Live on Bloomberg TV

00:00CAROLINE: WE ARE LIVE FROM BLOOMBERG WORLD HEADQUARTERS IN NEW YORK. HERE'S A SNAPSHOT OF HOW U.S. STOCK MARKETS JUST MANAGED TO PUT IN ANOTHER RECORD DAY OF GAINS. JOE: THE QUESTION IS -- "WHAT'D YOU MISS?" CAROLINE: THE PRESIDENT SAYS THE U.S. HAS NOT AGREED TO A TERRORIST ROLLBACK WITH CHINA. STOCKS GAIN GROUND. THE S & P JUST RISES, AND IT IS A FIFTH STRAIGHT WEEK OF INVESTORS STAYING OPTIMISTIC. AND ARAMCO'S PUSH TO GO PUBLIC. WHY SAUDI ARABIA NEEDS TO REIN IN ITS VALUATION AMBITIONS. ROMAINE : INVESTORS WHIPSAWED THE LAST COUPLE OF DAYS AFTER CONTRADICTIONS BY PRESIDENT TRUMP ON THE TRADE DATA FROM CHINA. > > THEY WOULD LIKE TO HAVE A ROLLBACK. I HAVE NOT AGREED TO ANYTHING. CHINA WOULD LIKE TO GET SOMEWHAT OF A ROLLBACK, NOT A COMPLETE ROLLBACK BECAUSE THEY KNOW I WON'T DO IT. FRANKLY, THEY WANT TO MAKE A DEAL A LOT MORE THAN I DO. ROMAINE : MARIO PARKER COVERS THE WHITE HOUSE FOR BLOOMBERG. BY THE END OF THE DAY, I GUESS WE SET PHASERS BACK TO ZERO. IS THERE OR IS THERE NOT A TRADE DEAL RIGHT NOW? MARIO: YOU DESCRIBED PERFECTLY. THERE SEEMS TO BE THIS ONE STEP FORWARD, ONE STEP BACK TYPE OF DANCE WE HAVE BEEN IN FOR THE BETTER PART OF THE LAST YEAR WHERE THERE APPEARS TO BE PROGRESS FOR A RESOLUTION BETWEEN TWO OF THE WORLD'S LARGEST ECONOMIES, AND THEN THERE IS A STEP BACK OR AN ABOUT-FACE, AND SO THERE CONTINUES TO BE AN IMMENSE LEVEL OF UNCERTAINTY. CAROLINE: YOU'RE GOING TO BE STICKING WITH US AS WE BRING IN OUR GUEST, A MAN WHO HAS LONG BEEN HELPING U.S. INVESTORS LOOK FOR ASIAN INVESTMENTS. HOW DO YOU NAVIGATE THE HEADLINES? WHERE DO YOU STAND IN TERMS OF OPTIMISM? > > RIGHT. I THINK YOU HAVE TO TAKE A SECULAR VIEW OF WHAT IS GOING ON IN THE WORLD AND THEN TRADE AROUND THE NOISE, SO TO SPEAK. I WOULD SAY IN THE CONTEXT OF YOUR COMMENT, THE NOISE TO SIGNAL RATIO SEEMS LIKE IT HAS NEVER BEEN HIGHER, PARTICULARLY IN THE MARKETS I TRADE, WHICH ARE IN ASIA, AND MOST OF THAT IS DUE TO THIS TRADE WAR NARRATIVE, RIGHT? I WOULD SAY IN THE CONTEXT OF THE TARIFFS SPECIFICALLY, I THINK THE TRADE WAR IS JUST ABOUT OVER. CAROLINE: YEAH? > > YEAH. I THINK THE CHINESE AND THE AMERICAN POLICY MAKERS HAVE LEARNED HOW TO COMMUNICATE, AND IT HAS TAKEN A WHILE, RIGHT? WE SAW THAT WHEN THE DEAL WAS SUPPOSEDLY BROKEN BACK IN MAY, AND THERE ARE ALL SORTS OF BACKSTORY'S. YOU CAN READ ALL SORTS OF MEDIA IMPRESSIONS OF WHAT CAUSED THAT, BUT WE SEEM TO BE BACK ON TRACK NOW, AND I THINK IF YOU TAKE PRESIDENT TRUMP'S WORD FROM LAST WEEK WHEN HE SAID WE ARE 60% OF THE WAY THERE, THAT IS PRETTY FAR FROM WHERE WE WERE BACK IN MAY WHEN THERE WAS SUPPOSEDLY NOT GOING TO BE A DEAL HAPPENING. WHAT CONCERNS ME -- SHOULD I KEEP GOING? JOB: I'M CURIOUS, FROM A SORT OF BROADER PERSPECTIVE, ARE THERE CERTAIN