milken institute to continue the conversation. good morning from beverly hills. i'm here with stephen gula, the chief investment officer at metlife. good morning. steven: good morning. n.ik: good to be at milke steven: bit to be here, great environment. erik: for the place for us to begin is with the yield. what insurance companies, metlife has had to invest in investment grade bonds and brutally low yields for most of the past decade. steven: i'm glad you understand our situation. erik: now yields are rising and that might be appealing longer-term innocence that you can buy bonds for the holiday or in they bonds for the -- sense that you can buy bonds for the higher yields. care?re -- do you not really, and i will say why. as interest rates rise committee on wildlife games will start melting away, essentially. it really comes out to our they credit problems are just interest-rate-related? the credit quality of our book is very high. erik: and you don't trade. steven: and we don't trade. we call ourselves buy and manage basically.

the milken global conference is underway in california.r the minds of investors. scarlet fu is there with someone who has key insights into the challenges. scarlet: that is right. i am here with jane harman, president of the woodrow wilson international center for scholars. congresswoman, thank you for taking the time to speak with us. theant to talk about president's decision to delay steel and aluminum tariffs. what can get done in a month? jane: maybe some other issues. the white house does not seem to warthat threatening a trade might take brain cells away from figuring out what to do on the iran deal away from how to negotiate with north korea. i think this trade war is totally unnecessary. i don't think tariffs on european goods make any sense now if they ever did. i hope that in a month he decides to put this off indefinitely. he needs to make a decision. i think the markets are uncertain. scarlet: a lot of people at the conference are saying geopolitics is talked about on the sidelines here. couldn't the administration say that by

milken moment. tom barrack will join us from beverly hills. have sergio talking about emerging markets. this is bloomberg. ♪ ♪ live from london, i'm mark barton. let's return to the milken institute global conference taking place in beverly hills. erik schatzker is with billionaire investor and longtime friend president trump. that would be tom barrack, the executive chairman of cali northstar based in southern california. it is a was nice to see you. how are you doing? tom: i'm great. eric: you held an event for the vice president last night at your house in los angeles. how did it go? tom: amazing. the idea was to have a nonpolitical function and let some of our friends in l.a. who are not necessarily supporters of the president get a look at .he man who is one breath away i have to tell you, he rocked the room. he crushed it. eric: what did he say? tom: he is anbang amazing individual began when you -- because when you think of the position, it is so difficult. he has to be the ultimate team player. his fondness and appreciation for the pre

institute -- milken global conference institute. tactics will cause a retaliation. china, they have ariffs ont soybeans which will hurt american farmers. we arein a context where seeing a huge market in china. it is ironic that the was administration is doing this because there are a lot of consumers in china, 300 million. the president in china -- the chinese president in dollars last year said that china would import goods. because of the trade war, they put down the gauge because of retaliation. this is going to hurt everybody. it is going to close off a lot of opportunities for producers in the united states. emily: jack ma said they plan to create a million jobs in the u.s. but warned that it may not happen if a trade war moves ahead. are you pulling back on that -- will the jobs not be created if the president stays the course? >> jack has said that we will not create a million jobs but we could possibly create 10 million jobs if the trade doors are open. but if there are trade wars, if there is opportunities for small busines

we continue our coverage from the milken institute global conference.g to john thompson about joining lightspeed as a venture partner. that is next. all episodes of bloomberg technology are livestreaming on bloomberg. check us out. this is bloomberg. ♪ ♪ emily: welcome back to the "best -- "the best of bloomberg technology." i am emily chang. back to our coverage from the milken conference in beverly hills this week. we spoke to john thompson. regarding taking over microsoft. to modernize the tech giant. thompson just announced he is joining lightspeed as a venture partner. we started there. john: lightspeed because they were investors in my last company, and so i have known a number of the partners for the last 8 or 10 years. i tend to invest in areas that are very much of interest to me and it is all around enterprise and infrastructure related technology like security, storage. all of those things are things i have invested in either personally or when i was running symantec, we acquired businesses in that space. i can keep learning and help them alo

we continue our coverage from the milken institute global conference.to john thompson about joining lightspeed as a venture partner. that is next. all episodes of bloomberg technology are livestreaming on bloomberg. check us out. this is bloomberg. ♪ retail. under pressure like never before. and it's 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. ♪ emily: welcome back to the "the best of bloomberg technology." i am emily chang. back to our coverage from the milken conference in beverly hills this week. we spoke to john thompson. regarding taking over microsoft. to modernize the tech giant. thompson just announced he is joining lightspeed as a venture partner. we started there. john: lightspeed because they were investors in

