if you look at our portfolio, for example, today we have $22 billion portfolio. we have incredibly small percentage, less than 1% overall, having issues. i think for the better managers, i think you're seeing quality hold up quite well. i think it is leading to a dispersion among managers, margins, chasing higher yields. they really were not sticking to focus and quality and starting to see issues in their portfolio. if you look at recent research coming out, the widest dispersant along time, and managers that have 9% or 10% of their portfolios in high quality managers with no percentage or very low percentage on nonaccrual. i think it is a mixed bag on portfolio performance. i think in agreement with your last discussion, i think it is a bit of a rolling dynamic as well. certain industries are being impacted and others are doing quite well. sonali: where do you see the stress? when you see things peek out of the service, even if we get a rate cut, it is not coming right now. so where is the stress we see through the end of the year? >> i would say in our portfol

we have seen that strongly across our portfolio. we have 20,000 departments.february of this year, we saw demand come back. way stronger than anyone expected. the surprise was because rates were so high, it drove demand into renting. there was a fear last year there would be a huge oversupply of apartments. it turned out to be misplaced because the demand was more than enough to meet supply. abigail: that is a confident view given that some investors -- join bloomberg television to talk about office values potentially going lower than $.10 on the dollar in new york city. would that spread out? if that goes under what that tie up funding, allocations for institutional investors? what are the repercussions of that? ben: that is totally right. we are talking about a $3 trillion asset class. i think you will see a $1 trillion-$2 trillion loss. in a way it is great for my business because if institutions are underfunded and suffering from losses, individuals can fill the gap. that is what we see a little bit today. the office losses, the government and the lenders

office and large metropolitan areas, that's an issue but for us, office is only 4% of our portfolio,ersation, we don't have a single delinquency and it's estimated to be 35% equity in those deals. to it's a mistake to paint everyone in the same brush >> that said, your bank shares are down 18% this year, and down significantly from the pre-silicon valley moment. w what would you tell investors who say, put that to the side, but we want better performance >> you can't fight against the market the market is the market we've been around for 107 years and i look forward to proving to investors that are buying our stock today that it's going to make sense for them and we'll pay a reasonable return. you know, on top of commercial real estate, the other thing that's a challenge for all regional banks and banks in general is the inverted yield curve. we make the majority of our income off of our spread and with an inverted yield curve that's now 24%, that's the longest we've ever had an inverted yield curve the real catalyst for having better performance for bank stocks is when the fed start

revenue, aggressive growth so our business as far as portfolio construction is extremely healthy. your point of view, is it possible do you think to accomplish some or all of the aims you have without having the explicit requirement on race because some companies have changed their programs where they still are promoting diversity but they've taken out the specific requirement. is it possible to get done what you want to get done that way? arian: there's different creative ways -- more than one way to skin a cat as they would say in the old days. but we stand by this. i think that's what's most important. when you see that laws can be flipped on their heads and things can start to unravel you open pandora's box. there is nothing wrong with what we are doing as is because it's meeting the need of a disparity that's beyond appearance prayed so there's nothing wrong with what we are doing and we are also seeing -- signaling the president of the united states to definitely issue an executive action on this case and stand up for diversity, equity and inclusion. katie: what you think th

portfolio, then we increased the state funds five times, yeah, accordingly , a model that allows youbuild bridges and roads. important projects, while generating income for the state together with our partners, this is the quintessence of rdif, which is the key to future success, and here it is important to invest with our partners in the global south, and as we know, the global south is more than 70% of the world's population , this countries that are showing the greatest growth now and the greatest growth prospects, and here i would note that we have over... 50 joint investments with china, we are the leader in co-investments with chinese partners in terms of the number of projects, we have, accordingly, more 40 investments from saudi arabia, and we welcome the delegation of saudi arabia, which is present here in the hall, which came to the forum, of course , cooperation with saudi arabia is extremely important, and we have also made more than 60 investments together with the emirates and, accordingly, the emirates. is also an important partner of the fund, so we will continue to w

users, our ai portfolio itself, which other clients can use, and our consulting practices.ake an immense acceleration. it is about how we help all organizations infuse ai across their most essential systems. they are different things that you think about their nonconsumer technologies that are used everyday.— are used everyday. what are the ? are used everyday. what are they? examples, _ are used everyday. what are they? examples, if- are used everyday. what are they? examples, if you - are used everyday. what are they? examples, if you put. they? examples, if you put generative _ they? examples, if you put generative ai _ they? examples, if you put generative ai and - they? examples, if you put generative ai and your- they? examples, if you put| generative ai and your most essential systems, you think about how they can scale and perform, how they can do so in a way that is efficient and most importantly what we see in the major inhibitors is in and around how you govern and manage, especially with it as of the regulatory and compliance concerns. when we think about genera

