from a geographic standpoint, the portfolio's building exposure outside of the u.s., particularly in asia. page 13 illustrates portfolio cash flows. cash flows were slightly negative over the last two years, although we're absolutely fine from a liquidity standpoint. on our final slide, page 14, it illustrates the program's projected commitment pace based on our exposure model. bear in mind, this is an exercise that is just a model. basically what we do is take into account our legacy investment ands the cash flow profile from those legacy investments. and it helps us make a projection and some assumptions based on total growth of what the appropriate level of commitment pacing should be in order to hit our 17% allegation target. so that concludes my formal comments on the program. i'd like to reenforce the point that initially made that the program is performing very well due to the strong investment te team. the private landscape is extremely competitive. with that, i'm happy to open up to any questions you might have. >>> questions from the board? comments? >>> i do appreciate the

for us, on our side of the business, manager selection portfolio construction. you've done both of those pretty well. >> president stansbury: other questions from the board? seeing none. why don't i open up for public comment. any members of the public like to address the commission on items 12 or 13? i see some -- no members of the public, aisle -- i'll close public comment. >> it's a new effort for us. end of 2017, we had 1.6% of p lanned asset on our way to 10%. there's not much to talk about in terms update. we talked month ago about our strategy plan. i think it would be helpful to hear from cambridge if you have interest and time to talk little bit and do it quickly about the private credit landscape which we expect going forward. i know there's been discussion about the pace we build that portfolio. i think that cambridge had comments that was relevant to you. >> that's fine. bring them up. >> thank you commissioners. we have todd. >> thank you commissioners. i'm todd from cambridge associates. i work with your team on private credit plan date. -- mandate.

is david livingston livd i am the deputy director of the center responsible for the advanced energy and climate portfolio. as we work to build a robust set of programming and technologies can the policie,policies and thf tomorrow, it is a great pleasure to be hosting him here today for an exciting event in the advanced energy future. it's also a pleasure to be hosting this event with so many familiar faces in the audience had such a distinguished set of guests. i would like to thank the department of interior for its cooperation with today's event and also our terrific staff at the atlantic council for putting this event together today. the department of interior is an often overlooked pillar of the architecture that manages one fifth of the land in the united states, 35,000 miles of coastline, 1.7 billion acres of the outer continenta outer contd also overseas 700 million acres of subsurface minerals. it is responsible not only for managing this natural capital if you will but also overseeing the conditions for which some of this is responsibly and sustainably transformed into income in the form of ener

inside interior recognizing across all the agencies that the energy portfolio is not something that we should not be promoting and in fact, it is the opposite. we should be promoting our energy assets and rhythm probably on her sleeve. the reason for that is the energy economy in this country is important as any other aspect of our economy and as you noticed i said earlier it is growing. the concept is promoting our energy economy and bring part of it is not a new notion. other countries do it. canada does it, mexico does it, brazil, you can go down across the maps and picked on the countries. here in united states i think a little bit because we grow up as a woe is me consuming nation reliant on the winds of opec that we have not quite realized but now is everything has shifted in record production mode we need to start wearing our energy economy on her sleeve and are responsibly in interior is to make sure that everyone is also happening but without displacing the focus as well, which by the way, his hand in hand. a lot of the controversial programs that we have are funded by the rev

it is the largest in the world energy portfolio. i think because of that, i was invited to speak at the u.s. chamber of commerce. for the first time the department of the interior was ever involved in that conference. we talk about that in terms of the larger energy dominant strategy. also, pipelines are important because it also goes towards other infrastructure. the transmission some is federal land, submit estate land some of it is crossing indian land. how do you deal with all of that? we did these regions. they are part of this, water boundaries, they are not done -- well, we were going to restructure blm but that did not change much. but we did it through water boundaries to get the systems more normalized. we do reclamation as well. but to get one decision for one project from all the agency in the interior and reasonable fashion so that the project components and opponents do not have to run around the department of interior and have several different meetings. if you go to fish and while that there was that we will not issue

the reality is, the department of interior has had a portfolio at its conception, however it has not had the type of priority that the current administration and leadership have been providing it. so it has a strong mission of conservation and it is a strong steward of the environment and there is no better friend that we could have in regard to conservation and environmental stewardship than secretary zinke. however, in addition to those functions, this administration has added a management, corporate management in the business sense of the energy portfolio. so the secretary, looking at this, he decided it would be functionally smart to have someone there who could coordinate the policy and management of all of the energy portfolio which permeates all aspects. we used to say nine out of 10 agencies in the department but really, it is 10 out of 10. we can have harmonized policy across the board. and the purpose for that which was mentioned earlier, it does have a strong revenue function in the department of interior for the federal government. what we noticed when we began was that re

