Stephen colbert taking over the late show when letterman retires. This is a fiveyear deal between colbert and cbs. No specifics on when he takes over for letterman. Lettermans final shows will be in 2015. Since its debut in 2005, the colbert report has been a huge success for comedy central. He will show that to be himself. Shelve that to be himself. Letterman is very excited about this replacement. According to les moonves, letterman told him i cannot think of anybody else. Seems like everyone is showing colbert love. Stephen colbert is up for the challenge. We wish dave the best, but there is no greater joy than seeing a genuinely good man who works as hard as he can, every day, and deserves all the success in the world. For stephen we are thrilled. Another person likely to assume a new role, sylvia burwell. President obama nominated her late this morning as his new health and Human Services secretary. Kathleen sebelius offered her resignation this week after the botched healthcare. Gov rollout. White house officials said sebelius made the decision to resign and was not forced out. One person not too happy with former secretary of state hillary clinton. About [indiscernible] woah, clinton dodged a flying shoe while speaking at the mandalay bay in las vegas. Controversial stuff. If you remember, george w. Bush had two shoes thrown at him in 2008. Dare we say, almost an initiation to the president ial office. She is ready to be president. That was serious stuff. They could have hurt her. The woman was arrested. Where does this come from . Did we identify the woman . Do we understand her politics . The little reporting i have seen says we do not know exactly what her motivation was. Curious. It turns out not just politicians get shoes thrown at them. There goes, woah. Dodged that one. When tom comes to d. C. , strange things happen. Tom keene throwing his shoes at peter cook. The next name in the news, bond king bill gross has enjoyed several decades in the limelight as one of the bestknown Bond Investors in the business. He founded and still runs pimco, home of the Worlds Largest bond fund, nearly 2 trillion in assets. That money comes from pensions, endowments, pretty much anyone with a retirement account. Recall in january when bills bond kingdom was shaken when pimcos ceo Mohamed Elerian left the company. Here is mr. Gross a few weeks after that. Were we disappointed when he left . Yes, we were. He will be here until march. Mohamed came back, not only the heir apparent, but the future ceo. I thought i had done my job but obviously not. This is bill gross yesterday. Extremely disappointed. I thought i knew him better. We hired him to be my successor. Does it make me mad . Yes, that makes me mad. Does that make me disillusioned, not really. I would simply say, come on, mohamed, tell us why. The furor over the past two months in terms of the headlines are quite exaggerated. And it is not indicative of what this company is, was, or will be in terms of our future structure. Bill gross is still not over the elerian departure. Mr. Gross management style has received mixed reviews, from direct to tyranical. It is in the cover story of the new edition of bloomberg businessweek. Am i really such a jerk . Dictator was also thrown around a couple times. A leader has to be forceful and dynamic at times. A leader has to allow for inclusiveness and discussion in order to promote and to elevate the best ideas. Have i done that in the past . Perhaps not perfectly. Sounds like we might be getting somewhere. Time for a little introspection with trish regan. I spoke in the article to the fact that Something Like this over the past two months or three months causes one to reexamine yourself, the Michael Jackson man in the mirror. In this case. Are you the person you thought you were or are you the person that others thought you were . What is your answer . I think for the most part, i am the person i thought i was. I am willing to say in this new generation with our dcios, it is important to be less of a strong leader and more of an inclusive leader. I look in the mirror, i like my hair, it is nice and thick, as the article suggested. Can it be changed and a different style . Of course, that is what im trying to do. What is it that you would change about yourself, beside your hair . Try to taper it a little bit. It is true that you it is true that at certain points i have raised my voice. Is that a bad thing . Not all the time. Frankly, you do not get a pearl unless you have sand in the oyster. A little bit of sand, a little bit of temper, it is incumbent upon a leader to promote that. But not a lot. I am examining myself from that standpoint. Ultimately, this is about bill gross future as the leader of his bond kingdom. What does that look like from the throne . I will be here for a long time, we have a new structure in terms of the investment and our deputy cios. We have a new president and ceo, this company is going for. Forward. We do not want to look at the past. Read the full story of bill gross soulsearching in bloomberg businessweek. It is online and on newsstands today. Still ahead on lunch money, George Costanza. Jason alexander in his new standup career. Samsung releases its new galaxy s5, leading over apple as the Worlds