plus, this week we were live from the milken institute global conference.e speak to ariana huffington to talk about her mission to transform corporate culture and her goals at uber. this is bloomberg. ♪ ♪ emily: shares of sprint tumbled more than 10% on concerns that antitrust regulators may reject t-mobile's agreement to buy the company for $26.5 billion. the deal would reduce the number of wireless companies in the u.s. to three major competitors. t-mobile and sprint are hoping the combination would let them get a jump on at&t and verizon when it comes to building a next-generation network. bloomberg's vonnie quinn sat down with t-mobile ceo jon leger on monday to talk about the deal. take a listen. jon: what we have got today is the start of doing two new things. one is talk about the deal and the value to shareholders and secondly, why now and how will that be approved? those things together will drive shareholder value. this deal is actually a $145 billion enterprise company combined. what we will have starting from day one is $75 billion of topline re

we are live at the milken institute global conference in beverly hills, california, where we have been speaking with top newsmakers. stay tuned for interviews with john thompson and u.s. treasury secretary steven mnuchin. t-mobile buying sprint for $26.5 billion stock to take on verizon and at&t. some still fear the deal will get blocked. we will hear from ceo john ledger. apple earnings are just around the corner and investors will finally have an answer, did iphone x sales live up to the hype? but first, sprint tumbling 10% on concerns regulators may reject t-mobile's agreement by a uy the company worth $26.5 billion. t-mobile and sprint are hoping it will let them get a jump on verizon and at&t when it comes to building a next-generation network. today, we sat down with t-mobile ceo john legere. >> talk about the deal and talk about the value to shareholders. and second, talk about why it will get approved. those two things together will drive shareholder value. you said 26.5 billion dollars. it is actually $145 billion enterprise value combined company. what we are going to have st

days of corporate raiders like carl icahn or ron perlman they would go to mike milken and say here's a company they've got billions of dollars worth of assets on the books i want to put their assets up as collateral to borrow that ten billion dollars i need to buy them and then they would buy them and then they would split the company up into many pieces and fire lots of people and raid the pension account and destroy capitalism as we know it and make off with billions of dollars and we ended up with america's oligarchies of billionaire corporate raiders which we now call activist investors and the trend has resulted in terminal capitalism where the rats. have been given unlimited credit and no regulations and they are killing the golden goose soon there will be no stocks to buy at all no opportunity to excel at all and we're back to serfdom is the road to serfdom for real about that fake version that referenced fake communism but the real road to serfdom brought on by own frederick up a little actually when you were talking like that it made me realize that politicians have kind of

our chief international correspondent haslinda joines up from the milken -- us from the milken conferencehaslinda: very optimistic and looking pretty good. perhaps this cycle may be better than the previous one. let's get to lawrence. nice to have you with us as always. >> good to see you. haslinda: you are optimistic. why? any one ofher than our expectations. it's growing north of 20%. also, this cycle compared to the previous 2013-2014 in which growth was led by vfp business -- vip business. as operators, that is the lowest margin business. this time around, both massa vip working side-by-side. vip working side-by-side. our usual margin on that is four times higher than vip. the mass customers, in my experience, is that they are more sophisticated. they are really coming to a new city to experience the different aspects of it, not just to game. that is why that segment of the market is so valuable. for us, that is our bread of butter. that is the main focus. haslinda: how good could you expect results to be this year? lawrence: we are announcing q1 results tomorrow. haslinda: you can te

days of corporate raiders like carl icahn or ron perlman they would go to mike milken and say here's a company they've got billions of dollars worth of assets on the books i want to put their assets up as collateral to borrow that ten billion dollars i need to buy them and then they would buy them and then they would split the company up into many pieces and fire lots of people and raid the pension account and destroy capitalism as we know it and make off with billions of dollars and we ended up with america's oligarchies of billionaire corporate raiders which we now call activist investors and the trend has resulted in terminal capitalism where the rat. have been given unlimited credit and no regulations and they are killing the golden goose soon there will be no stocks to buy at all no opportunity to excel at all and we're back to serfdom is the road to serfdom for real about that fake version that referenced fake communism but the real road to serfdom brought on by own frederick up a little actually when you were talking like that it made me realize that politicians have kind of t

