And powerful people share provocative thoughts in the top interviews. Government is a probusiness government. Everything is better with growth. No one has been successful that has never admitted a failure. He has never admitted a failure. Matt that is all straight ahead on bloomberg best. Matt hello, welcome. i am matt miller. This is your weekly review of the most important Business News, analysis, and interviews from Bloomberg Television around the world. The week began with a stunning announcement as 2 Asset Management firms consolidated. Janus capital, home to bill gross, being bought by henderson group. The deal create a company with with 320 billion under management. Is this what we have come to you in investing . So much pressure that managers have to combine to make the marginal margin . Yes, we are going to see more of this. What is happening is the rise of passive investments indexing has put pressure on active managers. One thing this hopes to accomplish is to provide more scale to both companies, allowing them to distribute projects more evenly. Products more evenly. Henderson in the u. K. And Janus Capital in the u. S. , they feel they can expand their client base to run active management actively managed funds and stay competitive. Why be global . You will be dwarfed by blackrock and fidelity. The combination gives us more resources and economy of scale. It gives us more operating leverage. Were not trying to be black rock or a huge one. But the additional scale of 300 billion of assets under management allows us the opportunity to capture more benefit and opportunities for shareholders and build out our business around the world. Does management have a role to play in this combined company . There is no star manager or a lone wolf. They are part of a combination of ideas being generated by people in the firm. Being able to collectively grab that through a collaborative approach. That is the future of active Asset Management. That is what the future holds at henderson and Janus Capital, going forward. The pound has fallen to a 31year low as their could be a as investors brace for what could be a hard brexit. How much lower could we go . It will be a bumpy ride, guy. I think you are right. Investors are looking at the hard brexit scenario and being spooked. We have had decent data very recently. Yesterdays manufacturing pmi data was better than expected. Investors are looking past that as the brexit becomes more of a reality. What about the europound trade . That is important to note. Notwithstanding the dollars strength, euro sterling has been pushing higher. The pound has weakened. It has been relentless. We do not have the size and scope of 31years of lows, but we are seeing multiyear lows for the pound against the euro, and that will be important to watch as we go through the next few months. Lets give you an update on the euro. It is pairing its sudden gains from the news the European Central banks may wind down the bond purchases before the end of quantitative easing, 10 billion euros a month. Why is the European Central bank talking about tapering qe purchases were the economy is not at a point where that could happen . I dont know if they are trying to keep in lockstep with the fed, but by announcing measures, incremental measures to step back, it will be everybody hitting the door at the same time. There is no way they can exit on an incremental basis. Bonnie treasuries trading after the bloomberg scooped that European Central banks will gradually wind down the bond purchases before the conclusion of quantitative easing. Do we have another taper tantrum on our hands . We have had a drop for the day. Is it totally significant . Probably not. It caused me to reverse positions in terms of being Long Duration to a short duration. Im glad i have been watching bloomberg. European stocks falling with emerging markets after bloomberg reported some ecb officials are discussing ways to bring quantitative easing to an end. As well as the selloff in stocks, 10 year bond deals in italy have surged to the highest since june. The 10year spanish yields is above 1 for the first time in two weeks. It shows you how nervous investors are. We all know we are getting to the end of the big road they have been kicking the can down for years. You can only extend that for so long. Anything with a hint we might be nearing the end spooks the market. Is there any sense that the ecb perhaps leaks this information to test the market to see how they might react . On this occasion, they may not be too pleased with the reaction . Central banks are known to fly test balloons here and there. If mario draghi wanted to do an official one, he would have done it himself. It is probably not right to say it is an official trial balloon, but people are having discussions. The Ecb Governing Council has not officially discussed tapering or the future of qe. It has not been on any official agenda. Clearly, people are talking and thinking about it. German regulators investigating Deutsche Banks ties with an italian bank. That came up with new revelations. Regulators Say Deutsche Bank mismarked 37deals with other banks. Deutsche bank says there is no connection between the deals. Talk me through what we have learned about Deutsche Bank in the last 24 hours. We have learned this one type of deal that they structured with monte paschits, it is a similar