Many months as the stocks have sold off, and john and Pete Najarian are with me here on 1 market, and we ask your opinion as we wait for the president. Well, it is incredible, and jon has been all over the story, but brexit, and now it seems that the world is getting more and more concerned about it, but brexit, and the fed and thele volatility of the way that it is skyrocketing, and even in the markets that are not that volatile quite honestly, and i look at the markets and going down 100 points, you dont expect the vix to move last thursday 14 and then 17 on friday and today, well over 2 1 and yesterday a huge jump in the volatility, and so concern out there, and unsecertainty, and t correlation of oil remains right intact, and down 1 , and markets down on the day. And the biggest loss on the s p since february and we mentioned the vix, but it in part the brexit issue as the polls over there are showing the creep up in the those who say leave. Well, they want selfdeterminati selfdetermination, at least a certain percentage do, and whether or not that is a real majority, scott, we dont know yet, but we know by the polling when incidents like orlando happen, and even though it is not immigrant in great britaibr and people are concerned, how do we secure our borders and make it safer, and that helps on the brexit side, and bremain may get a boost here and there, and the time to settle it will help to settle it down. The vix that you and pete mentioned did spike, but then it pulled back dramatically in the session today, and now it is back near session highs. And so you buy it today . H no, i sold. In fact, i sold out of my vix protection for the halftime portfolio, and we have it in place for customers and clients who have the long term positions on through us, scott, but as far as making a trade, put it on last week at 10. 08 at the uvxy and pete and i both took it off yesterday after the spike. And pete, you have a fed meeting beginning today, and you will get the presser tomorrow. Right. And the tease for bonds and yields already on the move in anticipation of what fed chair may say . And gold, and everybody is talking about that and the move in gold as well, scott. So there is a shift. If you are look at the last three or four trading days, and everybodys concern levels and you to contribute some of this in terms of what happened to the fed itself and janet yellin is looking at things are not as rosie and not that rise that everybody was anticipating, and now it is going to be pushed out to july. I want to remind you once again and you are looking at at it on the split screen on the righthand side of the screen, and we are awaiting president obama at the Treasury Department to make comments on the orlando shooting, and the fight against is isis, and we will take you there. And continuing the markets, and we are going to be talking about one of the biggest deals in technology with linkedin. And we want to go talk to mamood hamin, and you have a smile even after the game last night . Well, we will live to play another game. And two more to go. And lets get your opinion on the microsoft linkedin, and what you felt when that news broke . A blockbuster deal that nobody saw it coming. Two dominant companies in each of the sector, and so you have the largest professional social network, and the worlds most popular productivity suite. Together, they touch the lyes of hundreds of millions of people, and quite nonoverlapping as product products, so it is going to be interesting to see how the two combine efforts to have like linkedin reside with outlook or office 365, and so lots of interesting opportunities there. And is it interesting to you . On the surface, no, because it is not overlapping, but then you start to thinking about how the two products could work together, and compete against the sales force which is a company that microsoft looked at acquiring early in the year, so i am curious what they are doing with the acquisition. And at social capital, you are in charge of the private investing part of the investment there, and we talk certainly on the daily basis of what the health of Silicon Valley is and where the valuations are, and have we corrected enough in valuati valuation . Have we overcorrected . Where are we . Well, id say that if you look back a year ago there was a big gap of the public valuation s and the private valuations and the bridge is narrowing, but we are still far off. If you are looking at the ipos to price, twilleo, you say, it is overpriced in the private market a year ago and it is just corrected to where it should be in the public markets, and that is the case for the last year or two for most of the issues that i have gone out. And mamoon, how much of it is some of the vcs saying, i dont want to be the last one standing when the music stops . In other words, as you have just described with twilleo, and people were throwing money at t it, and fidelity throwing money at uber and other private companies, but the valuations as they are stretched whether it is an air bnb or twilleo and i dont want to be in the last round because of what we are seeing there in twilleo. There is a distinction between uber and say snapchat that are poised to be a juggernaut like facebook and google and then the more Traditional Companies that are great, and in Silicon Valley, we are hopeful and optimists at heart, and think of the more prosperous outcomes, and so this is going to be a spectacular Company Worth tens of billions of dollars and not every company is going to be worth tens of billions of dollars and Companies Like twilleo, you hope that it is worth 1 billion or start to in thin air start to value the companies which is the mentality of all of us as optimists in Silicon Valley. As far as twilleo, is it a singular story or greater meaning as to the true ipo window has opened . If history serves us these moments can open up the floodgate floodgates or make us more tentative. We dont