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CNBC EXCERPTS: CNBC’S “SQUAWK BOX” BROADCASTS LIVE FROM THE WORLD ECONOMIC FORUM IN DAVOS TODAY, THURSDAY, JANUARY 25

WHEN: Today, Thursday, January 25, 2018

WHERE: CNBC's "Squawk Box" – Live from the World Economic Forum in Davos, Switzerland

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, including: Liberty Global CEO & Vice Chairman Mike Fries, McKinsey & Company Managing Partner for North America Gary Pinkus, RBC President & CEO Dave McKay, Workday CEO Aneel Bhusri, TPG Co-CEO & Founding Partner Jim Coulter, Humana CEO Bruce Broussard, and former US Defense Secretary Ash Carter.

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.

Mike Fries, Liberty Global CEO & Vice Chairman

Video from CNBC: https://www.cnbc.com/video/2018/01/25/liberty-media-ceo-were-investing-a-ton-in-the-user-experience.html?play=1.

Mike Fries on content investments:

WE OWN SPORTS NETWORKS THROUGHOUT EUROPE, WE OWN A STAKE IN LIONSGATE AND SOME PROGRAM SUPPLIERS. BUT I THINK WE'RE TAKING A MORE TACTICAL APPROACH ABOUT CONTENT. VERTICAL INTEGRATION I THINK IS LARGELY INEVITABLE OVER THE NEXT 5 YEARS. YOU'VE SEEN IT HAPPEN OF COURSE IN THE U.S. EUROPE IS A MUCH MORE FRAGMENTED MARKET. PEOPLE LIKE LOCAL CONTENT PRINCIPALLY. 80% OF TIME PEOPLE ARE WATCHING THEIR LOCAL BROADCAST NETWORKS. IT'S A LITTLE BIT BEHIND THE CURVE. SO FOR THE TIME BEING, WE'RE BEING MORE TACTICAL ABOUT REGIONAL SPORTS AND THAT TYPE OF CONTENT.

Mike Fries on the video business:

WE'VE REALLY PARTNERED WITH OTT SO NETFLIX IS IN 5 COUNTRIES ON THE BOX. AND WHEN PEOPLE WATCH NETFLIX, A THIRD OF OUR CUSTOMERS ARE WATCHING IT THROUGH OUR SERVICE. AND IT'S GREAT CONTENT. SECONDLY, WE'RE INVESTING A TON, LIKE COMCAST, IN THE USER EXPERIENCE. SO YOU CAN WATCH IT ON ALL YOUR DEVICES, YOU CAN PAUSE IT AT HOME, PICK IT UP ON YOUR MOBILE PHONE. THAT EXPERIENCE IS RESONATING WITH CUSTOMERS, SO I WOULD SAY IF YOU'RE NOT INVESTING, IF YOU'RE NOT LEANING INTO THAT EXPERIENCE, YOU'RE NOT INVESTING IN PRODUCTS IN THAT ROAD MAP, THEN YOU MAY HAVE AN ISSUE.

Mike Fries on media M&A:

WHEN YOU'RE COMPETING WITH NETFLIX OR AMAZON, THE COMPANIES YOU MENTIONED AT THE OUTSET, IT'S ALL ABOUT SCALE. SO YOU'RE SEEING 2 TYPES OF CONVERGENCE. IT'S FIXED AND MOBILE CONVERGENCE. THERE'S BEEN 6 DEALS IN EUROPE, WE'VE BEEN PART OF 2 OF THEM, WHERE MOBILE OPERATORS AND CABLE OPERATORS ARE COMING TOGETHER. /// SECONDLY, YOU'RE SEEING VERTICAL INTEGRATION, WHETHER IT'S EPL RIGHTS IN THE UK OR THE STUFF WE'RE DOING OR WHAT'S HAPPENING OF COURSE IN THE U.S. WITH TIME WARNER.

Mike Fries on Amazon in Europe:

IN A MARKET LIKE THE U.K. THEY'RE NOT DOING AS WELL AS NETFLIX, IN A MARKET LIKE GERMANY THEY'RE DOING A LITTLE BETTER. I THINK THEY'RE GOING TO EXPERIMENT WITH CONTENT ACQUISITION. WE'LL SEE HOW THAT GOES. BUT I SEE OTT AS MORE SUPLEMENTAL THAN SUBSTITUTIONAL.

