if you look at minimum wage of the states. if you look at percentage unionization. the same results. the next chapter, which was all mine the metrics chapter. i dare you to read it. if did a bib logograph of 55 articles on the academic journals, all with the same results across the board. then looked at "give under caesar. "we have irs data on states from 1992 on the reported year 1993 on to 2010-2011. if you look at where people are moving and where they're moving to and what their income levels are, it's astounding. we use one of these variables, which i didn't include in the book here which is on the estate tax or the death tax in states. tennessee had an estate tax, and florida doesn't. and what i did in the estate tax paper was i looked at the number of states -- federal estate tax filings in florida per 100,000 population compared to in the number of estates, federal estate tax filings in tennessee her 1 been thousand, and then the size of the estates. florida has twice as many filings per 100,000 than does tennessee and they're twice as large. duh. people real

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if you look at the headline unemployment rate, yes, we have very good news. if you start peeling back the unemployment rate, you can find some less good news. if you look at the wages, we're not getting wage inflation. in fact, with last month's report, we had negative wages. if you look at the participation rate, we are not pulling people into the u.s. job market. yes, we can have headline unemployment rates go down, but no one is looking for jobs because they think the jobs out there are very low-paying. on the inflation point, there is no inflation in the united states. we are not close to the fed's 2% target. that seems to be everybody's target in the world. we are nowhere close to 2% target on wages and with commodity prices and oil prices coming down more dramatically, i think we are a long way from 2%. >> larry, what do you think the fed should be looking at in setting interest rates -- activity or inflation? >> inflation. the phillips curve is a constantly changing, ephemeral relationship that does not provide a confident basis for a tightening. the ri

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look for a significantly lower euro. if you see the euro diving, that's going to be your first sign there's a real problem out there. number two, look at german yields, if they start to go recorder low because they're all right at record lows,s th s tht problem. if you can't get your money out of the lit italy, spain, greeceu buy gold. i bought some gld today. i'll short more of the euro. >> with more on what the future could hold for greece, let's bring in the dennis garvin. you think that greece should leave? do you think that greece will leave, though? >> first of all, if i were cyprus, i would leave, i would absolutely throw down the gauntlet. i would walk away and say you're trouble. i'm going to watch my tourist trade rally violently. i'm going to watch my shipping business get better. yes, you'll keep me away from the capital markets for five or six months. the russians had had problems. they came back. if we've learned anything from history, it's bankrupt individuals and bankrupt countries always come back to the capita

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you look at those two pairs in combination and you look that the euro had to devalue at some point, nowu see the euro devalue in the yen holding. i have said this before you have got the united states sitting there watching and being the one currency that is rallying because everybody else is trying to devalue. thank you to the swiss, they decided to join the currencies that were rallying, so we are happy to have them on that side of the ledger -- [laughter] but it does feel that we are in a global economy, and i do not do disagree with this. the prevailing view is one of the easier ways to stimulate economic growth is to have a low currency to export against and hopefully create tourism and imports with. and it makes sense. >> currency wars the euro-dollar, i'm sure some of you on the panel can help me with this, but the processing power of the euro-dollar is around $11.15.15 $1.16, so the problem is not where we are, it is where we have been over the last couple of years. the problem is qe in the u.s. and tightening in europe by the numbers that i give you before not because keeley di

you look at the last months and you see some of the pieces. have you? >> i have. i have been picking up certain areas. not so much bp, shell, and exxon. it has been absolutely decimated. you look and see producers. and you are getting fantastic value. >> there is a lot of pain to come. how long are you going to hold it? >> we have seen sharp drop -- sharp drops and oil prices are way higher. i'm thinking ok we are going to get a lot of supply destruction and capital exchange is getting -- capital expenditure is getting slashed and it comes into the hands of oil prices. it will be great news for the stocks when they do. >> stay there and we will talk monetary policy. the plunge off of the rate cut with the record low. the aussie dollar is down. and there is so much to discuss. >> welcome back to on the move. monetary easing is on the move. they cut the key rate by 25 basis points. and, for more, we're joined by the bigger picture. >> simply put, australia has been the lucky country and they had no choice. you look at the australian economy and it has been the benef

