Transcripts For FBC Wall Street Week 20180102

Votes . I think we have the votes. I think that rand paul actually is going to vote for the tax cuts. I think that other people you know, we had tremendous enthusiasm this time. Health care. I want to get it by the end of the year, but i would be very disappointed if it took that long. Maria we will also hear from Steve Ballmer, Martha Stuart, and leon. First of all, 2017 was easily defined by washington, d. C. And year one for new president. President trump pushed unsuccessfully on repealing and replacing obamacare right out of the gate. He had better results with tax cuts. Back in june, i asked home depots billionaire cofounder and business icon about the climate in washington. As usual, he did not hold back. Whats the state of washington today . Chaotic. Maria thats what it sounds like. Every place you look, chaotic. The wheels have come off. I understand the democrats being obstructionists. I understand the democrats seeking an identity. Right now, they want to be relevant. The best way they can be relevant in their minds i dont agree with it is to be an obstructionist. Say we stopped this. We stopped that. We stopped that. The republicans on the other hand have skin in the game. In my opinion, if we dont get some significant things done, well lose control of the house next year. And it will be safe because largely they have more seats than we do and are more vulnerable than we are. Maria yeah, but thats the point. If they dont get something done, they lose seats in the house, fine. They lose control. Maria lose control of the house. But what about the economy . If we dont see tax reform getting done, its going to be bigger implications than just losing control of the house. Look, you go back to the Campaign Last year, a lot of noise was made about tax reform, about the hernandoous nature of health care in america today, the affordable kay act, immigration issues, the environment. Youve got to deliver on something. The American People last november in my mind did a very dramatic thing. They elected a man who the republicans didnt want, the democrats didnt want, the media god forbid. What the media is doing right now is trying to establish their relevance because what happened last november was the public said to hell with you, media. Im voting the way i want to vote, and they were shocked. It was that simple. Maria well, the media really does not like President Trump. Hate him. They hate him. Maria you look at Something Like a cnn or msnbc. Bob woodward. Look what bob woodward the way the media is acting now. Wheres the objectivity . I havent seen one headline on the front page, although i read it less and less. So when i read the new york times, which is less frequently than i used to, the headlines in the front are more relevant and objective statement of fact. Maria theyre nasty. Theyre subjective. Theyre like the editorial page. Maria youre right. Where do you want to see the regulations lowered now . I know the Financial Services sector. But youre saying health care. Lets make sure one thing. We never want to harm the public. So any regulation thats designed to make sure we measure twice and cut once, im for that. But theres a lot of regulation out there thats superfluous. That does nothing good except the guy in washington. You realize obamacare we added 16,000 people to the irs to collect the tax money thats coming that came from the new taxes that were levied to pay for obamacare. I mean, these people all have to eat. And theres a solution to that as well. Because people want to work 20 years and retire. You come dont replace those jobs. I have to believe when you have hundreds of thousands, probably millions of people working for the government, theres an opportunity just to let the clock take care of the problem. Maria right, well, theres an immigration people that people say is taking peoples jobs. But also technology. Robotics is really the issue. Look, the problem is our children are not getting the educations they need to be competitive in a hightech world. I dont want to blame anybody. But we are doing a horrible job in Public Education in america today. We spend more money per student in Public Education than the 30most developed countries on earth. And in result, we ranked 28. Maria wow. So should it be on government or businessesner has training our people . Because they had fantastic Training Programs that i was so proud to be a part of. Right. Maria building essential leadership skills and all of these classes. Should businesses be doing more of that to train people to thrive in the new economy . But lets go back a step. Business has no control over Public Education. The beginning has got to be we give the kids the basic tools. Read, write, count. Im not talking about extra calculus, superior this. Im talking about giving the kids the basic tools that prepare them to go into an entrylevel job. Take home depot. How come we have somebody helping a customer if that associate cant read the directions on the package to help the customer figure out how to do it . As far as im concerned, take what you want from me. This countrys been great to my wife and me and our family. I cant believe all the wonderful opportunities ive had and i cant believe thank god the success ive had. My philanthropy is