Mike Fries on Comcast:

THEY DON'T HAVE A LOT OF INTERNATIONAL REVENUE. THEY'RE NOT VERY DIVERSE. THEY DID -- RUMORS WERE THAT THEY LOOKED AT THE SKY ASSET AND THE DISNEY ASSET -- I MEAN THE FOX ASSET, AND THAT WOULD HAVE BROUGHT THEM SKY BUT UNCLEAR. YOU KNOW, BRIAN'S GOT A GREAT BUSINESS, I THINK HE'S GOT A GREAT SET OF ASSETS, GREAT ECONOMICS. I THINK HE'S IN GOOD SHAPE. INTERNATIONAL WOULD MAKE SENSE AT SOME POINT.

Gary Pinkus, McKinsey & Company Managing Partner for North America

Video from CNBC: https://www.cnbc.com/video/2018/01/25/mckinseys-gary-pinkus-explains-the-ebullience-sweeping-the-business-community.html?play=1.

Gary Pinkus on the big theme:

I THINK THE SINGLE BIGGEST THEME SO FAR IS JUST THE ALMOST JUBILANCE THAT I'M SEEING HERE. THERE'S AN EBULANCE, CERTAINLY AMONGST THE BUSINESS LEADERS THAT THINGS HAVEN'T BEEN THIS GOOD IN A LONG TIME. NOW, THAT GIVES YOU ALL THE NATURAL PAUSE.

Gary Pinkus on tax reform:

I DO BELIEVE THAT YOU'RE SEEING A COMBINATION OF THE TAX REFORM IN THE U.S. AT A BARE MINIMUM AN EXPECTATION THAT MONEY IS GOING TO FLOW BACK INTO THE SYSTEM IN THE U.S., PERHAPS EVEN TRICKLE DOWN MORE GLOBALLY. I THINK THE DEREGULATION IS POINT THROUGH, CERTAINLY IN SOME SECTORS, ENERGY IN PARTICULAR.

Gary Pinkus on reeducation:

WE'VE TAKEN THE WHOLE NOTION OF AI AND ROBOTICS AND ATTACHED SORT OF THIS NEGATIVE IDEA TO IT THAT SOMEHOW IT'S GOING TO TAKE AWAY A BUNCH OF JOBS. IF HISTORY IS A GUIDE, IT WOULD BE THE FIRST TIME. RIGHT. OF COURSE THERE WILL BE A TRANSITION PERIOD. OF COURSE THERE'S GOING TO BE DIFFERENT TYPES OF JOBS AND DIFFERENT SKILLS.

Gary Pinkus on growth rate:

I'LL TAKE THE IMF PROJECTION RIGHT NOW, IT'S LOOKING AT PUSHING 3%. YOU KNOW, WHETHER OR NOT IT GOES HIGHER THAN THAT WE'LL SEE. WE KNOW WE'VE BEEN ABLE TO DO 4 BEFORE.

Gary Pinkus on Trump expectations:

MY HOPE IS THAT WE CONTINUE WHAT HAS BEEN BASICALLY A GLOBAL VIEW OF THE WORLD THAT SUGGESTS THAT OPEN BORDERS WITHOUT OPEN – IN AN UNTOWARD OR AN AWKWARD WAY FOR US HAVE SERVED US ALL COLLECTIVELY WELL, INCLUDING IN THE US.

Dave McKay, RBC President & CEO

Video from CNBC: https://www.cnbc.com/video/2018/01/25/rbc-ceo-were-hopeful-theres-a-win-win-outcome-on-nafta.html?play=1.

Dave McKay on tax and GDP:

VERY POSITIVE FOR BUSINESS. YOU'RE SEEING A NUMBER OF ANNOUNCEMENTS ON INVESTMENT AND PEOPLE, INVESTMENT IN EXPANSION. SO YOU'LL SEE THAT DRIVE GDP. WE'RE THINKING IT COULD DRIVE GDP OVER 3%.

Dave McKay on tax competitivety:

TAX COMPETITIVETY IS IMPORTANT FOR ATTRACTING CAPITAL. SO YOU'RE GOING TO HAVE TO RESPOND TO THE U.S. PRESIDENT'S INITIATIVE AND CONGRESSS' INITIATIVE. SO ABSOLUTELY, YOU HAVE TO BE COMPETITIVE TO ATTRACT CAPITAL IN A VERY COMPETITIVE WORLD.

Dave McKay on NAFTA:

WE HAVE TO MODERNIZE THE DEFINITION OF WHAT WE'RE COUNTING IN THE FIRST PLACE AND THEN WE HAVE TO FOCUS ON OUR RELATIVE ADVANTAGES. AND, YOU KNOW, WHY WE INVEST SO HEAVILY IN THE UNITED STATES IS IT'S THE ABILITY TO REINVENT ITSELF AS AN ECONOMY, TO LOOK AT THE NEXT TECHNOLOGY, TO CAPITALIZE ON THOSE TECHNOLOGIES. SO I THINK THE U.S. AND ALL COUNTRIES SHOULD FOCUS ON WHERE WE'RE ADDING RELATIVE VALUE.

