♪ emily: i'm emily chang in san francisco. this is "best of bloomberg technology." volatility is the main headline. tech is leading the way. we break down tech's role in the slum. facebook is divided, a new report of tension between zuckerberg and sandberg. how are the troops responding? almost a year ago, bitcoin hit $20,000 and it has tumbled more than 75% from the peak.

have the cryptocurrency's best days come and gone? the tech wrote -- rout in the stock market. apple, amazon, facebook, and alphabet have lost over $800 billion combined since the end of august, putting silicon valley on edge and raising concern, have we reached peak tech? we caught up with bob o'donnell and jim wheaton who says tech regulatory risks are just beginning. >> the biggest thing in the room is that the u.s. economy is headed for a significant slowdown, not necessarily a recession, but growth is headed toward 2% or less. that is more than wall street expected for the slowdown. this is not just a tech event, it is an entire market event. it goes beyond the stock market. there is recession fear.

what has says it feel to this fire is the leadership, the place where everyone has money, have started to unravel in that has generated more fear than having the rest of the stock market fall. i do not think we will have a christmas rally. we might have a capitulation panic, maybe before the year is thing goes this below the overall lows we had this year and probably goes lower and creates panic about imminent recession in the end of the bull market. that could be a good buying opportunity. we have to wait and see. emily: is the fear warranted? >> short-term, warranted. we have been living in an area where there are unrealistic valuations for big tech companies. we have to look at this more macro level.

fundamentally, we have had companies build up valuations that most people said, this is not realistic. in a way, it is not surprising. we are getting there. we are finally seeing a mature tech industry being perceived not as a teenager, but as somebody in their 30's and more mature in terms of their perspective. i think all of these things influence this and fundamentally, these are strong companies long-term. near-term, valuations need to be corrected. wall street is taking advantage of this turn down to readjust these valuations. emily: is this about valuation or is this about sustainability of business models? if people are not buying as many iphones or buying into facebook, isn't that a problem? >> it is more about not so much adjusting valuations as it is adjusting growth rates for the industry as a whole. as well as for these companies. i am not a tech expert. it seems the pace of innovation

in technology has slowed from what it was that drove this. the last big thing is the iphone. the ipad was big, but it becomes a bigger iphone. the i watch has not been earth shattering. twitter and facebook are hugely popular but they have basically ofn the same for a period time. the constant pace of innovation to more dramatic products that drove demand has slowed and it brings into question, not so much valuation, but what growth rate are you going to put on a company like apple? is it hitting the ibm microsoft mature cycle where you have to downgrade that? there is also challenges to the entire internet. who gets to decide what constitutes hate speech or fake news or manipulation? is it all free speech? are we going to have the

internet be open or is it going to be regulated and who gets to be the moral authority to do that? the decisions will greatly affect the business models of a number of companies. not to mention, how much can you use user information and reselling? -- in reselling? there are challenges to amazon monopoly status, much like there was to microsoft in the past. there are a number of challenges tune industry that was -- to an industry that was way over owned from an investment perspective. when we put those two together, it is a challenge with the sector, as well as the overall mark. emily: how big a threat do you think regulation is or is it about trust in the companies? people are fundamentally questioning, do i want to share my data? >> regulation is an issue for facebook. i am not as concerned for the other faang stocks. emily: despite the monopoly prospect? >> yes. i understand there are concerns

around specific areas and the rate of innovation. fundamentally, if you look at what is going on, there are a lot of interesting technologies developments. these valuations were based on growth expectations that could not continue forever. we are seeing growth expectations are coming down and there is a recognition that they cannot possibly continue. there are things coming. there will be interesting things in 2019, foldable phones. a lot of people have their doubts. emily: i am not so sure. >> here is the thing. all kidding aside. the truth is, the general market has been concerned with smartphones being the last big innovation. i am saying is there a different , way to think about these? i think it is an interesting category. it brings a wow factor back. it gives people a new way to consume services, netflix on different types of devices. ♪

emily: that was jim polson and bob o'donnell. the gloom around the global electronics and do stray -- electronics industry getting gloomier with foxconn. the biggest supplier of iphones is cutting $2.9 billion from expenses in the next year, citing a difficult and competitive year ahead. the company also said the business will need to reduce expenses by $900 million next year and has plans to eliminate 10% of non-technical staff. the news follows a bad week for apple after four suppliers cut their revenue estimates because of weak iphone demands. we're joined from taipei to discuss. >> 50% of foxconn's revenue does come from apple. they are the number one supplier. they are important to foxconn. $6 of the $20 billion in cuts is

