here, in public markets, we actually have investments, managers -- we could do that in the private market but it would not impact commitments that we make today in going forward. we wouldn't know what they're going to buy. they're really completely different universes. in private markets it's really not measurable or actionable. >> for the whole program we see all the markets increase their use of dirty fossil fuel type companies. hoi do we impact that on the broader scale? >> this is important for the board to know. divestment does not reduce the use of fossil fuels, it simply changes ownership. we sell to someone else. what changes -- what reduce the use of fossil fuels is reduced demand. there's two ways, renewables, solar and wind or change the composition of existing traditional uses of energy. meaning, less energy, more oil and gas. that reduces carbon emissions by going from carbon from coal to oil, reduces it by about 50% and from coal to gas reduces it by double. what changes it is reduced use for energy. those are not investment driven. they're driven by consumer behavior or gov

the public market is willing to pay for growth and big value for growth. e market size we are dealing , the transportation market we are going out is $6 trillion. we are doing close to $50 billion in gross booking so the size of the market ahead of us and the growth ahead of us is extraordinary. got the righte've sharing business that grows. now we are gaining share on our competition and we are the thevaled global leader in right sharing and we have the eats business which is the largest delivery platform in the world outside china. than we have businesses like bikes and scooters and freight. if you look at eats and bikes and freight and utrecht these three businesses in the early days -- eats in the middle of days -- against over x, we've got three businesses that can look like uberx. is ther x business which largest part, there have been few companies in the world that have been able to grow at those rates and scale at those rates. we've actually got four of them in one portfolio. when we tell that story to investors and the street, we will find plenty o

public market is willing to pay for growth and fake value for growth. ze that we are dealing with an replacing car ownership scum the transportation market that we are going after a $6 trillion. we are doing close to $50 billion in gross booking, so the side of the market ahead of us and the growth ahead of us is extraordinary. within uber, we have got the thatridesharing business continues to grow, that now we are gaining share on competition and we are the unrivaled local leader. we have got the eats business which is now the largest delivery platform in the world outside of china, and then we have businesses like bikes and scooters and freights for if you will -- freights. businesses at the and you track them in the early days and the growth of uber x, we have three businesses that kind of look like uberx. the uberx business, there have been few companies in the world that have been able to grow at those rates and scale at those rates and we have got actually four of them in one portfolio. when we tell that story to investors, we are going to find ple

the public markets is willing to pay for growth. the markets we are dealing with and replacing car ownership, the after $6ation is going trillion. the size of the market ahead of us and growth ahead of us is extraordinary. we have the base ridesharing business. we have got the eats business which is now the largest delivery platform in the world outside of china, and then we have businesses like bikes and scooters and freights. if you look at the businesses and you track them in the early days against the growth of uberx, we have three businesses that kind of look like uberx. the uberx business, there have been few companies in the world that have been able to grow at those rates and scale at those rates and we have got actually four of them in one portfolio. when we tell that story to investors, we are going to find plenty of investors that want that growth opportunity in a market is large as the transportation market. if there is an investor that is obsessed with quarterly results, probably not the right investor for us. if there i

that's why you are seeing many of these unicorns wait to come to the public markets until much later heir public -- the company life cycle. it's important they see that the benefits of public markets deliver that unparalleled liquidity that's out there, the visibility and brand they can leverage to attract customers and investors is so critical. one, we want to make sure they see that and keep that in balance, then they will get down to the market differentiators between the public exchanges. liz: one of the things they shy away from is quarterly guidance because sometimes it's very hard to have that kind of visibility. where do you stand on that? you have warren buffett and jamie dimon saying get rid of the quarterly guidance that's required of so many companies. >> i think there are two different contributing factors to the talk about quarterly earnings reporting. one of them is just the work that goes into producing those documents and is there a way we can streamline some of that down so that companies can have a more efficient way to communicate with their investors and still car

