tv Bloomberg Technology Bloomberg December 22, 2016 12:00am-1:01am EST
here is an update on the top stories. critic will head donald trump's trade council. peter navarro will serve as director of trade and industrial policy. carl icahn will advise the president on reforms. saudi aramco will continue to explore an ipo in japan. riyadh is looking at markets from hong kong to new york or what could be one of the largest offerings in history. they have downplayed tensions with washington. ,libaba back on the blacklist
the return of the notorious -- having been told there is an unacceptably high level of counterfeiting and piracy on its platforms. alibaba says they are disappointed in the decision. global news 24 hours a day powered by more than 2600 journalists and analysts, this is bloomberg. a look at the markets here in the asia-pacific. we are losing some steam ahead of the christmas holidays. japan heading into the three-day weekend. down by 3/10 of 1%. still managing a 3% gain this year. ♪ courtney: this is bloomberg
technology. coming up, apple turns the corner on 2018. 2017 -- after a year of executives abandoning ship we see who has left saving on twitter and we will speak with the ceo of a british cyber security firm as cybercrime continues to escalate. first, our lead. the year that was for apple. investors tested in ways not seen since steve jobs held office. shares are on track but the wild swings on this chart tell another story. they reported their first decline since 2001 as competition and saturation threatens its golden goose, the iphone. apple ditched the headphone
jack, overhauling car plans. year of7 be another apple testing the resolve of the customers more will we see resolve and enthusiasm? -- and coryow is johnson. wonderful to have you here. thank you for joining us. oi that apples qu lost -- >> i think what you are seeing is the change happening with technology. there was no bigger change than before the iphone and then everybody after that was [indiscernible] maybe they get better. maybe they get similar. you could say the same thing about the mac?
well.ad has struggled as the watch has been a big success. this year ofefore, contraction has been difficult for apple. have seen a 14% contraction itoperating profits so really is a different feel for that company. courtney: so, there is some of the concerns. couple think there is a things changing. as corey pointed out we are moving to a replacement cycle market, right? we did a lot of pc analysis. in that same analysis is coming out of smartphones and apple in particular when you are saying, ok, what -- i think a lot of people have those signs pointing into 2017 particularly because of china. sales have been really slow in
china. a lot of that is customers holding onto their phones from a long time, waiting for the right time. they are not going to spend out-of-pocket money -- that is a lot of money. that.re not going to do we think a lot of signs are pointing into next year but the challenge has been -- a growth cycle versus where it is when it is of replacement cycle. courtney: that analysis that you dig into for many a company. . have got a great chart i know you are a man who loves a good chart, too. the apple share price has been on of the bit of the rally since the middle of the year. the blue line, though, number of institutional investors. the institutional investors getting out of stock. are we likely to see a change? what are investors saying? >> it is really about growth. momentum investors like growth
in the stock price. i think that is a fools errand to chase after stocks. courtney: should we stop looking at it like that? >> right now it is not a growth business. it is a business in contraction. to the point that creative strategies have pointed out -- they change in the business -- we have gone from being a one product company to a two product company to a three product seenny -- but what we have as the things have been out for a while is that investors are just much slower to update their stuff. read of -- meeting a new thing every 12 months-18 months -- are pushing at those cycles with a mic it one device every year but it might be three years until the upgrade their phone or their pc or their tablet. courtney: and they do you sell for other more expensive add-ons to the skin a product that is an iphone you brought in airports -- this thing to me that if
disaster in the making, though, they promised these new jack earphones -- they do not get to the sales by quickly enough. promised > me -- yet, you know, they do, like a set, it is interesting trying these things out where -- you have got -- you have submitted as an have a court in it , right yet going so what you it's for -- [indiscernible] if you do not have a court, it doesn't get toned down. i do not think apple is positioning these. to i -- tennis and then i do not think -- that is the typical usen them. [indiscernible] [case -- speaking simultaneously] [indiscernible] big -- the bige part of this -- we are starting to move some of the conversation from just pure hardware shipment and just look at overall growth. these, as well.
this as two other categories of revenue. it is looking more at the bottom line. apple is diversifying their product line and giving right?rs something, different options to buy every type. courtney: interesting -- they looked a bit -- we're all we are all talking mark zuckerberg's latest video and him in his house with google home selling out of amazon ago. what has apple been making any -- >> the success that amazon has had with the echoed devices -- i think apple should look at that is a very apple-like thing. they are known to be hiring the best people in artificial intelligence. you have amazon out here with this product. it is a runaway success.
