Advising on the sale. And the chief executive of fatburger. He looks to sell you a 2000gallery hamburger. First, headlines from my radio cohost carol massar. Thanks. Ebay and activist investor carl icahn have finally come to an agreement over whether to split off paypal from ebay. Said he would drop his campaign to add two Board Members and force play ball to spin off. And him gos brill bill gross says that Mohammed Elian shouldve come forward about his role as a head plunge manager. This is indicative of what this is not indicative of what this company is, what this company was, or what our company will be. He spoke to trish regan. Se says that elerian departure was a mystery to them. You can read the full story in Bloomberg Businessweek on newsstands and online. Thank you. U. S. Stocks declining today, nasdaq falling the most since 2011 as earnings season begins. For more on what is happening, i want to ring in the chief executive officer bring in the chief executive officer of a company, and also from new from a i have chad company overseeing about 150 billion. Chad, i want you to start us off. Is there a specific reason for todays selloff . There was the chinese traded data as well as concern over the euro. The european market. Although the United States market hit a pothole in q1, the vix is doing quite well, to take an example, with the jobless numbers that have come out. Do you have an explanation for todays selloff . I agree with chad the chinese numbers were probably part of , the specificies items on earnings. There is the continuing tension with the ukraine. That is not a todayspecific thing. The bottom line, traders are rethinking their interpretation of the fed notes. The bottom line is the market has been moving up steadily for a long time now in a channel which starts ahead with corrections of four percent t o six percent. It is a little bit overbought and getting nervous. Getting nervous should you get out of the market now . Is this a chance to check your list and add to Equity Holdings . I have been around for a long time and i feel a little weird saying this, but after five years of rising stock prices, i still think this bull market has a fairly good run ahead of it. Another year, year and a half, maybe two years. The trigger will be not so much when the zero Interest Rate policy comes to an end and the fed starts raising rates, but when they get further along in that process and start raising rates aggressively. Then i think you will experience a bear market, right . Then they will come off levels that will be 10 to 20 higher than where we are now. I would buy the dip. Do you agree . Would you buy the dip . I do. I would not be surprised by a five percent. That is a gardenvariety correction. I would buy the dip. If you are looking for companies that are well capitalized and viable. I think the general market correction, going for the highflying companies youve seen an 2013 outperforming, trading at 10 times revenues, for now it is more Companies Trading at 10, 12 times earnings. I do agree with joe. We do think the economy is on firm footing. We do think the gdp number this year should be roughly over three percent. We do think we will see some movement we are starting to see some movement with the jobs market and Capital Investment joann,nt to bring because i want to get specific guidance in terms joe in because i want to get specific guidance in terms of Industry Groups. Youou sell april 15, if have gains and you have to pay the tax man, maybe there is a selloff related to april 15 . Could be, pimm. To pay theire taxes. That is one of two things you have to do, die and pay your taxes. What about investing . What about the civic Industry Groups that ought to be bought . By the u. S. All, industry market. In terms of sectors and groups, we look for areas of the market experiencing a discontinuity or major turning point. We have been bullish on everything related to Residential Construction. We still are and see that owing higher. That idea spills over into a lot of other sectors in the market, in particular materials, where we particularly like paper and Forest Products which are doing well for reasons. One of which is the increased demand for wood coming out of Residential Construction recovery. Boats hought is housing and recreation. You could even combine that, joe. You could go for a houseboat. I did not mean that. I know, i know. Brunswick, recreation. Joe, the chief investment andcer of catalpa capital my other guest chad. Now to adp. Automatic data processing. Spin off its Dealer Services unit. The spinoff will produce about 700 million for the company. As a result, it adp was stripped of its aaa Credit Rating by Standard Poors as well as moodys investors service. This after the spinoff was announced. Jan siegmund joins me now. Jan, thanks for being here. What businesses are being separated . Adp consists of two businesses. The employment management empathy we all know, we know from the employment report, etc. We have a dealer unit that serves the car dealer market, globally. It is quite a fantastic business. For thesees it do automobile dealers . We are the core engine to morecar dealers sell cars profitably. We provide them Software Solutions to manage inventory and do their financials. It is the core engine to make a company successful. So in spinning off the auto dealership service, you are able to figure out the cost of capital for the inventory of toomobiles, how much allocate to pay your staff, franchise agreements absolutely. Sometimes even broader. From the telephone system