i am stephanie ruhle. david: i am david westin. we have had the great power. stephanie: fascinating and it is not just about advertising but all about sentiment and desire, and what people want. we ended the hour talking "star wars," and now i see our colleagues on the west coast and i think of the bar of "star wars" when i see you. ca just showed up. david: i always get his name wrong. we have jay walker, the cofounder of priceline. jay: you'd look nothing like

let's return to stephanie ruhles conversation with salesforce chairman and ceo marc benioff. publicly traded company since 2004. what does he think of investment, valuation and growth in silicon valley today? stephanie: your stock is trading at an all-time high, in large part because of your massive growth, because you have the apps, internet of things, the buzzwords -- marc: and the revenue and market him and shares and the customer satisfaction. stephanie: and the customer satisfaction. this takes me to the tech bubble. beneath you and around you there are so many businesses that talk about who is on their board and all the money they raise. does this mean we will see a lot of dead unicorns in 2016? marc: you will seek some unicorns that are dead, sick, falling over and doing fine. it is an amazing time in san francisco. i have never seen it time quite like this. stephanie: in a good or bad way? marc: a good and bad way. first and a good way, the level of innovation, creativity starting that is unprecedented. in a bad way, the unicorn thing, i have been saying this for a whi

as we wrap up our show this week, more of stephanie ruhles exclusive interview with marc benioff, chairmaney turn to the accountability and responsibility at the ceo. stephanie: is it dangerous for companies, for ceos leading the companies with activists? you have a shareholders like fidelity and blackrock, but they are not writing public letters. look what marissa mayer is going through. can you run a company and do your job when you have hedge fund managers in new york behind desks, pointing fingers and shouting accusations? marc: yes, that is your job. that is what you sign up for. you are running a public company and answering to public shareholders and you have to answer to customers also. if you want to be successful today as a public company ceo, let me give you some advice. you have to move from being focused on shareholders to stakeholders. that is will create success. activist shareholders are a key stakeholder, but let me tell you another, customers, employees, partners are stakeholder, the community you live in is a stakeholder, your k-12 schools that your employees have their

scarlet: stephanie ruhle joins us on set. stephanie: or is alix steel likes to call me, "you guys."do this now. about hisade thinks first nba career and he has made steps to do that during his career. stephanie: we see that more and more. these are the days of when the athlete retires maybe he will buy a stake in auto dealership it kobe bryant, who announced week, he hast last been a major investor for years. a $375 millions shoe deal. dwyane wade partnered with the chinese company because he has got shoes, bowties, wine. they are all looking for the next chapter and many point to a guy like magic johnson, the only athlete who actually has an ownership stake. take a listen to what we heard from kobe bryant. dwyane: kobe, as he said it has conference, is a triple og. we are the old guys. we are the next ones up after andkobes and tim duncans dirks retire. it is scary from that standpoint but from a guy who is a role model to me, somebody i can call a friend, his career was amazing. -- the real question, though, is what is these guys know about business? stephanie: this is the sad tru

when we return, we bring you stephanie ruhle's exclusive conversation with salesforce chairman and ceok benioff. coming up. ♪ yvonne: welcome back. bloombergs stephanie ruhle recently sat down for next visit interview with salesforce chairman and ceo marc benioff. he leads one of the most successful cloud companies. his leadership style has brought him the attention and claim. the conversation began on the topic of salesforce and the cloud. >> the cloud has been your signature for so long but without the infrastructure platform, do you really think you have the full offering? >> i think the exciting thing about technology and how it's and back in san francisco where i live and work, the only constant is change in the technology we started with when we started our company and the technology happening today has changed dramatically. it's about the cloud, social, mobility. the rise of the mobile phone. 7 billion smartphones. it's about incredible changes in .rtificial intelligence technology itself is always changing. the number one thing that will not change for your business is your imp

stephanie ruhle is on the phone. what can you tell us about nike and lebron james? >> nike is signing a lifetime deal with lebron james. we've never seen this before. we can confirm nike's agreeing to a lifetime relationship with lebron james. we see the potential for this to continue and grow throughout his playing career and beyond. what they are saying here is, when lebron james is done playing basketball, they will continue to sponsor him. i guess one would compare it to michael jordan. the michael jordan rant is on to its 30th edition of jordan sneakers. michael is far removed from the game but you can see nike really created the power of sports brands. they see the value in that. they've never said officially they have a lifetime relationship with michael, but this is the first time we've seen a partnership like that. it's big news in the sports world. is there any monetary value placed on this right now? lebronou are speaking to , you would say there is no value you can place on it. right now lebron does not have the number one selling shoes in the nba, steph