to summarize, the first was to adopt a carbon constrained strategy for $1 in the public market strategy, the second was to hire director of e.s.g. third is partner with institutional investors to promote initiatives that would reduce carbon emissions. fourth was to enhance our engagement activities including partnering with organizations such as series, p.r.i. and others. a fifth was to pursue renewable investments, number six and last item, develop a framework, an approach to identify the most riskiest companies to develop a plan to consider divesting, to develop a watch list and action plan for companies that were also deemed risky but not necessarily warranting divestment. today curt is going to walk us through items 1-5. i will say in the recommendations we will be asking on item number 1 to remove the word passive that where ever we can find value whether passive or active, that we do so. but we have done a lot on each of these six. curt will walk through items 1-5. andrew will walk through item 6. i think you will see andrew and our partnership together with goldman as we created

i think the public market is willing to pay for growth and willing to pay big value for growth. the market size that we are dealing with in replacing car ownership, the transportation market that we are going after it securely in dollars. we are doing close to $50 billion in gross booking. so the size of the market ahead of us is extraordinary, and within uber, we had the business that continues to grow and that now, we are gaining share on our competition and really we are the unrivaled global leader in ridesharing. we have got the each business which is the largest delivery platform in the world outside of china. and then we have businesses like bikes and scooters, and with freights. if you look at that and track the three businesses, in the early days, against the growth of huber x, we have three businesses that look like huber x. the huber x business, which is the largest part of uber, they had been few companies in the world that of been able to grow at those rates and skill at those rates, and we have four of them in one portfolio. i think when we tell that story to investo

along publics were markets coming down. i would say that we think the best opportunities are in the public markets with larger side -- size companies. to $15 billion. if you have a private company worth $750 million, there is a big universe who can compete for that. when you start getting to a deal like thomson reuters which was a , thatllion business competitive dynamic is pretty favorable. the fact that the prices have come down a bit and the fact that the number of large-scale private equity funds is basically the same as it was back in 2007, creates a better dynamic for investing. i would hardly say we are in a market where you have an open to buy. you have toa place be very selective in the type of companies you buy and the industries you buy. this volatility, prices coming down a bit, it is helpful or us as we look for businesses. one other comment i would make is as you are in an environment of rates going up, that means you do not believe multiples will expand. if anything, they may contract area you need to put a p

. >> that's absolutely the worry for the wider public market.ly, these companies have done well to this point but many about what'sking going to happen going forward and especially in a rising interest rate environment. people might not want to take as much risk with these high-growth companies. i went out to silicon valley and it's interesting because for the , people still have some optimism but at the same time, you are starting to see early signs emerge the some of the large angel investors, the smaller startups are feeling pressure. until we see down 20% or so in the nasdaq 100 which now is down about 13% from the peak in august, that's when you will start see more worry. your story raises questions about the unicorn names preparing to come to the public market like airbnb or uber. >> if you look at the ipo market, it still very strong. tech ipos this year and they raise about 16 william dollars so that already tops last year. arebig unicorn names preparing to come to market and go public next year. i spoke with a couple of ipo advisors and

it has been a long time since we have had such a group of large companies, looking in the public market what are we talking about in terms of valuation for uber? >> they are valued at more than $70 billion. i think there should be a little bit of skepticism around those exact numbers. it gives you a decent range, frankly huge. softbank mobile in japan is going public, may be the biggest deal ever. they are in that range. uber may be bigger than alibaba in terms of listings. carol: you mentioned we haven't seen three or four big tech companies go public in some time. you would have to go back to 1999 or 2000. alex: what some remember as the bubble days. the private funding environment in the u.s. has been so rife with cash, poured in from funds throwing money at these private startups. they want the next big thing. now you have the likes of softbank and their $100 billion vision fund. they are writing multibillion dollar checks. companies have been able to get the capital they need to exist. when you think about why a company goes public, they want the visibility, they have the capital,

carla: i think people will migrate to private equity as you see more pressure in the public market.ith private equity you are looking at much longer term return than with hedge funds or the public market. that is one of the things i'm excited about and we will talk about today. jason: let's talk about that. it is demo day today. a big day for you. tell us what this is. this is the next generation of corporate leaders. carla: this is one of the most exciting days at morgan stanley because it is looking at the next generation of corporate leaders are and we have nine companies in our innovation lab for the last six months where we have given them cash, content, as well as connections. what i'm most excited about is that it is across all verticals. there's semtech, there is health check, there's hr tech and energy tech. to see these companies common to market, all of which are disruptive and using tech enabled strategies is exciting for us. this is our pipeline of ipos and m&a transactions in the future. jason: let's talk about disruption in a different way -- it is not a bunch of comp