to the Digital Marketing you can buy at google. We do it all for car dealers. Why is it better to have those two businesses split . We believe in focus. We love the success we are having with our hr business. The Dealer Services folks have done a fantastic. Gaining share. We believe the company on its own will get the right attention, have the right focus on their own markets and make their projections even more successful. As i mentioned at the aaa Credit Rating. Very few companies in the world have a aaa Credit Rating. Adp was one of them. As the chief Financial Officer you must have a thought about this. It is a little bittersweet, but of course we made the decision for the spin off recognizing it would have an impact on our Credit Rating. We contemplated that. The rating agencies graded us as a aa. Is a fantastic rating. You will be taking that 700 million you get from the spinoff and what will you do with the money . I think two things. Is slightlygency smaller and slightly less diversified. That triggered the reason to give us the new rating. We will use the tax, the dividend Dealer Services is paying 80 p to repurchase shares in return the money to our paying adp to repurchase shares in return the money to our shareholders. Any change for jan siegmund . Are you sticking with adp . I hope i am sticking with adp. Want to thank you very much. Jan siegmund, chief Financial Officer of adp. Cubs, up, the chicago raising cash to renovate their iconic home of wrigley field. We will speak to the executive advising on the sale. That is next. This is taking stock. I am pimm fox. When a sports franchise wants to get a deal done, my next guest is usually somewhere in the wings. Advised onto has numerous franchises including the new york yankees, the new york giants, and oh, yes, the Washington Redskins. He has also advised the sale of the chicago cubs to the ricketts family. He sold the company for 85 million. Now the cubs are looking to sell a Minority Stake. Now the cubs want to renovate their field, wrigley field. Thank you for being here. My pleasure. How did you get into a business like this . Lot of luck. All right. We look for a lot of knows businesses just a little of your background. I was a commercial banker for years. Got into Investment Banking through the sports business. Within the year we did the Washington Redskins transaction, which of the time was the largest sports delivered done. Ok. We got that deal done. From there, it snowballed. We have done 75 deals, i guess, in the last 18 years. Years. Eals and 18 the prices keep going up, dont they . They have been. We just represented the family with the sacramento kings. To keep it going there . Yes, they are. They are doing a new building project and they should be able to keep it there. Talking about building projects, i want to talk about the chicago cubs in just a moment. What is their overall plan . What is the game plan for the chicago cubs . This is one of the oldest buildings in all of sports. Wrigley field. The fans love it. It is a National Historic man landmark. There are limits to what we can do. We want a better Fan Experience and obviously generate more cash flow for the team so they can reinvest inv players and a better product on the field. We think that there will be some movement around building. Down the road, there will be other things the cubs can do. This is a really iconic franchise. A very deep and, as you know, very loyal fan base. This is a way to improve their experience in the financial ein amex of the team. What should any potential and the Financial Express of the team. What should any potential investor know . Well, i am biased. I read presented the ricketts the ricketts are wonderful people. I have had nothing but good experiences with them. Anyone who is a partner will have a very good experience. Obviously major league these bold rules dictate the major partner rules everything. You will have some input, but it will be relatively limited input. There is media upside. There is stadium revenue upside. There is developmental upside in the real estate around the building. Obviously when you are with an iconic brand like the cubs, you see what happens to asset values across the board in sports. It is incredible. A noncorrelated asset to the market. It is incredible. Do you know who likes assets . Warren buffett. What you think . I cannot comment. I cannot comment on any investor. I will not say yes or and no yes or no or anything else. Do you have to be an established fan to join this little group . No, you dont have to be at cubs fan. A fan of baseball . I think you will get a lot of people who are baseball fans. What kind of Minority Stake are we talking about . Multiple shares or one person or one Investor Group . How do you determine that . I think we would probably like a limited number of investors, probably four or five investors. No more than that. We will see what response we get. As you may imagine, i am getting all kinds of angry is inquiries. Those must be adding up rather quickly. There is all kinds of interest in the cubs. Is there a deadline on this . We are going to get this thing going over the summer. We would like the renovations to start after the summer. We have some time to get this done. I have to ask you about the yankees. Tell us about your role there. The yankees are probably our largest client. Buy, sell, start up the network. They are as fantastic franchise. Inc. About it. George steinbrenner bought this , and i cant even tell you what the entire price is worth, but it is billions and billions of