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tv   Bloomberg Best  Bloomberg  June 11, 2017 5:00pm-6:01pm EDT

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♪ britain pulls -- ghost the polls again. the mourad patrick harker coming. and high drama continues on capitol hill. >> i do not think it is for me to say on whether the effort that conversation i had was to instruct. >> this is, not a serious investigation. >> the mom part starship ceo tim cook -- exclusive insight into the company's strategy. >> we wanted something that saysr 1 -- president trump
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it's time to focus on infrastructure. business leaders else would they think -- >> america should get back to building and constructing. towe will have to find a way get more private capital resort. >> we have got to fix things up. shed light on important issues and finance. >> returns are going to be lower. >> all straight ahead on bloomberg best. ♪ >> welcome, i am michael mckee. this is bloomberg best, your weekly review of the most important business -- analysis, and interviews -- from around
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the world. the week was bound to be tense in the u.k. with elections swimming thursday -- weakened terror attack in london -- raising the level -- level of political urgency. >> theresa may sharing and meeting with the u.k. government's emergency committee coming after saturday night's terror attack in central london that left seven people dead. sterling is weaker. the u.k. election is just days away. theresa may: we cannot deny that the threat of islamic extremism is one of the gravest issues we face. >> jeremy corbyn has come out and said theresa may should step down for the fact that the number of police officers was cut under her watch while she was -- theresa may came out and said it is not just about the number of of police officers -- a police officer, but about the power you get to the police.
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she said jeremy corbin has spoke to every single piece of anti-terrorism legislation throw the time that she was home secretary, so she referred to that saying it was not a mark of leadership. >> saudi arabia, egypt, the rain -- egypt, bahrain have cut diplomatic ties with qatar. shutting down much of the air, space, sea, and land crossing. it is a dramatic worsening of the long-running relationship with iran. >> sea and air links between qatar and other countries being cut off. land links between saudi arabia and qatar cut off. that is a big deal. meanwhile, qatari citizens here in the uae are being asked to leave the country within two weeks. the most recent spark that set this fire a light has to be the comments from qatar's amir criticizing anti-iran rhetoric. cap tar data claimed that though
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-- qatar claimed those statements were the result of a hack. some gulf states are not buying that. this all comes off the back of trump's recent visit to the middle east. that was just two weeks ago. and we saw trump the circling the wagons around his arab allies, and we saw him making a lot of anti--- anti-iran comments. that is probably the the catalyst behind this. >> meanwhile, president trump supporting the move to isolate the gulf nation. he wrote on twitter, during my recent shift to the middle east, i stated there can no longer be funding of radical ideological funding 22 qatar. it is escalating out. what have we learned in the last 24 hours?
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some of the ports are saying they are cutting ships to and from, but at the same time, we are seen the kuwaiti effort beginning to mediate and the whole issue. in the air on his way to jeddah to discuss it with the saudi king. >> president trump announcing he will nominate former justice department official christopher wray to replace fired fbi director james comey. what do we know about him and why to the president pick him? >> well, he is not a politician. it is also reasonable to say that some people withdrew from a process. this was somewhat interested in the job. he overlapped with mueller. that is an interesting point in his career.
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he spent a few formative years after 9/11. he was very involved in all the terrorism aftermath. he was supportive of the patriot act. humana criminal division from 2003-2005. he went back to private practice where he is done a lot of criminal defense work. critically, white collar crime. -- particularly, white collar crime. he is republican. although he has a legitimate, esteemed career he is not the same stature as mueller. he is republican. most notable is he was chris christie's lawyer emma so when he got in trouble, he went to this person to defend him. jonathan: the ecb rolling off further interest rate cuts and assigns that it is moving from its students program. saying the following -- the governing council expects the ecb to remain on their present levels for an extended period of time.