deal with other intention struck by the german bank with clients am by the german bank with other clients, 30 other clients. Deutsche bank itself used and accounting treatment that was not what regulators determine should not have been used for those deals. There were more than 100 deals in all similar to the one they were doing. The crucial thing is in the ones that they had to restate, Deutsche Bank was lending money without putting the loans on their balance sheets. If you do not understand what is on the book, how do you value the bank . How much of a problem is that for the c. E. O. John cryan . ,on the balance sheet, it is the unknown of what is hidden. Were they doing complex deals that shareholders dont know about . Payrolls number out in five seconds. Erik schatzker is in d. C. With the numbers. 156,000 jobs is the increase in nonfarm payrolls for the month of september. Hourly wages, up 2. 6 from a year earlier. And up 0. 2 from august. The Unemployment Rate is 5 . Yes ticking up from 4. 9 . ,it does add up to a slight miss in economists forecasts, but it is not the political football it could has been in this election season. If you are janet yellen, call it a goldilocks job report. Not too hot or too cold. I think the fed will move. They are cautious. They will move perhaps every nine to 12 months unless circumstances change significantly. An upward move to renormalization is appropriate. This is a no drama report. That is what we would like. The way this report should be read is the economy is continuing to recover. Unemployment rates held steady. 10 movement is not significant, it is within the margin of error. Top line job growth is similar to last month. We are continuing to dig out of the problems created by the recession. One sign of progress is the wage growth is the strongest in seven years. Matt the datadriven fed has more data to consider. Later, we will replay our exclusive interview with Loretta Mester who says it could dictate a november hike. Plus, Christine Lagarde and europes biggest banks trying to get smaller. The cuts are causing pain. This is bloomberg. Matt this is bloomberg best. I am matt miller. Lets continue our global tour in europe with more cutbacks coming in the Continents Financial industry. Ing plans to cut 8500 jobs in 5800 jobs in the netherlands and belgium. Approximately 3500 jobs cut in belgium over 20162021. The cost on the top line will be 1. 1 billion euros. The company says it remains committed to progressive dividends. Is this the worst Case Scenario for you . Will all jobs be let go over the next five years . Yes, unfortunately as we invest, and continue to invest, in a digital transformation, and another 800 million we are committing to the strategy, it means less jobs. The important point is we have strong commercial momentum. We are growing profitability. We are growing our roe on the back of increasing capital ratios. We are doing very well. Yes, we have to move to the next stage. Time waits for no man. We are ready to move to the next stage of our digital transformation, which unfortunately means a lower fte. It will mean ing can navigate a low rate environment and deliver growth. Vonnie Deutsche Bank is set to reach an agreement with labor representatives that will pave the way to eliminate 1000 jobs according to people with knowledge of the matter. This is preannounced. They are also nearing a settlement with the doj to not pay 14 billion . It is about getting to the finish line on some of these items, cutting jobs they laid out last year. This is one more obstacle they have in terms of shrinking the bank. The other is on the doj settlement number, what number they end up at, and how quickly they can reach a settlement with the doj. That is the question, shortterm. Longterm, it is profitability. Shortterm, it is about the doj number. Takata is said to receive investment officers of 2 to have received investment offers of 2 billion from five suitors. How big with these investments be in relation to the size of the company . 1 billion to 2 billion from the suitors. Looking at the market cap it is 290 million. A big jump in terms of the market cap compared to the offers. The suitors include a bio company, and 2 airbag makers. Not all are considered equal. Why are some viewed more favorably . There are three bidders. Those are the ones takata may lean towards. All five proposed bankruptcy as an option. Two insist upon it. The three they may favor according to bloomberg sources include the bio farm. The other two insist on bankruptcy. At this point, we are told none have been ruled out. You have it official, Bass Pro Shops buying cabelas for 5. 5 billion. These would be the two biggest Outdoor Sports retailers. The idea was that Elliott Management owns part of cabelas. They have been pushing for an the mesh a sale they have been pushing for a sale of the company. There is a bidding war between Bass Pro Shops and sycamore. What is driving a deal . Elliott. There was an activist and cabelas pushing a deal. They got a deal. 5. 5 billion is above where they traded. For the last two years, cabelas shares were going down. Since elliott got in there and they became public, shares are up 15 to 20 . Now they are up another 20 on top of that with this deal. Bass pro shop, one retailer buying another, you see that a lot. Retailer names come and go. I would not be surprised if the cabelas name went away. Matt u. S. Sales figures for september trickling out all day. I am talking about autos. Of the u. S. Automakers gm and , ford posted declines for the month, but came in basically in line with analysts estimates. Nissan saw u. S. Sales rise 5 for the month. That clobbered estimates for a drop of 1. 