Digital tax when we talk to the countrys minister of digital affairs. Tech giant huawei sues the fcc for greater access, the latest attempt to fight sanctions, but does the case have legs . Our top story. Crackdownovernments on big tech and back to amazon. Bloomberg has learned investigators are looking into its massive Cloud Computing business. Sources say the agency has been asking Software Companies about practices around Amazon Web Services. The unit is one of the backbones of the internet and has a Cloud Computing market share of more than 50 . Its next biggest rival, microsoft, is 16 . Joining us to discuss is an analyst from rbc capital markets, and in washington, the person who helped break the story. Are you surprised regulators seem to be looking at almost every portion of amazons business . I think this is a surprise. Complaints about amazons Retail Business are well known. Independent sellers have for years now been talking about ways they think the company is not treating them fairly on this platform, but complaints about have been services quieter, so the fact they have seized this as an area of concern is significant, especially because Amazon Web Services is such a large part of the overall business. Taylor respond to what naomi was saying, the retail concerns had been highlighted here. What about that Cloud Computing business . Is it still anticompetitive . Cloud computing is a multitrillion dollar business. I was at the reinvent conferene that is still going on, and the aws cloudat penetration is still 3 . On premises is 97 , of the are huge. The market share he called out is something publicly released, that is infrastructure as a service market. But the overall market, it is still a several trillion dollar opportunity that aws is a small portion of. Analyst are saying the assistant attorney general at the department of justice for antitrust at the conference, he said that being big is not bad, but big acting badly is bad, so i will talk about it a little bit more, but that was a very fascinating statement. That makes sense why they are looking at practices at aws. Taylor when you look at the cloud space from what i can hear on earnings calls, it seems like a competitive business. Re, have microsoft azu google cloud business, trailing them a bit we hear it is a competitive business. Does that raise the bar . Absolutely. It is becoming increasingly competitive. We talk about the Third Quarter results where the growth rate decelerated, primarily because aws is seeing pressure from azure. Aws until now has had a head start of seven years, but now that is an increasingly competitive market. Taylor naomi, you talk about how early interviews have gone on with clients, customers, competitors. What are investigators hoping to glean from those interviews . Naomi we dont know exactly the area of focus, but they will be looking at whether there are specific market practices that amazon is taking that could be deemed anticompetitive. They want to look at whether amazon might be unfairly excluding its rivals, whether amazon is treating independent Software Service providers differently if they also use other cloud providers like microsoft or google. Those are the sort of market ftc will that the likely be looking into, and we will see if they find anything. Taylor any sense on how amazon has been responding to this . Naomi amazon has not publicly themnted, but we do see talking more publicly about their cloud business. They have shown no signs that they are worried about this at all. So it seems to be at least publicly business as usual for amazon. Taylor does any of this have a real impact on the fundamentals of the business . How are these headlines impacting earnings or the share price . I think that the antitrust risk at this point is priced into amazon shares, which have pulled back year to date compared to the overall market. Or the retail performance yeartodate, amazon has not done as well, and it is because of this overhang. One of the risks amazon has faced is the overhang from antitrust. In terms of the stock price, there is an overhang on the stock, but in terms of the overall operations of the company, i dont think it is material to the overall business. Retail business is very strong, aws is very strong. Taylor thank you both for joining us. Thanks for having me. More on antitrust scrutiny, sender elizabeth senator Elizabeth Warren is acting on a president ial Campaign Promise to check the power of big tech and other sectors. Her own big reviewed by to restrict megamergers. Her representative declined to comment. To discuss the law she proposes, im going to bring in joshua from new york. This seems like a wideranging proposal. How much of this could be focused on big tech specifically . When Elizabeth Warren talks about antitrust, she is using big tech as example number one. She has been critical of acquisitions facebook has made. She has big tech in mind with a bill like this. Taylor walk me through the proposals we are looking at. In your story, you really highlight how it would expand antitrust law beyond what it is now. It is known as the consumer welfare standard. What is this approach . Here is thathrust the consumer welfare standard has been the underpinning of antitrust law for the last couple of decades. That says mergers will be assessed on whether or not they cause harm to consumers and higher prices or reduce quality of goods. This would add other factors to take into account, such as the effect on innovation, the effect on workers, and the effect on privacy, so it would be a significant expansion of how the government would look at. Arge deals taylor expanding the lot means you have to go and change it. What are the odds this becomes law . This bill is early. A bill introduced in this form is