We think investors are contemplating today. Netflixs ability to raise price in lieu of rising competition. You saw evaluated churn in this quarter from price increase, as well as its ongoing need to invest in content. The Company Called out their inability to mute their subscriber estimates based on what was seen to be a weaker content slate. So to ask that shows the need to continue to invest heavily in content. Do you think price hikes from here on out are just going to be too hard to do we dont think theyre too hard to do, but perhaps the magnitude we saw in that quarter wont be as large as we move forward and the time between the next price hike might be a little bit longer. Or maybe, john, as one of your sellside colleagues said earlier in the morning, maybe you dont do a price hike in a contentweak quarter yeah. I mean, that was the thing about it like, if you look at it, netflix has beaten 10 of the last 14 quarters, but missed three of the last four years, and two of those years, they had price hikes. In the past, in 2016, they missed off of price hike and they had said that they went to another price hike during q2 again and the reason they probably shouldnt have done it is because 2q is seasonally the lowest quarter for subnet ads. So i think theyll probably think about the cadence of price hikes relative to what quarter they should do it going forward. Lee, do we think this happens to amazon and hbo, when they have a quarter thats not so strong as far as either sales, you know, not a big holiday, or theres not a game of thrones that subscribers actually drop that much we dont get that kind of visibility into their subnumbers, but is this unusual . Its a great question for hbo, we could see that happening in terms of how the content slate lines up amazon, obviously, a much different animal theyre really monetizing their subscribers through ecommerce channels and much different than, say, one title on amazon instant video. But maybe thats why they came up with prime day certainly not a bad idea hollywoods got to be saying, welcome to the party in terms of just how hard it is to create hits, right . You think thats something that netflix is figuring out now . I think thats the right question and in hollywood, content is king and netflixs subscriber numbers continue to prove that out and you know, if netflix is going to be a more hitchdriven business, investors will be asking themselves, what multiple do i want to put on that john, is the idea of an adsupported tier for netflix in the future just off the table now . Yeah, they in their letter, they said theyre not going to do that and they have been consistent. Ive covered the company for ten years. Theyve been very consistent that theyre not going to do it via advertising. I would say that Reed Hastings also said last night that net ads in 2018 will 9 will be grean 2018 and we think theres a path for that the sub trends to start q3 are very strong. Probably led by Stranger Things and higher retention, and an incredible content slate in the back half of the year, but they have a lot of great returning episodic shows and also big feature films and the other thing is, theyre through the pricing increase largely through most of it, across 150 million global members. So thats not going to be a friction point as we round in the back half of the year, and thats why were still positive. So jon, talk me down here why shouldnt i look at these results and think, maybe netflix isnt as necessarily as i thought . A price increase might cause people to behave similarlily to disney plus showing up some people are going to say, maybe i can go for a less expensive disney plus and borrow somebodys password for netflix. Its a good question. On disney plus, our general view, a couple of points firstly, broadly, we dont view video as a zero sum game historically, it never has been. As consumers shift from linear to streaming services, multiple platforms will win second, we dont view disney as a substitute for netflix netflixs content is much broader, definitively, initially when disney launches its service in november. And then third, its not disney is not going to have an impact on netflix internationally for some time, because they still have zmooe disney has a bunch of output deals in various International Market which is will limit the quality of their service initially. Theyll obviously get through those output deals and add it to their service. So, no, video is not a zerosum game netflix, you know, kind of is definitely a platform in the leading platform and we think with what theyre doing on the content, et cetera, User Experience, theyll be there for it lee, are all subscribers created equal . Meaning, are International Subscribers as lucrative as domestic ones . A great question and something that came out of the quarter. You saw netflix announce in the Third Quarter theyll be releasing the 599 tier in india. Its a lower value subscriber, because theyre coming at a lower arpu. Last night, hastings said yet again, forget about ever getting into the ad business whats wrong with the ad business why are they being so reticent about that i think it is consistent over the 12 years of the service that, you know, theyre focused on the User Experience and they dont want to insert ads and confuse you know, what they view as their value prop, which is, you know, no ads for at least the last 12 years. I would say on the india mobile lower price point, people in india that pay for tv, they pay 3 for tv. So i think the company is just playing to that market they have different price points and this is just one of those price points and i dont and they said last night that they have low expectations for its not going to be a big part of their 3q sub guide or 4q net ads. Lee, just to go back to the point you just made, if all subscribers are not created equal, at least from a financial