days of corporate raiders like carl icahn or ron perlman they would go to mike milken and say here's a company they've got billions of dollars worth of assets on the books i want to put their assets up as collateral to borrow the ten billion dollars i need to buy them and then they would buy them and then they would split the company up into many pieces and fire lots of people and raid the pension account and destroy capitalism as we know it and make off with billions of dollars and we ended up with america's oligarchies of billionaire corporate raiders which we now call activist investors and the trend has resulted in terminal capitalism where the rot. have been given unlimited credit and no regulations and they are killing the golden goose soon there will be no stocks to buy at all no opportunity to excel at all and we're back to serfdom is the road to serfdom for real about that fake version that reference straight communism but the real road to serfdom brought on by own frederick upper lism actually when you were talking like that it made me realize that politicians have kind of

so when treasury secretary steven mnuchin stopped off at the milken institute global conference on hismeetings, bloomberg's stephanie flanders asked him if he is concerned about the state of the bond market. >> i think the good news is the u.s. treasury market is the most liquid and robust market in the world. while i won't comment on interest rates because i respect the independence of the fed, what i will say is the market, the forward curve expects interest rates to go up. how much it goes up and how fast it goes up, we will see if it is more or less than the market predicts. but part of the reason we see interest rates going up is because we have created economic growth. that is a good thing. we have been focused on targeting 3% sustained gdp. and part of the reason why interest rates have backed up is because of that economic run. stephanie: bob michael said on bloomberg this morning, he had never seen as bad the market supply conditions in the treasury market -- so much supply coming on. also, central banks, the federal, others running down their balance sheet, so many things com

and coming up, more conversations from the milken global conference. >> we are talking to ceo's rightnfidence is also relatively high, but people are also cautious. nejra: this is bloomberg. ♪ . nejra: this is "bloomberg best." i'm nejra cehic. leaders in business, finance, and politics gather this week at the annual milken global conference, set in beverly hills, california. let's begin with erik schatzker's conversation with david solomon on the topic of volatility. >> i don't think i can explain the difference between good volatility and bad volatility, but i would say that the first quarter was an environment where for a variety of reasons, our clients were more active in shifting around portfolios and changing some of the assets they were holding and the positions that they had. and in that environment, given the strength of the franchise, they performed very, very well. if you look at the returns in the first quarter, the results reflected the fact that clients were more active. >> does that reflect more conviction on the client's part? i mean, you spent a lot of time traveling

milken global conference, set in beverly hills, california.er's conversation with david solomon on the topic of volatility. >> i don't think i can the difference between good -- explain the difference between good volatility and bad volatility, but i would say that the first quarter was an environment where for a variety of reasons, our clients were more active in shifting around portfolios and changing some of the assets they were holding and the positions that they had. and in that environment, given the strength of the franchise, they performed very, very well. if you look at the returns in the first quarter, the results reflected the fact that clients were more active. >> does that reflect more conviction on the client's part? i mean, you spent a lot of time traveling around the world and meeting face-to-face with big science. what are they telling you in terms of their conviction? >> i think you talk to different clients and get different conviction about different things. it can be conviction but also a shifting landscape. i think there

mnuchin speaking at the milken institute global conference. the tariff story and what it means for europe with our reporter anne murray. who is most exposed here? map, you can see from this germany and the netherlands are the most exposed. they are the biggest european exporters of steel. the european steel industry says the tariff plan would hit exports of nearly 3.5 million metric tons of finished steel product and 1.5 million tons of semi finished goods and other types like wires and tubes. on june 1,e deadline investors may be bracing for some price swings. you can see aluminum premium in europe has climbed compared to the u.s. price's in march -- since march. in a recent earnings call, premiums on aluminum is skyrocketing. norsk hydro, how it is affecting a corporate on the front lines, the company's stock price is the most correlated with aluminum ever. metal up 16% from a year earlier as tariffs loom and the sanctions that hit. north hydro are benefiting almost 75% from a year earlier. guy: thank you very much. the interesting take away

nejra: plus, a who's who of financial leaders discuss at the milken conference in beverly hills. >> interest rate increases this year could the one increase more than what the markets expect. >> part of why we see interest rates going up is because it creates economic growth. that is a good thing. that is a good thing. >> i'm confident that the next correction is not imminent. nejra: it is all straight ahead on "bloomberg best." ♪ nejra: hello and welcome. i'm nejra cehic. this is "bloomberg best," your weekly review of interviews from bloomberg television around the world. the week began with a flurry of mergers including a third try at a tie up between a pair of big telecom companies. david a big weekend for mergers. :marathon buying endeavor. warehouse giant pro logos. t-mobile agreeing to buy sprint. at long last, for more than $26 billion in cash and stock. you keep saying it is $26.5 billion. there is debt they are taking on. it's a lot more than $26.5 billion. >> it is substantially more. it is also an all stock merger with an exchange ratio, so what the price is today is not what the

