Transcripts For CNBC Squawk Alley 20170717

Continuing to expand its reach across industries. Filing a trade mark for its own Meal Kit Service this follows the companys purchase of whole foods last month. Current leading meal kit provider is blue apron which cratered following the ipo and was down as much as 7 earlier this morning interesting, kara. This exercise of guessing what amazons going to take on next has been going on for years. But how seriously do you give do you take this i mean its not an enormous business i think, you know, theyve been in the meals business for a while. They deliver other peoples meals. They do all kinds of other things its not a new new thing it will be another amazon branded service. And especially i mean, i think theyve been delivering whole foods meals and things like that. So i think what it is is that these businesses are relatively small and they sort of need to be attached to a larger player a little bit like facebook does to snapchat just takes the innovative ideas and brings them to scale and thats the problem with a company like blue apron. Theres a whole buvenlg of thnc here in San Francisco. There are so many of them that deliver this food. Its an exercise in spending money for the benefit of consumers. And thats the problem is its not that big a business. And its really hard to scale. Kara, at what point do we reach peak amazon fear there is a super jeff thing going on figuratively and amazon can do anything and then literally in that buff picture of jeff baez yoezos last week all the stock reactions is things that amazon might do. If they tried to do everything that they might do within the next two years, i dont think they get any of it done. Except this is in their ballpark its in the wheel house. And that expression, i mean, i think Meal Delivery is part of all delivery, i think. And so its just another thing they can add on. Another product just like clothing or pharmacy so if you can look for add j add j ajay sencies they can do a lot of things they do and add on features and Better Things that are adjacent. I think youll see tons of that Going Forward for them. Speaking adjacencies, is this move into the meal kit something that theyre using as an experiment to use larger scale grocery delivery i know they have amazon fresh. But with whole foods now, they have to figure out that business mad will thats o model yeah. I think thats interesting ive always thought, im sort of mud willing how do they deliver the foods . Food to go is a really enormous area it needs enormous distribution and so you start to think about what do they need to be able to do that. Meals to go are different than groceries. They can put in a box and deliver. Meals to go have to be a relatively fresh and so some of them are, some are meal kits and various things still, its still not a business that makes a ton theres tove tons of businesses doing this. They get all this amazing stuff for free essentially with these very inexpensive meals but as you see from blue apron or others, theyre struggling to and others that have closed, theyre struggling to really make a big, big business of it because its such a difficult and complex business to execute on. Yeah. Its fascinating, kara we had else in on pelts on this morning talking about proctor and gamble he says the brands are too big he wants brands that are more 200 million to 300 million in that respect, scale looks like a problem here, scale is the ultimate weapon, right . Its getting whiplash hearing it. Hes talking about kind of the cool brands like buy, like the water the flavored water and stuff like that there are too many big giant brands versus very interesting products for consumers. Also then there is the amazon basic products i use a lot of those theyre fine perfectly fine grocery has been doing those for decades. But when theyre done on a xind of scale that amazon is doing, its really fascinating to watch the shifting landscape of retail by the way, jeff bezos looked really good. I dont know how you feel. I thought he looked very attractive looks good, jeff keep it up he has a shaved head too. I dont know yeah. You follow retail very closely, courtney. We had amazon talking about a version of the geek squad. Theres a filing about that recently there was an amazon version of stitch fix that people are talking about. Now amazon version of blue apron. Does amazon have the enough lieutenants in place to actually execute on all of these things jeff bezos, busy guy. Sure. I think thats a wonderful question i think its a good point. I think right now they do. I think its just the idea that theyre running with it. Especially if they can leverage prime for all of this, again, we know thats probably the plan with the subscription for the clothing but if you do that as well with the meal kit delivery, then you have the whole prime tea involved there, too. But it is a question how many more items can you add to the plate book stores they have to open up a bunch of book stores, too they do have a handful of those. What is old is new again with the book stores. But it is amazing to think about the runway that amazon is trying to take off from with all of the different sectors and businesses. Lets move on to ai