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Speaker 1: Two News Global business news twenty four hours a day

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Speaker 1: at Bloomberg dot Com, the Radio plus Mobile Act and

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Speaker 1: on your radio. This is a Bloomberg Business Flash and

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Speaker 1: I'm Karen Monscowe Futures are trading lower this morning. Let's

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Speaker 1: go to the First Word Breaking news desk for today's

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Speaker 1: morning call, and here's Bill Maloney. Good morning, Bill, Good

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Speaker 1: morning Karen. Us features have paired some of their losses

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Speaker 1: since the last time we spoke. Death futures now lower

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Speaker 1: by forty four point says bees drop five and as

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Speaker 1: the futures are lower by sixteen, the US ten niel

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Speaker 1: falls to one point eight six percent and the dollar

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Speaker 1: yen hit a seventeen month low. Main eupay markets are falling,

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Speaker 1: led by one point six losses in Germany and Norway.

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Speaker 1: Cut rates on the US Economic Frinday thirty Current account Balance,

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Speaker 1: Philly FED and initial jobs claims and Attend thirty natural

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Speaker 1: gas story change after the bellas Night, Fed X Beat,

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Speaker 1: guest pass outlook, missed estimates and Jabil circuit cut your

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Speaker 1: views and other news person square blow of twenty million,

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Speaker 1: Mondaly shares set a price at and Caterpillar sees Q

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Speaker 1: one and just ADPs sixty to seventy cents. Estimate was cents.

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Speaker 1: Shares a down three point four percent pre market. Finally,

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Speaker 1: some of your Walshet upgrades and downgrades. Restoration hardware cuts

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Speaker 1: a hold over at BB and T L Brands, cut

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Speaker 1: the neutral I trade sweez Chapulti cut to underperform at

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Speaker 1: Jeffrey's High Hotels, cut the ego weight how Mark and

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Speaker 1: Paint cut to underweight over at Morgan Stanley, and finally,

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Speaker 1: Norwegian truz Line raised to buy a sun Trust price

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Speaker 1: target sixty four. Live from the First Breaking News desk

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Speaker 1: on Boo Maloney Karen, thanks Bill to hear live breaking

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Speaker 1: news over your Bloomberg type squawk and go on your terminal.

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Speaker 1: That's squ a w K go and that's a Bloomberg

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Speaker 1: business flash. Tom and Mike Karen, thanks so much Bloomberg

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Speaker 1: surveillance this morning bunch, you buy investco. Looking for investment views,

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Speaker 1: experienced experts are just to click away. Go to investco

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Speaker 1: dot com slash us to subscribe to the investco blog

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Speaker 1: and follow at investco us out on Twitter. Michael McKee

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Speaker 1: and Tom Keane on a eventful day of economics and

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Speaker 1: investment with a Stephen Ratner will advisors. We've been talking

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Speaker 1: investment and economics. Can I digress you were employed for

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Speaker 1: nine years at the New York Times. You sound like

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Speaker 1: shocked or surprised or whatever. I know, And I want

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Speaker 1: to know what my illegitimate jobs put that. Leave that

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Speaker 1: for another day doing economics in that. And I say

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Speaker 1: this with a men's respect, because I'm in a room, folks,

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Speaker 1: full disclosure, I'm not a journalist. McKee is the real deal,

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Speaker 1: and Ratner was the real deal and his time there.

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Speaker 1: Where is your industry in ten years? I look at

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Speaker 1: the cell phone, they get bigger, faster. You're just on

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Speaker 1: your iPad or whatever you you got your Where is

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Speaker 1: journalism is um in ten years? You have to separate

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Speaker 1: journalism from print. Print is clear like a diminishing dying

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Speaker 1: The Independent in London, well, no, I don't mean. I

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Speaker 1: don't mean the enterprise. I mean the product. I mean

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Speaker 1: the idea of cutting down trees and turning them into

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Speaker 1: paper and putting ink on them. That is clearly a

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Speaker 1: diminishing business that will be gone at some point. I

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Speaker 1: don't know exactly when, but the business of journalism is

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Speaker 1: flourishing in a way like it has never been done before.

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Speaker 1: The New York Times has tens of millions more people

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Speaker 1: who read what their journalists right every day than they've

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Speaker 1: ever had before because of the Internet. It's all it's

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Speaker 1: it's available all over the world the touch of a button,

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Speaker 1: and the same with all these other publications. And then

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Speaker 1: you have the the internet only the publications that that

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Speaker 1: don't even appear in print that have a voice in

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Speaker 1: all this. And so I think it is in a

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Speaker 1: way the golden age of journalism, the one of the only.

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Speaker 1: The only problem, and it's not a small problem, is

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Speaker 1: is the revenue model, which is how do you make

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Speaker 1: money on these things? Because traditional advertising is not going

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Speaker 1: to work in the same to the same extent and

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Speaker 1: yield the same kinds of revenue. So that's a tricky

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Speaker 1: bit of business and I don't want to minimize it.