we also try to do, again, 20-some odd percent of the portfolio. is other stocks names that may not be on your radar. it was agnostic of what happened in the past. we didn't do back testing. we looked at it and said based on now looking forward seven years, based on these themes, what will be the winning portfolio? and this was it looking around the world talking to our global analyst. it was a true bottoms up process. no living on number names or sectors. that was the idea. >> what were some of the counterintuitive conclusions do you think in terms of just the durability of the advantages of some of these companies. chub, for example, or some of the financials that you wouldn't necessarily think would distinguish themselves >> jpmorgan or silicon valley bank or chubb for that matter. if data is the new oil, these are companies that have a massive amount of oil. you have to look at that the key is the wul the idea these companies are all willing to sacrifice near-term earnings and substantial amounts to invest in that seven-year outlook to really i

it doesn't get so much air time as the portfolio things. ange in the company and it is really about emancipating, faster speed. >> this is g.e. >> i think companies evolve, markets evolve. i have seen the company from so many perspectives the business development strategy, running businesses, being in the perimeter. this is a lot of experience i have had for ten years and not a reaction to we had issues in the last 12 months. >> for those who always thought of aviation as the crown jewel and were hoping that would be the one to be spun, were there arguments for that >> at the end of the day it is a great business. i come back to the commonality we see in the portfolio that we are keeping going forward. we looked. we are open to everything. i have no preconceptions, no ties to the past. i have examined every possible combination you can imagine with this and the board came to the conclusion that this is clearly the best path for the company. it is still a great business. we are quite confident renewables is a high growth business. we are maki

make the statement buy, get the position on the sheets or in the portfolio. but from where i stand that's wrong. 100% wrong you should never buy all at once or sell all at once. instead, stage your buys, stage your sells this is the term we use when wall street is working your orders try to get the best price over time and not necessarily in one day, maybe multiple days when i started i was a professional money manager i wanted to prove to everyone how clever i was so if i felt like buying caterpillar i'd buy it now, buy it big, buy it all at one price because i was so sure i was right put me up on 50,000 cat, i would scream which means buy 50,000 cat as if i were the smartest guy in the universe when i think back about that young cramer with the mostly full head of hair all i can say is i was one arrogant son of a gun. i was arrogant and i was wrong what was my mistake? well, if you want to buy 50,000 shares of caterpillar, you don't pick them up at once it's dumb. what happens if it goes down immediately? you'll feel like a dope. that's my rule never buy all

the risk they take. they compliment your portfolio. to go beyond the guidelines and impose other conveyances on them -- constraints on them would be inappropriate. i would approve the guidelines as indicated. i'm very respectful of joe s aying he was you were the impression that this was helped satisfy the carbon issue which i personally i don't think it was. >> commissioner driscoll. >> commissioner driscoll: i said two toes ago the impression how i was -- i forget how i phrased it. when we voted on adopt a strategy, staff interpreted right to hire and fund a m anager. but impression i got out of a, that's part one. two, this thing about generation. there was no rfp or they were not able to participate their businesses in the rfp. there was no rfi. sometimes they are announced to us in advance. we have voted on opportunities when they are presented to us. generation thing was not p resented he3e as an opportunity which just duck tailed right in between, by the way, ejust f unded $500 million with goldman sachs and cartica was the next

so our job is to optimize the portfolio to have the most exploration initiatives we can.so we have taken the approach of having a portfolio of small medium and large missions in the approach where we budget the missions at the 70% competence level that balances the risks and formulation and people can take them against the opportunity cost of budgeting and to to start the new missions. it is a matter of optimizing the portfolios for the budget. >> and to manage those expectations. >> they can do a better job. >> one of the realistic thing you're in greater danger of not getting the project started in the first place. so i think what the problem is to be overpromised the maturity of technology always instructed like a lawyer on page three of the written statement there is a quote from the fume or just former administrator at the time talking about proponents of individual take on the difficulty in the wrists. so that has been a historic problem for nasa. >> you mange to interesting pieces of your testimony. what the part that was too optimistic with far more accountability

