Bloomberg Intelligence

Live from the 2017 Red Hat Summit in Boston, Fiduciary Trust CIO Peter Andersen says Treasuries reflect doubt that's creeping into the market and forcing people to take a second look at Trump's promises. Joe Fitzgerald, vice president of the management business unit at Red Hat, says companies need automation to survive. Finally, Bloomberg's Michelle Kaske discusses Puerto Rico's liabilities and incoming litigation.

See omnystudio.com/listener for privacy information.

Peter Tchir, head of macro strategy for Brean Capital, tells Pimm Fox and Lisa Abramowicz why it's time to sell high yield. Bloomberg's Jamie Butters talks about declining U.S. auto sales. Bloomberg's Erik Wasson, discusses the Congressional spending bill that abandons some of Trump's priorities. Finally, Paul Sweeney, senior media and Internet analyst for Bloomberg Intelligence, discusses news that 21st-Century Fox is teaming with Blackstone for a bid to buy Tribune Media.

See omnystudio.com/listener for privacy information.

Gene Munster, co-founder of Loup Ventures, says Amazon and Google are defining the way consumers expect retail and media to evolve. Constance Hunter, chief economist at KPMG, says we're in the eighth inning of the business cycle. Sheryl Palmer, president and CEO of Taylor Morrison Home Corp, says confident consumers are creating optimism in the housing business. Finally, John Bartlett, a money manager at W.H. Reaves & Co., discusses utilities stocks.

See omnystudio.com/listener for privacy information.

Chris Volk, CEO of Store Capital, tells Pimm Fox and Lisa Abramowicz what's happening in the shifting retail landscape and how that may hurt commercial real estate. Bloomberg's Doug Alexander talks about his story on why Home Capital shares dropped by the most on record in Toronto. Finally, Ford CFO Bob Shanks discusses first-quarter earnings.

See omnystudio.com/listener for privacy information.

Former LA Lakers coach Byron Scott and Freshpet Chairman Charles Norris discuss their book, "Slam-Dunk Success: Leading From Every Position on Life's Court." Dor Skuler, CEO of Intuition Robotics, talks about his startup's social companion AI technology. Finally, Bloomberg Intelligence's Ryan O'Connell discusses rising credit card charge-offs after Capital One and Discover earnings.

See omnystudio.com/listener for privacy information.

Live from the 2017 Future of Energy Summit, Christopher Ailman, the CIO of the California State Teachers' Retirement System, discusses the divestment of fossil fuels. Ralph Izzo, the chairman, president and CEO of Public Service Enterprise Group Incorporated, talks about the profitability of existing and planned nuclear reactors and government support for advanced reactor technologies. Finally, Barbara Buchner, the executive director of the Climate Finance Program at the Climate Policy Initiative, discusses international climate and energy policy, along with the state of climate and energy finance.

See omnystudio.com/listener for privacy information.

Bloomberg's Laura Litvan discusses the possibility of a government shutdown and whether Trump's border wall demands will be a factor. Carl Pope, a Bloomberg View contributor and the former executive director and chairman of the Sierra Club, talks about mitigating the worst effects of man-made climate change. Finally, Auke Lont, president and CEO of Statnett, discusses grids, storage and the future of electricity.

See omnystudio.com/listener for privacy information.

Michael Cloherty, the head of U.S. interest-rate strategy at RBC Capital Markets, says the issuance process for U.S. 100-year bonds is too risky as he talks about Treasury Secretary Steve Mnuchin's idea for ultralong bonds. Sandy Miller, a general partner at IVP, tells Pimm Fox and Lisa Abramowicz why he predicts a torrent of tech IPOs for 2017. Irene Finel-Honigman, an adjunct professor of international affairs at Columbia University, talks about the upcoming French elections. Finally, Jim Fish, CEO of Waste Management Inc., discusses the outlook for the recycling business and his vision as the company's new leader.

See omnystudio.com/listener for privacy information.

