today as we have sort of a pause , a digestion of last week's seeming confirmation by janet yellen that there will be an interest rate increase coming up march 15. if you look inside the s&p 500, you will see a lot of red on theimap. essentially come all of the groups in the s&p 500 are down. financials are taking the worst of it today followed by health care, real estate, and tech. utilities doing the least worst in today's session. when you look at where we are right now on the relative strength index for the s&p 500, if you look at it, the yellow line is where we are about at the moment. the green and red signal where technicalersold" on a perspective. this essentially is a momentum indicator. historically, when we get above this line, it tends to be stocks sometimes sell off or take a pause, as we are seeing now. we have cautious words from j.p. morgan strategist saying there is an increase in risk of a near-term selloff in u.s. stocks because of more hawkish fed rhetoric and they're stretched investor positioning, not a lot of shorts here in this market. all of that is something to keep in mind. , sectorocks pacific specific story we're watching has to do with avian flu. the first cases have been down this year in lincoln county, tennessee, the first confirmed case of avian flu in u.s. this year according to the department of agriculture. there is a flock of 73,500 birds that was found. the breeder has not been identified. we're seeing some of the biggest chicken processors and a processors trading lower today. groupthe best industry since the trump election victory, basic resources, banks are leading the decline. just one getting today, retail, down for the third consecutive day on the back of the test weekly gain since december nine after rising for the first -- third week in four. big day for deutsche bank. shares down. biggest decline since september. tapping investors for the fourth time since 2010 to the tune of 8 billion euros. selling part of its asset management business, reintegrating -- just 17 months after the last turnaround plan was integrated. the linchpin of which was selling horse banks. before today, the stock traded roughly half the banks tangible book value. what is fascinating about deutsche bank, since they fell to a record low of share price in september, the shares have rebounded by 70%. but since the chief executive took over two years ago, shares are down by 29%. today, standard life, scotland's biggest insurer has agreed to buy aberdeen asset manager. nil premium takeover. crit in the biggest asset manager with 660 billion pounds asset management. -- creating the biggest asset manager with 660 billion pounds. this is the result of the shift in a low cost passive funds. aberdeen assets has been hit hard. there will be co-ceos of the company. that is the aberdeen share price -- excuse become the standard share price of by 5% postop aberdeen up by 4.3%. -- excuse me, the standard share price up by 5%. aberdeen up by 4.3%. thank you. let's check in on first world news. >> in the u.s. come the supreme court has canceled a scheduled bathroomover the rights of transgender students and public schools. justices sent the case back to a lower court. an appeals court and says the virginia school was probably violating civil rights rules are forrving the boys bathroom biological males. that was based on an obama policy. the trump administration revoked it last month. a new twist to president trump's claim president obama wiretapped him during the presidential campaign. according to "the new york times" james comey asked the justice department to refuse the president's claim. the agency has not. it white house aide tells abc news she does not think president trump accepts comey's assertion the wiretapping did not happen. japan is made to the highest state of alert after north korea testfired four missiles at once. the missiles fell into waters near japan. blaster north korea launched some two dozen missiles. the latest were fired at south korea and u.s. conducted annual drills which north korea calls a prelude to an invasion. in europe, former french prime minister says he won't step in to be a replacement candidate for president. he lost republican party primary. an corruption scandal. many have withdrawn support. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. vonnie: thank you. let's turn to washington with the annual economic policy conference is underway. the national association of business economics. leaders in economics and business have gathered to discuss the challenges and opportunities for the global economy. president trump's policy agenda takes shape. tom keene joins us now for a special conversation. tom: it is really special. speaking with olivier blanchard. so the professor emeritus. with all of the issues we have on economic growth and where america will find it, it is a good time to speak with olivier blanchard of the peterson institute. professor, wonderful to have you with us. where does the president find 3% -- that 3% economic growth he needs? where does he find better-than-average economic growth? it can be done. the fiscal deficits are large enough, if you can prevent the fed from increasing interest rates, you can run your growth rate to more or less whatever you want. whether it is wise or not is a different issue. if you want to do it and has congress behind him, he can do it. tom: is the policy prescription within the rhetoric you hear from the president and from the dreams of the administration to spend money, is it good old-fashioned keynesian economics? >> i suspect part of it is that. i