Interest rate cut was a recalibration, not part of a preset course for more easing. He discussed shortterm tax cuts to help any slowdown. Then he walked back back by the end of the week. Protests in hong kong begin front and center with concerns the Chinese Government may resort to military crackdowns. My first guest this week, the Capital Management founder, kyle bass. Great to have you this weekend. Want to talk about the week it was. Another bank lower interest ra rate, second time in iraq. Second month in a row for indonesia. Thirtyfive Central Banks across the world lowering Interest Rates. Whats your take on where we are in terms of the inverted yield curve . Unlike prior to inversions, i hate saying this time is different but if you look at what is driving our inversion in my mind, look at the big Central Banks around the world. Lowering rates and potentially buying stocks and also restarting in the next few weeks. Youve got the bank on tilt, they are now 70 of all the listed ets in japan. Ten of the Largest Companies in japan. They continue to purchase so japanese rates are negative, european rates are negative. There are 15, 16 negative yielding. We are still positive. I think the world Liability Managers are buying the long end of our curve and the money is flowing into dollars as you see the dollar breaking out to new highs. Its because the rest of the world is in such poor shape is like we are seeing a curve inversion. Part of it is a tale, part of it is the dog in whose waking who. It makes it difficult for banks to make money. They seems to be strong in the consumer solid and get, its this Interest Rate situation that has people calling for recession. What do you see in terms of the back dropped. Manufacturing services crop europe and the u. S. Are now showing recession at levels and state are still saying slightly positive. Whats happening, theres so much money in the world has been printed by the Central Banks, editors sloshing around these economies and liquids doing well. The most basic staples and lowest cost outlet. The things that are doing poorly for the industrial backbones of many of these countries. You point to earnings doing better, there will always be running standups. If you look to the primary indicators are recessions, they are flashing red all over the world right now. It will be tough for the u. S. To grow when the rest of the world is suffering as much. I expect it to slow down into a shallower session 2020. Interesting. Next nine 12 months. How do you want to invest around that . You still want to own u. S. Assets. You and i have talked before, want to own the utilities, energy toll roads, infrastructure, things that have high single digit yield through these difficult times. I think the assets will continue to do well even in the face shallow recession. Not a 2008, i dont know where to put my money recession, just a shallow recession. The u. S. Is very wellcapitalized. Our economy is doing as well as it can given global input. I think its a great, great place to assess. Part of the reason has to do with uncertainty around trade and china. When we were together, he said if we were to get a deal with china, that would mean down 30,000. They would rally big time. Theres this huge issue in the way, national security. The way china keeps breaking its promises. Look at whats taking place in hong kong. 1. 7 Million People took to the streets last weekend even when it was pouring out. You know they are upset because china keeps breaking promises. They want the autonomy that they were promised. How do you see this playing out . When you look at hong kong, its the larger problem in cultural differences between the west and china. Communist china promised our leadership in the late 90s and 2000 that they would agree to many different openings and things that they would further westernize their economy and liberalize their capital account and start a trade with the rest of the world and live by the rest of the world, stop lying and cheating and stealing. Engage in good faith for the rest of the world. Unfortunately, that has not happened. How do you deal with the country that you have had for life and you know broken promises are all over town from hong kong to america . Great question. You see this in the rest of America Needs to see this. When you look at those that advocate doing a deal with china, its the billionaires that have a lot of money riding on whether our relationship with china continues to prosper or falls on hard times. Why do we interface with this government . Right we even want a deal . Stressed about money. We are chasing money and shortterm profitability with longterm risk of our own national security. We are standing up to beijing right now because trump is the first president ever to do that. My fear is trump just wants a deal. A deal is not what we are talking about. We are talking about the fundamentally restructuring the regime. This is a fight over values and fundamentals. I think for too many years american ceos were so interested in getting their products, they went to sell their goods in this population, they forgot about protecting the product. China is over there stealing our property, so before you go, as an investor, youre comfortable with nokia between u. S. And china . I think no deal, not only no deal, we should disengage with china. We hold all the cards in the relationship. China used, being there world factory and reserve pile up, now they say its much lower than two. They use that money against us. We fuel their eyes and their rise has been driven by dollar ounces. If we disengage with china, they have so much leverage that it will collapse. Great to have you. Thank you. Ill see you soon. More wall street right after this. [ applause ] thank you. Its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. I love you only pay for what you need. Liberty. Liberty. Liberty. Liberty. I come facetoface with a lot of behinds. So i know theres a big need for new gasx maximum strength. It relieves pressure, bloating and discomfort fast. So no one needs to know youve got gas. Gasx. So no one needs to know youve got gas. The Doctors Office might mejust for a shot. O but why go back there when you can stay home with neulasta® onpro . Strong chemo can put you at risk of serious infection. In a key study neulasta® reduced the risk of infection from 17 to 1 a 94 decrease. Neulasta® onpro is designed to deliver neulasta® the day after chemo and is used by most patients today. 