Transcripts For BLOOMBERG Taking Stock With Pimm Fox 2014032

It was a very successful ipo and then knelt down. Next we will be speaking with chris skating champion call. Compliments. Me big major accomplishments. A lot of success and very interesting work life balance. Try to keep his family intact and interaction with his family when he is hitting the road doing what he does. Not so easy to do and he has been doing it for a long time. We will be meeting to cofounders who are turning fitness into a game. Everything is a game now. You do not get rewarded for working out unless you get points. If you needw this reward to do this workout that you will do anyway. Rex can we just work out . Other than endorphins. That will come up over the takingminutes here on stock. There is a fight between dan thebys. Celebes south sothebys responded saying its adoption of the shareholder rights plan is valid and legal. To be continued. Property not a currency. The u. S. Government tax agency announced it will treat bitcoin as property for tax purposes. , confidenceedly rose in march. The index was 82. 3. The highest since january 2008. Those are the top headlines. Back to you. As we mentioned at the top of the broadcast amid king digital is crushing it in the gaming world. It is immensely popular. Candy crush saga has 90 million users. Theyre hoping to ride that wave of success by it raising a lot of money. 500 million. Upyou have that ipo coming and we want to talk about it. Joining us now with the story is leslie picker. Charles mauro. Talk to us about this ipo in the pricing. The bankers and the companies are discussing how comps closed today. A lot of the other Gaming Companies have been compared with not just social gaming but the standard gaming that you see. All up today for the most part. It could look well for them in terms of pricing and getting the maximum amount race they want to. Why does this company not go public around the time that zynga did . It has the numbers it seems to me. A lot of people playing this game. Is the bloom off the rose, did they wait too long . They did file confidentially last year but they had 100 million revenue. They were able to show a going public this year 1000 toppling growth. Areowing investors to my we growing 1000 , projections are only for 40 in 2014. We will slow down the little bit most likely but they were able to show that growth and that was an attractive case were investors. Soy launched some new games they can say we are not just dependent on candy crush. We have other games and we are Building User base and downloads from that. They are very dependent on candy crush in terms of revenue. You did some Extensive Research were you talked about things like cognitive appeal in terms of what candy crush is doing. Do you think they will be successful . I think the game itself has four critical attributes that are known to be mapped a very tightly to success in this market. To games is the ability learn the game is very fast. It has a reward system that is easily understood. And it is tightly linked to social networking or peer approval or peer interaction. Those all combined with one other very important attributes that the game has and that is fundamentalals to a attribute of the human Processing System, pattern recognition. If you look at the grid it is candy pieces laid on the grid and this kind of process where we examine everything around us and the game is based on this idea of pattern recognition. Wea fundamental level when do a cognitive tear down of a product this for software we usually see this these elements that are present. Predict fairly early on. That is an incredibly interesting analysis. That is why we play this game. When we may be addicted to this game but when i do not understand is why this game is a business, why it is about to be company 7. 6g this million dollars. It seems investors are once again overreacting to hype. It is great points. The underlying the question with respect to this is whether you can repeat this or not. When you look at the ability to inucture games of this type a market presence that is going to be highly successful, the most importantly repeatable, you see that it is extremely difficult to do. That is your conclusion. But she do not like the music. Music is one variable. They can do all this type of cognitive analysis and reverse engineer and find out what made them successful. In fact the Creative Process of building one of these games that is so successful is extremely elusive and difficult to do. Is it an angry birds . I do not think it is an angry birds. Angry birds is and will continue to be the Gold Standard in light weight Interactive Game design. I talked briefly about how candy crush appeals to this pattern recognition capability that we have and we desire. To stepsds goes further. It incorporates this idea of storytelling. The human intermission Processing System wants to be engaged in stories. Asked charles about the ipo. You have been talking to bankers and in touch with this deal. Why is it worth 7. 