we know exactly where we want to go with the portfolio, with the balance sheet, with how we run the company, and we know exactly how to get there, and stay tuned for the ride here. >> general electric's ceo asking investors to believe in his plan for the industrial giant i'm kelly evans at the new york stock exchange more details on ge's strategy coming up on the "closing bell." >> reporter: harvey davidson locked in a war of words with the president in moving production overseas. the latest on the bike battle coming up. >> reporter: the supreme court siding with the white house on the administration's travel ban. the big question now what does it mean for the massive u.s. travel industries >> i'm wilfred frost co-head of goldman sachs talks deals, business, and the sport of business. that starts right now on "closing bell. ♪ >> you did get here quickly. >> i did just hopped over the fence >> welcome to the "closing bell" everybody, those stories in a moment, but a check of the markets. after yesterday's big down day, stocks rebounding today, dow adding 9 h4 points, nasdaq up . and russell

d shows you how the 64 portfolio is back in the green. hat extent do your models fit into this portfolio? yie-hsin: we think that in this marketplace, equity valuations are elevated. to the extent that one can introduce a cap percent or 50% of one's portfolio into these alternative asset classes, it improves the overall risk reward ratio and positions investors in a much better place to achieve their objectives. vonnie: what is new york life investment management targeted return? marketn: with this environment, the returns we have seen in the last year, investors need to reset their expectations going forward. that said, that is the asset side. we focus just as much on the obligations and needs individual investors have. vonnie: the you have a number in mind? yie-hsin: it depends on the asset class. it is a variety of returns depending on various exposures. caroline: i am looking at how we ha seen bouts of volatility. you mentioned the civil war earlier. just the last year how we have seen volatility spike in february and april and on the

marketplace. >> are you saying then you think health care -- it was right to remove it from the core portfolio there is no question the fact that propulsion systems in health care are tough to manage together i think that the argument to separate them makes sense. what i think is really critical, though, is ge has to look carefully at how they bring leadership into health care. if they're going for the mri, ct, x-ray, contrast agent, end of the rainbow, i think it's going to be a disappointment if they can actually look at their core technologies and bring some of those next generation diagnostics and therapists online, i think the health care opportunity is great. i believe this is not going to be an innovation based win or loss it's going to be a management base based win or loss and, as i said, i think the jury is out on that one. >> what worries you? what could disrupt your bull case for ge? >> since we built the index we've been looking at a trade war index that would essentially be a companion to this i think ge's position with partnerships in china is an insulation against the broad mac

also an architect lives by the portfolio. e idea that he would have removed more than 30 projects from his public portfolio is -- they just said they had never seen anything like it. >> now, there is no suggestion that he is in trouble. we don't have any indication -- your reporting as yous there is no reason he has come under suspicion for wrongdoing. >> no. >> has there been other reporting as to involvement with the investigation or potentially involvement in- in overseas investigation sns we know that in ukraine for example prosecutors looked into possible money laundering and other misdealings around corruption and real estate deals. has he been caught up in that. >> not we know of. he basically as we looked all over the world for pieces of the story he is a figure in the shadows, partly of his own choosing. but certainly now he is a guy who doesn't want to be found. but what i have reported out is that he was present in a ton of very interesting moments in trump's career, especially in eastern europe spl now mr. fotiadis

it can't be on just the growth investor or i am just a dividend investor you have to construct the portfolio where you can survive days like this without pulling your hair out. one of the things i want to mention here, look at this candle in the ibb. you talk about a september or the that's got secular growth and very little involvement in this ongoing trade stuff the tariff stuff biotech. biotech. these stocks have been in the penalty box for a very long time i think they can get rediscovered here, especially if we're? a -- we're in a zig-zag because it has to do with drug commercialization. that should tell you money is coming into this type of area when other areas falter. >> joe, it seems like we are out of the zig-zag, up, down, up, down, i keep mentioning it, but it was a big moment. we gave it credit in the buffett/apple thing. and tech started to catch the bid, the overall market started to catch the bid again looked like momentum was to the other side now it is fix and starts this, that and the other thing. >> yes i don't see this as a portfolio event. i see this as a trading event.