Largest smartphone maker. A start up aiming high with a heliumfilled wind turbine. It would be a record, the worlds highest wind turbine. Here is a look at this thing in action. This is lunch money on bloomberg television. Also streaming live on bloomberg. Com, your tablet, and amazon fire. I am adam johnson. A lot happening in tech. Biggest weekly decline for the group since january. Amazon, facebook, netflix have gotten hit. As for the headlines, struggling Games Developer zynga is losing its cfo of six years. He will be replaced by best buys david lee. Amazon to buy new york comixology. Samsung introducing the galaxy s5 today. Yesterday, ryan blair highlighted some of the new features. This is the new Samsung Galaxy s5, there is a much more simplified approach. It is waterproof. You have to put it in three feet of water for 30 minutes. They build in some protection of the inside. They have done great stuff with the camera. This will be all over the place. The Global Market will be flooded with ads for this. Cool. Samsung has been on a tear with all these selfie related product placements. Ellen degeneres, david ortiz. Apple pumping up its own marketing. They joined trish regan on street smart. Not immediately clear why they have hired these digital agencies, but they are making moves in the Digital Marketing space. They do have samsung marketing envy. That became clear and emails that went public this week. Tell me about it. Between Philip Schiller at apple and his creative agency. In those emails, he basically called out the agency for not producing campaigns that were as innovative. Innovative, but they have also landed them in trouble, using the president and david ortiz. That is not allowed. Ellen degeneres and that selfie, it feels sort of passing at this point. Samsung is masterful at getting attention to look at their phones. They change the game with an ad making fun of people who wait in line for iphones. It really helped units skyrocket. How do you characterize the Samsung Galaxy . That ad made it feel like it was not cool to wait for an apple product or be an apple fan boy. Apple is also giving its chief designer more authority. Jon ive was originally working with the late steve jobs on the imac. After the break, gadgets to improve your game on this masters weekend. We hear from Christine Lagarde at the Imfworld Bank meeting in washington. As we go to break, the u. S. And south Korea Holding live fire exercise. North korea calls them war practice, the u. S. And south korea say they are just exercises. This is lunch money on bloomberg television. Streaming live on every device imaginable, including fire tv. I am adam johnson. Day two of the masters in augusta, georgia. 24 rookies. Golfs biggest name is out, tiger woods is recovering from back surgery. Adam scott off to a strong start. The tournament wraps up sunday afternoon. Augusta national may be established, lesserknown courses have had a tough go since 2009. The ceo of golf course design firm black knight is also the son of pga champion gary player. He spoke with betty liu this morning from augusta. We have had a terrible time in the past few years. Particularly in the usa. It is still that the demographics are tough. You have working parents. It takes a lot of time to play golf. It has been through a terrible time. I think the pricing is starting to correct itself, the subprime subprime the supply and demand curve is changing. There are more golf courses shut down the new ones opening. It is more of a balance. At one point, we just had too many. Too much product and not enough people to participate. Were seeing a correction and that is good news. Where is the new demand coming from . On a global basis, it is really more southeast asia, china, india, some of the latin american countries like brazil, mexico. There are pockets in the usa as well, mostly in the sunbelt, from florida three texas across the california. Where the weather is more conducive to playing. It is not widespread, it is very selective. A lot of people are being smarter as to where they build, how much they spend, and how we market the product. The new golf courses, are they more members only clubs or daily fee type courses . It is a combination of both. The resort courses, where you have got a four seasons or the ritzcarlton that are building branded golf courses with mickelson. Then you have the daily fee golf courses. The public golf courses are growing fastest as municipalities look for ways to use land that is available. Land bank it until the city needs that space. Do you think the pga needs to do more to get people interested in golf . The pga tour is professional golfers and then you have the club pros. Between them, the game has been pretty static. If you look over the last 10 years, it is basically 25 million golfers every year. We may gain one million but we lose one million. It is a 2020 program. Theyre trying to get young people, that is the key. The focus has to be on getting young people to take up the game. They are doing a lot, there is the 2020 program. Theyre trying to make off a a golf a little cooler and more interesting. It is very time consuming. We try to design golf courses that are maybe only three holes or six holes or nine holes that you can walk