steve schwarzman, chief executive of the black strobe are.anager of more than $300 billion management. pinning down with maria at the conference in los angeles with its outlook for the global economy as well as what is looking forward in a presidential candidate. >> thanks so much vietnam-era steve schwarzman, chairman and ceo of the blackstone group, largest asset manager in the world. good to see you again. thank you for joining us today. i know you're busy here at the conference. we've been having this debate about where we are in the global economy given the fact we started the year at the worst beginning for markets on any year ever. how would you characterize things in the u.s. and then i want you to take us around the world. the >> with the u.s., the first-quarter announcement gdp i don't think it's on the mark any more than it was the previous year and the previous year before that. i don't know what set of numbers they are using companies are not reflect the bout one half of 1%. we will probably be somewhere around 2% this year in te

david: that was blackstone chairman steve schwarzman talking with erik schatzker. it online at bloomberg.com. time for battle of the charts. it's mark barton versus matt miller. chart wars. mark barton, you are first. mark: the miller quandary after my good buddy matthew miller. cigarettes or booze? today we had results from imperial brand and ab inbev. which sector has fared the best since march 2009? spirits andncludes beer and soft drinks. it has risen by 194%. we need a benchmark. i have chosen the s&p 500. it has outperformed the beverages index. the best performer is the msci world tobacco index. 217%. but wait. on an individual basis out of cigarettes and booze, which company has spared the best since march 2009? constellation brands, 1141%. the miller quandary has been answered. matt: he knows darn well that i do not smoke cigarettes. i have taken two of the biggest hedge fund etf's that are trading. this is almost $100 billion in market cap. this is about $85 billion in market cap. this is steve schwarzman's blackstone. they have far underperformed these t

and blackstone's steve schwarzman explains why these are very challenging times for hedge funds. this and more coming up on "bloomberg best." ♪ ♪ yvonne: this is "bloomberg best." time to review some of the most intriguing interviews on bloomberg television. investors around the world are wondering when the federal reserve may pull the trigger on its next rate hike. they discussed that question with san francisco fed president john williams. >> were you on board last week with the fed's decision to not move on interest rates? >> yes, i was. i think we are in a very dated dependent mode. we want to make sure we have a good reading and understanding of what is happening both in the u.s. economy in terms of growth, jobs, and inflation. and also make sure we have a good read on what's happening globally. because that does affect the u.s. economy. so i am a supporter of the decisions we have made this year. that said, i do also support the statement we put out. i do expect us to be raising the rates gradually over the next couple of years due to the strength in the labor market and wh

yvonne: those interviews with jack lew and steve schwarzman took place the milken institute local conference much more from the gathering of the world's leading thinkers and doers in business and finance. this is "bloomberg best." ♪ yvonne: you are watching "bloomberg best." this week, we caught up with some of the biggest names in business, finance, politics and economic policy at the milk institute global conference in los angeles. from tax reform to the future of hedge funds, the risk of brexit, there were plenty of weighty topics on the table. here is a look back at some of our most interesting conversations. >> the united states is the only country in the developed world that taxes not only when he earned in the united states if you're a taxpayer, but it taxes everything you earn in the rest of the world when you bring the resources home. for certain industries that put you in a very big competitive disadvantage to countries who have all the headquarters here and a lot of operations here and can invest the money that they earn overseas back into the united states where a u.s. domiciled

matt: later today, do not miss blackstone ceo steve schwarzman live from the global conference.nutes into the session, let's talk to -- let's check on futures. they are a session lower. 500, theon the s&p deked was down by 1.6%. there are so many stories out a ton going on. met: from cars to health care, let's talk about general motors, missing the street estimate for growth. actually, they sold fewer cars in april than they did in the same month last year. a drops were looking at at 1.7 percent, as a result, general motors is down. ford is down, but still had a growth of 3.6%. fiat chrysler beat estimates with its fifth year of consecutive monthly gains. kruger is another stock that is moving. sales going up one fourth last year, 25% is the fifth time in the last six quarter that their earnings beat estimates by more than 15%. smith & wesson also trading higher while national gun purchase background checks went 36% in the first quarter. lot more gunsby a again, it is driving up stock prices. number four, sprint posted higher than estimated earnings. they had anticipated gain. t