ASPECTS OF INVESTING IN ASIA THAT ARE MORE ATTRACTIVE THAN OTHER ASPECTS? WE TALK ABOUT ASIA IN THE ABSTRACT, BUT THERE'S CHINA, THERE'S THE VIETNAM STORY, WHICH IS ITS OWN SECULAR THING, THERE IS KOREA, WHICH IS SEEN AS A BELLWETHER. WHAT IS GENUINELY INTERESTING AND DOES NOT JUST SEEM HOSTAGE TO TRADE? > > GOOD QUESTION. IF YOU GO BACK TO THE SECULAR VIEW, IT LOOKS AT FLASH MOB AND WHAT THEY CALLED THE SECULAR REVOLUTION. I THINK THAT PUTS FORTH THE SORT OF SECULAR GROWTH STORY REALLY WELL. THAT'S THE TAILWIND, RIGHT? THAT IS WHAT ASIA IS GROWING ON. I MEAN, THAT IS THE GENERATIONAL GROWTH STORY IF YOU WILL. IT'S WHY EXPECTATIONS ARE FOR CHINA'S GDP TO BE TWICE AMERICA'S BY 2050. IT'S LIKE INDIA'S GDP WILL BE ROUGHLY WHERE AMERICA'S IS IN THE SAME TIMEFRAME -- IT IS WHY. ROMAINE: IF WE DO GET SOME SORT OF RESOLUTION ON THE FIRST PHASE OF THIS DEAL, THERE IS SORT OF THE PROMISE WE WILL SEE INCREASED PURCHASES OF U.S. GOODS, PRIMARILY FARM GOODS. IN THE CONTEXT, THOUGH, OF WHAT BRIAN WAS TALKING ABOUT, HAVE WE SEEN SUCH A HUGE SHIFT IN SOME OF THOSE PURCHASES BY CHINA, BY OTHER COUNTRIES AWAY FROM THE U.S., TO LATIN AMERICA, TWO OTHER ASIAN COUNTRIES WHERE MAYBE U.S. FARMERS ARE NOT GOING TO GET THE BENEFIT OUT OF THIS THAT THEY HAD WHEN WE FIRST STARTED THIS ? > > SURE, BRIAN MAKES A GOOD POINT, AND THAT IS SOMETHING FRANKLY U.S. FARMERS ARE HOPING FOR. U.S. FARMERS ARE AND HAVE PLACED A BET THAT CHINA WILL BE A GROWING MARKET AND HAVE SUCH AN INSATIABLE APPETITE THAT THEY WILL BE ABLE TO FILL. DURING THE COURSE OF THIS TRADE WAR, CHINA HAS INCREASINGLY SHOPPED AROUND FOR ALTERNATIVES, PARTICULARLY AS YOU MENTIONED, IN SOUTH AMERICA AND RIZZO. THE CONCERN IS THAT SOME OF THOSE RELATIONSHIPS WILL BE SOLIDIFIED GOING FORWARD AND FARMERS HAVE MADE THEIR COMBS KNOWN TO THE ADMINISTRATION IN ORDER TO EXTRACT AGREEMENT FROM CHINA TO BUY X AMOUNT OF PRODUCTS GOING FORWARD SO THEY DO NOT NECESSARILY LOSE THAT MARKET. CAROLINE: YOU SOUND PRETTY CONFIDENT THAT THE TRADE WAR IS PRETTY MUCH OVER. WHAT IS THE ONE CONTRARIAN CALL YOU'RE MAKING, THE ONE INVESTMENT YOU ARE LOOKING AT THAT PERHAPS THE MARKET HAS NOT CAUGHT UP ON BECAUSE THEY DO NOT SHARE YOUR OPTIMISM? > > AGAIN, HEADWINDS AND TAILWINDS AND TREATING THE NOISE. IF THE NOISE TURNS OUT TO BE THE SIGNAL AND THE SIGNAL IS NEGATIVE, WE CONTINUE WITH TERRACE, THERE'S A LOT TO BE CONCERNED WITH. WE HAVE HAD TWO SECTION 232'S AND FIVE SECTION 301'S. IF THOSE TARIFFS MOVE FORWARD IN DECEMBER, IF THEY RETHINK THE TARIFFS THAT WERE SUPPOSED TO RECENTLY COME IN, THAT JUMPS 150 BILLION DOLLARS. IF WE LOOK AT THAT, AGAINST NOMINAL GDP IN AMERICA, GROWING SOMEWHERE BETWEEN $700 BILLION AND $1 TRILLION A YEAR, THAT IS A HUGE CONSUMPTION TAX, RIGHT? THAT IS A MASSIVE