WHEN: Today, Friday, January 22nd
WHERE: CNBC's "Squawk Box"
Following are excerpts from the unofficial transcript of CNBC interviews on CNBC's "Squawk Box" this morning live from the World Economic Forum in Davos, Switzerland. For a roundup of all the interviews on CNBC's "Squawk Box" today, go to davos.cnbc.com.
All references must be sourced to CNBC.
Gary Parr, Lazard Vice Chairman :
PARR ON COMMODITIES
All the negative talk in Davos, and there is, one of the sectors which really does have problems is commodities. The whole commodities complex, including oil. And we're still in the early stages of the negative consequences.
PARR ON OIL
A number of companies that are oil producers are- they have a lot of debt, they have debt to service. And they need to keep pumping oil to service that debt as long as they can. Hoping that others will shut down production.
PARR ON GROWING EARNINGS
The low growth that's taking place in the world means that for any company trying to grow the top line- it used to be 5 years ago you'd use the emerging markets as a place to grow, now the emerging markets aren't growing and particularly on a currency adjusted basis- so about the only way to grow earnings in many industries is to merge and cut costs.
PARR ON BEING OPTIMISTIC
The bulk of the world is relatively stable- not high growth but that's not a terrible thing just to have stable. Even China, people say whether it's 5 or 6 percent growth- you know the second largest economy in the world growing at that rate it's going to be choppy, it will be volatile. But fundamentally- a longer term view, I'm not a good day trader at all I wouldn't know – I'm still much more optimistic about that level of growth and what it means for the world.
Bernard Tyson, Kaiser Permanente CEO:
TYSON ON DIVERSITY
We're very concerned that we live in a very diverse society and we want more diversity in the medical practice. So there's also a commitment to figure out how to make sure that we are educating people from all walks of life and they have a chance to be part of the medical, educational system.
TYSON ON DRUG PRICING
I know I cannot rationalize why we are paying so much for the drugs to therefore give to our members. I believe actually what is being promoted which is that it should be a free market. Free market means that the regulations do not protect, they create a level playing field for us to negotiate drug prices.
Judith Rodin, The Rockefeller Foundation President:
RODIN ON FOOD WASTE
Last year the amount of food waste and loss caused more than a trillion dollars of loss which is the combined profits of the Fortune 500 in 2015.
RODIN ON FEEDING THE HUNGRY
There are 1.2 billion people in the world who are food insecure. If you reduce the third of food waste and spoilage- 40% in the developed world in the industrialized countries between retail and garbage cans, then you could feed every hungry person in the world.
RODIN ON EDUCATING CONSUMERS
We're going to make consumers smarter. B) We're going to make it profitable for retailers to sell food that they would have thrown away. For example the Canadian food company Loblaws is discounting by 30% ugly produce that normally they would throw away. So the consumer gets the product at a lower cost and they increase their profitability.
Mike Fries, Liberty Global CEO:
FRIES ON GROWTH
We see actually accelerating growth in the next three years compared to the last three years. Partially because we've made a lot of acquisitions so we've got synergy benefits. But also because there's huge revenue growth for us in things like mobile.
FRIES ON NETFLIX
We're not as threatened. I think in the end Netflix will probably end up being like an HBO. A great program provider and program producer that wants to be on the platform and available on all devices and all systems.
FRIES ON EUROPE
I think historically it's been a very fragmented market- too many operators in small countries. However that's changing- you're seeing 5 go to 4, 4 go to 3. And the benefit to consumer is more investment in networks and you're also seeing this fixed to mobile convergence.
Ted Bailey, Dataminr CEO:
BAILEY ON TWITTER
The key to Twitter is to be able to ascertain not only that something is breaking, but that it's actionable and relevant…What we specialize in is patterns of early information so when something happens like for example the tragedy in Paris, a bunch of people eyewitness that and tweet. That pattern in a time series is detectable so we're able to spot, contextualize, ascertain the relevance, and then essentially give the right information to the right client at exactly the right time.
BAILEY ON TWITTER RELEVANCE
I think Twitter is one of the most significant companies of the century. I think that essentially you have a company that revolutionized real time communication, something that's connected the world and created a new sensor network out there experiencing everything –the eyes and ears of the world. I think that social media is only in the second inning.
Larry Fink, BlackRock CEO:
FINK ON BUYERS
I will tell you in our flows, the first few weeks we saw some- I think I said last week- we saw some very large official institutions selling. This week we saw buyers starting on Wednesday.
FINK ON THE MARKET
I do believe markets will be higher by year end- as I said last Friday. I do believe there is a need for blood in the street. We need to work out all the excess inventories. In energy the only way that's going to happen is through bankruptcies of some of the oil companies as they stop pumping. So this is all good. This is a good process actually. This market correction weeds out the weak.
FINK ON FOUNDATION OF A MARKET
I think these processes are healthy and we need these. We can't have a market that continues to go up. You need these corrections and you need to find out what is a true foundation of a market. And we're testing that.
FINK ON MORE PAIN
In some sectors we're going to have more pain. We're not over yet. We still haven't found a bottom in oil prices yet. We still are learning more and more supplies everywhere in the world.
FINK ON EQUITIES
First of all stay invested in equities. Be there in equities. These are just market corrections. As Warren Buffet says this is a long, long race. And I think too many people are panicking over these corrections that are necessary and the reality is over a long cycle you're going to do fine in equities.
FINK ON DRAGHI
I think what Mario said was great…Mario said with his inflation rate and the issues around his economy- he has more ammunition and he's going to use it.