5 . I think that this month is about quality of sales over quantity. One thing i was encouraged to see was the improvement in average transaction prices. Consumers are paying more for vehicles than last year. They are spending more, higher trim levels, better equipped vehicles. This is a positive when we look at gm and ford stock in particular. It speaks to the profitability of the balance sheet. Breaking story out of australia. Rba keeping rates unchanged. 1. 5 . The decision was not in doubt. It is the statement is key. What is rba saying . It is all about inflation. That is how we got to 1. 5 . We have had weak inflation. The two cuts we have seen so far this year were in response to that. The statement said keeping it at 1. 5 is consistent with meeting the cpi target over time. This is also consistent with what the new governor has been saying in the weeks leading up to the meeting. It was his first in charge as the governor. He described the rba as not being inflation nerds words that , could come to define his tenure. He is expressing a willingness to allow australia to live out the inflation target ban and keep a little powder dry in terms of the cash rate. We got confirmation of that in a statement. Also saying the cash rate of 1. 5 is consistent with sustainable Economic Growth and continued jobs growth in the near term. Another stock we are watching is walmart. Shares down in early trading after the company forecasted earnings that missed analyst estimates. C. E. O. Doug mcmillon said income will be relatively flat compared to the current year. What was behind that mediocre forecast . They have been laying out for the past couple of years that it will take time to come back to growth. They have been investing in higher wages and fixing store bases. They closed a bunch of stores. The big news, i think, is they will not be opening as many stores as they have been. For the first time in years, since investors and analysts have been saying dont open so many stores. They are saying we wont open so many stores. They will spend 11 billion in 2017 and 2018 in ecommerce to remodel stores. In the long run, is that what investors want them to be doing . In the long run, in the next 10 years if they can do , everything they say they will do, investors will like that. Can walmart do, what they say they will do, and will investors give them this same leeway they do to a company like amazon . 2 minutes in chaos in asian trading caused a plunge in the pound to 31year low, saying the slump was exacerbated by computer initiated sell orders. Sterling fell against the dollar, the biggest decline since the day the e. U. Referendum result was announced. We have views that this was largely due to computers that exacerbated the selloff. Do you think theres something more sinister or just highlighting the sterling vulnerability . There were a lot of selloffs in the system. Why are there so many so orders sell orders in the system . If we look at what some economists and investors are fearing is that we could be in for a decline. It has been a horrible week for sterling. This is because the market is fearing a hard brexit. I think that it is suggesting a vulnerability in sterling. Matt welcome back to bloomberg best. I am matt miller. The Federal Reserve held rates steady at the september meeting. In an unusual show of dissent 3 fomc members voted to hike. One hawk was the cleveland fed president. This week, she put markets on the alert to brace for tightening in an exclusive interview with bloomberg. Why dissent . Is the economy overheating . It is not overheating and i do not think we are behind the curve, but there was a compelling case for taking the gradual step on the path. In my view there is a compelling ratee for moving the grea up gradually for taking another , step on the gradual path. Some people think, you want to curtail the expansion . Not at all. The reason i think it was appropriate to move up by 25basis points is that we want a sustainable expansion. I think moving rates up is consistent with that. And gdpirst half, barely grew over 1 . Does that make you think that the wait could be a little longer . There is a risk of hitting the economy with a rate hike when it is not that strong. What you are right. The first half of the year, growth was 1 . I still think we will see a rebound in the second half. Around 2 to 3 in the second half, 2 for the year. My view is that we will be growing a little over trend for the next two years. That will be Strong Enough to put downward pressure on the Unemployment Rate. I expect it to go down from the current level. I believe the data is in place for inflation to move gradually back to 2 . In my view, Inflation Expectations are reasonably well anchored with inflation moving up over the past year. I think Economic Conditions are such that we will go gradually back to the 2 goal. We do have to be preemptive to make sure we are moving the Interest Rate up to make sure we can keep the expansion sustained. If the data stays strong, it seems like the economy is on better footing