francine: philip, what is it like working with larry fink? philipp: oh, there's a good question. hilipp: larry is a bit older than me. i try to keep fit, but traveling with him is a workout. francine: is he demanding? philipp: he is demanding, yes, he is demanding, but no more than he is on himself. he has coined this phrase that we all have to be students of the market. that there is no excuse for anybody at blackrock not to be a daily student of the market. and i think that shapes the culture very much at blackrock. this relentless kind of never be satisfied, always remember that the world moves on, you have to learn every single day. so we have a lot of initiatives around internal programs and academy, where we really force everybody and encourage everybody to kind of live that motto. if people can't do that or don't want to do that, then they are in the wrong place at blackrock. so the culture that he carries very much runs throughout the firm. francine: what's the question you get asked most internally, and by your clients? philipp: well, you often get asked, what's it like t

francine: philip, what is it like working with larry fink? philipp: oh, there's a good question. hilipp: larry is a bit older than me. i try to keep fit, but traveling with him is a workout. francine: is he demanding? philipp: he is demanding, yes, he is demanding, but no more than he is on himself. he has coined this phrase that we all have to be students of the market. that there is no excuse for anybody at blackrock not to be a daily student of the market. and i think that shapes the culture very much at blackrock. this relentless kind of never be satisfied, always remember that the world moves on, you have to learn every single day. so we have a lot of initiatives around internal programs and academy, where we really force everybody and encourage everybody to kind of live that motto. if people can't do that or don't want to do that, then they are in the wrong place at blackrock. so the culture that he carries very much runs throughout the firm. francine: what's the question you get asked most internally, and by your clients? philipp: well, you often get asked, what's it like t

francine: what is it like working with larry fink? philipp: there's a good question.laughter] ♪ ♪ francine: as a hedge fund manager, philip hildebrandt made swissrk amongst the elite. his ambitions ran higher. he joined the banks central club, at age 26, the youngest snb.dent of the his term ended two years later for a trading scandal involving his then wife, leading to his resignation. bank of england said, he is a man of total integrity, extra ability, and most part of all, courage. such people are rare. his country will miss him. hildebrand believes courage is having courage to act in the face of adversity. itlipp: the rescue of ubs, was a very difficult moment. it went against everything we believed in, yet we knew we needed to do it. we knew it would create tremendous anger in the population. that was clear. of course it has turned out that way at a global level. that it would take a long time for banking to redeem itself. so we knew the consequences were significant, and yet we had the that we had no choice but to proceed. the other one, obviously, was the intro

philipp, what is it like working with larry fink? philipp: there's a good question. larry is a bit older than me. i try to keep fit, but traveling with him is a workout. francine: is he demanding? philipp: he is demanding, yes, but no more than he is on himself. he has coined this phrase that we all have to be students of the market. there no excuse for anybody at blackrock not to be a daily student of the market. i think that shapes the culture very much at blackrock. this relentless, never be satisfied, always remember that the world moves on, you have to learn every single day. so we have a lot of initiatives around internal programs and academy where we really force everybody and encourage everybody to live that motto. if people can't do that or don't want to do that, then they are in the wrong place at blackrock. so the culture that he carries very much runs throughout the firm. francine: what's the question you get asked most internally, and by your clients? philipp: well, you often get asked, what's it like to work with larry? [laughter] philipp: i think on sub

. >> let me ask you this, earlier this morning larry fink on the stage in which you sat just a short time ago. >> a little after him. >> said we have never been in the sort of environment we're about to embark on where the fed is aggressively tightening, while at the same time rolling off the balance sheet while at the same time introducing a large amount of fiscal stimulus, and he doesn't know what the impact of all that is going to be. >> neither do i. if i ask me about my market view, i can say i can see a market next year up 10% to down 15%, which strikes me as you don't want to be on the same side of the boat with everybody else at the beginning of 2017, bloomberg puts an exhibit on their terminal of the leading strategists and what the forecast is. the average expectation for the s&p 500 this year was 2,350. here we're 2,625 and everybody is still bullish and are now looking for 2,800. nobody had a down market nobody had a down market in 2008 a lot of things going on i think the tax package makes long-term sense. short term i think it's dangerous. we have a reasonably rapidly g

we knew the larry fink's of the world could not own them. to stock is grown from 28 63.l come back. mario gabelli talking auto leasing. you mentioned the tax legislation, who knows where that is going? we will talk with gabelli about the state of the nation. mario gabelli on the trump administration and the view forward. stay with us. ♪ tom: "bloomberg surveillance." we are looking at the year ahead, it is good to do that with mario gabelli. he isnot grizzled, vibrant and working day after day in a new country in a new place. you came out of fordham prep. path ofan interesting doing securities analysis from the beginning. what is the state of america that is so different from when you came out of fordham prep years ago? mario: not much. you have to put in the effort. instead of working 9:00 to 5:00, the second part is you have to have achievements. how do you put it all together? the notion of staying focused where your passion is drives a lot. so, that has not changed. when you look at this country, i graduated from columbia business school and i owed money. what allowe

the state and local tax deductions, the so-called salt as so many of your colleagues seem to be larry finkstage a short time ago was lamenting the ekes, it's going to have a real impact on dynamic cities, new york, and states like new jersey and california and elsewhere. >> obviously it's going to have an impact. everybody's an economic animal if all of a sudden now, you know, everybody pays 39% let's make it 40 now if you're in new york city and new york state you're paying 54, an extra 20% more for the luxury of living in new york that's going to have april packet the same thing in california obviously it's going to have an impact the question is, will people want to leave new york to go to florida and other states. >> do you think they will? >> you'll have a number of people who will. it costs you too much money. >> in the current environment that we're in, dow 24,000. new highs all the time where is the opportunity hen for a guy like you >> i think for us, it's not in the equity markets it's going to be in situations where you're getting overpaid. for us it's going to be in asia right

fink: blackrock's larry with erik schatzker in october. laura: let's get to the first word news. trump sayst bipartisan plans for health care will eventually be developed as a result of the tax overhaul. he said that based on the fact that the individual mandate had been terminated, republicans and democrats will come together to prep a new health care law. the gop tax bill signed last week eliminate a mandate but leaves other essential parts of the law intact. president trump is set to be the first chief executive and nearly a century not to post at least one state dinner during the first year in office. the white house offered no reason and donald trump had yet to extend an invitation for a state visit but expect one early in the new year. russia's top election and -- election official has stopped the top candidate. the candidate who is an anti--- he is part after being convicted by fraud and calling on supporters to stay away from the voting protest -- in protest. syrian rebels and opposition groups rejecting peace talks proposed by russia's, accusing moscow a failing to press