elan musk speaking at the National Governors association over the weekend talking about the future of our Artificial Intelligence hes been long weary of the technology he took it a step further on saturday take a listen. A sichlt a rai is a case wheo be pro active in regulation instead of reactive. By the time were reactive in ai regulation, its too late. Care yashkara, we look to mua futurist that we increasingly seem to trust. What do you make of the comments this is a drum hes been banging on for a while a couple years ago at a code conference, he talked about this if you recall, a lot about where its going and how, you know, he thinks machines are going to treat us like cats at some point. Theyre not going to be necessarily dangerous but theyre going to run everything and treat us like house cats and he suggested we add neuronetworks into the back of our brains so we can keep up you know, the thing i think hes most worried about which he doesnt talk about, he tlikz do the terminator scary thing that theyre going to kill us i dont think machines are going to care about us at all. Thats more the issue. Who runs it . I think hes concerned that google and facebook, especially google has so much control over ai and develop ment of ai given how many ai engineers they have. And so i think the big question is who programs ai and right now its largely white men. Its largely oenld by google its large lishgs yly amazon or. I think his concern, it is less about, you know, that we have Arnold Schwarzenegger kelg aillg all of us and we have who controls it and whos in control of it and it should be more wide fred and democratic. I agree with him 100 on that issue. Who is on the other side of this if i recall, at the most recent code conference, others took the other side ai will be great for everybody there will be more jobs. We wont be house cats. More. Yeah whatever you know, i dont know i think he doesnt know. I think its really interesting to see what happens. Not adjustmejust ai. Its a whole package of Futuristic Technology thats are moving quickly elan is right about this what do we want to do about it and regulate it . Or it is going to just develop on its own and be controlled, you know, again by a google which really does have a front seat to this compared to other places i think something that politicians arent thinking about at all theyre thinking about the yesterday and i think about tomorrow its a very good idea to get ahead of this and at the same time not overregulate it so that say china or israel or wherever gets sort of ahead, so far ahead in these technologies which were leading in this country for now at least and elan wanted some regulation i mean thats a rare thing to hear from elan musk or Silicon Valley executive in general saying you need to step in now before its too late what do you think hes suggesting hes already in regulated industries, right . Cars and space travel and things like that. So i think he part of it is genuine worry about how this has developed. I think part is genuine concern about who controls it and if large corporations not elan musk control these things hes been involved in open ai. Hes been involved in all kinds of things. I think its very easy to do the idea of the machines are going to come and kill us one day. I was with someone smart yesterday having dinner and they said, you know, the wi fi is so bad im not sure machines can take over. Wi fi was bad in San Francisco yesterday. It was just funny. It was an odd thing to think b. Will machines fix the wif snichlt forget about going self aware. It s its a combination ai, automation, robotics you got to you really have to bring them all together and think about where the government has to play in these three areas especially around driving, especially around health care, especially around all kinds of things it really does move very quickly into a really interesting scenario and a disturbing one around jobs which is really the point of the whole thing speaking of disturbing, kara, the culture in Silicon Valley hitting crisis mode with Sexual Harassment at the forefront. Startup incubator creating a blacklist of entrepreneurs encouraging those who have been assaulted to come forward and blow the whistle kara, you were on our colleague meggin megyn kelly show talking about this. What was talking about is most women in Silicon Valley and borne out by her interviews with a bunch of Women Entrepreneurs have a story about Sexual Harassment it runs the gamut from very minor things, sexism, i dont even want to call it casual sexism, but remarks and nonability to move and not ability to get promoted to very serious allegations that have been taking place all over the Venture Capital market right now here and i think my whole point was that everyone has a story about this if this is going to be the most innovative industry Going Forward, these this is a disease that has to be irrad indicated from the culture this sort of bro culture i talked about the juvenile nature of it i think it holds back innovation and if you want to make the argument that its wrong, thats really the argument. But if you need another argument tshgsz bad for business. Its bad for people. Its bad for culture its bad for, you