6 billion . I do not get it. That sounds a a lot of money on its face. It is a lot of money. Kind of moneyp but it is close. If you look at it on a price basis, that 40 Revenue Growth were talking about for next year, that is the estimate. Pretty cheapy relative to its peers. Theyre pricing it at a discount for this one hit wonder concern. The fear that candy crush will beall and users will defect from candy crush to the next big thing. It is technically priced at a discount relative to its peers. Time will tell on this one. We have a thank you to charles and leslie. Meet a wallwe will street veteran who says the inmates are still running the asylum when it comes to financial regulation. That will be an interesting story. And skateboarding with chris cole. This is taking stock the topic of regulation on wall street. Are the gatekeepers doing their job to protect investors as they are supposed to do . Joining us now is larry doyle, incomender of dm advisors and the author of in bed with wall street. Welcome to taking stock. You have written a great book. I wanted to start off, we had in the news yesterday the word of the bernie made off verdicts. One of the jurors said as you blogged about that there was overwhelming evidence that the prosecutors who presented, the meat it relatively easy for them to convict these people. What im wondering about is in the face of that overwhelming evidence, why did none of the regulator see it, what is it this why did it take much press to mark the immediate thought that went through my mind when i read that verdict was not so much this specific case with these individuals but exactly that point. Jpmorgan, the primary banker for over 20 years . How did they fail to uphold. Rotecting the Public Interest know your customer. This verdict is a further indictment of jpmorgan. Their mandate is to protect the outlook interest. Not only the investors but the market as a whole. Where is that protection, why does this seem to happen over and over again . Injustices were done, how many men on wall street and woman on wall street lost so much money and yet nobody seemed to go to jail and there is no real blame put on anybody. That was the reason i wrote my book. That to get to the question of where were the regulators, how did the industry engage the regulators and that does that mean i will give you money and you will give me money . That is in large measure what it is. The technical term is regulator capture. The evidence is overwhelming. The amount of money that is involved as well as the political payoffs to those in washington. We are still living with this reality. You have of course when you or thege the fcc sec u. S. Attorney or you challenge the Justice Department on this, they say we have seen the evidence and we would ring these cases if we could but we do not see anything we can make a case on. You see this case where the evidence is overwhelming. I do not understand how this can happen. By wall street. They control the arbitration system. Its start with form. You need transparency. Finra is not subject to the freedom of information act. That is ridiculous. They should be subject to the get access tole can what is going on. Theyre owned by the industry. To think that Goldman Sachs and j. P. Morgan in these institutions are going to fund a regulator and will get meaningful oversight. They have a 2 billion portfolio that they invest in the cops on the beach or using the analogy of a wall street casino, theyre the eye in the sky. Money allocated to different tables, different parts of the market. This is just screaming with conflicts of interest. How do we break this chain because it does not seem that there is anyone who wants to step up to the plate and stop this. You need public pressure which is the reason i wrote my book. To think we will change this within the halls of congress in my opinion is ridiculous. So the stuff needs to get into the public arena. That is why appreciate you having me on to raise these issues and expose these conflicts of interest. Youre talking can we get enough public pressure . We can. I will tell you how. You expose the real corruption and that is what is going on. None other than harry mark koppel is markopolis. As beingd the sec incompetent but said finra was deserving as an a plus in corruption. The pressure that came down on him was phenomenal. We have the news that mark goanaugh is resigning to to Carlyle Group and be their president. Cavanaugh is the last of many. There have been over 10 individuals from jpmorgans operating committee that have left that firm in the last couple of years. That may speaks to a lot of things. It speaks to increased regulatory pressure. On jpmorgan. It speaks to ward it speaks to what a close friend of mine. The elbows get razorsharp at that level and the ledge gets very narrow. The political infighting going , peoplen the firms looking to position themselves and private equity and hedge funds trying to look at wall street and pick up talent. You are in error apparent. It is clear that Mike Cavanaugh got the message. Thank you for coming in. Dm incomer of advisors. Coming up, the firm that aims to make finding your first new york city apartment fun. A little party with your department. Later, chris cole. A skateboarding champion with the number of sponsorships under his belt. We will talk to him about turning a passion into a career. This is taking stock. On thisn for pimm fox tuesday. Finding an apartment in manhattan can be a bit of a experience for anyone. Imagine you just graduated and you need to settle in rather quickly. Our next Guest Company wants to help you with that. Designed to help recent College Grads and it sets out to make the experience fun for you. Great to have you back. It is great to be back almost three years now. Talk to us about what happened and her mind is what you do. It is cool to be back. When we came on the set we were literally starting. We had filed ever worked a