paul: that is oaktree capital management cochair howard marks speaking exclusively with bloomberg.e of the other global stories we are following, tiktok and its china-based parent company arguing that washington could have enacted less restrictive alternatives to address national security concerns. in a court filing, they say the u.s. government has multiple layers of safeguards. tiktok has maintained there is no evidence the app poses a national security threat. swiss watch exports fell in may due to a persistent slowdown in demand for premium timepieces in china and hong kong. the industry says shipments fell by value 2.2% to about $2.6 billion. i exports to mainland china were down 18% while sales in the key trading hub of hong kong slumped close to a quarter. let's take a look. -- a look at some of the stocks in trade. we are seeing a bit of red on the screen, but seeing manufacturers gain. why? china has promised to guide capacity expansions, so that addresses some of the supply issues that the national energy administration is saying it will mark, and that will help improve c

in 2018, we brought oaktree into our fold, and we have a partnership with the management there.hat's been transformative to our credit business. and we're always looking for things like that to continue to build the business and just grow over time. but if not, we just keep plugging away every day. francine: so this is more partnerships than outright acquisitions, like altera. i mean, this is a different kind of carbon fund. bruce: our transition business, we started -- we split off from our main infrastructure business 4.5, four or five years ago. we raised a large first time fund. we just did the first close of our second fund for $10 billion. and then we started an emerging markets business. so i would say that is just a split off. this is just -- all we are trying to do is we informed ourself about transition, we built a team over a long period of time. now some people said to us, can you solve emerging markets as opposed to just developed markets? francine: right. bruce: we didn't feel it appropriate to put the two in the same fund, so we are creating another fund to do tha

i spoke to the co-ceo of oaktree at the bloomberg invest conference yesterday. >> where are we in thei would say we think the credit cycle is mature and we expect there to be some challenges ahead in public and private markets and we can come back to that. we don't think that necessarily the equilibrium rate is 5.5%, but it is also not zero, by definition things will get more restrictive ahead of us and then you just have to think about the vulnerability of companies. clearly, the ones in the ig space are more secure. they will have to refinance with higher rates and the most exposed would be those companies in the floating rate structures that we can talk more about. the second point that i would make that i alluded to that i want to emphasize is we think markets are too complacent now. we don't think that the records we have on credit spreads are reflective of the real challenges that we have any economic backdrop. obviously, people are still bidding for credit largely over the last 12 months with yield buyers about the spread is what gets you protection and there isn't a lot of it

"day in and day out we sat at our lawn desk overlooking an immense oaktree and the health beyond.e on the left with her laptop, me on the right with my braille computer. we wrote, we debated, we argue, we laugh we deleted words, paragraphs and pages. slowly but surely, a book emerged." >> retired judge david tail and his new memoir on this episode of footnotes+. >> washington journal continues. host: welcome back. we are joined now by franklins, pollster and communications -- frank luntz, pulse rate indications strategist to discuss campaign 2024 and if you are watching last week, there with the first presidential debate of the 2024 campaign. frank, welcome to the program. we are going to talk about that debate. on thursday while that was happening, you had a focus group. tell us who participated in how they were selected. >> it was actually a very typical effort because trying to find truly undecided voters is just about impossible. and what i mean by that is somebody will say i don't know who i'm voting for but when you ask them, i would never vote for donald trump, but i'm stil

"day in and day out we sat at our lawn desk overlooking an immense oaktree and the health beyond.e on the left with her laptop, me on the right with my braille computer. we wrote, we debated, we argue, we laugh we deleted words, paragraphs and pages. slowly but surely, a book emerged." >> retired judge david tail and his new memoir on this episode of footnotes+. >> washington journal continues. host: welcome back. we are joined now by franklins, pollster and communications -- frank luntz, pulse rate indications strategist to discuss campaign 2024 and if you are watching last week, there with the first presidential debate of the 2024 campaign. frank, welcome to the program. we are going to talk about that debate. on thursday while that was happening, you had a focus group. tell us who participated in how they were selected. >> it was actually a very typical effort because trying to find truly undecided voters is just about impossible. and what i mean by that is somebody will say i don't know who i'm voting for but when you ask them, i would never vote for donald trump, but i'm stil