well over a multibillion dollar business already. -- already oneut of the top-selling much wanted devices. so we see this real growth on the platform. there is an iphone like approach here which is an open platform with a giveaway -- there are thousands of developers who created skill sets for this. all of that computing happens on amazon. amazon knows about customer in about purchasing other things that they are doing and amazon is driving marginal sales on top of this platform and i think that because of what amazon has in the background that they can really drive up with these devices things that google hasn't things that apple doesn't really have an apple has missed the boat here. courtney: -- >> they are taking a little bit of a different approach.
communal-- versus the kind of in-home device for everybody. it is a different strategy and we will see, so. courtney: wonderful to have you on. and our editor at large, cory johnson, thank you very much for your time now is to really you're watching red hat shares falling as much as 13% in extended trading. the next reported -- linux reported disappointing earnings and are -- [indiscernible] announced his decision to leave the company. coming up, we dive into the european startup with the head of the leading -- firm -- optimist ventures.
has seen ahe u.k. number of startups have impressive exits this year. of $215 million. the vc firm that counts both is optimist ventures. i recently spoke with the head and got his take on the >> exit strategies for u.k. startups. this remains a big challenge for europe which we are starting to see developed and it is about taking those businesses from a few hundred million to being billion-dollar businesses. now, the ecosystem in the silicon valley is well-established. our ecosystem is being established. andneed those entrepreneurs investors to take the businesses the entire way. clearly, when you have
exceptional return, there were going to be exits. i think we have seen a more recently with sky scanner's exit . the decision as to whether you take a business to the next stage or exit at this particular point in time. the challenge for europe is to ensure the latest stage funding is in place to provide the entrepreneurs and those companies the opportunity to create really big businesses. --rtney: these valuations there has been haggling and the toppy --ates -- tpoo europeandon't, i think valuations always remain more conservative because of the nature of the funding and once we have a more vibrant early-stage in startup ecosystem as the businesses grew they need to be real businesses and generate those revenues to
deliver growth and given selves options as they go forward. now that may be with regard to exit or with regards to actually going to the significant large businesses. so, european valuations have remained relatively lower certainly by comparison to the u.s. and asia, as well, i should opportunity, and the opportunity for european entrepreneurs to build those businesses exist in the funders continue to be a part of. courtney: is there a risk that we could see valuations to dedicate too high? if we see the perhaps more risky appetite coming from the united states ager piling into europe if that happened in 2017 -- what would start that? >> when i think europe has had that almost-fortunate situation where some of those bills and started to ring in the u.s. of people were being a little bit more conservative -- 72 -- what i would describe as -- frosting
blown off the top at the reality is that these businesses are real game changers and the opportunity for them to grow and build into significant enterprises. voteney: even the brexit in 2016? does that put that at risk? >> i think the brexit is still working its way through. what is interesting is when we have talked to our portfolio companies the entrepreneurs ande have looked at brexit said look this is just another challenge that we have to overcome good they have significant challenges in a european market by comparison to the u.s. with the number different languages they have to deal with in different cultures. brexit just as another challenge and actually -- provide them with a competitor advantage over maybe larger businesses that are not quite as nimble and quick to respond to those challenges. courtney: what does therefore 2017 mean to you?