Axiom Capital's Gordon Johnson says he would be shorting steel stocks based on Trump's protectionism. David Congdon, CEO of Old Dominion Freight Line, discusses working with Trump on infrastructure renewal and ways to improve the trucking industry and roads. Christina Lomasney, CEO of Modumetal, talks about Modumetal's technology and how it's being used to replace aging roads, bridges and oil and gas infrastructure. Finally, Nathan Dean, a government analyst for Bloomberg Intelligence, says House Republicans have unveiled a draft of their Dodd-Frank Act replacement effort, the Financial Choice Act.

See omnystudio.com/listener for privacy information.

Barry Bannister, the chief equity strategist at Stifel Nicolaus, discusses his markets forecast and investment opportunities. Dr. Chris Chen, CEO of ChenMed, a physician-led primary care practice delivering affordable care to seniors, talks about how ChenMed's business model saves hospitalization costs. Bloomberg's Joe Light says homebuilders could be losers in early tests of Trump's trade policy. Finally, Ken Monaghan, the head of global high yield at Amundi Smith Breeden, discusses credit markets and opportunities and risks in the high-yield market.

See omnystudio.com/listener for privacy information.

Banker to the world Bill Rhodes, President and CEO of William Rhodes Global Advisors, on risks to China's banking system. Michael Shaulov, Head of Products: Mobile Security for Check Point Software and former CEO and co-founder of Lacoon Mobile Security, on the growing security risks to mobile phone users. Molly Smith, corporate finance reporter for Bloomberg, on Avis and Hertz debt tumbling to new lows, amid signs that used-vehicle prices are dropping twice as much as expected. Joe Jackson, Chairman and CEO of WageWorks, on how a new healthcare bill could impact the company.

See omnystudio.com/listener for privacy information.

Lex Kerssemakers, CEO of Volvo Cars of North America, says Volvo's vision is that by 2020, nobody should be killed or heavily injured in a Volvo and self-driving cars are an integral part of that goal. Sam Abuelsamid, a senior analyst at Navigant Research, discusses the leading companies with automated driving systems. Bloomberg's Michele Kaske says Puerto Rico bondholder losses could be bigger than ratings suggest. Finally, Bob Sinche, a global strategist at Amherst Pierpont Securities, discusses the dollar, currencies and the impact of Trump's comments on markets.

See omnystudio.com/listener for privacy information.

Ariel Cohen, a senior fellow at the Atlantic Council, says Putin is doubling down on his support of Bashar al-Assad and probably didn't expect Trump to turn against Russia's alliance with the Syrian leader. BMW Motors' Ian Robertson says he doesn't expect much upside to U.S. market this year. Michael Scanlon, a money manager at Manulife Asset Management, discusses bank earnings. Finally, Mecum Auctions' Dave Magers and Frank Mecum talk to Pimm Fox and Lisa Abramowicz about the collector car auction market and their upcoming Spring Classic muscle car auction.

See omnystudio.com/listener for privacy information.

Dan Fuss, the vice chairman of Loomis Sayles, discusses the yield curve and the outlook for bond markets. BlackRock's Matt Tucker says ETFs are filling a need in the high-yield market. Shira Ovide, a Bloomberg Gadfly columnist, discusses news that Qualcomm is accusing Apple of lying to regulators to spur investigations of the chipmaker and how the legal battle will challenge Qualcomm's intellectual property business model. Finally, Frank Sorrentino, CEO of ConnectOne Bank, talks about how community banks will benefit from deregulation.

See omnystudio.com/listener for privacy information.

Lawrence Golub, president of Golub Capital, discusses the highlights and trends from its middle market report. John Whelen, CFO of Enbridge, talks about Enbridge's acquisition of Spectra Energy, building energy infrastructure and renewable business in wind farms. Eli Casdin, a managing partner at Casdin Capital, discusses biotechnology, drug pricing and the impact policy will have on the FDA approval process. Finally, Bloomberg's Brian Chappatta talks about his article, "A Foreign Threat to U.S. Treasuries That Dwarfs Fed's Debt Hoard."

See omnystudio.com/listener for privacy information.