and on top of that, it looks like you got a little lift. he mid-face looks lifted. >> i can't believe that. yeah, it's very significant. >> it looks great. >> and those pictures are amazing, too. remember, these aren't camera tricks. this hasn't been retouched. there's no photoshop going on. it's actual results. >> looking our best, looking young is about so much more than how others see us. it's about empowering us to live more confidently. so, take a look at this. >> i'm abby ross, and i'm 54. actually, i'll be 55 next week. and i just became an empty nester because my son just went to college. and i want to have a second life now with my husband. i mean, we had a lot of fun before our son, and we can do it again. the first thing i thought about was, well, how do i look? i'm a lot older now. my husband's always going to say that i look good. i know that. but i want to make sure i feel good. so i tried derm exclusive. the whole system is great, but the fill and freeze is the best part. i have to say it's really, really nice when your husban

great to have you with us this morning. when i lookment, the impact but you are well positioned to absorb the impact. what makes you so confident to make that kind of statement when others are cutting jobs when they're talking about keeping an eye on cost cuts? very strong statement from you. >> thanks for the question. a number of things make us very confident on this. first we had a very strong development on our asset base last year, which gives us the very diversified and global book of business. second, we already -- or still have a very strong footprint in switzerland. we still do revenues, some ch gives us a very strong anchor in our home market, and thirdly, we want to look at cost management as a series of one of the initiatives and simply now keep a steady ship and move on. >> steady ship and move on, as you say, which is something that the swiss national bank are not necessarily promising as an industry. do you think that the swiss franc at around 105 to 110 is a sustainable area for the country at the moment? >> our forecas

of whack and you need to look into it. i think the people you have up there feel they are not there to serve the public. every time you approach one of them it's like you are bothering them or something so i would hope you would look into that demonstrate the process out. >> host: thank you darrell. go ahead doctor. >> guest: i think that is changed significantly. we certainly are emphasizing customer service in my administration. i think we have made great strides. we have a cares program that we have been launching throughout the university where we want people to realize they have to collaborate. we have to be accountable and show respect to our customers. we have to exemplify excellence and make sure everything we underscore is a need to serve others. we continue to do that. i think we are moving along significantly. and with respect to leveraging technology around the students that we do have it is something we are launching. they participate in it and application currently. all of our registration services are on line

you don't want one to look older than the other, and you want to have this harmonious look between yourace and your neck and your chest. >> so, how much can your neck age you? it turns out, a lot. >> announcer: we wanted to see just how much older your neck can make you look, so we asked random people on the street to look at photos of different women and guess their age. but we added a twist -- some photos just showed a woman's face, and some just showed her neck. and since these images were mixed in with other photos, they didn't realize they were looking at the same woman. here's what happened. >> all right, so, how old is that lady? >> um...i'm gonna go with 50. >> say 51. >> 58. >> 55. >> 50. >> announcer: out of 25 people polled, the average age guessed for her face was 55. then we asked about her neck. >> all right, next one is a neck. >> it's an older neck, so probably 70. >> that neck looks about 85. the skin is very wrinkled, and there's a discoloration. >> maybe around 75? >> 79. >> there's just so many -- it's horrible. there are just so many wrinkles. >> announcer: on avera

looks like a breakout. if you're long in the stock, you stay there. it's a company that's building a very good base. >> coming up next, trouble on the west coast. ports are in a shutdown mode. it could make companies looking to the airways. >>> later, ropes, chains, trading. i got your attention there. move over christian grey. our traders right here on this desk tonight are laying out their 50 trades. back in two. >>> a corporate breakup kicking off trades. costco will stop accepting american express cards next year. they're hitting a four month low after noting about the loss of its exclusivity deal with costco would hurt profits and sales this year and in 2015. karen. >> the stock was down 5 1/2 bucks and i think that might be an underreaction. >> really. >> i love american express. when you have a big chunk of business news like that that gets lost, you have to -- you have overhead, you have absorption, have you issues like that. they talked about spending that they're going to be doing. i don't see them getting back to the growth that they hoped f

we're looking into the future. we can show youhat we can make right now and that's what last quarter did. >> look at quietly one of the stocks that led the nasdaq-100. >> run it, man. >> all right. >> where is babba. >> they're in trouble. >> trouble? >> i think so. i mean, the chinese government said, we have had this investigation going, but we didn't want to disclose it and mess up the price in the ipo. come on, if they were a u.s. company. they would already be right now. >> as nasdaq gets closer to 5,000 is this really different? don chew on set with us. ari levy is in san francisco. people are trying to make similarity bus they are different. >> they are different. you have this whole idea na now -- wow we got here is different. >> if you look at the real issue why it's different. it has to do with the maturing companies coming out. here's the interesting part about it. it really is still about the large cap stocks today that are really driving things higher. if you look at nasdaq-100. you were just referring to that. larges