in general, in our portfolio of orders , wb technology traditionally takes up half of the developmentre a big hit today. and on the streets of hanoi , another russian development attracted increased attention; wherever the presidential aurus stopped, people immediately lined up for it. queue for photography. vladimir putin is in vietnam for the fifth time; the head of government, fammentinh, showed him photographs from previous visits. in vietnam , the executive branch is elected by the local the national assembly in turn. in this parliament, 485 out of 500 seats belong to the communist party of vietnam and a meeting with its general secretary, one of the central points of the visit’s program, is an opportunity to compare notes on foreign policy issues. close positions on many pressing international issues, we share the ideas of building a fair, democratic, multipolar world order, based on international law, american troops did everything for the freedom of the youth of their homeland, the president of russia visited this a mausoleum created by soviet architects, a song and a song abo

it's a mindset shift which is something we have to focus a bunch of our portfolio on.tral banks and focus on interest rates. how important is it for rates to come down? typically high rates is a challenge. will that be a catalyst when rates come down for your portfolio companies? matthew: a little. most software that we are invested in is resilient. workflow stuff. mission-critical. you see an impact for demand when rates go up. as they come down, few enterprise company -- customers will be willing to make investment with new staff. it's a more muted affect than if you were in a cyclical sector. the sector is very resilient over the long term. tom: thank you very much indeed. great to have you in the studio. how software companies are adjusting to generative ai and the opportunities around innovation in that space. sticking with the genai story. one of openai's cofounders says he is starting a new ai research lab. plans to continue work at a lab called safe super intelligence focused on artificial general intelligence or agi. they took part in the 2023 ousting of sound

projects twice, this is in progress when the size of the subsidy or the portfolio that we can afford discuss specific transactions, and i hope we will improve this procedure a little, but here all the time both dmitrovich and mikhail vladimirovich support us, thanks to this we have an additional 12 new projects in our portfolio, now the minister of economic development , i hope that in the coming hours he will also talk about new projects, he agreed at the government level, we are launching them on web, we will already have more than 40, 50, 60 of them, and this portfolio will grow, moreover, as soon as commercial banks see that the project is already quite safe, they do not need the support of the development bank, they will buy out our participation, will leave this project, and in general we do not strive to give money to the project in the next 5 years, for example, we must learn to reduce even our participation and, most importantly, how our participation, even... half as much as, for example, what we do today, will bring twice as much money from commercial creditors and individ

number two is our complete portfolio.y areas that i think the market doesn't understand is we don't just ship servers. in many cases we run it as a part of our platform. that includes an enormous amount of services. that's why you see hp greenlake growing rapidly and the fastest growing area this past quarter which grew 39% year-over-year is actually ai. last but not least is the ongoing management of cost across the company and we are now deploying ai in our company. caroline: you are deploying within your company, but who is coming to you? who are the clients. i'm surprised where else you have been focusing if it's not enterprise? >> i think about ai in three unique segments. obviously the model builders, the people who are building the models and need an enormous amount to train the models. hundreds of billions of parameters. and in that we also mentioned yesterday that microsoft is extending the azure ai cloud to hp infrastructure. and to one of the clients just having to be openai. that's a great example but there's

mayorkas: the expanse of our portfolio is extraordinary, from online child sexual exploitation and abuserimes of , exploitation, human trafficking to facilitating , lawful trade when you travel to search-and-rescue and security in the arctic and indo pacific, to addressing the flooding yesterday and today in houston, texas, where we have a number of fatalities. and the frequency and gravity of extreme weather events is only growing. the cyberattacks from china, russia, iran, north korea, it is extraordinary. david: do you ever get a weekend off where you don't have to worry about some crisis somewhere? sec. mayorkas: my goal is to take half a saturday. david: why is the first amendment not protecting tiktok? the tiktok social media devices? sec. mayorkas: it is not, to me, an issue of the first amendment. it is an issue of security. ♪ david: so a number of people, i think, from homeland security and/or the cia or nsa have gone on capitol hill and said that tiktok is a danger to national security, but the public has not been given that much detailed information about what the threat is. h