driven from one thing. And thats given back to those places where they are for me. Bucknell, nyu. And i think all of us have done well and some of us have done extremely well. Theres a strong moral obligation to make sure we do our part to give the next kid the same chance we had. On the other hand, theres so many people, so much hurt in this world. You go to the Ronald Mcdonald house on the east side and 10yearold kids coming here struggling to live. How can you not help that . Jeff candidate, childrens and what theyve done there and the opportunities theyre giving these kids. Im very active up there and in charge of the academy. And you see these kids and theyre blossoming and doing so well. What satisfaction must that give you . More of the value of the stock going up. More look, you reach a point in life where material things are frankly in the abstract. Okay . But when you can touch a life, you say ive made a kids life a little better because i wanted to and i had the ability to do it, and i had the financial wherewithal. Theres no greater glory. Maria our thanks to ken. This special edition of wall street week, the best of 2017 returns right after this. Coming up, Martha Stuarts next big move. What she shared with maria is next. Were trying to do a big job with amazon. Amazon is here to stay. And later from microsoft to the nba, Steve Ballmer talks with maria about with why he made the transition from the boardroom to the hard court. Maria welcome back. One of the big stories in media this year was acquisition of time, inc. , which included a big financial backing from the coke brothers. We licensed our precious magazine Martha Stuart living and Martha Stuart weddings to meredith. And meredith is a very aggressive seller of very fine lifestyle magazines. They have better homes and gardens, they have Martha Stuart living, they have a lot of other kinds of magazines that really do reach 100 million people. Maria they really resonate with a lot of people. Yeah. And so meredith wanting to buy time, inc. , magazines is a very smart move. Now theyve gotten a huge infusion of cash from the coke brothers, who probably want to get into media also in a way. I mean, they manufacture products that touch everybodys lives in america, the coke brothers. And i can see exactly why theyre doing it. You know, coke brothers make all the liners for every pampered diaper sold and all disposable diapers and those are the women who buy the magazines. The housewives, the mothers. So why not . Why not reach them in another way via media . Maria yeah, i love it. So how have you changed the company, your brand as everything has shifted . I mean, you have amazon eating peoples lunch on so many levels, truly. Well, were going to do a big job with amazon. Amazon is here to stay. Ive known amazon ever since they started at perkins, and i really admire what jeff bezos has done with his ten afte tenacity and his brilliance. Maria and a media mogul. He owns the Washington Post personally. He bought the biggest house in washington recently. He wants to really be in every single aspect of our lives. And hes doing it brilliantly. Maria so your deal will include i mean, are we delivering. Just selling. We already sell our martha and marlie meals through amazon. Were working on doing pets and garden through amazon. Not only amazon. Its just another vertical, another way to sell beautiful product. I mean, everybodys selling on amazon and to say, oh, ill never put my products on amazon is crazy. Maria why would you do that . Because theyre selling. Maria exactly. I dont know that black friday is as important as it once was. When youve got venues that you can buy anything any time. Well, its only about the price. Black friday pricing. Its the sales price that people are going after. And its an excitement. Its really trying to get people to get out, shop. Theyre going to buy other things too. Stores are really suffering because of online sales. But i think its 59 of americans want to shop online. Maria yeah. Either by their phone or just sitting at their desk at home. Maria Martha Stuart and snoop dogg tvs oddest couple. It seems like an odd couple. We are a very odd couple. Maria you have commonalities. Tell me how that came about. Well, we were on the Justin Bieber roast, and he had been on my show a couple of times. On the martha show, and we just hit it off. Hes fun to hang with as they say. And remember, im not a rapper. Im not black. I am, you know, im sort of like a teacher. And snoop loves to learn. So we get to talking and some brilliant agent or somebody brilliant at vh1 decided they were going to approach us about doing a cooking show. They wanted a contest. Snoop and i decided we wanted to do a dinner party where we would invite all kinds of people. And this year from jamie foxx to puff daddy to im trying to get eminem. He hasnt come on yet, and i want beyonce. Maria shes now the highest paid singer. Her album just got number 1. Maria thats right. Knocked swift off the list. Its a cooking show. Its celebrities. Its cooking, its talking, its very immediatic because snoop has a great sense of comedy. Maria this special edition of wall street week returns right after this. Former defense secretary leon lays it out next. They have nuclear weapons. Thats a direct threat to the National