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tv   Whatd You Miss  Bloomberg  December 26, 2019 4:00pm-5:00pm EST

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record highs for all of the major indices. up by look, the nasdaq 7/10 of 1%. up one halfclosing of 1%. the dow jones trailing just a bit but still up solidly in gain territory. i want to focus on the nasdaq, all eyes are on the index. your posting the best year going back since 2013, when the index returned 38%. we are on track to get a 3% return. -- a 30% return. i want to take a look at a year to date within the s&p 500. remember, we are not going back to the big december 24 selloff we had, we have been avoiding that for the most part of the year it has just been a slow grind higher. you had a few bumps in june and
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august but mostly, especially the fourth quarter, has been knocking it out of the park. we do know that today and for the week it is a holiday shortened week and what that means for volume. take a look at the volume chart i am showing here in my terminal. given that it is a holiday shortened start everyone but me is on vacation, volume is down 50% from the average. the biggest drops in volume, health-care, real estate, and utilities, the safety sectors are not being traded today. you're getting a broad-based risk on sentiment. for me in san francisco it is all about amazon and consumer discretionary is really leading the way. all of the other sectors are only up about one half of 1%. but take a look at amazon leading gains after posting another big holiday season. billions of items were shipped, tens of millions of amazon devices like the echo. were sold.
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and if we flip up the board is mostly risk on with crude and copper rising. haven, alsofe catching 8/10 of 1%. that is a look at u.s. markets. listening to a special edition of bloomberg businessweek, live from our bloomberg directive broker studio on bloomberg radio and bloomberg tv. there we are, the equity average records. >> so many record highs, 30 record highs we've hit on s&p this year alone. aren't some major catastrophe over the next four trading days. this is going to be the second best year this decade and the fourth best year going back three decades. -- it istty remarkable pretty remarkable. and we finished pre-much for highs at than the session. higher, 338names
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and one hunter 59 lower and eight unchanged. themajor industry groups in s&p 500 for the day overall, we can see that everything was up. at the top of the pack, consumer discretionary, communication services and i.t.. health care the laggard down 1/10 of 1%. what are you watching? >> you mentioned amazon, the biggest percentage gainer in the s&p 500 but the biggest point contributor as well. apple had another all-time high, up 80% on the air. one year ago people were talking down apple saying this pivot to services was not going to work, people were not buying iphones and what a difference a year makes. >> if you think about a year ago and the christmas eve meltdown and then stocks trading lower into that day as well, such a different tone and sentiment and a lot of worries about the
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interest-rate environment, the earnings environment, the corporate environment. one thing i want to mention, stock definitely had quite a run up in today's session. >> it crossed the $1 billion market cap at the close. >> that is pretty amazing. >> the first time that happened in the year. >> exactly, that stock taking off today. >> it has more than doubled over the past six days. a real turnaround or the anticipation of a turnaround. >> and we had asked her card coming out, spending on strong holiday retail sales might be one reason we saw a right aide sheet higher. >> intel, tesla, visa at record highs today. qiagen down 20%. , a lot of folks
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piled into the stock in october, pushing the shares up 70% and the company saying no, we are fine as a standalone company and investor saying no, we will go elsewhere. fall,n shares continue to down 5% today. they are down 26% from the peak they hit december before the the adersy that -- over some people found out of touch with the times. and a lot of folks were shorting the stock even before that add. -- that advertisement. and some of the marijuana plays, a stock that was a to hunt $14 per share closed today blow $17, $214, closed today $16.55. 90% inright aid is up today's session. percent.