few months before we were on set. Things happened so fast and it was the concept and the idea to help graduates seamlessly find their first homes in the real ifld. Justifying the home youre anyone but if your graduate and youre young and not familiar with where youre going it is more difficult. Over the past four years to expand the team from myself to 40 people and servicing 1000 graduates. To have a real business with real operations and offices and cash flows has been an incredible experience. We have a lot to build from and a Good Foundation to work off of. Is it designed to make these young graduates feel like theyre not being taken advantage of because you come to new york, it seems a bit of a sharp hit especially in the real estate world when you are looking for an apartment. Is that part of what you do . Why do you appeal to College Graduates . The whole business, we are on the Campus College tour. Have got grand ambassadors, College Students who are doing this. The reason for that is trust is what was missing from the market. A Brand Ambassador is a friend of someone. Saida friend or the media these are good people that is what i think the state industry is missing. One of the things we try to make people feel like is their home before they find a home. Is that what you started this . I had friends who had bad experiences. University ofe richmond i was a recent graduate. I kind of solve this. It is really great. You have an opportunity to get experience and meet longterm clients and start making money immediately and launch your career. For graduate it is great. You have to work with someone who is young and fun ended his he asked if a professional enough to get it done within a day. That is where the market had lost peoples attention. An agent was underqualified or showing you properties you could not afford. Youre making money through brokers fees. We are licensed and were going to other cities. Client to pay us a commission. We are transparent about it off the bat. It is helpful to know what we are getting into. Cracks are you profitable . Not yet. We finished a race but hopefully in due time. I thank you so much. Keep us posted. The cofounder and ceo. Best streete skaters in the world joins us next. Chris cole. This is taking stock or co taking stock. Welcome back to taking stock. Carol massar and i are in for pimm fox. For a look at the headlines lets get to su keenan. Convoys narrowing its fullyear profit forecast. The Worlds Largest cruise line cutting ticket prices to attract customers after several incidents on the high seas. According to the company, booking volumes for the rest of the year are ahead of last year but at lower prices. American apparel is planning to sell about 30 million worth of stock. The retailer will use the money to meet looming debt obligations. The funds will cover Interest Payments which are due next on its senior secured the site will get a brand presence at ranger games in Madison Square garden and on the teams website. The deal comes [inaudible] ae first u. S. Teams to sign deal. Those are your bloomberg headlines. Thank you. Our next guest has been on a skateboard since he was 14 and is his passion propelled them to the podium and many street skating competitions. He was featured in tony hawks game. He has several sponsors. Can you do that in your sleep western mark yeah. I think i can. It is great to have you here. Link to have you here. You have been doing this for a long time. Is it true you got your First Corporate sponsorship at the age of 16 . It is funny. It is such a whirlwind. It was around then. There frontline thre a documentary about young people creating their own brands. Are you using skating to pump up your own brand and generating likes . You are older than those kids. You adapt to it for sure. It is a way to directly interact with somebody andcially with Facebook Instagram and things like that where it is right in their face. This is what you are doing. I want to know what my favorite i follow them so and they follow me and kids get to follow me and i try to not bombard them with bedposts. I try to keep it classy out there. Like tonys someone hawk meant to you . He is the original. He is the guy who would never anyone knows skateboarding they know who tony hawk is. He is a household name. Be like myll generations tony hawk. Why is that important to you . You know, i guess it simply is that i never wanted to do anything else other than skateboard. As far as the job goes. And i feel like there is a lot of people in the spotlight who are really great people and they are not great role models but we feed into it and we watch them on tv and we emulate their bad behavior. I feel like i am not one of those people and i can really spread skateboarding and the treasure that skateboarding is to the next generation of skateboarders. It brought so much enrichment into my life. I hope i can bring it to theirs as well. We are coming off the Winter Olympics when snowboarding seem ande featured every night some of the snowboarders have become household names. White and mark mccormack. Is snowboarding a clip sing at all skateboarding . Snowboarding owes so much of what it does and its popularity to skate court skateboarding. We have is there a feeling that maybe snowboarding has eclipsed skateboarding . Rex i feel like they are such a different animal. I feel that also with that being said, skateboarding kind of just luckily for me is something that you can do right in front of your house. You