doesn't mean european startups expanding in the united states? doesn't make the more ipo's? fact --be more -- in consolidation with at the start of community -- we are saddened a for example with delivery hero and food panda and just the all managing [indiscernible] what does 2017 mean for you? >> so i think that is the real encouraging aspect of the european ecosystem is you are seeing now those technology businesses looking within and some of the m&a going on there. that is all about crete in the ecosystem so a large part of this is the further development of the ecosystem that exists within -- we can europe. for us, still, that focus toward artificial intelligence because it stands so many vertical -- vertical sectors and where you have a great talent coming into the ecosystem, there is the opportunity funding and i think
we will start to see other entrepreneurs coming out of date tech around that area of excellence that are looking to drive great growth into those businesses. wastney: that -- coming up, microsoft came back with a bang in 2016 putting together's biggest deal ever with the acquisition of london. our ceo -- ♪ our conversation, next. this is bloomberg. ♪
courtney: now over relative has been a stronger from microsoft. the tech giant announces biggest acquisition ever with the purchase of linkedin. bloomberg's emily spoke with their ceo back in june. >> it is about really bringing together the professional cloud which is that the core of microsoft in the professional
network. the june and we always had is how can we connect these two worlds so that our mutual users who are the protections of the world can get their work done more seamlessly. that is the vision. bringing the network with the cloud is very transformative. i have been thinking about this for a while. in starting in february we started having some serious conversations and was recited talking about the possibilities of the product and the coming together of that mission, that have a we said that we combination to allow us to accept the rape of plea -- what we both wanted to get the done -- that is what led us to hear. emily: it was about the same time that you and i had a very in depth conversation about how big you think the future potential of linkedin is. why would you sell linkedin for a price less than it was trading at? yeah, for us that future just got bigger and it hasn't was been about the realization of
our long-term mission and vision and you think about the global footprint that microsoft has, billion customers plus, and you think about the ability to seamlessly integrate our network, a social fabric, if you will, throughout the ecosystem -- outlook, calendar, skype, dynamics -- and the positive user almost endless. emily: you were saying that this will create a social graft from microsoft's cloud and jeff has been saying that linkedin will operate independently sort of like whatsapp -- what is it? >> it is independent and integrated for customers because if you think about what we are really talking about is to graphs. there is a microsoft graph which is about people, the relationships with other people, calendars -- so it is all the work artifacts. leads and other information. you connect them with a professional graph and then used
or completeness in areas so you do not need to change the social network to you do need to bring these things together seamlessly. emily: i want to this and you. grow as fast not as the market expert at this to grow a pair you guys are saying this deal now increases microsoft totally -- by 50%. so what is the change in strategy, jeff? had a microsoft help linkedin grow? >> yeah, part of the beauty of the deal is that the alignment in terms of purpose would it is that we are ultimately trying to accomplish in the value and we bring to individuals and customers within the enterprise is so strong that this is very much about sticking with the thatin terms of the vision strategy but just amplifying it across this very powerful microsoft ecosystem. emily: -- integration. with the process be like and how do you make sure this as it turned out like nokia are to some extent even skype? >> you know when i think about
acquisitions emily i think about , is this something that is going to be expanding or market opportunity? guiding the technology wave of the future and is this at the core of microsoft -- isn't something that we could -- and when i look at those three dimensions this checks all the boxes and when it comes to the integration we wanted to try it a really different approach even notice of the netjets i have about which is up you want to be very integrated of the customer scenarios that we want to be able to preserve the operating the culture,gton, their brand and how they have built this fantastic professional network so that is really what i think is going to be very different about this, and even if you look at our own past and our recent past -- minecraft -- and just down the road here there is a team called the powerpoint team which of course is long basked -- but has been one the most successful acquisitions of microsoft's we do have a history of getting it right, as well.
emily: you are getting a huge enterprise, salesforce, a huge additional customer base with office. how much do you think microsoft 's membership -- linkedin's membership? with a skyrocket by multiples? >> well, we certainly have enormous potential here. 430 3 millionave members who have signed up to date. over 100 million monthly active unique cnet we have the opportunity to bring that same value to over one billion customers of that is definitely the plan. emily: any more big acquisitions to come? >> will this spark more m&a? >>i and excited about the linton acquisition today and i am looking forward to completing all of that vision and scenarios. emily: thank you for -- >> -- rest of the industry response to this. >> i am sure we will be interested to see what customers responded to because it is all about to me us realizing over mission and adding value to our