with us now to talk about what host ofhose words mean, bloomberg , stephanie ruhle.anie: janet yellen nailed it today. the last thing we need is more uncertainty. the street liked it. it was steady as she goes. why do we like that? coming. 1.375 is where it should be by the end of 2016. the number is still very low. today, -- it is about confidence. we finally have a sign that things are getting better. we saw the jobs number improve. as the slack gets absorbed, we can get some wage growth. think about middle america, all of those people getting behind donald trump because they are frustrated. they might have a chance where they can start a business, get a job. john: the reason this happens is because the fed decides the economy is growing strongly and maybe there is some risk of inflation. stephanie: some inflation is good. john: for most people, the interest rate is a fact of life, but also a psychological thing. people have gotten used to zero. these rates are still going to be super low. if they're not some risk -- is there not some risk at a psychological level?

yvonne: we will bring you stephanie ruhle's exclusive conversation with ceo mark.licon valley's most thoughtful executives, coming up. ♪ yvonne: welcome back to "bloomberg's best." stephanie ruhle recently sat down for an interview with salesforce chairman and ceo marc benioff. he leads the most successful cloud computing software company and his leadership style has brought him attention and acclaim. conversation begins on the topic of salesforce and the cloud. stephanie: the cloud has been your signature for so long, that without an infrastructure platform, do you think you have the full offering? marc: i think the exciting thing about technology and technology changing in the industry and in san francisco, where i live and the only constant is change. the technology week started with and started the company with 16.5 years ago and the technology today has changed. social,out cloud, mobility, the rise of the smartphones, it is about incredible changes in data science and artificial technology isbut always changing. the number one thing that will not change for yo

but there was another born today, somewhat later, that is our own stephanie ruhle. david: this is a gift unique to you. stephanie: this is not hbo. are you sure we can open it? my goodness, my favorite! you got to be kidding me! smith sneakers, which i have been wearing with my dad since i was five. signed by the one and only stan smith. let me tell you, i am sorry to my husband. you lost, and it has not even begun. this is a great gift right here. thank you. david: what are you doing on your birthday? stephanie: i am having lunch with my husband and my children. these where a special gift, these boots, but i might have to change them right here. david: stan was delighted to do this. stephanie: i did have a chance to meet him. stan, stan -- stephanie: you have to come to bloomberg go in 2016. this is a great way for me to end my year. thank you. david: i want to point out -- matt: i want to point out, adidas is the best-performing stock of all athletic shoe makers, up 55% year-to-date. it is called that because it was started by adi dassler. david: stephanie, take u

i'm stephanie ruhle. david: i'm david westin. it is also pearl harbor day. tant day for new yorkers yesterday. thejets beat the giants, in -- david: you are not happy with the jets win, are you? happy to be am also here. i spent the weekend in miami. it was a pretty good time, but i am back at home. david:

i and stephanie ruhle. david: i am david weston. this is why. because david is here. .avid: no, because sam zell we are delighted you are with us. we will start with first word. vonnie: last night republicans -- republican debate was front and center. ted cruz called for more attacks on islamic states. >> the first persian gulf war, we've launched several hundred strikes the day and carpet bombed them. right now, there is between 15 and 30 air tax the day. we need to use overwhelming airpower, arming the kurds, fighting and killing crisis where they are. vonnie: marco rubio says the u.s. is at war with radical islamic terrorism. threatust deal with this of radical islamists, especially from isis. this is the most sophisticated terror group that is of a threatened the world. vonnie: donald trump called for shutting down the internet in parts of iraq and syria controlled by islamic states. there was something for everyone in the package of tax and spending unveiled by congress. first, it would divert a government shutdown and make billions of doll