can do it at a skate park. You can travel and do it. It is not like you do not need to wait on snow. You do not need to suit up to go out there with your lift ticket. To if you miss it you have hike back up. A kid can go out front in the driveway and practice over and over. That turkey wants to do right there. A few weeks ago and he talked about skateboarding and how it is a lifestyle. Heres what he had to say. I did things i felt were intuitive and were easily associated with our culture and our sport. I feel like skateboarding is as much a sport as a lifestyle. There is a much that transcends in terms of music and fashion and entertainment. That is what i wanted to do. I want to come out skateboarding in the best way possible through different media as well. A lifestyle and easy to cross over to main street skateboarding. I talked about this a lot. There is a whole world in skateboarding. It is like a trendsetting world where style starts there and then it gets in the mainstream. Game popularity gained popularity. We all love the song but it is because this guy used it and it is an inspirational video part. Things like that. I think tony was dead on with what he said. Worklife balance. You travel a lot. Has it been hard for you to balance a family with going around the world skateboarding . Rex you have a couple of kids. I have two awesome children. My daughter who is four and my son who is almost a. My wife takes the brunt of the work. I am gone a lot. I think that to be prointo travel in this day and age it is way easier than it used to be but being gone from my kids is hard. You will get back to them. Stuff. T thanks for skateboarding in. That was kind of cool. Thank you. We appreciate it. Chris cole, professional skateboarder. We have some breaking news. Facebook has made another acquisition. The deal that was being byced i Gaming Companies<\/a> have been compared with not just social gaming but the standard gaming that you see. All up today for the most part. It could look well for them in terms of pricing and getting the maximum amount race they want to. Why does this company not go public around the time that zynga did . It has the numbers it seems to me. A lot of people playing this game. Is the bloom off the rose, did they wait too long . They did file confidentially last year but they had 100 million revenue. They were able to show a going public this year 1000 toppling growth. Areowing investors to my we growing 1000 , projections are only for 40 in 2014. We will slow down the little bit most likely but they were able to show that growth and that was an attractive case were investors. Soy launched some new games they can say we are not just dependent on candy crush. We have other games and we are Building User<\/a> base and downloads from that. They are very dependent on candy crush in terms of revenue. You did some Extensive Research<\/a> were you talked about things like cognitive appeal in terms of what candy crush is doing. Do you think they will be successful . I think the game itself has four critical attributes that are known to be mapped a very tightly to success in this market. To games is the ability learn the game is very fast. It has a reward system that is easily understood. And it is tightly linked to social networking or peer approval or peer interaction. Those all combined with one other very important attributes that the game has and that is fundamentalals to a attribute of the human Processing System<\/a>, pattern recognition. If you look at the grid it is candy pieces laid on the grid and this kind of process where we examine everything around us and the game is based on this idea of pattern recognition. Wea fundamental level when do a cognitive tear down of a product this for software we usually see this these elements that are present. Predict fairly early on. That is an incredibly interesting analysis. That is why we play this game. When we may be addicted to this game but when i do not understand is why this game is a business, why it is about to be company 7. 6g this million dollars. It seems investors are once again overreacting to hype. It is great points. The underlying the question with respect to this is whether you can repeat this or not. When you look at the ability to inucture games of this type a market presence that is going to be highly successful, the most importantly repeatable, you see that it is extremely difficult to do. That is your conclusion. But she do not like the music. Music is one variable. They can do all this type of cognitive analysis and reverse engineer and find out what made them successful. In fact the Creative Process<\/a> of building one of these games that is so successful is extremely elusive and difficult to do. Is it an angry birds . I do not think it is an angry birds. Angry birds is and will continue to be the Gold Standard<\/a> in light weight Interactive Game<\/a> design. I talked briefly about how candy crush appeals to this pattern recognition capability that we have and we desire. To stepsds goes further. It incorporates this idea of storytelling. The human intermission Processing System<\/a> wants to be engaged in stories. Asked charles about the ipo. You have been talking to bankers and in touch with this deal. Why is it worth 7. 