in the iphone division, the part that assembles iphones. there is a lot more in other divisions. what that tells us is this is not an iphone only problem. it is broader. foxconn's catalogue of clients includes hp, cisco, dell, a long list of international names. they are all impacted. they'll feed into this wider issue that we are seeing in the electronics industry and foxconn is the one company that gets hit by all of it. emily: what is the wider issue, that people are just not buying hardware? or the market is not growing as much as it has been? >> it is all of those things. we have a macro economic headwind. people are getting caught up in trade tensions, u.s.-china tensions. it is bigger and deeper than that. that is a smokescreen, a distraction. we know that apple itself is

trying harder to sell more units. in the last earnings, they said, we will not tell you how many we ship. we are going to focus on revenue. it will not be good news on the shipment side. the smartphone market overall has reached its peak in terms of growth numbers. more people will continue to buy smartphones, but not at the same level. pcs are not back in vogue. we are looking at other areas of hardware. the apple watch might take up some of the slack. things like service devices are sold are never seen by consumers like you and me. we never see the hardware but it is there. if there is a slowdown elsewhere, in the internet area, in spotify or facebook or google, if those slow down, we could see that impact wider. it comes back to foxconn, the company that has its finger in

all of these companies because it is the largest manufacturer. third-quarter revenue soared 49% at xiaomi. the chinese smartphone maker relied on its presence in emerging markets to offset demand for devices. shipments rose and the global -- shipments rose while the global smartphone market shrank 6%. coming up next, will those who hold the power at facebook ever change? our next guest says they have to. we speak to julie goodrich next. if you like bloomberg news, check us out on the radio, listen on the bloomberg app and on sirius xm. this is bloomberg. ♪

emily: to our continued

coverage of facebook in crisis, critics are out in full force following reports of bad management. in a public statement last week, the board said to suggest that they knew about russian interference or tried to ignore or prevent investigations into it is grossly unfair. in the last 18 months, facebook with the full support of the board has invested in more people and better technology to prevent misuse of its services, including during elections. zuckerberg and sandberg are members of that same board standing behind them. soundinguest has been the alarm for change in the power structure at facebook. julie goodridge is the ceo of northstar asset management and they currently hold over 37,000 shares in the company. they have been clamoring for a one share one-vote policy at facebook, something zuckerberg

has worked to avoid. she joined us from boston on monday. julie: this is the problem with corporate governance when you have an insider board. mark zuckerberg has the power to fire anyone of his board members at any time. it takes away the sense of autonomy that other board members have. if they are concerned about maintaining their relationship with the company. i think it is problematic. emily: do you sense an opportunity to agitate for this? do you have plans to do so? julie: we have the same shareholder resolution file. just so folks know, probably everyone listening does, mark zuckerberg has primarily class b shares, which give him 10 times the voting power. what that means is he controls 51% of the vote but only owns 30% of the stock.

that is a problem for other shareholders. for example, in the resolution we filed last year asking for there to be one vote per share, to only have one class structure, class a, what ended up happening was we only got 21% of the vote. if you looked at all of the other shareholders who voted in favor of our resolution, we received 81% of the class a share vote, which is high. emily: you have other investors calling for an actual board shakeup, calling for mark zuckerberg to step down as chair. take a listen to jonas krome. it needs to be somebody genuinely independent, who can speak with gravitus and can speak with authority and confidence of the rest of the members of the board.

they need to be somebody with a broad diversity of experience, tech experience and there could also be merit in having someone from a traditional media, the newspaper industry that has a deep understanding of the role of media and society. somebody with time on their hands because this is going to be a long few years ahead of the company. emily: zuckerberg responded saying this is not part of the plan as of now. would you like to see him step aside? julie: the person i would like to see step aside is peter keele. i would like to see the vote structure changed. i think it might not be great for him to completely step aside, although i would certainly vote in favor of that. we would support trillium on that resolution. the issue for me is that when you take a founder like zuckerberg and have them step aside, it means something scary for the shareholders.