standpoint, why are investors so focused on that absolute subscriber number . Are there other metrics they should be looking at more closely as this Company Continues to mature . Yeah, so right now, we think netflix is stuck in between this debate is it a growth investor who wants to be involved or is it more of valueoriented investor . And we think thats whats kept the stock sideways for the past year subscriber growth has been the metric that everyones focused on and wiprobably will remain a you saw in the quarter 19 could be peak net additions and as that slows down into 20, growth managers a little bit concerned. Some concern today, but were used to it coming out of earnings and especially with these guys thanks, lee, appreciate it when we return, this week marks the 50th anniversary of the apollo 11 admission. Nasa administrator jim brid bridenstine joins us right here next moving is hard. No kidding. But moving your internet and tv . Thats easy. Easy . easy . Easy. Because now xfinity lets you transfer your Service Online in just about a minute with a few simple steps. Really . Really. That was easy. Yup. Plus, with twohour appointment windows, its all on your schedule. Awesome. Now all you have to do is move. That thing. [ sigh ] introducing an easier way to move with xfinity. Its just another way were working to make your life simple, easy, awesome. Go to xfinity. Com moving to get started. Welcome back eight ipos, thats a lot, taking place across the nyse nasdaq this morning with assetmark financial just opening for trading in the last hour, getting a nice pop in its debut. Now assetmarks ceo Charles Goldman joins us here at post nine youve got an interesting mix of challenges and opportunities your controlled Company Owned by a chinese company, you list in your risks in the ask one, cfius is going to look at all kinds of things when you potentially try to expand. Whats the first thing you think investors should know about your company . I think investors ought to focus on what we do and the vale we create. We work with independent Financial Advisers and our focus is to empower them with a full platform of capabilities and to serve them with White Glove Service that allows them to scale their practices and focus on investor needs. How much turbulence do you expect in the stock, just given the trade situation between the u. S. And china there are a number of chinabased stocks that tend to move based on not necessarily the results, just based on what trade tensions youre doing. Assetmarkis a u. S. Company, were a u. S. Company, all of management owns shares in asset mark theres no connection at all between hstc and ourselves theyre great shareholders, but that is what they are. Theyre shareholders so we operate as a u. S. Entity and i would add, were highly regulated and focus on Data Security and capabilities. And weve had no connections between the two firms whatsoever so in answer to your question, i dont expect any turbulence whatsoever when you talk about being an endtoend platform, how much of that is people and how much of that is technology its both asset mark is unique we definitely build a lot of technology we try to deliver everything an adviser needs to operate their business, but we surround the adviser with people. If you think about an independent adviser, theyre in the people business. They are thinking about investors and trying to solve investor needs, and theyre looking for a trusted partner to help them do that. We spent a lot of time talking about the war between active and passive has this year done anything to inflect that balance, maybe to the benefit of active managers you know, we focus on building great portfolios for the longterm. We definitely look at the active passive argument. And the way we think about that is, lets put the lowest cost instruments that do what is needed for the investor. And use portfolio construction in an active way so that the investors needs can be best bet. At the end of the day, its all about investor needs, investor risk tolerance we all know that keeping investors in the markets is what matters and doing that is what we try to accomplish what about u. S. Exposure versus international we do both. Our fixed income is primarily domestic, and that is really the choice of dwiadvisers and their clients and equities are generally global in nature is this an ideal sort of market to be going public in the u. S. Market has been doing extraordinarily well, but then at the same time, you say you have a global view there are a number of other markets that arent. You know, from an assetmark perspective about going public, were going public were at that stage in our life cycle. Were at a point where we have reached scale. Trying to broaden our Shareholder Base we think its a great time to be doing what we do, which is supporting independent investment advisers. So for us its the right time to go blpublic were not focused on what the stock is going to trade today or tomorrow, were focused on the longterm. Theres a lot of focus on cryptocurrencies and these ideas of digital coin with facebook testifying two days in congress around libra the concept of distributed ledger technology, crypto, is this something youre looking at closely . And how do you expect it to affect the industry more broadly in the coming years . Our clients and the adviser and their end clients are really focused on longterm investing theyre not looking at trading and cryptocurrency i mean the Underlying Technology i was going to get to that. Okay. In terms of trading and portfolio construction, its really not an issue. But the Underlying Technology is important. Data security is obviously important. Every company is listed here at the New York Stock Exchange is attacked every day and so that kind of capability is going to be important and particularly in Financial Services charles, thank. Charles goldman, ceo