stephanie: i'm stephanie ruhle. i love the high heel market, and it is getting killed today. i am very low. i am going to fix my chair, but while i do, we have two special guests with us. , and scott. we have to say -- notre dame. go irish. david: go irish. go.hanie: there you a little housekeeping on tv. let's go to vonnie quinn with first word news. ted cruz has taken a double-digit lead in iowa, where the first republican caucus will be held february 1. a poll says that he leads donald to 21%.% -- 31% to 21%. in the area of voters without a college degree. a statement out today indicates that this is not a final conclusion of investigators in a downed crash -- in a downed plane. concern that the crash was caused by terrorism led to the evacuation of thousands of tourists from egypt. and 18 nations will try to speed up the pace of emissions reductions under the new climate change deal. they have developed international carbon markets. among those taking part, the u.s., germany and japan. china lands to create the world's largest carbon market by 2017. more on these and othe

alix: here he is talking to stephanie ruhle and miami. >> it probably works on both sides. let's talk about how tricky it is. chinese buyers, russian buyers, even though we saw a chinese buyer pick up a painting for a record price last month, is that reflective of the whole our market -- art market, or are there pocket? -- are there pockets? john: we have a bifurcation. we have artists who are a second-tier or lower. i think we're seeing another split. i think we will see that between well-known works and lesser-known works, but we have seen softness and lesser-known works of famous artists, and yet the marquis stuff continues to do well. getting, justps in terms of the equity market guy, it gets worse and worse. in terms of a bubble, last year we were at seven, where are we this year? john: six and a half. stephanie: we are below? john: yes. stephanie: why? john: a lot of this stuff is selling below the headline price. there's an awful lot of stuff that we are not moving and i think that is why we are lower. stephanie: -- stephanie: art is an investment. is it still a good

stephanie: and i'm stephanie ruhle. were you up late last night? david: i was not. stephanie: it was a big night for the redskins. nick norrie a of the harvard business school is here. noria of the harvard business school is here. nejra cehic joins us now. republicans and democrats are condemning donald trump's call for a ban on muslims entering the u.s.. trump wrote a statement last night at a rally in south carolina. >> donald j trump is calling for a total and complete shutdown of muslims entering the united states until our countries representatives can figure out what the hell is going on. jeb bush called trump unhinged. chris christie said this is the say whenhing people they have no idea what they're talking about. beijing haven raised in air pollution alert to the highest level. the smog is seven times the level considered dangerous to health. beijing has suspended schools and banned outdoor barbecue. oscar pistorius is now free on bail. under housein arrest while appealing his murder conviction for killing his girlfriend. south africa's supreme court of appe

stephanie ruhle, what do you have this morning? owing some of the big corporate stories this morning. as you mentioned earlier, dow and dupont, two big american companies are possibly merging. mercer mayer and yahoo! continue to be under fire. -- marissa down mayer and yahoo! continue to be under fire. what does it mean for a big agricultural state like iowa? tom: stephanie ruhle, thank you so much. looking forward to that on "bloomberg ." --ncine: six days to go actually, seven and counting -- from when the fed will decide the next interest rate decision. janeway firmware berdych is still here. do they have to raise rates to not disappoint the markets? bill: it sounds like they are universally acknowledging that there is going to be a rate rise , andw big, how long whether they stall and hold off from going back toward "normal rates," as they watch very closely the impact on only on our economy but also on the financial balances internationally, particularly the huge quantity of dollar-denominated bonds that have been issued by

i'm stephanie ruhle. david: i'm david weston. brendan greeley is here. brendan: hello. ephanie: it could be a day we see a rebound. at some point for every buyer, there is a seller. this could be the day where things are so ugly they start to

stephanie: and i'm stephanie ruhle. were you up late last night? david: i was not. night for the redskins. nick norrie a of the harvard business school is here. -- niche itin

our roundup begins with emily's -- stephanie ruhle's conversation with mark benioff. eems to have lost its group. if you were a mature tech company, like microsoft, what would you do? what can they do? >> the world has really changed. you can see that walking around the streets of new york. and talking to our customers. the conversations are radically different in the post-2008 world where the most prized commodity is growth. every ceo wants more growth. they know if they do not have more growth, they will have something else they don't want. which is an activist shareholder. when they don't have growth they , do not have market capital improvement. this is a serious issue. it does not matter which industry. that is a precious commodity. my advice is simple. let's talk about what is your vision between now and 2020. what is your vision to connect with customers in new ways? what is your customer growth strategy? stephanie: all of these buzzwords, the importance of social, the internet of things, being a disruptor, the valley, they start to feel gimmicky. when you think