Steven Cook, a senior fellow for Middle East studies at the Council on Foreign Relations, talks about the geopolitical and security situation for the U.S. and Syria, following the U.S. air strikes. Bloomberg's Tony Capaccio discusses how the strike raises the stakes for Russia. Al Angrisani, the former assistant labor secretary under President Reagan, and Carl Riccadonna, Bloomberg Intelligence's chief U.S. economist, discuss jobs and why Angrisani says wage growth should be the Trump administration's priority. Finally, Vincent Reinhart, chief economist at Standish Mellon Asset Management, talks about job numbers, the Fed and the outlook for Trump's fiscal policy.

See omnystudio.com/listener for privacy information.

Live from the National Medicare Advantage Summit in Arlington, Virginia. Dr. Steve Miller, chief medical officer at Express Scripts, says the high price of prescription drugs in the U.S. means Americans are funding innovation for the rest of the world. Tom Scully, the former administrator of the Centers for Medicare and Medicaid Services, talks about the outlook for policy. Dr. Kavita Patel, a senior fellow at Brookings Institution and former adviser to the Obama White House who worked on the Affordable Care Act, weighs in on the politics and policy of healthcare under Trump. Finally, Brendan Ahern, chief investment officer at KraneShares, discusses Trump's meeting with President Xi Jinping and the impact to investing in China.

See omnystudio.com/listener for privacy information.

NYU's Ed Goldberg and Bloomberg's Alex Wayne talk about the news that Steve Bannon has been removed from the National Security Council and what that means for President Trump's upcoming meeting with China's President Xi. Bloomberg's Rachel Evans and Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, discuss how bond ETFs are revolutionizing the fixed income market. Paul E. Adornato, a senior REITS analyst at BMO Capital Markets, talks about commercial real estate. Finally, John Augustine, chief investment officer at Huntington National Bank, discusses the Fed, bond yields and asset allocation.

See omnystudio.com/listener for privacy information.

Bloomberg Intelligence's Anurag Rana says Trump's crackdown on the H-1B visa program could mean Silicon Valley will ship work offshore. Tom Murn, CEO of ViaTouch Media, discusses the "Lisa" vending machine, challenging Amazon in grab-and-go shopping. John Groton, director of equity research at Thrivent Asset Management, tells Pimm Fox and Lisa Abramowicz why he favors the Permian Basin energy companies. Finally, Damian Sassower, a fixed-income strategist at Bloomberg Intelligence, discusses South Africa's debt and credit rating outlook.

See omnystudio.com/listener for privacy information.

Peter Andersen, CIO of Fiduciary Trust, talks about the effect that the Trump administration could have on the fixed-income market. Holly Liss, a managing director at BTIG, discusses the bond market and the Fed. Kevin Tynan, a senior auto analyst at Bloomberg Intelligence, talks about March auto sales and Tesla's ability to beat estimates. Finally, Bloomberg BNA's Kimberly Robinson discusses the Senate Judiciary Committee's vote on Neil Gorsuch.

See omnystudio.com/listener for privacy information.

Nick Colas, chief market strategist at Convergex, says David Einhorn's General Motors plan exposes broken public equity markets. Dawn Sandoval, COO at Kalyx Development, discusses the current outlook for the cannabis real estate market and the impact of Attorney General Jeff Sessions' anti-drug stance. Stephen Jones, CEO at Covanta, talks about the waste-to-energy process. Finally, Bloomberg's Laura Keller discusses her article, "Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control."

See omnystudio.com/listener for privacy information.

Alan Miller, CEO of Universal Health Services, discusses the outlook for hospitals and the impact of efforts to repeal Obamacare. David Lebovitz, JPMorgan's global market strategist, gives an outlook for global markets. Bloomberg's Craig Giammona discusses Amazon's plan to persuade brands like Cheerios and Oreos to bypass chains such as Wal-mart and Target and ship products directly to consumers instead. Finally, Mark Gabbay, Asia-Pacific CEO at LaSalle Investment Management, talks about real estate in the region.

See omnystudio.com/listener for privacy information.

