and i'm very happy to report that last year we were sold to kkr, and kkr has spun us off and made ustruly an independent company again. and one of the biggest independent companies, in fact, the biggest independent publisher of adult and children's books in the usa. and we hope to two to grow even further and become even better than we already are. how many titles are you planning to publish this year, your centennial year? it's about 1200. i haven't i haven't counted and that number is a little bit ambiguous because sometimes we first of all, we publish all over the world. so we're publishing in the united kingdom original books and in canada and india and australia, in addition to those in the usa and also sometimes we'll do two editions of a book. so a children's book might be a board book and also a hardcover. so that's why the number is an exact. so how many? how many books will you sell in a year. about? well, i know that we sell about you know about $1,000,000,000 worth of books, but i actually don't know how many units that translates to. mr. karp if somebody picks up a macmi

the global head of real estate at kkr. much more to come on daybreak australia.is is bloomberg. ♪ [sfx: wind, rain and rolling thunder] [music up and under] ♪♪ crowd: get in! [crowd cheers] american announcer: justin rose has done it. british announcer: he's a 17—year old phenom. nobody's born with grit. british announcer: this is hard to watch. it's something you build over time. american announcer: that's 21 missed cuts in a row. [car trunk slammed shut] ♪♪ but creating a future only you can see, demands relentless pursuit. for 88 years, morgan stanley has offered clients the same determination and forward thinking that define justin rose's career. because the only way to reach your full potential... american announcer: rose, back in the winners circle. ...is to pair the vision of what's possible ♪♪ with the grit it takes to make it happen. [crowd cheers] american announcer: he's done it! [music out] haidi: take a look at currencies. some easing when it comes to move in dollars. a pretty narrow trading range. market volatility underpinning current trades and ma

that's to our private equity at kkr.er one that's growing fast right now is around infrastructure, the government is looking to move four to $5 billion out of the public, toll roads, transmission of energy data, all of that area is booming. india for the equity markets, there's a huge amount going on in infrastructure. the government is supporting that privatization and then it will make a difference in the efficiency of the economy and the third one is around credit. seeing more of a credit society. that's one where you need to partner with the right companies to lend but those of the big groups were we've been focused obviously real estate remains a big area of focus in the economy, they had a housing bust and too much credit right before the pandemic. spending a lot of time there during that and watching that downturn. what you are seeing is the real estate sector do very well and that's good to draw investment. katie: that was henry mcveigh sitting down with david westin. this is bloomberg. ♪ okay y'all we got ten or

it is funny because kkr's reported before blackstone's and they started the process of throwing it up. because we are well after the close of the year, it is not like blackstone could have gone back and said ok, we need to change the numbers here and increase the provisions for losses. i feel like their outline is conspicuous by absence of true ups or reserves, provisions against losses in their own books. i'm not worried about this one. it was somewhat of an atypical need for us to be short because usually when we are short, we are saying all of this is hidden and if investors start to pay attention to this, the company will crack under the pressure and that is how our thesis plays out. they can hold the line for now. we feel really good that the dividend cut will be coming in the second half of the year because the cash flow will not be there to support these dividends. i do not really have to go out on an ongoing campaign here. we are hanging back and we feel even more convicted at this point in time than we did in early december, the second half of this year is going to be problem

then you talk about folks like apollo for kkr, that allows them to create great product investments forobviously lp's like ours but also insurance companies those who participate in the insurance ecosystem which is much of the american population. these are good, high-quality assets. they are fun but they are good high-quality assets to deliver yield that is not correlated to the broader economy in the broader economics we see happening every single day. sonali: from what i understand is what drives yields is how you pick the catalogs themselves, how those communities are developing around artists. we are showing some of the ones you are involved with. when you look at artists to essentially invest in, how are you picking what has staying power? >> it's a combination of a lot of things. we talked about this in the past. because there is so much technology that allows us to see how are our audiences are identifying who they want to spend time with, how they want to listen and what they are listening behavior is, we don't hose -- hold ourselves out as the purveyors of culture. we believe

kkr won the toss and elected to field. so far it's not paid off.beaten on a2. rcb are looking for back—to—back wins after losing their opening match. danielle collins, who is set to retire at the end of the season, reached her first ever wta 1000 final by easing past ekaterina alexandrova in straight sets at the miami 0pen. collins continued her run at the tournament of not dropping a set since the opening set, of her opening match, in miami, as she beat alexandrova 6—3, 6—2. the american hit 21 winners as she eased to victory in 75 minutes. she will face elena rybakina in the final after she beat viktoria azarenka in three sets. carlos alcaraz says he was made to feel like a "13—year—old" by grigor dimitrov after being beaten in the quarterfinals of the miami 0pen. dimitrov was superb in beating alcararz in straight sets. he broke him in his first service game, and again to take the first set 6—2. he won the second 6—4 and will face alex zverev in the semi—finals after he beat fabian marozsan. and that's all the sport for now. chinese e—retailer t

