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tv   Bloomberg Markets  Bloomberg  May 12, 2016 2:00pm-3:01pm EDT

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>> from bloomberg world headquarters, good afternoon. here is what we're watching at this hour. market's giving up their early gains and are struggling to rebound after yesterday's selloff. you are red flags once again. oil also with a bit of a decline. apple shares are at their lowest point in nearly two years as slowing sales continues to her that company. can apple shares recover? a change in leadership in brazil. there is a senate trial she calls the impeachment process a coup. we do have some breaking news just crossing the bloomberg in the last few minutes. charter and time warner cable have gone over their final hurdle to merge.
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and hammond -- ed hammond joining us. >> this is like the final, final done. it was already done already with the sec approved it. this is something we have thought this was going to happen. says therehe market is zero chance that this thing blows up. carol: we were just on bloomberg radio talking about the deal and fired -- environment. this year you see a lot of pushback of major deals. not a surprise that this deal ultimately got its way through? ed: obviously comcast try to do the deal earlier. that did get blocked. they were confident they would be able to get this one done partly because it is not one in three, it is two and three going together. was quite early
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in the future this would go through. carol: what are the other needs for players in this injury -- industry. is a kind of done? endga ofnk this is the the cable industryme. -- end game for the cable industry. there are some companies with big m&a in the u.s. carol: let's wipe it out for a moment. in terms of broader m&a, what are you hearing about the rest of the year? ed: there are still a lot of people doing a lot of strategic m&a situations. i don't think we are seeing anyone versions. one thing that's happening is that the conversations are either not coming to fruition at all or they are taking a lot longer to come through. that really speaks to the confidence coming out of the m&a market. we have seen somebody of these big deals blocked. the regulations seems very
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tough. that is discouraging people from pulling the trigger. a year ago when confidence was at a huge high, maybe now they are stepping back. carol: we know it created quite a slowdown in m&a earlier this year. we are kind of in a malaise right now. ed: it was volatility at the beginning of the year. we have seen deals come. the big flow is consistent. every day it seems like they were something being announced. these $10 billion deals. that is not present at the moment. the question is does it smooth out or does become the new normal this year. carol: time warner and charter, it's done. thank you so much. the market is closing in less than two hours. let's head over to the market desk for julie has the latest. oil and transports. julie: it's been bouncing around
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quite a bit today. there are some different supplies -- supply things going on around the world. some supply constraints potentially in africa and nigeria. and some of the oil operations in canada appear to be coming back online following the fires. we have seen oil come down, now it's coming back up again. up by about one half of 1%. we noticed the transportation stocks are following today. the dow transportation average down by more than 1%. however, if you look back on the last couple of months, oil's rise is not been a problem for transport but perhaps it is changing. this year to date chart of the two. the transports are in yellow. since the lows of the year they have been going up pretty much in tandem. it looks like once oil reached $45 a barrel, thanks changed for the transports. in today's session, whether you're looking at the logistics shipping kinds of
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transportation stocks, ryder, ups, and some of the airlines you can see we're seeing declines today. looking at some of the other kind of transports, we are seeing declines. ryder, swift and ups. also, looking at the railroad industry today, those individual stocks. we are seeing declines across the board in transport. carol: let's talk about that with regards to the rest of the market. if you look at the three major averages, we have been seeing declines. they are coming up off the lows. that could be confident with the increase are now seeing in oil prices. he see the dow is now gaining by six points. even the nasdaq has almost halfed the losses it saw. since we saw oil moving in tandem with stocks, it would make sense of what was going on. the s&p 500 shows a similar move. a little bit of a bounce as we
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saw oil bouncing as well. earlier in the day oil took the leg lower, stocks did too. carol: let's check in on the first word news this afternoon. marcus more for the newsroom. mark:. thank you. a federal judge ruled that some of the obama administration's funding of the affordable care law is not allowed under the constitution. put hersemary collier decision on hold pending an appeal from the white house. the ruling is a win for house republicans that brought the legal challenge. at stake is 100 $75 billion the government is paying to reimburse health insurers over a decade to reduce copayments for lower income americans. nearly half the republican voters are not pleased with paul ryan's performance as speaker of the house. that's according to a new survey by public policy polling. 40% of gop voters approve of ryan. 44% disapprove. among all voters, just 30%
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approve while 48% disapprove. the attorney for former house speaker dennis hastert says he will not appeal his conviction for a 15 month prison term. pastor pleaded guilty last fall to violating banking laws. then it was learned he was paying hush money for a man's silence involving his past when he was a high school wrestling coach in illinois. he sexually abused at least for athletes. tens of thousands of protesters marched in the streets of paris to denounce the labor reform bill. french president francois hollande's government survived the confidence vote links to his decision or changes for the labor law and face of opposition from within his own socialist party. the president says the pain will make it easier for employers to create jobs. critics say removes worker protections. global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world.