i think what he needs is better corporate governance. he needs to let go of insider shares and go back to a one vote per share structure. even when the times tried to throw sheryl sandberg under the bus, these guys are responding to issues that occurred in the course of doing business over several years. what is scary is that they did not anticipate that these kinds of things could happen. that is the scary thing. where you look at somebody like peter keele, he was very instrumental in supplying cambridge analytica through the other company that he is the ceo of with ways to access this information and to infiltrate the facebook system. he is the one that could have said, hey, we want to be careful about our governance here.

emily: i want to dig a little deeper into your thought on peter keele, who is very controversial on the facebook floor for a number of reasons, not the least of which is support for president trump. mark zuckerberg has said he he supports keele remaining on the board because he adds to the diversity that they would like to see represented. i think we are talking about his association where he is a cofounder, not the ceo. talk to me about why you want to see peter keele of all the board members, to step down. julie: because when he came out with his outrageous support, hugely public support of donald trump, he ends up holding himself high as a representative of facebook. it was not facebook that came

out with that but what has happened over the last several years is facebook, by virtue of the way it started to change the way it did business. instead of taking regular advertising for people looking for shoes or computer equipment, they started taking money for political ads. that is very similar to the way that peter keele came out publicly about his support of a political candidate. i do not think and this is all since citizens united. i do not think it is appropriate. in fact, it is illegal for facebook to have taken ads from a foreign power to support or in any way have a say on any sort of elections in the united states. it is not legal to do that.

i do not know if they need a corporate governance guy on their or a government affairs understandseally how security laws work or if they need somebody to think about, are they making so much money from running political ads that they need to keep running political ads and running commentary from paid sources around political matters? i do not really think that is how facebook imagined itself. i am sure that is not, what is now middle-aged people who are still on facebook, still using it, i do not think that is why they go on facebook. it is one thing to report the news, another thing to create the news. emily: that was julie goodrich. coming up, it is nasa's turn to go after elon musk. that story is ahead.

follow tictoc on twitter. this is bloomberg. ♪

emily: nasa is going to launch a safety review of boeing and spacex, the two companies it has hired to fly astronauts to the space station. according to the washington post, the review was prompted by the behavior of elon musk -- he was seen smoking marijuana on a podcast that went online. spacex says it actively works to promote workplace safety. alexander wider was an artist, a blacksmith, an aerospace engineer, and more, a renaissance man. if one art dealer has his way, he will not be forgotten for much longer. we have the story. ♪

>> this is the story about a forgotten genius. a gifted sculptor, artist, and modern day leonardo da vinci. his ufo like invention was the realm of your -- pure science-fiction. it is also a story about this man, his fixation on the past, and living on borrowed time. this is the guy he wants everyone to know about. >> this is probably the most photographed one so far. >> randy discovered him in 2008. for the first time, his sculptures were put on sale. randy snapped up the lot.

as an art dealer, he had dreamed of hitting it big by finding an unknown artist and making him famous. ygers was his man. during aircraft dating back to the 1920's. alex appeared to have invented the first flying saucer. >> that was an amazing find. i saw the blueprints. it was undeniable that he was a creator. >> weygers called his futuristic flying machine a disk copter.

it was a unique concept, when he -- one he thought cities of the future would make use of. weygers patented this in 1944 and tried to sell it. >> he started sending all of these letters to companies telling them about his invention. ♪ disc copterf the began to spread, he felt the u.s. military stole the idea. evidence of the theft was there for all to see. images of his flying saucer seeped into popular culture, influencing everything from architecture to cars and movies. >> a two-seater maybe the car of the future. >> there was this whole flurry of stories. the first saucer. he designed a flying saucer 23 years ago. the man who invented the flying disc. he did not seem to be after compensation as much as recognition.

he wanted the credit for it. s, randy discovered a kindred spirit, a man who lived by his own rules and created a legacy using his own hands. >> what would you say to alex if you saw him now? >> i did dream about meeting him. i figured it was a spirit of weygers telling me i am doing the right thing and i should continue with my mission. ♪ emily: that was bloomberg's ashlee vance. coming up it has been almost a bitcoin skyhigh $20,000 mark. now, it is hitting the mark. $4000what is behind the plunge? this is bloomberg. ♪