mayorkas: the expanse of our portfolio is extraordinary, from online child sexual exploitation and abusecrimes of exploitation, human trafficking, to facilitating lawful trade and travel, to search-and-rescue and security in the arctic and indo pacific, to addressing the flooding yesterday and today in houston, texas, where we have a number of fatalities. and the frequency and gravity of extreme weather events is only growing. the cyberattacks from china, russia, iran, north korea, it is extraordinary. david: do you ever get a weekend off where you don't have to worry about some crisis somewhere? sec. mayorkas: i take -- my goal is to take half a saturday. david: why is the first amendment not protecting the tiktok social media devices? sec. mayorkas: it's not, to me, an issue of the first amendment. it's an issue of security. ♪ david: so, a number of people, i think, from homeland security and/or the cia or nsa, have gone on capitol hill and said that tiktok is a danger to our national security, but the public has not been given that much detailed information about what the threat is. h

mayorkas: the expanse of our portfolio is extraordinary, from online child sexual exploitation -- thats crimes of exploitation, human trafficking -- to facilitating lawful trade when you travel to search-and-rescue and security in the arctic and indo pacific, to addressing the flooding yesterday and today in houston, texas, where we have a number of fatalities. and the frequency and gravity of extreme weather events is only growing. the cyberattacks from china, russia, iran, north korea, it is extraordinary. david: do you ever get a weekend off where you don't have to worry about some crisis somewhere? sec. mayorkas: my goal is to take half a saturday. david: why is the first amendment not protecting tiktok? sec. mayorkas: it is not, to me, an issue of the first amendment. it is an issue of security. ♪ david: so a number of people, i think, from homeland security/or -- andor -- and/or the cia or nsa have gone on capitol hill and said that tiktok is a danger to national security, but the public has not been given that much information about what the threat is. how much of a threat to ou

mayorkas: the expanse of our portfolio is extraordinary, from online child sexual exploitation -- thats crimes of exploitation, human trafficking -- to facilitating lawful trade when you travel to search-and-rescue and security in the arctic and indo pacific, to addressing the flooding yesterday and today in houston, texas, where we have a number of fatalities. and the frequency and gravity of extreme weather events is only growing. the cyberattacks from china, russia, iran, north korea, it is extraordinary. david: do you ever get a weekend off where you don't have to worry about some crisis somewhere? sec. mayorkas: my goal is to take half a saturday. david: why is the first amendment not protecting tiktok? sec. mayorkas: it is not, to me, an issue of the first amendment. it is an issue of security. ♪ at cdw, we get the importance of clear communication. and when your teams are spread out, that's not always easy. our experts can help by implementing poly audio and video solutions to keep you connected. from headsets to collaboration tools, poly solutions offer simple setup and elimina

in general, in our portfolio of orders, traditionally air force equipment takes up half of the developmently a hit; on the streets of hanoi , another russian development received increased attention; wherever the presidential aurus stopped, people immediately lined up to take photographs. vladimir putin is in vietnam for the fifth time; the head of government, fammentinh, showed him photographs from previous visits. in vietnam , the executive branch is elected by the local national assembly. in turn, in this parliament, 485 of the 500 seats belong to the communist party of vietnam. and meeting with its general secretary. parties of our state, people, and we welcome all members of the russian delegation. and these negotiations lasted much longer than planned. with the president's schedule including several memorial ceremonies, vladimir putin laid flowers at the monument to fallen heroes. this is a reminder of the defeat of the french under the dnf, and then visited the mausoleum of ho chi minh city, a man who, although he did not live to see the defeat of the american troops, did everything

maybe the mighty joe with a quick, we don't want to go to friend den within our portfolio. so submitted to corporate, jo, complete, new time, saves a cough. so submitted with the listing. i kinda 12 months since one would senior at least switching. so when was the included? oh team, i will talk to the guys another thing, thing since didn't work out this been i town to various include all too much clean up over the amount of rent on amazon or frank. you might have for c by as well. to get that and one is today, which is invo brought today, graph was a week this intros vehicle next wednesday. so what type of boy 99 to so so so when are assembling just look searching through the vehicle to all of us on this cuz yeah, honda and we have the miles millennium simmons in. mm hm . oh okay. uh such a big thing to say that i all the uh oh the title is the live for the 11th and the was what's the value is on and good questions. so most of all i've got the, the airport was the volume i would say it was in less than i was documented by knowing it is a is a, is the kid in the best f o n.