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i'm mark crumpton, back to you. carol: thank you very much. things are heating up in las vegas estimates over the global economy breakout at the salt conference. erik schatzker broke with paul brewer, counter -- cofounder of rubicon. find are paid to mispricing and dislocations and markets. payoff,has a returning it creates volatility. timing is always a difficult thing to judge. we can be early to an idea or a trade, but at the end of the day we are faced with the risk. that is what the fee structure is all about. erik: the past few years have been linked for microstrategy's. you have been up. why is it so hard to make money? the think it reflects extraordinary environment. the rate structure across the
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globe has pretty much collapsed in the developed world. the central bank said in such a pervasive force and managing market expectations and financial outcomes to some extent. it's becoming very important to try to understand and a possible predict the reaction function. as time has gone on the experiment with monetary policy has got more and more extreme. i think policymakers are becoming more cautious. a combination of those things that may protect the monetary policy quite a difficult exercise. i think for a lot of macro managers is a key part of what we do but has become forth with, has in it. erik: are you finding overtime easier to understand how the , andal banker thinks understanding predation is difficult is not getting any easier? >> i would not say it's getting easier. as i indicated, we are into
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extreme edges of policymakeing. again is largely an experiment. i am not sure it will be easy to predict where we go from here other than to expect some uninfected outcomes. i'm positioning to reflect that. we do expect more volatility to come. we have periods of financial reform -- repression. we are at the point never policy is reaching its limits and there are already substantial imbalances in the financial system. i think seeing this dislocations ought to move over the next six to 12 months. erik: david rubenstein told the yesterday he was surprised so many micromanagers got it wrong. are you surprised? >> i have to be surprised because we have been tripped up a few times in the last 18 months for sure. i think it reflects the
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cautiousness. if you look at the federal reserve, they have an addition --their primary mandates when you strap on an additional mandate at will it is made it difficult for us to predict how they are going to respond. erik: is size a limiting factor? are some of the macro funds -- you have about $800 million under management, are some of them just too large? >> i don't a pass critical comment against ip or group -- my peer goroup. i been doing this for 30 odd years. in that period there has been a dramatic transformation in terms of the price making environment. it's become very constrained by regulator burdens. thanks no longer take or warehouse risk. the liquidity we can access in
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the markets has definitely shrunk. we deal in very liquid issues. that is not normally an issue that you get air pockets were things, i just here he quickly almost violently. erik: does the withdraw of the bank balance sheet not create opportunities as well? it wasn't so long ago people would complain that goldman sachs was feeling the trade. now they can't do that. >> i think that given the opportunities that are still there, it's largely driven by fundamentals. i would say there was more resistance to movement at certain points. i say that is why we are getting these gap moves but it doesn't necessarily reduce opportunity. is still very compelling. carol: that was paul brewer speaking with erik schatzker earlier today. coming up in the next 20 minutes, tensions causing -- white millionaires are being
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pitted against billionaires. charisse suki on naming tim cisco is the new ceo. brazilian stocks rising after the president is suspended from office. acting president taking over. the u.s. dollar against the brazilian real seems to have movement in today's session. this is "bloomberg markets." ♪
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♪ carol: this is "bloomberg markets." apple's standing is at risk again. it fell behind alphabet by
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market value in today's trading. a similar move happened back in february after apple that reported a fourth-quarter that beat analyst estimates. shares of apple down today after shiport reveals the main pping supplier is shrinking. here is emily chang. nice to have you here. talk about this back-and-forth in terms of the market cap. emily: when that happened, by the close apple came back. they still close on tap. -- top. right now apple that is higher but we will have to see how it closes at the end of the day. this has to do with this report out of the nikkei. a lot of the information out of reporting from the nikkei that taiwan semiconductor, a major chip supplier for the iphone, that their sales will be 70 or 80% of what they were last year. this is back to concerns about iphone declines. apple's last quarterly earnings