CONSUMPTION TAX HIKE. I THINK THAT WOULD BE, HANDS DOWN, THE BIGGEST RISK. WHEN FOLKS COME ON YOUR SHOW AND TALK ABOUT THE FED NEEDS TO DO THIS, THAT, AND THE OTHER THING, I THINK WHAT THE FED IS DOING MAKES SENSE, BUT I THINK THE MARKET STILL -- IF WE DON'T START WAVING BACK SOME OF THESE TARIFFS, IT IS UNDERESTIMATING THE EFFECT. CAROLINE: WHAT ARE YOU SHORT? > > IT IS ALL MOST A PERFECTLY BIFURCATED SITUATION. IF I'M RIGHT AND THE TRADE WAR IS OVER OR WE ARE IN THE DETENTE OF SOMETHING ALONG THOSE LINES, YOU COULD CONTINUE WITH THE SORT OF RISK-ON THING WE'VE SEEN OVER THE LAST FEW MONTHS. IF THIS THING FALLS OVER, IF WE DON'T GET PHASE ONE DONE, THEN ALL THE TRADES WE'VE HAD ON REVERSE. AND WE ARE GOING TO SEE THAT ACUTELY IN ASIA, PARTICULARLY IN COUNTRIES WHERE THEY HAVE SOME DOMESTIC ISSUES. HONG KONG STANDS OUT, RIGHT? THAT WOULD BE THE OTHER SIDE OF MY OPTIMISM. JOE: GREAT STUFF. REALLY APPRECIATE YOUR PERSPECTIVE. COMING UP, OIL HAS FALLEN SINCE HITTING THIS YEAR'S PEAK IN APRIL. TRADE TENSIONS CURB CONSUMPTION AND GLOBAL SUPPLY NEED TO EXPAND. WE WILL BRING YOU THE LATEST ON OIL AND OTHER COMMODITIES NEXT. THIS IS BLOOMBERG. ♪ CAROLINE: WEWORK, THE DRIP FEED OF NEWS CONTINUES. IT WILL INVEST IN NON-CORE BUSINESSES INCLUDING MEATUP. THEY WILL DIVEST THE WING THAT IS FEMALE FOCUSED. THEY WILL INVEST IN CONDUCTOR AS WELL, AND SCO COMPANY THEY BOUGHT BACK IN 2019, IT WOULD SEEM. THERE ALSO DIVESTING OFF BASE IQ, AND EASY TO YOU -- AND EASY TO USE CLOUD-BASED BUSINESS. JOE: MEANWHILE, OIL HAS REBOUNDED AS INVESTORS SHRUG OFF A COMMENT BY PRESIDENT TRUMP THAT THE U.S. HAS NOT AGREED TO FULLY ROLLBACK TARIFFS FOR CHINA. FOR MORE, LET'S BRING IN TINA DAVIS, BLOOMBERG ENERGY AND COMMODITIES EDITOR FOR THE AMERICAS. THANK YOU VERY MUCH FOR JOINING US. AT TIMES, IT FEELS OIL IS IN ONE OF THOSE MODES WHERE IT GOES UP ON GOOD MACRO NEWS AND DOWN ON BAD AND SOMETIMES IT SEEMS TO REACT SPECIFICALLY TO OIL-RELATED EVENTS ON THE SUPPLY SIDE. WHAT MODE ARE WE SEEING WITH OIL? IS IT JUST RIGHT NOW DOING WHAT PEOPLE THINK, RISK ON, BY OIL, GOOD NEWS FOR THE ECONOMY? > > FOR THE PAST MONTH, WE HAVE SEEN THE CORRELATION BETWEEN THE WT OFF AND S & P REALLY FALL OFF, AND I THINK THAT WAS A REFLECTION OF WHAT YOU SAID -- GEOPOLITICAL EVENTS SPECIFICALLY AIMED AT OIL. YOU'RE TALKING ABOUT THE ATTACKS IN SAUDI ARABIA, ATTACKS ON TANKERS IN THE STRAIT OF HORMUZ. THAT TAKES YOU OUTSIDE WHAT THE BROADER INDICES ARE DOING OR FOLLOWING EQUITY MARKETS IN GENERAL, BUT TODAY WAS AN EXCEPTION. WE SAW THE OIL PRICE MOVING IN LINE WITH STOCKS. ROMAINE MENTIONED WHIPSAWED EARLIER. AT ONE PRICE, THAT AT ONE POINT, THE OIL PRICE WAS DOWN, BUT WE ENDED THE DAY UNCHANGED. ROMAINE: JOE LIKES TO TALK GRAIN, SO I WANT TO TALK GRAIN FOR A