spencer bogart joining us from san francisco.g up, banc of america ceo brian moynihan discusses overleveraged companies. this is bloomberg. ♪ joe: banc of america ceo brian moynihan sat down with bloomberg to discuss a wide range of topics. david westin asked about the leverage portfolio. >> the exposure on your books is relatively small given the size. if you go way back, we have lending the commercial and the lending book on the commercial side. that is how you manage risk. you go back to the question of what can go wrong, we view anything can go wrong. you manage risk by having diversification. when you think about leverage finance, we have always been is, good kid the question other large companies tend to have problems when the world flows down. s 101.s economic we have to underwrite with the debt turns. you here, let's get concerned when the market moves away from findraditional levels to higher levels from other providers. it usually reverberates back. the real concern is, is there too much leverage in certain companies? t

thank you to spencer bogart. plenty more global stories ahead. bloomberg. ♪ oud,or: the e-commerce, cl advertising and markets amazon targets should grow by double digits between 2019 and 2025. this is all according to bloomberg intelligence. e-commerce could expand at about a 10% compound annual rate. pivotal research analyst michael says and a lot -- amazon estimates remain stubbornly too high and people should sharpen their pencils going into 2020. michael joins us now. let me talk given that it is cyber monday, any talks on how amazon could be poised to benefit from a big day like today? michael: i think they are very well-positioned. the value prop of one-day day shipping last year. that seemed pretty aggressive from an advertising perspective. we think they are definitely gaining share. taylor: i want to talk, if you take a look at a chart here that i am showing in my terminal, it is frankly that amazon has been underperforming the rest of the retail audience. you mentioned the one day shipping. is that investment, is that cost paying off y

joining us to discuss is spencer bogart, general partner at blockchain capital.t the cha i am showing inside my terminal, all about the fundamentals. trying to hold in support of the 200 day moving average, but the rsi does not look oversold just yet as you can see on the screen. your thoughts? spencer: overall, china late has -- china lately has been driving through the price action of the last couple of months, but you would think it is challenging to read between the lines on what china is doing. we have seen favorable moves in terms of xi jinping's move to blockchain the whole country. we have seen some moves like bitcoin miners who were once put on a list of industries being eliminated from the country, it has been removed from the list. we have seen some crackdown on some of the smaller, shadier crypto exchanges, some of the larger ones seem to be getting more credibility within the country. haidi: how much does the fate of blockchain, of bitcoin, these digital assets depend on a clear trajectory from china? because as we know with a lot of their policies,