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report, sales declined 13% for the first time in 13 years. carol: we have seen so many story after story about the decline of smartphone growth. it's hitting all the smartphone makers. emily: apple is now second behind sam start -- samsung for global market share. the market is still growing. if iphone sales that are declining and that is not good. for a product that is up 65% of your revenue. carol: let me take everybody inside the bloomberg terminal. it's a chart we have on the terminal. google'sket cap minus market cap. if you look at the lower side it's actually a negative number. google is about apple in terms of market cap. it is something we can see the decline or the change in terms of how they come closer
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together. emily: analysts say it's still a buy. they say the clients are priced in. lately the iphone seven, things will pick up. what happens every year is this cyclical thing where we are waiting for the fall launch, the new iphone, people are waiting to upgrade. maybe that is what we are seeing here or maybe it's a longer-term problem. carol: is there something different going on? we talk about the next phone. is that enough of a difference for us to trade in the existing phone? is there enough several come from apple this time around double get us to -- you are shaking your head. emily: a lot of analysts are saying no. it was the bigger iphone that really made a difference. that is why in fact the sales were down some as compared to last year. everybody upgraded to that bigger screen. but because they will not be a bigger change, it will not be that much different. will it be better? yes. will the camera be better? yes. this is why we are seeing apple shift to a services model,
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focusing more on apple music. we reported about all the drama happening at apple music, new people coming in, focusing more on the user interface. tim cook is very bullish on the future of apple music. services are still a relatively small part of the business compared iphone sales, but apple is betting this is their future. carol: if you look at a company were so much of their earnings isontingent on the iphone, they are stuck on this until the other businesses catch up. emily: we cannot rule out the apple watch either. is the first generation. think about that. the first iphone was like a brick. carol: people kind of loved it. emily: especially now. it was such a transformative product. will the apple watch be that transformative? it doesn't seem to be as much as the iphone but it's only been out a year. let's give it some time. carol: we will see what happens.
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emily: this is the entertainment for today. carol: emily chang, think it's a much. catch emily on "bloomberg west" this evening. still ahead on "bloomberg markets," trouble in paradise. why it is millionaire versus billionaire on the island of polite. ♪
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♪ carol: welcome back. a prime piece of real estate in hawaii is at the center of a war between the 1% and the .01% there's -- .01%. bob is joining us now. what are we talking about? bob: you have one of the most beautiful places in the world, the gold coast on hawaii's big island. there are all sorts of resorts.
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one of the best is called -- that is the one that is owned by michael dell and rob walton from the walmart stores family. carol: there are a lot of individuals that about property on it? bob: bob parsons from godaddy. tim boyle from columbia sportswear. can griffin from said it out in howard schultz from starbucks and charles schwab and george roberts. it's a homeowners community, but is also at four seasons hotel. have amazinged restaurants, lots of swimming pools, a lagoon stocks with 4000 different fish. carol: you went there? bob: i reported there but stay down the road. it was an amazing place. carol: some of these owners of properties now, you talked about in your story about how they have to "show their papers." maybe there is not a lounge chair for them?
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bob: the place is so popular that some people own homes, presumably not the people i just mentioned, are loaning out there places are renting other places for income. that means more people using the hotel resort and the hotel has served the crackdown by charging a very high unaccompanied yes fee per person during the pp. -- peak periods. it's $250 per person per day. that means a family of four renting a house for $1000 a day on top of whatever rent they are paying. that makes it basically unworkable to rent out your place. that means the people who are perhaps 1% nate no longer be able to afford to stay. their response is those are the breaks. carol: look at the fine print in the contract, and they are suing? bob: one owner hopes to become the class-action.