SECOND. WHEN THE REPORT CAME OUT EVENTUALLY AFTER IT WAS DELAYED FOR A LITTLE BIT, WE GOT SOME DATA ON CORN AND ONE THING I THOUGHT WAS INTERESTING, AND THIS TIES INTO THE TRADE WAR, IS IT SEEMED TO SO -- TO SHOW A SHIFT IN SOME OF THE DEMAND, SUPPLY, GOING TO BRAZIL, RUSSIA, AND AWAY FROM THE U.S. > > WE HAD A SIX-MINUTE DELAY, WHICH IS ETERNITY FOR MARKETS TO SIT AND WAIT FOR THESE NUMBERS. WHEN WE EVENTUALLY GOT THE NUMBERS AND ACTUALLY EVEN BEFORE WE GOT THE NUMBERS, YOU STARTED TO SEE CORN MARKETS MOVING UP IN ANTICIPATION OF SOME GOOD NEWS, AND WHAT WE GOT OUT OF THE REPORT WAS THE NEWS THAT THE U.S. STOCKPILE WAS DOWN BUT GLOBAL STOCKPILES ARE ACTUALLY UP. YOU SAW THE TRENDING DOWN OF THE CORN PRICES AS THE MARKET KIND OF DIGESTED, IF YOU WILL, THAT NEWS. IT WAS NOT ENTIRELY A GOOD NEWS SCENARIO FOR THE MARKET TODAY. CAROLINE: VERY BRIEFLY, GOLD ? > > OIL ACTUALLY HAD 4 POSITIVE DAYS OUT OF FIVE. GOLD IS HAVING FOUR NEGATIVE DAYS OUT OF FIVE. YOU ARE SEEING THE IDEA THAT WE ARE LOOKING FOR THE WHIPSAW EFFECT OF THE TRADE HEADLINES, WE HAD ONE TRADER CALL IT A NAUSEATING WEEK IN TERMS OF TRYING TO STAY ON TOP OF THINGS. ANY GOOD NEWS FOR THE TRADE WAR IS BAD NEWS FOR GOLD. ROMAINE : COMING UP, THE LAW OF > > I AM MARK CRUMPTON WITH BLOOMBERG'S FIRST WORD NEWS. JOHN BOLTON HAS SAID TO CUT SHORT A JULY MEETING WITH UKRAINIAN OFFICIALS BECAUSE U.S. OFFICIALS ALLEGEDLY DEMANDED INVESTIGATIONS INTO TRUMP'S POLITICAL RIVALS AS THE PRICE FOR A MEETING WITH THE PRESIDENT. CHICAGO'S MAYOR NAMED FORMER LOS ANGELES POLICE CHIEF CHARLIE BECK SUPERINTENDENT, A DAY AFTER THE TOP COP ANNOUNCED HE IS RETIRING. HE SAID BECK WAS THE CHOICE FOR THE JOB. BECK SAYS IMPROVED COMMUNITY LIVE -- COMMUNITY RELATIONS ARE KEY. > > THAT IS MY NUMBER ONE GOAL, TO BRING THE CITY TOGETHER BECAUSE THEY TRUST THEIR COPS AND YOU KNOW WHAT THAT SAYS? THAT IS A BIG LIFT. > > HE SAID HE WILL HELP IN THE NATIONWIDE SEARCH FOR A PERMANENT [INDISCERNIBLE] HE WILL WORK CLOSELY WITH EDDIE JOHNSON, WHOM THE MAYOR HAS SAID IT AGREES TO REMAIN ON THE JOB [NO AUDIO] 2021. THAT IS IF UTILITIES DON'T START LINING UP NEW RESOURCES NOW. IT IS ENOUGH TO POWER ROUGHLY 2.5 MILLION HOMES. HALF MUST BE REPLACED BY 2021. [NO AUDIO] SECRETARY OF STATE MIKE POMPEO CALLED THE UNVEILING A MONUMENTAL MOMENT BEFORE HELPING REMOVE THE COVER ON THE EMBASSIES TERRORISTS. -- TERRACE. > > HE COURAGEOUSLY ANNOUNCED AGAINST ME EVEN -- EVIL EMPIRE. HE OVERSAW IN NEW THE LEADERS OVERSAW EAST GERMANY THAT DID THE VERY SAME THING TO THEIR PEOPLE. > > SATURDAY MARKS THE 30TH ANNIVERSARY OF THE FALL OF THE BERLIN WALL. GLOBAL NEWS 24 HOURS A DAY, POWERED BY MORE THAN 2700 JOURNALISTS AND ANALYSTS AND AT TICTOC ON TWITTER, IN MORE THAN 120 COUNTRIES. > > ELIZABETH LAWRENCE