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and will pass the horizon of the net asset personages and dropping the line or lower. >> the objective was to begin the very early stages of the next phase of this monetary policy cycle by highlighting the successes that would be through the statement of the growth outlook. not only was downside risk. the removal of the need of further easing at this stage. but the inflation story is really complicated. the -- three months ago, we would have expected that june would have been a time to see some tapering, but the inflation forecast does not allow that at this stage. keyword -- also, in the last question he said the risks have dissipated. he is not said they had disappeared, which really highlights what is on their mind at the moment. >> fired fbi director james comey addresses the senate
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select committee on intelligence over the course of about three hours. he often more details on the nine interactions he had with president trump before he was fired by the president. james comey: i don't think it's for me to say whether the conversation ahead with the press and was an effort to obstruct. i took it as a very disturbing thing. >> it was a remarkable thing to see the former fbi director accused the president of being a liar. he said he defamed him and lied about him and raised questions of the president's intentions and motives regarding his termination. the investigation will continue and he praised bob mueller as the right choice to lead, and declined to answer questions about whether he believed this rises to a structure and justice. -- raises an obstruction of justice. that is going to be the question going forward. >> as he said yesterday, the president feels vindicated and is eager to move forward with his agenda with the business of
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this country, and with his public cloud removed. >> this is reality tv. this is not a serious investigation. yet, what is happening behind closed doors in the senate intelligence committee may make a difference, but what we have to understand is counterintelligence, not just whether the president feels vindicated. the best person to investigate this, and more quiet and cerebral rooms, is bob mueller. and he will learn what we learn. >> she promised strong and stable. when we had this morning is anything but. theresa may's election gamble has backfired spectacularly with conservatives losing seats than gaining them. her rival, jeremy corbyn has
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exceeded expectations. the latest what we are hearing is that theresa may is poised to form a government with the northern irish. this is what she needs to do in order to form any sort of majority because a number of seats that the conservatives have won and the selection have all in short of the majority. theresa may: we've will work with our friends and allies in the democratic union party in particular. this government will guide country through the crucial brexit talk that begins in just 10 days, securing a new partnership the e.u., which guarantees our long-term prosperity. >> at the moment, she is a lady at number 10, the one who is fighting it out. she has reduced the majority. the conservative party point in with 17. she finds herself without a majority. jonathan: i want to get to the following quote -- it is the obsession with the market throughout the morning and the day. this is bloomberg columnist mark gilbert -- balancing act that we see in the election and the optimism of this software brexit. -- at the softer brexit. would you stand on the idea that the come parliament -- hung a softer brexit? it produces a weaker government, unstable government.
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is that government going to be there to get through? it feels like the people should be worried about the prospects of a new election? michael: still to come as we review the week on "bloomberg best," an exclusive interview with apple ceo tim cook. plus jamie dimon and larry summers on the trump economy. and bill gross on bonds. and coming up, more of the week's top business headlines. gm shareholders send a clear message to david i born -- danid ihonr. >> there is not much else that he can do at this point.
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michael: this is bloomberg. ♪
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♪ michael: this is "bloomberg best." i'm michael mckee. let's continue our global tour. in washington, donald trump campaign on promises to improve america's infrastructure, and on monday, he offered his first concrete proposal in that area. >> president donald trump kicking off with the white house is calling infrastructure week. he signed a proposal asking congress to hand over the reins of the u.s. traffic control system to a nonprofit organization. >> the crux of all this is a new committee privatizing air traffic control similar to what we have seen in other industries such as financial services.
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this is a big win for the airline companies like american airlines, like delta. the second part of it and this is where the president did not go into specifics. this is how he will pay or, that is the issue. that are preliminary aides looking at this as just a benchmark as part of what they hope will be an introductory big -- bid on a longer infrastructure plan. >> shares of general motors has sided with management to split the company's stock. he wants to divide gm's stock into two classes. >> is that the end of it now was to mark does it go away? -- is that the end of it now? does it go away? >> there's not much else he can do at this point. 90% voted against the proposal and he did not hear other shareholders come out and support him, either. so not sure he has any momentum at all.