♪ welcome back to "the best of bloomberg technology." the cousin who peddled bitcoin to you last thanksgiving has some explaining to do this year. best dish this time last year, recent adopters were bragging of their good fortunes epic dinner table as the cryptocurrency was in the middle of a bull run that would see more than double for a record of $19,511 just before the christmas season. this year, the story is quite different. bit corn in -- bitcoin is piercing for thousand dollars and does not seem like there will be a turnaround soon.

we come up with better paid chief commercial officer to discuss. >> bitcoin has become mainstream adoption around the world. good brand recognition. we should not look at the price so much because it is what is happening behind the scenes. things like fidelity launching next year or square next year or blackrock launching. until those come out, i do not think there is a way to mark it moving either way. emily: jamie dimon is saying that bitcoin has gotten a lot of play. it is worth listening. take a listen to what they had to say last are. >> it will blow up. demonstrates short it, it could between thousand before this happens, but it will blow up. it is a fraud. emily: he later said he regretted saying that. i wonder, if he is being vindicated.

>> i disagree with him on the fraud comment. prices go up and down. up obviouslyt goes comes down. i would imagine next year, his bank will also be launching a product. companies and that the coin space doing ipo's -- there is a bank with a lot of crypto -- there could be a coin-based ipo next year. jp morgan will try to get in. i think he will be changing the year.une soon next it could be q1 or q2. emily: should we start looking at cryptocurrency as different currencies? will other currencies break away from bitcoin or are they all the same? >> there is a big difference between bitcoin and everything else. bitcoin is the hundred pound gorilla. that is the one that has the mass network effect, the

traditional one. the other i do not know what ones, will happen to the other ones. they are being rolled by the fcc -- sec right now. the market is dead right now and maybe a couple will survive. none of them will survive the -- none of them will survive unless bitcoin survives first. emily: what does uncle sonny think next thanks giving? >> there are traditional incumbent spiting bitpay, it should be an exciting time. around the world we are seeing adoption by bitcoin. bitpay will process over $1 billion this year, even though the price dropped 75%. we processed over one billion because people are using bitcoin as a way of payment transaction. emily: where is the price next year? >> at they launch the products, you will see the price around

15,000 possibly 20,000 by the end of next year. that depends on when the incumbents launch and they move slow. emily: that was chief commercial officer for bitpay. airbnb is one of the most anticipated ipos for 2019. could a crackdown on illegal renting in the u.s. stand in the way of the public debut? weight watchers, an iconic american company with a new name and new approach to business. how does tech fits into the vision? we will find out. this is bloomberg. ♪

♪ emily: 2019 is expected to be a big year for ipo's. and a public met memo last friday, they announced more than

$1 billion in third-quarter revenue calling it its strongest , order to date. since 2008, the company has become one of the most valuable startups in the u.s. with a current valuation of $31 billion and listings in many countries. we spoke with airbnb's global head of policy and public affairs on monday and started by talking about how airbnb has been handling the deadly wildfires raging across northern california. >> what we see in northern california and southern california is devastating. we have seen tremendous heroism from first responders and everyday people. we have been honored by our hosts, we had over 2500 hosts open up their homes to over 1800 people who have been displaced by the fires. that is not really airbnb, those are our hosts. we are grateful for that. they are appealing to the higher angels and all of us.

it is awesome to see amidst all of the catastrophe. thank you for asking. we are feeling in san francisco, but nothing like what people are going to on the ground. emily: our hearts go out to them. i want to talk about growth. you are going into the holiday season, typically a big season for airbnb. you just reported a record quarter. you say you have record bookings over thanksgiving weekend. how long can you sustain that kind of growth? chris over a billion dollars in : revenue in q3. we are blessed by the robust growth. ultimately, that is tracking to the community model on airbnb. we only do well if the hosts do well, if the guests do well. it creates a network effect globally. you can see that underneath growth numbers, 91% growth in beijing. over 70% growth in mexico city and birmingham in england. ultimately, what is underlying

the foundation is people are looking for this type of travel. more people are looking to do home sharing travel, people to people travel. this is not new. abraham lincoln and gandhi did home sharing. in particular, this is what consumers are looking for, particularly millennial consumers who will be 75% of all consumers going forward. this is how they like to travel. emily: give me an estimate on beijing. you had a head who resigned over an issue. one of the founders went last year.