PROPOSED -- ELIZABETH LAURENS PROPOSED WELL TAX MAKING -- WARREN'S PROPOSED WELL TAX CREATING CONTROVERSY -- WEALTH TAX GRADING CONTROVERSY. JOINING US NOW WITH MORE ON THE STORY, BRANDON I WANT TO START WITH YOU. IT IS A PROPOSAL AND YOU ARE TALKING ABOUT A BIG HIT TO A LOT OF FOLKS WALLET. YOU SHOW THERE ARE WAYS THAT SOME OF THESE BILLIONAIRES COULD AVOID SOME OF THE TAX. > > WE WANTED TO GET A SENSE OF HERE ARE THINGS PEOPLE ARE EXPECTING, SO WHERE WOULD YOU LOGICALLY PUT YOUR MONEY? THE ONE COMMONALITY IS PRIVATE EQUITY STANDS OUT. > > I WANT TO TALK TO YOU, MAYBE IT IS POPULAR RIGHT NOW TO PROPOSE A WEALTH TAX ON BILLION ERRORS OR WEALTHY PEOPLE. WHAT ABOUT THE DIFFICULT WORK OF CRAFTING AN EFFECTIVE LAW THAT CAN RAISE TAXATION? HOW MUCH IS ALREADY BEING PUT INTO THAT ON WASHINGTON? > > THERE'S A LOT OF CONCERN THAT IT WON'T WORK, IT IS TOO EXTREME AND THAT IT WILL BE CHALLENGED ON CONSTITUTIONAL GROUNDS. YOU SEE BOTH HOUSE AND SENATE DEMOCRATS COMING UP WITH ALTERNATIVE PLANS, LOOKING AT OTHER OPTIONS, SO IF FOREIGN IS ELECTED AND SAYS WE ARE GOING TO DO THIS, ACTUALLY HERE ARE SOME OTHER PLANS AND WE CAN STILL RAISE TRILLIONS OF DOLLARS OF REVENUE AND NOT HAVE A WEALTH TAX. > > SHE HAS ALREADY TRIED TO LOOK AT THE LAW OF UNINTENDED CONSEQUENCES AND MAKE SURE THEY ARE ON THE HOOK FOR PENSIONS AND LIABILITIES. DO YOU THINK SHE HAS REALLY FOLLOWED THROUGH? > > YOU HAVE TO SEE HOW EVERYTHING WOULD GET IMPLEMENTED, BUT THE HARDEST PART IF SHE DOESN'T NAIL DOWN THESE PRIVATE EQUITY PROPOSALS, THIS IS WHERE I THINK YOU WILL SEE UNINTENDED CONSEQUENCES. > > WHAT WE FOCUS ON AND WE SHOULD POINT OUT OTHER CANDIDATES LIKE BERNIE SANDERS ALSO HAVE THEIR OWN FORM, THERE IS A SENSE HERE THAT THIS IS A LOT BIGGER AND THERE'S A LOT OF SUPPORT IN CONGRESS FOR SOMETHING LIKE THIS, AT LEAST ON THE DEMOCRAT SIDE. IF FOREIGN DOES NOT END OF PRESIDENT, IS IT POSSIBLE THIS COULD WORK ITS WAY THROUGH CONGRESS? > > ANY DEMOCRATS RUNNING THROUGH PRESIDENT, YOU SEE A TAX HIKE ON THE WEALTHY. THEY ARE LOOKING AT INCOME TAXES, TACTICAL -- CAPITAL GAINS TAXES. IT IS MORE THAN LIKELY WILL SEE SOME SORT OF TAX PROPOSAL. IF YOU SEE SANDERS OR WORN, THERE'S A CHANCE THEY WILL WANT TO PUSH THAT -- OR WARREN, THERE'S A CHANCE THEY WILL WANT TO PUSH THAT. > > THANK YOU FOR YOUR PERSPECTIVE. NOW, PRIVATE EQUITY NOT THE ONLY FINANCIAL SECTOR THAT COULD BE IMPACTED BY THE NEXT PERSON IN THE WHITE HOUSE. THERE MAY ALSO BE AN IMPACT ON THE REAL ESTATE MARKET. FOR MORE, WE ARE JOINED BY A MANAGING PARTNER, HERE. -- PETER -- PIERRE. [NO AUDIO] WITHOUT FAILURE, IT IS NOT SLOW DOWN BEFORE AN ELECTION? > > EVERY ELECTION WE SEE, YOU ALWAYS SEE A SLOWDOWN AND A LOT IS DUE TO CONSUMER CONFIDENCE IN THE THEATER OF WHAT POLICIES WILL BE WHITE HOUSE