Abenomics. Switzerland, voters approving immigration curves that threaten to upset ties to the eu and could hurt the economy. More on that later with hans nichols. Economic data in the u. S. , mortgage dealing would these an mba mortgage foreclosures. About iseene cares janet yellen testifying before congress. First woman to run the fed. We will talk about that with ensarling of the republicans. Earnings parade. Hasbro, we should get lori l after the bell. President Obama Meeting with french president hollande in charlottesville, virginia. I have heard the french president is traveling alone. Traveling solo. At the state dinner, stag. No date. And embarrassment of riches for the french president. He does not know who to go with. I am staying out of this. This is what happens when adam johnson is on the show. Data check. Stocks, bonds, currencies, commodities. 5 off of a churning weekend off of the complex jobs report. 2. 66 is where we settle. Euro is stronger. Through 100 on american crew. Brent crude at 810 wait brent crude at a 108. More fxbased. Vix, 15. 2 nine, go to cash. Youre right. Gold, 1272. Churning yen. Going to russia this friday to see the olympics. I cannot convince you not to go . No. Are you going to knock a hole in your door . The locks do not work. You have got to get out. I just heard you professing your love for figure skating. I am all figure skating. We scoured the papers on the web for stories. Figure skating free. Again,rgan in the news the New York Times talking about the email that was sent from a chinese regulator to jamie dimon saying to me a favor. Look at the daughter of a friend of mine, she is a good interpreter. Jamie dimon met her at a june 12 meeting, he had nothing to do with her being hired, she is now employed this woman was qualified, mr. Dimon was away from the sequence of hiring. Looks, how many people do you know have gotten jobs because they knew somebody. Job because aen a College Roommate said let me introduce you to someone. What do you think . It happens every day, i think the bigger deal is they found the spreadsheet connecting specific deals with a number of different people, there was some sort of pattern of behavior. Doesnt surprise me that they say can you help my friend get an internship, no. I try to get the middle child a job. Second frontpage story, russia and bitcoin. China said no more bitcoin, russia is going the same direction. They talk about illegal acts. This is a sequence. T. Gox, 50 of the claimed transactions occur. They are back up and running. , which is mt. Gox based in tokyo, shut down. The price of olivias bitcoin went down. 113 on her cell phone, it went down 50 . Cannotthe exchanges happen. Bringing into question whether this is a valid means of exchange. Finland said it is a commodity. Fromina has banned firms using it, i check it on my iphone. Apple stopped allowing you to download blockchain, bitcoin wallet. State attorney general saying the use of bitcoins in transaction is a technological floors to a technological floorourish to crime. Even ben bernanke said he even beninancial bernanke think the potential of bitcoin 22 , the soros, s p all in, 32 . Make a lot of money. He was still trailing the s p 500, really hard to be the s p. He has displaced right at bridgewater as the top performer. David tepper is somewhere in the mid40s. Great news for blackrock an etfs. The old vanguard, just index yourself. James mackintosh this morning, here is the key quote this hour. We will focus on this across bloomberg surveillance. Four other funds made four jillion dollars correctly calling strong run in equities. Our guest post is Michael Holland. We look at chairman yellens testimony tomorrow. They arethese hitters, making 2 and 20 on their fees, all they did was holland 101. To be everything back to vanguard. Japanesere in the market unchanged for commodities, 66 . Is better 22 than zero. You have been bullish every time, you have got to be long. Shameless plug. It is not. We are building viewership. Why have you been so bullish . What we have talked about, what david tepper has talked about, and the people at wellington, they have found things to buy. Articles will say the same thing. Look at what things cost, back you look atwhen values. When you had 10 times earnings for the u. S. Indices, that does not make sense. End of ourthe frontpage story. Michael holland, here is the thing. It is as dumb as buy shares. George soros is no different, he is really handed over control. It is no different than you picking up the phone and go and haresd you to buy me 1240 s of holland international. Simple investments, alternative this, high fee this. The stock market is a place you can make longterm wealth happen. It is about identifying things that make sense in terms of value. When you look at the u. S. Stock market, 15 times earnings, not so attractive, it is still quite attractive relative to what is you have not adapted your theme given the worries of the noncontraction we have had . That we havey is had so few interruptions to the bull market over the last several years, particularly over the last 12 months to 18 months, the complacency. A lot of people do not even care. People said i am not ever buying again. Jpmorgan story this morning, the chinese the hiring. Shareholder of jpmorgan like yourself, how do you handle the news, whether it is in the New York Times or bloomberg . Nothing. O do about that is ridiculous on the front page of the New York Times. What is in the article . Jamie dimon did not in fact have anything to do with the all he was quoted as saying was we will see what we can do. That is not a direct link. Folders could her, shareholder of jpmorgan, i started my career there. I was probably the only one whose parents did not know someone in the bank who got the job. That was the way of wall street and all of bloomberg and all of new york city. Why are you looking at me . Lets get to company news. Heres adam johnson. Worry at data theft at barclays. 