stephanie: i'm stephanie ruhle. schatzker in the house. anti-guessin the camp. fun game and erik does not want to play. david: i play and lose every time. i am a good sport about it. erik: i'm here on a friday. we are going to live in things up with greg taxin. welcome. runs an activist hedge fund that focuses on mid-caps. we will be getting into that talking about yahoo! and other things. let's also address the fact you are here for only a few minutes. stephanie: let's make it count. david: good minutes. good minutes those with vonnie quinn and the "first word." >> another strong reading is moving the path for higher interest rates. u.s. companies added 211,000 jobs in november. september and october were revised upward. it indicates the economy is strong enough for the first interest rate increase in seven years should the fed decide to do so. germany is joining the fight against islamic state. the parliament today voted to let a small force join the coalition. includes surveillance planes, ship, and up to 1200 troops. the soldiers will be used only in support

i am stephanie ruhle joined by erik schatzker. am devon weston. dent obama and now we're going to hear from jack lew. stephanie: we broke the news on , they're shutting down in terms of having client investment and simply going to be, not a family office, but partner fund. erik: more or less the same thing. stephanie: amounts to the same thing. it is not so much a story about bluecrest but the industry changing. david: now it is time to hand to washington with brendan greeley for an interview with jack lew. brendan: thank you, david. bloomberg. i'm here with secretary jack lew at the financial inclusion forum. the goal is you have private actors and government agencies as well as working together to get more households into the financial system. start with a basic question, 7.7% of households do not have access to a bank account. but can the federal government to to fix that? here.thank you for being we had a great session this morning and we had them all day on financial inclusion. leaders from governments around the world of finance and the nonpr

stephanie: i am stephanie ruhle. we have the jobs number. number out of d.c., we can see a shift in the euro and the dollar. some of these investors lost money yesterday. david: it was a rough day. stephanie: it is not going to be a rough morning because we have bloomberg and mertes matt winkler with us. good morning. and carl riccadonna is with us. we will break down

disney ceo bob iger sat down with an exclusive interview speaking with stephanie ruhle and david westinut the box office sales. bob: it's bigger than big and bigger than we thought it would be yesterday. yesterday morning, we came out with estimates for the weekend of $238 million domestic and $500 million total global box office. yesterday ended up stronger than we anticipated, so it is likely to be in the $247 million range domestically and even higher in international. we expect the total global take could be in the neighborhood of $528 million. and china has yet to open. that is an incredible weekend. stephanie: put that in perspective what that could do to your business strategy. that equals more than 15% of what disney will take in all of next year. is that going to change what you want to do seeing how impactful it is? bob: no. our strategy is baked in, particularly in the movie side where we have the lalo plan in the films are shooting or in some cases in various stages of editing. what this does is set this great franchise up for far more value over a long time for the company.

joining me is stephanie ruhle to talk to us about how the big financial developments and economic developmentsial race. thank you. happy holidays. what is something in the economy that will play big for politics? stephanie: you have think about the health of the economy. if i'm hillary clinton, what i need to do is have president obama pass the torch. it is tricky because you are following someone of the same party. president obama wants to say he led a great recovery and the u.s. economy is doing strong. how does the past that torch to hillary clinton when you guys have people saying we are heading to a recession. mark: what will gdp be next fall? stephanie: people do not know specifically. job growth is still very slow. if you think about america, in terms of the global economy, we are still the best. vera 2% growth environment. how does clinton walk out and say going strong? megan: the way she has been doing it -- pointing to her husband. she said since world war ii, four of the five people that have done that have been democrats, including my husband. she is trying to take a page out of hi

i'm stephanie ruhle. david: i'm david westin. it is also pearl harbor day. stephanie: it was an important day for new yorkers yesterday. thejets beat the giants, in -- david: you are not happy with the jets win, are you? happy to be am also here. i spent the weekend in miami. it was a pretty good time, but i am back at home. david: we are looking forward to hearing about it all. stephanie: i did not buy any really expensive art at about you, david gura? david: the chicago police department will reportedly be investigated by the justice department or the associated press has a wide-ranging story this week about -- critics say the police department was slow to investigate the case. in beijing, the sky is the limit. the city issued a red alert because of smog. it imposes limits on factories and traffic, and schools are advised to close. three consecutive days of smog are predicted. is december 7, 74 years ago today that japan attacked pearl harbor and brought the u.s. into world war ii. ceremonies will honor the 2400 americans killed. you can get these and other