headwind for the broader macroasset class is i think will be a tailwind for the adoptens of the public markets. >> i'm sorry for being obtuse what makes the difference in terms of what global central banks are doing? it was never part of the thesis before. >> this is more from an institutional adoption perspective. >> okay. >> if you look at multiple poefrmt manager they are there is history in the cycles there is only one cycle in bitcoin. the market has gone one wap. >> how about all the charts overlaying past buss are they cycle or not this is part of a giant cycle. because people have said we see the bust before or and the overlay the draw downs of 80%. but you say we are only seeing one? >> it comes to the market participants and mispricing evolution. basically saying there is value in the long run but trying to fronted front runde the value creation that's difficult game to play and it's difficult to game to play as the swing trade are and the biggest swing traders are the retail markets that's pretty much the volume of the space. when i say it's important to have the macroportfolio mana

financial sense here, the perspective has been that everything was fully priced, not just in the public marketsnd with big faang names but with a bunch of new issues, everything from the twilio which has been performing and others fully priced that's extended into private markets where valuations, late stage growth are through the roof i think people have been expecting somewhat of a pull back probably some anticipation and hope that there's a little more pull back in private markets because things are so exceptionally priced i think in terms of budget and forecasting, people are feeling like look, everything was a little out anyway, this is probably for the best, and it is business as usual on the financial front. >> dick, a number of factors are being ticked off in terms of why investors are selling out of tech, possibility of regulation, more focus on privacy, what happens to data moving forward you have china in a trade war, possibility of slowing growth globally what's the thing you think is the biggest risk for the sector? >> it is all of those. and you can keep going regulation both at h

. >> this public market has grown and if you haven't been inside you are missing out. >> a microcosm of the napa valley. you can get everything here that you get in the valley. our focus is on food. good one, good food, and scenery. >> we took a walk around. it is not overwhelming. it takes as long as you want. it's all about the experience. >> we have coffee from san francisco. >> reporter: from food to gifts there is a little bit of everything. >> these people are out of the north bay. >>reporter: it takes a couple of hours to take it in. while it is the napa valley but it's not all about wine. >> they have a great tasting here. >>reporter: we stopped by as a tasting was in progress. here you can try at all. fair to say, this place likes to mix things up. >> this is the only distillery since prohibition. we do all kinds of things. you can make cocktails at home. >>reporter: i stop here to make your next drink better thanks to booze yoga. >> it is a technique of how to drink alcohol. you will have to come in and find out for yourself. >>reporter: that is what this couple did. this e

suing bell technology saying it refused to provide basic information about plans to return to public marketsying shares in dvmt. the complaint seeks a judge's order allowing icahn to examine company records. d they accuse icahn of using litigation in their proxy battle. yvonne: goog the a mass protest how the -- google, a mass protest how the company has handled sexual misconduct by top executives. from asia through europe and on to the u.s., social media hosted photos with the #googlewalkout. the action was sparked by reports that google paid millions of dollars to some executives in secret exit packages. david: a check of markets. biggest four-day pop for asian equities in about two years. so obviously by virtue of that, we're on -- four days of gains and volumes are also up. equity futures are up. commodities are pushing down as well. so that's helping at least the inflation story. half of 1%. the philippines, a kind reminder when that market reopens fear of missing out. pop, i'm see a guessing 2% or 3% next week. your function on your bloomberg, as you can see, some substantially more vo