IN ACT THAT CORRELATE WITH THE PRICING OF HOUSING -- THE PRICE OF HOUSING? IF THE CANDIDATE IS ELECTED THAT DOES NOT HAVE POLICIES THAT ARE PRO-REAL ESTATE, THAT WILL HAVE A NEGATIVE IMPACT ON THEIR INVESTMENT. > > DOES IT TRICKLE-DOWN OR IS IT ACROSS THE BOARD? > > ELECTION MARKET IS MORE ON HOW THE ECONOMY IS DOING. I THINK IF ONLY IT IMPACTS THE MARKET ACROSS THE BOARD. > > WHEN YOU COMPARE THE TWO POLITICAL PARTIES, THERE'S A LOT OF SENSE FROM THE DEMOCRATIC SIDE WHETHER IT IS RAISING MORTGAGE DEDUCTIONS, DO YOU THINK IT WOULD BE POLITICALLY FEASIBLE AND IF SO, WHAT TYPE OF IMPACT WHAT IT HAVE ON HOUSING? > > WHEN WE HAD TAX REFORM, A LOT WAS TAKEN AWAY OR REDUCED. IF A DEMOCRAT IS ELECTED, IT SHOWS IN THEORY , THAT IS ONE OF THE BIGGEST CONCERNS WE WILL HAVE IN 2020 IF THE DEMOCRATS TAKE CONTROL, WILL IT HAVE NEGATIVE SENTIMENT AS OPPOSED TO SAVING FOR BUYING A HOME. 82% OF RENTERS WANT TO BE -- WANT TO REMAIN RENTERS AS OPPOSED TO BUYING A HOME. > > DO YOU THINK LEADING INTO AN ELECTION YEAR, THEY TEND TO OVERSTATE THE IMPACT OF CHANGE AND ULTIMATELY LAWS REGARDING ANYTHING MOVE MUCH MORE SLOWLY THAN YOU THINK? > > THAT IS A FAIR STATEMENT TO MAKE. IF YOU TAKE BERNIE SANDERS, IN THEORY IT WOULD HAVE A DETRIMENTAL IMPACT ON THE HOMEBUYING MARKET BECAUSE IT WOULD SUPPRESS RENT. PRACTICALLY SPEAKING, FROM A CONSTITUTIONAL PERSPECTIVE, DOES THE WHITE HOUSE HAVE AUTHORITY TO DO THAT? THAT WILL TAKE YEARS TO IRON OUT AFTER A NUMBER OF LAWSUITS, SO TO YOUR POINT, THAT IS A VERY ACCURATE STATEMENT. > > WHAT ABOUT THE SUPPLY SIDE, WHETHER IT IS A FORMAL HOUSING -- AFFORDABLE HOUSING. ARE WE GOING TO SEE THAT COME TO BEAR? > > THAT IS A KEY COMPONENT OF THE SOCIAL FABRIC OF ANY BIG CITY. WHEN YOU TALK ABOUT CREATING NATIONAL RENT REGULATION, THE QUESTION COMING UP IS SHOULD OWNING PROPERTY SHOULD BE FOR-PROFIT -- SHOULD OWNING PROPERTY BE FOR-PROFIT? WHO'S GOING TO CREATE AFFORDABLE HOUSING? THAT IS ONE OF THE BIGGEST CONCERNS. > > LET'S TALK ABOUT THE MID-LEVEL REAL ESTATE MARKET. IT IS POSSIBLE THAT WHOEVER IS PRESIDENT IN 2021 WHAT HAVE TO DEAL WITH THIS. WHAT DOES THE FUTURE HOLD FOR FANNIE AND FREDDIE? > > I WAS AT THE CONFERENCE IN WASHINGTON AND THEY WERE TALKING ABOUT CONSERVATORSHIP THE NEXT YEAR OR SO AND WHAT THE MAC HAS DONE IS PROVIDED A GREAT AMOUNT OF LIQUIDITY FOR THE MARKETPLACE WHICH HAS BEEN A VERY GOOD OUTCOME FOR THE REAL ESTATE MARKET. I DON'T KNOW WHAT WILL HAPPEN WHEN THEY COME OUT. ARE THE REGULATIONS MORE STRINGENT? WILL THEY START LENDING MORE ACCURATELY? > > FROM THE HOME OUR SIDE, YOU LOOK AT THE NUMBER OF SMALLER INVESTORS IN ORDER TO FACILITATE THE INVESTMENT, AT SOME POINT WHATEVER THE SOLUTION IS, IT WILL LOOK DIFFERENT THAN IT DOES NOW. DOES THAT WORRY YOU? > > AT THE MOMENT