"what'd you miss" the milken global institute conference is underway in california.sionsl these trade a hot topic. scarlet fu has been at the heart of the action speaking with the u.s. commerce secretary. take it away. that's right, i spoke with wilbur ross about this. lots of investors that we have spoken to has said that they have had conversations on the sidelines about mobile politics and trade relationship, the changing dynamics and what it means for their portfolios. for the most part they are optimistic about the economy. things could change how the administration proceeds. earlier you mentioned the headlines about the president sending the -- extending the deadline's year, sanctions on trade, steel and aluminum. that has been pushed out now to june 1 four u.s. canada and mexico as well. he said that when it comes to nafta discussions one of the real targets is to limit the stuff coming in from outside nafta. the free trade agreement is about the countries inside of the agreement. not about the countries from outside. to start front and center with the europea

charlie gasparino live from the milken conference. dow down further, lower 174. watching this stronger dollar pushing this index down. man: i got scar tissue there. same thing with any dent or dings on this truck. they all got a story about what happened to 'em. man 2: it was raining, there was only one way out. i could feel the barb wire was just digging into the paint. man: two bulls were fighting, (thud) bam hit the truck. try explaining that to your insurance company. woman: another ding, another scratch. it'll just be another chapter in the story. every scar tells a story, and you can tell a lot more stories when your truck is a chevy silverado. the most dependable, longest-lasting, full-size pickups on the road. (indistthat was awful.tering) why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! m

. >> by gosh, it was fantastic or what is happening at milken in terms of document future, i was on a panel at dr. oz and the other panelists were talking about vertical farming and preserving vegetables by basically spray you non-vegetable and water to create a layer of preservation and technology around them. we talked about building virtual communities, enabling consumer productions of companies another talks about absent engagement with the technology transforming the food-based to have more natural, more extensible, more sustainable and more nature at richfield is nothing short of remarkable. dagen: do you think as brainless that you have a leg up on the competition because they bring a begin. i am a vegan and i raised that issue because people want more information about where their food is coming from and they don't want to have questions unanswered in terms of what is in say a can of soup. >> right. i would say one of the things that is at the core of the experience is true trust and transparency. when you look at her labeling system, you don't have to see if the olive oil was

♪ >> now for another bloomberg exclusive from the milken conference.he movie "the big short," but he never sat down for a television interview until this week, when he told erik schatzker what he thinks may trigger the next market correction. ♪ >> if the first quarter of volatility is a harbinger of something bigger, you will see a lot more trouble in the corporate markets and the equity markets and structural volatiles. consumers are in much better shape than corporate's, consumers are less levered. products --ctured people always fight the last war. that's not going to be what happens this time. i feel strongly that in an adverse environment, structured products will outperform, much as they did, if you remembered act in 2000, there weren't a lot of structured hedge funds. structured products were generally up modestly in each of the 2001, even when equities are down. >> where are finding the best opportunities right now? >> our portfolio is more diversified than it was before. level, -- from a high what i'm trying to do is construct a portfolio that

we are live at the milken institute global conference in beverly hills, california. get back to the top story which is apple second-quarter results. while revenue in iphone sales in line with estimates, one area where the companies that out -- services. reported record service revenue of $9.2 billion, easily beating forecasts. apple pay generating record sales. here with us is caroline hyde. we have our "bloomberg tech" editor. let's talk about the service numbers and a potential. we know that apple forecast and bigger quarter than analysts predicted for q3. alistair: a big relief and the services number really stood out. one particular number -- 30 million paid subscribers added in the recent three-month period. that is a very big number. that is people paying real dollars to sign up for an app or a service like apple music. they are agreeing to pay monthly going up to a year or even more. that is a new, very solid revenue stream. emily: apple also continuing its share buyback program, announcing the new $100 billion purchase program. take a listen to what tim cook

the milken institute draws a crowd of investors.ossible dangers surrounding etf's a hot topic at the summit. we drill