Security of the united states. And before bitcoin took off, jeffrey had some interesting thoughts on the cryptocurrency. All of that when wall street we siren wailing barry murrey when you have a really traumatic injury, we have a short amount of time to get our patient to the hospital with good results. We call that the golden hour. Evaluating patients remotely is where i think we have a potential to make a difference. barry murrey we would save a lot of lives if we could bring the doctor to the patient. Verizon is racing to build the first and most powerful 5g network that will enable things like precision robotic surgery from thousands of miles away. As we get faster wireless connections, itll be possible to be able to operate on a patient in a way that was just not possible before. When i move my hand, the robot on the other side will mimic the movement, with almost no delay. Who knew a scalpel could work thousands of miles away . Maria most new administrations have a bumpy new year and certainly the Trump Presidency was no different while the economy was stellar in his first year, the white house saw a lot of top officials either resign or get fired in its first few months. And there was serious concerns over leaks. That seemed to largely stop when the president named john kelly as his new chief of staff. We had the chance to talk to Clinton Former chief of staff certainly after the announcement was made and got his instant reaction. I like john kelly a lot. He was my military aid for two years when i was secretary at the defense department. And the best thing to know about john kelly is he is first and foremost a marine. Hes dedicated his life to public service, committed to whoever is commanderinchief. And hes somebody who believes deeply in discipline and a strong chain of command and a processes for decisionmaking. And doesnt tolerate chaos very easily. So i think hes the right guy to be able to try to get the white house back in order. I think the real question is going to be whether or not the president gives him the room to make the changes that are going to be necessary in order to improve the operations of the white house. Maria what would you advise him to do at this point . Because thats really what i was about to say. This is a different president. This is a different approach. President trump goes directly to the American People with his treating. Hes sometimes saying things that perhaps, you know, are not scripted. Hes sort of, you know, not the discipline that you would think of when you think of a general like john kelly. Well, you know, i think john has to first and foremost focus on the staff operation in the white house. He has got to be the chief of staff, which means that you cant have a bunch of people who are also chiefs of staff running around the white house and having access to the oval office. And my sense is hes beginning to impose that kind of discipline. Hes also got to establish a strong chain of command where people are responsible to others or supervised and have clear responsibilities. And then hes got to create an Orderly Processes for decisionmaking in the white house. Now, you know, i know the president is going to continue to tweet. Thats something hes been doing. Hell continue to do that. But in the very least, if hes going to tweet policy, it ought to be the result of the decisionmaking processes in which people have been able to present their views and information to the president before he does that. So i hope that john kelly will at least be able to impose that kind of discipline with regard to the president. Maria yeah, in ft,ac one of the thing that he sai this ek, this past week was look, any iormation that gets in ont of the president needs to ce in front of me t. Rs we dont jt want wlyilnilly thresident loongki at all different information because some of nfased on good and strong and accurate information. Thats john kelly to a t. And it is important because the president has to deal with a number of crises, a number of problems. He has a National Security processes that involves both deputies meetings and principle meetings in order to move forward on recommendations to the president. He ought to follow that. He ought to do the same thing when it comes to Economic Policy and to domestic policy is to create an Orderly Processes where information is provided, options are viewed, and then they are then presented to the president. When i was chief of staff to bill clinton before any briefing went to the president , it had to come to me in the chief of staffs office at the white house. I think thats the right way to do business. The north korea situation has become incredibly dangerous in the last few months. Whats your take on this latest provocation where you have north korea launching the first Intercontinental Ballistic Missile hidden from spy satellites and aimed into space. Maria, theres a number of flash points in the world. Dangerous flash points in the world thats confronting our country and challenging our National Security. Probably the most dangerous right now is north korea because they are developing an icbm, and they are continuing to try to develop a miniaturized nuclear weapon. They have nuclear weapons. So theyre trying to develop a Delivery System for those nuclear weapons. And its obvious