Well tell you why his job is harder than he may think. Carol plus, our conversation with a ceo. Have a trade spats are affecting his company. Jason but we begin with joel weber. Lets start with the International Cover. Its a look about the bond market, debt, whats going on . Joel cheap money has been around for a decade now and it is having a profound effect in the Global Economy. We look at the ecb this week and negative rates, negative rates has been an untested policy tool that japan was using. And now its starting to spread. It was going to go away, and now its back almost, and its just a profound idea that a bondholder would invest in something that, if you hold that for duration, youre going to lose money. It just goes against the principles of investing. This is investing 101. Carol who wouldve thought we if you go back even a decade ago, that we would in this environment . Here we are. And it affects everything. Joel the idea of low rates was to spur growth. Thats not happened. And this problem just keeps getting worse and worse and worse and now, to use Mario Draghis words, things look worse and worse. Jason and we heard from the ecb this week. We are going to hear from the fed next week. Closer to home, the domestic cover has to do with 2020. Elizabeth warren, what a profile. Carol the life of the party. Joel life of the party. Josh green, one of the best political writers there is. I think this is really the multidimensional story about was warren about elizabeth and what she is doing for democrats. Race,g out to the 2016 she learned a few things from trump. One was that the party came to him. Shes going to make bolder ideas for the left and have the party come to her. Carol i think it is very revealing. I also love that josh has covered some stuff that we didnt know. Joel its an amazing story because hes an amazing political reporter. Jason it starts in an unlikely place, davos. Davos, thats right. The World Economic summit. Is there anything you might like to talk about . And she came up with an idea for a wealth tax, and then decided she didnt want to do it. And somebody else basically proposed something very similar and got a lot of credit for it. When you think about Elizabeth Warren to date, it is almost like she had this really slow start, and it was like, was she even make it out of the gate . Ever since then, shes kind of caught fire and you keep watching her put together her bold ideas. Carol i love this story. Jason two great covers. Thank you so much. We will have more on both of those stories coming up. But we begin with another name. Front and center in politics this week Boris Johnson. , carol the new british Prime Minister vowing to negotiate a divorce deal before the u. K. Is ue to leave the blah blah leave the bloc on rob is in october 31. London. He joins us now. So many challenges. Getting to the Prime Minister was best getting to be Prime Minister was the easy part. Now he has to get out of brexit and the clock is ticking. Lets talk about that. Rob yes, so he takes over a spacious with 100 days before britain is set to leave the european union. He spent three years offstage shouting abuse at theresa may and saying he can do it better. And now, finally, he gets his chance to show us. Jason so rob, take us back a little bit because Boris Johnson, relatively to our audience, one of the bestknown politicians of the last few years, in part because he is largerthanlife. Where does this guy come from . Rob well, funny enough, he comes from new york. He is this sort of extraordinary figure and hes slightly a self invented figure. He was a journalist. He was a journalist in the times newspaper, where he was fired for making up a story, a quote. And then he was given a job on the telegraph newspaper, where they were more relaxed about his slightly idiosyncratic approach to story generations. He parlayed that into a political career. For a long time, everyone thought, well, he is very entertaining. Hes very funny. And he has got this amazing charisma and people just laugh at things he says. People seem to want to like him. I spent the last few weeks following him around trying to nail what it is. You cant quite get to the bottom of it but hes got this amazing charisma. People said thats very well, but british people want a serious Prime Minister. They want a grownup, and this man is, critics say, fundamentally a clown. And his fans so you wait. You wait. Hell do it. And for a long time we thought he wont. But now he has. Carol whats interesting is , youre right to that Boris Johnson is known as much for his setbacks as for his successes, which brings us to the big question, is he the man, the face of brexit, who can actually get brexit done . Rob yes, will he has had a lot of things go wrong. He does keep getting fired from jobs. There is also this quality, he has this charmed life. So, there is a school of thought that says what he will do is perhaps he will go back to brussels. He will get minor changes to the deal theresa may negotiated. This deal, by the way, which Boris Johnson organized rebellion against and said it was completely unacceptable. There is a school of thought among his fans of the says he will get minor changes to it and bring it back. And because hes offering it, parliament will vote for it. And that might be true. And if you were theresa may, you might well sit there and think, this is the ultimate injustice, that the man who destroyed my career over this deal might then succeed in selling my deal. On the other hand, if you were theresa may, you might think, mightgoodness, somebody finally resolve brexit. One school of thought says thats what hell do. Jason