we're doing what tech typically does. we're analyzing all of our employment data before we start our initiatives. we asked our member companies how many people are you going to hire this year? i was thinking the answer would be 2000 or 3000 and i was going to go to beed lee and read about that. it is 8000 new jobs and counting. it is staggering. >> your not counting the companies that do not exist yet. -- you are not counting the companies that do not exist yet. >> that is the beauty of it. >> we have one minute. one minute on the hot seat. i have been reading all this great spot -- stuff habout how this would be a modern

a lot of the tech companies did not know that. i did not know that. we have a majority sf city member companies which represent 90% of the tech population in san francisco. there are posting all their new jobs on hire sf. we're using the existing infrastructure. we want to get more companies in san francisco to hire san franciscans. and so we're going to develop initiatives around that. there is a big mismatch in the qualifications of those who are not employed in san francisco versus the jobs the tech community wants to hire and we will job that -- bridge that with job training. we have a plan around that. we think employment will solve a lot of the social ills in san francisco. we're focused on jobs. later this year, sf city will dip its toe in policy initiatives. we're watching closely the proposals that will be coming out of the mayor's office around tax reform. twitter stays in san francisco. it was not a bluff. i am the one who ran to city hall and said, it are going to lose this company if you do not do something. that is how i started the frie

tech companies are very frugal. part of it is the resentment that they are being taxed for creating jobs. i do not blame the tech community. that is why we're sitting here. >> i think the point is san francisco is small. a 7 mile by 7 miles city and if you could go anywhere around it and not have to pay taxes, that is your duty. you have investors to answer to. that is the point. you can go outside the border and not have it. it was clear was not an empty threat. another mentioned challenges for air travel in sf. please give us some international flights. china is the only place i can fly to directly. that is my plug for the morning. i want to thank our wonderful panel for getting up early. we work 10 hours which is usually working all night and sleeping in tel 10:00 a.m. give them a big hand of applause for being here. [applause] >> ok. let's give our panel another great round of applause. they were great. this is the beginning of the chamber's relationship with the tech community. i want to give special thanks to

or think small tech. we've seen the volatility with app el lately. do you think more smaller players. >> i'm looking at the big tech names. i look at is i want those really healthy balance sheets. i want managements that are executing and firing on all cylinders. rewarding investors with the cash, putting it towards share buybacks. rewarding them. this is what going to happen. if we have a market downturn with healthy companies with cash on balance that are investing in the right sectors is what is really going reward investors. >> tom: is there is a power-- powerful combination. you have the growth prospects of technology, cash rich beginning to return some of that money in the form of dividends, something the technology companies are were loathe to do in year's past. >> uh-huh so, if we take a look at a name such as ibm which happens to be my large cap tech pick not only were they fire on all cylinders but the metrics before, look at their q1 report, they came in healthy. they guided really good for the

in addition to the nation's top tech minds. a brand new university industry specific clusters and residential. the government has reportedly promised billion dollars a year into the project considering the sheer size of it specialists architects and designers from around the globe. to. this kind of melting pot approach has had to be carefully managed to make sure all the planned buildings and facilities. and that responsibility has. design and planning office here the head. plans and designs with fourteen teams developing nearly one thousand acres certainly no small task. but to help everyone conceptualize just how everything will fit together in the end a russian company has created a brand new solution like never before complex engineering designs have been turned into a fully immersive interactive environment. into the future understanding what everything will look like after the finishes in two thousand and eighteen this visually beautiful program gives your brain a rest and let your eyes do. you don't need to be a professi

tech is definitely a lagger today. it seems as though, once the european markets have closed, the markets are drifting off better levels. dow is still holding in positive territory as is s&p 500. dow down six straight days, s&p down 5 of the last 6. nasdaq is the lagger today, down seven points or so. oil is up for the first time in seven sessions. that's an interesting story we will talk about today as well. you take a look at what's happening in the euro today as well as the bulls bet on the resolve of those nations and what the currency is going to do there. certainly the elections over the weekend continue to be a big story, and the fallout can be seen in the currency markets as well. with me now, as i said, is gotham capital's joel greenblatt. he looks for times like the last several days to look for this in the market. anthony scaramucci, who put together the salt conference, is here with us. and also jeff greenberg. as i said, you literally wrote the book on investing, and i should say books because we do have m