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let's bring in our economics editor who wrote a great story taking a look at bubbles. >> yes, we sit here talking about all of the stocks being up and we say a good thing, up is good and down is bad. yet if you are in the market to buy a house, and 70 said the prices are way up, i do not think people would be tearing about that. yet most -- would be cheering about that. most of us are in the accumulation phase will be's to want to be buying stocks and the lesson you want to do is buy some thing overpriced. so why is it when it comes to stocks, suddenly it is a good thing that prices are so high. to be the worry is we are setting ourselves up for a fall, that the next move will be down. , price-earnings ratios getting high. advocate, devils
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people would push back and say we knew at past bubbles in hindsight, there were clear demarcations as when we crossed that rubicon into high valuations and absolute absurdity. those lines in the sand do not seem to be there with you could talking about credit quality or read -- relative valuations everywhere in the dot-com bubble. the idea that there would be a moment that will sort of appear are some folks would say, where's the evidence? >> this piece i wrote for the magazine is not primarily arguing that we are in a bubble now. i think there are some red flags we could point to, like covenant life loans which are more common. the share of investment grade ratings that are at the very bottom of investment grade. the fact that argentina was able to float eight 100 year bond a couple years ago shortly after having defaulted. now greece to borrow for 1%
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for tenure debt. for 10 yrr debt -- debt. the yields unsafe securities are sternly low, particularly in europe and japan. living in a global financial market and global investors are looking all over the world for where they can get a return. it cannot get a return in europe and asia they come here. >> what fascinated me is the whole idea you posed is that in order for a developing nation to have growth, do we have to create some kind of bubbles in the process? leavy from aavid drum leave he forecasting center for being that genesis of this column. he has a great piece out i recommend, called bubble or nothing, where he talks about the idea that governments are --ling with oversized ballot
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oversized balance sheets that are top-heavy with assets and liabilities and the only way you can overcome that is by cutting rates lower. so they get lower until now they are as low as they can go. >> does not credit bubble and isn't that easy way to pop the bubble to get rates out from under 1%? >> that would be easy and also very damaging. >> it is a great story and i recommend every to go to and check out peter's story. our economic editor of bloomberg businessweek exiting taking a look at the bubble environment and maybe why it happens. you are listening to bloomberg radio. the united states has dropped its demand that south korea pay five times more to hostess military personnel. the move comes days before a troop funding bill was set to expire. south korean media first
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reported the u.s. softened its stance after saul promised to buy more american weapons. they reportedly also offered to step up its presence in the strait of hormuz and help u.s. efforts to protect oil flows in the region. president trump says turkey is trying to turn -- to curb the violence northwest syria but it efforts are being undermined. on twitter the president accused russia, iran and the syrian government of killing thousands of civilians in the province of italy. -- idlib. he says turkey is working hard to stop the carnage. senator perkowski is concerned about the gop's plan to expedite president trump impeachment trial. men -- therepublic alaska republican lisa murkowski says she is disturbed by the effort to coordinate with the white house in planning for the trial. >> we have to take that step back from being hand and glove i heard defense and so
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what leader mcconnell had said. hasppen to think that that further confused the process. >> senator murkowski added she felt that house democrats had made a mistake in forging ahead with impeachment so quickly. she feels their case could suffer without potentially valuable testimony from some current and former white house officials, like mick mulvaney and john bolton. ukraine and the russian backed breakaway regions of donetsk and luhansk are planning to conduct a prisoner swap. says vladimirper putin and president zelensky agreed on an exchange of prisoners held it piste during peace talks held in paris. is unclear having people will be included in the exchange.
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large crowds across southern asia turned skyward for the eclipse today that could be seen on a path from india and pakistan to thailand and indonesia. the previous annular solar clips in deborah, 2017 was also his will over slice of engine asia. -- over a slice of indonesia. global news, 24 hours a day, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. was the top stock in the s&p 500 today as the online retailer announced record-breaking holiday sales. another year, another record? >> and yet it really does not mean that much. 4%, but ifk today up you look at what they announced, it was not much. every year they set a record.
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e-commerce sales are growing 15% per yell at at -- per year. in these press releases they do not want you to read too much into it. they said 5 million customers signed up for amazon prime in one week. last year they said tell million. they do not want us to compare these things so there's nothing that surprising other than that amazon had a good year. >> they talked about tens of millions of amazon devices being formainly the echo dot, example. >> i would point out that tens of millions is a vague number so it does not tell us a lot. is that 10 million or 90 million, we do not know. the other thing about amazon devices is people primarily by them on amazon and amazon controls the price, so they discounted heavily over the holiday season. putting aside my skepticism, clearly the echo and other
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devices in the ecosystem continue to be a hit. people are buying them despite privacy concerns. >> a skeptical brad stone, i want to take a look at a chart i am showing inside my terminal because i am a markets person. we can see amazon has been meh till about the fourth quarter and then getting a big boost above the 200 day moving average. from what you hear in the markets as we go into 2020, what is the sentiment around amazon? it was not one of the top picks among analyst i speak to, what did they say? >> i think it as optimistic as it is ever been primarily for two reasons, one, the cloud business continues to grow 40% per year at a huge scale,. amazon is leading the cloud movement. the other thing is next day delivery as a lever for increasing volumes and the velocity of amazon's business. people seem to be responding to the added convenience.