6 billion . I do not get it. That sounds a a lot of money on its face. It is a lot of money. Kind of moneyp but it is close. If you look at it on a price basis, that 40 Revenue Growth<\/a> were talking about for next year, that is the estimate. Pretty cheapy relative to its peers. Theyre pricing it at a discount for this one hit wonder concern. The fear that candy crush will beall and users will defect from candy crush to the next big thing. It is technically priced at a discount relative to its peers. Time will tell on this one. We have a thank you to charles and leslie. Meet a wallwe will street veteran who says the inmates are still running the asylum when it comes to financial regulation. That will be an interesting story. And skateboarding with chris cole. This is taking stock the topic of regulation on wall street. Are the gatekeepers doing their job to protect investors as they are supposed to do . Joining us now is larry doyle, incomender of dm advisors and the author of in bed with wall street. Welcome to taking stock. You have written a great book. I wanted to start off, we had in the news yesterday the word of the bernie made off verdicts. One of the jurors said as you blogged about that there was overwhelming evidence that the prosecutors who presented, the meat it relatively easy for them to convict these people. What im wondering about is in the face of that overwhelming evidence, why did none of the regulator see it, what is it this why did it take much press to mark the immediate thought that went through my mind when i read that verdict was not so much this specific case with these individuals but exactly that point. Jpmorgan, the primary banker for over 20 years . How did they fail to uphold. Rotecting the Public Interest<\/a> know your customer. This verdict is a further indictment of jpmorgan. Their mandate is to protect the outlook interest. Not only the investors but the market as a whole. Where is that protection, why does this seem to happen over and over again . Injustices were done, how many men on wall street and woman on wall street lost so much money and yet nobody seemed to go to jail and there is no real blame put on anybody. That was the reason i wrote my book. That to get to the question of where were the regulators, how did the industry engage the regulators and that does that mean i will give you money and you will give me money . That is in large measure what it is. The technical term is regulator capture. The evidence is overwhelming. The amount of money that is involved as well as the political payoffs to those in washington. We are still living with this reality. You have of course when you or thege the fcc sec u. S. Attorney or you challenge the Justice Department<\/a> on this, they say we have seen the evidence and we would ring these cases if we could but we do not see anything we can make a case on. You see this case where the evidence is overwhelming. I do not understand how this can happen. By wall street. They control the arbitration system. Its start with form. You need transparency. Finra is not subject to the freedom of information act. That is ridiculous. They should be subject to the get access tole can what is going on. Theyre owned by the industry. To think that Goldman Sachs<\/a> and j. P. Morgan in these institutions are going to fund a regulator and will get meaningful oversight. They have a 2 billion portfolio that they invest in the cops on the beach or using the analogy of a wall street casino, theyre the eye in the sky. Money allocated to different tables, different parts of the market. This is just screaming with conflicts of interest. How do we break this chain because it does not seem that there is anyone who wants to step up to the plate and stop this. You need public pressure which is the reason i wrote my book. To think we will change this within the halls of congress in my opinion is ridiculous. So the stuff needs to get into the public arena. That is why appreciate you having me on to raise these issues and expose these conflicts of interest. Youre talking can we get enough public pressure . We can. I will tell you how. You expose the real corruption and that is what is going on. None other than harry mark koppel is markopolis. As beingd the sec incompetent but said finra was deserving as an a plus in corruption. The pressure that came down on him was phenomenal. We have the news that mark goanaugh is resigning to to Carlyle Group<\/a> and be their president. Cavanaugh is the last of many. There have been over 10 individuals from jpmorgans operating committee that have left that firm in the last couple of years. That may speaks to a lot of things. It speaks to increased regulatory pressure. On jpmorgan. It speaks to ward it speaks to what a close friend of mine. The elbows get razorsharp at that level and the ledge gets very narrow. The political infighting going , peoplen the firms looking to position themselves and private equity and hedge funds trying to look at wall street and pick up talent. You are in error apparent. It is clear that Mike Cavanaugh<\/a> got the message. Thank you for coming in. Dm incomer of advisors. Coming up, the firm that aims to make finding your first new york city apartment fun. A little party with your department. Later, chris cole. A skateboarding champion with the number of sponsorships under his belt. We will talk to him about turning a passion into a career. This is taking stock. On thisn for pimm fox tuesday. Finding an apartment in manhattan can be a bit of a experience for anyone. Imagine you just graduated and you need to settle in rather quickly. Our next Guest Company<\/a> wants to help you with that. Designed to help recent College Grads<\/a> and it sets out to