our portfolios are automatically diversified a you can do 1% to 5% of bitcoin but not more. for people if they're going to save long-term and not focus on these quick ways to get rich, which are not obviously fundament a ways to get rich. sonali: if you take a big step back, how big has acorn gotten? who are your clients these days for the most part? >> everyday consumers. middle class. 6 million subscribers around the world but primarily focused the u.s. markets. those customers who have not really saved and invested before and are getting into it and it is exciting to see them contributing regularly and building their portfolio with a long-term so they can change their future and the way their family has existed, unlike prior generations and their family. sonali: when you have a marginal dollar to store away, what is the option here? is it putting back into the stock market or is it putting it back into cash, bonds come into places where there is a field? >> the way acorn started was with spare change. that is the way our customers get going. we encourage people to do tiny

circles, and it really remains to understand all this gain, which must be assimilated into our portfolio... you know, there is still such a very bitter moment, you very somehow so sensitively reduced the death of lontovych, the author of shchedryk, to the heap, just right, that is, his murder by an agent of the nkvd, and at this time he is speaking. sang in paris, they performed like that in paris, and this is such a great metaphor for what happened to ukrainian culture, and these are all also archival materials, that is why it is really important to work with primary sources and precisely with archival materials, because we managed to find a poster, on to which it was stated that the choir performed at the champs-Élysées theater, and this is the top theater and concert hall then and today, january 23, 1921 of the year, and it was a concert of matinee, and indeed you... you actually insert these dates for the first time in the history of the eye, and you know that in the morning there was a murder, at noon there was this concert, that is, it is not just a metaphor, but, let's say, well,

. >> news organizations across our portfolio are making that case that what -- what they need is for readers to give what they can give. they need philanthropists to give what they can give and they hope advertisers will see value. >> on this question i want to ask about income and i appreciate you saying you have a significant earned income business. some of us were at the forum in miami and the head of the night foundation, marybelle wadsworth, said philanthropy is not a business model. she said we have to think more broadly and go beyond expecting full and their feet to pay -- philanthropy to pay, we have to include increased earned income. where do the uc your income peak? is it realistic to generate revenue and how important is it for you that you see the diverse revenue pie chart? it will not work everywhere, but it will work some places. >> what is critical is a business model that is enduring. a thriving news organization. you know what it is? all donations and 40,000 donors. some giving small numbers, some giving significant. that is enduring. do we want diverse revenue? yes

the impact on our portfolio were our only asset is in mortgage collateral either house or an apartment is just phenomenal. we would really like to work with the mortgage industry to address this issue. what we are finding is premiums are going up borrowers are not able to afford some of their monthly payments with little or no notice. we are also seeing a reliance on state plans for insurance. whether it is flood or otherwise that we really want to address as we try to deal with the cost of just owning eight mortgage. we have been working with the insurance commissioners and some of the space dust rick states have natural disasters like california, florida, louisiana, rhode island. where with naic to try to address this very important issue per. >> into that point just really quickly with my last 50 seconds i do want to offer either or both of you i offer you the opportunity first just to talk about what steps can we collectively hunt and fhfa take in the near term to develop a framework for protecting consumers in the event of natural disasters and insurance provider withdrawals. quic

we are overweight in our portfolios in the u.s.nd underweight international and developing markets. katie: you mention the economic growth picture. that's a huge part of it but talk to me about tech. i hear the case you think about the u.s. tech sector you just don't see that in europe for example. barbara: we also think about the overall earnings picture. the u.s. went through an earnings recession. it's unlikely to see another one so quickly on the back of that. when you look at first-quarter earnings over 80% of companies beat estimates inside and outside of tech as well. we think it's a good underlying potential for the u.s.. tech has really been powering the market ahead this year. it has some of us set up to take a breather at this point. even what were seeing in the european markets with the european election coming up in france it's causing a lot of uncertainty and markets don't like uncertainty. you can see something similar on the u.s. election this fall but we look at the underlying fundamental picture. one to 2% in term

planning, in our portfolio planning as well.st as we move forward. yeah, just briefly, there's. yeah. so there's the demographer studies, but then there's the collaboration, that we're planning for with the city that we haven't detailed out here. but the key departments are dcyf department of early childhood, mta. and then, yeah, anything, the housing or anything there. but those three in particular are critical because we already have partnerships with them. and, you know, and we're serving the same students you know, it's just from different perspectives . related to the engagement and kind of the forecast of three years is my you know, plea again, around while our preschool programs for sfusd is not included in the kind of portfolio analysis, my ask is, what is the role of early education in the universal pre-k that's occurring in the city through a mixed delivery model system that includes sfusd, where the largest preschool provider in the city. and what does that continuum look like with children ages three upwards to when

at the moment, our current portfolio of orders is about 40 billion rubles; we have separate projectsn our work, if taken separately, these are 18 projects. we don’t stop further, we have a load up to 26 years inclusive. to do everything on time, of course, modernization is needed, but... also specialists, these are not only workers of the main professions, welders, assemblers, and so on, but there is also a particularly shortage of auxiliary workers, if we go further, engineering and technical staff, unfortunately, there is also a fairly serious shortage, small medium-sized businesses are actively involved in the shipbuilding business, here is an example from murmansk: our company has existed since 2014, and well , we started, as we still do, with the construction of small vessels, well now. at the moment, our model range is up to 15 m vessels that we produce, vessels are not made of aluminum, fiberglass or pvc, the building material is low-density polyethylene, high-density panel material, it is more dense, it is not afraid of impacts, cracks, and is not afraid of getting out to any