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amazon now controls its own destiny with transportation and last mile delivery. so seeing another round of growth tied to that investment in one day delivery. thank you to bloomberg technology's brad stone. from san francisco, this is bloomberg. ♪
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>> you are listening to a special edition of bloomberg businessweek. we want to talk now about what has been going on in hong kong. the protest their continuing over the christmas holiday, demonstrators targeting malls. clashes left two dozen people injured. , are bloomberg daybreak asia anchor, shery ahn.
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>> pretty bad with tear gas all around. various areas in hong kong including kowloon bay. and it was during christmas day also boxing day, that after where your zynga holiday in hong kong. we continue -- where ye are also seeing holiday in hong kong. protesters want the visibility that would come with shutting down stores but also appealing to, perhaps, a few mainland chinese tourists still going to hong kong. thosee seen the impact of plunging numbers of mainland tourists coming from china. for bloomberg terminal users, you can find a chart showing retail sales suffering a record contraction in october, plunging, a double-digit decline for fourth consecutive month, in the top panel and the second thosewhere you find tourists from mainland china
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plummeted. >> when he thing of the economy there, high-end retail is a big part of it. we have done a lot of stories looking at the high-end market. salestalking about better in china but hong kong is an important market as well. when you look at this, it is key. and you understand why the protesters are doing this in terms of getting attention. >> basically, they are getting the visibility they need, not only within hong kong but also with those international tourists. one of the promise -- problems with hong kong has been a focus on mainland chinese tourists. the economy needs to diversify and this is some thing we have not really seen in hong kong for the last few years. we have this great piece by a bloomberg opinion columnists saying hong kong is overdue for an economic makeover. we have seen business outlook worsening with protests going on for seven months, since june we
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have seen 6000 arrests. and are bloomberg opinion columnists telling us we need to diversify away from chinese mainland tourists and foster innovation. interesting statistics, the world economic forum coming out with their mobile competitiveness index for this year. ranking hong kong number 26. that is behind singapore, key rival in the region. >> when you think about what china recently floated, about making macau a financial center for the asia-pacific region and i think that is fascinating. hong kong is known for being a financial sector-section of the region-and i wonder if they have to be looking at, what is their future? >> yes and it is interest in you point out the macau story. that is another territory that is had a similar background with portuguese: -- portuguese
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colonists. the history seller to hong kong, but the way they have developed since going back to china has been fascinating. they have been really more for china, very cooperative tour the chinese. -- cooperative toward the chinese. president xi jinping visited last week and gave a speech saying how macau could be a model for other regions as well. so the macau economy at the hong kong economy now seeing big differences. stance exactly is the now with regard to hong kong from beijing? and carrie lam and her future in guiding hong kong? >> president xi jinping has been consistently supporting chief executive carrie lam. that is another interesting facet. despite the fact we continue to see protest not going anywhere, beijing has backed the hong kong government.
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we have now seeing more indications coming from beijing that they could be intervening in hong kong. there have been calls by the communist party leaders that they are going to permit stronger measures, in order to teach patriotism to young people and government officials in hong kong. that, course, raising red flags. an idea thatseen protests are not working as much as they did in the past, in 2003, for sample, and hong kong. >> yes but who would've thought it would be going on this long, and it does continue. aboutalso want to talk tiffany. they came out with a story today and talked about a rebound in sales in the run-up to chris -- in sales. i caught up with the ceo and here's what he had to say. >> there many luxury brands.