make the experience fun for you. Great to have you back. It is great to be back almost three years now. Talk to us about what happened and her mind is what you do. It is cool to be back. When we came on the set we were literally starting. We had filed ever worked a few months before we were on set. Things happened so fast and it was the concept and the idea to help graduates seamlessly find their first homes in the real ifld. Justifying the home youre anyone but if your graduate and youre young and not familiar with where youre going it is more difficult. Over the past four years to expand the team from myself to 40 people and servicing 1000 graduates. To have a real business with real operations and offices and cash flows has been an incredible experience. We have a lot to build from and a Good Foundation<\/a> to work off of. Is it designed to make these young graduates feel like theyre not being taken advantage of because you come to new york, it seems a bit of a sharp hit especially in the real estate world when you are looking for an apartment. Is that part of what you do . Why do you appeal to College Graduates<\/a> . The whole business, we are on the Campus College<\/a> tour. Have got grand ambassadors, College Students<\/a> who are doing this. The reason for that is trust is what was missing from the market. A Brand Ambassador<\/a> is a friend of someone. Saida friend or the media these are good people that is what i think the state industry is missing. One of the things we try to make people feel like is their home before they find a home. Is that what you started this . I had friends who had bad experiences. University ofe richmond i was a recent graduate. I kind of solve this. It is really great. You have an opportunity to get experience and meet longterm clients and start making money immediately and launch your career. For graduate it is great. You have to work with someone who is young and fun ended his he asked if a professional enough to get it done within a day. That is where the market had lost peoples attention. An agent was underqualified or showing you properties you could not afford. Youre making money through brokers fees. We are licensed and were going to other cities. Client to pay us a commission. We are transparent about it off the bat. It is helpful to know what we are getting into. Cracks are you profitable . Not yet. We finished a race but hopefully in due time. I thank you so much. Keep us posted. The cofounder and ceo. Best streete skaters in the world joins us next. Chris cole. This is taking stock or co taking stock. Welcome back to taking stock. Carol massar and i are in for pimm fox. For a look at the headlines lets get to su keenan. Convoys narrowing its fullyear profit forecast. The Worlds Largest<\/a> cruise line cutting ticket prices to attract customers after several incidents on the high seas. According to the company, booking volumes for the rest of the year are ahead of last year but at lower prices. American apparel is planning to sell about 30 million worth of stock. The retailer will use the money to meet looming debt obligations. The funds will cover Interest Payments<\/a> which are due next on its senior secured the site will get a brand presence at ranger games in Madison Square<\/a> garden and on the teams website. The deal comes [inaudible] ae first u. S. Teams to sign deal. Those are your bloomberg headlines. Thank you. Our next guest has been on a skateboard since he was 14 and is his passion propelled them to the podium and many street skating competitions. He was featured in tony hawks game. He has several sponsors. Can you do that in your sleep western mark yeah. I think i can. It is great to have you here. Link to have you here. You have been doing this for a long time. Is it true you got your First Corporate<\/a> sponsorship at the age of 16 . It is funny. It is such a whirlwind. It was around then. There frontline thre a documentary about young people creating their own brands. Are you using skating to pump up your own brand and generating likes . You are older than those kids. You adapt to it for sure. It is a way to directly interact with somebody andcially with Facebook Instagram<\/a> and things like that where it is right in their face. This is what you are doing. I want to know what my favorite i follow them so and they follow me and kids get to follow me and i try to not bombard them with bedposts. I try to keep it classy out there. Like tonys someone hawk meant to you . He is the original. He is the guy who would never anyone knows skateboarding they know who tony hawk is. He is a household name. Be like myll generations tony hawk. Why is that important to you . You know, i guess it simply is that i never wanted to do anything else other than skateboard. As far as the job goes. And i feel like there is a lot of people in the spotlight who are really great people and they are not great role models but we feed into it and we watch them on tv and we emulate their bad behavior. I feel like i am not one of those people and i can really spread skateboarding and the treasure that skateboarding is to the next generation of skateboarders. It brought so much enrichment into my life. I hope i can bring it to theirs as well. We are coming off the Winter Olympics<\/a> when snowboarding seem ande featured every night some of the snowboarders have become household names. White and mark mccormack. Is snowboarding a clip sing at all skateboarding . Snowboarding owes so much of what it does and