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>> the move comes as the european central banks says it was likely to fail. >> it complements the franchise really well and portugal. in spain, it will be small and medium-size companies will be around 24% market share. >> for retail customers of the bank, i think they are going to be relieved that santander is taking over, but for those customers that bank, i think they will be relieved that someone there is taking over, but for those customers that
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actually hold equity in the bank or hold any kind of bond or so forth, there could be problems in one of the big ones to look forward is litigation. in spain, shareholders have the right to sue any company that may have misled or defrauded them in semi-, and there is anticipation that there may be a lot of legal battles to come. >> qatari stocks have bounced back from a four-day drop coming as he foreign minister says he wants the qatari government to show concrete commitment to stop supporting terrorism. the long-term rating has been cut one notch. i'll be expecting his isolation to continue for a long time? -- are we expecting this isolation to continue for a long time? >> the latest on the political front -- he is speaking with the qatari amir. this is part of his regional tour to try to patch things up. nothing concrete as his stance. the other part of global powers starting to align themselves. on the one hand, you got turkey backing qatar very clearly, and
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then you got the united states. the question remains what will happen with russia and what is going to happen with china? >> oil falling out of bed extending its decline after a 5%, yesterday. here is what happened yesterday. if you take a look at the bloomberg. this is u.s. crude and product supplies. right now at its highest level since 2008. take a look at the terminal. that is what caused a very deep slide in oil. the move yesterday, the velocity of that move was quite surprising because i thought belongs were shaken out -- of the longs for shaking out. put that into perspective for us. >> it was a big surprise. the market was looking for another draw and we have another massive increase. riley pointed out a lot of increase in u.s. petroleum inventories since october 2008. the market completely ground-footed. given another reason for opening participation.
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trying to bring supply and demand and to balance. >> jpmorgan ceo is leaving the bank. the possible successor jamie dimon making this announcement this afternoon and a memo saying the big glass ceiling -- it is in the form of jamie dimon. [laughter] >> possibly, possibly. many incredible executives have come out of jpmorgan. i imagine the same situation might be a similar one where he got to a very senior level. there probably isn't an upside or much in the near-term horizon, and there may be greener pastures -- greener
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pastures and other organizations. >> there are some people left however. it is not that jamie dimon has given everybody out. there are four people with operating responsibility, plus marion lake who is the chief, financial officer. daniel pinto who runs the commercial bank. >> we want to take you back to the house floor where they have just had the rollback to dodd-frank, of course, this is a significant legislative move from the house to roll back which was one of obama's matt compass minerals. this does not mean anything yeah -- this was one of obama's major accomplishments. there is a high hurdle in the senate. >> the committee chairman will be taking this up. he is writing his own legislation. he has said that he hopes to include or to consider the choice act. he also said he wants to work with democrats on that, which significantly changes what is feasible and likely to actually go somewhere.
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>> hopefully, the nightmare of dodd-frank will be gone soon, and what we could do is hopefully get capital back into our economy -- the capital back into our economy. too much capital is sitting on the sidelines and will be no is the date banks have gotten bigger and our economy is live. ♪
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♪ >> apple's worldwide developer conference kicked off in san jose, california. it is one of apple's biggest events of the are, setting the stage for hardware and software that will hit the market over the next 18 months. this year, the company announced updated macbooks, macbook pros, and topped it off with something new from the company. >> we call it home pod. [applause]
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>> apple is going after amazon and google with a new set of smart speakers. >> the home product is the new product of the day and the first new piece of apple hardware, something significant and about two or three years of the apple watch was announced in the fall of 2014. >> hours after apple introduced the home pod at its worldwide developer's conference, ceo tim cook sat down with bloomberg television for an exclusive interview. emily chang asked him about the strategy behind this way, new product. >> what we have tried to do is build something that is a breakthrough speaker first. and so, music is deep in our dna, dating back from itunes and ipod. so, we wanted something that number one, sounded unbelievable. and i think when people listen to it, they are going to be shocked over the quality of the sound.
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and of course, it does a lot of other things, right? and all of those are important as well. but we wanted a really high quality audio experience as well. emily: you are very focused on how this could reinvent music in the home. what about these other things? will i be able to make a call, order groceries? tim: there are a lot of things you can do with it. one of the advantages we have is there is a lot of things that siri knows how to do, so we will start with a patch of those as fill showed today during the keynote and you can see that there is nice follow-on activity as well. emily: you've been engaged with the white house. you called president trump and urged him not to pull out of the paris climate accord. what does that mean with your relationship? tim: i think he did listen to me. i think he did not decide what i wanted him to decide.