you look at technology as well. know stef talked about this, but take a look even at the chips if you want to get all wait down. look at texas instrument hitting 52-week highs. there are areas in this market that have recovered and come back very nice. you look at the chips over the last week, look at the financials the last couple trading days. goldman sachs yesterday, continues today, the financials trade extremely well, been predicated on the three stories right now, about the fed, it's been about greece, and any kind of resolutions they can get there and it's been about oil and that's why the markets are pushing where they are. >> cisco too, josh, what floats your boat in the market? >> the most interesting story we're only six weeks in, but year to date contrarian trades have been working better than anything. the s&p is up 1%, meanwhile russia is up 18%. you look around the world, the msie index you up four times the return of the s&p even within the market here, you look at the best performing sector it's mate

when you look at massive fines, when you look at standard charter, when you look at litigation with thewiss bank hsbc is not a one-off. i wouldn't single out hsbc. >> it is interesting that this continued u.k. management in the you is a key uncertainty amongst all the other risks. how much of a risk is that? >> we know there could be a referendum in germany. the outcome could be quite uncertain. we have got to deal with the fact that they have more and more country activities. the capacity for banks to operate in one country with deficits out of another country. i am not sure an exit from the eurozone unit would hermetically change the picture for banks like hsbc. >> i want to look at the ftse 100. we have gone through that record high. we are under for the day. the ftse 100 down. hsbc stock down by two and a half percent. it's worth pointing out hsbc makes up six and a half percent of the ftse 100. the move has pulled us back from the all-time high on the ftse 100. a big banking week ahead. we have earnings from rbs and lloyds. u.k. banks are really in focus. next we are going to talk

if you look at other data, the job market is continuing to heal. re not back to full employment, but we are getting closer. january is a wild month. the typical january, you will look at the unseasonably adjusted data, we lose two .5 million jobs. are we losing fewer jobs than we normally do. that is a challenge. matt: stepping away from the january numbers, taking a look at the labor market as a whole how healthy are we? we are not back to full implement, what you consider full employment? alan: an unemployment rate close to 5%. it is now at 5.6 percent. if you look at the unemployed, we have far too many long-term unemployed. almost one third. they have increasingly been leaving the labor force. it means we will have fewer workers going forward. matt: that is not just a demographic issue. alan: it is probably demographics, but partly the pattern for the long-term unemployed is, what's benefits run out, they are more likely to leave the labor force. matt: can they join uber as a driver in? i know you wrote a paper about that. we all use uber servic

you what you're holdings are and our factor exposure, etc. so this is one thing that many plans do another thing because not many plans actually look at that i mean i've talked to a lot of black man's to you use the holder place data they don't so another option is the factor exposure you're seeing what our data is and country and wheezing weights and the equity. >> i don't think the customers will understand that will you believing be able to see the holders it is in a simple language or is is batting bet to this and that. >> it can be both if we end up in the plan insists on the holdings and we will see that and the microscopically you described. >> yes or no can you see the holdings and transactions of the merchandising. >> i would say no. >> you may or may not. >> may or may not. >> it depends on okay. >> the reason i think that is you substantive every managing we see the holders transactions this is very troubling pursuing let's leave it at that number 5 every other manager we ask them to adhere to the code of ethnics so two of the members of this board have it you have it and leslie and many of the staff has it the cf a will the mercha

and a second is longer than lock up periods if you signal to a manager and hey we're looking to partner together with the world's most outstanding managers we're not going to gain the capital soon, we'll make a 3 year commitments in exchange for lower fees almost all managers will do that. >> many, many. >> many okay many. >> and then the third way to reduce the fees through managed accounts the pathway is having a large allocation of money $100 million or more for managers you'll begin to think about managed account is within our realm of possibilities. >> can you confirm that and that's probably, maybe larger than that. >> maybe one hundred 50. >> oh, the customization of those fees can you give me a range of how much it would reduce our expense. >> yeah. he think if we were to get down to a level that i think is achieveable i'm going to ask leslie to confirm that about 1.3 and 13 maybe 1 point that 3 and 15. >> what does that mean. >> 1.3 percent in the management fee and 15 percent of profits for the equipment fee and there's so many valuables and the types of managers some managers