that they have the potential right now to be able to reach not only the Pacific Region but obviously reach even the united states. Thats a direct threat for the National Security of the united states. And for that reason, its really important that we have to develop a comprehensive strategy to deal with north korea. But the principle strategy has to be containment and deterrence. Thats the strategy you have to use with north korea. And it involves both military and diplomatic efforts. On the military side, weve got to strengthen our presence in that region. Weve got to work with south korea and japan and other countries in that region. We have to make sure that overtly or covertly we have the capability to take down those missiles, even when theyre testing them, take them down. And in addition to that, we need diplomacy to try to push china to put pressure on north korea to come to the negotiating table. All of that is what constitutes a Firm Strategy in dealing with north korea. Maria have you ever seen an environment quite like this one where you dont have any conversation between the two parties . I mean, when you were running defense party, when you were running the cia, even between the republicans and the democrats and the republicans will say, look, we dont have any participation from the democrats. Not on health care, not on tax reform. How does . Well, maria, i think you touched on one of the fundamental problems. If you ask about National Security, i think one of the big threats to National Security is the dysfunction in washington. The inability of democrats and democrats to sit down and work on issues. The inability of the president and the leadership to Work Together on issues. And the result is very frankly that were operating by crisis. I often tell the students that in this country in a democracy, you operate either by leadership or by crisis. If leadership is there and willing to take the risk associated with leadership, willing to sit down and Work Together to find solutions to problems, it takes risks. I understand that. But its leadership. And thats what we elect to the congress and to the white house. We hopefully elect people who are leaders who are willing to take those risks. But if that doesnt happen, we operate by crisis. And right now frankly almost on every front, we are dealing with things by crisis. The problem is when you do that, you lose the trust of governing, and thats dangerous. My thanks to leon. This special edition of wall street week returns right after this. How to win in life, business, and the stock market. How is that for a 2018 resolution . Tony robins told maria exactly how to do it. He spills all of his secrets when wall street week returns. The general investor what they really need to do maria tony robins is one of the most wellknown strategist in history. He has written seven bestselling books. People continue to flock to his motivational speaking events. At his core, though, tony robins is a businessman, despite his personal empire to be worth more than 4 billion, robin had no problem telling us his secrets. In fact, he wants everyone to use them. Heres what he told us back in march. Maria when you first started, you said someone gave you great advice. And that person said to you pay yourself first. Those oneminute managing books. I helped him take five strokes off his golf game. He thought i was god. Yoplait golf. It took him two months, and he said i figured out how to pay you back. And long story short he said tony the best Financial Advice of my life came when a very wealthy man said youre about to write a manager book. And he said a business will eat any cash when its growing. You have to draw a line in the sand and that money youre getting, dont give it to your business. Dont give it to yourself. Put it in a investment account and dont touch it. When the business had trouble, had cash. So i turned my head straight, and i did the first thing with my first books. Now i give away my books. But i infomercials years ago about every 30 minutes, and it made me financially wealthy more than i worked throughout my entire life. So thats what i want for anyone. Maria so start creating your own little nest egg. And depending on how you get paid if you get paid every two weeks, maybe one week it will be 50 and another time it might be 100. Maybe it will be 1,000. Whatever it is, start that little nest egg. If people put aside 40 a week for someone who says i have no money. Over a 30year span of 8 return, which has been our average, youre going to have a half Million Dollars without a loan. Tony, of course, a big issue is Financial Literacy and the fact that we know Social Security is running out of money. People are not going to have that safety net when they retire, how do you figure that out when you dont actually have that kind of knowledge . I think most people are going to. I mean, the average american has less than 1,000. If something happens to their paycheck theyre in trouble. So my mission is to change that. So i interviewed 50 of the smartest people in the financial world. The warren buffets, carl icahn, and i asked these people win in a world where 70 of the trades are the evaluations so high and they give me their best strategies, so i put that in these books. And my last book was 700 pages. This is 200 pages. Unshakable you can read in four hours. Weekend time, whatever. So some people have been waiting for eight years or when trump came in. And what i really found is that you have to get in the game. As well as people to remind themself that the crash that comes. They come every five years. Were just overdo. It is a leveler. It gives you a chance to leapfrog if youre not fearful. If you get in the game and stay in the game. And what people have to remember is every bear market in history. Every crash in history, two and a half centuries has been followed by a bull that was explosive. 