Slowing economy. Joining us for the hour, stephanie link great to have you. What do you make of this market right now . I have fatigue over trade i really do. Its impossible every day it changes. So im trying to ignore it and focus on fundamentals. Today i thought we got some good data on the economy. The philly fed better than expected vince were better than expected meaning he they went own maybe were bottoming. Lets see the flash pmis tomorrow existing home sales up 5 yearoveryear good consumer, lets talk retail earnings have been very good Minus Department stores and some one office. I think that bodes very well for the consumer fatigue over trade but excitement over m and a. Very much so. Im still excited by trade. Im more excited about bristolmyers closed earlier than expected. Thats a great story for 2020. So theres a lot underneath the surface to this market of whats going on and thats what im trying to focus on versus trade. Lets get straight to that big story, the potential c
Chipotle today its a new problem but its an old problem. The stock sinking on news a restaurant in virginia closed after a number of customers became severely ill after eating there. Well tell you where it is i guess i just did, and how chipotle is handling that issue coming up. Lets start with the financials weighing on the dow. Goldman sachs the biggest loser after its Earnings Report out this morning wilfred frost is here to break that down for us. Goldman sachs failed to navigate the market as they aspired following another good quarter in the markets and currencies business. Heres their show Martin Chavez. The primary driver for the declines sequentially are year on year. Was lower client activity with all the drivers that we that we discussed, lower volatility, less dispersion, less opportunity. Commodities is a story of challenges on all fronts, and there was lower client activity and also a difficult marketmaking environment. This was the worst ever quarter for commodities sinc
Site became almost like a daily ritual. Without you, there is no us. Suki kim is the author of without you there is no us my time with the elite a memoir. It comes out in october you. Michael lewis talks about the rest of highfrequency traders in the start market and discusses how they manipulate the workings of the market with help of big banks to shortchange regular investors. This hourlong program is next on booktv. Thank you for coming. I wanted to start by explaining why it is i have the pleasure of interviewing michael this evening. [laughter] i, i have a theory, i have a grand, unified Michael Lewis theory, and i thought that we would start there. I havent heard it, id love to hear it. And im going to, this is going to be i would like to see whether you, whether you get the theory, so im going to give you an opportunity to answer. Youll see. The theory [laughter] the preamble to the theory is that you are principally a moralist. In fact, i believe you are americas leading nonfic
Take on what happened but also a look at the politics at the time that made the troops stay overseas in world war ii. Host lissa warren, you mentioned youre an acquiring editor. How long is the process of getting the book on the shelfs to the time you acquire it . Guest its just like having a baby, it takes about nine months from hand you script through the man you script, the copy editing process and then the cover design. I would have, at point, 20 children if i was having babies instead of publicizing books because ive been doing this for 20 books now. To write it, it usually takes a year or two, sometimes three if its a long book or one that requires a lot of research. They are pretty knee deep in evaluating copy edit suggestions that have been made. That can take several weeks. Occasionally a month or two, but we dont always have that long. We also need to keep books in the season that theyve been slotted, and so we have to keep the schedule, and the authors get some time with the
David in the Financial System. It is a Stock Exchange. They built an exchange that is owned by investors. The whole point of it is to create an environment where the investors are not exposed. Who else are the davids . They have actually created the kind of solution to a problem. And if it works what you have is a model for how you solve other problems when i say its raid is a systematic step that goes on every time an order enters the market. Its pennies. Spread out over the home market. Its up to you will never make money in the stock market. That is not the point. The market is charging. Investment dollars totally unnecessarily. Its a systemwide problem as an investor you almost should be more concerned about the instability caused by the rating. This is the it is not the pennies you use. The guys at goldman when you decide you dont want anything more to do with highfrequency trading in the current stock market. If we continue down this path of exchanges making it ever more complica