the global markets. you might have on one side of your portfolio, have treasuries. but thends blasphemous fact is if there is worry, if the economic data does pull back, if trade talk increases money will go into the treasury and pushed the yield down. utilities, they started to rise as the yield came down for which had been another area, unbelievably popular only to go into the quiet zone. they have also started to pull back. that is a safety. we think the markets are going to see solid earnings and top one revenue growth and that should help the market. as long as the headlines don't take over. that is the issue for the market whether or not the headlines takeover and skew the market into the second half. >> our thanks. our chief market strategist. let's check in with bloomberg first word news. >> let's get to the headlines, canada will announce tariffs on 12.6 billion exports today. followed tariff lift consultations on initial list for tariffs on $16 billion and exports. it is retaliation to the steel and aluminum tariffs from the trump administration. the next m

gao reported an overall deterioration in the major program portfolio primarily due to the fact that nine out of 17 projects in development are experiencing cost and schedule performance growth as a result of risky program management decisions, significant technical challenges and issues beyond the control of the projects. last year gao assessed that nasa projects were continuing a generally positive trend of limiting cost and scheduled growth, maturing technologies, and stabilizing designs. however, gao also noted that many of the more expensive projects were approaching the phase of their life cycles when cost and schedule growth is most likely. the subcommittee will also investigate specific nasa cost estimating methodologies such as joint cost and scheduled confidence level. the jco process. nasa management techniques related to projects scheduled determination and use of headquarters resource funding. we are particularly interested in the nasa inspector general's recommendation in improvements of cost methodologies, especially if there's a need to continue using jco process or adopt

it matters on the portfolios and the risk premium. [indiscernible] it was quite high at a time.ital of flows -- it is strengthening again. we are seeing the development of inflows again. [indiscernible] the development of the economy for the future. >> how deep is the pocket? how much can you intervene. >> we will stand ready if there is pressure in the market. let what we saw in early february. -- like what we saw in early february. this has become normal. the markets are in the process of adjustment. this is when we need to step in, to ensure the adjustment is small. >> urging the fed to ease the pace at which -- is is withdrawn. we sought indonesia being the heart of the emerging market and it prompted him to raise rates for the second time in two weeks. funding -- >> it is a condition. >> when we do our analysis of how much debt indonesian corporate's have, the numbers are extraordinary high. 25% of the stock of reserves. that's what the market is looking at. across the emerging-market universe, which are the countries that have large dollar funding needs at a time that doll

management -- manager of the permanent portfolio management family of funds. let's check in now on the "first word news." kaliey: president trump and russian president vladimir putin will hold the first bilateral summit in july. sources expect conversations to include ukraine, syria and russian meddling in elections. german chancellor under lamarck is defending her decision to keep germany's borders open during the refugee crisis. she said her country provided help and what she -- in what she called an exceptional situation. upon its accused her of endangering german security with her welcoming approach to migrants. a european commission index of household sentiment fell to an eight-month low in june as raise -- as rising trade tensions dampened optimism. a broader measure of confidence that included business also fell for a sixth straight month. global news, 24 hours a day, on air and at tick toc on twitter, powered by over 2700 journalists and analysts in more than 120 countries. this is bloomberg. up, betting ong that box -- bit box. we will talk about all t

it matters on the portfolios and the riskit matters on the portfd the risk premium.nible] high at a time. flows -- it is strengthening again. we are seeing the deferment of inflows again. [indiscernible] pocket?eep is the how much can you intervene. >> we will stand ready if there is pressure in the market. this has become normal. the markets are in the process of adjustment. in, is when we need to step to ensure the adjustment is small. >> urging the fed to ease the which -- is with john. we saw indonesia -- is withdra wn. that prompted him to raise rates for the second time in two weeks. we do our analysis of how much debt indonesian corporate's have, the numbers are extraordinary high. reserves. stock of across the emerging-market universe, which are the countries that have large dollar funding needs at a time that dollar would be at a premium. u.k. now seeing em currencies are a bright spot. you still stand by that call? in aggregate, we believe emerging-market currencies are a tract of leave valued. we had a significant drawdown from 2012 to 2015. we have had a

the assets would increase comcast's portfolio. for more and what it could mean for the media landscape, let's bring in jim stuart. what do you think disney does? >> well, you know, disney has thrown out a hail mary pass saying they think comcast would have regulatory hurdles to get over i don't see that after this opinion. i think the only weapon in disney's arsenal really is money. >> how much do you think disney wants? we had a guest on yesterday who said this is a nice to have for disney, but not a must have for disney. >> well, that's in the eye of the beholder i tend to agree with you i mean, what disney -- what's motivating the deal for disney is their move to direct to consumer and to create a package of quote unquote, must have programming, that will induce people to sign up. if you add all this content, you're going to draw in a lot more people who are going to be attracted to the disney package they can put on there. i think that's the same motive for comcast, which already owns nbc universal. you want to get a big packag