dollars. No one gives george enough credit. Hadyear he bought it, they fans in attendance. Now they routinely top it. I want to thank you. Sal galatioto, the president of galatioto sports partners. Do you like to travel . I will introduce you to the cofounder of a company that offers luxury accommodations, but with a personal touch. That is next. According to the u. S. Travel association, nearly 900 billion was spent on Leisure Travel last year. One company that wants a piece of this business is called. Nefinestay luxury apartments and homes for rent with added frills fresh iphonetoiletries, and loaded with local information. Joining me onefinestay cofounder and president of the americas, evan frank. Me. Hank you for having lets discuss the business in terms of what we already know. People can go online, rent a vacation house, check out the photographs. How is onefinestay any different . Distinguish our service on two key levels. It is a service. We are a service provider. We are cleaning and prepping the homes prior to the guests arrival and when they leave, putting it back the way it was for the host. It is an end to in service. We curate the collection. All of the homes live on our website have been visited and inspected by a member of staff. Did this grow out of the demand you saw, or was it demand you personally had that you wanted to go somewhere and have you had an experience that was not satisfactory . Or you wanted to make sure the home or place was something you wanted . Speaking personally, around the time we started the business i was starting a business. For families in particular, traveling to cities, having your own kitchen, having a living space that separates from the bedroom, is really critical. When you travel with the family you have to make sure you do not want to be up in the middle of the night with family members who are tired and hungry and cranky and it does not turn out right. Exactly. What price points are we talking about . A minimum of a weeks stay . It is not a minimum. The average stay is about a week. The prices range from about 1000to 2000 a night. What are some of the things you have stopped for people . You mentioned highend linen, towels, toiletries. We give guest iphones loaded with local information, as you mentioned. We can do other things on request. For example, we will fill fridges, if that is what the guests want. My cofounder with shoe shopping. He stopped the closet with shoes. And you have exotic locations, dont you . We are due. We do. We are live in london, paris. Major world cities. What is unique are the areas we work within those cities. How can someone become part family . Nefinestay you can go on the website and fill out a host questionnaire and a member of the onefinestay team will get in touch with you. However there is a qualification process because we have to make sure the home is up to standard. Ok. Thank you, evan frank, cofounder and president of onefinestay. Howng up on taking stock, to train your brain to combat alcoholism. This is taking stock. I am pimm fox. Todays market moving headlines, want to go to my radio cohost carol massar. Carol . A firstquarter charge of 3. 4 million primarily for repairs this year. The automaker was scheduled to release results april 24 says it expects solid operating performance for the quarter. And major Financial Institutions are taking steps to patch their Computer Systems as soon as possible. The regulator is looking at a law flaw. Sales at rite aid have topped analyst as the minutes. Locationspen at 30 nationwide. Back to you. Thank you very much, carol massar. Now to introduce you to a company out to tame the brain of an alcoholic. Biocorrx treats people who suffer from out all as him and it is designednd to curb those cravings. An actor best known for his role in growing. Ains, Jeremy Miller lets talk about this program. What kind of implants are we talking about . It is an implant it is a technology that has been around for a while. It delivers a drug that has in around for a long time. That is naltrexone. As an oralally given drug. If you are an alcoholic or an you can consistently take that drug and it will help keep them on the wagon, which is difficult to deal with. A party comes along, and you think, i can stop taking it for a couple days. Getting back on was always the most difficult part of the process. We managed to get control of that with a surgical implant under the skin which cannot be removed, so therefore you can no longer stop taking that. What has beener, your experience with this . It changed my life. No joke. It was like someone flipping off a light sheet. I went from upset saying about my next it was like flipping off a light switch. I went from obsessing about my next drink to not caring whether i drink or not. When did you make the decision to have an implant . It was early 2011. 