rob, thank you so much. Carol coming up next, more on our domestic cover story, Elizabeth Warren life of the party. Jason it is an indepth look at the president ial candidate and her pursuit to make america liberal again. Carol this is Bloomberg Businessweek. Carol welcome back to Bloomberg Businessweek. Im carol massar. Jason and im jason kelly. Join carol and me for number businessweek everyday on the radio from 2 00 to 5 00 p. M. , wall street time. Also, catch up on our daily show. You can get that via podcast at itunes, soundcloud, or bloomberg. Com. Carol and you can find us online at bloomberg. Com, and also on our mobile app. This weeks cover story, an indepth profile on Elizabeth Warren. From the moment she arrived in washington, she has tried to show a liberal takeover of the democratic party, first as an academic, then as a senator, and now as a president ial candidate. Jason we caught up with josh green, one of the most watched political journalists around. He wrote the cover, called life of the party Elizabeth Warren. Shes done playing it safe. Josh shes back, yeah, the hottest candidate probably right now in the democratic field. Shes probably been resurrected from her earlier woes. If you read whole numbers, talk to insiders in iowa, she is the candidate people are talking about. You see it in her steady rise through the polls. Carol you spent time with her. So, the persona that we see on camera versus spending time with her one on one, how did you feel . What did you see . Josh shes, you know, she knows what she believes in, and that is the same on the record as of f the record. Shes a little blunter and harsher in her descriptions, but what she direction of is talking about is still the same. Her theory all along has been the u. S. Economy has essentially been captured or corrupted by big business, by wall street, now, by the Trump Administration and republicans. And the only thing that is going to get democrats elected is not this milquetoast incrementalism, but big, bold radical change. That is what she has introduced to the democratic debate. And really, she has shaped the race more than any other candidate. Competitive onbe the democratic field, you have to be coming out big plans, whether it is medicare for all, or some version of the green new deal, the wealth tax. These are ideas that no toptier candidate would have dared to introduce a cycle ago. Or two cycles ago. It shows how much things have changed. Jason i want to talk about some of those. When of the interesting things you do is you take us back to her beginnings. And you know more than everyone president ial campaign is about , a someones narrative. Shes got a pretty compelling one especially when you go all the way back. Josh she does. There are two narratives. There is the narrative she chooses to present, about the lower middle class, oklahoma schoolgirl, who kind of succeeded and triumphed, and became harvard professor, senator. All of that is true. The story i try and tell about one is a different one tell about warren is a different her political one. Education and how she emerged as a serious power player. I submit in the piece that has been the key to her success. I wrote a book about congress 10 years ago and i used to write a column for the boston globe. So i have known warren and talked to her on and off the record, going back to when she was on the oversight board, terrorizing tim geithner and senior figures in the Obama Administration after the financial crisis. Jason that was the moment she came into herself. In a lot of ways, it felt like, at least nationally. Josh right. She had been a fairly renowned bankruptcy professor, not much at harvard lawr school, not much of a public figure. But one thing that talk about in the piece is warren always had a gift for communicating. It was true when she was a law professor, got her noticed by phil, he had her on as a guest before anybody heard of her. That brought her to the attention of top democrats, who began bringing her into testify because she was a compelling person. That landed her the oversight gig at the bank bailout. And that is a moment where you really see her developing her signature style of staging these big, aggressive, highprofile confrontations with senior figures, almost always men, and somehow getting the best of them in a way that galvanizes grassroots liberal support. That is what kind of built up her independent base, got her elected to the u. S. Senator, and really has been the key to her revival as a president ial candidate after her early stumbles. Josh what is the next catalytic moment when it comes to warren and the democratic field . The debate coming up in the next week, she has done well in that venue so far. What does she need to really keep her in this, at least, frontrunner pack status . Josh she needs to figure out how to grow her support. She is in the top tier of candidates, but no one has broken out yet. Kamala harris rose after the last debate. Joe biden has come down, but he is still in the toptier. Warren needs to broaden her support. She has two places where she would like to do that and hasnt been able to yet. One is among bluecollar workers who vote democrat, who are populist. Bernie sanders is currently winning those voters. The other africanamericans, are hugely important to the democratic party. A lot of them have a favorable view of warren but they dont really support her. Shes got to appeal to them and keep them from going to candidates like kamala harris, joe biden. I think thats going to be her mission this next debate. Carol too early to call who might lock up the nomination . Josh always too early. Ask me again like next may and i might venture a guess. [laughter] carol you can hear more from josh green on Elizabeth Warren on this weeks extra podcast. Jason up next, the ipo market and why our next guest is expecting a healthy amount of companies to go public this fall. Carol we also sat down with the hilton ceo and talked about how trade spats are affecting his company. This is Bloomberg Businessweek. Jason welcome back to Bloomberg Businessweek. Im jason kelly. Carol im carol massar. You can also listen to us on the radio on sirius xm channel 119, am 1130, and in new york, and 106. 