roger mcnamee of elevation and our latest fast master. >> fourth. >> series of many. >> so many fast masters, let's be clear. >> everybody is a master, exactly. >> yes. >> interesting point. [ laughter ] >> would you agree with roger on apple? sounds like he's essentially saying the best days are over for now. >> they are. the point about the smart phone history, we're waiting for the next level of invasion and apple is trying to invite and that's something that look, apple is a different investment story. $67 billion in free cash flow a year is something that you can still invest in and something that's probably going to be sustainable for a long time. that to me is why you own apple. >> roger made a point about needing to put money someplace and that would be amazon. karen, as a facebook shareholder, does that concern you there are is certain amount of not bubblishous. >> he talked about aws, dan and i talked about this. it's a great business but i see margins competitive -- >> they actually were down quarter over quarter. if you see a string of that, you want to get the heck out of

roger mcnamee about the real tech battle coming up next hour.ordstrom shares are plunging after larger than expecting earnings. what the numbers mean for the future and the rest of the space. >>> don't miss an exclusive interview with brian moynihan on how regulations impact the banking industry to the presidential election. you are watching cnbc, first in business worldwide. by compromise, businesses need the agility to do one thing & another. only at&t has the network, people, and partners to help companies be... local & global. open & secure. because no one knows & like at&t. >>> welcome back. nordstrom shares are under a ton of pressure after the weak earnings report. let's get back to courtney reagan. >> we have a half hour or so before the conference call starts. there's interesting notes. they operate their regular stores. they also operate their off price channel, nordstrom rack and they each have their website. the regular stores, those comparable sales were down 4.3%. the off price channel, what we consider more outlet, those sales wer

. >> we've had i am thinking back, roger mcnamee ankara swisher friday argued we are in a pause momentvation, between hardware cycles. in a pause moment with ipos since square and service works. does that make sense to you? >> yeah. especially on the technology front. people don't really know what's going to happen next. i think the tech business is always unpredictable, seems slightly more unpredictable now. big companies build new products like apple watch and the kind of don't do well, big companies build off the wall products like amazon echo and people are saying it may be the next big thing. we are in a moment where sure things don't look like sure things and weird things are kind of doing well. it's difficult. >> meanwhile, we have an interesting story from texas. uber and lift plan to shuttle down indefinitely in austin after voters decline to support a proposition shielding drivers from stricter background checks. they say that will hurt drivers. both companies stopped operations in austin, it is unclear whether it is temporary or permanent withdrawal. they think austin and li