customers. courtney: that was emily chang with microsoft ceo and linkedin ceo. now from global tech stories we are following for you, new rate inventory phylogenetic of an show that google saved $3.6 billion in worldwide taxes in 2015 by moving more than 15 billion to a bermuda shell company. after then moved the bulk of its non-us profits through a dutch subsidiary which had zero employees. out of that has used this company since 2004 as part of the tax structure. by moving most international profits to bermuda the company was able to reduce its effective tax rate outside the u.s. to just 6.4%. suing appleia claiming the iphone maker infringed several patents. nokia says apple has refused to license patented inventions since they agree to an license in 2011 which has now expired. coming up, twitter's executive
president-elect donald trump may have won his battle over air force one. the tycoon has set the budget for the presidential plane is out of control. however, boeing says a replacement can be built for less than reported, $4 billion. bank of america does not expect donald trump to jolt the economy next year, saying corporate customers are upbeat. speaking is loosely to bloomberg, their ceo said it may take a while for donald trump's initiatives to play out in the real economy. is, businesses
are frisky or -- more active -- they are talking harder. you are seeing that could want -- you are seeing the other thing. that is good for capital expenditures next year. ourthink the belief of clients we talked to about regulatory burden as it will come down and that will help them -- do things more quickly and you know, so all of that -- >> and you can see the resident exclusive interview in full on daybreak here in about 30 minutes from now. vehiclele's autonomous unit is talking to honda about putting self driving technology into the automakers cars paired honda would be to where most second automotive partner after -- general motors and ford tried to reach an agreement with google blaster but those talks stalled. [indiscernible] -- to be barred from board meetings. he was deposed by the group
patriarch in october as they returned to take control. -- has been voted off the board of steel. global news 24 hours at a part of the 20's hundred listen and listen more than 100 -- 120 countries, this is the prepared all right, we have got asian shares losing steam as we near christmas. let's get over to juliet for a look at the action. ofyes, it is a little bit the battle at some of the zero position is you are seeing markets but in some also buying against that [indiscernible] that everyone is looking for the australian market, up half of 1% to refresh 2016 high and a strong finish in new zealand, up 7/10 of 1%. japan's lagging, down 4/10 of 1%. the yen stronger against the dollar but also we saw the topics in the nikkei hit that repair -- record high on tuesday and we do have japan markets closing this afternoon ahead of the christmas break for a long
weekend. hong kong also not looking very great in afternoon trading down by 9/10 of 1%, only two stocks there in the black, we are going to be live from letter the top the hour, this is a live shot of hong kong harbor, this is the part. >> i'm courtney collins and you're watching "bloomberg technology." 2016 has been a year filled with executive departure for twitter, most recently at a messenger announced his departure just weeks after the coo resigned. more than half of twitter's leadership team departed this year. year. the company is seen to be increasingly in limbo. seo jack dorsey faces mounting challenges to turn around the network. joining us from new york is an analyst. thank you for joining us in san francisco. sarah frier, who covers twitter, broke the story yesterday.
why all the brain drain? sarah: this is a company that has had executive turnover for years. this year alone it lost not only the two you mentioned, but their head of products, and several other product executives, their head of news. this is a company that has lost maybe 25 executives since its ipo. caroline: 25 since its ipo. james, what does this mean for an analyst such as yourself? how does this impact the product? james: it's not a good thing. just look at the ceo level. we needed a full-time ceo since the day after dick costolo left. unfortunately we have still seen no sugars as abilities between the square and twitter. at the most critical time in the company, to have this kind of turnover does raise some questions about the long-term
potential and ability to turn around. anecdotally, i just met with wpp today, the world's largest advertiser, and they are telling us that the growth there in twitter is rather not there for twitter in terms of dollars and they are primarily using it for pr and to gauge advertising effectiveness for their campaign. they're at a crossroads right now, twitter, and jack dorsey needs to make some decision. caroline: sarah, our analysts and investors saying jack dorsey needs to go? sarah: i don't think they really have an option besides jack dorsey. they did this six-month ceo search, landed with dorothy. they thought bringing him in, he would have sort of the founder, moral authority to make big changes that needed to be made. and finally, he's seen with the loss of many of his executive leaderships, he seems to be taking on more at twitter in addition to his responsibilities.