1 in boston. Jason am 960 in the bay area, london on dab digital, and bloomberg on the business app. Carol we talked about the nasdaq ceo on going public versus staying private. We also talked about the health of the ipo market, and the Fastest Growing part of their business. Today, the trading business, our trading revenue is less than 25 of our overall revenue. Our recurring Revenue Streams are the 7075 . That can come from data analytics, our Corporate Services, and it also comes from our market technology. Our Technology Business is we can provide to that technology to other exchanges, to our competitors, we provide the technology to markets in very different spaces, not just the traditional capital markets. And it is the fastestgrowing part of the business. Carol does it become the biggest part of your business . Adena i would love to think of that as an opportunity for us, but we have other great parts, as well. Carol i think i saw a data point about 80 of new issues ended up on the nasdaq. Tell us about the ipo market, how important that is to the nasdaq, and what you see in terms of activity. Adena the ipos or Corporate Services business is important to us. If you think about our business, we are kind of combined. We have four key businesses, and corporate businesses is one. Weve had a great pipeline of Companies Going public. The performance of the companies are up over 20 this year. We do have an 80 win rate so far this year. Were excited about that. And weve had Great Companies choose to come to nasdaq, crowd stripes, zoom media. Theres some really Great Companies that have been able to tap the Public Markets this year, and we do see a healthy pipeline going into the fall. Of course, everything is subject to market conditions, but if the markets remain inviting, well continue to see Great Companies coming out in the fall. Jason and as you look across that 80 win rate, can you generalize whats getting you the win . Adena sure, well we tended to tend to do very well in technology, health care, and actually, financial services, interestingly. , Market Community banks structure, Fintech Companies go public on nasdaq. Health care and biotech, we win actually 97 of biotech companies, and thats been a very active market in terms of finding great investor interest and new technologies around health care. In the technology space, we compete every day with our competitor down the street, but we do very well in terms of bringing some Amazing Companies to nasdaq. Carol we talk so often about private equity space. How much money is out there to really fund Startup Companies that enables them to stay private so much longer . How is that impacting you guys . What are you seeing as a result of that . Adena i do agree there is a lot , andivate money out there companies have a lot of choice. They can choose to stay private longer and they can tap more investors than ever before in the private space. We actually have something called the Nasdaq Private Market that helps Companies Manage their liquidity in a private context. But of course, we would much rather see companies tap the public market. If you think about it, in the private markets, it is a concentrated Investor Base that tends to focus on the top of the economic scale. Whereas if you bring companies in the public market, youre giving every person in the world access to be an investor in that. Well over 50 of the population of the United States are invested in equities directly or indirectly. So you do want more of those companies to come out and allow those hardworking people in america to be able to invest in Growth Companies while theyre still growing. Carol the you see more companies coming in and wanting to stay there for a while . , we had a number of programs 35 liquidity programs in the first half of this year. Over 2 billion transferred in secondary transactions that our Company Sponsor tenders. We work with companies to make sure they match their liquidity as they want to. Carol you can hear more of our conversation with the nasdaq ceo over the next couple of weeks. We talked to her about so many different things. Jason a lot of cool stuff, including what she might be doing if she wasnt running one of the worlds most important exchanges. From that Global Exchange to a Global Hospitality brand, and talks business week exclusive. We sat down with hilton ceo chris nassetta. Carol he knew he wanted to work in the hotel business. So, working on his dads advice to understand a business from behind the walls, his first job was in the Engineering Department of the capital holiday in, plunging toilets. Jason so glamorous. He joined hilton in 2007, right after its big private equity buyout. Since then, hes moved the Company Headquarters from Beverly Hills to virginia, and he has added it is 6 more rooms globally. Here is some of our exclusive business week talks conversation. Chris were not seeing dramatic impact on the business. We came in thinking we would have a reasonable year from a samestore growth point of view. The economy in the world and in the u. S. Would be a litt