so it's a meat of optimizing the portfolios and delivering the most science and expiration content that we have for the content given. >> i would suggest that part of optimizing that is managing the expectations of the people you have to -- we can definitely do a better job of managing expectations. >> mr. martin? >> i think one of the things is you underpromise and you're in greater danger of not getting it started of attracting the signing and attention to get the funding promised. >> they overpromised the maturity of the technology. having struck like a lawyer going like a footnote on page 3, there is a quote from former administrator griffin and he was talking about projects, proponents of individual missions downplay the particular nickal difficulty and risk, grossly at times in order to gain new start finds. i think that's been a historic problem for nasa. >> you raised a couple of piece, one is the culture of optimism and sometimes too optimist being. with the level of accountability we have a shortage of the talent that we need. more than half, over 50 years old and the proud ch

we engage 80 -- invest -- over 80 investment pay them fees associated with those sections of the portfolio. also, the board has an investment consultant, and then we have a private market consultant and a public market consultant, so a lot of those are for consultants. the other consultant that the board has is the actuarial consulting services, which is an outside actuarial firm that oversees and conducts all of our reporting, all of our recommendations for the board on contribution rates every year, and so that's the nature of the vast majority of that cost. i think it's -- in the investment, it's all managers and all consultants. >> supervisor cohen: oka so there were -- earlier in the committee hearing, there was a long conversation about increasing sfpd. the mayor has put a proposal forward -- a budget proposal hire something like 160 o employees -- new sfpd officers. and quite frankly, this body is -- not just this committee, but the entire board of supervisors have identified public safety as one of their top concerns. and in that -- i that area of public safety, it's a desire to se

maintain all of these key fund manager relationships on the one hand, but you want to de-risk the portfolio on the other hand. so very, very difficult thing to do. bill has said in the meeting on the questioning from commissioner driscoll that some aspect of tactical decision making there, which i'm glad you have he said. you have that difficult balance. i think that table should be in a report once a quarter explaining all the moving parts, because you're moving billions of dollars around very quickly. and you're changing managers quickly and it's hard to keep track of them all. >> president stansbury: thank you. are there any other members of the public that would like to address the commission regarding the investment committee report? seeing none, we close public comment. any discussion from the board? great, next item. item 9, discussion item, chief investment officer report, mr. coaker. >> start by looking at the second page, if you look to the column titled, allocation, alloc, i want draw the progress we've made. you see private equity right now is 16.5. that was under 12, slightly u

host: he talks about the portfolio he is building. >> i want to build a lifestyle brand. d he looks ahead to his legacy beyond the game. ♪

the tickers iwo. >> that is correct. this is areat low cost way to add small caps to your portfolio. again, still focusedn growth because in the current market environment growth a isolutely what's leading. >> what's different about i-shares edge, msci musaentum factory. mtum. what makes it different from the other two picks? >> other than the fact that this is the one that sort of survive, to and we continue to own. >> this a repeat. etfthis is a factor-based that's actually somewhat more active. it actually adjusts its port foal yes over time. a couple ofgo years when high dividend paying stocks were in favor, this is what this f d actualowned. if you only can invest in u.s. stocks and only large and mid cap companies, it's done a really good job over the last few years actually migrating between, you know, sort of different things like what's working and it's still at a vg y low operatpense ratio. 15 basis it's a nice way to have something in the portfolio that's doing well today and you leadership pt as changes. we know it will. >> i'll come back to the idea that i sort of began w

this was the crown jewel of the portfolio. speculation, could they merge with honeywell or boeing? at this point, the communication from ge is this is it, this is the big brick of change we will see. you have to wonder down the road as the power business gets back on stable footing, does that business need to be continued to be paired with aviation? i don't think speculation about the report will you will stop with this but this is significant enough that it is good enough for the time being. alix: brooke sutherland, thank you for joining us. petroleum the qatar ceo will be joining us. qatar, australia, the u.s. those will be the big lng suppliers to the entire world. what a trade war means for them. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse an

