tv Bloomberg Business Week Bloomberg January 13, 2018 8:00am-9:00am EST
carol: i'm carol massar. julia: i'm juliette chatterley. -- i'm julia chatterley. carol: that's a problem. julia: also, wall street comes down with a case of solo. the fear of missing out. carol: all that ahead on bloomberg businessweek. ♪ in carol: we are here with the assistant managing editor jim ellis.
you do the solutions issue. tell us about this issue. you have a lot of stories that tackle tough problems. what is the thinking? jim: often, we look back at things that happen in the past couple weeks or sometimes throw things ahead to think about financial issues. we wanted to say there are a lot of things that people who are interested in been is -- business and management worry about the big problems of life. julia: take us to india now, trying to do magical things with waste. jim: it's interesting because india you think of as a place with a waste problem and it does. less than a quarter of waste in india is actually even processed. most of it is dumped and often in places where it can foul water, where people can get eaten by the livestock they used to eat.
so it's a really big problem. so there's a city in southern india now and it is looking at innovative ways to basically transform waste into revenue. it's a mixture of tax incentives and getting people more involved and it's separating waste and getting it either compost, using it in energy plants, or just getting it out of places don't want it to be. julia: something for nothing. carol: i love that. talking about something we are getting a lot out of, the stock market. already, 2018, couple weeks in and it is off to a bullish start. jim: it is. it is a bullish start after a year.bullish--
carol: who'd have thought? jim: who'd have thought we would be looking at a doubt over 4000? it's one of those things there is a lot of fear, but not the traditional fear we have which is, we are out there but it is a bubble or whatever. instead, who we took a look at this week was the biggest fear, the fear of missing out. julia: here is mike regan with all the details. mike: you look at the first four days of the s&p 500, the best start since 1999. when he sate 1999 -- when you say make 99, it instantly causes a reaction. i think it is causing an interesting tension among old-school investors who grew up studying how to value stocks. because the fundamentals are good, but the valuations are so high, that people are wondering if we are in a melt up, which is
basically when the pace of gains gets ridiculous. like we saw in the .com boom. jerry grantham of gml, well-respected, he's been around 50 years in the markets. well-regarded for spotting previous bubbles. he is a value investor. he wants to evaluate stocks based on cash flows and earnings. he steps back and recognizes sometimes that doesn't matter. at the end of the day, the goal is for people, whether a fund manager or speculator, you want to buy stocks that will rise. you don't get extra credit for buying cheaply valued stocks. carol: a think the question is whether or not these names that have run up higher evaluations have grown into these earnings. we continue to see earnings momentum. we are getting ready to kick off
another earnings cycle. whether revenues and earnings continued to grow and they go into the valuations. mike: that from those who still believe valuations matter, that is the push back, saying the peg ratio, price-to-earnings ratio. divide it by expected earnings. that is not inflated as much as the other metrics look at. to go back to grantham, the quote that stuck out to me was, the definition of a bubble rally is when you have excellent fundamentals that are extrapolated euphoric week. and we have that right now. julia: you coined it in a beautiful way, the fear of missing out. the tradespeople are playing right now. mike: you step back and say, and evaluations are skyhigh, but i don't want to miss out. it is obvious there rally is going on. he's a look at the famous bubbles of history and tried to extrapolate what it would mean if it turned into that.
