorers on the bench. we have a couple days off between games so the minutes should not be a problem if i want to extend a couple of guys, extra couple minutes. >> the 42nd annual marine corps marathon is taking over northern virginia and the district this weekend. over 30,000 runners will take place in sunday's race. runners that are ready in town have already started to head down to the health and fitness expo at the convention center today, picking up race numbers along with merchandise celebrating their participation. marathon is set to start at 7 tu tu7:55 a.m. caps are on the roa in detroit. any news on the matsuyama, managers search, we'll have you covered on that as well. >> going to be awhile. >> it's going to be a hard person to fill in baker ams cleats. >> i'm sorry to see him go. >> would you look a

are continuing to deal with this ongoing controversy. >> so we know, jason, thursdays have not been a kind day to chief of staff kelly this month. i just want to go over what the headlines have been for thursdays in october. his personal cell phone compromised on october 5th, that headline came out, something that happened while he was over at homeland security. he then declares he's not quitting a week later and also tells reporters that he recommends they have better sourcing. and then his remarks about congresswoman wilson this past thursday. there is only one thursday left in this month, so that might be the best news for general kelly, but is this a bad out-of-the-gate moment for general kelly when he was just being introduced, taking this more public role so people could get to know him and what he's doing behind the scenes? >> the problem i see is the presumption that general kelly was somehow better than what we've seen in the white house already. he's had a terrible, very bad month, but then again, most of this administration has been a series of unfortunate and absolutely avoidable mistakes. i think the gre

kelly were "sickening." time now for our sunday group, jason chaffetz, nelly fox news contributor.st for the health, juan williams. julie pace, washington bureau chief of the associated press and matthew continetti. i've had a chance to be on the panel, but never to run the panel, so i will try to do my best. this is not a controversy at the white house anticipated before the rose garden press conference of mitch mcconnell. soon as president trump referenced of his predecessors handled outreach to family i knew they would have a firestorm on her hands. it included an appearance by general kelly in the briefing room of gold star father himself. this from congresswoman federico wilson. i feel very sorry for him because he feels such a need to lie on me, and i'm not even his enemy. and it didn't end there. president trump also took a stab at wilson saturday on twitter. i hope the fake news media keeps talking about wacky congresswoman wilson and that she is a representative is killing the democratic party. julie, what is the white house thinking this morning? >> as you say, this is no

kelly were quote - sickening. it's time for our sunday group, jason chaffetz, juan williams, julie pace and matthew continetti.i'veme i have had a chance to be on the panel but never run the panel appears i'll try to do my best. so this is not a controversy in the white house anticipated before the rose garden press conference with mitch mcconnell. but as soon as the president referenced how his predecessors handled outreach to families of the fallen i knew they would have a firestorm on their hands. so the back-and-forth went on all week. and included an appearance by general kelly in the briefing room. a gold star father himself and in this room congresswoman frederica wilson. i feel very sorry for him before he feel such a need to lie on me and i'm not even his enemy.and it did not end there. the president also took a stab at wilson saturday on twitter. i hope the fake news media keeps talking about wacky congresswoman wilson in that she is a representative is killing the democratic party. julie, what is the white house thinking this morning? >> as he said this was not a fight that the white house anticipated b

david kelly chief global strategist and jason valen court, joining us now.lly, i want to ask you this. do earnings still matter at all? >> oh, yes they do. earnings matter and they matter more in the long run than the short run because valuations matter more. so there's a lot of momentum in this market. the earnings look good. it looks to be about 8.5% year over year gains in operating earning for the third quarter were being helped by a lower dollar, and helped by higher oil. this is a bit of an indian summer. i think by the second half of next year whether we get fiscal stimulus or not, i think we'll see a slow down in earnings growth because of strong wage growth, stronger higher interest rates. i think investors should enjoy it while it lasts but recognize that we're coming towards the tail end of these really good numbers. >> i need your help, david. if the market discounts future expectations and you expect earnings to slow down, earnings growth to slow down, why are stocks still going up? >> if this is a 30th anniversary of the 87 stock market crash,