stephanie ruhle is here and she has brought with us -- stephanie: i thought greg was the king of allbrendan: you are the king of all pop. let's start with yahoo! the news of the day. the idea is to not sell alibaba but sell yahoo! >> i don't think it is the cell, it was to spin alibaba to avoid taxes. brendan: if yahoo! can be acquired, what could the acquiring company do? >> they had a conference call at 9:00, which i did not participate in. i think what they announced or what has been discussed is that they would spin yahoo! rather than spinelli baba away from yahoo! -- spin all the baba away away from! -- alibaba yahoo! that fact alone makes sense because the potential again and potential tax in yahoo! is much smaller than the potential gain and potential tax in alibaba. >> does anybody know what is inside? from your perspective, someone with a history of great media acquisitions, can you tell us the value there? >> they report publicly on their numbers. they are turned to move away from display advertising t-mobile. have they moved fast enough, are they growing as quickly as othe

i am stephanie ruhle. david: i am david westin. we have had the great power. ascinating and it is not just about advertising but all about sentiment and desire, and what people want. we ended the hour talking "star wars," and now i see our colleagues on the west coast and i think of the bar of "star wars" when i see you. ca just showed up. david: i always get his name wrong. we have jay walker, the cofounder of priceline. jay: you'd look nothing like chewbacca. stephanie: if you had seen them at 6:00 a.m. erik: first word. -- david: first word. vonnie: president obama will leave for his annual vacation to hawaii and stop in san bernardino, california, to meet with the victims and their families from the terrorist attack. you can watch the president's news conference on bloomberg tv at 1:50 eastern time. the u.s. and russia have another national conference in new york. last month, 20 nations agreed to meet. the agreement said nothing about power. path toeresa is on the sainthood. less than two decades after her death, the vatican said they will credit her as the

we do not have stephanie ruhle with us, the most enthusiastic follower. she is getting a well-deserved break. shannon: if stephanie is watching today, she will be disappointed because i will use a little bit of the weather excuse. it finally got cold in the midwest, so somebody wants to finally buy a sweater or a coat. my family in michigan was certainly wearing sweaters on christmas. so is there -- so there is a little bit of a boost. that is great for the apparel companies because they have been struggling the past six months because the weather has been warmer. men's apparel is expected to have done poorly. brendan: why the disparity? shannon: no real innovation in men's apparel. this is traditionally the difficulty with men's clothing, that there is always the problem that you cannot convince men that they need to buy something new every year. shannon: every now and then you get those innovations in men's apparel, a slightly different cut of genes, cut of tide. shift away from -- a shift toward wanting to spend more on experiences. was way upbusiness o

i will not get the show or my name, welcome to bloomberg , i am stephanie ruhle. is thursday. david: i am david westin. it is a big day. the global head of jpmorgan fixed income. stephanie: no shortage of things to talk about. how about some news. ? vonnie: police in southern california will not rule out terrorism as motive for the shooting that left 14 people dead. not far from the center for the disabled, the city's police chief spoke last night. >> we initially put out that we have information that there were now,ds of three shooters, when we get the witness statements it looks like we have two shooters. we are comparable with the two shooters we believe went into the buildings are the two shooters that are deceased. vonnie: the suspects are identified as syed farook and tashfeen malike. they were described as being dressed for battle. british warplanes have carried out the first rights on the islamic state in syria, the planes took off from cyprus not long after the british parliament approved the actions. the defense ministry said it was going to release deta

i'm stephanie ruhle. you are watching what i think is going to be a very big day on "bloomberg surveillance -- on "bloomberg ." tomdavid: i am david westin. stephanie: we have a lot of news this morning. david: just announced, dow chemical and dupont are combining in what will be the largest deal in chemical history. they will break apart into three separate publicly traded businesses. jason joins us from princeton. what can you tell us about the deal? jason: firstly, the name is fascinating. the name is downdupont. that is the sign of the temporary nature of it. -- is dowdupont. that is the sign of the temporary nature of it. there is very little that the market did not expect versus what was originally murmured -- what was originally rumored. it is going to break into three bundles, in a very tax efficient way, the way folks had thought. the synergies look like we have been told as well. there is $3 billion, another billion dollars of operational cost savings they are pointing to. timing will be the