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i think he just decided wrong. i think it is not in the best interest of the benefits what he decided. so, but in terms of -- the way that i look at this thing -- do you interact with politicians, or do you not? my view is that first and foremost, things are about can you help your country? and if you can help your country, and you do that by interacting, then you do it. honesty, if i get the chance to go pitch the paris agreement again, i'm want to do it again because i think it is very
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important that we engage to fight climate change on a global basis. this isn't something where you can solve it country by country. it requires a global action. you know? omissions created in one country effect another. so, you know, it is something we feel very strongly about, and i wanted to do every single thing. we could do to tell how important it was to stay in the agreement. unfortunately, he decided something different. >> this has been a remarkable week for exclusive interviews. conversations coming up with steve schwarzman, bill gross, and more. straight ahead, big names in business weigh in on donald trump's infrastructure plan. >> i applaud having air-traffic control being the leading edge. this is bloomberg. ♪
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♪ >> we can't reduce our carbon footprint unless we deal with transportation. transportation is 40% of the greenhouse gases. the only way will do that is with clean cars. the clean cars will not just come out of california, although that is part of it. they will come out of china and other parts of the world. i have to say china is a real driver in the money they invest, the diligence of their innovation, and i want california to partner with china in that endeavor otherwise we won't be able to achieve our climate goals. >> how much of a threat you think is posed to u.s. innovation and green tech in california and across the u.s.?
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how much of that is under threat from trump's decision to pull out of the paris accord? >> i think the role of america in the world has been reduced because of trump's pullout on the deal. in general, i would say the chinese are on the move. they are a rising power. >> that was california governor jerry brown speaking with tom mackenzie in beijing after discussing clean energy technology, trade and investment with china's president xi jinping. meanwhile, this was an important week for donald trump's economic agenda. the president outlined plans for a trillion dollar infrastructure program. can he muster the political capital to get it done? we just discussed the state of the trump economy. starting with this conversation with jamie dimon.
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>> how do you see the u.s. economy right now? and in the second quarter some of the trading volumes and trading revenues is taking a bit of a dip. i know that is the market as opposed to the economy. >> it's like the weather. i think it was a waste of time. to me, when we do trading, we serve clients around the world. it is prices, execution discipline. if you say over 20 years, it will go up. the financial assets of the world will go up. i couldn't possibly tell you. this economy has been chugging along just under 2% growth rate for years. it is a long recovery, a weak recovery. about half of the average
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recovery. i think it is a great weak spot in the american economy. i think we can grow the economy more. i wrote about it in my chairman's letter. >> china is pushing infrastructure. what needs to be done in the united states? >> we in the bill to major airport in 20 years. i'm told it takes 10 years to get the average permit to build one bridge. we haven't built a bridge in new york city in 50 years. i just came from hong kong, it is embarrassing. we just need to get back to a can-do attitude about infrastructure, it is our country. we are getting behind and we should not.
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it damages growth. >> i could support big reform in air traffic control, they are right about that. they are right about radar being bad and the gps being good and we use radar. here is the problem. the center of their plan appears to be a nonprofit quasipublic corporation. the only nonprofit public corporations i can think of in the united states are the post office and amtrak. i don't think most americans would regard that as a usually successful formula. i want to see why they think that this change in organization is really going to be enough to change things. but i applaud the decision to focus on infrastructure and have air traffic control be the leading edge of that. the question is will they find a way of going at it or will they use this buzzword of privatization. i am concerned in that regard and will be watching anxiously to see what is said today. >> if you had to pick one thing that would help change the dynamic here in the u.s., health, growth, maybe 2%, 3% gdp, what would it be? the one thing? >> infrastructure investment and rational immigration policy. >> what other chances that we get that? >> well under 50-50.
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we spent our time on budgets that don't add up and on scandals and on tweets. >> what do you make of the president's plan so far? starting with air traffic control. does he need to start with congress, talking about changes to municipal law? >> let's start with what we doing today. direct spending of $100 billion a year.
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they also subsidized state and local municipal bonds. in total, we spend about $150 billion a year at the federal level on infrastructure. but that represents 3% of the federal budget. it pales in comparison to what we spend on defense, what we spend on medicare, what we spend on social security. these are the kinds of investments in the future that drive economic growth. we are spending less and less at the federal level. so what we have suggested is that if the federal government -- the budget it has at the federal level not be resolved anytime soon, fundamental divisions between the republicans over tax rates and tax levels and between the democrats on other spending priorities. entitlement programs. we will have to find a way to get more private capital involved. in order to get more private capital involved, the states and municipalities, the water systems and wastewater treatment systems, and the airports and ports, things we are paying for as users today -- we've got to get those things off the balance sheets and into the private sector.