you are starting from a low bar because the business was small. how do you expect that to expand? chris looking at our global : numbers, what we are seeing in china reflects the same thing we are seeing globally. we are blessed with growth being driven by the network effect. what we are seeing in china is interesting. the underlying dynamics and trends that we saw with the earlier -- with the business earlier, which when airbnb was first launched, the majority of users were millennials. in our china market right now, 85% of consumers are millennials. keeping in mind, there are 400 million millennials in china. we are a significant player in outbound travel, people going from china abroad. what is happening is they come back and begin to travel domestically and airbnb begins to grow as a result. the type of growth in beijing is replicated in similar numbers depending where you are looking throughout the country. china is a place you have to get up every day and work hard. we do have a president from the business who is from china, on the ground. we have an incredible team of chinese folks on the ground in

beijing and other offices around the country. we know we need to keep working. emily: you quietly removed listings in the jewish west bank settlement. this is something pro-palestinian groups have been pushing for. why now? chris this is an incredibly : complex part of the world. incredibly difficult issue. this first came up in 2016 when we were confronted with questions about 150 listings in the occupied territory. since then, we have spent a lot of time trying to understand the issues and put in place a framework to help us reach a decision. that includes understanding the -- that every situation is case to case and talking with experts and stakeholders, taking a look at the degree of human suffering and what is contributing to it and looking at safety issues, and ultimately, whether our product or business are contributing to issues. using that framework, ultimately we made the decision to remove the listings. we are saying that knowing it is

controversial. israel is an incredible part of the world with incredible people and this is a really hard choice we struggle with. we are not a government, not the experts. because we are in homes, we often get put into these situations and believe -- a lot of people are talking about tech companies taking responsibility, we wanted to act as opposed to react. we used the framework to drive the decision. emily: you are still looking for a ceo. why is it taking so long? chris are you interested? : emily: [laughter] it might be a conflict of interest. chris: a little. not surprisingly given the , historic nature of the company, some of the issues we have talked about, there is incredible interest in this particular role. we have had incredible folks we have had conversations with. i will be sure to let you know when we have reached a decision. we have talked about the fact that we want to be ipo ready by 2019. we have not announced if and

when we would take the next step beyond that. we are looking for someone who appreciates that community model. we are looking to be a 21st century company, that we get growth in the right way. do we deliver for host? do we deliver for the guests and then the guests can deliver to the community? why we have gotten so much interest is if we drive a social value proposition that drives our growth, echoes back to the early question of, how do we continue the growth? we deliver on the community model. emily: you ended force ced arbitrationr not just for sexual harassment , but discrimination. we have not seen other companies do that yet. how do you plan to handle this between hosts and guests? chris our model is different

: than some other sharing company models. our hosts our partners. we have an impressive policy called we impress which broadly , deals with discrimination types of issues. you have to agree to the standards before you can even come on the platform. as it relates to our employees, which we announced last week, that is another example of how we are trying to build the community model. i come out of democratic politics in the u.s. i did labour politics while i was working in democratic politics. for me personally, it is incredibly interesting and exciting to see companies understand the value of their employees and community. employees are pushing for companies to be responsible. i think it is awesome. i think it is great that you have these employees. the companies understand that they only succeed if they can attract and recruit great candidates. it is a cool thing to see that develop and a good indicator of where we're going as a society. emily: you mentioned your time at the white house. i have to mention you are the

master of disaster, known as the master of disaster. how would you master facebook's disaster right now? what are they doing wrong? chris i will be careful here : because i do not work at facebook and i want to be respectful. i would say without talking about facebook specifically, but as a general approach, ultimately, people have to be comfortable with the mission and principles and values, and actively do their best to proactively exhibit those. we talked about being proactive versus reactive. i am not talking specifically about facebook, just in the context of how people should think about these things. at the end of the day, there is north star, mission, principal. --se are the only true and those are only true and viable if you are actually executing them. it is easy to say all of those things when it is an easy decision.

when it is a hard decision, you really get tested. i remember working in politics. politicians are always tested , not on the easy stuff, but in the cauldron of a crisis because , that is where your character gets exposed and you have to make decisions. some of the folks at facebook at the top and throughout the company are good people and ultimately they will be doing those. they have tried to do those. they have done some productive stuff. i do not know what is going on there. emily: airbnb's global head of policy and public affairs. still ahead, weight watchers is no more. instead, now rebranded as ww, the company is looking to load new users with a digital strategy. our conversation with the president and ceo is next. this is bloomberg. ♪