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that are said to be 70 people, homeowners who are behind us and like to join such a class-action. they say they haven't they in switched. the other size says look at the fine print. carol: there are some that owned properties and they are ok with the agreement of having individuals who may become an guests having to pay more. bob: it reflects on the whole airbnb issue. you have people who own there but don't have the rent out there places and wondering whether neighbors is suddenly letting the strangers into the house. carol: what's point to happen? they are hoping for a class-action, right? bob: no matter what happens or what settlement they reach, this articulation of standards is going to boot out some 1%ers and in their place will come in some .001%ers. that is maybe the best advertisement they could have. carol: a little bit of a caste
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system. it's a great read and you should check it out. you can bloomberg businessweek. thank you so much. that's on newsstands as we speak. the federal reserve bank of kansas city president is speaking right now at an event in new mexico. she is making comments on the u.s. economy. and also talking about policy. he employment growth remains strong and wages are sluggish. also she says rates are too low for today's economic conditions and that the fed expects long-term rates should rise gradually to a normal level. you can watch more of her speech on the bloomberg. coming up next, a look at oil. ♪
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carol: senior energy has found a .ew permanent ceo the company had been led by neil november.ce alix steel spoke with suki. >> i'm delighted that the search is over. i don't know mr. fusco. but from what i hear, he is a rate guide hearing although things are exactly what should cheniere needs. i hope he puts a company back on track. alix: yeah, and assemble to guide. what would he have that is different from the when you had just six months ago?
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charif: the first thing we need to correct is this emphasis on vision at this point of the situation. the first best most important niere is ang che company that would become an operating company. over the next three years, the woulde would exist -- increase from nonexistent to $3 billion a year. we would become by a very , not justt factor purchaser of natural gas in the country. we would be sending to cargoes of lng every year. this is an enormous effort required in the transition from the development stage to the operating stage. we were in the end of the process -- we were in the
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process of doing this in the end of december. the question was what to do with that cash flow. i think mr. fusco has a couple of years. what i hear from the street and people who know him, he is respected and he is very qualified to do this and i wish them the best of luck. alix: tell me what happened in december when you are let go from cheniere. carl icahn claimed responsibility for that. what's your response to his comments? sure that a company that is almost bankrupt in 2009-2010 that wants to actually start a program that you invest $25 billion and become one of
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the largest exporters of natural gas in the world may seem harebrained. but at the end of the day, mr. cahn was prepared to -- it was not harebrained enough to keep him for making the investment in august. alix: those were pretty strong words coming from him, right? charif: it's unfortunate. i don't think it was called for. i think we both agree on the fact that he caused my departure. he wanted me fired and i was fired. so we are even on that score. [laughter] there's no point in being called harebrained or not harebrained. it is a fact of life. he disagreed on strategy for the future and he prevailed. so good luck to him and good luck to the company. i'm rooting for him.
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not quite as large as he is. alix: fair point. he owns a little more than 13%. but you still own 3 million shares. you told me you would hold them for two to three years. is that still the case? same extent.he i sold some, but i still own significantly over 2 million shares. those i will keep for a couple of years and wish the company best. carol: commodity markets closing in new york. let's look at some of today's biggest movers. 46.6 to five a barrel. -- for 6.65 a barrel. .65 a barrel.
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you've got copper just -- forgive me, gold just down about .2%. copper is down 1.4%. the metal is falling after three straight months of gains. when it comes -- coming up in the next 20 minutes, the brazilian president now suspended and the vice president now acting president here and what impact will it have on brazil's economy? lots of problems and resell to sir richard branson joining us with new ideas on how to improve corporate response ability. -- lots of problems for brazil. mr. richard branson joining us with new ideas on how to improve corporate responsibility. ♪
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carol: it's time for the bloomberg business flash. honeywell international plans to residents and chemical business by 2017. it will create a new magazine -- will manufacture a poultry workers in the united states labor in a climate of fear. it says workers in a plant in arkansas resorted to wearing diapers because they were afraid to ask for permission to go to the bathroom. many workers at his north carolina plant have to urinate in their pants. tyson says it is concerned about the plants but have no evidence that they are true. crisis is over.