not a sure thing. Once it got into congress, congress has not been passing anything of significance recently. If it was introduced at the beginning of an electionyear, its prospects would not seem great. Taylor any other highprofile names that appear to want to go along with it in its early version . The interesting thing here is cicilline, a representative who is leading the house judiciary committees investigation into antitrust and tech issues also seems to be involved in this. He would be an obvious candidate to introduce new antitrust legislation. He had said he wont do anything until that investigation wraps up early 2020. Taylor it was interesting that the was also looking to ban no noncompetes and agreements. What could be the potential ripple effects if that were passed . There are a lot of other provisions in this bill, it will be interesting to see if they stay in. As you mentioned, there was language about noncompete, no poaching, also language to guarantee the rights of gig economy workers to organize. If those stayed in, that would significant. Taylor those are a bunch of different issues thrown into one. Is there one that appears to be the bigger issue, is it anticompetitive behavior or is it protecting worker rights, lets say of uber drivers . When you look at antitrust legislation, the target is acquisitions made by the largest companies. This bill would pretty much prohibit them. Taylor when we take a look at the actual income statements, what was interesting was this law would ban mergers if a company has annual revenue north of 40 billion, or two companies have a combined 15 billion in revenue. Basically this affects all the big Tech Companies. How much trouble are they in . Well, again, this is a proposal, but if this became to precludeuld seem the Large Tech Companies from something they have used as a way to get new services and grow over the last couple of years. Taylor thank you for joining us. Coming up, we sit down with a former Google Ventures partner who founded his new firm, and how he plans to bring diversity to Venture Capital. If you like bloomberg news, you can listen on the bloomberg app, bloomberg. Com, and in the u. S. On sirius xm. This is bloomberg. Taylor Venture Capital is coming to terms with its lack of diversity and lo toney is leading the charge. The former Google Ventures partner founded his own firm plexo capital, with a mission to invest in early stage funds led by women in underrepresented minorities. It announced today it raised 42. 5 million for its debut fun. The ceo joins us now from new york. Congratulations. What are you using the money for . First, thanks for having me. We will use that money to invest into both venture funds led by a woman or person of color, then invest directly in companies that will source from the portfolios where we made investments into Venture Capital firms. Taylor what sectors do you like now . Lo we like enterprise and consumer. Typically, we go after vcs, and maybe lean a little bit more towards enterprise. Taylor i want to talk about how you identify these opportunities. Often there is a great idea and a good leader. What matters to you more . Lo we like to make sure the Market Opportunity can support the venture scale return. It is all about the ability for the entrepreneur to be able to execute, hire the right employees, have the vision, then raise the capital and execute against that. Taylor i want to talk about how you decide whether you invest money directly or go through a fund. I think you have already backed 19 funds so far, and other times you choose to go direct. How do you decide . Lo so what we do is we look for Venture Capital firms we feel will be the next franchises investing in the Great Companies coming out of the ecosystems globally. What we do is when we find those great Venture Capital firms, we make an investment and work to identify fantastic opportunities in their portfolio we would like to invest into directly. We also have a great group of lps, including others where they also make investments, so we continue to source deals for those firms through our network as well. Taylor i have to ask, why do you think Silicon Valley in particular has been so behind in coming to terms with diversity . Lo it is a challenge that needs to be addressed. We feel that our model is providing that leverage to be able to increase the opportunity within the ecosystem for diversity and inclusion. Our thesis is that women and people of color have a nontraditional path into Venture Capital, and as a result, end up with Different Networks and a lens to identify Market Opportunities where there is not a lot of data, as well as evaluate entrepreneurs differently that might not look like the prototypical entrepreneur. Taylor you mentioned nontraditional background or someone who does not look like a typical entrepreneur. How much in your interview process do you look at somebodys background . Lo what we like to do is spend at least 10 hours with each of the principles we invest into, understand their judgment. Do they have the ability to be able to exercise good judgment when an opportunity presents itself . Also, really spend a lot of time understanding their network to be able to source deals. Can they source those deals, then can they add value to those companies in the portfolio after they have written a check . Taylor i want to look broadly at the market as someone who has capital to invest. Frankly, i hear all the time that there is so much cash chasing, too few opportunities, leading to heightened valuations. Where do you see us in terms of the scale of a bubble and overvaluation . Lo it is hard to tell and timetomarket. Great opportunities tend to present themselves across market cycles, so we like to be in a position to deploy capital