. >> we are super proud of what's going on in the ecosystem here but our portfolio is rather global andbest opportunities that meet our thesis really all over. a lot of them are happening in new york which is exciting. valuations are a little bit of a tale of two cities. on one hand when you say ai its high-priced and very buzzy. but there is opportunities without that in the headline that are really exciting that we are seeing that capitals less abundant. i think it's not a steady market and there's a lot of variety in it. i think ai is a piece of the puzzle in innovation right now but is not the whole thing. ed: thank you very much for coming on the program. we get a sit down with the ceo of revolt as a company announces a new ownership structure after its founder sean combs sold his remaining state. this is bloomberg technology. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. caroline: the leading black-owned

these are all long-term investment themes that have been with us in our portfolios that we have been advising around for a while. look at next phase technology that has obviously been found, electric vehicles, we talk about health care and health tech, which is very much a theme in the population support that we see. so lots of these themes are second derivatives of ai, but they are also a way of combining a few more things that are not just writing on that single ai story. paul: we are seeing some of the markets that have those ai players reaching fresh record highs constantly. the s&p has touched a record 30 times this year. and we have a bank of america poll as well suggesting more and more cash is piling into stock markets. as rights eventually decline, do you see that exhilarating when cash from money markets starts pouring into equities? >> i don't think we will be leaving the territory of relatively higher for longer too soon, to be honest. it has been a theme that we had from last year on. last year, when people were looking at cuts, we saw there won't be any rate cuts. we en

you know, it includes a lot of older buildings that have been in our portfolio for many years. that need recapitalization, the tax credit program in years past was a major source for those recapitalization funds. those funds have gotten much more competitive over the years. so there is a reliance on local dollars to address those capital repairs when they come up. and we do it through a nofa process. and then when you say local dollars, you really mean general fund because bond dollars cannot accommodate that bond dollars, i believe i believe you're correct. so those would generally be either cdbg. so federal dollars could be used for repair work, our housing trust fund can be used for that. and i believe i believe, yes. correct. those two sources i think those are the challenges that i am trying to understand and that as we continue to acquire for these small sites, which is a good thing, i'm glad to see a dedicated $30 million. and on top of that, 42, in this one fiscal year, i, i am wary about the balance between acquiring

so the impact on our portfolio, were our only asset is mortgage collateral, even house or apartment is just phenomenal. we would really like to work with the mortgage industry to address this issue. what we are finding is -- and borrowers are not being able to afford some of their monthly payment with little or no notice. so we are also seeing a reliance on state plan for insurance. whether it is flight or otherwise. we really want to address as we try to deal with the cost of just owning a mortgage. we have been working with the insurance commissioners and some of the states that have natural disasters. california, porto, louisiana, rhode island, we are working with the naic to try to address this very important issue. >> to that point, with my last 50 seconds, i want to offer either or both of you, secretary todman, to talk about what steps can we collectively hide and fhfa, take in the near term at least to develop a framework to incorporate detecting consumers in the event of these natural disasters and provide insurer withdrawals? >> i am happy to pick up where the director left o

the impact on our portfolio where the only asset is mortgage collateral either a house or an apartment is just phenomenal we would really like to work with the mortgage industry to address this issue. what we are finding is that premiums are going up and borrowers are not being able to afford some of their monthly payments with little or no notice, so we are also seeing a reliance on state plans for insurance whether it is flawed or otherwise that we really want to address as we try to deal with the cost of owning a mortgage. we actually have been working with the insurance commissioners and some of the states that have a lot of natural disasters like california and florida and louisiana. rhode island. we have been working to try to address this very important issue. to that point really quickly i do want to offer either or both of you the opportunity to talk about what steps we can collectively take in the near term at least to develop a framework for protecting consumers in the event of these natural disasters and provide interest withdrawals? >> i am happy to pick up where the direc

