About their role there seems to be some debate about this good morning, welcome to squawk in the street im carl cantonia. At the cnbc, they are delivering at the conference in new york city that was sec jay clayton as you saw. Moments from now, kobe bryant, the basketball legend quickly becoming an investing legend we will talk money in sports, futures in a tirade full of economic data. Of course, delivering alpha. The big story today, a number of heavy hitters at the investors summit a pretty good discussion about the nature of our Capital Markets these days yeah, i mean, look, one of the things we are all trying to figure out is in relation whats going on with the fed, whats going on with business as a force of change. Thats something that andrew is bringing up. Bring up at the Business Roundtable which is very interesting. Its a month or so already right things have Securities Exchange commissioned. Im curious to hear what mr. Claytop had to say. Thats what people buzz with me to figure out i dare to say this nonearnings, the term im using is greenwash how much is greenwash and how much is actual green what can ceos get away with in order to not hurt earnings and still fulfill the role of a modern ceo i think its fascinating its what people get to when they go to a place like this. Carl, the changing face of capitalism we talked about a lot on the show or in terms of whether its happening at all, frankly, and what it will mean for corporations and the responsibilities that they see and or the way they order those responsibilities shareholders values is certainly considered its pretty important. Were supposed to be talking about the quarter point. I think within you have one of these gathering, what people are trying to figure out is what do i do as a modern day ceo when my goal is not just to please my shareholders i have to please the stake holders. When i say i have to please the stake holders, there is a lot of people uncomfortable wit because they didnt grow up in a world is what they are supposed to do is make 30 Cents Per Share but making the world a better place. Making the world a better place per share is not something they are comfortable with i like that because they are all struggling if theyre struggling, maybe we can change. We will get to things per share, buybacks, at least three i count. You will have a busy morning, we are watching mike pence with ke kernon later today and you will handle proctor as well look this proctor story is kind of say mazeing. Because there was this tremendous battle and i dont know if people remember, proctor thought that try and loss and were talking about nelson peltz, nelson joins the board. There was a lot of rancor, not a lot of attacks i want to talk about when shareholder democracy works and a guy gets on a board that doesnt want it and it turns out to be okay maybe it is a blueprint for how to fight for shareholder democracy if you think its worth anything, with you i think it is. We talked a lot about the performance of the stock, of course best in show. Right and organic growth. Its somehow reappeared on the top line. Right from the day nelson peltz got in. I think p g would say we had much of those plans already in place you know that, its still a back and forth. I will be very curious to see you dont think the whole 48 entirely because of nelson coming in and talking about small is beautiful are you really and developing things that millennials like . Are you saying that none of hat has it has to do with a man that flew in and read testimony ryiot act . Im not saying some of it they had to do with things in place. They still have that age factor . I think they had too waive those things im allowed to interview these people theyve waived that. As for clayton, guys, as you heard a moment ago, Andrew Ross Sorkin talking to him about what these negative Interest Rates mean, the difference between a direct listing and an ipo. Take a quick listen. I do look at it and say what does this mean for how coming back to my job, what does this mean for how the market functions . There are a lot of functions in the marketplace that, lets put it this way, they have never they have never modelled before, negative Interest Rates. So he says he wakes up in the morning and looks for things truly mispriced. Speaking of which markets, the rate cut by the fed, the second of the year. The fed has conducted a third consecutive repo operation the rates seem to be pretty quiet this morning, jim, david, what did you make of powell yesterday . And do you agree with some assessments he was a little smoother, greg said minimizing miscommunication to maximize flexibility . Look, one thing he finally seems to realize is the whole point of the press conference is to say absolutely nothing. By the way, there were some people one of his Student Council president s from local high School Interview him did he have junior high people as he went on and on i thought he was a Kindergarten Teacher calling on everyone. You havent said anything, what about you . He has to make it figure out so there isnt a general every Single Person in the room question that is nor nixon just calling on dan rather. There really was a protracted lets see who else can ask questions . And powells got to get that under control. Hes too democratic when it comes to that. Meanwhile, we can see from the bottom of the screen, the fed had three consecutive days, he was asked about it by our own Steve Liesman or stevie you like to refer to him. Yeah. Yeah and seemed to indicate they have the situation under control. Yeah. I thought that steve asked him questions that indicated that he had nothing under control. It was kind of you want to ask what the most embarrassing moment was, i thought that