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we have to encourage privatization to find the funding to do this. >> how do you get that done across the board? >> the way to get it across the board is you can encourage the state and municipalities to privatize their assets by giving them financial incentive. use $20 billion a year to get the states to sell their assets that they are under investing the airports, the water systems in america, get them to sell them and use a federal fund as an incentive. >> i think this is a good time for infrastructure. generally, because it is one of the few areas where democrats and republicans seem to have an overlap that more is better. it is an asset class that has really suffered from a confluence of good intention in terms of laws and policies. but altogether it has made it almost impossible for people to build things.
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and, for example, in the united states he could typically take 10 to 15 years to get something permitted. in germany and canada, it is two years. it is stunning. these are real countries. this is like g7? are these two of the g7? doing this in two years without any adverse environmental consequences. >> i'll ask what we asked duncan earlier. is there a political will practice at the federal level but at the state level to do that in the united states?
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>> i think some of these roads and other types of infrastructure are getting to the point where you are wearing out cars, it is a consensus which travels abroad. our structure, if you have travel abroad, is vastly inferior. to almost any other country of a significant income. i think we were rated d- by one of the big civil engineering firms. we're 16th in the world. i think most people have said that this is enough, we have to invest. we have to fix things up. in a way some of it is a political question. do they have the will? >> you urged president trump not to pull out of the paris climate accord with other business leaders. hours later he pulled out. how did that impact your relationship with the president?
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>> as you know i was on the other side. as a lifelong republican, i endorsed hillary clinton. but once president trump won, i wrote a note that said president trump has won, we have to give him the benefit of the doubt. so we are giving him the benefit of the doubt. but when we think there is something that is not in the best interest or the country's best interest, i will speak out. i thought we also stay in the -- i thought we ought to stay in the paris climate accords. the next generation of industries around clean energy is an important thing for the united states of america. it doesn't impact our relationship. people can disagree, and we happen to disagree on this particular issue.
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>> tim cook says he thinks that the president decided wrong. he plans to keep an open dialogue because he thinks it is important for america. important for the company. what is your strategy and the number one things on your priority list when it comes to discussions at the white house? >> we are in favor of tax reform. we believe the idea to repatriate cash overseas a lower rate is important. on the other hand, we are not for the border adjustment tax. that is very difficult for companies that import a hig degree and work on a low margin. the retails, a lot of the tech technology companies -- we'll -- we don't think that is in the best interest of the united states. that was what this country was built on, the ability to disagree without being angry. ♪
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♪ michael: welcome back to "bloomberg best." i'm michael mckee. many of the financial world's heavy hitters gathered in new york for the bloomberg invest summit. we showed several panels on bloomberg television, as well as exclusive interviews with participants. here are some of the highlights, starting with thoughts from jim chanos on how he interprets the shifting u.s. relationship with china. >> that is one of the interesting things about the administration. china was the boogie man 2016 in the campaign. following one visit to mar-a-lago, the president and xi jinping appear to be best
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buddies. so this is, i think, one of the things that is caused most of us watching geopolitics -- or maybe we are stuck. we are not macro people. i will make this disclosure as i always do. this policy could change tomorrow. i think that is something that has a lot of people a little bit uncertain. you had this currency manipulator, trade problems. administration is focused on trade. all of a sudden china is our best friend in the western pacific. i don't know. clearly, people are focused on north korea as they should be. but the south china sea is still being developed militarily by china. you have the chinese currency stabilizing. which i think probably is a good thing. we will have to see.
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this administration seems to make it up as they go along. whether policy will be six months or year from now, i have no idea. >> we can't safely say that a threat of a trade war with china has been removed? >> a trade war with china. anything that will bring tariffs is kind of a dumb idea. i am a free trade guy. i think that will extend well beyond china. that will extend to our partners in north america and europe. we seem to be taking lots of fights these days. china seems to be where we are not picking. in general, rising tariffs are the general drop in global trade. it would have to be bad news, i think. >> how do you balance the caution with the need to earn some return?