barefoot and you can go out with your father or your grandfather and play just for an hour. As opposed to 18 holes in five or six hours. What about you . You practically grew up at the masters. My father played in the tournament 52 times. Wonderful. It feels like coming home. It is the only major that stays in the same location. Moves, the pgan championship, the masters stays here. We bring our customers and clients and. New meet old patrons. You walk the golf course. You have a Pimento Cheese sandwich. We have a fantastic one. It is a feeling of coming back. The right of spring. Inspired . Simon jones, who holds the world record for most golf swings in 24 hours, he showed guy johnson in london some of the latest gadgets to improve your game. This is the new launch monitor. It is the simulator type product where it will capture using cameras the data of the ball as you hit the ball at the moment of impact. It will deliver back key pieces of data. It will also simulate the data as well. You take your tablet down to their range and it will link with that i give you a lot of information . Yes. And you have bits of data on the screen. Lets talk about other stuff. This is a different way to play the same game. This is brandnew on the market, they launched it at the pga show in orlando. They launched it in the u. K. Open the box. An actual device that will clip onto your belt. An individual tag for each club. You screw it into the top of each club. You measure that shot and it will map out your round for you and deliver back every piece of data. Your driving accuracy, you can then compare and share them with your friends and the best golfers in the world. It will know that i am playing on the eighth. They have loads of golf courses mapped out. Gps. They are sponsoring the best golfers in the world, jim furyk is an ambassador. This is a ball made from a piece of resin, which is lighter, faster than a rubber, has more inertia and is more stable. It transfers energy from your shot into the ball more than a piece of rubber. That will make you go further and more accurately. All this is amazing and golf is changing rapidly. What impact is this going to have on the game . It will bring the amateur golfer to a better place in the game. They will be able to learn more about their swing and analyzed it more. Keep up with pros. After the break, date two of the imf meetings in washington. We hear from some of europes top policy makers. Also from the head of the imf herself, Christine Lagarde, on her positive outlook. This is lunch money on bloomberg television. I am adam johnson. Moving pictures where the video is the story residents of northern australias queensland state are bracing for the strongest cyclone with winds as strong as 170 miles an hour. Residents have been warned to evacuate. Some predict sugarcane losses of 5 . In the ukraine, new clashes. Violence took place. The party is considered friendly with the kremlin and police had to escort him from the hotel. Here in new york, the protest to bring attention to violence in south sudan. Demonstrators were arrested by by after blocking the entrance into the united nations. Peace talks are scheduled to resume at the end of the month. The spring imf and World Bank Meetings are concluding. Tom keene set down for an exclusive interview with four policymakers, asking executive Board Members about the prospect for european inflation. Europe is not japan. We know why inflation is low. We need to be stronger in the Single Market and the Global Economy, and for that, they have to cost costs. We know information is low and and inflation is low. It will remain low for a period of time. It is an interest issue. We are aware at the ecb that low inflation can be an issue for countries that have to be deleveraged. It makes it more difficult for them to deleverage. We have a mandate to bring it back to close to 2 . We are aware of our duty under our mandate, and we have been clear in our meeting last week that more measures are ready to be considered, including nonconventional measures to address low inflation if needed, meaning if further news were to confirm that inflation will remain low for a long period of time. We are ready to act if needed. How do you, as an academic, link disinflation to a lack of real Economic Growth . Which is more important, subdued growth or the idea that disinflation could increase to the point of aggregate deflation. We do not see the risk of aggregate deflation. Deflation is not about inflation below or negative. It is about people postponing decisions, investments, consumption decisions. This we do not see. Quite to the contrary, we see growth accelerating in the eurozone. This is not deflation. It is low inflation that comes with its own challenges. That we are ready to face. The imf chief Christine Lagarde has a positive outlook and here she is explaining with charlie rose. The eurozone is finally turning the corner as well, turning positive. It had been negative for two years, and it is now positive. The core countries are doing better, germany being the best of the lot, and the southern countries of the eurozone such as spain, italy, greece, are finally delivering positive results as well. If you look at the emerging market economies, they are slowing down a bit, but they are still cruising at about 5 growth, which is, you know, almost double the growth of the united states. Now, if you look at what they represent relative to the size of the Global Economy, they are at 50 . 