the numbers haven't changed since he took over. we've seen revenue growth start to decline, and user growth is still a little stagnant. this company, like james the same, advertisers are starting to say, why should we increase our budgets on twitter if the audience has been growing the way it's a growing on. they want to go where people are. caroline: it sounds like this meeting with wpp is quite effective. i read your last note and you sounded a bit more buoyant about people starting to rejoin, reactivate, come to twitter as a product. have you lost your optimism there? james: i haven't lost my optimism on the user side. i do think there is an opportunity here. they are getting 2 million new users per day and the on boarding process has been good. unfortunately the revenue will significantly lag this. we are in a quarter right now where they are going through a sales force restructuring. you could actually see a revenue
decline in the fourth quarter of this year, which could come as a negative surprise. if you do look into 2017, there is some room for optimism on the user side as far as the wpp's comments. you would have to see the user growth actually coming to fruition for the conversation to change. i'm still neutral on the stocks, hopeful on potentially higher conversion rates on users. caroline: neutral on a stock that is down more than 20% on the year. give us whether this is still an m&a target. sarah: 2017 will be a year of reckoning for twitter. this is the company that went through an informal failed process, did not get any bids, but forced the company to recognize that they need to take some steps towards profitability. they cut 9% of their workforce right after the sales talks failed, and next year, like
james is saying, if they start going to revenue decline, they can get a lot cheaper and those suitors who turned away could get a little more interested. caroline: it feels like there were some really big missed opportunities here. we look at how vine did not quite look out. we see periscope being adopted by jack dorsey. they were ahead of the game and they lost entirely. could they make that back in terms of video live streaming? james: i hope so. it's really disappointing to see these very strategic, very powerful potential assets like vine and periscope, not carry out the way you would expect them to. i think a lot of that has to do with how they are managing the integration of these acquisitions and how they are putting in front of the users. really, twitter needs to stay relevant. i've been making the case that they are the most important social platform in the world
right now. twitter can provide checks and balances on media coverage by allowing a megaphone, four people around the world to kind of negate some points that are made. i think twitter needs to figure something out and hopefully it comes in the form of an acquisition, because they need to tap into the resources of a bigger company in order to propel themselves to the next stage of growth. caroline: james, immediate step that needs to be taken ahead of that m&a for 2017, does jack dorsey become just ceo at twitter or does he hand over the reins to someone else? james: i wish i could say i think he will become the full-time ceo. i don't think it's going to happen. i think we're going to continue in this limbo. even with the more optimism on the user side, it's tough to get behind it when you don't -- this is an asset that requires more than 100% attention, and then it's just not there. caroline: james, great to have
you on the show. sarah friar, i think you will be all over this story for 2017 as well. the deal would put the self driving technology into japanese automakers cars. the two sides reach an agreement, honda would be the most second automated -- the second most automated partner after fiat. the self driving car unit is trying to work with more car markers. honda previously announced plans to start selling self driving cars capable of operating on highways sometime around 2020. now, back to the talk of executives, on thursday bloomberg television will dream
to build its team. leaks a personal user data showed on social media will be one of the major service security threats. it's not just individuals that have to deal with rising threats online, it's also huge issues for corporations and government around the globe. our next guest faces this every day. nicole if the ceo of dark trace, a rapidly growing cyber security firm headquartered in the united kingdom and here in san francisco. combined with intelligence experience and the latest software. plans include zappos and crate and barrel. thank you very much indeed, nicole. dark trace, what does it do? >> we are one of the fastest-growing cyber defense companies, and we use machine learning and a way that very much emulates the human immune system. it learns a sense of self for network and it basically knows what is not self. just like a human body depends against viruses -- defense and
-- defense against viruses and bacteria, that is how dark trace defends corporations. caroline: in the news every day, discussions between u.s. and russia. what did 2016 mean for you in terms of cyber security? nicole: 2015 was the year of the credit card attack. 2016 i would summarize as the year of the trust attack. if you look at the dnc attack or the general election rumors, it was really about trying to get society to lose their trust in democracy. i think trust attacks really followed throughout the year. caroline: what about 2017? what is dark trace getting the most calls about? nicole: 2017, there's a few trends we are starting to see. one of them is that we saw a lot of ransomware in 2017. though not complex, it moved fast. it's hard for humans to keep up
with. setting up 2017 you will see more around machine against machine, artificial intelligence files attacked and artificial intelligence files defend. that's one trend. the second trend we will see is cyber bleeding over more and more to the physical world could we already started to see quite a bit of interest from energy and utility companies in 2016, with cyber defense. also water supply systems. infrastructure, and critical systems. the other area we have started to see heat up in 2016 and continuing to 2017 is travel, transportation, and hospitality. the other area -- one of the things we will see on everyone's christmas list is going to be iot devices. we think of those as consumer, that they have a ash but they have a major impact in corporations as well.