this has been a fantastic holding for our portfolios. it has gone really, really strong.interesting canary in the coal mine is they opted not to increase subscriptions prices because of concerns about a pullback in consumption going into the latter half of the year. what's interesting about that, i think that's very, very bad for the entire industry in general because costco is one of those names that benefits when people look to save money. so i do think even if they might be seen as a tad overvalued, i think they can defend if the market goes into a prolonged downturn. if it's a mild downturn, it's still great for costco. all in all, good news or bad news, this is a stock that can play both sides of that. >> let's go to spotify. shares jumping around 4% as we discussed earlier, the streaming company says it's going to raise prices of its premium subscription plans following a similar price hike last july. how about spotify at $309? >> so, this is an interesting one. i think the market is very enthusiastic about their goal of becoming profitable so they're showing profit

it is great you talk about batteries, because that is something we are adding to our portfolio to help with the curve in the middle of the day so we do have batteries that we are managing today so the idea of is for us to be able to store the batteries during the lowest price of the day and then take it out in the evening when we go home and turn the lights on and start home life. we have done a great job managing that and continue to add more batteries to our portfolio and make sure we have a diverse portfolio. a portfolio of not just solar but wind and batteries and geothermal so we can have more diversity in managing our generation profile as well as load profile, because it is very seasonal, generation in the state of california, but our low profile doesn't always fit with the generation profile so why we like a lot of diversity and we use the batteries to help us during the time of day with a lot of negative pricing. >> we do have enough capacity on the batteries or projects for storage in case we don't need [indiscernible] we can use them? >> we are continuing to work forward to

we have a company in our portfolio that can use ai engines to calibrate how batteries will age and degrader time. so, we can better predict battery behavior. we can better predict performance. we can better predict detailed insights into the state of charge, capacity, to make sure we can use resources more effectively and appropriately at scale. ed: i'm sure you watched the presidential debate last night. infrastructure has been at the heart of president biden's policy platform for the last 3.5 years. how has it manifested in the real world? for you and the areas you invest in? juan: the inflation reduction act is an infrastructure bill. it pulled the future forward in different ways. at energize we don't see a shift in political power as a particular threat to the energy transition. we see that train is underway and the companies we are investing in our accelerating that. it may change a little bit. the pace. the direction is not really changing. for me it comes down to economics. the transition technology that is viable today, wind, solar, batteries, they have come down on a cost dramati

portfolio that we can combine to really think about not just the magnitude of the weight loss, but can to better quality of the weight loss, meaning improvement of muscle function, and most importantly, i think what patients really need, is the weight maintenance, or the durability of the response. >> are any of the products in the pipeline so far, are they -- are you thinking of them as potential weight maintenance solutions? we just heard from structure therapeutics and a lot of people believe their offering could be used as a maintenance solution. i know you've got ct-996, which is an oral, you know, agonist, and i'm wondering if that is a replacement for an injectable in your view, or if it could potential ly be a weight maintenance product. >> i'm glad you asked that question, because, you know, the way we think about obesity, look, this is not a disease that is a one size fits all, right? so, i think we need to, as drug developers and health care providers, obligated in some ways to meet the patients where they are in their weight management your knee. so, we really, again, to re

>> so our view is we should run a balanced portfolio. there's no way we're going to have 20 ideas that are better than all of the large-cap names. and flsthere's an opportunity t own the best businesses at a reasonable value, we should do that. a year ago, i would have had 25% of my portfolio in names like microsoft, google, amazon uber, salesforce. today i probably have 12.5% of my portfolio in those names. we're always as value-driven investors going to sell a little bit early. but i think it's a very hard thing for an investor to have a whole portfolio with no bets on these amazing large companies that are allocating capital in such attractive ways, spending on r&d, and spending technology. >> are you surprised at all that the s&p is at these lofty levels, record highs, given what the backdrop has been, or does it make sense to you? >> if we started the year, people thought the fed was going to cut interest rates six or seven times. now consensus thinks they're going to do it one or two times. so if you had said to people that that wa

portfolios. today it's still a must hold. powering the mega caps along with nvidia, but once upon a time, disney was a must hold. at&t was a must hold. cisco was even the biggest, baddest must hold in any portfolio. and right now apple is in danger of becoming forgotten about tech leader in the same way. i just really want to see them pivot away from we're just focused on these pieces of hardware you already know and love. and giving us something we can hang our hats on as shareholders to say, that's what's going to power apple into dominance for the next five to ten years. you heard me make the case before about how pushing the envelope with apple financial, a place they spent a ton of money and manpower developing is the next frontier for apple, in my opinion. they also have the opportunity in health care. they turned their back on automotive. there aren't a lot of places to go to make an impactful move to the refuse new mix but something has to happen before we say, another quarter of declinin