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but when you think really top luxury brands, the big mega brands, you talk about a handful of brands. some ofose, you have those extremely successful, louis vuitton, cartier. you have other brands that are superpowerful that are not part of bigs groups, consider chanel and hermes. seriously, i do not think that ladder ofkind of brands there is a magic formula. it could be one way or could be the other. what is crucial is that when you lead a brand like ours, that there is 182 years of history, at the at you at the end of the day have to concentrate on the legacy you receive and the beautiful product and promises
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you made to your customers. it is really the key of success. ,han the financial arrangements to be successful, one or the other. customers care about your , about, about your brand sustainability, about the beauty of your products. this is what really makes success. >> that was the ceo of tiffany talking at our bluebird live event. this is bloomberg. ♪
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♪ >> i am taylor riggs. this is your bloomberg business flash. the turnaround in tesla is looking credible according to wedbush analyst, raising the
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price target to $370 a share. three consumer demand and profitability are said to be on an upward trajectory. soybeansorts of u.s. rose to the highest since november. more shipments cleared customs ahead of the signing of the partial trade deal in january. china's inbound shipments from the u.s. search to 2.6 million tons last month, up more than one million tons since october.
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that was updat your update. future,hines do in the what humans do now, a concern thinksinni rometty about. bloomberg asked her how ibm approaches the human capital element of disruption. >> this has been an interesting journey. ibmerseight out of 10 have skills for the future. about moving skills to the center of your this is not just education. it starts with telling people to be transparent. will your skills be in demand in the future or not?
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scarce?undant or you line-up how you promote people against that. it is a natural thing that people want to move. you have to make career and education as easy as netflix. it is not netflix, are learning platform, but looks like it. we have 50,000 people a day taking education in that way. worried, theot older generation? >> now that we have been through the transformation, i can tell you with 100% it is age-irrelevant. people are able to move to new skills independent of age. it has changed the number one thing i higher four. the number one thing we hire for is propensity to learn.
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the half-life of skills is less than five years. if i higher you with skills today, it will not matter in a short time. i want you to be curious and want to learn. that is a profound point. it is what every company needs to look at. >> that was ginni rometty speaking to caroline hyde in an interview that aired on september 19. we have been talking about ibm. i wanted to show you a chart inside my terminal comparing ibm to the other cloud providers. , ibm hasngly enough not been able to get it done. since 2012,ng back -6% return. they are looking at that red hat acquisition, hoping that would turn around some of the progress , but then as you can see there, some of the big winners have been amazon and microsoft.
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i keep hearing from all the analysts that microsoft is poised to be the biggest outperform her as the shift continues. we will be looking forward to microsoft. >> you are watching bloomberg business, a special addition of bloomberg radio and bloomberg television. this is something near and dear to me. this is using data to increase financial performance. our next guests is specifically looking to improve the equity in gender cap in the workforce. she is the ceo and founder of pipeline equities. she joins us on the phone. nice to have you here. remind our audience what you have set out to do for your company. useipeline set out to
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advanced technologies such as cloud computing and ai. >> how do you do that? algorithms, we intercept decisions they make, pay, performance, promotion. we make recommendations and checked them over time. >> i feel like when we deal with the use of artificial intelligence that we are always concerned about bias in data, and ai in particular. something you have been looking at it as well. we see one of the things at this moment is the future of work and artificial intelligence. we know that women represent only 22% of ai practitioners, and have the opportunity to
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close that gap in the next decade. importanceparticular because we have a choice. out thatogram biases our future as ai continues to make decisions and augment our decisions, or we can engineer them in. >> forgive me for this question, is it too late for that? >> no. >> short and sweet. got to love it. >> it is not too late. the beginning of ai impacting our decisions. it is not too late to change that trajectory. had so many conversations about the importance of diversity in the , and were talking all levels, top down, bottom left and all that. ,hen you work with the company
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how many realize the problems when it comes to the lack of diversity and the impact on the company? >> yes, thank you. they have done some sort of work ,nternally, usually up a steady and they realize how difficult it is to move the needle on gender equity. they are often turning to us to get in front of the decisions they are making so they can change the numbers us the board. it is a good point about demographics. it is more than representation. it is all the way up and down the corporate ladder and changing those decisions. to break that down what that looks like, for every 10,000 employees, companies have 30,000 opportunities every year to move towards gender equity. the reason is there are three key decisions companies make across their talent every year,
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performance, potential, and pay. by using all of those smaller decisions taken together, you can have a massive effect in a short time. moree you finding companies are receptive to this message and more companies are willing to do this, not just dragged into it by others, but being proactive in making these decisions? >> we do. we have seen an increase of 19% in terms of companies committing to gender equity in just the last few years. to not just seen fairness, but economic opportunity. pipeline came through research across 4000 companies and in 29 countries, and for every 10% increase in gender equity towards parity, there is a 1% to 2% increase in revenue.