I WOULD SAY NO BECAUSE I FEEL LIKE WE ARE AT A HEALTHY PERSPECTIVE WITH THE BANKS. BANKS ARE LENDING AT A HEALTHY PACE , YET IT HAS NOT BEEN OVERLY CONSERVATIVE. > > THANK YOU. SOME BREAKING NEWS, COMPANIES COMING UP WITH NEW RATINGS AND A UNITED KINGDOM OUTLOOK. THIS AS THEY CHANGE THEIR OVERALL RATING ON THE COUNTRY. WE WILL HAVE TO SEE HOW IT TURNS OUT. SIGNS ARE NOT LOOKING TOO GOOD FOR THEM. > > THEY HAVE SOME STUFF COMING UP. > > COMING UP, SAUDI ARABIA APPROACHES BUYING STOCK FOR ITS UPCOMING IPO. THIS IS BLOOMBERG. > > [NO AUDIO] THAT IS ACCORDING TO A PRESENTATION A PUBLIC THIS HOUR STOP -- HOUR. WE HAD TRANSPARENCY ON THE BUSINESS AND WE KNOW WHERE THEY'RE GOING TO GET OUT OF. > > THEY ARE PUTTING THEIR MONEY WHERE THEIR MOUTH IS AND STARTING TO SHOW SOME SIGNS OF PROGRESS. YOU HAVE A REAL EFFORT FOR TRANSPARENCY IN AN EFFORT TO SHOW INVESTORS PROGRESS. > > MOST OF THIS WE MORE OR LESS NEW IN TERMS OF THE FACT THEY WILL GO BACK TO THEIR ROOTS. WE HEARD IT IN THE SOFTBANK PRESENTATION, THE BUSINESS OF REALLY -- RENTING REAL ESTATE AND CHARGING MORE. > > THIS IS BEEN SAYING -- DOING WHAT THEY SAID THEY WERE GOING TO DO. THINK WHAT YOU'RE GETTING AT IS WHAT DOES THAT MEAN LONG-TERM. THEY STILL HAVE LONG-TERM LEASES AND A SHORT-TERM BUSINESS MODEL ALL STOP A LOT OF ISSUES THAT INVESTORS HAVE BEEN CONCERNED ABOUT HAVE BEEN THERE, BUT THERE HAS BEEN SOME PROGRESS. > > LET'S TURN TO ANOTHER BIG STORY, WE ARE SUPPOSED TO GET ANOTHER PERSPECTIVE OVER THE WEEKEND. THE HEARD CHINA, WE KNOW THAT IF YOU ARE A SAUDI CITIZEN, YOU HAVE TO. IS THAT A LAW? > > THEY WANT THE > > ROYAL FAMILY TO BUY AND. SOME OF THEM HAVE MEMBERS THAT WERE DETAINED. A LOT OF OTHER INTERNATIONAL INVESTORS, THEY WANT INTERNATIONAL INTEREST. > > IS THE INTEREST THERE RUSSIAN MARK > > THIS IS THE CHALLENGE AND IT IS NOT SO DIFFERENT THEN WE WORK. WHEN YOUR VALUATION IS HIGHER THAN WHAT THE MARKET TAKES IT IS, HOW DO YOU PRICE? THEY THINK IT IS OVER $1 TRILLION -- $1.7 TRILLION, BUT ONE POINT TO TRILLION DOLLARS IS WHERE SOME OF THE BANKS SAW. HOW DO YOU GET INVESTORS IN WHEN THERE IS THAT MUCH OF THE SPREAD? > > ALWAYS GREAT TO HAVE YOU. LET'S GET IT QUICK CHECK OF THE LATEST HEADLINES. IT WILL BE HONG KONG'S BIGGEST SHARE OFFERING. ALIBABA HOPES TO RAISE $15 BILLION. THERE WILL BE A LISTING IN HONG KONG NEXT WEEK AND [INDISCERNIBLE] THAT COULD HAPPEN AS SOON AS TUESDAY. CHINA IS CONSIDERING FURTHER CUTS TO SUBSIDIES FOR ELECTRIC VEHICLE PURCHASES. THEY ARE HOLDING OFF UNTIL THEY CAN LOOK AT A LECTURE PARCEL DATA THE NEXT IT -- ELECTRIC CAR SALE DATA. THAT IS YOUR BUSINESS FLASH UPDATE ALL STOP -- UPDATE. > > ELON MUSK OFFERED TO TOUR THE FACTORY AND IT SEEMS TO BE IN THE WORKS. YOU FEEL THESE TWO WERE PROBABLY DIFFERENCE IF THEY WEREN'T