kkr.iterally managing hundreds of millions of dollars, but some of the largest players were families. and as the industry grew up, the gene pools on one side wall street, on the other side, families, came together to form what is now called the private equity industry. and we came from that different gene pool and that has affected how we behave as investors. emily: tpg did take some hits during the financial crisis. how has that changed the way you do things? jim: you always have to learn from your mistakes. what we learned last cycle is that the larger deals that we did, often thought to be safer in areas like utilities or casinos, actually did not do as well as a companies that were fundamentally growth companies. so, as we have come through the last decade, and as you look at what tpg has done, we have been very focused on the midsize companies that have periods of rapid growth driving industry change. emily: you are fresh off your lp meeting. what are your investors asking you that th

army retired is currently a partner in global investment firm kkr, and chairman of the kkr global institute. he's also the judge with me professor at the university of southern california. general petraeus served 37 years in the u.s. army including as commander of coalition forces in iraq and afghanistan and commander of the u.s. central command following retirement from the armed forces he served as the director of the cia. during which tile agency play central role in a number of important achievement it is, in the global war on terror. and now as -- as you help me to welcome our speakers tonight i ask that you make sure that anything that makes noise like a cell phone, is switched off. and now please join me in welcoming general petraeus. thank you. [applause] well thank you very much. it is wonderful to be back it is particularly wonderful to be on stage with someone for whom i have rpght and admiration and it is a special treat when someone with from whom you have such regard writes about somebody for whom you have such regard that is, of course, edward lance kale someone many of us st

in kkr as well today.s is something we always love seeing when somebody had a winning trade hand now they want to roll it up. so, in other words, the march 22 calls, they were bought today with 52-week highs those are getting taken off. 5,000 of those were sold, but they are rolling them to the march 24th 5,000 times so that's pretty aggressive movement as well and expecting this to break out now to the upside. goldman sachs today talked about this stock on an upgrade as well so keep an eye on kkr. they say it's one of thekkr. they say it's one of the most imp expensive in that category as well. >> how long will you be there? >> at least all the way to the expiration unless this has to rock and roll, and then you would have to start selling it. >>> bernstein is out with a new note talking about their five best conviction ideas. i want pete to talk about tart that stock is up today but there's delta air lines, joan, you want to take that? >> delta reports this week, but e uismt g, talking about the permian

. >>> henry mcveigh of kkr is in agreement with the rolling stones he says you can get what you needhe market he'll discuss his 2018 outlook next mom and dad got a new car... with the extra third row of seats. they think it's theirs. look at them, they have no idea! it's not theirs. it's mine. mine. mine. mine. the new lexus rx 350l with three rows for seven passengers. are you excited about your baby sister coming? experience space for the unexpected with the rx l, part of the rx family. experience amazing at your lexus dealer. >>> welcome back down day on wall street. the dow is nearly 100 points lower, down 97 on the bell it was the worst performance of major averages that spike came late in the session but at one point we were down 168 the nasdaq down two, the russell down nine as attention turns toward whether there will be a government shutdown tomorrow evening. checking on names moving after hours, how about ibm down more than 4%. as we said, it kicked off the year with a 10% gain american express down 2.25% and canadian pacific rail is fractionally lower. >>> while there was

kkr credit -- cohead.t trade wars and eight trump and magician targeting currency -- and trump administration targeting currency. we will go through that and much more. 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. ♪ tom: good morning. "bloomberg surveillance." francine lacqua in london. i am tom keene in new york. we are a part once more. what a wonderful two weeks in europe. i guess we have to go with the memories of davos and get away from the headlines. francine: the memory was actually what we heard about the dollar. we followed the news. it was incredible. i have been covering davos for 12 years. you

but you have apollo raise a record fund 24 billion kkr behind them raising record funds. they don't generate fees until they deploy that cash and we're starting to see it so with companies being rich -- >> isn't it harder to find value given the kind of market environment we're in >> but they've got to grow it's getting better, but supply has been shrinking, so i think that could keep you going more you got to be careful about the sectors. but if companies see the opportunity in terms of the tax plan we're all seeing here, you want to take advantage of it >> well, i think jay clayton with all the companies, the problems with the rules. what's the problem with regards to suing companies on ipo. even think iing about why bother in the u.s. when you have all this contingent teammates out there. looking to do deals! you've talks about the massive see ofly quickty now you're adding upon that all this excess free cash flow does that that not suggest what steve is talking about the only place you're going to see this >> i have companies that put extra money into their pension pl

jason: you have to think of all of the offices of kkr, blackstone, all of the hedge funds, especiallyquity firms, they are all going uomo, hee finally -- "c finally figured out he can do this." alix: they have been talking about it for years. jason: 10 years. david: at the same time, is he really going to be able to do it? he says he will not be able to do it unless he gets several other states going along with it. jason: a man alone is a man alone. in this state in particular, it will be meaningful and impactful, not only to executives but for families trade it impacts the way they are thinking about making investments in private markets or hedge funds. alix: what i am concerned about is what will he do to that taxi cab issue here. and ubers to get a search chart -- surcharge because he wants people to use the trains and mta. jason: this is of less concern to the five equity hedge funds. alix: they take cabs. david: it goes the other way. they will not have as much traffic to contend with in their limos. jason: i think what it speaks to -- and you have been speaking of at this all mo