2008, we lost 50 . But what happened in 2009 . 69 upside. So if you didnt sell, youre up 70 . 250 right now for the bull market. Some people dont equate some of the people that you just mentioned, Warren Buffett with fear. Did they have fear . Do they have fear when theyre actually putting tens of millions tens of hundreds of millions of dollars into this market . I would not call it fear. Theyre cautious. Theyre still proceeding. Saying, look, there are things to fear in this and there are things to respect. Because no one knows how long its going to go and everybody think so its over before its over. Great research. They all go for a reward. They all focus on the core four. Some are macrotraders. They all look at number one how do i make sure that i dont lose money . And the market by having great asset allocation. Rays whole theory is 15 uncorrelated bets will reduce your risk by 80 . And your reward ratio goes up five times. So if you diversify, then you look at asymmetrical. How do i get the least amount of risk . And risk a dollar to get three, four, or five. Maria thats a hedging strategy, basically. So they dont have fear. They just have respect for the market and then theyre focusing on tax phishes. So the net dollars they receive really matter. Those are the four items they all seem to have in common. So basically what youre doing too because youve got these 31 companies in all different industries. Thats right. Ive modeled them. Right. Okay. So let me ask you this. When they are putting money to work, how important is the overall backdrop for these folks . Are they looking at this companys prospects are going to be really strong for that company . Or are they just looking at the backdrop of the economy is getting better. The backdrop looks good so a lot of boats will be lifted. Well, it depends on who youre dealing with. Thats whats different. The macroguys are obviously looking at the backdrop. The individual guys are looking at a individual company. But for the general investor what they really need to do is get in the market. If you ask Warren Buffett hes been talking about it constantly. You have to get into the index. The fees are what kill most people. The that do get into the market dont realize the difference between 1 or 3 fees are having abundance or. And they dont tell you that. They dont tell you, hey, im charging you 20 right now. Well, as you know theyre cutting their fees right now because theyve underperformed for the last six years. But i want people to know that theyre not getting in the market mostly because theyre fearful and, yes, its cautious. But you never know what the timing is. So the Research Done by jp morgan that was really fantastic was a 20year study and what they found was if you were in the market for the ten best trading days in 20 years instead of having the s ps compounding 8. 2 per year, which you double your money every nine years, you drop to 4. 5. Maria you miss the whole thing. Well, just one day a year, could you think i might come out or wait and hold onto my cash, you dropped at 2 . And if you missed the top 30 days. One and a half days out of 20 years, you made nothing. Wow. So, in other words, what youre saying is this market is up 15 since election day, dont be afraid of it. Yeah. No, what you have to do is keep supporting your 401, and youre probably going to see a correction. But it wont hurt you if you dont sell because you look at the longterm. Every one of those corrections becomes a buying opportunity. Talking to howard marks managing hundred billion. He was investing a billion every week, and he said he was giddy. He said these evaluations are the greatest thing in the world. Everybody should be doing this. But everybody else is running. So the whole purpose of this book is im going to show you and literally get you to have a sense of certainty not by enthusiasm or positive thinking, by knowing the fuel actually facts so you dont react. Listen, leaders anticipate. Losers react. You can anticipate whats going to happen because theres two centuries of history. And youre not going to do it day to day. Youre not going to time the market. Its not timing the market. Its time in the market. As long as you stay in there. As Warren Buffett said to me. He said i said this many times. He looks at me, and he goes i have to tell you. The stock market is a device that transfers money from the impatient to the patient. He says if you stay patient, and you stay he says, look, tony. Get in the market. Heres what i tell people. Stay there and do nothing. A thanks to tony robins. This special edition of wall street week returns right after this. Up next, bitcoin mania. What did jeffrey think about it before the value went to the