for a november rate hike. If the reports come in strong, will you argue for a rate hike in november . All meetings are live. I would include november. I said in i thought the case was september compelling to take another step on the gradual path. If the data is consistent with my forecast over the meeting run, i would expect the case to remain compelling. We will look at all of the data that comes in between now and november, between november and december, as we do all the time. We like to look at all the incoming information. You are right, if the data comes in consistent with what we have been seeing, yes. I think it would still remain compelling. You would vote for a rate hike . We will see when we get to the meeting, but i think the case would be compelling. Matt more exclusive interviews straight ahead. The u. K. Exchequer Philip Hammond and imf managing director Christine Lagarde tackle the toughest questions facing the global economy. Plus, looking back at the week in tech. And mark cuban lets loose on donald trump. That makes him completely unfit. Matt this is bloomberg. Att this is bloomberg best, i am matt miller. Philip hammond has a tough job as head of the u. K. Treasury. He must set a fiscal policy that can soften economic shocks as the country moves ahead with its exit from the European Union. Hammond visited wall street this week to reassure u. S. Banks about britains strength, and discussed challenges he faces in an exclusive and new interview. Now we have a situation over the past week or you have seen all this talk of hard brexit, sterling has gone down, people dont see the city is something it looks like the government will defend. Is that fair . You have a lot of worried financiers in this room, and probably many watching us on television. What would you say . I dont think it is fair. It is not the correct analysis of what has happened this week, john. First of all, we dont recognize the distinction between hard and soft brexit. We want to get the right brexit for britain, the one that works for britain and the European Union. It has to be about mutual advantage. It has to be about a mutually beneficial solution, and the Financial Services sector is a very, very important part of the u. K. Economy, the largest single value contribution sector. We place a very high priority on getting the right solution without European Union partners. For the Financial Services sector. Should be treated differently from any other sector . As you said, it is britains biggest, arguably most important industry. Shortly it deserves some degree of priority. It is different from any other sector, because manufacturing, for example, if we were to end up in a wto rules deal rather than a negotiated deal, manufacturing would know exactly what that meant for it. But Financial Services are not really covered effectively by wto rules. So it is different, and we have to deal with each sector according to its specific needs. And we are at the moment in the process of analyzing, with people in the Financial Services sector and other sectors across the economy, to understand the specific needs that they have. Because one of the things that is already clear is the sort of initial response of people, we must have this. It is too general. When you boil it down, there are some really specific needs, really specific issues that we have to understand, and we have to factor into the way we conduct our negotiations with the European Union. For you think there is any economic advantage to brexit . In the longterm, yes. The u. K. Is an outward looking nation, with strong trading links and investment links around the world, and outside the European Union, we will build on those historic trading links, and we will leverage the advantage of an economy which is , in many respects, more midatlantic than 20 miles off the coast of europe in the way it approaches markets, in the works, later market attitudes to doing business, legal system. I think most people in britain feel probably halfway across the atlantic, between the u. S. And europe, rather than just 20 miles off the coast of europe, and 2000 miles away from the u. S. You say that with a lot of people in new york listening to theresa mays speech, and they heard this voice which said it much more critical of business than anything we have heard in a long time, certainly more critical than cameron, more critical than 20 black. We are going right back to jim callahan than tony blair. We are going right back to jim callahan, some would say. Is this government antibusiness . Absolutely not. This government is a probusiness government, strongly supportive of open markets, free markets, open economies, free trade. And itsave a problem, not just a british problem, it ofa developed world problem, keeping our populations engaged and supportive of our market capitalism economic model. People who feel, and you are seeing it here in the u. S. , through the primary campaign, people who feel that the economy isnt working for them anymore, that they are the losers out of globalization. It works for some, but it doesnt work for all. And what theresa may was setting out is a recognition that we have to reengage those people who feel they dont have a stake in the economy anymore. I would suggest that, for liberal market capitalism to be firmly rooted, we have to address any symptoms, any signs of a sizable