steve knew more than powell did about what happened. But powell was like, okay, listen, we know more than anyone and but he didnt back it up with facts he didnt discuss specifics. No. He left them the generalities. Thats what he did the whole time is generalalitys. Lets Say Something like midcycle correction i parced everything he said, carl, it was really clear he said absolutely nothing and thats good. We all expect him to do something. We want him to be belichick. You got to do your assignment. We want him to be denny green, he se what he says he is we want him to say rate cut surface rate cuts . We cant get inflation going i feel hes become so boring hes more boring than janet yellen oh, wow. Thats cold. Then there is the president , guys, who his criticisms yesterday on twitter aside was asked on fox this morning if powells job was safe. His quote was, its safe, yeah, its safe, sure, why not thats probably the highest praise weve gotten from him in several months its safe what is this marathon man . Its not safe, its safe w what the [ bleep ] is that we dont need dustin hoffman, unless its going to be a constitutional crisis, hes safe hes safe. We would have gotten rid of him long ago if he could have. Yes, absolutely guys, when we come back, well talk money and sports, an exclusive with basketball legend cope bryant. Well talk about his latest investment venture and the opportunities in the billions that he is looking at. More from nyc and delivering alpha in a moment. See thats funny, i thought you traded options. Im not really a wall street guy. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade three years ago, basketball legend cope bryant officially announced the launch of their partnership fund, brian joins us to discuss how the fund has grown. Thank you, carl remember i think you sat on this side last time as i recall, it was pretty memorable. What has surprised you whats impressed you since that day. We continue to grow we continue to make smart decisions, Smart Investments across the medium data space its been a heck of an opportunity. Weve had a heck of a time building our relationship with our investors. Here we are today. You got how many active in the portfolio right now . 18. 18 active. Weve had about ten exits. Its been incredibly successful. We watched the funds grow from in excess to over 2 million. Its exciting. I read somewhere of the ones that have gone public. Dell yes paba. National exhibition . Yes how many more can you build as long as there are great ceos, we will have more. Whats your assessment of the ip window right now . Its wide opened. There are exciting values. Its a matching to price we hope it holds were pretty excited in terms of what we see. In terms of characteristics of the leaders you are looking at what do you have in common well, you got to have strong entrepreneurs is looking at the people yes, its important to see those returns. Its great to have great opportunities with our investments and entrepreneurs to help them grow and put them in situations where they can be successful. What i love is you kept kobes name not out of it. It was not public for a while. We have been working toke how long now seven years . The point its not about us. Its about the teams that are being built. The entrepreneurs, the companies. We want to do our part and help where we can we want to be behind and helping people. Also, to attach a name to it immediately comes with a certain stigma its important we lay the groundwork early this way you establish validity and credibility within the industry, its very important. What does euro lo decks bring in i read you bring in seth curry, others in this space i imagine what im trying to do is simply help athletes grow and grow their value for us as athletes, its difficult you retire, you step away from the game because its been such a liquid business for us, how do you build value postretirement, postcareer . What do you do im trying to give opportunities to some of these other guys and viceversa is that a significant part of your client base is athletes or how much different does that drive the vision of the fund look both athletes and tremendouspreneurs people assume you are good at everything its not necessarily true. So whether you are building a sports franchise or a business, it doesnt mean you know how and where to invest your money we want to make sure we are giving back to the communities that are so great to us. The one thing, so Many Companies in sports are having to make political decisions. Do you side with kaepernick or do you not sure. How does that complicate decisions you have to make and why has nike been pretty decisive on this one it doesnt. Nikes vision is a simple one, ever since phil knight started the company, the answer is to listen to the athlete. Nikes core value is the athlete, itself. You have to stand by what the athlete believes in. This is what you support so it doesnt commission things at all you got to theic to things that you know is right. Jim congratulation on your success. Gentleman. Kobe, you seem to have gone wired to what i think is the most successful area of business right now which is gaming. Fortnite do you see a nation that will have gaming power parlors everywhere, where kids are going to be trying to get ncaa scholarships for something that will be our National Past time im having a hard time hearing him. Yeah, i think i caught jims question look, gaming is critically important to i think the cultural ecos and for what weve seen, its not just about the games that were looking at investing in frankly, what we are trying to invest is the athletes and theyre building hundreds of fames for themself and their businesses using it. Scopely is another one, their star tracking is