Speaker 1: Global business news twenty four hours a day. If Bloomberg
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Speaker 1: this is a Bloomberg Business flag Broom, Bloomberg World Headquarters.
Speaker 1: I'm Charlie Pelotondal the SMP Nestak. They are all trading
Speaker 1: Laura right now. And this update is brought to you
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Speaker 1: single stock when you can invest in the entire sector.
Speaker 1: Visit sector sp d rs dot com recall Sector e
Speaker 1: t F. Now right over to the First Word Breaking
Speaker 1: news desk for today's afternoon call, and here's Bill Maloney.
Speaker 1: Good afternoon, Charlie. Stocks are under pressure again today, with
Speaker 1: the Dow currently down a hundred and fifty two points,
Speaker 1: sysipes drop seventeen and AzaC falls forty three, small cap
Speaker 1: six hundreds down seven points, and the US ten yield
Speaker 1: at one point five nine percent. Up of markets were
Speaker 1: also under pressure today, with Jeremy falling two point two
Speaker 1: percent as Deutsche Bank felt to a record low back
Speaker 1: in the US, ten out of eleven sub sectors are lower,
Speaker 1: led by losses in financials, healthcare, and consumer discretionary. Only
Speaker 1: a real estate gained doubt transports drop fifteen, utilities fall
Speaker 1: point Nazabottex sink thirty six, and the vix is higher
Speaker 1: by seventeen percent. Litersted a downside in the down included Japing, Morgan, Goldman,
Speaker 1: Sachs and Fiser with fractional gains and Procnant, Gamble and Apple,
Speaker 1: and finally another news. Disney is said to be working
Speaker 1: on a potential Twitter bid. Disney is currently down one
Speaker 1: point six percent. Live from the first to breaking newsnest On,
Speaker 1: Bill Maloney, Charlie all right, thank you very much, Bill Maloney,
Speaker 1: and again recapping SMP down seventeen the drop of eight
Speaker 1: tenths of one percent. I'm Charlie Pelt. That's a Bloomberry
Speaker 1: business flash. You're listening to taking stock with Pim Box
Speaker 1: and Kathleen Hayes on Bloomberg Radio. Were are broadcasting live
Speaker 1: from midtown Manhattan from the offices of Eisner Emperor where
Speaker 1: they are all preparing for their fourth annual Real Estate
Speaker 1: Private Equity Summit. It takes place at Pier six Steve
Speaker 1: this Wednesday. Pierre sixty, of course, down at the Chelsea Piers,
Speaker 1: and that an example of a original use that has
Speaker 1: been supplanted by a more modern news for real estate.
Speaker 1: And here to tell us about the modern world of
Speaker 1: real estate is Charles Weinstein. He is the chief executive
Speaker 1: officer of Eisner Amper and he joins us. Now, thank
Speaker 1: you very much for housting us here, thank you for
Speaker 1: having me tell let's let's let's talk about sort of
Speaker 1: the role of Eisner Emper and real estate. Many people
Speaker 1: may not know that you have a practice that involves
Speaker 1: not only sort of managing real estate, but also managing
Speaker 1: investments in real estate and helping people understand what is appropriate,
Speaker 1: uh for for their businesses. Tell us about Eisener Emper's involvement. Sure,
Speaker 1: you can think of Eisner Emper as a resource for
Speaker 1: the real estate community, so providing advice, providing tax advice,
Speaker 1: deal structuring advice, and perhaps more importantly, you could think
Speaker 1: of Eisener Ramper as a connector in the real estate
Speaker 1: community and helping facilitate transactions. And that's a big part
Speaker 1: of the conference of our real Estate summit that we're
Speaker 1: hosting on Wednesday. So what does it take to compete
Speaker 1: your your company? You you're you're growing, you're expanding. What
Speaker 1: does it take to well compete? Isn't there a lot
Speaker 1: of a lot of other people who want to grab
Speaker 1: some of the same business you do. Competition is fierce.
Speaker 1: Competing is all about people and resources. Eisener Ramper has
Speaker 1: great people and great resources, and that that is really
Speaker 1: what helps us compete in the marketplace. Folks like Harry
Speaker 1: Doblinsky and Lisa Knee and Ken Weisenberg just so well
Speaker 1: connected in the community, helping in our clients connect amongst themselves.