he was at the milken institute. we have a great interview coming from their -- from there.e'll get this throughts on metals, tariffs, trade imbalance. headmanned steve mnuchin -- he and steve mnuchin are going to china to talk about trade. >> prosecutors working for robert mueller have made clear to president trump's legal team he would come -- compel the president to testify before a grand jury if he refuses to participate in a voluntary interview. he has legal standing to subpoena a sitting president, even though such a move has never been tested. hastrump administration laid out expectations for a swift breakthrough on trade issues with china. robert lighthizer said at this point, it will be a big challenge to resolve differences. he will be joined by treasury secretary mnuchin, larry kudlow and peter navarro, and wilbur ross. free trade -- their behavior is highly protectionist, much more than the united states. this weekend daily currency was weakened by much more than u.s. analysts expected. the people's bank of china cut weaker thane level, the average estimate in a

here's a "fox news" contributor and we have got paul ever saw no he has lies out of the milken conference. paul are people talking about apple out there or have they moved on? >> they have moved on a little bit. the big talk of the town seems to be trade. we had wilbur ross and steve mnuchin out here. we have the delegation out of china to talk about trade tariffs as well as president trump's announcement on the tariff delays or extensions for a month. that's been the made mood in this country right now. melissa: would you think about the market in the mood of the conversation on wall street? >> i would pay no attention to the dow because the market was much longer. the most important thing i saw today it's held long-term. the s&p did and whether or not we can get to the upside i don't know but it's a good start and we will get a little bit more as we go through the earnings season and the next week or so. melissa: poll we have seen a lot of earnings that were good. there seems to be a lot of energy and the economy in particular, people feeling good. there are more people at milk and then

the annual milken institute global conference trust a large crowd of investors and influencers. possible dangers surrounding etf's a hot topic at the summit. and we drill down into an etf trying to do

personal attorney for henry kissinger personal attorney for robert best go personal journey for michael milken and the list goes on doug liman father arthur was not part of the subsequent carry subcommittee's only revealed cocaine smuggling in the conscious supply and that. journalist gary webb published articles in the san jose mercury to better elucidate their relationship between cia and other agencies that protected contra drug trafficking he was right out of mainstream journalism his story was finally told in two thousand and fourteen. kill the messenger gary webb you know is a really a great investigative reporter who broke a story right at the beginning of the internet era was actually the first big internet news exposé and it involved some geishas of cia connected drug sales in the one nine hundred eighty s. and l. a biggest crack campaign freeway ricky ross who is well known to the public because the l.a. times already called him the kingpin of crack cocaine the person most responsible for the rise of the drug epidemic gary webb came along and revealed that nicaraguans working with th

personal attorney for henry kissinger personal journey for robert best go personal journey for michael milken and the list goes on the climate's father arthur was not part of the subsequent kerry subcommittee's. field cocaine smuggling in the conscious supply. when journalist gary webb published articles in the san jose mercury to better elucidate the relationship between cia and other agencies that protected contra drug trafficking he was run out of mainstream journalism his story was finally told in two thousand and fourteen kill the messenger gary webb you know was a really a great investigative reporter who broke a story right at the beginning of the internet era was actually the first big internet news exposé and it involved some geishas of cia connected drug sales in the one nine hundred eighty s. and l.a. the biggest crack campaign freeway ricky ross who is well known to the public because the l.a. times already called him the cantenna crack cocaine the person most responsible for the rise of the drug epidemic gary webb came along and revealed that nicaraguans working with the cia had

whom you were there from mike milken period that started i think part of that that cheap money the way of financing and financialization could be responsible for this compared to all those competitor nations the other wealthy nations of the world why the us has done so poorly as you see this is the line out is how expensive your health care is and the line vertical is how long you live so americans are spending a lot more than other competitor nations on health care and living a lot less longer that doesn't look good that's financialization as well i think life expectancy is overrated you know america is a nation of goldfish you know goldfish will eat all the food you give them until they kill themselves if you go to san francisco and you see people living the american dream shooting up smack on the sidewalk going to see the needles everywhere dying in the street that's the american dream that's the american goldfish fulfilling the promise of the leveraged buyout to take all future revenue and earnings for the next fifty to one hundred years and compress it to one year and then extract