you think about why a company goes public, they want the visibility, they have the capital, or this is a good recruiting tool. they got the capital from the private marketsare really sexy places to work for employees. that last bucket of visibility, they have that. this becomes about being mature and to run a mature company, you need to recruit this public listing. jas the softbankon: -- jason: the softbank founder is also in the hot seat for the year ahead. carol: also because his biggest investor in his $100 billion vision fund is saudi arabia. >> he was best known for killing it on alibaba. they made is career. they gave him the credibility to come up with this new work and even more grandiose idea, a $100 billion vision fund that would invest in technology, internet technology, telecommunications, startups, with this idea he could build a cohesive set of investments that would span the technology universe. carol: he also has some outside money in this fund. erik: $45 billion from the saudi arabia sovereign wealth fund and $15 billion from abu dhabi. carol: let's go back to saudi arabia. an interesting relationship, considering everything that has gon

i don't think in the public markets there needs to be confidence concerns.lic market when comes to investing what about when it comes to companies investing? exxon spoke exclusively to bloomberg overnight in singapore. here's what he had to say. have --nk we wouldn't when we had that conversation with the chinese we had a good understanding of where things were at. that is a 100% exxon mobil venture we are looking at. we think there is an opportunity and growing demand in china. there is an opportunity for investment in china. i think the chinese are supported. >> it seems like it is bigness as usual -- business as usual for these companies, when does that stop? >> it will depend on how things play out between the u.s. and china. priorities for the administration has been dealing with equity caps. what mr. woods was talking about with his ability to own hundred percent of what he is doing. when there are more of those opportunities and china is signaling it is willing to look at more liberalization. if that stalls or if key sectors that remain are not open o

lemonis: the public market is a co-op of individual vendors.e soup market makes its soup bases for all five locations here. so, this is where you make the stock. dave: yes. lemonis: where's the... dave: no, we don't stir it. lemonis: just let it sit? dave: no, if you do, you'll make it cloudy. lemonis: okay. is it me, or is it odd that dave's wife is here again? ma'am, would you like some soup? i know who you are. are any of these your recipes? jill: oh, i don't cook. i work full-time, and we have two kids, so... lemonis: you're plenty busy. jill: yeah. look, i get the fact that dave's wife was at hales corner, they were excited, they wanted to meet their potential new business partner. i got that. "nice to meet you. see you soon." but i didn't think it would be, like, two hours from now. how weird is that? does your wife come to work here every day with you? dave: no. never. lemonis: why is she here today? dave: support for me. lemonis: is that the reason? dave: and to keep grace away. lemonis: what is that about? dave: i'm not gonna talk abou

. >> interim manager direc dreck r public markets. >> public comment is closed that was a discussion item. i think familiar boards of directors have for the good of the director any comments? no comments. all for public comment. no public comment. meeting adjourned. >> motion to adjourn. unless we need a deferred comp meeting on december 14, i am ready to adjour kuchak.o adjour laokwansathitaya>> good evening gentlemen, and welcome to the san francisco police medal of val valor. i ask that you remain standing for the presentation of the colors and the singing of the national anthem by the daughter of captain mcfadden. custodio. urba [presentation of colors] [singing "star spangled banner"] >> please be seated. thank you for attending tonight's medal of valor ceremony. i am sergeant rachel kilshaw, and i am pleased to introduce these people on the stage and people behind the scenes who helped make this mead al of valor ceremony possible. first, thank you to the san francisco coatish rite masonic center for -- scottish rite masonic center for allowing us the use of their center. thank

it is the nature of public markets. you get too excited when things are good and pessimistic when things are bad. jason: how much does that play into the nature of the stock market? josh: part of that is coincidence. when you have companies that make products that are such a big part of our lives, everyone will have an opinion. there is a connection. as these companies start to hit leaner times, they will have to squeeze profits in ways they have not had to do before. carol: as you get more dominant, everyone notices you and your power. then comes the regulators. josh: that is one of the things going on. investors and the companies, there is this anticipation something will change. they don't know what, but that some regulation will come. there is a fear that is going to make these companies less profitable. the here is uncertainty about what that will look like. carol: a high-speed debt collection machine is chewing up small businesses across america. jason: and we have the shocking arrest of a larger-than-life figure

i'm a fan of companies getting out in the public markets.are better regulated and better understood. >> that governance issue is one that has been brought up more often these days. company look for acquisition capital and doing it now. in terms of governance, when you talk to portfolio companies who are looking to get closer to listing, what are the top things in mind, moving to the big leagues, these are the things that management needs to be focused on? >> steady earnings. predictable earnings. they have to upgrade the financial side because you have to deal with sarbanes-oxley. and the third thing, they have to stay long-term. look at apple, google, they didn't go to quarrel earnings or short-term but stayed long-term in the research in planning and development. number three is overlooked and the most important thing of all. >> when you do thing of general sentiment, public tech companies, those stocks have been hammered over the last few weeks and doesn't seem like they are getting reprieve. how much does watching the facebook, apple, ch