moon . Find out when wall street week returns. Narrator evamarie smoked 12,000 packs of cigarettes over 15 years. She quit and now theres a new lung Cancer Screening that could save her life. You stopped smoking. Now start screening. No matter how much you smoked, Early Detection could save you. Talk to your doctor or learn more at savedbythescan. Org maria what to say about bitcoin. It has been a curiosity and mystery for a while now. But only did this year did its value start to rise at a stunning rate. In october, i sat down with billionaire bond king who remains a skeptic on bitcoin. I know you said youre going to have this charade. Its a speculation. The thing is this i by the way, coin had a tremendous move and theres a lot of believers in it. I got an email from a 86yearold mother. You uhoh. In august when bitcoin was first at 450. Maria she was talking about bitcoin. Her cousins daughter said put all of your money in bitcoin. This is the greatest thing ever. And my mother said what do you think of that . And i said these types of advertisements come out after the big move is made. But bitcoin is million or a zero. Its currently not an investment. It was at 500. Now its at 5,000. So it has changed 50 in a month. Thats not a currency. Ive seen it drop 10 in an hour. So how do you buy a car with something thats changing value 10 while youre filling out the paperwork . Maria yeah, well, im sort of feeling like your 86yearold mom where the shoeshine guy was back in the day. Exactly this is the teachable moment. I famously turned a bearish apple back in 2012 when it was 600 and change. Thats presplit. And it went to 700. But i was right it went down below 400. And one of the reasons i got there was that kind of joe kennedy shoeshine moment. One of my mortgage traders was getting its haircut and his illegal immigrant, you know, drug addict hairdresser said she was going to buy apple. And she felt bad she sold it because it had gone up further. And he said, you know, arent you worried about, you know, the product cycle and all of that . And she says, oh, when the tv thing comes out, its going to be huge. And said, well, thats the type of thing that you get when people are falling over each other to beat everybody elses price target. Do you think at some point collapses . There was all of this skepticism going into the creation of the euro. Now we see brexit. Well, the euro has been going up through all of this. The euro is something at a local high. It was up at 120 a couple of weeks ago. And the dollar has had a horrible year as a result. It has been the worst trade of the year for most investors because the number one recommendation from so many strategerists was highest conviction rate for 2017 is long the dollar. We didnt fall into that trap at all because we realize that its not shortterm expectations that drive the dollar. People think it is. But what drives the dollar is longer term fed expectations. And expectations for the fed raising rates along with their plan. The bond market is buying it. Theyre buying december of this year. But theyre not buying the 2019 concept that the fed has and the 2018 concept. The bond market think so its only a 50 50 shot, and you get one hike in 2018. So were getting back to that point where the longer term outlook of the fed is being disbelieved. What they publish is being disbelieved and that means that the probability is marketbased probabilities of the fed to tightening a lot have come down. Thats why the dollars down. Maria yeah. So you would need the bond market to decide if the fed is right. And so far, they arent buying into it. Maria well, we had a little bit of a creeping back. Left two weeks of the dollar. Do you think its sustainable . It was really oversold. The month of august, the dollar had a year to date return that was the most negative of the last 20 years of any of them. That basically suggests that it was very oversold. And you have gone from the highest conviction trade was long the dollar to tremendous speculative positioning against the dollar in august. So a counter trend was due. We actually are participating in that in some of our funds where we decided we would repair back on our dollar holdings. I think it will go to 96. The dollar index is dxy. Its having trouble breaking above 94. We think maybe gets to 96. But the longer trend is dash im more inclined to believe marketbased abilities than i am ph. D. Economists fed probabilities because ive seen the market be right an awful lot more than wrong on this. Which means that the fed may after doing this systematic tightening that theyre in, they might have to observe weaker data and maybe theyll have to drop their dots. Maria well, its interesting to hear you say longer term the dollar is going to be down. When you have a guy in the white house whos all about america and getting Growth Numbers up. So, you know, President Trump is talking about 4, 5 economic growth. Thats not going to happen. Maria okay. You just cant. You have to put the math together. Whats the population growth . Labor force growth is about a percent less than it used to be because of demographics. So right away its difficult to get back to old school growth. And so you have to look at productivity, which has been congressed around 1 or so. I think a High Economic growth