group of our population becoming disenchanted with the model. Whether its in the u. S. , whether its in europe, whether its in the u. K. , we need to seize that challenge and respond to it, and thats what we intend to do. Brexit is just one of the factors feeding into this weeks subdued Global Growth forecast from the imf, which warned of risks that political discord and protectionism pose to advanced economies. Christine lagarde fleshed out the imfs outlook in another exclusive. Xcus do you feel centralbank policy is coming to the end of the line . How difficult is it for governments to pick it up, when were so indebted . I just want to call a little bit of caution on the massive number of 152 trillion, which is about 225 of global gdp, because about two thirds of that is corporate debt, household debt, and a third is sovereign debt. Not all countries are in the same position. Some countries are heavily indebted, and some of them have debt held by domestic holders, which also is a particular problematic, particular situation. So we cant just cry and say, it is a huge, huge debt around the world. We have to be countryspecific. But, there is an issue of the debt burden, and there is an issue of what Monetary Policy can be conducted on its own, as has been the case for too long, which is the reason why we are calling for the threepronged approach, monetary, fiscal, structural reforms, and they have to come together. A distinction here is what will be the new glide path of Economic Growth, because the debt can be sustained. Among others, joe stiglitz has been very good on this. Where is Christine Lagardes level of Economic Growth . Where is your new terminal value, if you will . My growth model used to say that everything is that are better with butter, everything is better with growth. [laughter] it has been too low, for too long, benefiting too few. We are advocating a threepronged approach using all the levers in the toolbox and benefiting all, not issue. Not the few. We have to ask about brexit and the effect on sterling. Is the uks still open for business, after what we have been hearing this week . I think you have to ask the u. K. Authorities. But it seems to be the determination, to continue to do trade. I think the terms under which it will trade with europe, for instance, it is not yet really certain what it will be, so we welcome the certainty about timing, but the certainty about terms and conditions, when it comes to financial passports for banks, when it comes to tariffs and the norms. I looked at a 100 year chart the other day of sterling, five dollars per pound in 1934, and then we go through the years. Do you have in your headache point where had a point head a point where currency depreciation becomes wealth destruction . Is it at 1. 20 sterling, or could be even weaker . I dont have a magic point. Simply say, if the outcome of brexit his not the adverse scenario we had forecasted, the sterling is certainly taking a hit as a result of the current situation. Does brexit and donald trump feed on the same fear . How does the imf deal with a donald Trump Presidency . I think those paradigms are just too country specific, located, and settled to be put into the same basket and dealt with like that, so it would require another long debate. Matt this week bloomberg launched Bloomberg Technology our newly redesigned website covering the latest developments in Global Technology from our 12 international bureaus. Go to bloomberg. Com technology, or check us out on twitter at technology. Tech is indeed global. Lets check out our review of the weeks biggest tech stories with one of the tech worlds biggest names. In the chang caught up with emily chang caught up with mark cuban at the Salesforce Dream conference in san francisco. He had a few things to say about technology and politics. How do you think clinton versus trump would impact growth in general . I think where it impacts us, when you have a president , lets just say trump wins, and you dont know what hes going to say next, that is the ultimate uncertainty. He hasnt been able to control himself when hes this close to the presidency. Hes not going to change. One ridiculous or offensive comment, and north korea drops a bomb on japan. One ridiculous or offensive comment or demonstration of being oblivious about the world and putin invades another country. Those are the types of things that radel everybody. Thats why, when i said the market would tank if he were elected, war is the ultimate uncertainty, social unless is the ultimate uncertainty. You can deal with taxes. If you dont agree with any of Hillary Clintons programs, you can go to your senator, or congressman, and deal with it, have a say in trying to oppose this. If somebody is just oblivious to whats going on in the world, and we have look at charlotte, what they had with the unrest. It doesnt matter but the tech structure is, if businesses cant open, if they are afraid someone will get hurt, you are afraid, to send your kids to school, that is when society is really taking a turn for the worse. So you think there could be massive social unrest . Who knows . What im saying is, Hillary Clinton understands the balance of power in the world. She understands the relationship between china and north korea the entire asian area. She understands the dynamics of russia and putin in the surrounding countries, and he