27,000 customer files might have been stolen, according to a report in the british daily mail. The theft might have been limited to information from clients of barclays Financial Planning business. The bank is working with regulators and british authorities trying to figure out what happened. Still investigating. Nissan, japans least profitable carmaker. Income was just 3. 3 of revenue, a slim margin. Lowest margin among the japanese automakers during the quarter. A sharp turn for nissan, the company led automakers in profits two years ago. The company is recovering from production delays and slowing growth in emerging markets. After more than a century, car manufacturing in australia is ending. It is. Toyota will stop making cars in the country by the end of 2017, ford and gm have announced plans to stop production, the exodus comes after a runup in the Australian Dollar. Companies have cited high costs of getting to australia. That is your company news. Mayer makingercer headlines after yahoo reporting it is teaming up with yelp. All the details, coming up next on bloomberg surveillance. Streaming on your tablet, your phone, and bloomberg. Com. Good morning. Bloomberg surveillance, 2 00 p. M. This afternoon, a conversation with marilyn hewson, ceo of lockheed martin. Peter cook with that, a defense contractor for the nation. All things washington, look for that at 2 00 p. M. This is bloomberg surveillance, i am tom keene. Adam johnson is in, Olivia Sterns is here before she jets off to sochi. Scarlet fu is figure skating. Better her than me. Another big move from yahoo , marissa mayer, according to the wall street journal, partnering up with yelp. This is right up your street, olivia. Trying to improve the local search. When you put in bergdorf goodman, normally what would, is bergdorf goodman. Com, they are going to have the young local were a few they are going to have the yelp local review. Yelp reviews local businesses, trying to compete with the bigger players, Microsofts Bing and google. They have been doing this for 20 years. When mercer mayer was at google, she tried to buy yelp. Help us with a perspective. Would never bele bigger, they have relentlessly gotten well over 60 . 67 for december. Who is behind them . Bing has 18 , yahoo has 11 . Yahoo is the largest web portal in the world. What is a web portal . In search, tiny. 11 . Why do we care . Search ad revenue makes up 1 3 of yahoo s total sales. Michael holland is with us. Google goes and goes and goes. Buy and hold google or buyandhold apple. How do you know when to finally get out of a dog that used to be buyandhold . You cannot always do it. Two reasons, the Company Simply turns into something that you did not originally buy. Codec, motorola, the names go on and on. The other is that it gets to a level google, when i bought it, years ago, they were a lot lower. Not only in price but in valuation. The company has grown dramatically, i Love Companies whose name is also a verb. Ha, ha. At the end of the day, for example, twitter and tesla did you buy off management . The microsoft ceo changes or mercer mayer or Marissa Meyer at yahoo , do you buy off people. Thebsolutely, if you have right person in charge. Microsoft i dont think ballmer did a bad job if you look at cash flow. This looks like a good change. Google is a curious rennanreed, sergey bri running it. What if it becomes a Consumer Product company, no longer about search . Any of these companies i them to rejuvenate themselves, refresh themselves. Microsoft has tried to do that. For example, ibm. Companies like digital equipment and control data you are still long google . Still long google and ibm. Digital. Long michael highland, resurrecting names from the past. Adam and olivia are going what . Was that a song . Is that like radioshack . Keep it up. Down 8 year to date, yelp is up 38 year to date. Coming up, harvard professor Martin Feldstein discussing the impact of Janet Yellens capitol hill visit. That is at 10 00 a. M. Tomorrow morning, bloomberg will be all over that. Good morning, bloomberg surveillance. Futures 46. Dow scarlet fu is taking figure skating lessons. Headlines this morning. V thousands rally in kie calling for elections to limit powers of leaders. The country is on the verge of default. The crisis is in its third month and has crippled the nations ability to raise funds. Voters in switzerland improve approve limits on immigration, a setback for the government and business leaders. They warn that restricting the number of foreigners allowed to live in the country will damage the economy. The proposal grew out of concerns about scares housing and falling wages. Michael sam could become the player draftedy by the National Football league are. He revealed he was gay in an interview on espn. He was voted defensive player of the year by the associated press. Projected to be chosen in the early rounds of the draft in may. He has not been drafted yet. He would announce this before he has been drafted. I watched several tapings of various networks of him last night. A very well spoken individual. Just saying judge me as a football player, that is the only thing that matters. Interesting how this moves the story forward, he is not five years in the league. Like we saw happen in the nba. Morning must read. Adam johnson has a smart essay. Caught myrook attention, he was responding to an article in the national journal. Speaking about the end of american exceptionalism. He takes exception to that. The abiding source of exceptionalism is the american character. This is a difficult thing to quantify. Not everything that matters can be measured. Crook is on the other side of the pond. He has the accent . Michael holland is our guest host. Is ourill world, this kurds to clear markets. Since june 2007, we have not been perfect about it, a la churchill, we have cleared markets where others have not. How clear are markets . Pretty clear. We are so self flagellating in terms of things that could go wrong since the crisis of 2008, last week with a couple bad numbers, people expected us to go right into the tank. In fact, the markets were up a little but having had we have up the bottom in 2008. Icons in the face of people saying negative things about the u. S. Stock market. Continuing this discussion, Michael Holland. Talking about use of cash. Our twitter question of the day, is bitcoin biting the dust . Tweet us at bsurveillance. Streaming on your tablet, your phone, and bloomberg. Com. We will be right back, talking about the airlines and the weather. Good morning. Bloomberg surveillance, monday morning. Janet yellen tomorrow across all of Bloomberg Television and radio. 