50 of the Global Economy is in the hands of emerging markets and developing market economies. If you assume that they grow at that 5 , they are gaining traction, strength in the world. Therefore they should play a larger role in the imf . That is one consequence, you are right. You are right. It also means that their policy, and the impact of, say, the feds Monetary Policy on them, matters not just for themselves, before the Global Economy, given the size they represent. You can watch the full interview with Christine Lagarde with charlie rose at 8 00 p. M. And 10 p. M. Eastern right here tonight on bloomberg television. What has this guy so hungry fat burger. We will speak to the ceo about what keeps customers coming back. That looks good. Also, we will talk to some sitcom legends on their lives after tv. Also, a pair of giant pandas has been found. The mother was eating bamboo while the cub rested in a tree. Today in eats, arteryclogging food galore. We will start with bacon. We all love it, we all eat it, and we are all paying more for it, too. Alix steel survey the damage. World food prices have been up 2 , and specific economics have caused breakfast food to spike. Orange production, sugar and to to and coffee at a record high on drugs concerns in brazil. Bacon, up 11 . It is a similar story here for they can, one of the worst offenders, october 11 . Bacon prices were already high. Here is where you go. 10. 1 pigs before the litter. Only about 9. 5 piglets per litter after the virus. One piglet is saved for breeding, nine percent of the litter rate. As this keeps progressing, there will be less pace sent to slaughter, and less feud for us, and there is no cure. Bet you did not know that. The competition for your hamburger dollar is fierce. How does the ceo of fat burger keep you coming through the door . You have to differentiate yourself. Fat burger started in los angeles in 1952. It used to be mr. Fat burger. Right, the woman had a shack and served burgers to the entertainment community. She had a boyfriend, and changed from mr. Fat burger to fat burger. Today, 32 countries around the world. All day long all i have been hearing is 2000 calories for one particular venue item. Some of the milkshakes might be 1000 calories. Look, we sold 10 million hamburgers last year, but also half a million veggie burgers, half a million turkey burgers, chicken sandwiches. We have healthy options. No mayo, save even more. If you do not want mayonnaise on it, you will save even more. Everyone and their grandmother started a Burger King Burger chain. We have been doing the same thing for 50 years. Everyone is joining the space. You have to stay different, be authentic, and have quality. Do you have a favorite . I like my fat burger plain and simple. Chicken wings are great if you like spicy. Not a burger fan . What about pizza, one of the planets most loved foods. It has its own world championship. When it comes to pizza, it is not just a state wins over the critics. You might need athleticism. This is the world pizza championship in parma, in northern italy, and it is taken seriously from classic to mouthwatering marinara, to ones that look like bowls of fruit. More than 600 pizza makers dish out the dough to be crowned the worlds very best, but if you are a fan, you are no dinosaur. Connoisseur. [speaking italian] the biggest mistake is using more than four or five toppings. People wont understand what kind of taste youre trying to achieve. As far as taste, they are judged on creativity and taste and preparation. If they want to do well, they have to revisit the roots. We try to make what the italians make here. We try to conform. This is more than a pizza party. It is big business according to organizers. [speaking italian] if we think of the annual turnover worldwide, we are talking about 72 billion euros, and it is a growing business despite the crisis. That is explaining why these chefs come here to compete. They are betting a top prize could mean a thick slice of cash comes back to their restaurant. Next, straight from your 1990s television set, Jason Alexander on his new startup career. Before you finalize your taxes, were trying to help you out here at bloomberg. Tune in monday with a special day of programming from the future of strategy, taxing america, all day, all monday. Jason alexander is famous for playing George Costanza on seinfeld, one of the most successful sitcoms of television. He is also a standup comic. He joined Stephanie Ruhle to talk about his new vegas gig. I began in the corporate market, performing arts, and then casinos and nightclubs. About two and a half years ago i started performing under my own name and if you are doing standup comedy, vegas is mecca. Lets talk about your own name and the value of a brand. Every artist, musician, actor wants to have a brand right now, and you have a brand associated with George Costanza. Has that been a positive or a negative . I would say it is a net positive in as much as you know, most actors, if you really want to look at us as