its popularity to skate court skateboarding. We have is there a feeling that maybe snowboarding has eclipsed skateboarding . Rex i feel like they are such a different animal. I feel that also with that being said, skateboarding kind of just luckily for me is something that you can do right in front of your house. You can do it at a skate park. You can travel and do it. It is not like you do not need to wait on snow. You do not need to suit up to go out there with your lift ticket. To if you miss it you have hike back up. A kid can go out front in the driveway and practice over and over. That turkey wants to do right there. A few weeks ago and he talked about skateboarding and how it is a lifestyle. Heres what he had to say. I did things i felt were intuitive and were easily associated with our culture and our sport. I feel like skateboarding is as much a sport as a lifestyle. There is a much that transcends in terms of music and fashion and entertainment. That is what i wanted to do. I want to come out skateboarding in the best way possible through different media as well. A lifestyle and easy to cross over to main street skateboarding. I talked about this a lot. There is a whole world in skateboarding. It is like a trendsetting world where style starts there and then it gets in the mainstream. Game popularity gained popularity. We all love the song but it is because this guy used it and it is an inspirational video part. Things like that. I think tony was dead on with what he said. Worklife balance. You travel a lot. Has it been hard for you to balance a family with going around the world skateboarding . Rex you have a couple of kids. I have two awesome children. My daughter who is four and my son who is almost a. My wife takes the brunt of the work. I am gone a lot. I think that to be prointo travel in this day and age it is way easier than it used to be but being gone from my kids is hard. You will get back to them. Stuff. T thanks for skateboarding in. That was kind of cool. Thank you. We appreciate it. Chris cole, professional skateboarder. We have some breaking news. Facebook has made another acquisition. The deal that was being byced i Facebook Facebook<\/a> to buy oculus. We will have more on that Company Coming<\/a> up after a quick rate. This is taking stock on bloomberg. This is taking stock. News thatme breaking we gave you just before the break. Facebook making another acquisition. That deal agreed to buy oculus cr. Look at the company. Right now i am wearing a Virtual Reality<\/a> headset. Then i am flying up into space. I now see my enemies. Theyre making a big promise that Virtual Reality<\/a> will finally feel real. Reality werel perfect and we could have an experience and feeling like we were in the same space. Palmer lucky created the rift headset and his parents garage. This was your hobby. Your personal passion. Now youre the cofounder of the company that is worth 275 million. You get to live your passion. A lot of people who are a lot smarter, it is not just me. Skepticallways the 1980srew up in and 1990s. There was a lot of excitement but the technology was not ready. Technology is finally there. All it takes is a few seconds and you realize this has potential to change the world. That is because oculus has a new technology called positional tracking. Persone character leans forward the character leans forward as well. Optics technology has advanced. We are able to deliver on the promise of environments that are nearly photorealistic. We accomplished a lot. It is very seamless. I am not feeling any nausea. It is most like i am there. The buzzer has brought out some competition. Sony Just Announced<\/a> project morpheus. Executives are not worried. I think a number of people will jump in because we have are thehat those markets. I hope they deliver something great and it makes a vr that much better. Thet is not clear whether developers will ever embrace the technology. When can consumers buy this . Rex when it is ready. Not a second before that. Is that in 2014 . Rex we will see. Lets talk about the 2 billion deal. Johnson ined by cory san francisco. We know they have the money but why does this deal makes spent cents . He addresses this in the press release and announced the Conference Call<\/a> for investors. Hes is he says very clearly. What we see is a trend of acquisitions, of revenuefree companies. Oculus acquisition. This is twice of what they paid for instagram. Theyre trying to pick them off one by one and bring them into the fold of facebook. Do think this is anything about facebooks basic is this plan that maybe theyre concerned and that is why they were at they are doing these acquisitions . I wondered if there was an existential crisis. There were zero revenues. They were able to fix that. What they recognize is the way that people they do not want to be introduced locked into a mechanism. It is interesting to watch them develop vertical platforms where you have the facebook thing. And you have the facebook thing and your phone. Then you have instagram. A completely separate thing that does not necessarily integrate with facebook and our or back and forth. There are places where people might be spending time away from facebook. If facebook wants to link them into the fold. It talked about the market for Virtual Reality<\/a>. What do we now about this market, the potential for size and demand among consumers and elsewhere . I was one short on oil. They said it is so big we cannot even measure. We do not know