. >> and the news organizations are crossed our portfolio from mississippi to montana to puerto rico are making that case to their communities. what they need is for readers to give what they can give and they need a philanthropist to give what they can get and they hope advertisers will see the value in their product and they do. >> on this question of advertising and more broadly, i want to asked about earned income but i appreciate you have a very similar income business that you developer you are. some of us were that knight media form a few weeks ago. maybe it is a few months ago at this point. the new head of the knight foundation, maribel wadsworth said at the conference, philanthropy is revenue stream, not a business model. she was making the argument we have to think more broadly as we look for solutions to go be on simply expecting philanthropy will pay the all the news organizations we believe should exist but we have to move towards models that include increasingly earn income alongside philanthropy. as you think about the organization that you supported , where do you se

current portfolio of orders is about 40 billion rubles, we are working separately, if taken separately projects, we are not stopping further, we have loading up to the twenty-sixth year inclusive, in order to do everything on time, of course we need modernization, we need more specialists. not only are these essential workers , welders, assemblers, and so on, but there is also a particular shortage of support workers. if we go further, engineering and technical personnel, unfortunately, are also quite seriously lacking. small medium-sized businesses are actively involved in shipbuilding. here is an example from murmonsk. our company has existed since 2014, but we started, as we still do, with the construction of small vessels, well, at the moment the model range is limited. up to 15 m vessels that we produce are vessels not made of aluminum, fiberglass or pvc, building materials, low-density polyethylene, high density, panda. this material is more dense, it is not afraid of impacts, cracks, is not afraid of reaching any coastal surface, is not treated with anything, does not need to be

i prefer solid growth stocks to continue to build our portfolio. keep or sell these losers?e. retirement age. okay. that's the eye of the beholder. i have been a big believer, contrary to the entire industry, in saying there may not be a retirement age when it comes to stocks. i think that people should always be investing for growth and some for dividend, and then some for bonds. so my answer to this one is that you have to kind of at times take the risk, but you just use smaller amounts of your account. >> there's always a balance to everything, right. one thing i would point out is that without knowing the stock if the dividend investment is in the red, well, maybe they're not growing their cash flow, their earnings, maybe they're not growing their dividends, and that could be a red flag. >> you know we got involved with foot locker and their cash flow declined in what looked like a good dividend stock became a nondividend stock. sandy, unfortunately you have to do a level of homework. of course join the club, and we will point them out. you're going to miss things. but w

our portfolio managers are looking for cash flow growth, strong management teams, management teams thatferent cycles before in the past which is really important. looking for competitive advantage. that is something fundamentally a investor does. you want financials going in the right direction. balance sheet in this cycle is critically important and what they're using that balance sheet for. our manager is spending a lot of time on that? >> what about composition. if you got these names, these five names, they're 60% of the rally, are you concerned or does it just suggest at some point that broadens out, the let's of the market will get a chance? >> i mean i can't help but be concerned we're five names away from this market looking completely different than it does. last year it was seven. now we're down to five. you can't get much more cons stated than that. that being said, you know, as mona and you talked about, when you look at earnings growth, where the growth has come from, you look to the projections of this year, the growth for those top five names, 30% plus earnings growth. wh

we like that for repositioning our portfolio and that is part of a normal-functioning market so i would expect we'll see a 5% pullback at some point. liz: both of you what's going to trigger something like that? >> something we're not expect ing. i don't think, kate, when is the last time we had a 2% correction in the market? liz: well october was a correction right? >> yeah, we had a bit of a pause that refreshes i would say >> but i should take that back. 2% on the day. liz: oh, on the day. >> on the day its been a long time which gets to the talk about bubbles and exuberance but liz it's going to be something that just surprises us. liz: so black swan? >> not necessarily black swan, just something we weren't anticipating a re-evaluation of the outlook, so back in february of 2018 people weren't expecting just market positioning. liz: what if somebody comes out with hey, we're tightening our lending standards a lot more than we already have. >> i think one of the things that the could shake consumers and the investor sentiment could be the consumer a little bit further. we already are

order portfolio, including diversifying it. and it now consists of approximately almost 40% orders ining old elevator equipment, while before, we worked only in the new construction segment, we have advanced in the field of import substitution, we have a number of projects, a whole program, i would say, and we have also created some new types of products, but the most important thing is that we have retained our team, created about 200 new jobs, products, some elevators already with 100% russian localization? is there any really important question for elevators in your line? industry in russia and we strive to ensure that the degree of localization of our product is 100% in the future, but now we have not yet achieved this. meaning, but we are on the right track, this year we are launching a new product line, it is called ng from the word new generation, new generation, this is an elevator without a machine room with a higher level of localization, it starts from 80% and above, we have a whole a program of projects that will allow us to bring this percentage to approximately 100 in th