Famed golfer Greg Norman, who also founded Great White Shark Enterprises, discusses his company's new partnership, athlete brand-building and outlook for the industry. Kathleen Gaffney, co-director of diversified fixed income at Eaton Vance, talks about keeping a flexible investment strategy, the shift from monetary to fiscal policy and increasing volatility. Bloomberg's Brian Gruley says globalization and technology are killing jobs at UTC Carrier, despite Trump's campaign rhetoric. Finally, Rob Barnett, a senior energy policy analyst at Bloomberg Intelligence, discusses the future of power plant carbon regulations after Trump signed an executive order to roll back climate change policies.

See omnystudio.com/listener for privacy information.

Jack Devine, former acting director of the CIA and founding partner and president of the Arkin Group, provides his spring 2017 forecast for global risks. Carl Eichstaedt, a senior money manager at Western Asset Management, discusses the bond market and rate outlook. Former U.S. Congressman Rick Lazio, now senior vice president at Alliantgroup, talks about the top agenda for the Trump administration: Tax reform. Finally, Bloomberg’s Katherine Greifeld and David Wilson discuss how hospital stocks are rallying after the failed American Health Care bill -- even though fundamentals remain challenged. (Corrects attached audio file.)

See omnystudio.com/listener for privacy information.

Jason Miner, a senior global chemical analyst at Bloomberg Intelligence, tells Pimm Fox and Lisa Abramowicz how mega-deals could reshape the agrochemicals industry. Rick Selvala, CEO and co-founder of Harvest Volatility Management, discusses his company's strategy for trading U.S. equity index volatility. Bloomberg's Brian Chappatta talks about how Japan, the U.S.'s biggest foreign creditor, is unloading U.S. debt. Finally, Bloomberg's Elizabeth Dexheimer discusses her article, "Caught Between JPMorgan and Wal-Mart, Congress Avoids Swipe."

See omnystudio.com/listener for privacy information.

Sarah Carlson, a senior vice president at Moody's Investors Service, discusses the White House budget proposal and the direction of the U.S. credit profile. Bloomberg's Meenal Vamburkar talks about Trump's decision to grant a U.S. permit to Transcanada for its Keystone XL pipeline. Joel Levington, a senior credit analyst at Bloomberg Intelligence, discusses BI's activist audit model, which helps signal companies that may be exposed to rising credit risk. Finally, Frank Holmes, CEO and CIO of U.S. Global Investors, explains to Pimm Fox and Lisa Abramowicz why he still likes airlines.

See omnystudio.com/listener for privacy information.

Adam Ereli, who was a U.S. ambassador to Bahrain and State Department deputy spokesman, discusses the Russia investigation, U.S.-Russia relations and Rex Tillerson's meeting with NATO. Stephen Guilfoyle, the founder and president of Sarge986, talks to Pimm Fox and Lisa Abramowicz about markets, valuations, the economy and headline risk. Bloomberg Intelligence's Paul Sweeney talks about Disney's decision to extend Bob Iger's contract as chairman and CEO for another year. Finally, Kevin Whitelaw, Bloomberg's Congress editor, discusses the GOP negotiations to pass the American Health Care Act.

See omnystudio.com/listener for privacy information.

Tapan Datta, the chief economist at Aon Hewitt, talks about the impact of political events on the Eurozone economy. Bloomberg Intelligence's Ryan O'Connell discusses Ally Financial and the deepening angst in the auto-loans industry. Ethan Brown, CEO of Beyond Meat, speaks with Pimm Fox and Lisa Abramowicz about the company's outlook, Tyson's investment in Beyond Meat and the future of protein. Finally, Dr. Richard Newell, the president of Resources for the Future, discusses the Trump administration's rollback of emissions standards, renewed push into fossil fuels and the direction of the energy economy.

See omnystudio.com/listener for privacy information.

Greg Stohr, a Supreme Court reporter at Bloomberg, says 90 percent of Neil Gorsuch's answers at his Congressional hearings are predictable, but there's real substance in the nitty-gritty of what he says. Then, Anna Edney, a Bloomberg health-care reporter, discusses GOP leaders trying to gain support for their American Health Care Act plan.

See omnystudio.com/listener for privacy information.