it is another 34%, 35% gain. that just gives you the frame of mind that if it turns into that situation, what we could look at. it's hard to say violations, valuations, when that is the potential that this type of scenario could produce. julia: what do you do as an analyst here? we looking at this and saying for a quarter of analysts out there that have a target for the s&p 500 at the end of 2018, .5 percentage point for being at target, do you go there is a long way to go here or do you revise higher? mike: the comparison i made was that the comparison for next year will be hit by groundhogs day every -- groundhog day. i suspect that we will see people ratchet up their estimates. julia: turning the market rally into a cover story was the job
of the director. a cover story close to our hearts, the euphoria in asset prices. how did you choose to show that? >> we wanted to get into what these traitors and stock watchers are seeing and this idea that they have a fear of missing out. we took this image of stock tickers, where these prices keep going up and what they are seeing is that they are missing out. carol: you are missing out. chris: we wanted to be direct with the reader and grab them. carol: there is a similarity in thinking and how you guys approached the international cover, which took a look at finland. chris: in finland, they are taking on economic inequality and throwing money at people. we wanted to say to the reader, free money. this is what we are talking about. carol: up next, the relationship between the u.s. and pakistan and what trump hopes to accomplish.
carol: i'm carol massar. julia: i'm julia chatterley. you can find us online at businessweek.com. carol: and our mobile app. julia: what better place to look for a solution that between the united states and pakistan? carol: we talked to matthew philips about trump's recent threat to cut funding to the country. i feel like there are new targets to the trump administration. this time, pakistan. they are threatening to withdraw aid. >> trump has made no bones about
what he feels about pakistan. he tweeted something fairly nasty despite the money he's given to accident. the length of the war on terror in august when he was announcing his new strategy in afghanistan, he went out of his way to call pakistan out and deliver them the ultimate insult as far as they are concerned, which is to ask india for more help in afghanistan. this has always been a frock transactional relationship between the u.s. and pakistan going back to the cold war when the u.s. was relying on the pakistanis to get funnel arms and eight fighting the soviets. carol: i love hazy transactional. that's how it has been. matthew: you get aid and assistance and package and you get a lot of money. julia: it's still a path to facilitate that.
what's the point of this tension? what's the point of halting? matthew: what does donald trump hope to get out of this? this is his negotiating strategy. he is trying to change -- or bring your, try to gain leverage. bring your counterparty closer to your position by talking as much smack, if you will, if you can in hopes they would take a step towards you. he has succeeded in angering and it uniting the warring political factions. him it's not really clear they are going to change their behavior. they are re: saying we are doing more than our fair share. thousands of pakistani soldiers have been killed. i don't know what it is you want. carol: is pakistan a friend or
foe of the united states? matthew: where did we find bin laden? that cuts to the heart of this. obama cut down a lot of it and there have been spats as a result of 2011 and 2012, pakistan cut off the supply route. as it has from the get-go, pakistan is a doorway from the u.s. into afghanistan. carol: because it's landlocked? matthew: that's right and we him need those supply routes. we have other entries, but they cost more. julia: another place, columbia. carol: a profile of the guerrilla group refusing to lay down arms. julia: posing a problem for potential investors in the oil sector. carol: we have more from christina lindblad. >> a couple years ago, they reached it piece -- they reached a peace treatment. negotiations are tutoring with
another guerrilla group. tell us who they are. >> they are smaller than them. they are also marxist leninist group. they have refused to lay down their arms so far. may have been around since 1964. it was started by radicalized catholic trees who are -- catholic priests who are inspired by the revolution and they supported themselves through the years by extorting oil and mining companies in this one particular province where their stronghold is. carol: very productive method. >> there is one particular pipeline they have attacked at a rate of once a week.
it's down to a smooth operation. they dynamite it. over the years, the pipeline has been out of commission for more than a decade from these attacks. so, currently there has been a cease-fire. the first time they have been able to negotiate a cease-fire even a peace negotiations have been going on for years. this is the first three months stretch with the pipeline has not been bombed once. julia: why are they holding to the cease-fire? as you pointed out, it's a lucrative industry, holding hostage the industry. why now? why are they recognizing now is an opportune moment to sit quietly at the negotiating table? >> i think the leadership of these groups is getting older and the experience of them, the other group, the idea that we have to join politics now.