know, innovation moving forward. I think its sad that women have to constantly speak up and take a risk in speaking up. It shouldnt happen in the first place. But its somewhat great to see women just speaking up and talking about it openly and not acting as if its their fault or that they cant talk or that theres retaliatory things that are going to happen to them. So thats super heartening to me i meanwhile we certainly hope that things get better, isnt there possibly a risk that this could there could be some strange retaliation where men say i dont want to take meetings with women. Im afraid i may do or Say Something wrong. Yeah much its like the mike pence moment i xr i cant have dinner with women im raising two sons they dont mistreat women. Men dont have to control themselves they should just thats not how we should think about this and ive heard i have to say, i heard it from a lot of vcs, like maybe i wont have women there because then it just creates problems if you apply that to race or religion, it would seem crazy to talk like. That and so they shouldnt talk like that about women and jenlder issues they should be able to handle nem a mature, adult way. In what way can the conversation move forward this time i recall having conversations with people like sue decker, carol barts about the version of sexism that they experienced coming up in Silicon Valley and they talked about it, we talked about it as if that was a previous era is the lesson we havent grown out of it so we need to do something differently than we did in the past . This is a conversation thats been happening for a while and this is a president ial election where it was a topic. That was astonishing i dont know i think its i feel like theres been a slight breakthrough and im hoping that people really take the things to heart. And really start to realize it doesnt help to create a culture that is nondiverse and doesnt have a range of people contributing to it i agree with you, john i think you and have been talking about this a long time it seems so inane and yet it still continues. Youre not going to stop stupid remarks but youll put systems in place where people feel safe enough to report them and figure out a way he can que createwe c workforce where people with contribute equally its just creepy some stuff is just creepy. You know what i mean the creepers have to go. I dont know how thats going to happen but they have to go. Yes kara, thank you so much. We covered good ground today well see you soon kara swisher well have more on this top nick just a bit Jennifer Hyman is going to join us to talk about what can be done to fix it now lets see what we can expect from netflix earning avs the bell investors continue to focus on netflixs subscriber growth to justify the stocks sky high valuation. The stock up is 64 over the past 12 months now focus on subscriber growth is despite the fact that ceo says Revenue Growth and operating margins are more meaningful to the company. Netflix forecast that they would add 3. 2 million new subscribers in q2 investors are hoping it will top that number. Since the Second Quarter is usually the slowest for new subscribers, even more important is the growth number that netflix forecasts for the third quarter. Anlives are looking for nearly four million new subscribers then with over 80 of those coming from overseas according to facts they expect investment in original content and International Expansion to pay off, projecting 31 Revenue Growth to 2. 8 billion and Earnings Growth of 63 to 16 cents per share. Analysts are also bullish on netflixs new content lineup new series such as glow and 13 reasons why plus the return of marquee content including orange is in the new black should drive new additions international down loads of the netflix app. The big question then is how much all of that new original content is going to cost netflix and how much its going to weigh on profitability were looking for an update on the 6 billion that hastings said netflix will spend on original on content this year in 2017 and well see if the fact that netflix has canceled some shows this past quarter will impact that spending on content and profitability. Back to you. All right cant wait for tonight julia, thank you very much talking netflix earnings tonight. When we come back, the seattle of rent the runway will join us with her thoughts on Silicon Valleys Sexual Harassment problem. First though, more from our exclusive with nelson peltz. Well take you inside the proxy fight that is taking place at Procter Gamble again, it is still the narrowest range for the dow in a few years, less than 30 points were back in a minute you always pay your insurance on time. Tap one little bumper, and up go your rates. What good is having insurance if you get punished for using it . News flash nobodys perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. Switch and you could save 782 on home and auto insurance. Call for a free quote today. Liberty stands with you™ Liberty Mutual insurance. Nelson peltz joined us on squawk on the street this morning in an interstrew talk about the proxy fight with probl Procter Gamble back to recap what a 20 minute interview that was yeah. A lot to go over there