when you look at the u.s. - how substantial the divestitures are there you can see on the contract side of this deal, there would have to be divestitures to get this deal approved. >> when dealing with staples and office depot before, do you think they would be opening -- open to making substantial cuts? >> i think it is going to be a tough question for them to deal with because the overlap is so significant in the contracting segment. you look at how difficult that has been in the foods merger. they just wrote off the contracting part of the business. that might be more palatable. >> david comes across as pessimistic about merger and the vestiges. due to wrongs make a right? is this a smart deal? >> bear falling into each other's failing businesses to try to prop themselves up. >> i think about the press release this morning. they are claiming they'll have wife -- they will have twice as much self -- shelf space. >> cyclical downturn, trying to bring it together to save one or the other business. office depot

you look so handsome, my dear. >> thank you very much. you look beautiful. e, birdman eye view of the red carpet. you mentioned a-listers and you don't get any bigger than this. we will start off with patricia arquette is here and congratulations on your nomination for best supporting actress. this really was a labor of love for you, 12 years. >> yeah. and working with some of the most incredible people i've ever known. it's all winding up which means the end of the movie so that's kind of hard, but what a beautiful way to end it. >> this is about family for you. you brought your entire family. >> brought my posse. >> your daughter. >> they're here to support you. >> that's right. they are, and the rest of them were, like, we're going to stay home and have the party at home so when you get back you will have a big party. >> what did you say, roxanna? >> our brother and sister. >> hi, harlow. how are you doing? excited for mom? >> yes. >> why did you decide to do this? this was quite labor intensive over 12 years and you get to see how you look after 12 years.

if you look at minimum wage of the states if you look at percentage unionization, the same results apply. i then did next chapter which was all mine when was the econometric chapter. that one i dare you to read, it bores you. but what i did do in that chapter is i did a bibliography of 55 articles on academic journals, all of them with the same results across the board. i mean -- then looked at give unto caesar. we have irs data on states from 1992 on. the earned income year of 1992 reported year '93 on to 2010 2011. if you look at where people are moving and where they're moving to and what their income levels are, it's astounding. i mean we used one of these variables which we didn't include in the book which is on the estate tax or the death tax many states. tennessee had an estate tax and florida, of course, doesn't. what i did in the estate tax paper was i looked at the number of state finish of federal estate tax filings in florida per 100,000 population compared to the number of federal estate tax filings in tennessee per 100,000 and then the size of the estates. florida has twice

but i want to tell you something. when i look at this application i see this handsome, 16-year-old guy. and from the pictures that you sent me it really just looks like you just need a very minor cosmetic procedure and it really doesn't fall under our mission statement for the baby face foundation. >> it's a pretty big disappointment. i guess i can live with it. >> reporter: what was it about him that made you not select him? >> i really felt that his case was cosmetic. and that other children with more severe cases than his. >> reporter: donovan's mom hopes her son will bounce back. >> you have to do a lot of inner soul searching to find that part of you that gives you strength. >> reporter: and finally, cheyenne. >> cheyenne? >> reporter: she's tried to correct her eyes through surgeries before. though she's learned to accept the way she looks, her mom decided to give it one more try. >> this is a difficult case. i'm still looking at that beautiful face but i'm just trying to figure out how our doctors can take care of you. >>

let's go to scarlet fu for a look at some early action. youexpedia-orbitz tie up. >> expedia is at the highest level of the year after saying it is buying orbitz worldwide for $12 a share in cash, a 25% premium. orbitz trading close to the $12 low. this comes after expedia bought travelocity last month to better take on priceline, who is also a by 2%. american express taking a state -- biggest tumble in three and a half years, off by 6%. it is parting ways with costco the kart membership partnership agreement will be ended next year. analysts believe that this mix of it percent of the business and 12% of worldwide loans so this is something that is to be made up on the end of american express. a couple of earnings losers. tesla having its worst day in four months after posting an unexpected loss last quarter. deliveries and missed estimates in part due to bad weather. and tzu lily tumbling 10% -- zoolily tumbling 10%. fourth quarter outlook missed and the ceo resigned. >> thank you, scarlett. new york's top financial regulator is widening his