. >> and jason johnson, it may be hard for people to remember but when general john kelly was coming into the white house one of the things that was going to happen is that the leaking was going to stop. and the only thing that's happened to the leaking is it's gotten better and better and better. and we have even better, stronger leaked reporting by gabe sherman and others. >> oh yeah. this is -- this is going from ketchup bot toll a geyser. leaking all the time. it has to. lawrence, the main reason why and the reason we get the excellent reports as this piece is because you have people in the white house who recognize and one of the things that's been sort of written about consistently, donald trump doesn't listen in meetings. he will not sit down and concentrate. he will not focus. the only way that people can somewhat corral the behavior leaking, getting something that's on the air because in those two or three minutes on television that donald trump pays attention to, maybe that will somehow corral his behavior and a problem when you have a president who won't listen to his own

jason of the rams and giants amped up about that. steve: and general john kellyh in next. good morning, men ♪ video-game dance music [burke] abstract accident. seen it. covered it. we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ >> tech: so you think this chip is nothing to worry about? well at safelite, we know sooner or later every chip will crack. these friends were on a trip when their windshield got chipped. so they scheduled at safelite.com. they didn't have to change their plans or worry about a thing. i'll see you all in a little bit. and i fixed it right away with a strong repair they can trust. plus, with most insurance a safelite repair is no cost to you. >> customer: really?! >> tech: being there whenever you need us that's another safelite advantage. >> singers: safelite repair, safelite replace. nature's bounty knows healthy cholesterol starts in your gut. so we made cardio-health, an innovative way to support healthy cholesterol containing lrc, a probiotic strain that helps you metabolize di

kelly. i think we like to play under doug pederson. >> how things are going now. >> exactly. >> i feel like jason peters we need someone to replace jasonou think. >> yeah, here's the thing when you are seven-one the cowboys just lost ezekiel he will why the to a six game suspension. that will bury them. now is the time to sure up because these opportunities don't crystallized every year, we have to take advantage of it. i'm with you. if you are just bolster offensive line, look for another tackle, you saw big v on sunday, he is okay but if you can get a tackle, i would go do it and linebacker. >> what is all this talk about wide receivers, though? aren't we happy with who we have. >> yes, you know, funny because tyo is a name he is on the books for 8.2 million, alshon and torey smith just one year deal, i don't think that happens, just too expensive and eagles did not inquire about megatropical vin johnson, no. >> so lets just take the whole day and summit up, do we think torey, he is in the donnas a player, is he? >> no, but next year i would be surprised if he is back. he hasn't done much. they expect more. we have matt hollins and p

jason, thank you very much taking the time to talk us. very much taking the time to talk us. an eyewitness in a restaurant nearby when the incident happened. joining me again now isjim kelly.ince you were last here beside me in the studio. what more can you say? we are still waiting to hear from the metropolitan police whether this is being treated as a terrorist incident or whether it is just a very unfortunate road traffic accident in a very busy part of london on a saturday afternoon. we are still waiting for that statement. they say they can't put anything out until they are absolutely certain. we are getting conflicting reports in that a man was originally arrested, we were told. then we were told he had been detained. that would suggest it wasn't anything sinister. wear them being told of the prime minister is been kept informed, which you would assume would happen anyway. that raises questions about the whole kind of whitehall involvement. it is very difficult. i think why people are so very difficult. i think why people are so alarmed, and as we have heard, many witnesses this afternoon talking to you about the level of police activity when something like this happ

components that's negative for the year, jason >> listen, i think this is a cliche, but it seems an awful lot like goldy locks i think you were talking about the dow, kellyrd high. i think the s&p is 62 record highs this year. >> wow. >> and goldy locks just to the extent to which growth is picking up, inflation still seems largely kwee yes, sir sent and we have a largely accommodated debt. and you're also going into a seasonal part of the year where it gets very hard to fade the market so, you know, of course correction could happen at any time, but the fundamentals -- >> reminded 30 years ago >> right >> mike, i was just going to bring up something that matt said last hour, caught my attention, he said maybe with ibm, people are starting to look at the only names that haven't been powering us forward and go gee, i better pick up the bargaining while i have them >> it gets very stretched when off stock that's down 180 to 140 over the time they're marching to new highs there was tension there. also for the billion dollar market, it's relatively heavily shortage it's like six days worth of average trading. that's more than tesla >> wow >> you have to trad