a huge hit. Behind that is the revenue engine theyve done that for other games they know and game figure general. Thats what were looking for, the fundamentals behind what everyone is seeing on the consumer side. Kobe, the true hot sauce. I remember when franks got a gigantic bid really unbelievable from mccormick. Some say it will be big. I know there is a lot of athletes involved with this one. I question how fast is it growing . Could it be a home run that you could ultimately flip to a giant consumer Package Goods company or is it one you want to grow yourself no, ultimately, we want to be able to grow i think we have to be patient about it too right. Especially for athlete my biggest fear for athletes getting into the investment game is were looking for unicorns all the time, home runs all the time its important to be patient and make smart decision and invest in data you understand, things you can get your arms around, things you can help grow and take it from there moore is an exceptional ceo as we bring in that new team, we expect great things from this hot sauce. This is a hot company, not just a hot sauce. We had jerry jones on the other day talking about streaming rights how that might change, you could get a big player bidding for nfl. He thought it might improved the evaluation of the cowboys by 50 . Does sports ownership interest either of you at this point . Ill let you answer that question because i dont want to get myself into hot water yet. So were going to let carl answer that. Then were all in trouble. For us, were fiscally disciplined. Were looking for great businesses, Great Companies and great teams. In that happens to be on the sports side, of course, were going to look there. There are great sports franchises thats not necessarily our focus. Were trying to build a franchise here ourselves i mean, are you smiling nothing at all, huh . I dont know what are you talking about. Media overall has to be of some interest. Of course like jeff said, its just important to make smart decisions. Were not limiting ours in anyway whatsoever. But we will look at opportunities as they present themselves and go from there we had a couple big downgrade of noble growth today. Oecd, world banks, negative Interest Rates around the world, implying investors are looking for low returns maybe for decades. How does that make your job more difficult . Do you think thats what it is the good news for us, were investing in private markets and looking at longterm success the reality is this is a stockmarket that you know can do no matter what the little engine that can and thinks it can, thinks it can. We see a lot of bad news, but were focused on the good news we continue to see Great Companies doing great things. You look for brands that can sort of navigate through treacherous waters you looking for brands that have that longterm stability. Like we said, were looking for long tail. Its important to have brands that have great value, great substance, that can carry on for a long period of time. Jim. Kind of a long shot but one of the most exciting growth businesses in this country i think will be gambling sports gambling. You guys have unbelievable fire power. Kobe, your name is known world wide has it ever hit your radar screen perhaps thats something that can be a huge business for you . Yeah, man, its something that were giving it some serious thought to i think the stigma of gambling has been slowly eroding over the years, you c the nba opening to gambling it is becoming a platform that has great amount of potential that would be something we have to look at. I think, kobe, are you unique, adam silvers endorsed gambling the name we would trust is kobe. If you got involved, im not allowed, its in my contract you can take the whole draft king, all of these things to a new level. Where what we would be doing iser day we would be gambling. You would be getting a cut because we trust you so i mean maybe for things you can look at just because your name is worth gold when it comes to gambling. Yeah. Well just be very patient and make sure we make the right decisions. But i appreciate and understand where you are coming from. How about that sounds good, thank you, kobe. This is harder than any locker room interview. Its like si is starting to get you. I see you your vision and i appreciate your vision give me example of the portfolio you have, the most gold you got advising most recently our company art of sport, aos, the side that i really enjoy most of the business and how we operate, help operate businesses is the storytelling side of things you know what does the brand represent . What does it stand for how are we trying to inspire and work, close with brian lee and making sure that story is coming across no our athletes. People might not realize, as i recall you had something to do with the design, the logo design right the keyboard. The story is extremely important. You have to be able to communicate your message what you stand for across the board and be consistent about that you got to find what your story, not that you divvy from it very much find one that is consistent enough that hos longevity. Congrats, guys, on this anniversary. Thank you for coming back and we hope you will come back again. Those three years went by fast. Well keep trying kobe, jeff, thank you, guys. When we come back, its delivering am that edition of cramers mad dash. Well look at some of the downgrades we got today, includes costco and a double downgrade for u. S. Steel back in a minute was ahead of its time. Still, we never stopped making it stronger. Faster. Smarter. Because to be the best, is to never ever stop making it better. The 2020 cclass family. 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