Toluse Olorunnipa, White House Correspondent, on FBI Director James Comey testifying at a congressional hearing on the investigation into Russia's alleged meddling in the 2016 election. Ian Wishart, European Government reporter for Bloomberg, on the UK triggering Brexit.

See omnystudio.com/listener for privacy information.

Marian Harkin, member of the EU Parliament’s Economic and Monetary Affairs Committee and former member of Ireland’s parliament, on Brexit, companies shifting out of the UK, and the future of the EU. Joe Mysak, Editor for Bloomberg Brief: Municipal Market, on New Jersey's growing pension deficit and Amtrak’s Gateway project imperiled by Trump’s budget slashing. Brian Reardon, former special assistant for economic policy and a staff member of the National Economic Council under President George W. Bush, on tax reform and why he supports a border adjustment. David Scanlan, Managing Editor Canada for Bloomberg, on the Canada Goose IPO which vaulted CEO Dani Reiss into a millionaire.

See omnystudio.com/listener for privacy information.

Douglas Borthwick, head of foreign exchange at Chapdelaine & Co., discusses currencies following the Fed hike, the Dutch elections and the Bank of England and Bank of Japan rate decisions. Citigroup's Jenna Giannelli she sees more pain to come in retail but it's not "the big short." Jamie Murray, chief economist at Bloomberg Intelligence in London, says Italy is the biggest risk to the Eurozone. Finally, Hugh Johnson, chairman and CIO of Hugh Johnson Advisors, discusses the Fed rate decision, his market outlook for 2017 and current investment ideas. (Corrects employment status of Douglas Borthwick)

See omnystudio.com/listener for privacy information.

Narayana Kocherlakota, a Bloomberg View columnist and former Minneapolis Fed president, tells Pimm Fox and Lisa Abramowicz why the Fed should display more patience on a rate hike. Washington D.C. Mayor Muriel Bowser comments on reaction to Donald Trump's EPA cuts and predicts women's leadership will make a difference in the fight against climate change. Marc Stefanski, chief executive officer of Third Federal Savings & Loan, discusses the housing market and outlook for rate increases. Finally, Alexandra Palt, chief sustainability officer at L'Oreal, expounds on sustainability and delivering on the Paris agreement.

See omnystudio.com/listener for privacy information.

Bob Eisenbeis, vice chairman and chief monetary economist at Cumberland Advisors and the former director of research at the Atlanta Fed, previews what to expect from the Fed and gives an outlook for rate hikes. Anna Edney, a Bloomberg health-care reporter, says the American Health Care Act is taking a hit with CBO's dire estimates. Dan Solender, the lead money manager of municipal bonds at Lord Abbett, discusses Puerto Rico's oversight board decision to approve the governor's debt plan. Finally, Rob Barnett, a senior energy policy analyst at Bloomberg Intelligence, discusses how a Trump tax cut could save oil drillers billions of dollars.

See omnystudio.com/listener for privacy information.

Kevin Tynan, senior auto analyst at Bloomberg Intelligence, says the 2016 car swoon is turning into an uncontrollable skid this year. Tyler Benster, a general partner at Asimov Ventures, and Shamil Hargovan, CEO of Wiivv, discuss the annual 3D Printing Conference in NYC, the biggest 3D trends and using 3D printing to manufacture goods in the U.S. Then Cass Sunstein, a Bloomberg View contributor and the Robert Walmsley University Professor at Harvard Law School, discusses his new book, "#Republic: Divided Democracy in the Age of Social Media." Finally, Anand Srinivasan, the senior semiconductor and hardware analyst at Bloomberg Intelligence, discusses Intel's plan to buy Mobileye for $15.3 billion.

See omnystudio.com/listener for privacy information.

Michael Froman, a former U.S. trade representative and distinguished fellow at the Council on Foreign Relations, discusses the future of global trade, TPP and renegotiating NAFTA. Axel Merk, president of Merk Investments, discusses the economic recovery and why the Fed is behind the curve. Joe Mysak, an editor for the Bloomberg Briefs Municipal Market newsletter, says Illinois' revenue is experiencing a February freefall. Finally, Ian Wishart, a European government reporter at Bloomberg, says the E.U. is taking a hard line towards Theresa May on Brexit talks.