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wholesale egg prices are now at a five-year low. let's head over to the markets desk. julie: it's time for today's sector spider report. we are looking at the srt once again. today, interestingly, it is done only .1%, even though we have a lot of down movers within that etf. let start with kohl's. its first-quarter earnings missing the lowest forecast. comparable sales falling unexpectedly by 3.9%. the company says consumers are not buying apparel. that's not surprising. we've been hearing from particularly special. tellers -- retailers -- particularly specialty retailers.
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kohl's is going to get more aggressive with marketing. the stock is at a seven-year low. and although these stocks touching 52-week lows. the gap is at a four-year low. l brands earlier touching its lowest in 18 months before regan a little bit. we are also watching nordstrom. those shares or ask a going up today. they had been hired by limit more. now they are coming off those highs to some degree. that coming -- the company is coming with earnings after the close. bloombergk at the terminal. same-store sales for bloomberg is -- for nordstrom as well. as you can see, the company has strong same-store sales and the last couple of years has languished around 1%.
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michael halen says the company has been spending. it has been offering more promotions, which traditionally nordstrom was not known as doing and the gross margin might contract as a result of that. that, too, a big trend. bargains everywhere you go. carol: i love a bargain. the changing of the guard in brazil today. the number two in the country is now acting president of the country. delma recep -- dilma rousseff was forced to suspend heard missed ration. more, let's bring in monaco from washington. extensively on
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brazil. you know this country really, really well. so a new acting president. but he faces quite a bunch of tasks that he has to take care of, including getting the economy going. what can he do quickly to make a big impact? monica: yes, he is facing huge challenges. i don't think there are any areas in the brazilian economy where you can basically say, ok, this bit of it is ok and there's nothing to be done. they sickly, there is stuff to be done everywhere and all of it is difficult. on the onesaid, hand, this government has the advantage of not having to do anything in the short-term to avert, let's say, a ratings downgrade. because actually, the ratings downgrade has already happen. in a sense, it is very different from the cannot -- the kind of scenario we were looking at it
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when he 15 when you had a finance minister being appointed to resolve very, very difficult short-term issues and ultimately unable to do so. so we don't have that issue now in brazil. are a number of medium-term reforms on the fiscal side that need to be undertaken. these will involve constitutional amendments. they will involve passing very difficult measures through congress. all evidence up to this point is that the new president, the new interim president, i should say, will have the majority necessary to pass these constitutional amendments. i know this sounds ominous, but this is stuff that is regularly done in brazil, passing constitutional amendments. it is not something that is completely sort of off-the-wall. carol: temer seems to many young brazilians as part of the old guard politics, if you will. and kind of as unpopular, almost
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as unpopular as rousseff. will that create problems for him? will it be different politics this time around? --ica: it is true that is that he is very much old guard. he is a traditional politician from one of brazil's traditional political parties. he is not a well-known person. lack ofexplains his own popularity. he has always been a behind the scenes kind of politician. however, the economic team that he seems to be forming, he has already announced if you cabinet members. and he has pretty much announced all of his economic team. the members he has announced our of greatness -- are of great noun in brazil. there's a very strong person in the finance ministry.
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presumably a very strong person who will be head of the central bank. so there is a chance with the kind of team he is forming that bywill gain legitimacy performance. he is not coming this after having been elected. but of course, if he is able to lift the economy and give the sense that things are on the will dobrazil, that great things for his government, given the absolute dire strata the -- dire straits of the brazilian situation. respond asaw markets few months ago about expectations of what might happen to rousseff. there is some optimism that change will be coming at some point. how patient do investors need to be? monica: a lot of it is what to take time to go through the system. manages to pass
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important measures through congress, that will give us another round of relief rally, let's say, and markets. however, there is one issue that we still don't know, which is brazilh of a hole is actually in? how big of a hole is brazil actually in? asse involve things such recapitalizing public banks, injecting cash into state-owned enterprises. casee have the petrobras that we arty know about it. apart from that, the state of the national finances. states in brazil are in desperate need of debt relief and all of this well road -- will affect brazil's debt burden. carol: personal, rousseff, is she done? and temer, how much time does he have?