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what do you own? >> you own what you think are the most attractive and least overvalued assets. i would suggest, as we do, there are attractions and closed in funds that select discounts, 5% to 10% acid discounts that are leveraged awesome cheap leverage. that off of some cheap leverage. you go there and you basically tell your investors that it is a changed world. returns are going to be lower. if you want to sleep at night, and to accept the market as it is, the low volatility requires low return. >> what about treasuries? what about cash? >> i think treasuries are the most attractive of the developing market bonds. and can paris and -- in
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comparison to the tenure bund. 190 basis points. relative to a 10-year jgb. that one is easy because that is 205 basis points. it is more attractive on a yield basis. still, i would suggest they are overvalued pricewise and underyielding and investors should because cautious in terms of how much they want to own relative to cash. >> do you have a cash position? >> i have a large cash position. >> how large? >> i will put it in a durational content. this is a zero duration benchmark. it has a negative one or two-year duration. it is a lower than cash-like return but it's positions. >> at this stage of the cycle, i think it is prudent that
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investors think about reserving capital and protecting against a negative scenario i -- like an economic slowdown, which could lead to an increase in default rates. >> if we saw a downside surprise somewhere, where would that biggest risk or downside surprise be? >> it is usually the risk that you don't tend to think about. we spent a lot of time at our forum over the weeks talking about the risks to the market. there are plenty of risks, some of which are geopolitical in nature. asia is a region where there is increasing political uncertainty. the middle east is an area where even this week we have seen signs of instability as well. there is plenty of risk from a geopolitical perspective. another risk we have been monitoring for a few years relates to this antiestablishment sentiment that exists around the globe. we have seen it over in europe, in terms of their political
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cycle, we saw it with the recent residential election in this country. there's a lot of antiestablishment traction that is building. it is occurring at a time where economic growth is not too bad. if you have any type of anticipated shock that hits growth and on a planet rates, you can have an acceleration in this process. those are a few examples of the risks. the final point i will mention is when thinking about risks, it is very important to think about valuations. early 2016, people were worried
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about a lot of things, the valuations were such that there was enough margin for error with things stabilized and you can afford it. current valuations whether you , look at the equity market, there is no longer that margin for error. i think it is a market where you will be particularly susceptible to bad news, even small doses of bad news going forward. ♪
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♪ >> i want to show you this is to get perspective on some of the credit. we have abu dhabi, we have qatar, here are some of those credit default swaps. i have fastened this one for you and moved sharply in comparison to some of its peers. >> there are about 30,000 functions on the bloomberg. we always enjoy showing you our favorites on bloomberg television.
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this will give you insight into our topics. here is a quick take on this week. >> actors are not like they were in the movies from the 1980's and 1990's. >> they want me to hack the planet. >> now cyber criminals can be state sponsors, breaking into servers and disrupting national elections. >> they were successful because he introduced chaos and division. >> he can be a nefarious collective, blackmailing billion-dollar corporations by threatening to release piles of sensitive data, or they can the agents looking to expose the cia's on capabilities. these elite professionals are always finding new ways to gain entry and e-government industrial and financial networks. as hackers get more sophisticated and so other
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safeguards protecting sensitive data. here is the situation. in 2005, 5400 databases have been disclosed. the biggest think the adobe act of 2013. 152 million records were compromised. these individuals are not the only at risk. ones the u.s. has been battling an escalating cyber war with china and russia for years. in multiple u.s. agencies 2016, concluded russia was by the hack of 20,000 democratic national committee emails hoping to push the election in donald trump's favor. a conclusion vladimir putin denies. if proper precautions are taken, not all hack attacks have unhappy endings. in may of 2014, 110 million numbers were stolen from target. those numbers were useless because the pin codes work encrypted and the banks immediately closed all the cover acounts. cybersecurity is at the worst and best it has ever been. the size, scope and frequencies of attacks is skyrocketing, but the safeguards protecting
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individuals and corporations are always being improved. the massive 2014 hack of jpmorgan did not result in financial losses for customers. they were covered by consumer protection law. but it did inspire jpmorgan to build a vast cyber security operations staff of former military officers. the u.s. eventually identified and indicted the hacker. keeping data secure requires constantly updating technology. extensive human monitors watching for any signs of trouble. high-security comes with a high price tag. michael: that was just one of the many quick takes you can find on the bloomberg. you can also find them on the bloomberg.com website along with all of the latest business news and analysis 24 hours a day. that will be all for "bloomberg best" this week. thanks for watching, i'm michael mckee.
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this is bloomberg. ♪
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♪ haidi: theresa may forced to , losingck at arrivals half of u.k. voters. betty: problems roommate -- emmanuel macron, heading for a landslide in france. marketsolatility in the with gold hitting $1400 this year. betty: rick perry decision to abandon paris.

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