kkr won the toss and are bowling first and kohli fini unbeaten on 83, royal challengers have reachedand that's all the sport for now. recapping our breaking news out of northern ireland. news thatjeffrey donaldson, the leader of the democratic unionist party, has been charged with historical sexual offences and has quit as leader. bbc news now understands that sirjeffrey donaldson has been charged with rape and multiple other sexual offences. the police investigation is understood to have started within the last number of months, after two women came forward. sirjeffrey�*s resignation letter to the dup states he will be strenuously contesting the charges. the dup says mr donaldson, who has been in politics for almost ao—years, has had his membership suspended pending the outcome of a judicial process. let's speak to david graham, former dup special adviser and councillor. we had the reaction from the first minister in northern ireland talking about the need to minister in northern ireland talking about the nee— about the need to ensure that power-sharing _ about the need to ensure th

international paper hitting highs after reporting kkr's andrew silverdale as ceo. take a look at the downside, a burberry hitting lows off a lot of the leather luxury names after a steeper than expected kleiman asian sales. the principal asset management chief global strategist joins bloomberg technology next. this is bloomberg. ♪ you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? did we peak your interest? you can get two unlimited lines for just $30 each a month. there are no term contracts or line activation fees. and you can bring your own device. oh, and all on the most reliable 5g mobile network nationwide. wireless that works for you. it's not just possible, it's happening. caroline: i'm caroline hyde at bloomberg's world headquarters in new york. ed: this is bloomberg technology. caroline: we will talk all things ships as intel wins incentives from the u.s. government. ed: the b

i was talking to kkr's strategist this week. after the conference, they are looking at two rate cuts this year. you are looking at a reacceleration of inflation with ppi, erin. we will show the chart with the ppi here. why is that meaningful after jay powell say he is not as concerned about inflation? >> i do think they are over-optimistic when we look at the setup of where we are historically. you see a second wave of inflation with a late cycle the phenomena with tight inflation and tight commodities. when you have those two setups and on top of the fuel on the fire with the fiscal spending and we are looking at the tight commodities. that's why i'm looking at the ppi. we see metals and energy and cocoa. we need to start paying attention to the signs that the economics are really telling us and the fmoc is trying to be optimistic and reassure about the three cuts and as we go down the road and when we come to september, they will have to start changing their tune. >> you know, you are not the only person worried about re reinf

sonali: heavyweights in the story -- kkr, citadel, blackstone -- how are they banding together to facet a number of hedge funds and private equity firms have had discussions and talks about how to handle these probes. the best approach. some in that group are content to settle on what they think is fair to get the matter hind them. there are others, like citadel, who reported in the past that they were gearing up for a fight with the sec on this matter, frankly now ready to go to the mat for this, see if they can push this issue to the sec and litigate it, potentially. sonali: it's interesting, trade group lawyers have said there is no basis to find the firms for the apps. what is the case and how is it different for citadel l than, say, jp morgan? austin: jp morgan is listed as a broker-dealer with a higher recordkeeping burden then firms like citadel, which has a lower burden because of the different registration status. jp morgan needed to keep a good deal, if not all, of the communications with their bankers, the burden for firms like citadel is lower. usually it's things like inve

kkr is saying a pivot could be good for real estate for instance mark: that sector has been ignored forme. how often have we said that new york, london, sydney, singapore and hong kong, and then japan gets left behind? a big name like that obviously would support it. japanese financials, they like it when the japanese yield curve goes higher, they can charge more to clients. the insurance companies as well, for a long time a struggle to make returns in japan. they would surely ensure -- enjoy higher rates. on the flipside, who would not be happy as may the tourism sector. if the yen strengthens, not so many tourists coming to japan. haslinda: real estate a good hedge against inflation. mark, thank you for your insights. now to chinese markets and the bull rally in tech stocks a feeling debate over we -- over if we are finally seeing this. is the rally at risk because of the ban on tiktok? robert: i think the rally reflect low expectations and the relative underperformance of the china market versus most markets globally and certainly versus nasdaq. i think that's more domestically focus

generation for down side protection and real estate are the council's top choices in alternatives looking at kkrnd it see twos r two rate cuts this year. opinions are split on the dollar which is seen as a possible threat to the recent rally due to the rise this year. so far, it is up 3%. the council believes it will move higher. let's talk most about where investors should put their money to work with mark avallone >> good morning. >> we saw the s&p and nasdaq hit new records. i want to talk about the dollar here for a minute. are you worried about the dollar's rise again up 3% year to date? >> no, we're actually not because it was a few months ago that we were talking about inflation being public enemy number one we think the move in the dollar helps jay powell with his efforts to tame inflation. for our international allocation, it is a drag, but overall, this is a positive on the inflation front. >> i want to get your take on the markets. earlier in the show, we had a new note from goldman. they see 5,200 they see a scenario where they see mega cap tech move to 6,000. do you agree or disagre