know, because as you know, this is one of the most abysmal years for the tech ippos in a long, long time. Pete . Well, i am curious about the ipo market as well, and we had a guest on yesterday saying that it will be huge. Yes. Do you expect it to return that is the e Eternal Optimist side. And the second half of the year, as people are more and more optimistic about the gdp and all of it, and do we see it building to 17 or wait for 17 to accelerate . It is more of the 17 story, because again we have uber, air bnb and snapchat and three spectacular companies with high growth, top lines and the potential is dominating their markets. So, these are going to be talking about tens of billions of market cap that is toinging to be create and close to 100 for the three of them. That is not going to be playing out this year in my opinion. And you think that uber goes public this year . No. I think it is a 17 story. You to . Yeah. And interesting. Because when you see facebook, we will have a guest on later in the hour telling us why facebook is a good short right now. You agree with that kind of call . Well, i will tell you that we are on the ground with a lot of the facebook advertising, and so we have a internal team of growth and data team that works with the portfolio company, and helping them to acquire the users, and the place where we spend our money is on facebook, and we only see that accelerating, wan to get your product in front of new users, whether it is a product or the service, you go to facebook and not google. So if you are going to be looking at the facebook juggernaut, 5 billion in revenue, and 4 billion in mobile, and so increase of 60 year over year, you cant make up those numbers soshs i see it continuing. The most exciting thing that you see within Technology Today from the investor standpoint is it virtual reality, a i what excitous e ououe ouous . Well, we have a mission to try to the solve the worlds hardest problems with technology, and we have do that with specifically health kcare and education, and we spend our time looking at the frontier areas like space and drones and making space travel more cost effective, and drones and Autonomous Vehicles that roam the oceans, the land and the air, and those are the kinds of things that we are spending a lot of time researching and actually looking at making investment investments in. And you have been on the boards of box, yammer, and slack, and what do you make of the debate over whether private companies, even sort of later ones like uber or snapchat should go public . Well, we are Eternal Optimists, but we want to have stand the alone companies in the valley like oracle or google or microsoft, it is to mentor or coach the ceos to build the stand alone companies which means you go public, and show the balance sheet, and income statement and prove that you are stand alone. And show the investors a big payday, too. Dont bury that. Thank you. Thank you for having me. And hamoon hamid the cofounder of venture capital. And now, we will go to washington, d. C. , in a few moments, and then we will speak of Brad Gerstner of altimeter, and also, we will weigh in on the steph curry phenomenon, and the effect he has had on the under armour business. All of that and more coming up. But grandma, we use charmin ultra soft so we dont have to wad to get clean. Charmin ultra soft gets you clean without the wasteful wadding. It has comfort cushions you can see that are softer. And more absorbent, and you can use up to 4 times less. Enjoy the go with charmin. All right. We continue to wait for president obama to speak here at the Treasury Department. We will take you there momentarily, and we understand that the meeting with the National Security council has wrapped up, and we expect to hear from the president and perhaps an update into the investigation of the orlando shooting and the u. S. Fight against isis, and we will bring you that in a matter of momens. S meantime, he is known as the shareholder who is successfully battled and pushed for the changes at United Airlines, and Brad Gerstner has Altimeter Capital investments ceo, and he is with us at 1 market, and are you pleased with the way that thing s a things are going so far . Yes, it is less than 30 days of the new board was put in place. I think that they have had a single Board Meeting since then, but you will be seeing dramatic urgency in change out of the new board, but since you are in san francisco, take a step back, and you know, the reason that we are investing in the Airline Industry is because of technology and consolidation has dramatically changed the economics of the industry. And ten years ago, oil was at a 55 and the industry lost 30 billion. Last year oil was at 54 and the industry made 20 billion. So technology whether it is aisle seat upgrades or the window seat upgrades or the mobile checkin. That is teblg nog charging people more for the Little Things . That is new tech. And the Revenue Systems that sit behind it, and that they are running out of the cloud, and the mobile checkin eliminating the need for everybody to stand in line and wait for their boarding pass, and these things are changing the nature of the industry, and along with consolidation, and so we are excited about how much more profitable it is today. We are awaiting the president as we said, and we will talk to you more on the other side of that, and john harwood as we are walk up to the remarks from the president , what are you expecting today . Certainly on this news that nbc had the exclusive that the wife of the orlando attacker told the fbi that she tried to talk him out of the attack, and word that she could possibly face charges . That is one thing that we are waiting to hear from the president on, and also waiting to hear any other developments in the investigation, and any developments in this unconfirmed rumor really that al baghdadi, the leader of isis has been killedp in an airstrike. The pentagon