Dave McKay on NAFTA stakes:

THERE'S TOO MUCH AT STAKE WITH ALL THREE COUNTRIES TO GET THIS WRONG... THERE'S EVERY REASON -- TRADE IS BALANCED BETWEEN CANADA AND THE U.S. THERE'S EVERY REASON TO GET THIS RIGHT, THERE'S A LOT OF REASONS THAT --- IF WE GET THIS WRONG IT COULD HURT BOTH ECONOMIES. YOU COULD SEE MARKET REACTION TO THAT. SO I THINK THE INCENTIVES ARE THERE, THE ABILITY TO GET TO A DEAL, TO MODERNIZE THIS. WE SHOULD GET THERE.

Dave McKay on mispricing risk:

WE ARE TOWARDS THE LATTER PART OF THIS GAME AND YOU'RE SEEING FROTH IN THE MARKETPLACE, YOU'RE SEEING A BACK-UP IN RATES, YOU'RE SEEING, YOU KNOW, OBVIOUSLY ASSET APPRECIATION AND INFRASTRUCTURE AND REAL ESTATE WILL BECOME MORE DIFFICULT. SO, YOU KNOW, RATES WILL START TO SLOW THIS DOWN.

Aneel Bhusri. Workday CEO

Video from CNBC: https://www.cnbc.com/video/2018/01/25/workday-ceo-peoples-optimism-about-global-economy-worries-me.html?play=1.

Aneel Bhusri on optimism:

PEOPLE ARE OPTIMISTIC ABOUT THE GLOBAL ECONOMY RIGHT NOW. IT WORRIES ME ABOUT HOW OPTIMISTIC THEY ARE. USUALLY WHEN YOU GET THIS OPTIMISTIC SOMETHING GOES WRONG DOWN THE ROAD PRETTY QUICKLY.

Aneel Bhusri on Davos conversations:

THE CONVERSATIONS ARE MORE ABOUT OTHER TOPICS RIGHT NOW, OTHER TOPICS LIKE RESCALING THE WORKFORCE. I THINK THAT IS PROBABLY THE MOST PREVALENT TOPIC AMONG TECH CEOs AND NONTECH CEOs AS WE CONTINUE TO AUTOMATE AND WE CONTINUE TO INVEST IN NEW TECHNOLOGIES LIKE MACHINE LEARNING AND HOW DO WE MAKE SURE WE DON'T LEAVE PEOPLE BEHIND.

Aneel Bhusri on global talent:

THERE'S TALENT EVERYWHERE. AND AS AN ENTERPRISE COMPANY WE HAVE CUSTOMERS EVERYWHERE SO I'M IN ALL PARTS OF THE WORLD AND ALL PARTS OF THE COUNTRY. THERE'S TALENT EVERYWHERE, WE JUST HAVE TO MAKE TECHNOLOGY ACCESSIBLE TO THEM.

Aneel Bhusri on data protection:

I THINK IN GENERAL, DATA PROTECTION REALLY MATTERS. FOR A COMPANY LIKE OURS, IT'S VERY CLEAR, THE DATA THAT WE MANAGE AND STORE, IT'S THE CUSTOMERS DATA. THERE'S NO QUESTION ABOUT IT. I THINK IN THE CONSUMER INTERNET, THERE NEEDS TO BE MORE CLARITY ABOUT WHOSE DATA IT IS AND HOW DOES A CONSUMER PROTECT THEIR DATA.

Aneel Bhusri on potential merger:

RIGHT NOW WE'RE GROWING RAPIDLY. THE MARKET IS STILL IN THE EARLY STAGES OF DEVELOPMENT, AND FRANKLY, A BIG TRANSACTION LIKE THAT I THINK WOULD GET IN THE WAY OF HIRING THE BEST EMPLOYEES AND TAKING CARE OF CUSTOMERS THOSE ARE TWO THINGS WE CARE DEEPLY ABOUT AND MERGERS TEND TO GET IN THE WAY OF THOSE.

Jim Coulter, TPG Co-CEO & Founding Partner

Videos from CNBC: https://www.cnbc.com/video/2018/01/25/tpgs-jim-coulter-ai-and-blockchain-seem-to-dominate-at-davos.html?play=1 & https://www.cnbc.com/video/2018/01/25/my-biggest-concern-is-how-little-concern-there-is-says-billionaire-jim-coulter.html?play=1.