See omnystudio.com/listener for privacy information.

Bloomberg Intelligence's Nathan Dean says key Republicans are turning away from rolling back Dodd-Frank and turning towards easier things to tackle. Richard Conn, a managing partner at Eurasia Advisors, discusses the selection of Jon Huntsman as U.S. ambassador to Russia. David Garrity, CEO of GVA Research, discusses Alphabet's push into android messaging. Finally, Noah Smith, a Bloomberg View columnist, tells Pimm Fox and Lisa Abramowicz why the border tax isn't the biggest Republican tax idea.

See omnystudio.com/listener for privacy information.

Bill Smead, CEO of Smead Capital Management, discusses what would happen if oil was priced at $20 a barrel. Bloomberg's Chris Reiter discusses a study from consultant firm Roland Berger that says a U.S. border tax will make most automakers unprofitable and lead to job losses. Bill Sandbrook, CEO of U.S. Concrete Inc., discusses the process of submitting proposals to build Trump's border wall. Finally, Tom Tucci, the head of U.S. treasury trading at CIBC World Markets, says tax policy will drive the next leg of the market.

See omnystudio.com/listener for privacy information.

In this special episode of P&L, recorded live at Symphony Hall in Boston, we take a look at the city in the age of Trump. First up: Mayor Marty Walsh talks about the potential impact of an immigration ban on tourism and what it means for employee recruitment by tech companies. Also, Bloomberg Intelligence's Brian Rye discusses the GOP's new health-care proposal. Then, Boston Pops conductor Keith Lockhart discusses the future of classical music and the importance of arts funding. Finally, Tom Faust, CEO of Eaton Vance, discusses his firm's sponsorship of the Boston Pops fireworks.

See omnystudio.com/listener for privacy information.

Eric Balchunas, an ETF analyst at Bloomberg Intelligence, discusses active versus passive management and the ongoing pressure on fees at asset managers. Joe Mysak, an editor at Bloomberg Briefs Municipal Market, tells Pimm Fox and Lisa Abramowicz what higher rates mean for the municipal market. Cathy O'Neil, a mathematician and Bloomberg View contributor, discusses her column "In The World of Big Data, More Isn't Always Better." Finally, Hector Barreto, the chairman of the Latino Coalition and the former U.S. Small Business Administrator, discusses how the Latino community is reacting to the immigration crackdown and gives an outlook for business owners.

See omnystudio.com/listener for privacy information.

Conor Sen, a Bloomberg View columnist and money manager at New River Investments, says Donald Trump's infrastructure plan would require an additional 570,000 construction workers. David Kudla, CEO and chief investment strategist of Mainstay Capital, discusses markets and investments, the Fed and his current stock picks. Max Nisen, a Bloomberg Gadfly columnist, discusses Roche's successful patient study on its breast cancer drug and the outlook for Valeant. Finally, Rob Barnett, a senior energy policy analyst at Bloomberg Intelligence, discusses the Trump administration's proposal to slash the EPA's budget by 25 percent.

See omnystudio.com/listener for privacy information.

Vincent Reinhart, the chief economist at Standish Mellon Asset Management, says the Wall Street Journal's coverage of the Fed's January meeting shaped the probability of a March rate hike. Neil Dwane, a global strategist at Allianz Global Investors, discusses Donald Trump's speech to the joint session of Congress. Bloomberg Intelligence's Paul Sweeney discusses Snap's IPO. Finally, Bloomberg's Erik Schatzker discusses the management shake-up at the world's biggest hedge fund, Bridgewater, as Ray Dalio steps down as interim co-CEO and co-CEO Jon Rubenstein exits after 10 months on the job.

See omnystudio.com/listener for privacy information.