Speaker 1: It's great people coming up at the actual event. You've
Speaker 1: got Sam Zell on Wednesday. Just give people a little
Speaker 1: flavor of what you think Sam Cell might might say. Well, well,
Speaker 1: great people indeed, And I would not even venture a
Speaker 1: guess at what Sam's l might say, so, well, we'll leave.
Speaker 1: But he is is he as regarded in the real
Speaker 1: estate industry by the real estate professionals as he is
Speaker 1: from outside investors from outside the industry. Absolutely, he is
Speaker 1: someone who's amazingly well respected and ahead of the curve
Speaker 1: at every curve. And he is certainly known for being outspoken,
Speaker 1: like someone's gonna speaking on the national stage tonight, Donald Trump.
Speaker 1: And the reason I bring up the debate Donald Trump
Speaker 1: and Hillary Clinton is because you guys specialize in taxes.
Speaker 1: You know prospects for tax reform. I won't pin you
Speaker 1: down on the two candidates if you don't want to
Speaker 1: be pinned down. But what are you hoping for? What
Speaker 1: are you worrying about when it comes to TAXI from Charlie, So, uh,
Speaker 1: tax reform is good for accountants. Anytime there's a change
Speaker 1: in tax laws or perspective change in tax laws. Our
Speaker 1: clients have a desk it need for us to help
Speaker 1: and advise them. So tax reform is good. I'm unsure
Speaker 1: what tax reform we're going to get, and we'll have
Speaker 1: to wait and see what this election result is going
Speaker 1: to be, but certainly going to impact the markets, and
Speaker 1: in particular could impact the real estate markets. If we
Speaker 1: see that there are potential increases in tax rates, you
Speaker 1: may see a significant acceleration in transactions. Well, I'm just
Speaker 1: noting from many of the bios of the people that
Speaker 1: will be attending your event. If you've got the chief
Speaker 1: investment officer managing director for the real estate group of
Speaker 1: Goldman Sachs, for for example, tell us about some of
Speaker 1: the other people that we're going to be able to
Speaker 1: look forward to hearing from. So one of the things
Speaker 1: sticking to the political theme, is we have what will
Speaker 1: be a candidate for New York City mayor. Mr Massey
Speaker 1: will be a candidate for the mayor and will be
Speaker 1: interviewed by Catherine Wilde, who is the CEO of the
Speaker 1: Partnership for New York. So we could have some very
Speaker 1: exciting things come out of our conference on Wednesday. What
Speaker 1: about fintech and all the things happening on that side,
Speaker 1: peer to peer lending, etcetera. How does that affect you?
Speaker 1: Does it help your business as it hurt your business?
Speaker 1: Fintech is great for New York City, So fintech is
Speaker 1: just another area of growth. Job growth in New York
Speaker 1: City has been really strong, led by certainly by fintech
Speaker 1: in the technology space in New York. UM, so we've
Speaker 1: been strong and those are practice areas for us. Will
Speaker 1: we also have great expertise, so the firm goes beyond
Speaker 1: real estate in many ways. The financial services industry is
Speaker 1: our largest segment. Technology is our second largest segment inside
Speaker 1: the firm. Is it ever going to get easier to
Speaker 1: do your taxes? My wife does my taxes, so for
Speaker 1: me it's easy. That's that is easy. Quick final comment
Speaker 1: on advice to anybody who wants to get into this industry,
Speaker 1: Into this business, Charlie, which business, Oh listate taxes, Eisenery, emper,
Speaker 1: all the above. So um, there's it's always a good time.
Speaker 1: To my view is it's always a good time to
Speaker 1: go into any business. Quite frankly, there are always opportunities
Speaker 1: to exploit. There are always weaknesses in the marketplace. I'm
Speaker 1: always bullish on entrepreneurship. And he's must must be working
Speaker 1: for Charles Wednesday. He's chief executive officer Eisener Amper l
Speaker 1: l P. We're broadcasting live in fact from his offices
Speaker 1: here in Midtown Manhattan, head of the annual Real Estate
Speaker 1: Private Equity Summit this Wednesday for Eisener Amper Bloomberg Taking
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