doesnt. And its not even about his lack of understanding of the policies. As president , if you make one flippant comment to somebody and it is offensive to an unstable world leader or a contentious world leader, thats all the excuse you need. Ally,mb drops on a nato one incursion on a nato ally, we are in a different world. So as an investor, as a business person, i look at it as risk assessment. Is it a greater than 0 chance that trump would Say Something stupid as a president that would cause north korea to take action . Yes. Is there a greater than 10 chance, base on him tweeting at 3 00 in the morning about a 1996 beauty queen who gained weight . It might be greater than 75 . There is no amount of policy that offsets that. That makes him just completely unfit. And i dont care what you think about Hillary Clinton, and we can argue about all the crazy stuff that has been said about her. She is pragmatic. She is smart. She understands deterrence. She knows what the Nuclear Triad is. She understands our military. She may not be great at cyber, but she starting to understand more and more. He has no clue. When he tried to explain cyber, he didnt even know what he was talking about. You have blasted him for not paying taxes. Whats wrong with him taking advantage . Absolutely nothing is wrong with him using that, carrying forward losses. I have as well. But if i was out there saying, im the worlds greatest business person, i would admit my mistakes. If i was releasing my taxes, and i had a 915 million loss, i would tell you why. Because theres two ways to look at it. One, im a financial engineer and im ashamed of what i have done. Or if he really was an entrepreneur, really cared about investing in people, developing jobs, why not say, you know what, i took a big chance, i thought i could create this company that could do 10 billion in business and create 10,000 jobs. I failed, but i learned a lot about it, and you will take the benefit of my knowledge from that failure. Theres nobody who has ever been successful who has not admitted failure. Google takes its biggest leap yet into the 400 billion smartphone Hardware Market after years of outsourcing development to other phone makers. Google is now taking the apple approach and developing phones from and to end end to end inhouse. Aogle also unveiled speaker device to take on amazon echo and a mobile headset meant to spread vvr to the masses. What stands out to you most . Definitely the amazon echolike speaker. Thats the most interesting thing to me. Today we really expected the pixel smartphones, that strategy, but they announced new Software Development kits, two of them, want to connect to apps and want to connect to other devices in your house, so interesting they are going after the home market from two different angles. Do we think this could begin changing for the Smartphone Market . Obviously android has huge market share, but google specific devices, the nexus, have not necessarily done well. I dont think it is a game changer today. I think it is an introduction to the Game Changing down the line. A lot of the google executives we talked to after and before the event are indicating this is more of a journey. Every year, google will do more and more. This year they start with the custom controller to make touchscreen response times on the android pixel phones more, faster, as well as a new camera to work on the chipset. Over time, you will see more custom work, wireless modems, other chips, sit on the road that will become a big game changer and the seriously cause concern between the android platform and google as a hardware company. Experiencing woes today. Shares hit a new record after calls from an activist investor for the company to embrace change, but the heat is on today after a note 7 smartphone cost an emergency on an airline in the united states. Lets start with the calls in chains that drove up investment interest. There is a letter that was sent to them, essentially, what it has here is affiliates of Elliott Management have said, when you look at the share price of samsung, shares typically trade at a very steep discount. The list of proposals that came out of basically meant to address the valuation gap. One of the chances what are the chances of success, to change samsung . Maybe pretty good right now. The call, the proposal is basically intended to make the company more transparent, i should say conglomerate more transparent and increase shareholder value. At the same time, the son of the chairman, hes looking to modernize the company, make it more open, address some of the criticisms of its governance issues, and this proposal may be one way to do it. Shares of twitter are tumbling the most in more than one year, following a report google is not interested in buying the social networking site. Google is not interested. Recode purported apple is not interested, in disney might not be interested as well. Does that just leave salesforce . I can confirm for you, sales force is still interested. They are still in it, at least as of right now. I have not been able to independently confirm disney is for sure out. Google is an interesting case, because google does not really need to buy twitter on its own in order to keep its current Search Partnership intact. I can tell you from my sourcing, we reported google is working my sourcing has told me that the entire time, there was never a Firm Commitment from google that they were going to bid. So it is certainly possible that they were just looking at twitter, kicking the tires, and moving on. Costolo was on bloomberg, and he said he thinks twitter can still be independent. What do you think . I, i dont see how it gets materially better over the few years without fresh blood. I dont see a path to that. I dont hear that theres any twitter 2. 