milken's i would say i'm not american but americans helped out really. war true cures for the depression harsh reminder socialist concern prosperity or full force or short. for the for us the whole world it would end in. historical rewrite ever since world war two. to foment the cold war against russia against communism and. socialists nish push. the soviet army out to all close to a swath of the earth clues could all go. to world war two has been the story credibly by the anglo-american media and that's because they wanted to minish the role of russia. and stalin who actually defeated hitler. the iran nuclear deal was one seen as a major achievement of american diplomacy but that's no longer the case donald trump's decision to pull out of the deal has reopened a major international problem and left allies betrayed and averse to his confused. the world's prissie. i. pad. please cut cut. cut cut cut cut cut cut. cut cut up. this hours headlines stories donald trump faces a torrent of criticism from leading european politicians and media over his decision

outs among financial pundits and a panel this week in beverly hills at the infamous milken institute conference nouriel roubini the famous dr doom who had been credited with predicting the financial crisis of two thousand and eight staked out a step to call one strident cryptocurrency position roubini said these so-called virtual currencies are not currencies because they store no real value and they are not practical as a systemic as a systemic means of payment after block chain entrepreneur intrapreneur alex defended kryptos as the means for consumers to manage their finances without banks roubini replied you're just making stuff up and penalises bret mackintoshes the general counsel of the us treasury department was inspired to quip i may need to step in and regulate this animal he also may have affectively written the takeaway headline for the discussion saying quote where this all goes i don't think anyone knows well there are a few of us who think we have sort of a visual on the crypto future and one of those people who is certainly a visionary in market matters and crypto is g

can bring you best interviews from the weekend, including highlights from our conversations at the milkenrence in a late in their conversation with microsoft chair. to then this sunday for the best of bloomberg technology. this is bloomberg. ♪ emily: the nasdaq welcome a new member and shares rose 20% above price and bloomberg is reporter alex barinka caught up with patrick morley to get his thoughts on their debut. patrick: price and bloomberg is reporter alex carbon black ia cybersecurity leader and where to something a pick market right now, a $19 billion market. what we're focused on is miggy sure we get our company name and bent out there. will be spending some of those dollars on sales and marketing and beneath the company out the international markets as well. space.rsecurity is a big you are a cloud-based company. break what exactly do you do for your customer? think of carbon black as a company that helps organizations protect devices. laptops, servers, data centers. we help them. the fundamental belief is that tohave data, the company collect the richest set of data and analyze

atx: that was greg lippman the milken institute global conference. in new york is joe amato and said haidar. credithave construction and corporate credit, where is the bigger risk? market,think the credit people are very bearish on credit because they are worried about rates rising. we have seen on a total return basis, credit outperforming government securities, and we will see that for a while because it looks pretty good, and i think growth will rebound a little after a slight week patch in the first quarter. hasrest coverage is low, even if debt levels are high, interest rates are quite low so that means the corporates in terms of interest expenses, is not that troubling. unless you are expecting a very fast increased in interest rates, i think credit will outperform government securities. alix: one of the issues comes in the covenants that we have seen, particularly in the clo market where you get exposure to the floating rates. those leveraged loans will not and that is seen as a particular risk. progressee a lot of behavior going on in credit

hundred eighty this is the beginning of the whole leveraged buyout boom you were there from mike milken period that started i think part of that that cheap money the way of financing and financialization could be responsible for this compared to all those competitor nations the other wealthy nations of the world why the u.s. has done so poorly as you see this is the line out is how expensive your health care is and the line vertical is how long you live so americans are spending a lot more than other competitor nations on health care and living last longer that doesn't look good that's financialization as well i think life expectancy is overrated you know america is a nation of goldfish you know goldfish will eat all the food you give them until they kill themselves if you go to san francisco and you see people living the american dream shooting up smack on the sidewalk going to see the needles everywhere dying in the street that's the american dream that's the american goldfish fulfilling the promise of the leveraged buyout to take all future revenue and earnings for the next fifty to

institute milken global conference draws a large crowd of investors.o danger etf, once again a hot topic at the summit. ge

content technology and the battle for viewers, a hot topic at milken.the chairman of lions gate television. he owns several different shows on netflix and others, including outlander and "orange is the new black p or code if you are a tv viewer, and i am, you want to talk to kevin. people are cutting the cord. what does that mean for a company like lions gate? quakes we sell everywhere -- >> we sell everywhere. yet to be named platforms that will be announced everywhere. we of course own a couple of cable networks, premium channels, starz, basic cable, network. so how do you deal with diminishing the -- subscribers in the ecosystem? you have to have something that people can live without. as a seller on the show side, to everyone and the people that have the most need. that's where you want to focus. we have shows all over the streaming universe and two big network pilots right now, hopefully moving forward in the next couple of weeks. have legacy and fantastic cable partners that we continue to supply. i mentionedarlet: netflix and "orange is the new t