, but if you look at the core of tech, the core of tech is trading at a pretty sizable discount to the s&p 500. i never thought in my career i would see it, but tech is trading at an 11 multiple, and this is despite the fact that tech has a faster revenue growth, faster earnings growth, higher r.o.e., and also in times of serious disconnect or dislocation in like what saw in '08, tech actually started acting defensive. a lot of these companies had fortress-like balance sheets. >> let's talk about the fundamentals, porter. you say with all of the noise around the facebook story growing, it's not heart to be bearish these days, but wall us through fundamentals. what is driving the strength in technology? and has that changed? >> first of all, let me agree with chris, it's all about valuations. the core established company it is, the googles, the microsofts, the a apples, amazons, they're doing gale and their p.e.s are down in the low double digits, 10, 12, 15. when you look at linkedin, for instance, it did double, but its p.e. is 686. that's absolutely untenable. >> so don't buy that on

tech issues are not electoral yet. sopa, the online privacy bill we saw earlier this year, cyber security are crossing into that territory. but for the most part people don't know based on whether or not a lawmaker supports net neutrality or new cyber security regulations. perhaps they should. especially in places like silicon valley, where this is the local economy. but not yet. >> catfish kim tweets in, "i just dumped facebook for their founders outrageous display of greed and selfishness. such a sign of the times and very sad to see." now, gautham nagesh, you said that mr. saverin, a chunk of his proceeds would go into the u.s. treasury, correct? >> yes. >> and michelle tweets in, what is facebook's plan to successfully monetize their product? we saw the gm pulling out of facebook. stories yesterday, et cetera. >> they discussed this a bit in the regulatory filings. it's largely advertising-based. facebook advertising is really going to be the main source of income. now, we've seen also application developers can pa

but the uses for this tech don't just stop at the computer and t.v. the team in peterhof is also working to incorporate their know how into next generation smart specs unlike other similar ideas that rely on voice commands this russian team thinks gestures are the most convenient way to navigate such devices pokes up to something like a smartphone they can help take augmented reality to a new level. nuclear we're ready to produce prototypes by the end of the year by that time we expect to have finished designing the chip that will make our gesture control system much more energy efficient and will boost performance despite its compact size with that chip in hand will be ready to offer actual devices but of course much will depend on market demand as well seeing as alternately believing so futuristic specs like those still need to become a reality before they can augment ours but for now there's another new exciting interface that can be seen but not felt. at an exhibition in april a young startup called display or showed off their unique way to bring

heavy in tech. should you be investing like tepper and go top heavy in tech?et's talk about that with carol pepper, ceo of pepper international as well as phil silverman, managing parter of king view capital. let's talk about investing in tech. do you like these moves? >> i do. i do. i manage money for families with over $100 million in net worth. >> evil 1%. >> they're not so evil. >> i'm going to throw some stats at you here. thronge e the longest losing streak since october 2008. >> i think it's a buying opportunity. we see huge growth in the tech sect perp look at all the advances in technology. look at how apple blew the lights out with the last earnings projection. i like tech. this is a buying opportunity. >> phil, are you following the whales like tepper? >> we follow what they do. i would cautious investors to just blindly reading a 13-f and following what they see a hedge fund manager doing. there is a little bit of a delay between when they report their positions. you don't really know what they have else going on in their portfolio as far as option

so i don't think tech is bulletproof. the other thing to keep in mind, in a volatile market this is still a high beta sector. for people who have made a lot of profits in tech over the last six or seven month, not a bad time to take that off the table. >> kayla tausche, really interesting when you look at the comparison between the apple and a facebook. i think apple raised what, in the millions, it raised. you talk about facebook raising $16 billion. what's your take on how this trades next week? >> certainly when apple went public it didn't have any of the products that it has now and it was steve jobs' first go round back in 1980. you wonder what it had looked like if it had gone public several years ago. there are a lot of unknowns and variables in today's trade. to be honest, it petered out quite a bit toward the end. i would be interested to see if you have a day when the overall market is up, and nasdaq figures out its order execution issues i would be interested to see how it trades potentially on monday or tuesda