we have to come out of the bush and pursue a strategy. julia: it has bought them a seat at the political table. >> but for the rank-and-file, this is a scary prospect. we interviewed people in their 20's who has never known another way of life don't have an education or skills. you imagine how they will integrate themselves into society because they have always been at the margins. carol: in terms of the peace treaty that the government has to done, there has been various folks part of the organization killed. many, in fact. they are worried about a peace treaty, the what does it mean for us? other safeguards for us? >> no questions that the guerrillas and activists have been targeted. there is a previous history of another group that laid down their arms many years ago and they are almost completely wiped out. carol: their concerns are valid. >> and the government hasn't been able to offer security in remote parts of the country
where these people are, basically rejoin society. julia: a monthly check with no strings attached. we look at finland's income experience. carol: allegations of sexual harassment on wall street have a service like they have in hollywood. julia: this is bloomberg is a sweet. -- bloomberg businessweek. ♪ ♪
julia: i'm julia chatterley. carol: i'm carol massar. you can also listen to us on the radio on sirius xm and in new york, in boston, washington,, and a m naik 60 in the bay area. -- a.m. 960 in the bay area. julia: and uncovered a plus app. finland is looking for a way to tackle unemployment. carol: and
carol: and they are experiencing with basic income. julia: 2000 unemployed fins are giving up paycheck with no strings attached. finally in 2016 in finland, got a call from her husband, she didn't believe him. talk to us about what happened. >> she was out of town and he was at home and got the mail. he says, you got this official looking letter from an institution in finland that runs their welfare benefits. you are in this basic income experience when you will get 560 euros a month for two years, no strings attached, and the government will study you and see what you do. she didn't believe him. it had then in the news so she knew what it was and they joked about it because it is a pool of people and it is like winning a low lottery.
-- winning the lottery. there are parameters, so it's low income people that are unemployment. she knew she qualified as a possible person in this, but it was so, she hoped for it so much but didn't think she would get it. she had to read the letter for herself. carol: this is part of a broader experiment underway in finland. tell us about it. >> finland has all these welfare benefits and unappointed specifically has these requirements -- unemployment specifically has these requirements, you can only make so much money part-time as you look for work or your benefits will be reduced. as a result, people stay on unemployment. this is low income people. they tend to stay on on implement because it is a study -- on unemployment because it is a steady paycheck. finland doesn't want that to happen, so they are wondering if they can give money with no
strings attached, if you would be freed up to take these part-time jobs. carol: it's the existing system that keeps people on welfare and doesn't give them the drive to find even a part-time job that might lead to full-time. that is what finland is trying to address. >> exactly. we have the same problem in the u.s. there is talk about job loss due to automation, job loss going overseas. we are trying to remedy that. this is something finland, the rest of europe is struggling with. carol: it's called? universal basic income. >> they are testing one component of that, but the idea of that is that if it were implemented, it would be universal in finland. the very wealthy would also get it, but the taxes would rise. they would end up paying more than they would be getting on basic income. carol: a look at a different sort of challenge, sexual harassment's on wall street.
julia: some women are wondering when the #metoo movement moves into the banking sector. >> it's always a good time to listen to women. bloomberg is the first place i've worked where that has been emphasized. but now we are not trying to listen to women about everything, we are trying to listen to experience with harassment. the was not one obvious man to write about. we also heard about so many men whose behavior was questionable or just objectively bad. women worked able to speak out -- worked able to speak out publicly. they were able to pivot white
women were not ready to speak out -- that it why woman -- pivot to white women were not ready to speak out. julia: one of the big banks on wall street, there is often something signed that if there is some kind of problem, they have to do arbitration. >> the goal was to figure out what was different on wall street and arbitration was one of those things. wall street tanks were early and often, they got to arbitration early. they used this system according to data, they have didn't you can see that shows the bank used it frequently where if you have a problem like sexual harassment, you often, if you work at a big tank -- it's true at other companies, you often sign away your right to sue and you agree productively that you are going to take your issue to arbitration. julia: with my experience, i had a conversation and she said to me, if you are going to talk about this, you have to get a payoff because you are not going to work in this industry again. the dollar value of it and being able to go somewhere else and
get a job and it being very clean is different than working in the financial sector or at least it was at that time. i can't talk from recent experience. carol: hollywood played out that way, when we saw actresses who walked and you never saw them anymore. >> not just how much women are paid, but how they are paid. a lot of your money can be dependent on a bonus that comes from your boss. that's another difference with other jobs. wall street money often comes in discretionary bonuses and women feel not only are they giving up careers and money, but they are vulnerable because of how the him and money is paid out. they don't want to upset bosses and they can have this discretionary control.