. >> interim manager direc dreck r public markets. >> public comment is closed that was a discussion item. i think familiar boards of directors have for the good of the director any comments? no comments. all for public comment. no public comment. meeting adjourned. >> motion to adjourn. unless we need a deferred comp meeting on december 14, i am ready to adjourn.nic >>clerk: this is a reminder to silence all electronic devices. san francisco fire commission regular meeting wednesday, november 14, 2018, and the time is 9:03. roll call. [roll call] >>clerk: item 2, general public comment. members of the public may address the commission for up to three minutes on any matter within the commission's jurisdiction and does not appear on the agenda. speakers shall address their remarks to the commission as a whole and not to individual commissioners or department personnel. commissioners are not to enter into debate or discussion with a speaker. the lack of a response by the commissioners or department personnel does not necessarily constitute agreement with or support of statements made d

demonstrated there is appetite for early-stage ev companies for public market. ive me some milestones you have to go through before you make that decision to come to market. >> we have to prove to the market that our product is well received. next monthlivering and plan to ramp up delivery in the coming months because it takes time to ramp up production and delivery. we need to build our network of service centers and supercharging stations. , i think phase matures we will be ready to talk about future financing. rishaad: will you limit yourself to just china? >> our focus now is china. it is the biggest and fastest growing ev market. in a couple of years once we establish ourselves in china, we will look outside to see other opportunities. rishaad: international partnerships? >> we are looking in a number of areas, car technology, autonomous driving sensors. rishaad: one of the big european car markets? >> we will never rule anything out. rishaad: thank you. motors. we are invited, all of us, to try the cars. yvonne: sounds good. coming up, the wheel has been sp

the crazy stock market, trade tensions, and so on. we, journalists, and even the publicds to worry, what is going to happen next? it feels like a roller coaster. but if you actually got performance of the global economy, according to the international monetary fund, it's been remarkably steady. we had 3.7% growth in 2017, and we are looking for the exact same number in 2019, for good, solid, steady growth. jason: but one of the reasons people worry, i should point out, is because it has been so good for so long. isn't that part of the reason, as humans, we think this cannot last forever? peter: the u.s. is the most interesting case. first of all, it is the biggest economy in the world and it influences what happens elsewhere. the u.s. economy, if it gets past june, 2019, still growing, will be the longest expansion in u.s. history, going back to 1857. now it has not been a strong recovery, but just really steady. like a tortoise. jason: but the duration has been unprecedented. peter: if we make it. and we are expected to. if the u.s. continues to grow well -- better than

they get the money from the public market to expand their business. it's one of the key issues. them to raise funds. more and more companies will get order to -- the outlook is not good, but when it comes to a china slowdown, the macro risks, with they have to say about that? >> management said they are not immune to the slowdown in the macro economy. they are already at significant scale already. as far as the long-term prospect, the company is thinking on-demand food delivery is more young people will need in the future. people won't have to need proper kitchens. what is driving the number of food orders are now is heavy significantd really cuts in terms of the pricing. and that is fueled by the competition. we have to take into consideration, after you take away all the subsidies, how much our users and consumers still willing to pay for these as of services. users and consumers still willing to pay for these kinds of services. david: you charge someone money and then you decide -- anyway. avon: can you tell us more about can you tellonne: us more about your conviction? what