2011. The implants in june it was a couple months before that. I tried the traditional methods of getting sober. I tried them. They did not work for me. I was looking for Something Else that might be able to help. Were you scared . Desperate than scared. I was willing to do anything at that point. The surgical part is extremely simple. That part did not scare me much. I think what scared me more was thinking it would not work. Oh, my goodness, i have tried everything else. What if this does not do it . About the people opting for this implant, the numbers or the potential marketplace . The thing about any drug addiction is across is also zero economic boundaries. Billion market in addiction treatment. Our company, biocorrx, we had initially one percent of that and that increases in waves. The market is really open. We have people come in privately. A large part of the implant. What reaction, if any, have you received from the government or Alcoholics Anonymous organizations . If you and about the politics think about if you Alcoholics Anonymous, they have really focused on the social part of drinking. What this does, it addresses that physical need. All of a sudden now, we take care of that physical craving. Thean really dig into psychosocial reasons. Pronged. Rams are two it starts with the implant. But you are required to have counseling sessions for six to 12 months. Instead of worrying about the withdrawals or the dt time, the dts are done. If this had been available sooner or if you had known about it sooner, would you have done it or would you have looked for more traditional means . I would have done this in a heartbeat, especially knowing what i know now. I tried for probably five years to stop before i found this. I would have jumped at the opportunity. Have you experienced any side effects . I experienced almost none. Most of our Patients Experience minimal, asteroids industrial distress, insomnia that is about it. It is an incredibly benign medicine. Did you know about this medicine previously and were just concerned about the dosing . How did you come to connect about this . I had no idea about naltrexone. I did not know it was available. I did not know it was an option. I had never taken pills. Had it been available in oral form, it is probably not something i would have pursued. I have never been good at sticking with that, especially battling that craving. That is why the implant was such a perfect fit. You say that it saved her life. It is save your acting career . I act. It saved my life. It saved my family. My kids not only love me, but they cant stand to be around me. Thinks me. Thanks me. Kent, can this be used for other drugs and disease combinations . Yes. Naltrexone has been shown to be more effective on heroin addiction. There now moving into heroin addiction segment of addiction, and we are addressing were breaking into a whole new market share. Ontrexone is very effective heroin addiction in over the counters and opiates and so forth. Over the counters and opiates and so forth. Thank you very much. And Jeremy Miller, the actor. Thank you very much for being here. Coming up, we will talk about the business of bluegrass music. We have the chart topper Rhonda Vincent, coming up next. Heartbreaker lyrics]nct ed es have been open this is taking stock. I am pimm fox. I want to introduce you to the queen of bluegrass music. A fivetiment is grammy nominee and her new album is called only me. It debuted at number one on the billboard bluegrass charts. Here on the business of bluegrass and the music, Rhonda Vincent joins me now. Thank you for being here. My pleasure. Thank you. What defineson bluegrass music compared to Country Music . This cd only me is an illustration of that. It has six bluegrass songs. Six traditional Country Music songs. He biggest difference, i think, is it is all acoustic. Usually for bluegrass there is a banjo player. Not always. There are different shoots of the music. It as a rule, all acoustic. All no drums. No drums . You will have an up write raise as opposed to an electric as. Bass as opposed an electric bass. If i stood in front of you right now with a mandolin, and instrument, it would sound the same. It is not necessarily enhanced by technology. There is great care a directis authenticity between the playing of the music and the music itself . Right. The care for the instruments. I travel with these guys, worldclass musicians. The care of these instruments. The oboe player will change his strings before every show. The care for the music. The country cd, it has a steel guitar, and drums and electric bass. There is a different sound that you get. This cd shows whether i am singing with the banjo or the electric guitar, the voice is still only me. Talk about the authenticity of how you came to be the bluegrass music queen. You started off i believe, you won a contest . You are playing and you got recognized. Musicalw up with a family in missouri. Re was this recording show it was a wonderful way of life, traveling with my mom and dad. We went to our first move grass festival in 1960 not our first move grass festival in 1969. Infather had a car wreck 1962. He regained his mobility with the use of a cane. Music was something that kept us close by. He picked me up after school. We would have dinner. Friends came over and we would play until bedtime. It is a way of life that evolved into a career. So, thanks, dad. A way of life that bridges both country and bluegrass also requires a selection of music, a selection of songs. You . Influenced well, these songs, the traditional songs were from a thing called a country Family Reunion i was part of. The inspiration for the whole project was george jones. We were at the grand old opry the night after the passing of george jones. They asked everyone to sing a george jones song. I selected when the grass grows over me. Behought, how fun would it to make a traditional country project . We were already working on the bluegrass roger. That is why we merged the the two. That is why we merged the two. We worked with Willie Nelson. I want you to talk about Willie Nelson and working with them. He sings, and he plays on this song. We trade off. With aend, we twin guitar and mandolin the exact same electric that is on on the road again, his most