across the spectrum whether the economy is up or down. Obviously, in the market we are in right now, the pendulum has swung a little more in favor of the entrepreneur, but weve also seen situations where the pendulum might swing in the other direction and valuations might come down a bit, but we continue to see great opportunities present themselves no matter what the economy is doing. Innovation does not know what the stock market is doing. Taylor what matters to you more, is it strong Corporate Governance or a path of profitability . Lo we like both. Obviously, what we are looking for on the front end is to make sure there is a venture scale opportunity to provide the type of return that we need given the structure of our model and the risk we incur so our lps can have the type of performance theyre looking for in this asset class. That said, it is important to invest into entrepreneurs who have a high sense of integrity and want to assemble investors and Board Members who will provide them not only with the guidance, but also with the Corporate Governance as they scale and look to exit or become a public company. Taylor quickly, can you name one of your top picks for 2020 you are invested in . Lo this is almost like having children. You never want to say which is your favorite. One opportunity we do like is a Media Company focused on millennials of color based in los angeles. We sourced that deal from one of our Venture Capital firms in our network, and Google Ventures came on to fund that company. Another company i like is called versus. Its a company that is providing infrastructure for the esports space. Taylor esports is all the rage. Thank you. Xoat was lo toney from ple capital. Coming up, what are traditional Food Retailers doing to overcome amazons hightech and increasing dominance . We will find out next. Bloombergs livestreaming on twitter. Be sure to follow our global breaking news network on twitter. This is bloomberg. Taylor with algorithms, robotic warehouses and cashierless stores, amazon has become a threat to traditional grocers. Retailers have rushed to out innovate the ecommerce giant. Joining us to discuss is bloombergs matt boyle in new york. What are other traditional retailers doing to keep up with amazon . Matt a whole host of things. It is not easy. Grocery stores are traditionally riskaverse. They are not going to spend hundreds of millions on the new technologies unless they are proven, but because of the threat of amazon and other like aldi as well, discount chains stealing market share, they have to act now. They are investing in different technologies, everything from the instore robots at your local Grocery Store to stuff you dont see behind the scenes, small warehouses that pack online orders for shoppers. Taylor what has been the most quickly adopted technology . Is it cashierless technologies . Is it robotics doing fulfillment of those aisles when we sleep . With you might be familiar self checkout. Every store we go to has self checkout, but that has glitches. What is working for them are the shelf skimming robots. Every time you go to a store and cant find something you are looking for and it is out of stock, that is a lost sale for a , so if theyre able to figure out what they are out of stock of quicker, if you have the robot doing it, those are sales you are quickly grabbing back and that translates to profit for these guys. That is what they listen to. Areor our retailers retailers just trying to keep up with amazon or with the times . If i remember conversations you and i have had, target and walmart have been better in the grocery space. Matt target and walmart are doing well. Other chains are doing well, but it is the traditional mainstream grocers that have struggled. It is the mainstream Grocery Stores that need to up their game. Walmart is everywhere. Theyre doing a great job in grocery. You are absolutely right. The traditional Grocery Stores need to up their game. Taylor how much is it costing them on the bottom line . Matt they are not saying much yet. They are only in a couple of stores, so it is not costing them a heck of a lot of money yet, but if they want to deploy it at scale, it will cost them a lot of money. They have to make decisions, this or that. It will be tough decisions that determine the winners and losers going forward. Taylor you know this better than anyone, the grocery business is already a lowmargin competitive business. Are they hoping the investments in the technology could boost those margins even by a bit . Exactly, yeah. Look at out of stock products. Out of stock products cost retailers 325 billion a year. If they can gain half of that back, that goes to the bottom line certainly. There are things that can happen that will be great for him if they can make it work, but they are still testing it and figuring out what is the return on our investment here, but they have to act quicker because they are losing shares left, right, and center. Taylor thank you for joining us. Coming up, huawei hits back. The Chinese Telecom giant is suing the trump administration. We have details on their attempt to break through the ban. That is next. This is bloomberg. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. This is bloomberg technology. We joined bloomberg daybreak australia to bring you the latest in global tech news. Im taylor riggs in San Francisco with shery ahn in new york and paul allen in sydney. Lets take a look at those top global tech stories of the day. Paul . Paul google isnt just facing antitrust probes in the u. S. , the u. K. Is investigating its 2. 