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companies are realizing that and looking to realize those economic gains. >> we are making progress, but there is still more that needs to be done. thank you so much. have a great holiday. happy new year. founder of pipeline equities joining us on the phone today. we hear about the m horton's of diversity on boards, but it is a financial story, not just a diversity story. ceong up, we talk with the of partnership with children on what they been doing in new york city. you are listening and watching bloomberg businessweek. this is bloomberg. ♪ >> i am mark crumpton first word news. a 14-year-old suspect in the killing of a new york city college student has been released without charges. are believedhers to be involved in attack on
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tessa majors earlier this month. the new york times reports investigators are working with prosecutors to secure evidence that might link the unnamed suspect and two teenagers to the killing. mexico will ask the united nations court to settle a diplomatic dispute with bolivia. the mexican government says the south american nation is harassing allies of ousted president eva morales at its embassy in lipa's. mexico is submitting a complaint to the international court of justice, claiming bolivia is violating diplomatic norms by surrounding its embassy with security forces. 2019,e a strong finish to many investors believe stockmarkets are more likely to see a 20% correction next year than a continued rally. citigroup says in either case that the federal reserve is unlikely to step in. he joined bloomberg earlier today. suggesting the
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fed is not doing anything until 2021, that the fed has said clearly they will not raise rates unless there is sustained inflation, and that does not seem imminent. next year, the fed is not going up or down. jobless claims and consumer comfort numbers are due next week. japan's national broadcaster today mistakenly issued an alert saying north korea had launched a missile. nhk retracted it minutes later. it is the second time that nhk has issued a false alert on north korea. a similar incident took place in january 2018. federal regulators unveiled a sweeping proposal that mandates the tracking of most drones. woulda said the measure promote public safety and help prevent terrorism. the draft rules call for a
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massive new tracking network so law-enforcement can spot the devices flying anywhere. the constitutional court in ankara says the courts ban on wikipedia is unlawful. the ruling was reported today by state run media. the court said banning the online cyclopedia constitutes a violation of free speech. turkey blocked the site because it refused certainly remove content that accused the government of cooperating with terrorist organizations. heavy snow and rain have batted the western united states and is expected to reach the center of the country and could complicate plans for travelers from california to the great lakes. the unseasonably mild weather to the east of the storm, including in new york, will continue for several days.
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global news 24 hours a day on air and on quick takee by bloomberg powered by more than 2700 journalists and analysts in more than 120 countries. >> things are getting worse for boeing, as there are new concerns about the 737 max jet. bring in brendan case. what do these messages say and why weren't they disclose earlier? >> we don't know for sure what they say. we know that congressional aid said they paint a disturbing part of the we know content includes messages that raise concerns about boeing's commitment to safety, and also potentially show employees worrying about disruption to production by the or others. in terms of why boeing did not disclose them until now, that
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remains to be seen. this is the second batch of internal communications. the first one cause problems with its relationship with the faa. we don't know what the thinking is behind this latest one. >> you could arguably say we hit a new low point in terms of trust between the faa and owing. what -- boeing. what does david calhoun need to do day one to repair that relationship? >> that is his first challenge. he started it on monday when his appointment was announced, calhoun reached out to the head of the faa, trying to restore that relationship, which appears to have become quite badly damaged. that will be at the top of his to do list. , why not bring in an outsider to fully reboot and have a fresh start to take
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over boeing? calhoun is no outsider at all. he has been intimately involved with the crisis response. we don't know about the board's thinking. it's possible they needed someone who was already up to speed on these issues with the faa and the max. >> thank you. from san francisco, this is bloomberg. ♪ bloomberg. ♪
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a special back to edition of bloomberg businessweek on tv and radio. we have had a lot to talk about today. >> yes. >> it is still a relatively busy day. we will keep the conversation going. nonprofits come into focus for the holiday season, giving those in need.