of course, something unexpected here is the presence of a proxy fight at all mshgs would have thought after the ownership for quite a few months and their desire for a board seat that p g would say, okay. He is not asking them to split up the company hes not asking them to increase leverage dramatically. He is asking them to focus more on the core business, generate more organic top line growth and focus as well on their market share of their brands. Take a listen. If you look at market share, it is, again, for a ten year, five year, four year, whatever period of time, you want to look at it is losing market share but, yet, its the only company out there on the consumer space that has over 20 billion plus dollar brand but when you have that many brands, they tend to start to lose market share. The way you counter act that is you have a company that is good at incubating new brands, building new brands, acquiring new brands or by implication, p g has not been effectively doing that many would have thought perhaps the company would have said okay, mr. Pelts, you can join our board he is simply saying put necessime on and add. Hes not looking to replace another existing board member. But people close to p g tell me the company felt that after only what they said was five months he says nine months of ownership of the stock, simply wasnt a seasoned enough position at this point for them to feel that he deserved to be on the board as well the dynamic on that board they thought would change with his presence and that overall he would want to direct them more concretely to particular targets which would take them away from their Long Term Plan to have cost savings and reinvest to give vigor to the growth of the overall business it simply would be something that they felt at least at this point was not practical to what they wanted to pursue. For his part, mr. Nelson peltz says im not talking short term quarter to quarter concrete targets. Im focused as he wants the board and company to be on the long term. I told those guys as old as i am, im looking to p g in 2030 i want boards and management to act leike the entire net worth i tied up in that company. Were not looking for the next quarter. We want them to wear buy focals. The next quarter is important. But what you got to really keep your eye on is the long term mr. Else nelson peltz making argument that his presence on boards in the past resulted in higher total shareholder returns, improvements in marge i margins and a lot of Different Things they have that in the background or in the proxy filing it will be an interesting battle here we have never seen one for a company quite this large even though it is only over one board seat, it still is going to be certainly take a lot of time from manage ment and seen as a referendum on current leadership. If the core issue is theyre caught between amazon on one side and Dollar Shave Club on the other, so attacking their brands on one side, Dollar Shave Club controlling distribution, amazon on the other, maybe they dont have as much leverage on the end caps as they used to does nelson peltz know about that does very brilliant insight that is it going to solve that . I think targument on the amazon part is his view is the prices conceivably are far higher than any of the competitors which is hurting their competitiveness in the market and that they do need to be quicker and more innovative and he did, john, come back to what he believes is a cultural problem. I think i can say problem there. We heard him he talked about how 99 of the people in Senior Management work nowhere else and that they have too insular culture at this point to be able to appreciate the things that youre talking about that are challenges new chapter in this fight yeah. Something to watch. Thank you. Were continuing to watch the markets here trading between the narrowest range since 2013 after coming off another record week, 25 straight 25 record closes for the dow and s p 500. So for more, were joined by Barry Banister and wells fargo head of Global Marketing strategist paul christopher. Thank you both for joining us. Barry, im going to start with you. We have a number of big names reporting earning this is week not the least cof, which bank o america, visa. What do you expect out of earnings season . Will it continue what we saw last week despite today being relatively quiet day well, as to the financials, theyre squeezed on net interest margin, of course. And on the consumer names and the other names that you mentioned, were looking for a continuation of the last quarter where you had better than expected top line, a little bit more Pricing Power but also a lot more operating leverage this is really more of a maintaining of margin story. So i understand you and the Global Market strategists if we can talk about the weakness in the dollar that we saw particularly on friday and then continuation of that today around the ten month lows or so. I mean, how is that factoring into your Global Forecast and is this more about disappointment from the trump administrations policies or is it a reflection of that weak Economic Data that we got on friday yeah, theres some disappointment that congress and the president havent