also believe -- i think there's a strong feeling among if so-called supply-siders you decrease regulation, you should decrease the corporate tax, you get the big supply boost which will you to increase demand with inflation. i think people believe this as well. it is a. tom: one of the hallmarks at the peterson institute has been the study of people flows within america, particularly within immigration. do we need immigrants were a greater rate of immigration to spur economic growth? how does that for the into your work? work?d into your >> getting rid of 11 million immigrants, people, would be costly for the u.s. economy. that is a fairly obvious statement. do we need more immigration? we probably can do without more immigration. it is not needed. --is not that we want to be it is not like the 19th century in the u.s. but there are a lot of people who want to move to the u.s., can be productive, and can help. i think the push for immigration is coming from outside the u.s., but we can accommodate some. how much? we have seen there are limits before you get political backlash. we may be close to that. weekend,debate of the peter navarro, economic advisor to the president out of ucal irvine. a look at roubini a project syndicate with two different worldviews on american trade. one of them is very traditionalist, very simple start bilateral relationships where professor roubini takes the complexity, a process to how we do exports and how we do imports. which is it in our modern trade? , ait more sophisticated process-driven supply chain trade, or can we use these simplistic narrow bilateral interpretation that we seized from professor -- see from professor navarro? >> i think neither. savingce to start is investment, which is a country that invests, is going to borrow from the rest of the world, trade deficit. that is the source of our trade deficit in the u.s. it is not to the chinese. it is not due to the germans. we have to one solve. i think thinking about the trade deficit as a whole is where you have to start. the notion of looking at trade deficit on a bilateral basis really does that make any sense. because even if we had completely balanced trade, we could well have it, we should have trade deficits with some and trade with others. if we try to reduce the trade deficit from one country, you know, the goods will go for another country. it will be a game of musical chairs. so there are many, many, many misconceptions that have to be clear here. tom: from your work at the imf, i remember a seminar, the panel you had with joseph stiglitz among others, on the new economics. help me here with the american interpretation of international trade. how do we get back to a multilateral dialogue, or is the wto, as one example, is that dad? -- dead? >> again, you're asking the political questions. i think the wto, like all institutions, has done a good job. maybe there are places we have gone too far, places where we haven't. it seems the wto is still the place to do business. the notion of doing collateral since much to be -- less attractive from an economic point of view. tom: i'm not sure, but i think if i look at your seventh edition macroeconomics, i would not find a border tax within the text. help me here with the idea of an kruger writing about the border tracks or the new york fed in recent days writing about the border tax, and the idea that it is way too simplistic analysis, just as one example, folks, the idea that ford motor is a large exporter is also a large importer of products at the same time. olivier blanchard, on the border tax, please. tax, i'm notder against the border tax. i think it can do good things. it can give incentive to firms to declare profits where they take place. so it will decrease the shell game we have seen. it is not a solution to everything. one thing i've heard which is wrong, which is the border tax will be paid by the foreigners. it will not be paid by the foreigners. basically, we make money on the tax as long as we have trade deficits. one day him if we have trade deficits now, we will have to have trade surpluses. then what is positive tax revenues now will be tax spending or negative taxes in the future. so it is basically very much a form of debt finance, which will be financed of u.s. taxpayers. so the notion that foreigners are going to pay for it, very sure will not. tom: one final question, professor, give us the probability, the likelihood of a stronger dollar, given all of the dynamics we see within the trump administration, is olivier blanchard going to bet on a stronger dollar? bet is itou know, the retrospective. the dollar has appreciated as it should have. if you believe the administration is going to be suspectget -- then i there's still room for the dollar to appreciate. if they discover they are not -- ifto build a do that, they suspect they're not going to be up to do that, then we have reached it now. difficult to say. the party rather than the economics. tom: professor, thank you very much, olivier blanchard, generous amount of time this morning. vonnie, what is remarkable is the op-ed this weekend. these kind of discussions that plan chart is world renowned out. they are truly front and center right now. vonnie: and trade gaps and laterally does not make -- your question, mark chandler saying, you know, does the dollar weaken or strengthen? his answer is, yes. tom: a lot of uncertainty. vonnie: tom keene, thank you for that wonderful interview. coming up, comets from janet yellen on friday pushed -- comets from janet yellen on friday. we will put the fed and focus, next. this is bloomberg. ♪ live from london and new york, i vonnie quinn in new york along with mark artan in new york. this is bloomberg markets. futures are pointing to rate hike next week at the march 15 meeting in the federal reserve to discuss this with this. it seems there's a bit of a dichotomy between what the short end of the market is saying in the long and is saying. >> it is interesting the turn they are taking. the expectations went from 30% earlier in the week to after janet yellen's comments, which were very hawkish. the market shot up to 75, now close to 100%. this is due to gain to the cpi and the ppi will be a place in data. one of the most interesting things is the effect it had on the market. we saw the s&p 500 as it had peaked out at 2401, now pull back. we're gold futures down about 25 dollars, $30 from the recent high. and copper has come from $280 to about $265. it seems like when the inflation data does come out, you want to be long those invasion -- inflation plays. it seems like it is baked in the cake that an interest rate hike is going to come out, the markets first two selloff. it is interesting to see how friday plays out will be never in the fed being in a blackout period. until then, seems like the number is the defining moment at 185,000 expected. vonnie: where is the money flowing out of and into in the future? >> we have seen quite a degree of going into, still into the equities just a little bit, although, more of a tactical play. if you look at some of the metals, we have a rebound today that could've been driven by some of the outside market of elements like north korea testfiring those missiles. it seems like money is come to the side a touch, perhaps in a dollar index as well. the dollar tends to benefit from these interest rate hikes. next wednesday, that could be one of your better performing markets. nexte: it seems like wednesday is the focus, not even this friday for the jobs report or thursday for the ecb. phil, we have to leave it there. thank you for that. mark: still ahead, deutsche bank chief executive blows of his turnaround plan. starting it fresh, offering a $.5 billion in stock. we will hear from him next. this is bloomberg. ♪ "bloombergs is markets." deutsche bank shares down. john cryan announcing an overhaul to his 17 month turnaround plan. the new plan includes an $8.5 billion stock offer. selling part of it as it management business and francine lacqua spoke to cryan earlier about his new strategy. >> i described it as a capital raising. we needed to finance it so we would have needed a capital raising. would've year ago it been much more difficult for us. a lot more uncertainty. i feel much more capital sitting in the seat i said this time this year than i would have done last year. feeling much more positive. the environment is good. we are seeing growth again. to some extent, we have done a lot of the hard work. there is still a lot to do. if the regulators are listing, we are focusing on improving our efficiency. there is going to be a lot more fun as we develop the business in the future. thatine: was it unicredit distilled the fact there was appetite for some of these share sales? >> that would certainly have been a factor. also, our shares hit a low at the end of september, i guess. this sort of double since then. the markets look as though there is momentum behind the banking sector. it looked possible as well as desirable for the two met. francine: how many job cuts will be part of the strategy? >> we have not said. it is not to be evasive, but we want to take the same approach as we took with the restructuring of deutsche bank, which we have done over the past, i guess, 21 months or so. it in the german fashion. we want to involve all of the relevant stakeholders. we want to come to an agreement. once the agreements are struck, it is quite an efficient process. it just gets carried out with relatively little risk. francine: could it be thousands? tens of thousands? >> it is unlikely to be tens of thousands. we are not that and out with staff. it will clearly be some job losses in germany. mark: deutsche bank chief executive officer john cryan. vonnie: time for the latest bloomberg business flash. raising $13.9 billion for the latest private equity fund, the most ever raised from buyout focused on north america. most of the money comes from outside investors. kkr took from its own balance sheet and employees. u.s. oil industry is becoming a refiner to the world. last year, u.s. companies exported a record 3 million barrels a day of refined products. that is more than twice what they did a decade ago. finnegan refining industry is taking advantage of gas. securities and exchange commission enforcement department bracing for big budget cuts under the trump administration. it a ban on nonessential travel and hiring freeze. lawyers withhelp cases. that is your bloomberg business flash. still ahead, jeff peskind tells us where he is putting his money. are there opportunities distressed debt? have a look at what is happening to european equities. three days of declines. 