famous song. He is such a great artist. He is such a sweet man. Hopefully i will get to sing with him more. You might do that. I was looking at some of the dates on your tour. You do not ever stay home, do you . We are kind of like willie. That part of it, the touring is an interval part of the music, the authenticity you are creating and enter a goal part of the authenticity you are part of theintegral music . I believe so. In bluegrass, it is not image so much. You better be able to pick. We are pickers. The guys i travel with you better be able to play. It is kind of light jazz. The improvisation they bring, also. It is kind of like jazz. Play the exact same length. Other music, there is a certain regimen you have to stay with, there is a certain signature line you play and it has to be played every night. What is the signature line of working with dolly parton . Oh is that back and forth, back and forth . Or it does she have such a strong presence, such death, is that a little overpowering or no . The thing with dolly parton, she is so good at and provide thing improvising. Sheill always love you, probably has to sing that the same way every night. Do you get tired of playing the same thing . We do not have a set list. I know. It cant be the worst thing that ever happened that people want to hear your song. That is what my dad told me. My dad said, if someone yells out they want to hear a song, we stop and play that song. Yeah, we do that as a rule. Are there segments of the fan base that you are very surprised that is what they chose as popular . E. We recorded dollys jolen. Ere is a little trivia for you listen for how many times we say ne and that song. There is a tribute to the father of bluegrass, bill munro. Ne is ourat jole most requested song. My most nervous time, dolly invited us to dollywood to sing that song. I thought she would be singing that song. No, you will be singing it. She was singing harmony. I said, please dont let me forget the words. I hear you did very well. Wrestling. Ent, lube thank you for being here. It is a fact Rhonda Vincent, bluegrass queen. Coming up next, we will introduce you to the chief executive of fatburger. Why thetalk about Company Expects to double in size to meet demand. This is taking stock. I am pimm fox. Firm,ing to one research the fast Food Industry is expected to grow about two percent over the next five years. However, there are 160,000 Fast Food Restaurant in the united in the United States. Contributing one hundred 52 that, perhaps more, andy wiederhorn, the ceo of fatburger joins me now. Thank you for being here. 160 thousand Fast Food Restaurants. They are all over the map, literally and figuratively. How do you stand out . You have to differentiate. We have been doing the same thing for more than 50 years. We started in 1952. It used to be mr. Fatburger. Thats right. Had aief executive boyfriend. They changed the name to mr. Fatburger. Off she went. Lets start with the United States. You said you are based in california. The company went through changes. Their headquarters was in santa monica. I wonder if you can tell us about the history of fatburger. Bought the company 11 years ago there were 40 stores, half companyowned, have franchise. We bought it, we found ourselves a few years later, 30 million facing the recession headon. It has been a big climb out of their. You are a native of portland . In portland. Rew up you have been having to teach yourself most of what it takes to get into business, right . Went to the and university of adelaide. I was a college student. It was definitely a fresh start in the restaurant industry. I had grown up around the restaurant industry. Taking the burger change burger chain domestically and internationally was definitely a challenge in this environment. Talk about the menu. All i have been hearing all day is 2000 calories for one particular menu item. It might be 1000 calories. I dont know about 2000 calories. We sold 10 million members last year. We also sold half a million turkey burgers and veggie burgers and chicken sandwiches. We have all kinds of healthy options. If you want to have a healthy burger, if you dont want mayonnaise on it, you can save anymore. You can save even more. It is probably the leanest erker. The business now and burgers, it has got to be very embedded up. Everywhere you go, someone is trying to open something organic, or as you say, leaner meats. How do you stay one step ahead of the curve . We have been doing the same thing for more than 60 years. The same sandwich, the same bonne. Everyone else is joining the space. The same sandwich, the same bun. One thing that we have been doing is cobranding with our sister company, and we have all of this chicken products. We have the option when you come into the restaurant, getting both kinds of products. Do you have a favorite on the menu . I am just a fatburger guy. I love my fatburger, plain and simple. Chicken wings are great. Where do you want to grow next . We have one in the new york in new york. Internationally, we have a lot of stores to build out. We have 350 more in development. 350 more. , he is the chief executive of fatburger. Everyone here is hungry. Thank you for taking stock. Pimm fox. Good night. Live from pier 3 in san francisco, welcome to bloomberg west. We cover innovation, technology, and the future of business. Im emily chang. Activist investor carl icon settles his battle with ebay. We will hear from carl i can himself. Says that his company is entering a new phase. Find out what it is all about. First the check of your