how big this is. Because it does not really exist at. We will see if it really develops. It is an enormous bet with shareholders resources for facebook to do this for business that does not exist. ,t seems a very aggressive maybe it is really wrong. They obviously had a lot of cash to spend and have a valuable currency. Welcome to the ipo price and they are not afraid to use it. I wonder if theyre collecting assets and seeing which one plays out. If they are doing a portfolio game. It is to go to do this kind of cash flow analysis. There is no revenue at all. We do not know what the product is. This is a highly speculative investment. And a very big dollar amount worlds late best of round venture m have been in the market ulcer. It can help the company grow and can ship their development with lots of voices from experienced Company Builders<\/a> in the form of other venture capitalists at this company will have. They will have the money from facebook that they are making choices to develop only under the facebook wing and go in whatever direction facebook wants him to grow. You mentioned that Conference Call<\/a> will start in under half an hour. What is the number one question you will be asking the folks at facebook . Rex there is words i would not use on television. Wtf might be there. Investors will want to know what are you doing with all this cash, what are you doing with all the stock question mark to you really have a vision here . Maybe someone will be clever enough to come up with a vision. Good stuff as always. Our thanks to cory johnson. Coming up, looking to shed some unwanted pounds . While avoiding unwanted costs. Our next guests will show you how to do that. Back in a moment. This is taking stock. Last year americans spend over 60 60 million trying to lose weight. Our next guests are looking to trim your waistline. I making weight loss a game. Us is brian wang and richard talens. Exercise is difficult. Often times they need to be incentivized by certain things just to get them started. One of the biggest reasons that people download our app is because you can get points and it isquests and for them really fun and gets him off the couch. What you so than that, find is this really large and enthusiastic super engaged and welcoming community. That is the magic of everything. People start collecting points people whond other have lost 100 pounds and they can follow them. There is a huge social aspect as well. Is that the big part of it is that there is a social Network Western<\/a> mark you have people out there like nike with 18 million users. How do you compete against Something Like<\/a> that . Rex community is at the center of what we do. Cannot befactor overestimated in terms of how people can successfully reach the fitness goals. You do not just download the app. When you join you become a fitocrat. You are making connections with other people who are on the same sort of journey. With a lot of the other apps out there, they are a utility. I will use a wrist and or an apt to track i run. Youre getting that human support that can be hard to find at times. Do people work out together question mark it is all virtual. A lot of those folks do indepth meeting in person eventually. Your first had marriage yet . I found my fiancee on fit ocracy. Orhow will people engage develop some sort of relationship . How many people are going into a social media sphere as a result of your app . Hundreds of thousands. Not thathan half or much . We cannot disclose those numbers. Something that is very scary and a lot of people do not want to do it socially. A facebook profile. Everyone is relatively anonymous. People who are not willing to talk to their friends about exercise. Who areus have friends trying to get us not to exercise. They made connections were you have this community of people are noe exercise and you longer shy about expressing your body or the fact you want to lose weight. People are anonymous and it is not like having your nextdoor neighbor watching you. The points that you develop through your workouts and exercising, and exercising, can you spend them somehow . That is the big secret. It is not a currency you will spend on a shopper. You have not created the bitcoin of exercise. We are working on that. You learned here. It just for selfsatisfaction . It is kind of a fun way to take measure of how well youre doing. I might see that i earned 500 points on my workout and relative to the other person i saw that they did 2000. Theres this interesting opportunity for discoverability. People can see that that person is intent about their workout. It is an internal currency that derives the interactions. We will have to leave it there. The cofounders of fitocracy. We do have some breaking news. King digital the company has priced 22. 2 million shares at 22 . 50 each in its initial public offering. That is the midpoint of its range. See how the stock does when it makes its public a beer tomorrow. We will have to watch this one. That will do it for taking stock. Great to have you here. Have a great evening. Live from pier three in san francisco, welcome to bloomberg west, where we cover the future of business. I am emily chang. Big stories were following right now. Facebook making another multibilliondollar acquisition. It is buying Virtual Reality<\/a> for 2 billion. We will look at what it means for the social network. Candy crush maker king sets its ipo price at 22. 50 a share. 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