joining us is patrick armstrong. we keep hearing records on all u.s. benchmarks, does it surprise you? patrick: it is a narrative that that is why we are hitting new feds, but i also think the and what it is doing, not important.e, is the trade deal is important, you don't get significant global growth without a rebound and recovery in trade, and to be escalation of the trade war between the u.s. and china is very important. that is what if is one trade deal is. if. floor under think that basically, there shouldn't be newescalation or no tariffs, or a rollback of existing tariffs. nejra: so the question comes into play, whether president trump out of a goodwill will put a pause on existing traffic should. do you think you will -- on existing tariffs. do you think he will? that has been enough to push markets to an all-time high every time we get a sound bite that we are close to a deal. it will be a shallow deal, it has artie been headlined what the deal will be. the next stage that people are hopeful for, i am very pessimistic we get any progress on th

let's get back to patrick armstrong from plurimi wealth. you have a short on softbank. ick: softbank, being synonymous with the unicorns, and that may be a misnomer because there are 400 in the world right now. we think the path of companies is about gearing up for an ipo, not a profitable business. you have seen with uber and wework, the market is not just going to throw money after companies that don't have a clear plan to profitability. a lot of investments have been made addressing them up and i think that window is starting to close. francine: wework seems different. patrick: they are the most extreme of everything. they have a lot of issues. they are the most extreme, but uber has no path to profitability. they are in a competitive market despite being an oligopoly. anything they create will attract new entrants and there is no barrier to entry. all of these companies could never have gone public in the past, and in the future, may not be able to. francine: it has a direct impact on unicorns around the world or in asia? patrick: i think around the world. for the la

interesting, jcpenney let's talk more about the markets, dough future dougw fu5 points we're joined by patrick armstrongwant to be a downer, but last year we were sitting pretty, and december was worst december since 1928 or ever. do you see any risk of a significant market downturn again? >> definitely a risk i would be looking to sell the news everyone is holding out hope on this phase one trade deal that has been 90% of the way there in the spring and now we're in the final throes it does look like it is eminent. that's driving the markets high, people don't want to be short before the trade deal is announced, people want to be invested to get benefit of the market from the trade deal i don't think the trade deal is going to be anything close to all encompassing i think it is going to be shall shallow. that will be a good catalyst to sell the news on you look at the s&p 500, trading at 2.3 times sales today almost unprecedented only time it got to that multiple was september last year, when the sell-off began. and in the first quarter of 2000 before the tech wreck. >> that's an important stat. a lot

armstrong land on the moon. and it seems to me that as governor patrick and others mentioned, we have so many challenges in this country that national service can help address. i don't see why we don't have an opportunity, millennium goals in the country, to take on education and conservation and poverty and a whole host of issues that national service -- there's evidence that national service could help address. it's also interesting to note, you know, what's the problem we're trying to address? robert putnam wrote two wonderful books, actually a third called "our kids." when i asked him for an historic perspective, he said, you know, social cohesion or social fragmentation, political polarization, economic inequality, and civic collapse all actually work in virtual lock step. if you look at trends from the guilded age through the 1960s and '70s and even today, you see them moving together. so what we do as a nation civically, how we take care of our communities matters significantly to how we view one another, how we view inequality economically, and of course i think we're having a political, cultural, and e