we're talking about the potential for a tech me to crat i can government. what's your thoughts? is it going to happen? >> there's some signs that are more possible in the sense that in apart from the extreme left and extreme right that you would expect, they will -- all the key parties are there, which is positive, and the meeting gets under way in a few hours' time. but as you were hearing in tom's report there, already some of the key left wing parties have rejected the idea of a technocrat i can government. and we think also one of the radical left wing parties which came second in the election is very much opposed to the so of course that doesn't bode well for the form mation of a tech me to cratic government. but i guess it's possible the establishment parties, democracy and socialists could try to look to one other grouping, the nationalists independent greece party which has a number of -- looking to them, but we're not sure if that will come out with a positive outcome. but time is running out rapidly. >> yes. it would be a shock if the uncertainty ended, wouldn't it? ok

the big thing about tech, it's a zero sum game. with any losers in tech, there's usually a winner on the other side, the purveyor of the disruptive tsunami, and that is apple. when the smoke clears off this miserable dell quarter, people will realize that apple is behind the destruction of the laptop and with that destruction comes a world of hurt for just about everyone with the exception of apple. people are putting two and two together, which is why apple rallied so hard this afternoon. taking it right to that level where the off-the-charts guy said it has to break through. if it does, to the moon. after the close, hewlett packard did report a much better than expected quarter. perhaps there will be some who say this a dell problem and not industrywide. the bottom line, it is no longer a three device world. why have a desktop, laptop and phone when apple's mobile devices make a laptop redundant? while it's terrible news for pc makers like dell and for facebook, it's fantastic for apple, which remains the one to buy. marcia in oh

now we're talking tech.ductor companies, for example, often produce flat-out, making as many chips as they can, 24/7. but at times in demand wanes and the supply chain gets glutted. the companies often have to cut price which then lowers their gross margins and often makes their earnings too volatile to predict, and therefore to volatile to give them a high price to earnings multiple. that's when you see preannouncements is when there is too much inventory. we like companies with consistent growth. we pay higher multiples for them. we don't like the inconsistent growth that tech gives and we pay multiples for them. no one can handle the inventory glut that keeps happening once or twice a year. same for companies like steel or aluminum. at times they're producing too much. at times products from other companies, notably china cause a glut in the system. prices get slashed. i listen closely on the commodity calls to get a sense whether inventory is building anywhere in the system because if it is i can tell th

i felt it yester day, as my daughter walked across the stage at virginia tech. your vision to transform christopher newport university into world-class liberal arts university, focused on smaller classrooms and individualized attention from professors at these world-class facilities we see here today is now becoming a reality. as we celebrate the 50 years of christopher newport university with this very first commencement here on the great lawn, i think we can all personally witnessed the transportation that has taken place during your 16 years as president of this university. i want to say to all of you that this is the best and brightest and best looking glass ever in the history of the university. i understand there are some of you that have actually gotten a 4.0. when i was at notre dame, i actually got a 4.0 myself one year. i got a 2.0 the first semester and that 2.0 the second semester. it was not that hard. i had a great time that year. i want to commend all of you for your academic success here. i know that this speech is the last obstacle between you a

but virginia tech is actually pretty split down the middle.re is a large conservative contingent compared to other universities but i think mostly the students here are excited. here is what one student told us. >> i think she is a great role model and i don't know how she got picked for her list of commencement speeches but i think it's going to be really moving and i think that she has a lot to say that she can take and put into our lives as future leaders. >> i think it's interesting that we're a battleground state and she's speaking in it. >> reporter: you think that's a coincidence? >> maybe. >> reporter: or maybe not, ri t right? >> hopefully she doesn't talk about politics. >> reporter: so we'll be looking for michelle obama's comments next hour, fredricka, and we'll bring them live to you on cnn. >> we look forward to that. thanks so much. >>> we're also getting word now from jacksonville, florida, that a judge has seven is tensed an a abused wife and mother to 20 years in prison for trying to stand her ground. marissa alexander says s