of assetmark. Thank you after the break, nasa administrator Jim Bridenstine, right here at post nine. Stay wh itus these folks dont have time to go to the post office they use stamps. Com all the services of the post office only cheaper get a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again. But were also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores heart rhythms, helps you back from strokes, and keeps you healthy your whole life. From the day youre born we never stop taking care of you. Thats one small step for man, one giant leap for mankind. That never gets old a giant leap for humanity, indeed 50 years ago, the apollo 11 mission became the First Successful space flight to land humans on the moon joining us now to commemorate that anniversary and discuss the future of Space Exploration is Jim Bridenstine right here at post nine. Thanks for being here. Thank you great to be here so to the moon and back 50 years from apollo 11, nasa is looking to go back to the moon why and why now . Theres a lot of reasons to go back to the moon. There is so much about the moon that we still dont know in 2009, we discovered, for example, that there are hundreds of millions of tons of water ice on the south pole of the moon. Water ice represents air debris, it represents water to drink it is in fact, life support. It is also rocket fuel h20, hydrogen and oxygen, crack it into hydrogen and oxygen and thats the same rocket fuel that powered the space shuttles and the same rocket fuel that took buzz aldrin and Neil Armstrong to the moon. So its available. Hundreds of thousands of pounds on the south pole. So we want to go back, live how to live and work on another world. President trump has said he wants to plant an American Flag on mars. And thats what we want to do. The moon is the proving ground for how to live and work on another world where its only a threeday journey home where eventually we can go to mars the challenge with mars is that earth and mars are on the same side of the sun once every 26. So when you go, youve got to be willing to stay. The moon is the proving ground, but theres tons of science and discovery we still dont know about the moon and we need to get back to make sure we dont miss anything else 1969 up until 2009, 40 years, we thought the moon was bone dry. What else do we not know and by the way, since were here on the floor of the stock exchange, there could be tons and tons of Platinum Group metals on the moon, rare earth metals, which are tremendously valuable on earth. The challenge with the earth is it has a very active geology and a very active hydrosphere. So its in trace amounts, these rare earth metals. Well, these are asteroid impacts from billions of years ago and the moon does not have an active geology. Whatever hit the moon a billion years ago is going to be right where it was but harvesting that is a next century story, right i dont think so. I think its a this century story. Look at the investments that the Space Community is making with jeff bezos and elon musk and sir richard branson. Billionaires are investing in space and exploration. And nasa can benefit in that they are our partners in what we can achieve. And we can become one customer of many. And that lowers the cost and increases the access and we have numerous providers that are competing on cost and innovation so were at a very, i think, Pivotal Moment and we need to take advantage of it we talk about Public Private partnerships and infrastructure here on earth, but thats really what youre looking to implement when it comes to the moon and the final frontier and how were approaching space. One of the numbers ive seen out there, its an aggressive timeline to return to the moon, right . Yes, five years very ambitious. Ive seen estimates that its going to take up to 30 billion in additional funding for nasa over the next five years to get there. Wheres that money coming from so theres a lot of different ways to read this, at this point. Remember, we have commercial partners that didnt exist historically so they can help offset the cost theyre making their own investments, because they want customers that are not necessarily nasa thats a good thing for nasa and i think that could drive down our cost. You could see it be in my opinion well less than 20 billion. The other thing that exists today that didnt exist in the 1960s are International Partners we now have 15 countries that have been operating the International Space station for almost 20 years. Each one of those countries is interested in going back to the moon with us that, again, drives down our cost so i think it could come in well less than 20 billion, but its also important to note that we do need to go ultimately, so that we can go on to mars. When i learned about the moon landing, it was in the context of National Pride and innovation these days, when we talk about Space Exploration and the innovation, more often than not, its bezos, musk, you know, like you were saying, branson is that okay or do we need to recapture that sense of american branding and ambition, when we talk about space even more . It is absolutely both so, remember, nasa is a partner with these companies to achieve what were trying to achieve thats to start. So it is an american agenda. But also, its important to remember what nasa has done with what we learned in the apollo era. A lot of people are going to watch this on directv or dish network. A lot of people are going to watch it on internet broadband from space these are technologies that have been commercialized. Were talking about multiple hundreds of billions of dollars worth of exports for the United States of america, born from this program called apollo that had nothing to do with directv or dish network, just to say but its the way we communicate and navigate, gps, the way we produce food and energy, all of these things, weather