brendan: and i'm not stephanie ruhle. david: we welcome brendan.rendan: matt winkler is also here. inventor of bloomberg news. and vonnie quinn is also here. good morning. a suicide bombing in pakistan has killed at least 18 people. more than 30 others were wounded. people had been lined up outside the building to get their national identity cards. no word on who is responsible. police in brussels arrested two people described as suspected terrorists as part of an effort to prevent terror attacks in belgium during new year's celebrations. the texas teenager in the so-called affluenza drunk driving case has been arrested in mexico with his mother. ethan couch had been missing for weeks. his lawyers argued that his wealthy parents coddled him into a sense of irresponsibility. he could end up in prison. we are seeing a rebound in futures today after declined yesterday on the last trading week of the year as stocks declined yesterday with oil. we are seeing the bounceback today. change fromg little the averages for the full year. seeing a little bit of

stephanie ruhle joins us now. is doing this because it has been a struggle. ephanie: it is more than just a tough your for hedge funds. think about it. there is a huge pressure in the model. investors don't want to pay that anymore. they are demanding more liquidity. they are maniacal about -- a true traitor, that is his black front -- as background, you do want to be encumbered by that. a have so much money of their own, they are simply saying i don't want to be in the situation anymore. money,n invest their whatever idea they like, they cannot execute upon. they are going to have less money under management. nobody would -- turned onto and 20. it isn't raining from the sky. there has been a shift in the industry. betty: not only to the fact that returns are not with a used to be. stephanie: returns are not with the used to be. member, the background -- we have seen mac or managers, -- macro managers. two months ago, they shut down the entire macro process -- practice. they said they would not be in macro anymore are just yesterday, they said this is the time

brendan: and i'm not stephanie ruhle. david: we welcome brendan. here. inventor of bloomberg news. and vonnie quinn is also here. good morning. a suicide bombing in pakistan has killed at least 18 people.

stephanie ruhle sat down for .nterview with ceo marc benioff tom: and a guest from london.of great interest on our set. where happy to have the ceo of legal & general with us. everything from insurance, pensions, real estate, and so forth. let's start with legal & general's multinational businesses and how well you have done. how have you stayed ahead of the pack in terms of stock performance and so forth, in such a difficult growth environment? -- i think it is a great global environment. we focus on investment. obsession -- we should be talking about how we get more investment in our economy to drive economic growth. making a real difference in the u.k. economy. vonnie: francine? francine: nigel, we have you on the show regularly. i am always fascinated to know whether you are thinking of m&a changes. nigel: we have been incredibly welcomed over here, and we are seen tremendous growth from our businesses. we would like to accelerate growth here in the united states. bolte are very much a buyer, not an industry consolidator. vonnie: are you looking at real estate? nigel: w

i'm stephanie ruhle. david: we want to welcome jim tisch, the president and ceo of lows. s casual jim tisch. casual, suit,ess dress shirt, just no time. stephanie:

i will not get the show or my name, welcome to bloomberg , i am stephanie ruhle. id westin. it is a big day. the global head of jpmorgan fixed income. stephanie: no shortage of things to talk about. how about some news. ? vonnie:

i'm stephanie ruhle. david: i am david westin. nd we have bob eiger coming up at 8:00. did you see it? i saw it. stephanie: there is no one better. bob eiger running a victory lap around star wars. i will tell you how big star wars is. it is bigger than santa. i was online with my children yesterday to see santa claus, and they said forget about it. they left the line and they went to the movie. that is et

stephanie ruhle kept up with -- caught up with the hedge fund manager who says even well-known artistsg a hit. ago, weing to years have a bifurcation. the market split between well-known artists and artists who were second-tier or lower. i think we see another bifurcation in 2015 between well-known works by well-known artists and their lesser works. we have seen softness in lesser works of famous artists. and yet the marquis continues to do well. the prices are pulled up. a seven.ear we were at where are we this year? >> 6.5. >> we are below? >> yes. >> a lot of stuff isn't selling below the headline stuff. while the headline prices may be at or slightly above last year's level, an awful lot is not moving. investment that art as an investment, art as a collector, is now the right time? investment, it's decorative -- very expensive decorative work. -- byl the time we have -- wetion they reek of have only tracked those pieces sold over and over again. playing poker do not get picked up. we really can't say with any kind of definition that ours have superior returns over safe stock. the d

stephanie: i am stephanie ruhle.e and i were in a wrestling match. [laughter] david: we should have started the show early just to see that. we had megan murphy with us. andlso have barry ritholtz andrew