SO AGAINST EACH OTHER. ELON MUSK CALLING HIM MR. UNICORN. THE RESPONSE FROM DAVID EINHORN SEEM TO BE SAYING YOU CANNOT SAY WE HAVE FACTUAL INACCURACIES IN OUR NUMBERS. TALK TO US ABOUT WHAT THE -- WHAT A INACCURACIES -- WHAT FACTUAL INACCURACIES WE HAVE. > > I LOVE OUR HEADLINE, HE BURNS THE SHORTS. DOES THAT HAPPEN REALLY? I MEAN IT IS A $337 STOCK. > > ON IRONICALLY, I ALWAYS GET A KICK OUT OF THIS, WHICH IS HOW LITTLE THE STOCK HAS DONE OVERALL. WHETHER UP OR DOWN, A FAIRLY NARROW RANGE FOR THE LAST FIVE YEARS AND LOOK AT THEIR. > > WE WERE LOOKING AT THE PERFORMANCE. IF YOU ARE A LONG-TERM INVESTOR, THIS IS NOT GOOD, BUT IF YOU ARE IN A SHORT-TERM TRADER, THIS IS LIKE FROM HEAVEN. > > I FEEL LIKE HE WON ON THE BURNS FRONT. THE WAY HE SAYS OUR BUSINESS HAS SOME SIMILARITIES AND DIFFERENCES. > > SCOREBOARD. > > LET'S TALLY THEM UP. > > AND WITH THEIR SHORT SHORT. > > COMING UP, IT TURNED OUT TO BE THE YEAR OF SPIKE SELZER. HOW DRINKS LIKE WHY CALL BECAME POPULAR -- WHITE CLOTH 0-- > > HARD SELZER. YOU MAY RECALL ONE OF THE HITS THIS SUMMER, THE LOW AND CABBAGE -- IT OUTSOLD BEVERAGES LIKE BUDWEISER IN THE U.S. IS THIS GOING TO BE MORE THAN A ONE SUMMER CRAZE? > > I THINK SO. THERE ARE PEOPLE INCREASINGLY INTERESTED IN COUNTING CALORIES EVEN WHEN IT COMES TO ALCOHOL AND DECLINING BEER ISRAEL. PEOPLE ARE MOVING AWAY FROM BEER AND MOVING TOWARDS DRINKS LIKE THIS WITH LESS CALORIES AND LESS CARBS. > > [CROSSTALK] > > WHEN YOU LOOK AT SODAS CAP -- THE POPULARITY OF WHITE CLAW, IT WAS THE ONLY THING OUT THERE. I'M WONDERING FROM A COMPETITION STANDPOINT, DOES IT HURT THE WHITE CLAW BRAND ITSELF AND DO OTHERS PICK UP? > > IT REMINDS YOU OF LACROIX. EVERYONE SAID IT IS NOT THAT HARD TO MAKE THIS STUFF AND THEN THEY MADE IT. SAM ADAMS MAKES TRULY WHICH IS BIG IN ENGLAND. CONSOLATION IS COMING WITH ONE, AND HAS A BUSH -- ANHEUSER BUSCH . THE QUESTION IS CAN THEY CONTINUE TO DOMINATE THE MARKET LIKE TO HAVE? > > BACK IN THE U K, HARD CIDER IS A BIG THING. FOR THE MAN AND WOMAN WHO DOESN'T LOVE BEER OR ADMIT THEY DON'T LOVE IT, IT IS A GREAT OPTION. > > SAM ADAMS IS A WINDOW INTO THE TREND. THE BEER HAS NOT DONE GREAT, IT IS THEIR HARD CIDER AND SELTZER THAT HAS PROPPED HIM UP. > > THANK YOU. THAT IS ALL FROM WHICH IN THIS -- WHAT'D YOU MISS. > > BLOOMBERG TECHNOLOGY IS

No schedule data available.

'What'd You Miss?' Full Show (11/8/2019)

"What'd You Miss?" is Bloomberg's flagship markets program, providing key insights, analysis and context at the market close. (Source: Bloomberg)

More From What'd You Miss?
All episodes and clips

Bloomberg Markets
"Bloomberg Markets" is focused on bringing you the most important global business and breaking markets news and information as it happens.
More episodes and clips