. >> interim manager direc dreck r public markets. >> public comment is closed that was a discussion item. i think familiar boards of directors have for the good of the director any comments? no comments. all for public comment. no public comment. meeting adjourned. >> motion to adjourn. unless we need a deferred comp meeting on december 14, i am ready to adjourn. >> hi.o adjourn. my name is carmen chiu, san francisco's elected assessor. when i meet with seniors in the community, they're thinking about the future. some want to down size or move to a new neighborhood that's closer to family, but they also worry that making such a change will increase their property taxes. that's why i want to share with you a property tax saving program called proposition 60. so how does this work? prop 60 was passed in 1986 to allow seniors who are 55 years and older to keep their prop 13 value, even when they move into a new home. under prop 13 law, property growth is limited to 2% growth a year. but when ownership changes the law requires that we reassess the value to new market value. compared to

that price discovery process, finding stable and a smooth way to open a companies trading on public marketsfloor is a big part of that story. we still get so excited. i love the floor. is hard to hold that a cts love the floor. is hard to hold that acts of is exciting for me when i started that trading on the public floor, what it represents notjust me personally but to new york, the united states and the world. we are global institution. to be able to be pa rt global institution. to be able to be part of a team that gets to reinvent us part of a team that gets to reinvent us yet again as to how we want to be well—positioned for our cost as for the future, is really exciting. it comes through when i talk about. where he said the stock exchange going? our core mission remains the same, we are here and have been through the past few centuries to help companies raise capital to make the world that place and help investors to take part in that. that will be the same. how we do that evolves a nd will be the same. how we do that evolves and can use to evolve. the start off orjudicial evolves and

i'm the first person to openly admit i've no idea how public markets value tech stocks or other stocksare getting straight -- getting it straight for someone who has no idea of this stuff. i think the tech run is so strong for so long, anything causes public investors, especially ones that don't have a long-term holding thesis to say maybe i should cash in. you see this in the market where the jitters are nonstop. every day there are single-digit percentage of movements up or down on your favorite tech stocks. my guess is people say i made a lot of money in this run, maybe i should get out. emily: iva chartier showing the performance of the faang stocks compared to the s&p and they are still up performing the s&p. it's definitely down for more tech stocks have been. specifically, there is a lot of concern of facebook privacy and an overall feeling of tecate. there seems to be a lot of tech towards -- a lot of anger towards tech. max: i think it is the tech industry to address or ignore at their own peril. a lot of the brands that have been built on this implicit notion of benevolence t

they may be speeches in public markets. and on film. about four minutes to change a reel of film. this offered an opportunity to straight, narrow pitches to the audience for the war or for other aspects of the war. conservation food and other imperatives that the government thought needed to be emphasized. >> the latest news from the front is cheering. allies pershing with our are holding that line. let's do our share and hold it over here and raise this load. cent of these millions to send the right message to the german kaiser. we want to tell him that autocracy on beat any ground it chooses. me what to say to him that we intend to sale on all the seas as we have ever done. be our ownssport to blessed flag flying. isn: the problem with this that there was no cia or fbi in this. . you do not have a formal intelligence agency. so the american government is farming out the idea of suppressing civil liberties or speech to the public. metroyou might be on the and it says if you see something, report it. that is a response to 9/11 and terro

earlier i met james and hokama sensei in makishi public market in okinawa's largest city, naha. >> jamesd what are these? >> james: so these are puffer fish. so, we got some -- they're gonna do some deep-fried fish for us. >> anthony: gurukun, the unofficial national fish of okinawa. and porcupine fish, both battered and deep-fried. >> james: we're gonna do sashimi. >> anthony: okinawans eat just about any kind of fish sashimi style. for us, snapper and parrotfish. >> james: and lobster. >> anthony: because one must. served raw and still twitching in the shell. >> james: and we're gonna get some sea grapes as well. >> anthony: oh good, good, that's, uh, super traditional. sea grapes, the classic regional side dish dressed in rice vinegar. what you buy downstairs from vendors. for a small fee, restaurants will cook it for you upstairs. >> james: wow. >> group: oh my god. happy? >> anthony: wow. so, okinawa's most famous export, perhaps, is karate. >> hokama: uh-huh. >> anthony: when most of us think of karate we think of striking exclusively. is that an accurate representation of what you