Jim Coulter on Davos conversations:

LAST YEAR WE WE'RE TALKING ABOUT POPULISM. WE WERE TALKING ABOUT REFUGEES. THIS YEAR IT'S A LOT ABOUT OPEN VERSUS CLOSED ON THE POLITICAL SIDE. THE TWIN TOWERS OF AI AND BLOCKCHAIN SEEM TO BE DOMINATING THE BUSINESS DISCUSSION. AND I THINK THERE'S AN UNDERLYING TONE THAT I CALL TECH LASH WHICH IS INTERESTING TO ME.

Jim Coulter on tech regulation:

IF YOU LOOK OVER THE HISTORY OF TECHNOLOGICAL INNOVATION, IT ALWAYS TAKES SOCIETY SOMEWHERE FROM 10 TO 20 YEARS TO FIGURE OUT HOW TO REGULATE AND HOW TO SOCIETIZE TECHNOLOGICAL CHANGES. WHEN THE AUTOMOBILE WAS CREATED, IT TOOK 60 YEARS BEFORE SEATBELTS WERE REQUIRED. AND SO WHAT YOU'RE SEEING TODAY IS THE ECONOMY AND REGULATORY WORLD IS GOING TO REACT TO THE TECHNOLOGY WORLD IN INTERESTING WAYS.

Jim Coulter on social impact:

WE ALWAYS WORRIED, WE MANAGE PUBLIC MONEY, WERE WE GOING TO GET CAUGHT IN THE POLITICAL CROSSFIRE? I THINK WHAT LARRY'S SAYING AND WHAT WE'RE SAYING IS IT'S TIME FOR US TO ENGAGE... FIRMS HAVE TO STEP FORWARD AND DO THE RIGHT THING.

Jim Coulter on Saudi Arabia

RIGHT NOW I THINK SAUDI IN ITS ECONOMIC REVOLUTION REALLY HAS TO FOCUS INTERNALLY ON THE 70% OF ITS PEOPLE UNDER 30 AND HOW ITS SYSTEMS WORK. AND I THINK THAT'S WHAT YOU'RE SEEING IN THE AFTERMATH OF THE LAST TIME WE WERE THERE, IS HOW ARE THEY DEALING WITH THEIR INTERNAL ISSUES AS THEY FACE THE WORLD.

Jim Coulter on Uber:

WE'VE BEEN LONG-TIME INVESTORS IN UBER. WE HAVE A BOARD SEAT. I THINK WE'VE PLAYED AN IMPORTANT ROLE IN SOME OF THE EVOLUTION TO BRING DARA TO UBER. THE COMPANY NOW HAS TO PROVE ITS BUSINESS MODEL AND ITS PROGRESS AND I THINK DARA IS THE RIGHT PERSON AND THE COMPANY IS IN THE RIGHT PLACE TO MAKE THAT PROOF. WE'RE HIGHLY SUPPORTIVE.

Jim Coulter on his biggest concern:

MY BIGGEST CONCERN IS HOW LITTLE CONCERN THERE IS AND WE CONTINUE TO WRESTLE WITH THIS QUESTION. I THINK AT THIS TIME IN THE CYCLE YOU DO SOMETHING DIFFERENT, YOU INVEST IN COMPANIES LIKE UBER WHERE THE COMPANY PROGRESS AND THE TECHNOLOGICAL PROGRESS, NOT THE ECONOMY, WILL DRIVE RETURNS.

Bruce Broussard, Humana CEO

Video from CNBC: https://www.cnbc.com/video/2018/01/25/humana-ceo-our-concept-of-health-care-in-the-us-is-evolving.html?play=1.

Bruce Broussard on kindred:

I THINK IN GENERAL HEALTH CARE IN THE UNITED STATES IS MOVING FROM THIS CONCEPT OF COVERAGE, WHICH IS REALLY WHAT ACA WAS ABOUT, TO AFFORDABILITY. AND I THINK WHEN I THINK ABOUT AFFORDABILITY, IT IS REALLY MOVING AND TRYING TO FIND WHERE THE FINANCING IS, WHICH IS WHAT WE DO. AND IN ADDITION WHERE THE CARE COORDINATION IS. AND IT'S THE INTEGRATION OF THAT AND YOU SEE THAT HAPPENING IN DIFFERENT PARTS OF THE INDUSTRY. SO IN OUR PARTICULAR CIRCUMSTANCE, THE KINDRED ACQUISITION IS REALLY THE BEGINNING OF THAT COORDINATION OF CARE IN THE HOME.