6 billion takeover of data sciences. On thursday, the competition and markets Authority Issued a cease and desist to prevent the companies from integrating services. The agency wants relevant information from the companies before december 20 as it decides whether or not to launch a formal probe. The u. S. Is bringing charges and sanctions against evil corp. The u. S. Justice Department Said the Hacking Group is behind some of the worst computer hacking in the past decade. Two russians are charged and the u. S. Treasury department accuses the russian government of links to evil corp. And if you are hinting to ban huawei from the u. K. , you might not want to be caught taking a selfie with one of their phones. Thats what Boris Johnson was guilty of on a Morning Program a day after he said at the nato summit that his country could follow in the footsteps of its allies trying to ban the Chinese Telecom from their networks. The those are the global tech stories we are watching at the moment. Shery now on a more serious note regarding huawei, the Chinese Telecom giant is suing the ftc. Huawei wants to overturn a decision that will hurt its business with american clients. Their Legal Counsel told reporters the fcc is outside of its jurisdiction here. The fcc is a communications agency, not a National Security agency. It has no expertise in National Security, nor does it have authority to make National Security judgments. That authority lies with the president of the United States of america, not an independent agency. Shery joining us from hong kong is stephen engle. What exactly is huawei fighting here . Stephen huawei is trying to preserve the last vestiges of its business in the United States. Pretty much the large carriers like at t and verizon are no phones orling huawei using their equipment. The smaller, rural carriers have relied on the more ubiquitous Huawei Network gear that they can afford. Basically what the fcc did is ban the use of federal subsidies for these rural carriers to buy huawei equipment and huawei has now filed this lawsuit in the fifth Circuit Court of appeals trying to overturn that. Basically, huawei is fighting back. Theyre not taking this blacklist they got from the white house in may as well as the fcc ruling and other efforts to remove huawei in the United States, they are not taking it lying down. They are fighting it in the very venues, the courts of the United States where they are being possibly accused of some pretty high crimes like espionage and using backdoors to allow the Chinese Government to allegedly spy. Taylor you bring up those points. How does the court decide what is or is not a National Security threat, as we heard from the lead counsel who said its up to the president only . Stephen thats right, this is the legal point they are trying to make, and of course, the courts will make these decisions. Thats the good thing about the United States. I cannot imagine the same thing happening in the chinese judicial system if the roles were reversed. This is again just a chapter in huaweis efforts to combat the perception at least in western countries that they are providing an opportunity for the Chinese Government to potentially spy on western economies and nations, which of course, huawei has denied vigorously. They have made a number of different legal actions, in paris they filed a Defamation Court case for comments that were made on tv allegedly tying huawei to the Chinese Government. They have made other court action in texas earlier this year, and i believe of course the biggest, most highprofile case is that of the chief Financial Officer of huawei who is detained in canada. She has filed a case of unlawful detention in canadian courts. I spoke to the fcc chairman as they were making this decision. Take a listen to what he had to say. When it comes to the security of americas communication networks, we cant take a risk and hope for the best. We need to get it right, especially with something as transformative as 5g. Thats why when we rolled out our proposal we made it clear dont want federal funds coming from the fcc to be spent on on usted vendors, whoever they might be and wherever they might be located. Shery when it comes to huaweis business, they dont seem to mind that much. Stephen well, it is significant, because keep in mind, theyre not able to use in their future phones and the current ones coming out, the google suite of products on the android platform. So they are coming up with their own harmony os system and the new phones do not have google applications on their phones. So, you know, there are some limitations and they will keep on fighting this. Taylor bloombergs stephen engle, thank you for joining us. Plenty more global stories ahead. This is bloomberg. Taylor tensions between the u. S. And france are heightened over the issue of a digital tax and titfortat has ensued. In july, france passed a bill to include a 3 tax on global Tech Companies with at least 845 million in worldwide revenue and Digital Sales totaling 25 Million Euros in france. On tuesday, the u. S. Retaliated with a threat to hit about 2. 