carol: you did talk to j.p. morgan chase and goldman sachs about these issues. what did they say? max: a lot of men and women in the industry will say, one recently are not hearing anything is because things got better after the lawsuits in the 90's. maybe we are not hearing anything. julia: did you talk to men, too? they are horrified by what's coming out. i started thinking, a small minority of people getting badly. there are a lot of people out there, a lot of men that are horrified that say, we are getting a bad name. the whole gender is getting a bad name here. this is something of individuals acting badly. max: there are some men responding to the #metoo phenomenon feeling victimized.
there are men i talked to -- i'm sure you are right when you say some men are horrified by the behavior of it -- the hager. but i have to -- behavior. but i have to tell you to, these men are basically like, things used to be so much fun another is so many rules and fear and embarrassment and i wish we can go back to the old days. they act almost as if, the way wall street men talk about new regulations, that it is apps the fun out of wall street, -- some men. i shouldn't talk about every single arson. but some talk about it as if it was an oppressive regulation that made things less fun. carol: up next, more from the solutions issue. julia: plus, why the worst transit center in the united states could get worse. carol: hard to imagine. yes, we are talking about new york's penn station. julia: this is bloomberg businessweek. ♪
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julia: i'm julia chatterley. carol: i'm carol massar. looking for light at the end of tunnels in penn station. julia: how an army of robots may feed the world. carol: the number uber managers and call at the site of unwanted visitors. julia: still to come on bloomberg businessweek. julia: we are back with assistant managing editor jim ellis. we are looking at pursuits and the game changer to talk about
the most intimidating tree hugger you have ever seen. jim: it's an interesting quick profile of nichols as a welsh guy who has become very japanese and is a japanese citizen. he has lived there for millions of years and what he's tried to do is look for ways to protect japan's forests. when you think of japan, particular outside the series, -- the cities of tokyo, you think it's a beautiful wooded place. what he discovered is that as people age there, a lot of farmers move on, more people move to cities, they are not protecting the wildlands as much as they used to. he took it upon himself as a way to do that. he bought 50,000 square kilometers and he uses it as a way to have sustainable land use and use it as an example for others to follow in his footsteps and do that, which you wouldn't think you would need that in a country where six to
67% of lands are protected. carol: would have to go to a futures story. an example of, this is a solutions issue. you are taking a look at a bad problem in new york city. we are talking about penn station. jim: the place we all love to hate, we need it. it's the busiest transit hub. it gets a half million people every work day. that's hard to believe. there's also a big transit hub under it that to it, 200,000 passengers per day. unfortunately, it was not for this many people or this day and age. it also has crumbling infrastructure and every problem you can imagine that goes with a construction site. to tackle that and bring that into the 21st century is a major issue. julia: here is reporter devin leonard.
>> everyone knows penn station is a mess. too many people, too many trains. what's underneath the station is more worrisome. there are two tubes, that go under the hudson river and they basically date back to 1910 and they are literally falling apart because they were flooded during hurricane sandy. but if they fail, the whole northeast corridor shuts down and that will cost $100 million a day. there are all sorts of economic statistics why that's a problem for the whole country. carol: i've gone to washington, boston, when you go into the tunnels it gets black. you throw some numbers out there, 45,000 travelers every weekday in penn station. more than laguardia, jfk and newark airports combined. this is a crazy busy station.