moved sooner, faster on tax reform and, yes, there are some questions about still the strength of the rebound and Capital Expenditures or business spending i it this real problem for the dollar right now is the euro in our work and in our models, the euro is considerably several cents above the fair value right now. And a lot of that has to do with expectations about how soon and how much the European Central bank will start tapering the purchases of bonds i understand its around sort of a key technical level right now, around the 114 mark there and barry, you know, Health Care May be hanging on by a thread. The republicans may have it. They may not have it we know that theres a bit of a delay with senator john mccain seek something medical attention. If health care does not go through, what happens to tax reform and then what does that mean for the market . Yeah. I would agree that on the occur sin comments that wells fargo made that, is an issue as far as the pace of draggy and how far he pulls out the taper of qe as for the politics, if the republicans extend the horizon on the reconciliation, they can probably get tax cuts through that offset the fact that the aca taxes and drag on the economy will still exist after a socalled reform so what we really need is bigger tax cuts particularly to stimulate the economy in 2018 and i think politically the republicans know that. Paul, how do you play tech into the back half of the year we got qualcomm and microsoft coming up later this week, two big names in wireless and in Software Cloud and smart phones both really interesting areas in the back half of the year. What do you do yeah. So tech has been doing quite well, obviously. And the interesting thing to us is that its really only the pe is only in the middle of the range over the last 15 years so its not really overdone yet. But if you got some profits there, it might be time to start thinking about rebalancing and taking that back to market wait because were seeing some signs of possible consolidation in the Broader Market in the year end some of the winners could give some of the gains back you want to rebalance here, we think, and go more into the cyclical thats we like better, the industrials and the consumer discretionary, for instance. We also Like Health Care thank you both, gentlemen Barry Banister and paul christopher. As we head to break, take a look at shares of blue apron going bad this morning the company sinking again on news amazon plans toin introduce its own Meal Kit Service first, shes raised more money than any female founder in the country. The ceo of rent the runway is going to join us on set next with more on Silicon Valley and tech in generals Sexual Harassment problems. Theres nothing more important than your health. 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No waiting to apply. So call now. Remember, Medicare Supplement plans help cover some of what medicare doesnt pay. Youll be able to choose any doctor or hospital that accepts medicare patients. Whether youre on medicare now or turning 65 soon, its a good time to get your ducks in a row. Duck quack call to request your free decision guide now. Because the time to think about tomorrow is today. Welcome back to squawk alley. Lets send it over to seema mody with the european close. European stocks off the loefz the session after posting best weekly gain in two months. Check out the ftse 100 getting a lift on that stronger than expected chinese gdp came in at 6. 9 . What is really being fueled by that upbeat number, miners mexican silver Miner Fresnillo and all having a very strong day. Sticking with the uk, some changes at the top of itv the broadcaster known for downtown abbey and other programs named Carolyn Mccaul as its new ceo. The Discount Airline says theyre searching for a replacement both itv and easy jet higher in todays session. Now on to m a, the sunday times of london reporting uni liefer and hormel are in front line to acquire Reckitt Benchkiser the deal is worth 2. 9 billion f we talk about brexit, the second round of brexit talks got under way in bruz lz earlier today kicking off four dayses of negotiations between the uk and European Union the uk brexit minister has headed back to london after two hours of discussions with his eu counterpart. This as the uk cabinet ministers are at odds over the idea of a softer brexit. So the negotiations continue john all right thank you, seema now lets get over to sue herrera who has a quick news update good morning, john. Heres whats happening at this hour venezuelas opposition says more than seven Million People responded to its call to vote in a symbolic rejection of president madoros plan to rewrite the onstitution. The strong but not overwhelming showing left them facing tough choices two weeks before the socialist leaders seeks to reshape the political system cleanup efforts and Water Testing under way in a florida neighborhood where a sink hole swallowed two homes and a boat that sink hole opened friday and measures 225 feet in diameter. It is 50 feet deep o. J. Simple son could have a good chance of parole when he asks officials this week to let him out of a nevada prison after serving more than eight years for an i will fated