diversify little bit i'm looking at the financial sector, especially private equity company called kkrwn them for 40 years they're really good, stock's had a big run now, and so has blackstone, but they're very good, and i think they can make more money than they have. victor in new jersey, victor. >> caller: hey, booyah, jim, how are you? >> i am good, victor, how are you doing? >> caller: i'm doing fine, thank you. hey, jim, i like your show and also i love your interviews with jason wong last week that was fantastic. >> thank you, that was fun with jensen, thank you. my question is dickinson. >> the stock has been getting crushed. it's really inexpensive now. i think it's a buy you know we had tom poeld on, i think he told a pretty good story but nobody likes it. it's been flat now for months. i think it's time to buy the stock. let's go to jeff in massachusetts. jeff. >> caller: hi, jim, how are you? i'm calling from boston, the home of the next nba world champion boston celtics. >> i thought there was like a series -- go ahead, what's up? >> caller: anyway, i just had to say that,

i was speaking to the chief investment strategist of kkr, paula campbell roberts. she was saying even after the fed meeting, there are only going to be be two rate cuts. how important is the actual number of the rate cuts to the sentiment and part of this rally we're seeing? >> it depends on what the reason for the rate cuts are. remember, we walked into this year with the market expecting six rate cuts. we all on the desk knew, every single one of us said, listen, if you're getting six rate cuts, that's not good for the stock market. i can make the counter argument, what if we get two? what if we get none? one of the most vociferous is saying we get no rate cuts this year. that would be on the back of, presumably, better economic growth. we can't rule out stagflation. but it's conceivable up get no rate cuts or two rate cuts because the economy is going gangb gangbusters. what should do well in that environment, not just cyclicals but the small caps liz mentioned. small caps, and i see frank smiling -- i don't know if we can see that on camera -- are laboring unde

this big move that brings the news the packaging company has named a new ceo, former kkr executive adviser andrew silvernail. he has deep industrial experience having worked at knew ifwell rubbermaid. so with nontech names flourishing right now, many of the chip maker es are falling. you've got the sox index chock full, down three-quarters of a percent. the big laggards, amd and marvell semiconductor. it's not a huge move, but perhaps analysts were looking for a huge upside move in nvidia after they blasted out blackwell to the world. the gb-200 gpu, graphics processing unit, packed with 208 billion transistors on a circle silicon square -- single silicon square, promises to build and run realtime generative a.i. on trillion parameter large language models at up to 25x less cost and energy consumption than their predecessor. so nvidia up about 1.5% the price of the new chip? $30-40,000 apiece. so why did much of the session, at least the first half of the session, did this stock fall in maybe analysts had predicted the price to be higher than nvidia's current can hopper gp, -- fbu. for the

it has 60% international investors including kkr and general atlantic, three of the five board members are americans. they have data that currently oracle is managing in texas. as you mentioned earlier to congressman turner, there have been reports in some cases that that data has leaked and had access to people in china. no evidence publicly that the chinese communist party has had it, but there has been evidence that they could have it in chinese national. so pass a law, one, to prevent these apps, whether it's tiktok or facebook or youtube, for collecting data. that bill has been sitting in the house congress committee for years, and it doesn't move. second, pass a law that if there's any evidence that the data goes to china, then oracle and tiktok would be held liable civilly or criminally. third, pass a law that if chinese nationals are involved in the algorithms, people are claiming these algorithms are manipulating americans. if there's any inside evidence that a chinese national or any foreign national is manipulating algorithms, that would be illegal. >> martha: congressman, i

there has been this discussion around the apollo or the aries or the other kkr's of the world tryingch. are they the main competitors or is the other big banks, is it everyone? >> we compete with everybody but some more than others. the large banks you would think of in the u.s. are a big competitor. we continue to compete with the regionals. as far as private lenders go, we don't compete with private lenders as much. we've seen really nice loan growth. we saw a great growth through last year and we see it through this year. lisa: it's interesting you mention europe, is it stronger there? do you see cross-border transactions as stronger because the domestic ones are so difficult to actually get approved? >> we see a lot of good opportunity internationally all over the place. there is good opportunity and we will continue to invest their and we decide where to invest based on where our clients are doing business. we also see asia as a good opportunity. we have seen a lot of the reassuring that happened last year back into mexico and into other areas and that was another good opportuni