whether it be the amazon echo or us walking into the company with the pile to gps locate our phone. caroline: there are companies not quite getting this, the fact that you and i are so connected with our devices, i have a key ring, but people are going to be getting new, connected smart watches, they are going to be getting connected coffee machines, all of this will in some way expose the company? nicole: everything is getting more and more connected. when it comes to these devices, the traditional cyber security industry doesn't protect them. when you think about traditional cyber world, it is desktop, laptop, but not the iot devices because manufacturers have not gotten to the point where there is an accepted antivirus on all of them. dark trace sees these in our corporate network. we automatically detect them. in 20% to 30% of the devices we
are seeing and the most vulnerable ones are iot inside a corporate environment. caroline: i'm fascinated. you are talking about the new areas of business that are coming to you, the utilities, for instance. what about countries? you are the attacking countries? -- who are the attacking countries and who are the countries who want to help? nicole: we are working on a global basis. we have customers deployed in over 90 countries already. in terms of the attack sectors and vectors, it's pretty consistent. i think we are all fighting the battle. what we have come to realize is the problem of cyber security is still unsolved. i think until we have ceo's companies on a global basis saying, i have holes in my network, and maybe the attacker is already inside, and i need a different approach in trying to
build a wall around the outside, or thinking we are smart enough to guess what the next attack is, as attacks get more targeted. until we wake up to the fact on a global basis that we need to start looking inside our network, we need self learning technology to tell us what's normal and what's not, we will not get ahead of it. that's the biggest thing i hope for in 2017. caroline: i'm pleased to say that i was part of a team that helped choose dark trace as innovators. we were looking at the 50 most innovative companies in the u.k. and dark trace came up amongst them. i want to ask you as a brit myself, when investors have you got? are you looking at the ipo market? nicole: we have grown 600% year-over-year in terms of revenue. we have 350 employees on a global basis.
we have raised $90 million to date. we have investors like kkr's global growth fund, summit, and strategic investors like samsung. caroline: of course, the japanese investor coming big into the u.s. as well. nicole: softbank has really helped us expand into asia. at this point, there's no ipo on the agenda. we are helping so many companies get ahead of the cyber crisis, the cyber threats they are facing your heads down growing the business. caroline: thank you so much. nicole eagan, ceo of dark trace, based here in san francisco. tomorrow we will continue this conversation in the founder and ceo of white ops will join us. coming up, the next big thing in silicon valley may be an older player.
caroline: 23-year-old nvidia has had an impressive 2016, the company is the best performer on the nasdaq 100 stock index this year. much of the success is down to the chief executive, who's won over many investors with claims that his products will become key components of developing technologies, from voice recognition to self driving cars. our reporter covers the company our reporter covers the company and joins us now. a great story on the success story that is nvidia this year. not just gaming graphics. it's becoming a reality now?
>> the most recent earnings showed this 54% rising revenue, where that came from, automotive, a lot of that came from data center and that was delivering on the promise they talked about. caroline: they are still such tiny players when you are comparing them to intel, who owns the data centers. are they going to gain some traction here? ian: it's really all still promise at this point. they have shown some results. still making huge gross margins out of a $4 billion quarter business. caroline: how do they compete? you go to intel, and their r&d spending makes nvidia the tiny. . qualcomm cash rich. what is nvidia doing differently to woo over major investors? ian: it depends on the problem you're trying to solve. the argument is that artificial intelligence is the future. i'm sure you've heard lots of
people talking about it. that's great when you talk about the software, how these data problems need to get solved. something underneath that has to be driving that. such huge problems, parallel processing is the answer, doing lots of things at the same time. the argument is the best makers are going to profit the most from that type of process. caroline: tesla, right? ian: not using them already, but announced they are switching to them. caroline: 54% increase in revenue this year. going to remain a darling if we can see this growth become a reality. ian: that's the thing. the fund managers are ilke,-- like, they think they have years of growth ahead of them. they're in their head. this is going to be a huge market, so they will get their fair share. caroline: a pretty focused ceo,
according to your story. i urge people to read the story. indeed, all over nvidia and the six story of 2016. that does it for today. all episodes of "bloomberg technology" are now live streaming on twitter. check us out we gaze at 5:00 p.m. in new york, 2:00 p.m. if you are watching late in london. that's all for now. this is bloomberg. ♪
>> depends 2017 budget, rewarding companies that march to the beat of the drum. summons the ceos of boeing and lockheed martin as military spending comes under fire. meanwhile, we're told exclusively that the change in sentiment since the election. >> the difference after the election especially has been on the business side, the enthusiasm that the world is their oyster, whatever phrase you want to use, the enthusiasm they feel that more will get done.