♪ emily: there is a signal that t-mobile's arguments for buying sprint may not be winning over u.s. officials responsible for approving the deal or not. t-mobile says it would help it compete more vigorously against rivals at&t and verizon. in september, t-mobile focused on how taking over sprint with give it an edge in quickly

network.a 5g weight watchers is in rebranding mode. ww is looking at 2019, trying to capture the holistic wellness space. they partnered with blue apron and a digital strategy targeting ww reaching out to young moms, dads, college gets, and more. -- college kids, and more. we spoke with mindy grossman. mindy: there are so many avenues of work happening right now. if you look at the last year, we launched freestyle which is the best and most efficacious program in our history for eating. we launched the points 2.0, which took the science similar to what we do in nutrition, and using it for customize activity. we are integrating active audio app.ss with an

we integrated headspace. i am excited about a rewards program that has been working for almost a year. it does not reward you for spending money. a rewards you for everything you do for your health and nutrition. you win wellness wins. we are seeing an increase in 20% of nutrition tracking and 80% of activity tracking. connect communities launched in canada. it will be rolling out to the rest of the world. and is for people to find inform. we have a whole universe of activation that will happen between now and the end of the year and into 2019 when we really do the big brand relaunch. even from there, they are constantly innovating. we have teams around the world in new york.

ourre looking to double tech footprint. emily: shares are down since june. what are investors not getting? mindy: >> we have a lot of new investors and coverage. it is a matter of educating everyone on the seasonality of the business. that has been the biggest confusion. you need to look at the member base year on year versus quarter by quarter based on the business. emily: january 1 is a big day. mindy: we are kind of wellness 365 now. there is no doubt that january has loads of people deciding they want to get healthier. it is important to note that results this year have been fantastic. our subscriber base is up over 25%. sales at 17% year to date. operating income, significantly above where we have ever been.

we have hit every single quarter all-time highs for the company. the team has done an incredible job and it is a matter of getting people to understand the trajectory of the business. the second thing is, as much as we announced what has been launched and is launching, the reality is, the true brand everything inherent that we will be offering to the customer is really happening at the beginning of 2019. that is what we have been preparing for and activating. what we have already activated, we are seeing an impact on retention and the impact on recruitment. emily: you have new partnerships. you mentioned headspace. there is blue apron. integration with the voice assistants. how do you think this will bring the business forward? mindy: if you look at where we

have prioritized, it is will it recruit, retain, and elevate the brand? when you look at partnerships like headspace, we are providing greater value for our members. similarly with a rewards program, which will have an impact on retention. certainly, with the move from not just being weight loss, the -- but giving people a whole wellness platform, that is the big recruitment message and allows us to have a broader range of partners. we want to own a healthy kitchen. our partnership with blue apron, we launched the first ww cafe, in berkeley center with cat cora. we have a line of kitchen products. every food product we make -- you do not eat weight watchers food. you can eat anything you want.

been 100% reformulated to reflect a healthy living brand. that will be launched on all of our direct channels in january. our first branded store for all of the products will launch on amazon at the beginning of february. emily: you are a global company, in 11 countries. are there plans to expand? mindy: what we said in february when we came out with our manifesto and new purpose we , inspire healthy habits for real-life -- people, families, communities, the world, everyone. that means, the world. today, about 70% of our business is in north america. the next three largest markets are u.k., germany, france. we have a big opportunity in both latin america and asia. what we have said is we will be doing the strategic work. market injuries will come next. by the end of 2020, we will start the development in new markets while we are

building the markets we are in. emily: a conversation with ww ceo mindy grossman. that does it for this edition of "best of bloomberg technology." we will bring you the latest in tech throughout the week. we are live streaming on twitter. check us out at technology. we sure to follow our global breaking news network on twitter. have a wonderful holiday. this is bloomberg. ♪ [ phone rings ] what?!

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♪ >> scarlet: this is "bloomberg etf iq." i'm scarlet fu, this is where we focus on the assets, risks and rewards of exchange traded funds. ♪ nowhere to hide with stocks in selloff mode and treasuries and gold standing still, where do you go for shelter? the team behind a black swan etf joins us. do etf's make a weak hand weaker? our guest from resolve asset management explains how to use the funds gutting out the to activate allocate your assets while gutting out current volatility. planes, trains, automobiles.