when you look to buy this and hedge the ruble exposure? or do you think that might be near bottom as well? >> no, karen, i think i'd prefer just dealing in the etfs here in the united states and avoiding the currency exposure completely. all i'm going to be trading is the etf that's in dollar terms. you'll see the etf move higher along with it. i'm not going to worry about the ruble exposure at all. i'll be blunt about that. i'll leave it to somebody else to take care of that problem. >> so there's nothing specifically that you're watching, that makes you think now it's going to be the time to get into the rsx or russian stocks in general. >> no, just the fact that we've rallied from the lows. now it's breaking today. it broke on the downgrade. if we can't break for another two or three days, if we hold right here on the news of a downgrade, that will be probably sufficient to say, you know what, time to put my feet into the water and take a look and see what's going on there. bad news. it was very bad news, but not down that much today, an

what are you looking at?> this is not a company we cover, but we would look at the issue of monetization. i think people want to see they can monetize what julia just talked about. let's not forget, one of the things i certainly have been critical of twitter about, going back a long time, is their focus only on engaged users and not that logged-off user, the other user that's out there who has seen twitter from somewhere else. that is real opportunity. let's not forget, twitter is a huge, i do mean huge back door into media, for people to get into media from other than a front page. there are so many links and so much we see there. there is real opportunity there. i do think, i want to reiterate what i said many many times here. i think twitter would be better off as a private company. i think the deal with google today obviously is very interesting, to go back to a relationship with google. too bad google didn't buy it at $10 billion. >> one thing. i want to correct you on one thing. >> did you hear our -- i

one of the guys who was ticked off was a republican, so if you look at what really happened from dish'sticipation is they raised $61 billion, of which $30 billion went to paying down the debt. there are studies out there that if you don't use designated entities, the sums they would have raised would have been far less. i'm not sure if the government was worse off for better off from their participation. more important, those rules were set and approved by the five commissioners, including the commissioner who did not like it so just like at&t and verizon use those same rules and the last years. cory: thank you very much. "bloomberg west" will be right back. ♪ he's out there. there's a guy out there whose making a name for himself in a sport where your name and maybe a number are what define you. somewhere in that pack is a driver that can intimidate the intimidator. a guy that can take the king 7 and make it 8. heck. maybe even 9. make no mistake about it. they're out there. i guarantee it. welcome to the nascar xfinity series. cory: >> you are watching " bloomberg west." does edward s

they just said, "you look good. you look younger." 's just a pleasant experience all the way around. >> it looked so natural to me so i went and checked it out, made the phone call, and it really changed my life. >> i don't second-guess going to the store or going to the movies or going to have a drink. i'm confident. i'm comfortable. >> now let's talk about the proven solutions available to you at hair club and the hair club guarantee of satisfaction. what is proven to work? hair club has expertise in three areas -- non-surgical hair enhancement, fda-approved hair therapies, and microscopic follicular unit hair transplants. available only at hair club, the bio-matrix strand-by-strand process is known around the world as the gold standard in hair replacement. hair club's groundbreaking technology is the only process available to date that gives you a full, healthy-looking head of hair by adding real human hair to your own hair. bio-matrix is not a toupee. it's not a wig. it's a custom-made blend of your own hair with real human hair th

if you look at the headline unemployment rate, yes we have very good news. if you start peeling back the unemployment rate, you can find some less good news. if you look at the wages, were not getting wage inflation. in fact, with last month's report, we had negative wages. if you look at the participation rate, we are not pulling people into the u.s. job market. yes, we can have headline unemployment rates go down, but no one is looking for jobs because they think the jobs out there are very low-paying. on the inflation point, there is no inflation in the united states. we are not close to the fed's 2% target. that seems to be everybody's target in the world. we are nowhere close to 2% on wages and with commodity prices and oil prices coming down, i think we are a long way from 2%. >> larry, what do you think the fed should be looking at in setting interest rates -- activity or inflation? >> inflation. the phillips curve is a constantly changing, ephemeral relationship that does not provide a confident basis for a tightening. the risks are enormously asymmet

not single, so single. >> and what are you looking for. >> i'm looking to not be single. hat clear? is. >> why do you think he's single. >> you don't want flipping relationships, you're not that person. it's hard to find somebody who's not flippant. >> i was thinking about who i could match you up with. i don't know any like diplomats or any really accomplished people. >> somebody with panache. >> somebody really special. >> do you do any online dating, go on sites like ok cupid or match.com? >> i've gone on dates with ok cupid in the past. nothing worked out longer than a date but then there's like grinder. an app for gay men exclusively and for dating. >> whether for minutes or forever. >> right. i have had a profile on there and i delete it every time i use it. there's a lot of shame. >> like app date shame. >> i don't want it to be my story but i don't want to be single forever or too much longer. i have a lot of love to give and i really like sharing my time with other people and my friends, i do that with a lot. but then there's other things. and not just talking abo