number is 3 today. Real growth. Weve been at 2. For the last how many years now . Six years. Maria thanks to jeffrey. This special edition of wall street week returns right after this. Coming up, he went from running microsoft to owning an nba franchise. Steve ballmers revealing talk with maria whe maria welcome back. The thrust of President Trumps tax plan is on the corporate side. Thats where the growth will come. Back in april, i sat down with former microsoft ceo Steve Ballmer and even back then corporate taxes were a hot topic. The interesting question to ask is theres no such thing as a corporation. The corporation has shareholders. The shareholders are paying two taxes. Theyre paying Corporate Income taxes effectively, and theyre paying Capital Gains taxes. So the question is whats the best way that lets Companies Make smart decisions but still levies the same amount of taxes on shareholders . And thats the thing i would encourage government to think through based upon this analysis and ultimately the voters job is to make accountable whatever choice makes. How has microsoft grown over in your view and where does the growth happen next . Not to have you comment on your old company and what the ceo is doing now. But give us a sense of growth and technology. Right. Looking through a microsoft lens when i joined in 80, we were i dont know. Some place around 5 million a year in revenue and when i left, i think the company was around 80 billion. Wow. 5million to 80 billion. That is such an incredible achievement. Thats basically 34 years. You say where does that go and the answer is almost limitless in terms of the what innovation can bring. Theres still so much to do. I think of it in two pieces. Theres what goes on in the back end of the internet where the apps get built and the Computer Systems and then the frontend, you carry your laptop, your Microsoft Surface if you will where youre really seeing the world and theres going to be two sides. Whether its augmented reality, the back end, more and more intelligence and ability to learn about the world. Those things are going to happen and there will be growth. Some of the tech that exists today will become obsolete. But there will be new technologies that will replace them. Im a great believer in all aspects of technology and economy that while things do change and thats disruptive for every door that closes, another door opens and the world grows and progresses and things improve. Maria you are such a perfect guy for sports, basketball, because you can insert technology to actually get more people into the court, to get more people to engage in the game. Have you been trying to do that . Yeah. I think theres two aspects to that, interestingly. Theres what you do for the fan whos watching at home or i think the new tech is super important. In the arena, you have to be careful. You dont want everybody sitting there with their face in their phone. You want people pumped up and watching the live action. So were being kind of thoughtful about what we do with tech in the arena because the energy of the game i think is partly why people come to the arena instead of sitting at home. I want the fans to be part of helping us win. Our fans will say that energy in the building is actually helpful. So were going to find the right balance. So when you first bought the clippers, were you thinking this is a huge moneymaking opportunity . Or were you thinking im going to have some fun now in my life . The focus was definitely on fun. But im also going to be stupid in what i paid. And theres two ways to look at it. What is the kind of return. Whats the dividend, ie whats the pay out every year . And whats the asset growth . You know, the team can break even, it can lose a little money, it can make a little money. Im not afraid to play luxury tax first to win. So well probably lose a little money here along the way. If you dont pay luxury tax, you can get probably i think we can probably get a 3 dividend return. And were getting price appreciation because these basketball teams will continue to appreciate as the stock market appreciates. People pay basically with appreciation in the stock market. Now, im not going to sell my team. Im not looking for the dividend return. Im looking for the fun, which means were looking for championships. Maria my thanks to steve balance ballmer. Thank you for joining me. Make sure to catch me on the fox business network. We have a huge guest lineup for 2018. And, of course, each weekday morning i hope youll join me and my crew for mornings on maria on the fox business network. 6 00 to 9 00 a. M. Eastern weekdays. And ill see you every sunday morning over on the Fox News Channel for sunday morning futures. Catch the program live 10 00 a. M. Eastern sundays. I hope its a wonderful Holiday Season for you and your family. From all of us, have a great new year breaking news overnight. North Koreas Kim Jong un has a Nuclear Button on his desk and is ready to sit down for talks. Protesters and writers term in a Police Station 20 people are dead. President trump says it is time for change. I u. S. Investors bring in the new year with the best performance is 2013. The dell 25 for the year paid the s p up 19 they been as back scoring 28 . Lauren we could open with more gains. Dow futures are five points