. >> all right, david, thanks very much david faber at the milken institute conference w wn82 we're backack to "squawk alley. not a good use of my time, that's what microsoft founder bill gates told president trump after being offered the role of science adviser during their meeting at the white house last month. the comment came after gates suggested trump appoint somebody as the head of the science and technology policy. a position that's open you can catch gates along with warren buffett and charlie monger live from omaha on "squawk alley. a little awkward the gates foundation just six months ago, committed $300 million to help farmers adjust to climate change. it's been good for him the trump administration, not as big on stressing climate change as an issue. gates as science adviser might have seemed a bit odd. >> getting clarity on what we might hear at f-8. mark zuckerberg with a facebook post saying they're developing a new privacy control called clear history. in essence, a way to clear your cookies as you would an ordinary search but through facebook once we roll out the update

on his way to -- secretary ross this morning and he was on his way to china after being with us at milkennfident that the next correction is not super imminent, but it is on the horizon and we are wary for it. erik: one of the things you hear a lot about from hedge-fund managers is to need as they need to invest in data and data signs. formarkets in which operate the quantitative approach -- or structured products more broadly still too far afield? requested. ironically, structured products were among the most quantitative things. we had loaned level data. one of the reasons structured products is a viable hedge-fund asset classes unlike equities, where anybody can start and equity hedge fund with the -- in their apartment, the computer expenses are considerable. you cannot run a business profitably -- even not negatively -- with less than $500 million. it is less competitive from that perspective. we have always had a heavy data component. at the same time, unlike equities, it is not a liquid market. a lot of the things related to quantitative trading, they don't apply in a market that i

desk but now have a market veteran echoing charlie munger throwing cold water on bitcoin during the milkene panel, bitcoin is, quote, for suckers. we bring back our floor show trader. teddy are you in the rat poison club or the bitcoin bull club? >> i'm too old. you know, when i think of so many things they found unbelievable in my wall street career they didn't believe in, this is just another item. i have no idea. but too hot to handle as far as i'm concerned. i think i'm in charlie munger's corner. liz: you are in charlie munger's corner. bitcoin is up 375 bucks, it had been up $19,000 a few months ago, so it's certainly off highs. we should compare it to a currency. how about the greenback? are you a greenback or a bitcoin guy? >> i'm going trade anything they can get in and out of efficiently. all about controlling risk. it's how you trade. if it's good liquid market, sure. bitcoin had a healthy bounce, closing in on $10,000 once again. it was there just in march, so it's not that long ago, if you look at the technical pattern, it looks similar to the stock market itself when we had t

liz is at the milken conference going on in california.our read from there, liz, are they worried that this trade rift, even with the extension is getting nasty? the chinese don't appear to be budging and don't feel inclined that they should? >> i think neil, you heard a lot out here about uncertainty. about the fact that manufacturers and consumers and all kind of enterprises are sort of struggling with not knowing what the outcome of these negotiations are going to be, but we just heard secretary ross talk very convincingly about a, the need for this tough stance against china and also, and reiterating the objective here. what is the objective? it is to rein in on these tariffs the overcapacity and overproduction of steel and aluminum which really hurt our manufacturers. and the reason that our allies have gotten caught up in it, because china has been shipping extra production to all different kinds of countries. his case the extension was a good sign maybe that progress is being made and you know, we can't forget all this stuff is caug

there was a story about how anxiety is growing and how there was a lot of gossip in the milken institutelier this month with executives asking each other and gossiping over which businesses are to bank would keep and if they were going to get out of business, what kind of people they would want to poach. we spoke with david mall -- david solomon about how the retreat would mean an opportunity for the other banks. >> if a big institution steps away from the institutional should be able to benefit. we will watch and see and serve do weients well and if we should benefit if it happens. >> things could change again but deutsche bank in the last couple of years was very aggressive in getting ahead in capital markets. they wanted to build and plant the flag and build out their u.s. business. talk about what their reputation was on the street. >> they were seen as aggressive, they were seen as top bidders for talent. after the crisis they talk about being one of the survivors, being, as some people pulled away from some of these businesses, deutsche bank was still going to be there and they wil