stephanie: and i am stephanie ruhle. we will have a big show.g show. here to join us is bloomberg's chief economist, the jacket, the bracelet, the tie where i cannot handle it, rich is here, richard yamarone. yesterday, it sounded like we were going to end the year on a positive, and now we are dropping. richad i

i'm stephanie ruhle. i think is going to be a very big day on "bloomberg surveillance -- on "bloomberg ." tomdavid: i am david westin. stephanie: we have a lot of news this morning. david: just announced, dow chemical and dupont are combining in what will be the largest deal in chemical history. they will break apart into three

he spoke to stephanie ruhle. >> if you look at the markets from an asset allocation standpoint -- i meanonds, cash, stocks, commodities -- the best returning asset this year is cash at 1/10 of 1%. we've got data going back 80 years. that's the worst year ever. there's nowhere to make money this year. five years ago david tepper said, the fed is going to do qe and everything is going to go up. and it did. and now the fed has stopped you and is raising rates and nothing is going up. an asset allocation standpoint we have the worst year in the last 80. >> what does 2016 look ahead? thaterybody thinks something magic happens in january and we have some kind of reversal on these trends and i don't the a reversal. -- i don't see a reversal. stocks can correct, but everything is correcting right now and it the reduction of stimulus. it's the perception that we produce stimulus even more in 2016. it's going to be more of zero is the return for everything going into the first half of 2016 until something changes. the fed gives up on raising rates or the economy turns. senioret's turn to portfolio

stephanie: i'm stephanie ruhle. i love the high heel market, and it is getting killed today.ng to fix my chair, but while i do, we have two special guests with us. , and scott. we have to say -- notre dame.

the ceo and president of liberty media spoke to stephanie ruhle last week on the appeal of the seti likeny and the stars future. >> there are a lot of reasons why people subscribe to serious xm. people love the music, the cure ration, but people love the ease commercials,ack of and then they love exclusive content like howard stern. stephanie: is he staying? >> nothing to announce today, but we are introduced to have been. like nfl,her content major league baseball, even bloomberg radio. howard stern is 62 years old and remains one of the top earners in radio. his contract cost about $80 million each year. alix: but i have to say, siruis about 1.4 billion in profit, but definitely have to pay out a lot. aarlet: ramy inocencio has check on individual company movers. aty: i am taking a look apple because of a slew of analyst calls out today. apple is seeing the biggest impact among s&p stocks today. analysts are finding problems with the company. shares are down 1.5%, although off of session lows. shares are all in to the lowest level in two months, down 6% in december. inlysts are saying,

i'm stephanie ruhle. david: i'm david weston. brendan greeley is here. brendan: hello. vid: today is fed eve. stephanie: it could be a day we see a rebound. at some point for every buyer, there is a seller. this could be the day where things are so ugly they start to look good. we will have the first word with vonnie quinn. vonnie: john kerry is in moscow trying to resolve differences with russia over syria and ukraine. he met with russia's foreign minister. he will meet with vladimir putin later. the u.s. and its allies say they are targeting rebels opposed to syrian president bashir al-assad. arabia says it has formed an islamic military alliance to fight terrorism. 34 coalition includes nations including pakistan, turkey, and egypt. say every muslim country is already fighting terrorism on an individual basis. republican presidential candidates debate tonight in las vegas. ted cruz is now in the lead in iowa. he and donald trump have been friendly for months, but now that he has the lead, trump may be more aggressive towards him tonight. you can get more and these on

stephanie: i am stephanie ruhle. wish you were with us moments ago when this microphone and i were in a wrestling match. [laughter] david: we should have started the show early just to see that. we had megan murphy with us. andlso have barry ritholtz andrew cosgrove,. they are all here helping us break this down. unfortunately, this microphone is now on my person. how about we get to some first word news with vonnie quinn. vonnie: thank you. -- tog an end to serious syria's war, the talks will begin next month. the talks don't mention the syrian president, western power wants about but the russian power back him. the international organization for migration is saying that the total is four times higher than oft year, for fifth --4/5 them arrive by c. encourages the private sector to offer humanitarian aid. ted cruz is gaining on donald trump in the race. he is four percentage points behind. their rivals are far back from them. voting starts six weeks from now in iowa. brees.ilestone for drew he has given 60,000 caree