10 00 a. M. , that will be something. Gellen and chairman hensarlin of the House Financial Services committee. Adam johnson and Olivia Sterns, lets look at a data check. Stocks, bonds, currencies, commodities up 5. 10 year yield 266. American west texas intermediate, we were over 100, 9 9. 42 now. Jetblue might have figured out the secret sauce. They have one of the worst ontime records, only 73 of flights are on time. It only has 1 10 of complaints of bigger airlines. Why are consumers cutting them a break . Justin is from Bloomberg Businessweek and focuses on airlines. What are they doing . One of the things we have smallerm a paper, airlines tend to catch a break. The big guys charge more, people tend to expect more. That is the difference between people going on vacation with a Smaller Airline as opposed to the bigger guys, you are doing business . You do see the split between the leisure traveler and the corporate traveler. Bumping,sue of infuriating if you have ever booked a seat on the plane and they say sorry we oversold. You say jetblue has never done it, that might be a mistake. They do not oversell their flights. They are the only ones who do not right now. On the table. Oney financially, airlines do it because they have no shows. I want to frame this as a different business, lets take your work with Bloomberg Businessweek. Is this a new business or is this business as usual . New tactic. D of a jetblue has tried something different. All theluggage, headaches with lousy airports, is it a new business or is it just they recovered and are going to make the same mistakes . Is fundamentally transforming this time it is different. Ver to Michael Holland you do not think airlines are bluechip stocks. They are not jpmorgan or apple. All i know is what i have experienced, complete losses over the years over all the cycles. I have cycled long you get killed if you own airline. If it is short, you go out. Warren buffett, one of the few things he has done badly is owning an airline. If you look at the three year Earnings Growth for all of them, the small ones, the big ones, 40 , why is it that so many few people give them the benefit of the doubt . My experience it is on my experience is that it is uninvestable. Since the beginning of time when they started trading, the experience is in terms of losses versus games, they have only lost money. They are masters of losing money. The thing is, these guys are tired of losing money. I will buy it this time. No, it will just lose money. They have to put up with a track record. Jetblue and southwest are not losing money. Of United Continental we have comment, traditionally not focused on how to make money. We have to run it like a business. Justin, what do you see them doing . Capacity is down, not as many flights, and you pay more. The argument has been we are not a public utility, this is a Free Enterprise company that will make money. The airports have problems of their own. Americas worst airports according to travel and leisure, laguardia is right up. We can get to laguardia, flights delayed of the windy city. How can you be surprised . Onlyhicago area is second to atlanta and terms of volume. What are they doing wrong . Well, everybody always wants more runway. Large, it isand the mercy of the weather. Mercy of the weather. A moment of silence for Olivia Sterns. Are you flying aeroflot . I am. [laughter] every airport in certain parts of russia is like laguardia. Moscow airport is not very nice, the st. Petersburg airport is slightly nicer. I assume the sochi airport is bland new. Who is going to hold your hand . Have you flown aeroflot . I have. A stewardess. It is a flight attendant. Correction, flight attendant. Look at aeroflot, explain what the experience is like. The plane has not been renovated that recently. The airplanes are on average 20 years old. It is not much better on u. S. Carriers. Erasurveillances soviet expert. We look at your airline business. Swiss voters approving a new measure. On white people and companies are not happy. This is bloomberg surveillance white people and companies are not happy. This is bloomberg surveillance. Good morning. Bloomberg surveillance, adam johnson and Olivia Sterns. Scarlet fu is getting over the lego movie. Iran will offer Real Companies better terms on exploration contracts and then iraq. A government minister, the contracts will more flexible terms. U. S. Workers quitting jobs at a overr rate, it hit 1. 8 the last year. Workers voluntarily quitting is seen as a sign of a stronger labor market, reflecting optimism. Vie, 69r the lego moi million in its opening weekend. The number one spot. The monuments men, the story of a World War Ii Mission to rescue art did well. I love the theme song. Lego, lego. A new song. That is frozen. Lego whatever. Switzerland, expect the unexpected. The people of switzerland voted for new immigration curbs. Go home. Zurich and geneva are expensive and successful, they have had enough with the movement of troops into the nation. Swiss voters made this significant. Will xenophobia reign . Hans nichols joins us from zurich. This is a huge deal, take us forward to late may when we had the european vote. What does this signal . This as atreating switzerland story, but you are right. It is a European Union