1.4% for the stoxx 600, down by .6%. those industry groups that have led the rally since trump's election victory. boardout the currency today. sterling lower against the dollar. the pound down against the yen. this is bloomberg. ♪ . . live from bloomberg world headquarters in new york and london, i'm vonnie quinn. mark: and i mark barton. this is bloomberg markets. let's check in on bloomberg first word news from new york. ,: in the u.s., the trump -- am a: inon will the u.s., the trump administration will unveil a new travel order today. it will take+++ syrian refugees will be treated the same as other refugees and the order is clear on legal permanent residents being exempt. russian hackers have launched a new wave of attacks, this time targeting liberal groups in the u.s. according to people familiar with the matter. they have been scouring the organizations emails for embarrassing details. one of the groups targeted was the center for american progress. some organizations have paid ransom. the dutch election is wide open going into the last four weeks of campaigning. the prime minister said voters have a chance to reject this populist message. opportunity to stop the trend after brexit and theu.s. election and before french and german elections. for the netherlands to vote for a policy i want to deliver, of continuity, of making sure the successful policies of the last four and a half years will be implemented over the next three or four years. , -- emma: a chaotic cnn kuala chaotic scene in kuala lumpur. global news 24 hours a day powered by our 2600 journalists and analysts in more than 120 countries. this is bloomberg. marketsnow back to the and continuing to monitor global uncertainty with coming following the brexit decision to trigger article 50 and details about president trump's economic policies. i want to bring in jeff peskind from one of the top performing midsize hedge funds according to a bloomberg ranking. thank you for joining us. what have you changed since donald trump became president? jeff: a few industries we have it be at we think will beneficiary or suffer negative events with the trump administration. one area we have been more favorably involved in has been the financials with higher interest rates and with the fed possibly raising rates, that's an area that will possibly benefit. another area we have been focusing on that could suffer is the retailers, though they have been under a lot of pressure with amazon and the competition. those are the two areas we have been focusing on. the last area, the distrust and stressed part of the market has been very strong. the thinking being if rates are now going to go up in the u.s., people are transferring money out of treasuries and interest-rate sensitive products into distressed credit which could be a beneficiary of stronger economic growth. portion of your portfolio is shorts now as opposed to long? jeff: it's about 15% short right now. for 2017.t a picture we are only at the beginning of march. what does your crystal ball tell you? jeff: i have a very foggy crystal ball. higher the quality, the more interest-rate sensitive, the worst performance you will have. the smaller issues is where the value is left in this market. so i think in 2017, the credit market is probably going to be the best performing and treasuries and longer dated assets are going to be the worst to perform. mark: you jokes that your crystal ball is a bit foggy. why is that? jeff: with the trump administration, you just don't know what's going to be coming out in the short-term. you just never know what's going to happen. i did see oil collapsing a few years ago and as the fed finally starts to raise interest rates, it has been a long time since something like that happened and bondry uncertain how the market is going to take these three fed tightening's. are you playing that particular one? is there some more elaborate way that you are playing it? jeff: we focus on stressed bonds in the financial space. we really overrated those. is notess market susceptible to rising interest rates. the rise and really does not impact us. vonnie: more like community banks and smaller banks? jeff: there are a few specific ones, financial services companies, companies tied to credit cards and receivables is where we have been overweighting since the election. i was going to ask about the oil and gas area. that has seen a lot of action even in distress. are there more opportunities? jeff: about a year and a half ago, the distressed market was literally flooded with oil and commodity bonds that collapsed over the last year at half. most of the bankruptcies have already occurred, so there are much fewer names in the distrust orket that are oil and gas commodity related. the only value left are smaller names that are not in any of the indices. producers.maller oil the last area left are offshore drillers, probably the last area left. we do like that area. it's very risky. we are looking at a three-year turnaround timeframe, but we think it is a good area at this point. mark: tell us about the bifurcation of the high-yield market. you've got the etf guys and the high-yield guys and that you on the flip side. what opportunities does that present? jeff: that's a great question and i think this is the best opportunity we see in all of fixed income. very large issuers, the bonds make it into these funds and etf's. there are a lot more buyers, so the yield is very low. the bonds that don't make it into and etf or large mutual isd are a band, so it bifurcated. 