jim: 650,000 people a day and it's about, it's not what the station was designed for. about a third of that many people. essentially, we are dealing with the system there that the number of tracks and tunnels dates back to 1910 when the pennsylvania railroad built this thing in the first place. the only thing changed is that they knocked down the station above ground and they crammed madison square garden's on top of that. but everything else, it's a system designed for a different time and a different number of travelers. julia: it reminds me of the movie what lies beneath. you talk about the darkness. carol: but he went down to look at the look at the conditions. the deteriorated quite automatically. talk about what you saw. jim: i made the point in the story that you go to there in the dark and i literally
committed there for 20 years. without really paying attention to what's really, with a ton of really looks like. when you get going, you see they are coded with sulfates and chloride from hurricane sandy. they are literally eating away at the concrete and the wiring and the metal and they have been eating away since -- for five years now. julia: you talked about these flood doors. carol: world war ii. julia: german u-boats. i'm just astounded that they are still there and holding back water. jim: they are not holding back the water. that's the whole thing every would they even -- whole thing. would they even hold back water? people told me about that, these flood doors that date act to world war ii. if the tunnels collapsed and the water came through, that's the one thing holding up the river.
it's like, that seems a little -- but when you see them, you have to be kidding me. that looks like it's out of the bride of frankenstein. let alone the wiring. carol: anytime i've gone to that station, i run. it's not a fun place to be. the tunnels safe? jim: they are safe for now. the big issue, there are two issues. if there is another superstorm like sandy and the tunnels are filled all the way up with water -- carol: and we are seeing more and more of those kinds of storms. >> historically, there have been worse storms than sandy at catches the high tide. all these factors that made sandy powerful. it wasn't the worst storm new york has ever seen. if they fill up as a possibility, it might crack and collapse. there is a level of the sediment above the tunnels washed away
because of the building. carol: in downtown new york. >> yes, that changes the water. that's a concern. even if that doesn't happen, these tunnels and track, within seven years, one of the tubes might have to be taken out of service. that would basically slow, practically shut the whole system down. you can only do one tube instead of two. julia: in my introduction to new york from -- in penn state, they had derailments and it was my entry. the critical question here is, and you chart through the attempts to do this, why has it been so difficult? who is responsible the is it and why has it been so difficult to enact an upgrade? carol: and amtrak owns it? >> amtrak owns it, yes, but they are underfunded every -- underfunded.
it's shared by new york and new jersey. most people going through there are from new jersey. so there has been efforts at various times. amtrak can't fix it up themselves, so various projects have been proposed with the two states would share this expensive julia: and costs are rising. they have been jumping. >> if you look at gateway, it would involve the new tunnels, rehabilitating old ones. then you fix a whole bunch of other things. that started off as $13 billion four years ago. now it's up to $29 billion. carol: up next, the company turning robots into farmers. julia: uber shields data from unwanted eyes. carol: this is bloomberg businessweek.
julia: i'm julia chatterley. carol: i'm carol massar. you can also find us online at business week.com julia: and on our mobile app. what if there was a way to eliminate pesticides from crops and reduce carbon constructions? carol: there might be a robot for that area -- that. >> potato was a machine for the lettuce bot, which was the first ai enabled robot as far as i know used for thinning lettuce. there were several of them and they all had names that were salad themed monikers, potato, egg, chicken, caesar.