i think it takes something you can do low tech and creates a high tech solution. >> reporter: lori greensays a thermometer and graph paper can help you figure it out yourself. after iui then ivf she did get pregnant. they say even at $800 early high tech help might have saved them money. >> if there's a high probably that -- probability that you're going to be successful, yes it's cost effective. >> the medication was $600 every time. that's just the uiu once you get the uvf that's thousands of the dollars. >> reporter: the family just e- mailed me, j.j. was born sunday. john fowler, ktvu channel 2 news. >>> and at ktvu.com we have posted more information about duo fertility. just look for the story on the special reports tab. >>> a san francisco judge could decide within a week if the video of the suspended ross mirkarimi's wife in tears will be shown to the ethics commission. mirkarimi as well as his wife do not want it aired in public. >> on an emotional level in swaying public opinion i think it'll be explosive. >> when people say a picture speaks a thousand words, i think in this ca

one thing i want to add, too, for clean tech, there are organizations like the clean tech opened that foster innovation and identify and help on to produce with that system, present their idea, put together their business plan, attract the mentors and advisers to help them build their technology. the incubators are contributing to a maturing clean tech and biotech sector -- sector. >> just a short comment. we focus in this building, a research center, on technology. some of it is near term, some of it is very long term. i am glad to hear what we suggest said. i worry personally that we do not see as many long term investments as we used to. >> how do you define a long-term investment? >> good question. so, i think the question is, how speculative is this? i will use us as an example. we have a team in this building working on lithium batteries. their goal is to build a battery with 500 miles of range, for obvious reasons. we hope they will have a prototype in the feet next few years. we think -- in the next few years. we think the stars are lined up. that is a long-term investment. >>

one tech watcher says it's a risky investment because as a social media company it is so new. wall street is often out of sync with silicon valley and facebook has created something so massive that wall street, it's true, they just don't know how to deal with it. kevin spain says go ahead and buy, but only if you're willing to stay the course through ups and downs in the stock price. >> i think if you're a long-term investor, i think it's a perfectly reasonable thing to do to think about buying in the ipo and otherwise, you'll have to take your chances. >> in other words, it's an 8-year-old company with the long future ahead. no need to make a snap decision on buying its stock. >> coming up tonight at 6:00, weighing on why tech stocks and the consumers like facebook are more risky than other stocks even though we love them. janelle and raj? >> still don't know if i'll buy any. >> i know we pay jeff ranieri this well. he said he'll do the weather cast from his mansion on the peninsula. jeff, how is your house doing tonight? >> it's amazing. just look back here behind me on this

i have been known as the attack may year -- tech mayor. how one thing that i have come here with, puget you have always been excited for the city. we come to you. you helped us on a tremendous number of thing last year. i want to thank all the members of the chamber as well. whether it is a wells fargo, a pg&e, recology, the numerous sponsors that continue to come here, you have been part of the life blood as we welcome in the clean technology and biotech. you want to make sure that we are growing a family steeped in tradition of people that love this city, that love every neighborhood, and who have experienced all the great positive dialogue, but have also been concern about negative dialogue, sharing in every aspect of the city has. i know many of you have joined with me some weeks ago when we celebrated the 50 years of tony bennett and his wonderful song. we have much more to celebrate in the coming years. i hope you all join the chamber in making sure that we share this prosperity. having said that, knowing that our economy is improvin

obama's message at virginia tech was very much tailored to this class, wolf.e hon smord people that she lost when she was in her 20s, her dad and a friend through service and that's something that's been emphasized at virginia tech following the shootings, community service as a way to pay tribute to the victims. >> congratulate all of the graduates. i went there five years ago after the shooting and it's a wonderful, wonderful university and all of those grads should be very, very proud. brianna, thanks very much. let's go back to our strategy session and discuss the politics of graduation addresses a little bit with democratic strategist and cnn political contributor james carville and republican strategist bay buchanon. the president, james, will be speaking at barnard college, part of columbia university in new york on monday. mitt romney is addressing the graduates at liberty university in virginia. very different schools, shall we say. >> yea. if you can't accuse them of playing election politics by giving a speech in manhattan. >> no, the point i was go