300 extraget 200 or points of yield and some of these smaller names and that's where we see the value in this market. aware -- how rare are these names? jeff: not very rare at all. there's probably $400 billion worth of these bonds not in .hese indices or large funds there are quite a few of these. they don't trade every day. they are not in these daily liquidity funds, but for investors who can take a little less liquidity and more volatility, there is extra yield to be had. that's probably the best area we are seeing right now. vonnie: in retail, you are short some names. for retail that amazon is going to gobble up the space? jeff: basically, yes. they've shown weaker earnings. companies showing bad numbers in this environment, people are very concerned about these countries that -- these companies being able to service their debt. distrust bonds is in the retail space and there are a lot of equities that have not repriced to the level where the bonds are trading. vonnie: obviously, timing is everything. are you in yet or are you waiting for another run? these bonds are at $.20 or $.30 on the dollar. these are trading at very distrust levels. vonnie: specialty pharma? another area where we have nibbled on the bond side and have been shorting on the equity side. favor, in get out of this environment, they can fall to $.30 or $.40 on the dollar. we are doing some capital arbitrage. long on the bonds, short a little equity, so one of the two is mispriced. geographically, any interest in europe? at thisfortunately, not point. we still see the best value in the u.s. and smaller, more often the run names. and haven'turope really found anything as attractive at this point. we have tof peskind leave it there. great performance last year and continued success in 2017. mark: coming up, general motors -- selling itsopel its opel unit. we will tell you why. this is bloomberg. ♪ vonnie: you are watching bloomberg. i'm vonnie quinn. mark: and i'm mark barton. here's your global business report. the deutsche bank chief executive is pairing up his own turnaround plan after less than a year and half. find out what he told bloomberg about his new strategy. official, gmt is is selling its opel unit. mark: and the affordable care act -- president trump vowed to repeal and replace it. could he really undo one of president obama possible to's legacies. vonnie: the deutsche bank ceo has torn up his own turnaround plan, reuniting the investment and trading units one year after splitting them up. plus, deutsche bank was to raise $8.5 billion a share sale. been shrinking, reconstructing, we have been changing the bank a lot in the past two years. we want to move back into modest growth mode and we just got to do that, it would be helpful to add capital. europe todayin largestke the second automotive company in europe. the deal is valued at $2.3 billion. bloomberg spoke with gm's president. >> the team here has done nature mentis job over the last four or five years. we would have been profitable last year absent brexit, so we pathhe company on a good and we feel it's good for the business to go to the next level. that's what this transaction is all about. mark: the deal will create one of europe's biggest fund managers. it values aberdeen at about 4.7 billion dollars. the firm has been hurt by three years of redemption. china may revise or delay rules aimed at getting automakers to build electric cars. the industry has pushed back saying the government targets are too ambitious. china's electric car sales plunged in january after the government cut subsidies by more than 20%. vonnie: time for our bloomberg quick take where we provide context and background on issues of interest. the affordable care act, known as obamacare, was signed into law in 2010. it lower the numbers of uninsured americans and survived a series of supreme court challenges. but it faces its biggest threat yet from president donald and a republican-led congress. called obamacare a total disaster and has vowed to repeal and replace it with a more modest plan. democrats in the senate say they will do their best to block any bill that would tear down president obama's signature achievement. surveys have found the uninsured rate has fallen roughly by half to around 10%. eight .5 million people signed up for a new plan in 2016. the amount individuals pay for a obamacare plans is rough by to -- is up by 22% over the year lense, but most can find for less than $100 a month once subsidies are taken into account. the challenge in shaping obamacare was how to preserve the system of employer-based insurance while ensuring access for people to sick or too poor to afford it. this meant the plan lacked tools used to hold down costs in government-run systems. here is the argument -- trump and house speaker paul ryan have called for a new system using health savings accounts and allowing insurance across state lines. one study found repealing obamacare could result in 20 million people losing coverage. republicans dispute those findings, but both parties are prepared to blame the other if congressional action undermines the current system while it is in place. you can read more on our quick takes on the bloomberg. that is our global business report. ahead, russian hackers reportedly targeting u.s. liberal groups demanding ransom in exchange for not leaking sensitive information. developingthis story, next. this is bloomberg. ♪ mark: live from london and new york, i'm mark barton. i'm vonnie quinn and this is bloomberg markets. a postelection cybercrime wave is hitting the u.s.. -- hitting the u.s. russian hackers are allegedly targeting progressive groups, searching through emails and asking for hush money. the reporter who broke this story joins us now. it's like something out of a trashy airport crime novel -- russian hackers trying to extract hush money out of progressive groups that we are not actually sure these are official russian hackers. what's the latest about what we do actually know? mike: this is like something out of a crime novel, though what happened after the 2016 election, i don't think anything should be surprising. ofknow they are likely russian origin because of the tools they are using and the