it was one of the first machines and it was testing out a new robotic technology that would emit these sniper like shots of concentrated fertilizer that would queue salad seedlings and let other seedlings grow. carol: this lettuce bought is being used by a lot of farmers. >> they get this prototype, this first robot working and within a year, it is thinning 1/5 of all of lettuce in the united states. it really was a fast adoption of the technology and investors saw the potential to build this into other kinds of robots. he saw this as a template and build it into a weed her. julia: there is a question about whether this reduces the power monsanto has in the agricultural
sector. carol: the farming industry. julia: also, if it's too expensive for smaller farmers, does all the power of a the larger farmers with this technology? >> that can be an important point. i raise that in this story. they are talking about a leasing structure about this technology. they won't sell them, the individual machines, they will lease it for periods of time during critical weed growth periods. and eventually, as this gets integrated into all aspects of harvesting and fertilizing, that may change. for now, they are leasing platform. they were vague about cost and i asked them, what does this mean and will this be available to
little guys? one thing he was emphatic about, it will be easier to scale this and make it affordable for little guys. if we have the economies scale of john deere. this is one of the farmers in arkansas, where they were testing early prototypes of seed and spray. he spent $500,000 a year. he farmed 6500 acres of cotton and corn. this is a heavily weeded part of the world. but a 90% reduction in cost is huge. carol: looking for a different solution, how uber is pushing legal boundaries. julia: by walking phones and computers when law enforcement officers raid their computers.
>> uber is starting in 2015, getting rated regularly and offices for all different reasons, accusations drivers didn't have permits to operate as taxi drivers, they weren't paying proper insurance or taxes in various cities ranging from paris to brussels to amsterdam. so police would show up at the offices and uber designed a program, which was essentially a panic button, which would shut down the computer's in the offices so they wouldn't be opened by law enforcement at that time. carol: is that ok legally? i'm sure there are lots of companies with sensitive information that unless there is a warrant or just cause, they want to protect that information. >> there are different views on whether it's legal and there is a patchwork of legal framework in europe and africa and parts of the middle east. every country has a different rule. some tech companies do have these panic buttons.
what's remarkable is how frequently it was used and how frequently the company's offices were raided abroad. julia: just explain how this works. if the raid took place in brussels, how does the person in brussels in headquarters there correspond with head office? is this something that operated out of the overall hq in san francisco? how did it work? >> they were released about two -- at least two dozen times that the button was pressed. the police would show up either expectedly or unexpectedly. by expectedly, they would get a tip there are coming or they would see them coming down the street. then somebody in that office would dial a number or page a number that would set off an alert in headquarters in san francisco and it would immediately initiate this program to shut down all the computers. carol: tell me how you found out about this story.
>> i can't say too much about that, but it is remarkably mentioned in the richard jacobs letter that came out recently as part of the waymo case. it is not called by name, but it is alluded to. there is also a lawsuit in which it is alluded to. then just developing good sources. the most interesting part of the program is that it is called ripley, a reference to the movie alien. and the character whose name is ripley, was a known for nuking things into oblivion. that's what they saw this tool as, nuking a whole all of uber's i.t. in the various offices so police could gather anything. julia: up next, the rollout at tesla. how elon musk plans to meet demands. carol: table cloths, napkins and chairs are back. julia: this is bloomberg
carol: i'm carol massar. julia: i'm julia chatterley. you can also listen to us on the radio on sirius xm channel 119 and also in new york, boston, washington, d.c., and in the bay area. carol: and in london on dab and asia on the bloomberg radio plus app. we focus on solutions in this issue. julia: one company requiring a solution is tesla, still struggling to meet production goals. >> the model three is coming out, just much slower than elon musk and many of the folks originally anticipated.