4 billion of french products with tariffs. France has responded that day, saying the eu as a whole would act if the u. S. Follows through. For more, were joined by a french minister of digital affairs. Thank you for joining us. You are out in Silicon Valley visiting all these Tech Companies. What are you telling them about why you did that digital tax . Well, i think there is global concern both within the u. S. And also in europe on how do we set up a new Regulatory Framework that is adapted to the new digital age . I think that those startups, and even the biggest companies, we they know that we need a new level Playing Field. The real question is, what is the setup of that new, level Playing Field . And thats why were favoring an informational solution. The main issue we are fighting for is to find a solution and there a lot of discussion with the europeans but also the americans. Taylor do you view your tax as a steppingstone to a broader, bill . Ateral oecd President Trump and president macron have agreed last summer that we need to find an International Solution. In the meantime, france will be introducing its own tax, but there is some difference in the amount of money the company would be paying, we would refund them if the International Taxes tax is lowered. Taylor i want to talk about that, because you want an International Solution. The oecd appears to want more of a multilateral deal. Those are in conflict with each other. Has that hurt your talks and your progress with the u. S. , with the oecd . Cedric so far, it hasnt, because there was a deal mentioned in december between President Trump and president macron. We would rather favor an International Solution but if they were to be some differences we would refund the company. So now, there was an announcement from the u. S. , but main issue ishe that we can find a common solution at the oecd level. This is what is at stake. The technical details, france has been making many steps forward toward the u. S. Solution, and that was the question raised to the u. S. Administration. Do you agree to the solution on the table . Taylor what do you want that broad framework to look like . Cedric in the suggestion that was made, there were two pillars. One part is minimum taxation. The second pillar is we have to rethink the way we assess the , not based on physical things but a digital footprint in some countries. We have to reassess the way we assess the footprint of the companies. We think now in the International World you dont need to rely only on the physical presence in one country. Taylor how does a digital tax help us deal with data privacy and antitrust . Areic i think those totally different issues. There is a broader concern about the footprint of those companies in our economies and our democracy. Theres a whole set of social things you have to address. Privacy is one of them. Antitrust is something also, and taxation, regulation and things like this. We have to rethink the whole framework of our regulations to adapt to the new world. Taylor the french president has either said a unilateral deal with the u. S. Will go through or he will look for a multilateral deal with the oecd. Which do you think is more likely to go forward at this point . Cedric i think the ball is in the u. S. Side so far. I think the u. S. Is ready to agree on the solution but the first thing is that we find something more on a national way. That is the first question. Taylor so if the u. S. Doesnt go ahead with some of the oecd proposals and instead retaliated with about 2. 4 billion in taxes back on french products, are you prepared, are those countries prepared for these retaliatory tariffs . Cedric actually, i think that would not be a good solution for the u. S. Or for france or the companies at stake. Europe has always said that it would be favoring an oecd solution. If the oecd solution would not be issued, europe would take the initiative at its own level. If there is some retaliation from the u. S. , i think everything is on the table. Europe has said it would be backing up france. We still hope there is some room for discussion and that we can find a solution at the oecd level. Taylor you said that europe has been backing up france and wants a global solution, but friendly, you guys are the only ones going through with the unilateral tax. Cedric other countries have been [indiscernible] austria has already passed a law. It wants a tax on Digital Companies and is favoring the oecd solution. I think that we need to create that level Playing Field, the att level is that the is the international level. Taylor you really feel that europe is behind you . Cedric i think that was voiced by the european commissioner on trade. It would favor an International Solution. At the end of the day if we have to go with that discussion, then europe would be backing france. Taylor i want to go back to the retaliatory tariffs we were talking about on 2. 4 billion of goods. Cedric that is actually the base. It could be not as broad as 2. 4 billion. There is still discussion, so we dont know the set up of the would be retaliation. Taylor if there are, if it is that amount, have you spoken to france . S back in are they prepared for that . Cedric the european level is cedric actually, you are never prepared for new taxation. The tax will exist, if we can decide within the International Agreement that we have within the United States, the tax convention. We have the room to implement the tax. If there is a unilateral to take from the u. S. Sanctions, then we will see what will be done by europe or france. Nevertheless, its not a good solution for the u. S. Or europe or the company is at stake. At stake. Panies taylor how have american Tech Companies responded . You had meetings with google. How have they responded . Cedric that we need a new international framework. I think they are pushing for an International Solution because its easier for them to handle only one system than to handle 27 or 28 systems within europe, or even 50 systems all over the world. They are really in favor of an International Solution. An update of the tax framework all around the world is something that might be needed. Taylor thank you for joining us. That was cedric o. , the french minister of digital affairs. Smartphones may have changed the way we live, but some say it has come at a big cost to the planet. There are concerns of Precious Metals mind in war zones and they are hard to recycle and difficult to repair. One company in europe is trying to change that smartphone completely. We have this report from berlin. It may look like your regular smartphone, but it really