Burt Flickinger, managing director at Strategic Resource Group, discusses Target's earnings and outlook. Henry Peabody, co-manager of the Eaton Vance Multi-Sector Bond Fund, discusses the fixed-income markets and opportunities in high yield. Bloomberg reporter Laura Keller discusses CLSA Ltd.'s decision to shut its U.S. equity research staff and dismiss analysts including Mike Mayo. Finally, Bloomberg's John Butler discusses Apple's annual shareholder meeting, highlights from the Mobile World Congress and the new Nokia phone.

See omnystudio.com/listener for privacy information.

Premier CEO Susan DeVore discusses the impact on hospitals of the Trump administration's plan to overhaul the Affordable Care Act. Bloomberg's Noah Buhayar discusses Warren Buffett's annual letter to shareholders and Berkshire Hathaway's earnings. Brendan Brown, the chief economist and head of economic research at Mitsubishi UFJ Securities, tells Pimm Fox and Lisa Abramowicz how Donald Trump can win the currency war. Finally, Eric Martin, a Bloomberg reporter based in Mexico City, discusses Mexico's warning to the U.S. that it will cut off NAFTA talks if tariffs are proposed.

See omnystudio.com/listener for privacy information.

Zach Tracer, a health care reporter at Bloomberg, says blowback from constituents is growing as the GOP's Obamacare replacement will result in fewer Americans being covered by health insurance. Poonam Goyal, a retail analyst at Bloomberg Intelligence, discusses JC Penney's announcement that it will close up to 140 stores. Finally, Bloomberg's Toluse Olorunnipa discusses President Trump's speech at the Conservative Political Action Conference.

See omnystudio.com/listener for privacy information.

Liam Denning, a Bloomberg Gadfly energy columnist, says most of Tesla's value lies in what people expect the company to be doing five or 10 years from now. Krishna Memani, chief investment officer at Oppenheimer Funds, discusses long bonds, growth, reflation and leveraged loans. Craig Johnson, president of Customer Growth Partners, says department stores make up 1.6 percent of the retail market, down from 10 percent a generation ago. Finally, Bloomberg's Saleha Mohsin discusses U.S. Treasury Secretary Steve Mnuchin's comments on the yuan, NAFTA and the long bond.

See omnystudio.com/listener for privacy information.

The number of first-time home buyers is rising, reflecting millennials who are the single biggest group of U.S. purchasers, says Logan Mohtashami, a senior loan officer at AMC Lending Group. Joel Levington, a senior credit analyst at Bloomberg Intelligence, tells Pimm Fox and Lisa Abramowicz why share repurchases would be a better use of capital than acquisitions. Finally, Bloomberg's Leslie Patton discusses McDonald's plan to cut prices on drinks as the fast-food industry slumps.

See omnystudio.com/listener for privacy information.

Nicholas Weaver, a security researcher at the International Computer Science Center at Berkeley, says it would be simple to hack Donald Trump's phone. Bloomberg's Ed Hammond discusses Unilever's decision to rebuff a $143 billion takeover bid from Kraft Heinz. Ken Goldstein, an economist at the Conference Board, speaks with Pimm Fox and Lisa Abramowicz about the latest Index of Leading Economic Indicators. Finally, Bloomberg's Matt Miller discusses the latest news from the Munich Security Conference.

See omnystudio.com/listener for privacy information.

Bloomberg's Tony Capaccio says Boeing's CEO was in the room listening to Donald Trump's calls to the Pentagon about the Lockheed Martin F-35 jet. Ward McCarthy, the chief financial economist at Jefferies, discusses rates, fixed income and the Fed. Jonathan Gruber, a professor of economics at MIT who is considered a key architect of Obamacare, discusses the Trump administration's proposed changes to health care. Finally, Bloomberg's Yalman Onaran tells Pimm Fox and Lisa Abramowicz that Trump's tax cuts could boost profit at the six largest U.S. banks by $12 billion.

See omnystudio.com/listener for privacy information.

Bloomberg Intelligence's Carl Riccadonna and Nathan Dean discuss Janet Yellen's testimony to Congress and the state of play for Dodd-Frank. Then Ken Shea, a food, beverage and tobacco analyst at Bloomberg Intelligence, discusses earnings and provides an outlook for the spirits industry.

See omnystudio.com/listener for privacy information.