leslie picker and joe weisenthal join me now. morgan ceo jimmy dimon is not crazy about u.s. treasury. in fact, he is cautioning shareholders. he said in a letter that laster's volatility was a warning shot to investors in the next financial crisis could be made worse by a shortage of the security. he pointed to a big gyration on october 14. interesting. you don't usually hear the ceo of a big bank giving this kind of investment advice. joe: it was an equitable morning -- an incredible warning and a wake-up call. to see that move in such a short time is an indication something might be structurally wrong with the market. leslie: like every financial crisis in history, he blames this on regulation and the consequences such as the vocal role which has restricted the amount of treasuries in circulation. that makes volatility much more likely to occur. my question is once every 3 billion years, how did he get that number? matt: he is a smart guy. number three, chinese stocks soared yesterday. hong kong's index and start to a seven-ye

that was leslie picker. thank you so much.up, legendary investor stanley druckenmiller took a big hit in text on the.com era. what does he think of evaluations now? that is coming up next. ♪ emily: this is "bloomberg west." i'm emily chang. stanley jordan miller has one of the history of investing. his fund was returning 30% annually. he sat down with bloomberg stephanie ruhle in an exclusive interview and discussed pressure. >> i see them having to respond to shareholders if they lose their job. i do think it is the reason that a lot of these tech companies are staying private so that they can look at their businesses and run in the long term and not short term. >> what you think about tech evaluations right now? i remember you saying to me that one mistake that you made was getting emotional about investing. you take yourself back to 1999 and look at the guys around you were buying all these high ipos and you are jealous and excited and then you got your head blown off. >> it was 2000. i was in was just 1999. i think evaluat

bloomberg news' ipo reporter leslie picker visited some merchants in san francisco to find out why. d owls dressed like hipsters are rebecca saylor's thing. she spends five hours of sewing and decorating each one by hand. she sells them for $50 a piece on etsy. rebecca: etsy was the perfect platform, they were doing their part to elevate the experience of handmade and gain customers. leslie: that is until etsy became more corporate. rebecca: they caused a weird shift in the ecosystem. leslie: 18 months ago, etsy allowed sellers to produce en masse. saylor's sales have slipped 15%. the new policy has made it harder for consumers to find her pillows and compete on price. why not use a manufacturer to compete? rebecca: etsy sellers have an extreme emotional connection to their fees, and they want the public at large to feel the same way, which they do in many ways can i am sure, but at the end of the day, it is a business. leslie: etsy was founded five a decade ago. it caught the attention of big-name venture capitalists. over time, success bred conflict, and they rejected any stray fro

joining me to discuss -- leslie picker who helped get this document. he most shocking thing? leslie: their growth. there are spending a lot of money to acquire customers and compete with uber. we know about uber, the $40 billion valued number one player in car booking. but lyft is not going to sit down and let that happen. they are spending money to acquire customers. it seems to be working. the company is projecting revenue of about $800 million for this year. that could mean a $1 billion revenue company by the year. that is not chump change. it is interesting also, to see their betrayal of over. they say in their marketing government that uber is a company that has an antisocial type culture, top-down management. it is clear that this is a battle in the car booking world that is not going to go away. emily: you are saying the number of customers, the number of rides is increasing by four times? leslie: exactly. 2.2 million last year. that is a staggering number. and we are looking at a company that is gaining 92 cents of profit for ride. so, the compa

ceo douglas cifu is with bloomberg's ipo reporter leslie picker. leslie: thank you. year ago, michael lewis published "flash boys and set off a spiraling effect. was there a misconception now that you have debut to successfully a year later? how has that changed over the course of the year? douglas cifu: like we told people, it was a great year. it enabled us to be transparent. if forced regulators and market commentators to look at a marketplace and say what are these firms? what do they do? what is virtu? what value does it add to the ecosystem. you heard the answer today. leslie: what is the value? douglas cifu: we provide two-sided liquidity continuously in 11,000 financial instruments in 34 countries 24 hours a day five days a week. so we have brought efficiency to the function of providing the two-sided liquidity to natural buyers and sellers that want to transfer risk between each other. leslie: another statistic you've had one day of losses in six years for stop how do you explain something like that. douglas cifu: we trade a lot. we are providing liquidity i

emily: leslie picker breaking that story for us today. thanks, leslie.st health insurer in the country has some big news today. united health care is now covering video consultations with the same co-pay you would pay if you went to a clinic. joining me now here in the studio, adam jackson, ceo and founder of doctors on demand. first of all, how did you get united health care to cover this? this is a huge breakthrough in terms of insurers covering telemedicine. adam: it is a huge breakthrough. insurers like the fact that you can receive just as high quality care in a clinic as you do on a video setting. we had users try it out and they had a fantastic experience. we took a deep dive into quality standards and our physician group and they did a good job. emily: who uses this? people who have insurance or people who don't? adam: it is both. people who have insurance who do not have time to get to a doctor. emily: is a video consultation as good as an in person checkup? adam: for many cases, it is. now, if you have a broken bone, we are not going to be able

alix: all right, so apparently we are throwing more parties leslie, thank you so much, leslie picker.ayers goes bankrupt within 12 years of retirement will stop i will speak with hall of fame quarterback warren moon about what it takes to achieve financial success off the field. ♪ alix: this is "street smart." i am alix steel. today, aaron hernandez was found guilty of first-degree murder. the former new england patriots star was sentenced to life without parole for the 2013 death of the fiancÉe of his sister's boyfriend. hernandez, age 25, had been on trial since january. william morse purchasing professional writers -- iriders. the terms of the agreement are not available, but the terms are said to be over $100 million. tony ressler is said to be in a bid to purchase the atlanta hawks. he did put them ahead of the group and form of -- ahead of former nba all-star grant hill. we have breaking news. our chief washington correspondent -- scarlet: i could not be the chief washington correspondent if i try, alix. [laughs] this is for etsy, so if you want a knit hat with a cat on top of i

leslie picker bloomberg reported. her interview today on bloomberg television with the parties city's ceo at 12:30 p.m. eastern. our big number. netflix is soaring the subscriber base. when will music cool streaming -- music streaming get its netflix moment? we will explain. ♪ betty: a look at our top stories. steve wynn said there is fun to be had at macau even though it is going for a tough time. it was put at overweight by barclays. steve told charlie it is worth the trip. steve: people come to have fun and excitement. it has an intrinsic excitement. you get on an airplane as i do want someone and fly 6000 miles to macau a get off a you are home again. mcdonald's, ralph lauren stores colonel sanders. betty: wynn's ex-wife is getting a boost to her bid to stay on the board. a judge is shielded general motors from billions of dollars from claims. they cannot be sued for lawsuits before the automator -- automaker entered bankruptcy. some said they do not get a chance to sue because they covered up defects. nearly a to

. >> right, but as leslie picker wrote it is probably an acquisition play. stephanie: by phone, ebay? >> there are players out there who could look at this and say this is an opportunity to capture this niche in the overall e-commerce space. they have a first mover advantage. they have a lot of very exciting things going for them as per the enthusiasm of the vendors that are part of their network. a do they really have a long-term defendable position? erik: why wouldn't they? from what we can tell, that are pretty decent business model. they've carved out a niche for themselves. stephanie: i don't who their competition is. erik: they don't appear to have any direct competitors. you could envision an ebay -- to your point about first mover advantage, they built a pretty sizable platform in this niche market. ebay can do this overnight. >> no, but they can throw a lot of money at it if they really wanted to. this is to say someone comes in and room -- this isn't to say that someone comes in immediately and replaces etsy but there is no real competitive barrier