rands, brands, i guess, we never get that kind of status. It is very rare that an actor gets to do something that is labeled iconic, that has real staying power, that seems to appeal to every demographic. That is what the seinfeld show accomplished. We dont know why or how. It not only did it when we were on the air, but it continues to sustain long past our expiration date. For me, that has given me an enormous entree throughout the world, which is a great thing for me. I enjoy people, i enjoy meeting people, and it opens a lot of doors to things i would like to do. I would be disingenuous if i did not also add that it also closes some doors because there are certain people, executives, directors, who say everyone thinks he is george, they wont accept him as anything else, and we will not hire him for anything else. They are always wrong about that, as per audiences are smart, and professionals get it wrong. But vastly, it is a net positive. Im very happy to have had the opportunity. Are you surprised by seinfeld staying power. seinfeld is a twitter handle. Does that amaze you . The staying power does amaze me. Other than the show was truly funny, i did not think we understand why the show became quite as successful as it was, or why it has such penetration today. Interesting thing about the website that you are noting, one of the reasons we stop doing the show is we really cannot surprise the audience anymore. We have done every possible situation, and the contributions on the website are often very funny, very unique, very much in keeping with the show we were doing. I applaud it. I go on and read some of those, and that would have been a great episode. Bob saget also cemented his legacy on full house, and then as host of americas funniest home videos. He is now the author of dirty daddy. I had a book in me for a long time, and then i had surgery and had it removed. Sometimes that comedy works, sometimes it does not. You will be here all week. Try the veal. This was about death and comedy. Family. My father sense of humor, which i inherited, i had during the time i did those family shows, and i was always a standup since i was 17, so that kind of humor i wanted to make sense of. It was a therapeutic thing. Full house and you are working at cbs, doing the morning show, they decide you should part ways. What goes on . My manager, tells me that jeff franklin, who produced full house wants me to play danny tanner. They had another person cast, and they recast it, which i have a little guilt for. I flew back to l. A. , which was good because i had a wife and a child at the time, we did the pilot, and it was picked up by abc. Is there a room on the set where you would go in order to be the filthy mouth individual because, of course, we cannot say most of the words in the book. You are were you able to do with that on the set . I was a bit manic. Even when there were kids, i am doing book signings, one of the 92nd street ymca, and it is difficult because i do stop myself. I am a dad. I am conflicted. On good behavior, sometimes i did some inappropriate acts. Check out this wild ride from a german photographer. He mounted six gopro cameras on his bicycle and went for a spin. The cameras picked up everything around him at every angle, 360 degrees, you name it. It is 56 minutes past the hour. Bloomberg tv is on the markets. I am olivia sterns. Another down day. Syncing the snp. Extending the worst drop since june. Two percent for the week. Nasdaq seeinge the most selling. It continues to shed these momentum stocks. Industry. In the tech internet stocks, big losses. Consumer discretionary. I owe tech. Biotech. A closer look. Blame biotech. Time for insight and action. Maybe not as simple as that. Take a look. The past six weeks it has fallen 20. 5 . At the s p 500. Down 1. 4 . It was biotech that took us up. Theyre the ones dragging us down. This selloff is creating an interesting situation. Sent this to me. He is typically ranked the number one biotech investor. When he sends me stuff, i read it. Valuation down to the same level as a cap big cap pharma. Trades at ally premium because in theory they are growing faster. Look at the selloff. The opportunity. It has gotten to cheap is what he is telling us. Look at some of the names he follows and recommends. Pne we found is the current are in each case a discount to where we have seen these stocks change historically. Trading 14 times, amgen. So, 19. 3. Some of the stocks dont go back further than seven years. If you want to play this trend and we should point out biotech there it is. It is the etf for biotech. We also want to point out it seems to be stopping. Blame it for taking us down but maybe it has gotten to cheap. If you take a look at the down 2. 8 . Ech, theyreck is a sector down 2. 8 . Some big selling names like via biogen. Ike blackrockers, strategists, he also weighed in on the i o tech selloff. Overall, the market looks overvalued. Those were very stretched. If what were seeing here is a modest correction and that a company into more valueoriented, that is probably healthy. Weighing in on the selloff in sector. Ech lets take a look at what is happening with oil. To aboutsing today up a fiveweek high, 2. 5 . Oil isd between changing. That is it for on the markets