the latest news is that the company expected to hit a run rate of roughly 5000 cars per week by the end of june. they keep pushing back this production ramp and so far, customers are willing to wait. there is a lot of anticipation as to the quality of these cars is like in the early models and how much longer are people willing to wait? julia: we keep asking that question when they get the latest delay. take us back to march 2016 and the claims it on musk made when the model three was first made. they were pretty bold predictions. >> march 2016, when he first unveiled the model three at the tesla studio near los angeles was this amazing event. it was a late night event. he showed three cars and they had a livestream showing reservations. as he was speaking, thousands of people were ordering the car online and you had people waiting in long lines at stores
all over the country to place their order and tesla announced they had hundreds of thousands of reservations. in may in a shareholder letter, he stunned everyone by announcing they were moving up the build plan because of model three demand and the won 500,000 cars per year in 2018. it's 2018 right now and tesla is nowhere near making 500,000 cars. since the spring of 2016 to now, you have seen these wildly aggressive and optimistic predictions he has walked back and delayed. true believers are still excited about the car. early reviews have been positive. but the number of cars tesla will make, that number will have to go down. julia: but we are focusing on quality and efficiency. is it far better to have these long delays as far as the delivery is concerned, rather
than pushing them out there and going we have to recall them because of problems? what is the bigger evil there? >> the delays frustrate people and the more bearish analysts keep wondering, how many more delays can consumers stomach? the longer you delay, the more electric vehicles are on the market. the worst thing for tesla would be a massive recall. tesla does not have dealerships, so i massive recall, i don't know if they could handle all of that. julia: in the pursuits section, casual is out, formal is in. talking about food. carol: we talked about the trend. >> ever since the financial crisis, there was a trend toward casual dining, inexpensive options. julia: austerity eating. carol: because we had to. >> -- was the first agile -- casual restaurant to get three stars in the new york times. carol: that's a big deal.
three stars in the new york times at the casual place. >> paper napkins, people sitting on benches, eating with their hands. julia: coffee. >> after that, you have the wave of food trucks. everything with shared plates. now things come out whenever chefs want them to. carol: really casual dining. >> super casual. then the economy is booming again. restaurants follow the lead of wall street and that trend spread around the country and chefs listened to their diners and realized people want a more special experience going to restaurants. they want to sit at their own table. they want waiters to be just up. -- dressed up. they are willing to spend a lot of money on expensive dishes. carol: nobody sharing place -- plates anymore.
>> they just want a fancy, old-school dining experience. julia: you said this began in 2016 with the opening of leica coup in new york. >> it is still one of the hottest restaurants in the city. it was sort of the harbinger of this trend. very dressed up. waiters are in suits. but they are nice. the lighting is fun and funky and the environment is not stuffy. it is not like, per se, you are in a church. not that way. it is an involved version of the restaurant. it's called lux redux. carol: and it costs more. >> yes. the proof is in the putting -- pudding because people are buying these expensive dishes. they are spending $500 at a crab in manhattan. people are really going for it. carol: you talk about nonchalant elegance. [laughter]
a la carte menu, no burgers. >> no restaurant is complete without a juicy burger to put on instagram. these new chefs are like, no. no burgers. carol: i like how they said, not a lot of greens on the plate. >> there was a scandinavian trend of burning everything on the plate and flowers and leaves and that was over the top and that's not part of this trend. julia: midsummer night dream on a plate. carol: a lot of duck. >> duck and caviar. used to be able to judge a plate based on roast chicken. how well do they do the basics? now that has turned into duck, which is familiar but can also show how ambitious the kitchen is. and caviar on everything.
carol: bloomberg businessweek is on newsstands now. julia: an online and our mobile app. favorite story? carol: devin leonard looks at penn station. it's a messy maze of hallways. it is really old and run down. they have been there a long time and because of hurricane sandy they are in worse shape. julia: he also talks about flood protection doors, put in place in world war ii. against german u-boats. they are still there. there are train stations all over the world. thought-provoking, beautiful buildings. come to new york, that of a -- bit of a letdown. carol: when it was first created, it was really a beautiful place. julia: the political football it has become to get the funding to sort this out, versus government level and federal level. carol: fingers crossed it gets fixed. julia: more bloomberg television right now.
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leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. ♪ david: what was the strategy that you used? paul: i was completely determined to recapture my parents' money that i had lost. david: how does somebody raise $5 billion in 24 hours? paul: it was first come, first served. david: you have the image of being a person that strikes fear into a lot of ceos. some people are probably afraid they will get a call from paul singer. paul: it does not bother me anymore. david: if someone had invested with you in the very beginning, what would the rate of return that would have been compounded? paul: one dollar became $160. david: is it too late to invest retroactively into that? [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