it is the nature of public markets.ou get too excited when things are good and pessimistic when things are bad. jason: how much of that plays into -- the stock market is measuring enthusiasm more than anything else. joshua: part of that is coincidence. when you have companies that make products that are such a big part of our lives, everyone will have an opinion. there is a connection. the interesting thing will be, as these companies start to hit leaner times, they will have to squeeze profits in ways they have not had to do before. jason: the other thing -- carol: the other thing, as you get to be more dominant, everyone you and your power. i feel like that's been true with social media because of the meddling into elections and privacy issues. then comes the regulators. that can change an industry. joshua: that is one of the things going on. investors and the companies, really there is an anticipation something will change. they don't know what, but that some regulation will come. is it antitrust? new privacy rules?

max: i am the first person to admit that i have no idea how public markets value tech stocks or any othertocks. you're getting it stared from someone who doesn't know anything about this. i think tech has been so strong for so long, almost anything now causes investors, especially ones that don't have a deep long-term leases to say, maybe i should cash in. you see this in a market where are nonstop. every, their single percentage movements up or down on your favorite stocks. my guess is it is people saying, i made a lot of money, maybe i should get out. emily: i have a chart here in my gtv library showing the performance of the faang stocks, still outperforming s&p. something to that argument that maybe it is overblown, but still down from our tech stocks had been. is aspecifically, there lot of concern about facebook and privacy and if facebook can continue to grow and in overall feeling of tech hate. there seems to be a lot of anxiety about tech and anger toward tech. do you think that lasts? max: i think it is the tech industry to address or ignore at their own peril. a lot of the bran

that i cannot remember -- he may know, that we had a president with this interventionist in the public markets know, you have to go back when theodore roosevelt was president. the house of jpmorgan was furious. they claiming his trust busting measures were interfering with wall street. curtoosevelt sent a very message back to the morgan crowd. my administration knows no tick tape.e -- ticker meaning i do not care what the stocks do that that is not what we are doing. i am in full trust busting mode and the corporations have to worry about them selves. there are these strange moments in american history like that where president -- a president squares off with -- that was pre-fed days, but squares off with the feds. not to the way donald trump is trying to demonize the fed in the same way he is with the justice department and fbi. the workingof people of america, part of the deep state, the elite america. he is taking a very populist pitchfork stance. it allows him in his mind, i think he is mistaken in doing so, but any time something goes bad and the economy, he is going to have a bogeyman th

private companies have started to release more of their financial information out of their own public marketeld back the company would not comment on profitability or other data points airbnb is on track to be profitable for the second straight year. in 2017 posted $100 million in profit on $2.6 billion in revenue according to the source. the ceo has said the company would be ready to go public by mid-2019 they haven't decided when. >> deirdre, thank you very much. >>> watching the markets and seeing how nvidia's the worst s&p name, all morning. something to watch given the price weight usually moves the needle on the index. >> next week more earnings to watch. >> i would mention the follow on to sap's buy, survey monkey is up almost 5% >> black friday a week from today. let's get to the judge >>> thanks, carl i'm scott wapner is the u.s. economy slowing faster than the fed thinks is the case growing for jay powell to resist raising rates remember this? >> my people have been in this game for 25 years! and they are losing their jobs, and these firms are going to go out of business and he's n

there's report about evan spiegel's attitude toward public markets, that maybe he was dismissive you closely. did you see that >> i think evan wants to build a business that will last for long term and he's focused on building a great business for long term. >> do you think he enjoys being a public company ceo. >> you have to ask him that question. >> let's talk about you because you used to work for a public company and now you're starting your own venture tell us about it. >> i've always been fascinated by e-commerce. i worked with alibaba guys for a long period of time, i worked on their ipo. excommerce and when i look at e-commerce, it's still so early. in q3, e-commerce was only a $130 billion market which is only 10% of overall retail sales so there is a tremendous opportunity for new information. >> but some very stiff competition in this space as well you've got amazon and walmart battling it out. why e-commerce what makes you think you can get into this market with these two guys building up their businesses and even though the penetration is still low, they're taking a loot