jason ball, at a used car lot. >>> nine people are facing charges in an illegal street lottery organization that authorities say generated millions of dollars in elicit profits. philadelphia district attorney kelly hodge announced at rest this afternoon. the investigation was led by the district attorney's office task force on illegal gambling tonight, on "eyewitness news" at 6:00 our alycia nieves will detail how scheme operated and tell us where the illegal activity was taking place. >>> welshing i'll tell you what sixers fans have circled today on their calendars this guy, included, to see the next phase of the process. >> here we go, this is it stage is set for tonight's home opener this was the scene when crews at the center change the floor from ice to the hardwood. sixers are less than two hours away from the home open's begins boston celtics. leslie van arsdal joins us from the wells fargo center with the pregame excitement. , hi there, leslie. >> hey, ukee i know you are so excited about this, and all of the fans are too they are expecting a sellout crowd here tonight. we will show you guys working out, even this far in advance, just taking the court right now. now fans will finally get

kelly. >> maybe it's aging backwards, the benjamin button of tech. jon, stay with us. will the surge in tech broadly continue let's bring in dan ives, and jason ware guys, thank you both for being here dan, you know, what do you make of the stock price moves today that's what strikes me the most. i understand the company said strong earnings and, you know, we're still seeing that even as big as they are, these are huge reactions pushing these companies' valuations just ever higher what do you make of it all >> yeah, this was the home run quarter across the border. trifecta of earnings some bears holding out for soft results from some of the stalwarts. all the secular themes, cloud, e-commerce, mobile, look at social you got everything last night. obviously on retail with amazon and some of the whole foods worries that were overblown. so this really, i think, gives a full green light to looking at tac into year end. i think you're going to continue to see multiples expand and really look across the space, even laggards like twitter had strong earnings. i think it speaks to the secular themes and that's why this was really a go sign for investo

. >>> general john kelly taking a stand defending the president and his call to a goldstar widow. jasonlitary coup. abby: than the "new york times" goes on to wonder if the military should really consider it-- be considered among the elite. fox's military analyst, retired four-star general. could to have you with us been a good to be here. abby: dying to get your thoughts on this. your reaction to the media's response, a coup? >> when general kelley took to the podium a couple days ago and gave us that incredible message eloquent, heartfelt, civic lesson about respect for those who sacrificed so much, i think he knew from the fact and the one thing he knew for certain is that he would be attacked as a result, so here we have it and i'm sure it's been in other places as well. of the article is not even well written. the author doesn't actually make the case of the relationship with what kelly said for 17 minutes and how that would lead to a military coup. he's trying to say that the military considers itself the elitists with kelly being a part of that and we know best and because we hav

jason is with us this morning. former speaker of the house and author newt gringrich is here, judge andrew napolitano and former new york city police department commissioner along with intelligence vice chair ray kelly. big show ahead. don't miss a moment of it. top story and that's taxes, president trump will head to harrisburg, pennsylvania later today to pitch tax reform plan. the president will speak before nearly 1,000 pennsylvania workers including truckers who he will address specifically. according to senior white house administration official, the president says americans are ready for reform. watch. >> people want to see tax cuts, they want to see major reductions in taxes and they want to see tax reform and that's what we are doing. and we will be adjusting a little bit over the next few weeks to make it stronger but i will tell you that it's become very, very popular. maria: bringing money back to america will be focus of speech, excerpt of speech tonight reads the following. now we have it for you. we will eliminate the penalty on returning future earnings back to the united states. we will impose a one-time low tax on money currently parked overseas so it can be brought back home to am

jason aldean was closing up. when he started running when the shooting started happening it went chaotic. there is no other way of putting it. kelly: adam housley please stand by. this is a fox news alert. i'm kelly wright. this is a fox news alert. i'm kelly wright in new york. police responding to at least one active shooter near the mandalay bay casino. the entire situation causing complete chaos along the strip. people screaming, fleeing the scene. two reported dead, 24 injured. it started at a concert at the route 21