and, ofourse, and of course, old reliable,till powers most of our energy portfolio, and it is affordableit is dependable. [applause] .. w attract manufacturing for key components and expedite permitting and regulatory approvals for the rapid deployment within mississippi. if we canourselves at the front of that wave, mrs. the industry and families will enjoy the rewards for many generat and of course my ambition is that this spirit ofnn and pride will carry over into our work in state government. we must transform the way our we must unlock the potential that new technologies provide for us t we need to reduce the bureaucratake it impossible for innovation to occur. we have so many layers of red tape between the scoping of project and implementation that state employees are beleaguer they have nearly given up seems designed to discourag we must reform the processes f procuring new technologies or risk falling behind. the economy for public sectorgy is robust and competitive.we should do everything in our power to take full advantage of the reduction in cost improved services to be better

own portfolio and... the ministry of energy.the summing up is done, we should announce it to the government, to the infrastructure commission, and to our account on friday how should we organize it so that, god willing, the meeting will be held and we can send the aquifer layer to the parliament . right here, when these expert discussions between the ministries of different houses are heated and you also had a sympathetic request, do you think that we are now on the eve of the elections and the candidates are presenting their programs and the election talks are very heated. you think that in the four government 10. the president or his ministers, clearly, for this important issue that we are talking about , the watershed discussion, to facilitate it, to speed up the actions that are being taken, what should be done? what should the president do, what should the ministers do , because of course, during the election season , there will be runoff and flooding in many areas of the country. compensating these issues finally has its o

production portfolio. their electricity consumption was more than what they should have consumed you were wondering how it was this year, fortunately , we were able to attract more than 70% of the country's offices that have sefaz counters to the smart counter . we have two priorities. one is a 30% reduction in consumption during activity compared to the same year, and one is that after the end of the work, we must have a 60% reduction in consumption, which is included in the plans, and if it is not followed, after the warning, the so-called power cut of that office of course , we will have it after the period of providing service to the dear people, and this official of that executive body is responsible for this that he will actually monitor this and take the necessary notices. if it is rayate, yes , this issue will definitely start from june 15th, and we hope that we will have a good cooperation like last year. we were able to reach the record this year , we planned to reach 1500 megawatts, actually red

. >> our rail d has responsibility for as part of our portfolio. we have a number of programs.corridor will be grade separated. that's one example of what we have an active program to close crossings throughout the state, and help fund those programs as ■wellb rail safe pr where we provide education to trespass and be where the tracks are. so ■ have a very active safety portfolio in our rail division. >> thank you, this is for mr. gardner. mr. gardner, what can you tell me about when amtrak will be able to serve the miami intermodal ■■xat miami airport? >> thank you, congresswoman. the miami international airport, orinairport has been a project long underway, and it involves us transitiong facilit we're in active conversations with f d.o.t. authority, and trirail, who are responsible for both the infrastructu tiations for a while to try and ■ea(access. amtrak has access as a matter of statute to the facility. so we're in negotiations presently with f d.o.t. çu to true and come up with a deal here, and allows amtrak to move over, so that we can terminate our trains. it's imp eff

and also strengthening our product portfolio.rt of this fabric, we intend to solve very crucial problems. gradually, people who would want to build applications of industrial scale. most enterprises are doing poc's. that is when we would see a lot more ticket on the enterprise. having to make sure we are well prepared. the ai boom. >> i do wonder quickly have been preparing ourselves. >> our fabric consists of network fabric, cloud's fabric, interaction fabric. if i look at enterprises today, managing all the seven why complicated. secondly, when people have edit on his technology and move to the cloud, delivering the right user experience. what we have done is to have enterprises really on, get things for them, managed all of these things. there is a tremendous amount of cost benefit. and show them that it delivers a lot of better user experience and they are also showcasing where this would also help them to reduce. if you look at the network fabric, -- they are going on in the u.s. and the caribbean. do the technology and so o

across our portfolio.want to continue to improve it and refine it and grow it and make it even more successful then it is today. it is a core piece of our racial equity work we apply across all our program areas so again want to stress my continuing in that framework and continuing to refine and improve and grow our administration that critical program. so, with that, i'll just open it up for any questions you may have. again, this is not by any means the last time you'll see me. i'm happy to come back on specific items or general topics as might be interesting to you all or helpful to you all, so i'll be around. you'll see me again. thank you so much. >> fellow commissioners, do you have any questions? >> thank you director adams coming to our meeting today. i was hoping you could expand more about our partnership on the cop program. it is obviously a program that is critical to our mission in terms of addressing wrongs performed by this agency during urban renewal, inviting our folks who left san francis