0, 3. 0, 4. 0 in the works. I havent heard anyone talk with great passion about what is coming down the pike. So do you hope for acquisition . Do you hope for a new ceo . I hope for an acquisition. I think theres some great product teams that would fit in naturally. Thats not a new thing for me. I have said this for a long time. It is a natural complement to at least four or five companies out there. Who would you like it to be . Look, it is an obvious google fit. I think google underestimated the company for a long time, because it is not scientifically hard to pull off, in the same way that google kind of underestimated blocker for years blogger for years. Microsoft would be able to absorb this is nice is this. Disney . Disney makes sense. I think people are overweight on the importance of media on the platform. Is a lot of audience, a lot of engagement, and if you do that, the Media Partners will come. You dont necessarily have to do a Strategic Media access deal to get people excited about it platform like this. You just have to make it the most fun place to engage with that content and easiest place to monetize, and then content shows up. You are the biggest shareholder at one time. Have you sold any twitter shares . I have definitely sold some twitter shares. How much . I dont own as many as i used to, because im not an idiot, but i own more than i should, because im an idiot. The ftse 100 has just broken through 7000, which is great, but i just want to have a caveat. Havee take you to my i a currency adjusted all the way over here. Northp 12. 59 , and yes, of 7000, but if you look at the last column here in euros, we are down 5. 23 , which is andally worse than the cac the dax. Matt there are about 30,000 different functions on the bloomberg, and we always enjoy showing you our Favorite SongBloomberg Television favorites on Bloomberg Television. Heres another one you might find useful, quic go, taking you to our quick takes, where you can get fast insight into timely topics. Here is a quick take from this week. Polls. It the pollsters have got it wrong again. The 2014 u. S. Congressional elections polls. Where did the democrats and the white house get this wrong . Holes in israel, greece lls in israel, greece, scotland, wrong, wrong, wrong. The latest wave of swing state polling. If you read any news outlets, or even take a peek at donald areps twitter feed, polls constantly referenced as if they are gospel, but every poll needs to be taken with a grain of salt, because pulling is polling is an inexact science. Heres the situation. Scientific polling started with one man in 1932, george gallup, who conducted a poll for his beherinlaw, running to secretary of state in iowa. His polling was accurate and she won, but he still got some productions wrong. Remember this headline . One of the biggest blunders of all time was illegal was a result of incorrect polls. They were refined to be more accurate, and as they did the polls grew exponentially. Today there is gallup, rasmussen, quinnipiac, ugov, reuters, and even bloomberg conducts them. The list goes on and on, but it is getting harder and harder to trust their accuracy. One reason, the cell phone. Because of a ban on cell phone auto dialing, all calls to cell phones must be made manually, which is not only timeconsuming, but expensive. Call onyone receiving a their cell phone who doesnt recognize whos calling tends to not answer. 36 . Esponse rate in 1997, in 2012, 9 . Below Response Rate makes it harder to get accurate responses, so analysts are more likely to trust aggregations of polls, like those created by 538, because they dont just focus on one poll. Heres the argument, given the dance about the accuracy of polls, pundits and politicians feel increasingly free to skew the narrative anyway they want, resulting in exchanges like this. You guys are down, and says who . Says who . Polls. Most of them. All of them. Pollsters say more time is needed to adjust stamping techniques in the mobile phone era leaving and in the meantime, polls are good for democracy, some say, with the justification that some more people might vote if they didnt think results were preordained. Matt that was just one of the many quick takes you can find on the bloomberg. You can also find them at bloomberg. Com, along with all the latest Business News and analysis, 24 hours a day. That will be offered bloomberg best this week all for bloomberg best this week. Thanks for watching. I am matt miller. This is bloomberg. Emily i am emily chang and this is the best of Bloomberg Technology, where we bring you the best from the week in tech. Coming up, early and twitter investors explain why he is disappointed in jack dorsey and all in for a twitter acquisition. Plus, first on bloomberg, a sitdown with mark cuban, who holds nothing back on donald trump and google gambles on the smartphone. We will look at the strategy for the 400 billion market and the plan to take on apple