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00:00SURVEYING AMERICANS TO SEE WHAT MATTERS THE MOST. TALK TO ESTIMATE -- TALK TO US ABOUT THIS INITIATIVE. PAUL: THANK YOU FOR HOSTING THE NATIONAL FISH AND WILDLIFE -- IT WAS THE BIGGEST EVENT EVER AND YOUR PASSION CAME THROUGH AND YOU WERE SPECTACULAR. STEPHANIE: THANK YOU. YOUR PASSION IS NOT JUST FISH AND WILDLIFE. TALK TO US ABOUT WHAT YOU ARE DOING RIGHT NOW. PAUL: -- CAPITAL, THE LARGER MISSION IS TO FIND THE RIGHT BALANCE BETWEEN ALL OF THE VARIOUS STAKEHOLDERS AND HOW WE DO BUSINESS IN THE COUNTRY TODAY. WE HAVE SHAREHOLDERS, WHO WE TALK ABOUT ALL THE TIME, WE HAVE EMPLOYEES, CUSTOMERS, LOCAL COMMUNITIES, THE ENVIRONMENT, AND I THINK WHAT THE MISSION IS, IT IS TO TRY TO BRING DIALOGUE AND BALANCE AMONG ALL OF THOSE COMPETING INTERESTS. RIGHT NOW WE HAVE SO MUCH OF A FOCUS ON PROFITS AND SHAREHOLDERS INTERESTS, SOMETIMES TO THE DETRIMENT OF OTHER IMPORTANT STAKEHOLDERS. THIS IS AN EFFORT TO GIVE EVERYONE A VOICE. DAVID: YOU HAPPEN START IN YOUR TERMS. YOU SAID WE ARE LOSING THE HUMANITY AND CAPITALISM. HOW BAD IS THE PROBLEM? PAUL: I THINK THE TOPIC OF THE DAY IS QUALITY. IT IS SOMETHING THAT IS PROBABLY THE BIGGEST SOCIAL CHALLENGE WE HAVE. IT IS SOMETHING THAT CAN REALLY HARM THIS COUNTRY IF WE DON'T DEAL WITH IT. THE QUESTION IS, HOW DO YOU DEAL WITH THAT? THERE ARE PUBLIC SECTOR SOLUTIONS AND PRIVATE SECTOR SOLUTIONS. WHEN THE IDEA OF JUST CAPITAL FIRST SURFACED, THREE YEARS AGO, A STUDENT IN DEEP OCTOBER A -- HE SAID, WHY DON'T WE PUT TOGETHER AN INDEX OF COMPANIES WHO ARE PURSUING JUSTICE? WE WOULD HAVE A GREAT INDEX OF COMPANIES FOR PEOPLE TO INVEST IN. WE BEGAN TO TALK ABOUT IT AND IT BECAME CLEAR THAT THIS WAS A GOOD IDEA. I WILL BE FRANK WITH YOU, I HAVE BEEN ON WALL STREET FOR 40 YEARS. I KNOW THAT THERE WAS AN INVESTMENT BUSINESS AROUND SOCIAL EQUALITY, WHICH SPEAKS TO THE FACT THAT WE ARE TO FOCUS ON PROFIT AS OPPOSED TO OTHER THINGS THAT ARE REALLY IN AND. STEPHANIE: IF YOU DIDN'T KNOW THAT THAT EXISTED, AND YOU ARE CLEARLY SOMEONE WHO IS HEAD OF THE FIRM, HOW DO WE GET PEOPLE TO CARE? ONLY TALK ABOUT SHAREHOLDERS, THEY HAVE A BIGGER MEGAPHONE THAT PEOPLE WHO GO TO WHOLE FOODS AND SO HOW? PAUL: AGAIN, THE WHOLE DEVELOPMENT OF THIS IDEA, I LIKEN IT TO WHEN THE INTERNET WAS FIRST CREATED. STEPHANIE: WOW. PAUL: YOU HAVE A PROFESSOR AT UCLA WHO FIRST CONNECTED, LITTLE DID HE KNOW THAT IT WOULD MORPH INTO WHAT IT IS TODAY. SO WHEN DE EPAK AND I BEGAN LOOKING INTO THIS, WE REALIZED THIS WAS AN INVESTMENT FIRM. BUT THEN WE REALIZE WHAT WE WERE REALLY TALKING ABOUT IS HARNESSING THE POWER OF THE PRIVATE SECTOR. THE PRIVATE SECTOR IS $14 TRILLION. YOU CAN TRY PUBLIC SELECTOR SOLUTIONS, YOU CAN TRY THE TAX CODE, BUT THE ELEPHANT IN THE ROOM IS MOVING THE PRIVATE SECTOR WHERE EMPLOYEES WORK, WHAT KIND OF PRODUCTS THAT ARE BEING MADE, HOW COMPANIES ARE MANAGING SALES -- THAT IS WHERE YOU ARE GOING TO HAVE CHANGED. DAVID: THERE ARE DIFFERENT VIEWS ON THIS. A LOT OF PEOPLE BELIEVE THERE IS A BIG PROBLEM WITH INEQUALITY. SOME PEOPLE THINK TAX CREDIT COULD BE A SOLUTION. WE TALKED TO WARREN BUFFETT RECENTLY. HE BELIEVES INCOME CREDIT IS THE WAY TO GO. >> WE HAVE AN ENORMOUSLY RICH ECONOMY, IT IS SIX TIMES IN REAL TERMS WHAT IT WAS WHEN I WAS BORN. IMAGINE THAT. IT BLOWS YOUR MIND. DAVID: HE IS TALKING ABOUT HOW RICH THE ECONOMY IS, BUT HE IS CONCERNED THAT IT IS NOT GETTING SHARED WITH EVERYBODY READ YOU THINK THE PRIVATE SECTOR APPROACH WOULD BE MORE EFFECTIVE? PAUL: ROME WASN'T BUILT IN A DAY. IT WASN'T BILLS BY ONE CARPENTER. THERE WILL BE MANY TACTICS , OUR IDEA TO CREATE AN INDEX OF THE 1000 LARGEST COMPANIES IN AMERICA AND RANKING THEM 1-1000 BASED ON THEIR JUSTICE IS ONE TACTIC, IT IS AN IMPORTANT TACTIC. THE KEY FEATURE OF WHAT WE ARE DOING IN THIS RANKING, THERE ARE MANY INDUSTRIES OUT THERE. STEPHANIE: LET'S PULL THIS UP WHILE YOU WERE TALKING. WE HAVE A GRAPHIC. THERE WE GO. PAUL: SO IT IS A TWO-STEP

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Income Inequality: Finding Humanity in Capitalism

Paul Tudor Jones, founder at Tudor Jones, discusses his Just Capital initiative, income inequality and the need for humanity in capitalism. He speaks on "Bloomberg <GO>." (Source: Bloomberg)

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