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talking about the business side of nonprofits is partnership with children's ceo. thank you for joining us. nonprofits much differently than we did a decade ago. it seem likely for the playbook was you find some wealthy investors, donators, and ride your way to whatever goal you're trying to do. that model doesn't work, does it? >> we are basically a government contractor. they don't pay the costs of the services we provide, so if we want good professional we haveent, technology, to raise private money to do that. you are basically juggling scales. if every government contract produces a deficit, you need to raise that private money. the only way you get to scale is
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having government contracts. >> tell us about the work you are doing. with children was founded in 1908 to serve the children in the city who needed the most. full social placing workers and schools to provide all the mental health services and learning services and community school services that children and families need when they are growing up in poverty. -- we don't realize the stresses and the difficulty for a young child who grows up in that situation. >> you are exactly right. as we learn more and more about neuroscience, we will change the way we talk about poverty. chronic,ess is the unrelenting stress you experience growing up in neighborhoods with scarcities, violence, homelessness, and if
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unmitigated, it becomes toxic. that is the greatest public health issue we face. it has short-term and long-term problems. to mitigate that stress helps you to stay in school and prevents short-term and long-term mental health problems. term,stress produces long scary physical health issues as well. starting to recognize that more and apply a different approach. i came from a generation where it seemed like the stresses were addressed within that school system. have reverted to using more law enforcement and other measures that aren't as palatable to making sure these kids are getting help and not just being punished. a we are advocating for
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trauma-informed approach rather than a punitive approach. we use a lot of restorative practices. we say what is happening? what is going on? that changes everything that follows. >> it is interesting. i do think about the work you are doing. you talk about these government contracts, but we talk about the market being at records in the upper echelons of the wealthy, and a lot of these folks give back. what is the environment in terms of meeting the financial needs you require to keep the organization going? >> we depend on a board that ofresents a huge array morgan stanley, goldman sachs, bank of america, ge, ibm, and they help us. it is hard, and you have to show you have results and you want to
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talk about your impact in the way your money is being used efficiently and effectively. we tried to show scale without showing in place and see -- showing complacency. it is hard. >> do you have to have the scale as a nonprofit these days? >> if you are good at private fundraising, then scale is easy because your government contracts produce deficits, but if you can't raise that private money, it is hard to have scale. were talking about the effect of a one-on-one relationship, a social worker with the child. you can't scale that. you can't use artificial intelligence. you can't cut corners. there is no unused capacity in our organization, so scale is a tricky question. the more children we interact with, the better. >> in terms of dealing with
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toxic stress on kids, stress has become the big topic for everyone, but what kind of payoff have you seen? what kind of impact because of the work you have done? >> it is almost immediate. love,eling of safety of ,hat is the mitigating factor so you see attendance go up, test scores go up, graduation go up. you see parent engagement improve, drop off go down immediately. >> stay in touch. we would love to hear more about this in the future. up our three hours on there. >> it has been three hours? it only felt like two and a half. >> we want to bring in our editor in washington, d.c.
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this is the perfect way to wrap up. hello. hello. jason kelly and i saw your story if you are stuck in times square and need a place to eat. talk about this story. >> this was a fun one because no one wants to admit they go to times square, but they do. found whereaff and they go. one of them was lands club. there is a fantastic martini waiting for you upstairs. they make a perfect one. there are bar snacks as well. >> we have to give a shout out. i'm not a times square hater. it is one of my favorite places that is mentioned in the article. an articleso part of talking about the food trends we can expect in 2020, what are we
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talking about here? >> speaking about alleviating stress, let's talk about the things coming. i picked washington, d.c. as my favorite food city of the year. yes, yes, yes, and it is partly because the audience is well educated and a higher earning audience, and they are kind of transient. they will not stay home and cook. they want to go out and experience these different cuisines. that links itself to autobiographical cooking. >> oh my god. we have to cut you loose because were running out of time. >> that's ok. >> i will put you on later. i promise. i promise. we did it. >> how do you feel? i'm no jason kelly, but i'm the fourth next best thing. >> i need a martini.
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this is bloomberg. ♪ is is bloomberg. ♪
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♪ >> i am taylor riggs in san francisco. this is "bloomberg technology." turnaround,esla's one analyst says it looks credible. we will hear from dan ives of tobush who raised his price $370. travis kalanick severs his ties with uber,


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