bid to retrieve sports m retrieve sports mem beal yachlt. And the Dallas Cowboys running back zeke elliott was involved in an incident at a dollar bar his nose was broken by someone and hospitalized no arrests have been made. A dallas sports station reporting elliott, though, was involved thats the news update this hour back downtown to squawk alley. Carl, back to you. All right sue, thank you very much sue herrera. The backlash against the culture of Sexual Harassment in Silicon Valley is hitting a fever pitch. A number of entrepreneurs and founders are coming public with their stories in a number of prominent investors stepping down to talk about her experience, Jennifer Hyman is cofounder and ceo of rent the runway frequent guest good to you have back. Hi. Good to be back. It feels like its a dam is breaking in terms of people coming forward with stories that happened to them or people they know certainly true in your case, right . Yeah. I think that women who have come forward thus far have really been brave and are pushing for change in my case, i was sexually harassed while building rent the runway several years ago both propositioned, sexual Text Messages, kind of harassed and threatened in person and initially actually i was going to keep it entirely quiet. And then this individual decided to call one of my Board Members up and say that i was being unresponsive and that was actually challenging if i was a good ceo because i didnt get back to people in the investor community. And at that point i decided to be completely transparent with my board i showed my board the Text Messages i said how you would like me to respond to this . And it prompted a conversation amongst my board at the time who was extremely supportive and we decided to take a course of action where we eliminated this person and his investor kind of community from rent the runway but i think that we didnt go far enough because while we eliminated this investor from working with us, we were privileged to do that. We had access to capital we had really strong investors and in many cases women are being harassed by people who are on their board or who are associated with one of their Venture Capitalists which was not the case in my example so i was able to go to my board and use them as advocates and supporters so i think that this really begs the question of when this does happen, and its not going to stop happening overnight when this happens, whats the protocol who should women be contacting, especially if her own board is not, you know, a resource for her at that point . In this case, your board did respond that way which is great. I wonder zsh, does there need t further action of reporting publicly reporting that investor and that ininvestors behavior more and more people are saying now, i should have exposed this. I should have said more beyond just the internal community that we have. And also, if you could also talk about it teams like back in the 80s there was an idea of being a woman in business, there was a trial by fire. You expected this sort of terrible treatment and you handled it more in silence how do we move beyond that to a different frame for how this should be treated . I think that one thing that changes the game would be to have more women actually working as investors, more women as Venture Capitalists. I have a huge amount of respect for reid hoffman and the decency pledge that he launched. But there are no female investors who work at his very prestigious firm, graylock and when i look at investors and i raised over 190 million, theres really two types of Venture Capitalists. Theyre the reid hoffman of the world and there are not a lot of women in that position only 4 of vc dollars have gone to women its thoord create a multibillion Dollar Company if you dont have the capital but then theres a second type of investor who are very smart individuals. Twhent to Great Colleges they worked at startups as product managers or as engineers or as managers for a certain period of time and then when theyre about 30, they get the opportunity to join a vc firm and to grow. And i think that there are lots of women that are in the pipeline there and still theyre not flowing up into the ranks of being investors in the first place. Jen, you decided not to name the person that was involved in your particular instance of Sexual Harassment. Others have chosen to name why are you making that choice well, the person who sexually harassed me is no longer an investor i think that it would just bring unnecessary sensationalism to the issue given that hes not investing anymore and therefore, cant do this to other women if he was, i would have a different Decision Point i was prompted to come on to the show today actually because of how disheartened i was not only by all of the stories but in particular by the story related to katrina lake where shes still under nda, not being able to talk about the experience that happened to her via her investor light speed and thats the founder of stitch fix right and katrina is by all accounts the most successful female entrepreneur in the United States right now. The most successful vcbacked female entrepreneur. She is inspirational shes a brilliant woman. And, you