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He sat down with me to talk about the adventure and why its so successful and with it, had another big launch this upcoming tuesday. We came out with a number one show. It was phenomenal, so much fun. We had incredible guests, people like kobe bryant and martha stewart. I think you can expect a lot of what youve heard, people talking about a common theme and how to come out of failures. They did not want to define those mistakes. They came back as champions that they are. I was honored to be part of that. Alex, you are will like, what about failures . Its an empowering podcast. They were very invested in podcast, you think theres a connection between a host and listener and conversation, it happens intimately in your ears. Its freeform, the dialogue can go anywhere. Its really amazing, we wanted to make the stories about failures and success in your time on the training, you want that to come to life for young people thinking about whats their career going to be like, whats next for them . Week debut as the number one podcast which is pretty phenomenal for a business podcast from a company like this one. We were thrilled to partner with alex. What we really care about that it is clearly resonating with people and sharing it with their friends and taking away something from off the conversations. It gives you an opportunity to go beyond space barr. A lot of people want to talk about your phenomenal time on the field but you are a real estate elsewhere, tell me about whats important to you right now and where you see your career evolving. I started my Business Career out of fear. I felt like the average career was a year, i would have five and a half it would be my answer to not go bankrupt. We have the opportunities we are seeing in health and wellness and it continues to be but when i look at this partnership, its so much fun because the world is short format but when you have a lot of that, i was mesmerized listening to their stories and with this format, it allows you to connect to the consumer better and i to get inspired and learned a lot. A longer conversation is so much better. Other traits you picked up from some of your interviews that you can tell us about that is a trend that goes through everybody . For me, it was the theme of never giving up. Nine out of ten you will be told no. If they hit three out of ten, 30 , 300, youre a hall of famer. You are who you surround yourself with. Everybody talks about team, being a yankee and for third part, thinking outside the box. Not being so, this is what you are. You are a baseball player and you cant move, the great ones said why not . The tenth largest brand, reaching 65 Million Viewers and make this year. Speaking of brands, now a lot of talk about quickening up the game, you got robotic umpires, what you take of these changes happening . Change is important. It was the number one sport for about the entire past century. Now you have nfl and nba taking market share. We started to do this already, think about baseball is an entertaining business, not just sports. How do we connect to our consumers . How do we turn a really long game and make it a positive, not a negative . 4 00 p. M. To 7 00 p. M. , i should be able to look at my phone and see what aaron judge is doing and mike trout but now we are not doing that. They started with that. Espn is following. You see what bob is doing with the fox deal, right at the forehead. Baseball have to think a bit more like bob. Dont go any where. More of this when we return. Buckle up for some insurance themed fun at Progressive Park children yeah announcer ride the totally realistic traffic jam. 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The concerns are valid but the game has options and technology and entertainment are crucial to the games longterm future. I think its two things, you have to get in your forms. You asked my daughter who has friends coming over and i say, would you rather have a tv or ipad . They say that, i will always be on my phone we have to bring in the youngest generation. When it comes to baseball, the shortterm calendars, we have to bring in arianna grande, salina, j lo, bring them in to the system, like a festival. The greatest thing that you cannot miss. Mix the two of entertainment and the great french history. Im guessing it wont be that tough for you. Erica, what are you doing to make sure this is successful . Like nieces and nephews, thats all they do is watch that. You have to bring them in. People who are very funny and passionate, very relatable and real. They are talking about baseball, football, entertainment, news and sports all the time. Its also part of making sport relevant and content relevant. Its as much about the conversation happening around that content more live event or news as it is about the news itself. We are very invested and growing as much as possible. They probably have 55 brands under its portfolio. The ark resonating because they relate to young people, they work in the phone. When we encounter a fan with content, we understand what the fan is looking for and where they are looking. Right now it is advertising. Tell us about the advertising environments. Advertisers are struggling to break through. The traditional vehicles, television and out of home ad formats and radio are not working the way they used to. Podcasts, social media, internet video, live event. We break through so advertises breakthrough with us. Weve seen seven 100 increase in advertising brands in the last three years. We are building a very big commerce business. When a fan wants to wear your teams jersey or alexs number, that says has something. Licensing, making sure our brand is going to places where we think its hits, live events and prescriptions. Dayglo, your partner who, i follow you on instagram, she is so cute. She did a tour in israel, among the most successful, how did she feel about that . Both of us are overwhelmed. They were so nice to us. She had 50000 people in the big lawn over there. It was a big festival and it was incredible. Cant wait to go back. We had our kids there and went in the ocean, a lot of beautiful, great people. She is adored by fans all over the world. Turkey, spain, egypt, two in russia, 30 shows here domestically. Its been an incredible success. She cant wait to get back. Shes missing her man. I think shes missing new i think shes missing new york. All Money Managers might seem the same, but some give their clients cookie cutter portfolios. Fisher investments tailors portfolios to your goals and needs. Some only call when they have something to sell. Fisher calls regularly so you stay informed. And while some advisors are happy to earn commissions whether you do well or not. Fisher investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other Money Managers. Fisher investments. Clearly better money management. Beside you, and up ahead. You can keep your mind on bigger things. Safety first. And second. And throughout the allnew ram 1500. Motor trends 2019 truck of the year. Motor trends 2019 truck of the year. With tough food, your dentures may slip and fall. Fixodent ultramax hold gives you the strongest hold ever to lock your dentures. So now you can eat tough food without worry. Fixodent and forget it. Coming up next weekend, my special guest, founder of, academy and ceo, my special guest, lets talk about that special program. This weekend, a sunday Morning Program this weekend, join us as we look ahead on fox news. 10 00 a. M. , live. That will do it for us. Thank you so much for watching. Ill see you next weekend. Welcome to the wall street journal. Im filling in for my colleague, jerry baker. We are talking about money and response ability of companies to make more for their shareholders. Creating value has been the guiding principle of American Business for decades. It was promoted years by the late Nobel Prize Winner friedman and capitalism