methods. or some indication there might be some crossover with the state sponsored groups that did the hacking during the 2016 election, that there is no hard evidence the russian government is behind this. it could be if you are russian hackers, you are taking a page of what was displayed during the election and say these groups are embarrassed and it cost them a lot in terms of the brand and candidates, maybe we should turn it into a new model for crime and that appears as one possible explanation. other troubling thing is that there are progressive groups out there doing things that you could possibly extort them for afterward. they are being ethically undermined now by these revelations possibly. are dealingce we with the world of politics, there are things that are embarrassing that might not be problematic from a criminal point of view or even ethically sketchy. one example one of the campaigns gave was an email exchange of a coordination between of funder and using monday to pay for the logistics for trump protesters. this is something president trump has tweeted about and it is a little embarrassing but this happens all the time in politics. her testers get bust in -- get bused in and things are paid for in terms of how they get from one place to the next. it's unclear because we don't know what these hackers are finding, but they certainly think it is juicy enough that some of these groups might be willing to pay up. keep in mind that the amounts are not that big. they are asking for ransom in bitcoin and they range from $30,000 to about $140,000. mark: has the fbi commented? michael: the fbi is investigating. when we asked for comment, they declined to comment. idea of how may groups have been targeted. michael: there are about a dozen that i know of, but likely the way these campaigns work, we are catching this at the beginning. so the story is definitely developing and there may be more that are targeted in the coming days or weeks. vonnie: it seems like some of the groups have actually paid the hush money. why would they do that? good question, a especially since in this case, the hackers have taken emails or documents already, so there is no guarantee they won't make them public anyway. on some level, it may be because the amounts are small enough that it is worth the risk and the emails might be embarrassing or sensitive enough that they decide to go ahead and pay. i will say that fbi in some told organizations they should pay the money because they have the ability to track it coin even though bitcoin is supposed to be untracked. that could be a possibility as well. michael o'rielly covers cybersecurity for us. thank you. president trump is expected to issue a revised travel ban today. joining us from the white house is our chief washington correspondent. what are we looking for today? kevin: the administration will unveil its long-awaited executive order. this is the second round. the first round was struck down by the ninth district court. could put process that to the supreme court but a of newaited round executive orders coming. we hear that iraq will no longer be one of the seven predominantly muslim nations impacted by this immigration ban. we are also hearing this will be rolled out over a longer time. a lot of skepticism on capitol hill from republicans, many of whom are up for reelection. this could put them in a tough political spot. vonnie: we are hearing it's not going to be put into effect until march 16. is that an effect have a calm her reaction? it seems like that delay won't make things any calm her. kevin: sources i speak with inside sales part of an effort to do better compared to the first round. but with russia dominating summary headlines, this administration is looking to turn the page and switch to a new subject and debut these executive orders as an opportunity to do that. a senate judiciary committee russia will turn toward as the confirmation hearings get underway for some of the more secondary levels of officials in the dust us -- in the justice department. jeff sessions recused himself from any new investigation into russia, so all of his deputies will be facing questions about how they would handle not only an acting these new rounds of executive orders, but russia. was just a couple of days ago. i know it seems a little longer. kevin cirilli reporting there from the white house. we are going to follow stocks 35 minutes into the monday session. investors taking a pause for breath after the benchmark european stock gains. the stoxx 600 at its highest level since november 2015. check out the currencies today, down across the board. a big week when it comes to macro and the ecb. i will leave you with the bond toward. i will be talking about the spread and the difference between the german and french here in just a second. this is bloomberg. ♪ mark: 30 minutes left in the trading day in europe today. i mark barton. vonnie: i'm vonnie quinn. this is the european close on bloomberg markets. ♪ from new york to london in the next hour plus covering stories out of los angeles, paris and frankfurt. top stories we're following on the bloomberg and around the world. u.s. stocks are slipping as investors looked toward the fed. deutsche bank weighing on shares as the euro also declines on front politics. vonnie: in politics here in the u.s. president trump is expected to issue a revised travel ban order today. a complete analysis on all of the specifics once it comes out. in business, getting a piece of president trump must infrastructure plans. we talked to mike breck, ceo of a calm about how his firm plans to cash in.