know, the way i look at this is when vcs invest in founders, especially prior to a series, youre investing not just in a company. Youre investing in a person right . And katrina is the key man im the key man of rent the runway shes the key man of stitch fix. And if your investment is being harassed, distracted, you know, halted in some way, its not only in your moral responsibility to help her tshgsz alits also in your financial responsibility to help her where this if that is the sourcf your investment and shes harmed, your deciding to shut her up i thought about an analogy of how absurd this was. When tom brady was accused of deflategate on the patriots. You had bob kraft and Bill Belichick standing by their man. Hes the key manst team. No matter whether he did it or not, they were going to support their investment into tom brady and their relationship with him. Why isnt the same being done for katrina . And in particular, if the most successful female entrepreneur is in this country, is subject to this behavior by one of the top firms who, you know this year was louded as being the First Investor in snap, then this is going to happen to everyone and i think that its contingent upon light speed to take 5 00 right now to show not only that they are apologizing to katrina but that its a full maya cull pash pa and the entire nds is removed and we can move forward as an industry. Its not just Silicon Valley, of course. Weve had high profile instances of this in politics and media for years. I just wonder to play devils advocate for a minute, how much of these episodes do you believe honestly come from dumb mistakes, miscommunication, people being raised in different environments, not being able to communicate well, those kinds of things i dont know the answer to that question. In my case, the Text Messages were very sexual in nature so i think that no matter where you grew up, like theres no gray area there. There are a lot of subtle things that happen which i think are harder to stamp out of the culture where, you know, in term of male entrepreneurs being mentored more than female entrepreneurs, male entrepreneurs getting several strikes against them before theyre let go where female entrepreneurs, its like one strike and youre out. I really credit my own board and my own investors for believing in me, coaching me, letting me fail and make mistakes, letting me grow and i understand that im the exception to the rule. Because in most cases, my peers, female other female founders dont get the same level of support from their board and their investors that ive gotten from mine. I was going to say this is not a lesson that is taught in school its not a lesson taught in college. What advice would you give other entrepreneurs that are already successful or hope to be successful when they come into the situation how to handle it now i think that theres a network of other entrepreneurs and a network of female investors who want to listen, who want to help there is also really brave people in the media who are trying to get this message out there. So there is definitely a community of people that you can talk to at this point. And even several years ago when i was being harassed, i wouldnt have known who to call, who to reach out to now i realize, you know this is really happening to everyone no matter how much money youve raised, no matter how successful youve been or not been. And thats kind of one avenue. I think the other avenue is to be as transparent as possible and open with your advocates so i was, you know, this was a moment that brought me even closer to my Board Members that showed me that they were going to support me no matter what and i think that opening up those avenues of communication so that investors rationally hear, like this is happening to the people that theyve invested in so financially if you want to make a return and someones distracting me from focusing on my business, its not in anyones interest to have me receiving those kinds of communications. That was karas point its not that its just wrong, its the impact on innovation, motivation of your employees, right . The belief that if anything were to happen to you, you would be alone or not yeah. The fact that, you know this person who harassed me afterwards called one of my Board Members and said that, you know, jens being irresponsive thats really egregious. Because he was trying to get me into trouble with my own board for not responding to wanting, you know, him wanting to sleep with me. Thank you for your bravery and talking about it well, a lot of women have been extremely brave im thankful to them. Next time well talk real business. Yeah. Well talk rent the runway next time. Jennifer, thanks. You problem ble know them for the on line surveys. The company is making a big bet on ai. Survey monkey ceo will join us and the wolf huffed and puffed. Like you do sometimes, grandpa . Well, when you have copd, it can be hard to breathe. It can be hard to get air out, which can make it hard to get air in. So i talked to my doctor. She said. Symbicort could help you breathe better, starting within 5 minutes. Symbicort doesnt replace a rescue inhaler for sudden symptoms. Symbicort helps provide significant improvement