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monica: well, she's gone. there is no doubt about that. two thirds against her. very little time. he is not going to have 100 days. he will have at most three weeks. carol: great to have your inside. visiting fellow at the peterson institute for international economics. she has written a lot about brazil and studied that economy. coming up next, richard branson joining us. and how innovation is disrupting the way we give to charity. that's next. ♪
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carol: this is bloomberg markets. the software associated conference in california where richard branson and his son are
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asking business leaders what is possible. cory johnson is at the westin hotel in san francisco. : we are here with richard branson and sam branson. an interesting discussion. sam, explained to me what you are doing as a filmmaker. content thato make decomplexifies problems in the world. it makes people understand and do more of a human approach to big issues like drugs policy and the death penalty and other forms like that.
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cory: it took me to a party a few weeks ago in new york and i wasn't sure what to expect. what i didn't expect was to run involvedthese people in death penalty issues, in human rights issues. these were issues you have been working with a lot. why? believe thati business people, entrepreneurship should be involved in these issues in the world. to we should be campaigning put wrongs right. and in the past, i think, business leaders have left too much up to the social sector and the politicians to do this. business leaders are entrepreneurs and they can have an entrepreneurial approach to solving these problems. for instance, you mentioned the death penalty.
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is a list of about 50 reasons why i think america should abolish the death penalty. and it's trying to get that across to people who understandably innocence say, well, he killed somebody and he deserves to die. but it's generally not as simplistic as that. in europe, they got rid of the death penalty six years ago. there hasn't been lots more people murdered as a result. humane,much more civilized group of countries as a result. california, it is on the ballot this november. in what way, are you using an entrepreneurial approach with your son? richard: instead of running a film company that is just making , you know popular films for people, he is trying to, you know, create films, you know, jets goldinstance,
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did with "inconvenient truth." other people have done also to alert people about the wholesale slaughter of shocks -- sharks. they are trying to make films that can have a purpose and can actually achieve something at the end of the day. is great to have a really powerful film to go with those who are lobbying for these things. reallythink it is important to reach the unconverted and the people who witht going to be in tune what message you are try to spread. to do that, you need to understand what their motives are, what drives them, why they would have a certain perspective and then frame your film or your argument in a way that relates to that audience. cory: and not preaching to the choir. sam: exactly. are: it sounds like you
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identifying the market of the people whose minds you think you can change. and tailoring the message to them. sam: it is about listening to them, like in business. your customers, what do they need, what do they want? it's really important in anything you do in life to understand your audience. richard: my wife says, if some that he killed my son, i'd want them killed. familyave some in the who disagrees with us. we spend a lot of time trying to explain to her, you know, why we be the her approach to wrong approach. bit --eginning to get a you know -- [indiscernible] cory: you are also doing the films in very different ways.
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it's not just one film. sam: yes, we are doing three different films for different audiences. cory: emoji's. am: a short film from conservative or public a person who looks at it from a different perspective and try to win over the people who are on the fence about the idea of the death penalty. and one is a reconstruction of an actual death penalty, lethal injection, botched execution to show people the reality. richard: the film aimed at costs $3ns say that it million. inreas to put a person prison for life is only a million dollars. thank you very much.
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think you so much. coming up, jim chanos discusses his latest short positions from the thought conference in las vegas. we had to a break. take a look at trading on this thursday and stock markets coming off their lows of the session now, up about three points that -- street -- up .3% on the dow jones. see oil about close is just 60 mins away. ♪
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vonnie: welcome to "bloomberg markets."
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good afternoon, here is what we are watching this hour. u.s. stocks bouncing back from .heir lows an interview with a jim chanos from the sky ridge alternative conference in las vegas. he reveals his newest short positions. in donalds hiding trump's tax returns if anything at all? from business activities to to charitable donations, we will preview what may be inside. one hour from the close of trading and the dow gaining. julie hyman has latest. julie: we have gone on a round-trip today for the major averages. we are near the highs of the session. the nasdaq still remains in the red head but considering the earlier it was dmo


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