a few minutes ago said that they were not able to with the military intelligence to confirm that, but we will see if the president has any update on that situation. Yeah. And it is interesting, too, john, after we heard are from the fbi drirector comey yesterdy saying in hindsight he does not believe they would have done anything differently, but yet, we know a fair amount at this point that the individual was looked at on multiple occasions by the fbi. Thats right. Everybody acknowledges it is very difficult to stop a individual motivated actor who is not communicating more broadly with the terrorist networks, but this is one way in which the news of the wife may change the frame of the analysis for the fbi, because now you have a second person with knowledge of the impending attack, and what were her contacts, and so, investigators are going to have to be following this where it leads to see what it develops and the president will address that in this some fashion today. This other stories of the fbi, and the russian hacking is so new. Actually, you know, john, the president is coming through the door. Here is president obama. Everybody all set . I just met with my National Security council a adds part of the reg ular effort to review ad intensify our campaign to destroy the terrorist group aisle aisle. Our meeting was planned before the terrible attack in orlando, but obviously, that tragedy the awful loss of life shaped much of our work today. In all of our efforts foremost on the mind is the loss and the grief of the people of orlando, and those who die and the ones still recovering and the families who have seen their the loved ones harmed, the friends of ours who are lesbian, gay, bisexual and transgendered and i wanted to remind them that friends and allies from all over the world have sentiments streaming in, and thinking about you, and they are praying for you. And as director comey has said that there is no indication that a foreign Terrorism Group directed the attack in orlando. It is increasing ly clear howevr that the killer took in extremist information and propaganda over the internet. He appear s s to be a angry, unstable young man who became radicalized and terrorist groups have called on people around the world to attack innocent civilian civilians, and the propaganda and the postings are pervasive, and more easily accessible than we want. This individual appear s s to h absorbed is some of that and during his killing spree he claimed allegiance to isis. These homegrown terrorists are very hard to detect and prevent, but across the government at every level, federal, state, local, military and civilian, we are doing everything in our power to stop these kinds of attacks. We work to succeed 100 of the time, and the attacker as we saw in orlando only has to succeed once. Our extraordinary personnel, and the intelligence and the Homeland Security and the Law Enforcement have prevented many attacks and saved many lives and we can never thank them enough, but we are also struck by the fact that despite the extraordinarily hard work Something Like orlando can occur. Today, director comey spoke on behalf of the Homeland Security, and secretary carter, and chairman dunford review ed the efforts against isil and also spoek had jack lew to talk about the other efforts to stop their funding. This is a difficult fight, but we are making congress. I have offered up a number of steps to ramp up the fight against isil, and including personnel and special forces in syria, and other forces there battling isil, and additional advisers to work closely with local force, and additional s support for forces in iraq. Aircraft continues to lawn frch the uss harry truman now in the mediterranean, and the b52 bombers are hitting isil with prescription strikes, and the targets are being identify and hit more quickly, and so far 13,000 air strikes. This campaign at this stage is firing on all cylinders, and as resu result, isil is under more pressure than ever before. Isil lcontinues to lose key leaders, including a leader in mosul and also the leader who plotted external attack, and the le leader in the an bar proare vince, and here al wa here ri and our message is clear, if you target america, you will not be safe. You will never be safe. Isil continues to lose ground in iraq. In the last two months the local forces in iraq with Coalition Support have liberated the western town of rutba and liberated the strategic town of hett and meanwhile, north, the iraqi forces are continuing to push up the river valley to make gains around mosul. All totaled isil has lost more than half of the territory it occupied in iraq, and lit continue to lose more. It continues to lose ground in syria as well. Assisted by the special Operations Forces and the Global Forces pressuring them which means that the noose is tightening around isil in raqqah as well. In short, the coalition is on offense, and isil is on defense, and it is a full year since isil has mounted a a Successful Operation in either syria or iraq. As isil continues to lose territory, it is losing the money that it is its life blood, and as a result of the strike is against the Oil Infrastructure and supply revenue, we have cut their rev by millions of dollars per month. In addition, we have deprive d them of many millions more. And thanks for the work of secretary le with, and others here today, and institutions around the world, isil is cut off from the International Financial system. And cutting off isils money may not be as dramatic as the air strikes, but it is critical. Their cash reserves are down, and they have had to cut salaries for the fighters and had to resort to extortion for those in its grip, and even some of the leaders have been caught stealing cash and gold. And once again, the true nature of isil is revealed. They are not religious warriors, but thugs. I want to mention that it is critical for the friends in the senate to confirm adam zubi