of your lung function. Symbicort is for copd, including chronic bronchitis and emphysema. It should not be taken more than twice a day. Symbicort contains formoterol. Medicines like formoterol increase the risk of death from asthma problems. Symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. You should tell your doctor if you have a heart condition or high Blood Pressure before taking it. Symbicort could mean a day with better breathing. Watch out, piggies child giggles symbicort. Breathe better starting within 5 minutes. Get symbicort free for up to one year. Visit saveonsymbicort. Com today to learn more. Well see new a few moments, scott. Lets get over to Rick Santelli and get the santelli exchange. Good morning, carl. You know, weve had so many interesting episodes since the credit crisis, the Great Recession and all the policy that was piled on thereafter, good and bad but one thing we learned, will tl were many periods when bad news is good news and there are periods when markets seemed to have done what everybody thought but for much longer. Technical analysis sometimes can give you all the right levels. Its the timing thats the most difficult. Back in the 80s before computers were big, if the fed wanted to tweak effective fed funds rate, they would do purchases, match sales and in that period which is about the same every morning, the markets used to be called subject. And when it was fed days before we had what we have today, the immediate coverage by everybody, the markets on your screen would just get an asterisk and flash because markets were subject mean, anything you saw you needed to be careful you neede to be careful on i think right now the markets in europe are subject i call it the eurotell euro versus the dollar and the yen looks powerful and there is a bit of a Glass Ceiling and its been knocking if you open it up to ten years, the bullishness of the euro versus the dollar gets aggressive what do they have in common . Strong euro. I think this is key because the euro is your tell. They are not going through what looks like a goldilocks phase. Definitely things have improved. And the growth is subject because the policies are still there. But the point of this is quite simple, the amount of time investors are going to love europe and ignore all of the bad things that have to be addressed is going to be a longer runway than people think. But on the other side of that is good news if youre a u. S. Based investor that likes to stay close to home because eventually the outflows of europe will become a feeder fund into the u. S. The question is, how long will it last . Jon fortt, back to you. Thank you, Rick Santelli. More squawk after this welcome back survey monkey delivering customer opinions to companies as leverage for future actions zander lurey joins us now. Good morning. Good morning. Thanks for having me. Explain what youre going to be able to accomplish with this new what you call a peopledriven platform, trying to get businesses information about why things are happening the way that they are happening. Kind of walk us through quickly how that will work sure. Thanks for having me its to help turn the voices of people into actionable data. Its difficult to discern the why and the stakes have never been higher. On social media, people are talking about our companies and our data and we very much believe its the curious executives asking questions and executing and turning startups into fortune 500 companies and its the other companies who are not listening that are failing faster than ever survey monkey has been a leader for 18 years weve led the enterprise and were evolving our platforms from helping individuals inside of companies now to helping the companies with the speed of our purposebuilt solutions, with our expertise and billions of responses to help enable our platform were getting over 3 million responses a day. So youve got 200 million in revenue and growing and i believe you guys have raised a lot of money in Venture Capital, well over 600 million at what point do you go public weve raised a lot of money over the years but very little has been put on the balance sheet. Our company has been profitable for over ten years last year we generated over 65 million in profitability we look different than some of the recent ipos that have been investing ahead of profits and ipo is an alternative available to us. We operate the company today like a Public Company we have debt holders and we are very much adhere rent to quarterly calls with our shareholders. That option is available to us its not the only option. Very quickly, if you can, what does having Serena Williams on the board add to you . Serena williams has been incredible Sheryl Sandberg introduced many he to serena what i love about serena, shes somebody who has been dominating her industry for almost 20 careers. No one would have predicted an africanamerican girl from compton, california, would win more majors in tennis than any other player in history. She has a strong voice. She knows how to win indeed sorry to cut you off weve got to go. Hope to have you back soon tnks for having me. 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Will the results send the markets even highe