uncovering opportunities for alpha across public and private markets, while anticipating unforeseen risk, has powered our rise to a top ten global asset manager. partner with pgim. the global investment management businesses of prudential financial, inc. the global investment management businesses of something is transforming and our world.. it's the longevity economy - americans 50+ driving 7.6 trillion dollars... of economic activity every year. right before our eyes, aging is unleashing exponential growth... ...in every industry. are you ready? we are. a-a-r-p is teaming up with business leaders and innovators... ...sparking new ideas and real solutions. so, what are you waiting for? rj it happens to be is fifth straight losing week saying it will no longer break out the individual numbers for the phone, ipad or computers much of the street negative on that plan. they think different saying we support this change because we believe that investors are dialing apple as an eco system and we would prefer more of trepds and average revenue per user he joins us in new york. kevin, what is y

it would value your company at a substantially higher valuation than the public market. >> i'm all in favor of that, though >> s.a.p. is a real company. >> i think this $8 billion acquisition validated how big this category is this is a multi, multibillion dollar category. there are hundreds of thousands of organizations who need to buy enterprise software to measure the sentiment of their customers. if you look at our competitor, they're going to be owned by s.a.p. >> we have to worry about that and google that has its own kind of survey system. >> google is not a competitor. we see a lot of our paid customers who move into surveymonkey because of our features if you look at our competitor here, a division of s.a.p., a large european company we're steering into where microsoft and salesforce and adobe have real market leadership from a cultural standpoint, i think it's going to be a advantage for us i love our competitive positioning today. >> i want to circle back to this notion of what you talked about at the top we didn't care what people think in our companies all they cared abou

uncovering opportunities for alpha across public and private markets, while anticipating unforeseen riskglobal asset manager. partner with pgim. the global investment management businesses of prudential financial, inc. the global investment management businesses of checkout is at 4pm. plenty of time to enjoy your ride. (bicycle bell sound) ♪ ♪ (bicycle bell sound) ♪ ♪ (bicycle bell sound) ♪ ♪ explore more with a guaranteed 4pm checkout at over 1,000 fine hotels and resorts. it's another way we've got your back. ♪ ♪ the platinum card from american express. don't live life without it. >>> welcome back, everybody. futures have been higher this morning. although we're down a bit. we were up triple digits now the dow is indicated to be up 89 points s&p up by 8, nasdaq up by 15 >>> a big day for andrew, "the new york times" dealbook conference starts later this hour, right here in new york i'm not sure you needed to take a whole week off to prepare for this, sorkin anyway, andrew ross sorkin is the roast. joining us with a look of what's coming up. you got to be well rested at this point >> yo

. >> reporter: other than the last ten years, the public market has grown. have not been inside, you are missing out. >> you can pretty much get everything in the market that you get in the valley in a condensed version. and the focus is on food. so it is good wine, good food and scenery. >> reporter: we took a walk around this 40,000 square foot space. it is not overwhelming. it is all about the experience. >> tofu to gifts, there is a little of everything. >> this is out of the north bay. >> reporter: it easy to imagine spending a couple of hours looking at all of this. while it is the napa valley, it is not all about wine. >> they do a great tasting here. we stopped by the napa valley distillery. here you can try it all. this is mine. >> reporter: this place, likes to mix things up. >> it is the only distillery since prohibition. and we do spirits and everything else is mixers and dinners. >> reporter: a stop in here may make your next drink better than they call booze yoga. >> booze yoga is it a breathing technique how to drink alcohol. but to how how th

we got a little bit of a public market going.get some putting and regain more tension. now, the ceo of green brands. we have talked a lot about how the industry has gone. where do you stand with how your company is moving us to the next step or i can go into these stores and not feel like i'm doing something illicit? >> since we last talked, we started trading. so far, we have been treated well. cannabist is not about brands, it is about customers. that is why we are in this market. right now, there are some decent examples. there is no such thing as a great experience. here we are creating businesses from scratch. if you are creating a business from scratch, why would you not take the best of the best and make it amazing? we are not comparing ourselves to other people and cannabis, we are comparing ourselves to lululemon. think that tells you we are a company moving past the stigma. anchor: we don't have that much ,ata on recreational marijuana but based on what you're seeing early on, do you see people start to gravitate toward