isnt. Its made from ethically sourced minerals. It is using recycled plastics. The Company Behind it pays the assemblyline workers in china an extra bonus for every phone sold. While it may not be comparable to what the latest iphone or offer, theice has to key difference comes actually in the box. Its a small screwdriver that owners of the phone can use to open the back cover of the phone and replace seven components in the phone, from the camera to the battery to the display. That is a key difference to what other phones have to offer. The previous two fair phone models sold just 175,000 times. Its getting a major push from vodafone that is selling the device in five of its biggest european markets. That is good news for an industry that really is still lagging behind when it comes to sustainability. Last year alone, electronics were discarded with a combined weight of all commercial jets ever built. That is a massive amount of electronic waste, and if the fair phone can help to cut that down, that is good news. Taylor and still ahead, recent departures of Technology Chiefs may seem like bad news to some, but one person thinks its a good sign. That is next. This is bloomberg. Taylor lets take a look at todays top tech calls. Apples target was raised, which reiterated its buy rating and is forecasting strong results in the companys holiday quarter. The analyst said pricing strategies and recent demand trends are factors that will mean a better christmas quarter than last year. Facebook got the equivalent of a sell rating at hsbc, which warned that the company could be on a collision course with regulators. A growing number policy makers and regulators are determined to take Decisive Action against facebook and its potential equivalent to nearly 40 of the stocks current valuation. Shares of Slack Technologies rose on thursday, even after the companys guidance disappointed. The forecast comes amid a boosted outlook for full year revenue could potentially rule the day and keep a lid on the stock. A 14 price target. Those are a look at the top tech calls. At big staffing shakeups tech firms with the most recent departure of the google founders. And the Worlds Largest educational Retention Fund has pushed for government changes. The chief executive officer spoke with scarlet fu earlier. Take a listen. Thats what we think has to change, that dual class structure. The inspiration of a founder and what they bring to a company is huge, but at some point, a Company Grows to be so mature, it needs to be run by professionals. Thats a different spirit and a different structure than what some of these entrepreneurs are used to. Thats when they really do need to step away, bring in more management, and more complex structure. Thats when we think they need from the backing away dual class structure. Weve seen over time that that does not work. It really should be sunsetted after about seven years. How do you force that change, when you have a company like facebook which is still generating pretty good returns for investors . You know, you could look at them and say, well, if it works for us. How do you put that pressure on a company like that to say this is better for you, to have a structure thats a little more equitable for the rankandfile investors . We never go away. Thats how we put pressure on. Literally like a glacier, a constant grind, constant push. When the stock is doing well, we dont get other peoples attention. You are right, the general view is, we wont listen to you, the stock has done well, we are happy. The minute the stock does poorly, you have to look at the structural flaws of the company. Then we can get peoples attention. The fact that we have been there all the time with this message, that a better governance structure, more independent Directors Holding management accountable is a better way to operate a company. In other words, you nag a lot. I get it. You are consistently there, so it makes sense. What about bringing other shareholders with you . How easy is it to convince the other investors to get on board with this idea . I would tell you that the vast majority of longterm investors absolutely agree with this. Whether its here in japan, my friends in the Nordic Region with the dutch and norwegian funds, which have larger exposure in the u. S. Than even we do, they absolutely agree with us on this. Sometimes you want to sing a solo and sometimes you want to sing as a chorus. This is an issue where we will be loud and vocal, but we will bring in teams. Bring in teams. By the way, your Asset Allocation right now, 50 to global equity. How much of that is global tech . We are mostly passive, even outside of the usa. Tech has been huge, its the running sector, so its the largest sector by far in our portfolio. Taylor that does it for this edition of bloomberg technology. Bloomberg technology is livestreaming on twitter. Check us out and be sure to follow our global, breaking news network at quick take on twitter. This is bloomberg. Whether youre out here on lte. Or here on a wifi hotspot. Xfinity mobile has more coverage to keep you connected to what matters most. Thats because its the only Wireless Network that automatically connects you to millions of secure wifi hotspots and the best lte everywhere else. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. The following is a paid program. The opinions and views expressed do not reflect those of bloomberg lp, its affiliates or its employees. The following is a paid presentation brought to you by rare collectibles tv. Host in a letter dated september 27, 1904, to the secretary of treasury, president Theodore Roosevelt wrote a short letter, in typical Theodore Roosevelt bravado style. My dear secretary shaw, i think our coinage is artistically of atrocious hideousness