FINK ON LOW RATES
I worry about these low rates are the cause of the market slowdown. The average saver just doesn't have enough money in retirement. Put it in terms of an annuity. If you had an annuity at 5 percent you only have to put x dollars away to get to your nest egg. If you have an annuity at 2.5 percent you have to put in double. Low rates force savers to save more, not to consume.
FINK ON MEXICO
You know my views on Mexico, I've been consistent. Especially now in Mexico with the Peso devaluing to a point where I think Mexico investment is going to be good.
FINK ON CANADA
I actually like Canada our great northern neighbor. Where the Canadian dollar is, it's probably overshot itself.
Scott Minerd, Guggenheim Partners Chief Investment Officer:
MINERD ON MARKET VOLATILITY
This isn't the end of the world, right? If we go back to where I think the S&P is going to go, which is 1650 to 1700, it's a 10% additional downside from here. When you look further out on the horizon, you look at where we are especially in asset categories like bank loans, high yield. This is a very interesting time for people to be putting money to work. So this is not 2008 or 2009.
MINERD ON RATE HIKE
I don't see the Fed raising rates in March and I think the probability of a return to zero is dramatically increased, but I wouldn't want to be making that call until we got into the second quarter.
Ashton Carter, United States Secretary of Defense:
CARTER ON ISIL
We're doing more because we need to do more. Because we need to defeat ISIL. I'm confident we will. But I want to accelerate that process.
CARTER ON FAVORS
We're prepared to do a great deal because we have the finest fighting force the world has ever seen. We can do a lot ourselves. But, you know, the United States doesn't ask people for favors, but we don't grant favors either. And so we're looking for other people to play their part.
CARTER ON REMEMBERING WHO HELPED
We're prepared to do a lot, but you know, when they're defeated, we'll remember who helped.
CARTER ON STRATEGY
Once you've taken a place, somebody has to hold it and govern it. We've been to that movie, that's difficult for a foreign army to do. So our strategic approach is to enable capable, motivated local forces. They're hard to find but they do exist.
CARTER ON BOOTS ON THE GROUND
We're looking for opportunities to do more. And there will be boots on the ground, I want to be clear about that. But it's a strategic question whether you are enabling local forces to take and hold rather than trying to substitute for them.
CARTER ON SYRIA
The end state there has to be one in which the structures of the Syrian government survive without the person of Bashar Assad. And marry up with moderate opposition forces. Put Syria back together into some sort of decent place which its people richly deserve. And then turn against the extremists with us.
CARTER ON GUANTANAMO
I do not support and don't allow, because I have the final sign off, the release of anybody that I don't judge can be kept off the battlefield by the government to which we are transferring them. So it has to be safe. But your point is absolutely right, which is there are people in Gitmo whom I will never make that decision about.
Thomas Farley, NYSE Group President:
FARLEY ON IPOS
Our fourth quarter actually, as an exchange, was quite fine. But what you referred to in terms of IPOs is absolutely right. Volatility is up, the number of IPOs goes down. That happens every single time. We haven't had a single IPO in January.
FARLEY ON OPTIMISM
There is some cause for optimism. The pipeline is very big. We had a couple dozen companies in the fourth quarter that were prepared to go public that just didn't. And they include great companies, big IPOs. You know, Univision, Albertsons, Soulcycle. There was lots of really good companies. They haven't just gone away, they're waiting for the IPO window to come back.
FARLEY ON UNICORNS
I think there's two groups of unicorns. First there's the unicorns, many of whom are here in Davos, that are just fantastic companies. They're generating profits, they're growth is explosive and they're changing the way we live our lives. Those companies are going to be fine. It's that next batch that you have to watch. The ones that are losing a lot of money and don't have access to capital, they're are going to have to be clever in how they fund themselves and get ultimately to the public market.
Jim Breyer, Breyer Capital CEO:
BREYER ON UNICORNS
There will be unfortunately a great deal of blood on the streets. The risk/rewards that developed over the unicorns, simply have become, and have been for about a year, completely out of control.
BREYER ON UNICORNS 2
Some will be forced to be bought. Some will go out of business. But the vast majority will have to do significant down rounds, restructurings, and work out a long-term strategy where traditional metrics of cash flow, operating profit, long-term sustainability really matter.
BREYER ON THE MOST CARNAGE
My great concern would be the tiny that are crossing the billion dollar mark to 5 billion and have no revenue model and in some cases not even an extensible, interesting product. That's where I think there is the most carnage.
BREYER ON WHO WILL SUFFER THE MOST PAIN
I think this is one where it will be institutional investors, large outside investors who have poured into technology over the last two years that will suffer the most pain.
Jean-Philippe Courtois, Microsoft International President:
COURTOIS ON DATA PRIVACY
Philosophy is not just to comply, it's actually to help regulators to gradually balancing the needs, to actually really secure the data privacy of their citizens while not being a blocker for incoming development. It's a fine balance and I think we are trying to participate with policy maker, but also building the right technology enabling us to do all this, find limitations and deal with that without being an obstacle to innovation.
COURTOIS ON CHINA CLOUD
China is definitely a cloud first country. We've been working with a Chinese company Korus which is a car, basically an automotive company, to build all the telemetry services – all the services for traffic, navigation for entertainment and more to help the driver do a better job and manage the car in a much safer way. All of that is on our cloud, by the way, which happens to be managed in China, which is a Chinese company, we're the only cloud provider doing that. The other guys don't do it. And so we are able to accommodate the needs of Chinese and global companies operating in China.
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