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Speaker 1: But I think the availability of information on one device,

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Speaker 1: anywhere you go and in time you want it is

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Speaker 1: is incredible. How do you filter through the advice? There's

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Speaker 1: been a lot of studies uh that suggests, uh, we

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Speaker 1: get so much new that what people really develop as

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Speaker 1: a confirmation bias. They're not open to new information. And

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Speaker 1: there's so much that is inaccurate out there. How how

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Speaker 1: do you deal with it? It put that's a good point.

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Speaker 1: It It certainly puts more responsibility on the individual to

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Speaker 1: to take the time to find the right things and

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Speaker 1: so on. But I I would argue, that's still a

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Speaker 1: better situation than when you say, you go back twenty

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Speaker 1: or thirty years in a typical city in America or

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Speaker 1: anywhere in the world, there might be one daily newspaper,

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Speaker 1: there might be three television stations and maybe six or

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Speaker 1: seven radio stations, and that was it, and you had

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Speaker 1: no other real source of information. Now you now you

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Speaker 1: have available so much. So, yeah, it does take more work,

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Speaker 1: it does take more care, But but but I still think

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Speaker 1: we're in a much much better place. Is it easier

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Speaker 1: for you as an investor to get the information whatever

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Speaker 1: it may be that you need. When I started in

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Speaker 1: investment banking in nine two, if I wanted to know

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Speaker 1: some companies revenues the previous year, I had to go

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Speaker 1: down to the library. I had to go get somebody

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Speaker 1: to find me the ten K which was on micro

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Speaker 1: feast or something like that, and print it out and

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Speaker 1: give it to me and so on. Now, as you

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Speaker 1: guys know, better than I do, thanks to Bloomberg and

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Speaker 1: many other providers. Very good. You gotta have a terminal.

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Speaker 1: How can you operate terminal? Um? You can instantly find

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Speaker 1: this information out and so so. Yeah, in my life

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Speaker 1: is very different because I now can find out a

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Speaker 1: lot of what I want to know just by myself.

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Speaker 1: I don't have to get some research analyst or something

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Speaker 1: and send her off and say go do this, go

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Speaker 1: do that and so on. And so did you ever

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Speaker 1: fall flat in your face getting up from your desk

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Speaker 1: and tripping over the value line on the floor. Well,

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Speaker 1: we had big piles of stuff. And my colleagues still

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Speaker 1: do enough. But but for for most of us, you know,

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Speaker 1: we're almost paperless in our office, and and it's it's

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Speaker 1: a much better world. Are you just one final question?

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Speaker 1: Do you have a long field of the market cautious?

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Speaker 1: Are you in cash? No? No, we're not ninety two.

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Speaker 1: We're mostly invested. Look, we we we believe. I'm I'm

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Speaker 1: a total believer in the Buffett view of all this.

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Speaker 1: I'm not smart enough to time markets. Uh, you know

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Speaker 1: at the edges if you think something is an incredibly

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Speaker 1: buying moment by moment, or you if you feel like

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Speaker 1: you're the year two thousand again. Sure, you you try

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Speaker 1: to take some risk off. We did take some risk

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Speaker 1: off at the end of last year, and I'm glad

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Speaker 1: we did. But for the most part, our view is

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Speaker 1: market squop. Over time, you invest in solid companies where

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Speaker 1: in effect you own some tiny little piece of their

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Speaker 1: assets in which they earn a return and over a

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Speaker 1: long period of time. And fortunately we are the ultimate

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Speaker 1: long term investors. We're hopefully gonna make a lot of

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Speaker 1: money quickly. Use of cash. Does it continued share by

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Speaker 1: actividen growth them onto the pressure and CEOs. But it's

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Speaker 1: not pretty because because it's right back to where we started,

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Speaker 1: because in a slow growth environment, they're simply not the

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Speaker 1: obvious capex investments in these companies to make, and so

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Speaker 1: in the absence of that they should use they should

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Speaker 1: and they are using their cash to boost their EPs.

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Speaker 1: That's what they get paid for, and that's what they

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Speaker 1: should be doing. Because you know, the principal owner of

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Speaker 1: the company in the hunderdea, do you get a pass

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Speaker 1: so you can cross if they have a new on St.

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Speaker 1: Patrick's Day, I'm gonna be. I'm gonna be. In fact,

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Speaker 1: my office is as a block away. I'm gonna be

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Speaker 1: stuck in this message all day, Steve Ratner on St.

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Speaker 1: Patrick's Day. As we are, there are a lot of

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Speaker 1: people glad of that you can't get home. Is that

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Speaker 1: headline from New York on St. Patrick's Day? Bloomberg Surveillance

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