if you want to read the tea leaves on what the bill would look like, all you need to do is look at whohis bill. >> and we have to go but, ed i want to give you a quick chance to weigh in. >> money is fungible you never know where it's going to go but i wonder if this is the beginning of negotiations. you look at the president's position and look at the new bill they're not that far apart. >> would you support it if they come to some -- >> if they could come to a number in the middle that would be permanent -- >> but it doesn't stand in the place of corporate tax reform -- >> that's what i'm saying i think this is a way of getting corporate tax reform. >> 40% in the united states corporate tax rates, 20% in the european union, 12% in ireland. let's learn. >> that's something everyone can get behind. >> it's that simple. >> thank you so much. it may or may not be the future of news but the self-proclaimed leading source was news and information for the connected generation mashable is attracting more visitors every day and now more investment. we'll talk to peter cashmore about how he's

if you look at the challenge and the old order we became accustomed to, a bunch of that is crumbling in the middle east today. you have the phenomenon of failed or failing states, out of which extremist groups like isil emerge. charlie: let's talk about that. the failed states are possibly syria, libya, yemen -- they are the dangerous thing that can happen. if you are a failed state, you have possibilities of al qaeda or someone like that. finding refuge and a power source as well. bill: it is a region that is as uncertain as the middle east. it is acquisition for further territory. it is also important to demonstrate and expose the fact that they are not able to succeed in governing in those areas where they do control. kind of the eighth century playbook used by the leadership, delivering things the people want. people can find purpose and economic and political opportunities through other kinds of models. in iraq, it means appealing to the sunni arab community so they feel a sense of inclusion. and the iraqi government something they haven't felt in recent years. it's working with

kevin: and if you look at the price chart that you have coming have a $28,000 transaction price in the.s., and now up over the number of 30 2000 and four the full year of 2014. that additional monthly payment increase is being offset by lower interest rates, at least in terms of the payment. and then if you think about the total cost of ownership, the lower gasoline prices play into that as well. you are seeing consumers going to dealerships and see all of us new tech. they are willing to pay more because what you are paying for in tech you are getting back in lower interest rate and equity you can low -- roll into your loan rate, too. cory: talking about what janet yellen was saying with there is no inflation, what you're saying is that with lower prices -- lower oil prices, interest rate could turn around. once interest rates come back up , that could be a faster turnaround. kevin: another area of new vehicle sales that it's having an effect on is least penetration, which is at an all-time high -- lease penetration, which is an all-time high. up near 27% or 28 percent. if you think a

if you look at the whole sector, you look at sectors trading at a slight discount to the market. if you're looking for something to play catch-up -- the news might be why it might. >> you have to think about this in terms of commodities, crude oil is stabilizing here not giving a lot to bulls who think there will be a sharp snap back. i think it goes lower. what happens to gold -- >> that's a really good example. >> if crude goes lower? it's one of the best things for gold miners, they take inputs from crude -- >> i understand that but the next leg down, isn't that a function of global economic activity and what does that mean for miners. >> it's very simply an issue of how much storage you have and how much oil you have in storage. that's not the same dynamic that gold is going to have frankly. >> what's the trade, mike? >> options and gdx are relatively experience, i'm looking out to june at the 21, 26 call spread. a little over a quarter of the distance of the strikes and i'm trying to target that $26 price. >> what about the dollar, carter? >> that's part of it too. the dollar

what did you make of this quarter overall? >> yeah, look, you know, this -- it's pretty amazing we have one solar company that even as you noted with, you know, a little bit below expectations, but still did 176 megawatts of residential solar in one quarter. that is a record for them. it's a rega it's a record for the industry. they have 40% market share. so as you said, guidance for 2015 is capped, as it was from last year. i think a big question was would they raise it now or will they raise it later in the year. i do expect them to raise later in the year. but obviously, you know, they have chosen not to do that now. so i think you're going to see some profit-taking tomorrow. >> in terms of the q4 deployments, they made it clear that some of them were big commercial projects that were simply not completed in the quarter. and so therefore, completed in the first half. we'll see that later on in 2015, which is maybe why they kept the guidance. in terms of the 2 megawatts cancelled, is that normal or should we be concerned of cancellations