Bruce Broussard on the Aetna CVS deal:

SO THE AETNA-CVS TRANSACTION IS AN EXAMPLE OF THIS CARE COORDINATION AROUND THE PHARMACISTS AND USING THEIR LOCAL RETAIL LOCATIONS TO MAKE IT EASY AND CONVENIENT FOR THE INDIVIDUALS TO DO THAT... I THINK IT'S AN EVOLUTION OF VALUE CREATION FOR AND WHERE YOU CAN FIND AND IMPACT SOCIETAL PROBLEMS. AND THAT— TO ME IT'S WHERE SOCIETY IS NEEDING TO FOCUS ON THIS AFFORDABILITY AND REALLY PREVENTING DISEASE FROM PROGRESSION.

Bruce Broussard on the federal government:

I THINK THERE'S A NUMBER OF THINGS THAT WASHINGTON CAN DO FOR THE INDUSTRY OVERALL. I THINK CONTINUED ADVANCEMENT AND PAYMENT REFORM. WE'VE HAD A LOT OF CONVERSATION ABOUT COVERAGE BUT PAYMENT REFORM THAT MOVES TO MORE VALUE-BASED PAYMENTS... AND THE MORE THAT THE FEDERAL GOVERNMENT CAN PUSH THE HEALTH CARE INDUSTRY INTO THAT IS IMPORTANT.

Ash Carter, former US Defense Secretary

Video from CNBC: https://www.cnbc.com/video/2018/01/25/ash-carter-try-coercive-diplomacy-on-north-korean-and-keep-defense-pressure-on.html?play=1.

Ash Carter on North Korea/South Korea Olympics:

I'M ALL FOR IT BECAUSE I'M ALL FOR THE OLYMPICS. AND I THINK THAT IF NORTH AND SOUTH MINIMIZED THE CHANCES THAT THEY HAVE A PROVOCATION BETWEEN THE TWO OF THEM WHICH IS ONE OF THE WAYS THAT THIS WHOLE THING COULD UNCOIL, AND THAT'S MINIMIZED, THAT'S ALL GOOD. BUT I DO NOT THINK THAT THIS WILL HAVE ANY BEARING.

Ash Carter on deterrence:

WE HAVE TO REMIND OURSELVES ALL THE TIME, DETERRENCE IN DEFENSE. WE HAVE 28,500 AMERICANS THERE. I THOUGHT ABOUT THEM EVERY DAY OUR SLOGAN THERE IS FIGHT TONIGHT, NOT BECAUSE WE WANT TO BUT BECAUSE NORTH KOREA NEEDS TO BE CONSTANTLY REMINDED THAT IF THEY START WAR ON THE KOREAN PENINSULA, AND THIS IS A HORRIBLE WAR, MAKE NO MISTAKE ABOUT IT, THIS IS A LEVEL OF VIOLENCE THE WORLD HASN'T SEEN SINCE THE LAST KOREAN WAR OR WORLD WAR II, BUT WE WILL WIN AND WE WILL DESTROY THE NORTH KOREAN ARMED FORCES AND WE WILL DESTROY THE NORTH KOREAN REGIME. THEY NEED TO HAVE THAT CERTAINTY.

Ash Carter on carrot diplomacy

WE HAVE THE BIG STICK, RIGHT. WE DON'T HAVE MUCH IN THE WAY OF CARROTS. WE DON'T GIVE NORTH KOREA ANYTHING AND WE'RE NOT ABOUT TO GIVE NORTH KOREA ANYTHING. CHINA HAS CARROTS. SOUTH KOREA AND JAPAN WHO ARE ALSO IN THE GUN SIGHTS OF NORTH KOREA AND THEREFORE HAVE TO BE PART OF THIS, THEY HAVE CARROTS AND STICKS AS WELL WE PUT ALL THAT TOGETHER IN ONE PILE, WE'RE MUCH MORE POWERFUL.

Ash Carter on North Korea choice:

INSTEAD OF WAITING FOR THEM TO LAUNCH SOMETHING AND THEN TAKING ACTION, YOU SAY TO THEM IN ADVANCE, LAUNCH ANOTHER LONG-RANGE MISSILE, HERE'S WHAT'S GOING TO HAPPEN TO YOU. DON'T DO IT AND HERE'S WHAT CAN BE DONE FOR YOU. NO MORE UNDERGROUND NUCLEAR TESTS. IF YOU DO IT, HERE'S WHAT WILL HAPPEN. WE NEED TO GET IN FRONT OF THIS SO WE'RE NOT ONLY REACTING. THAT MAY OR MAY NOT BE EFFECTIVE. I THINK WE NEED TO GIVE IT A TRY AND MAKE THIS CHOICE THEIRS.

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