it was pretty spectacular. >> you are beautiful. >> thank you. >> looking at these pictures i can seee such an emotional reaction when you see carman, because this is truly is her face. >> yeah. i know. right. it is wild. >> there's a similarity too, with carman before her accident, i can see -- they almost look like sisters talk about a match. >> that match is more than just skin deep. as on emotional marin da waited to see carman the day we were with there. >> hi. >> it is good to see you. >> you look great. >> oh, thank you. >> you haven't seen me in a while. >> i know. >> wow. >> you look beautiful. >> thank you. >> i can move a little bit like i can smile. >> oh my gosh. >> the little smile. >> wow. >> you can feel that too? >> yeah. >> my mom had it this smirk, and we figured that would like maybe come back. >> yeah. >> with like one sided. >> yep. >> what side was it? >> i think it was the right side. >>ly keep that in mind. >> see if i can smirk. >> yeah. >> how does it make you feel that you were able to facilitate such a propound difference in a propound improvement in someo

when you look at emerging markets, you cannot look at the in a fashion where you are looking at themcomes very granular as you look through the individual issues which i outlined. and each country is very different when it comes to the specific issue they've got. >> where are you when it comes to hedging the emerging market exposure in the currency market? i've never found it to be of value. >> it is hard with volatility is hard as it is right now. some emerging markets are out of it entirely posted there are selective opportunities, such as india, whether you are looking at monetary reforms coupled with physical reforms. -- fiscal reforms. >> that is no fun. >> you are out of them, or shorting them? >> we are out of them entirely. we are shorting on selected currencies, but not on the markets themselves. >> what about when -- what about venezuela? do you sure the sovereign debt, or the oil companies or the government? >> it is difficult, because if you look at an outright short, the cost of borrowing becomes very high. if you look at currency, whether on the debt side, volatility be

if you are hsbc, you will be looking at your exposure, how much greek bond on your balance sheet. you probably don't want any and they will be selling those. if you are in greece, we have seen them withdrawing billions of euros. when that starts it is very hard to stop. all the fighting is invariably leaving to the excel a ration of greece leaving the euro. jonathan: what is stopping me from taking my money out and putting it in another european bank? andy: nothing at the moment. if they get restricted funding, then they haven't at the cash. thanks, in theory, cannot alter it up and say i will have my money back. people will be looking at the euro saying it is not worth the same -- printed in greece is not worth the same as someone else. jonathan: is it strange that we could get capital controls in grace? andy: they will run out of money and then they restrict funding. you solid happened interest cyprus, people said i want my money back and they said you cannot have it that you can have a bond tied to the share price of the bank and you might get something back in 10 years time. yo

you want it look at 2120 in the s&p and you want to look at that old high which is 2093. we break this level on the way down, it's shortble. if we break 2120 to the upside, that's where you reinvest new money and make new lungs. >> josh's question as to whether this overstretch thing, bob pisani was raising it with indices that have hit the multiyear highs day after day are beyond their 50 day moving averages now and getting a little bit too frothy. >> i think it's important to keep in mind that even -- let's say you buy into the argument that we're in the later stages of an aging bull, think about prior bull markets how they ended. they've ended with crescendos at times nd we saw that at the turn of the last century and the nasdaq doubled in its last year even after having been up substantially. this idea that oh, it's stretched, you certainly don't take that as a clue that you want to be short this market and right now, you look at, for example, the xly to xlp ratio, so that's consumer discretion nary versus consumer staples at the highest level since last august and it

tom: then what do you look at? bill: turnover, job creation, job destruction. the crisis, we had more than 5 million -- howard: that is the bottom line. bs. brendan: howard, i think we could have you another hour just on the subject of bs coming from washington. but the basis point here is that we are exporting to all over the world. it is nicely hedged. th beautifule parts are basically. what happens if the whole pie shrinks? bill: then the entire world income goes down. in terms of exchange rates and countries with incomes, that is where the exchange rate matters because the exchange rate determines the cut of the pie that you get, so everyone is fighting over the slice of the pie instead of extending the pie. brendan: all right, coming up, talking of pie, well, that is a terrible transition, we are talking about serial in today's single best chart. this is "bloomberg surveillance." on bloomberg television streaming on your tablet, your phone, and bloomberg.com. ♪ tom: good morning, everyone. "bloomberg surveillance." i am coco a puffs keene, and with me, luck