you mentioned bringing down your equity allocation, to what, and what is -- is cash growing in the portfolio some charts today looking at the spread between s&p dividend yield and t bills you have to go back a few years to see a spread this narrow. >> you're getting there. cash is not yet for us an asset class we're investing. we've brought down our equity allocation from 70% to 60% that has not gone on to cash we're looking for ways in fixed income to find carry in the portfolio. cash is getting interesting. that's what prevent the market from the v-shape recoveries when we have pullbacks because cash is getting interesting but at the inflationary even if the fed gets a checking account to 2%, inflation is at 2, that's still 0, not negative, but zero real return and we're finding other ways to play defense. >> still overweight u.s. >> >> we have the most confidence in the u.s. and a lot has to do with the resilience i spoke about. every time the federal reserve goes, that's validation for us, especially in a low inflation environment. >> it is getting interesting lots of things thanks, jeff

you have 55%, only, 55% in stocks rest of the portfolio in alternatives or bonds. why that's the case. second thing is newest buy, it's a staple general mills. doesn't exactly exude the sort of optimism that you lay out on the table. so address those two things for me. >> 55% equity is an average and it ranges anywhere from 40 to 60 but that's a full equity position for us because our clients are looking to stay rich and not get rich and looking to manage allocation so that they have growth and having protection on a downside in terms of general mill which is is the latest position -- >> yeah. >> this stock's been very unloved by the market and in the last year -- >> staples hammered. >> exactly it's been underperforming by 35% in the last year got a 6% free cash flow. $27 billion company. there could be consolidation in the industry and i want to buy names now that have gotten beaten up. okay names that have already suffered versus names that are -- have already moved in this kind of a market but it also strikes to the discussion of interest rates and it was just m

also on the program portfolios. the giants of origin by securing a lower floor in the group stages of the world cup in russia we'll have the highlights of that game for you and plenty more later on in the show. you're. welcome my name is christopher bring it thanks for joining us chancellor angela merkel is reportedly planning emergency talks with several a huge nations as she struggles to avert a crisis within her coalition government of the migration policy the german daily built says the high level meeting could take place as soon as next weekend. chancellor merkel is currently locked in a round with her own interior minister hoskyns e who for who heads the the very insistent party of her christian democrats see hope for has threatened to unilaterally tighten germany's borders in defiance of magical who wants to find a european solution. so with fears spread. but the newspaper nobody in the c.s.u. is interested in toppling the chancellor dissolving the conservative parliamentary group breaking up the coalition. br

short-term play, but energy in the portfolio, but not overweight. ing about and all straight in pension fund increasingly you need to be taking profit away from the listed equity space and need to be buying euro-u.s. dollar chinese-linked correlation, buying listed assets and effectively staying risk overweight, but acknowledging you need to lower the volatility for the next phase of the economic cycle. we've had a great run for eight years. it is about where do you tell from here -- you tilt from here. haidi: what is your view on the u.s. dollar? that will inform the asian and emerging-market space. we have seen a little bit of weakness, almost a breather this week. are talkinge about fundamentals haven't changed, do you see the strength continuing? >> dollar strength is interesting. it should've been weaker earlier in the year on the back of the trade war. higher u.s. rates dollar, so you have this push-pull effect, trade war back, rates higher good for the dollar. we see u.s. dollar strength continuing in the shorter term on interest rates. notwit

so how many units are like the mission walk? >> our portfolio right now, we have 700 units under sfra, which either the restriction does not survive foreclosure. the units, we have about 1300 units. >> supervisor kim: 1300 unit total? >> 1300 total, but for the sfra, we have 1300 total. in addition to the two programs, we also have the conversion below market rate program, which is the oldest b.m.r. rate program, which was suspended in 1988, and for that program, we have about 900 units there. >> supervisor kim: but of what we consider the traditional below market rate units, there's about 2,000 below market rate home ownership. >> 1300. >> 1300. >> supervisor kim: and of the 1300, there are 1200 in various stages of foreclosure shall we are working with. >> that's correct. >> supervisor kim: and do we require notice to mohcd for all of these units? >> correct. for all the units, we have a copy of request of notice for default. so that will automatically notify the lender whenever there is a default, but for the counter conversion b.m.r. unit th

the inflows in the portfolios in the development of the risk premium in the market.nts in february with imports strong, but since february there have been capital outflows, strengthening again, so we are seeing the development of inflows again, but not to the level we want. .his is cutting the development >> how deep is the pocket and how much can you intervene to prop up the currency? >> we stand ready if there is pressure in the market, like the one since early february. the marketsthing are in the process of adjustment. we need to step in , not to intervene in the market, but the adjustment that is small. haidi: that was the bank indonesia governor perry warjiyo speaking with bloomberg. coming up next, we will speak with church asset management president and ceo talking about investor appetite for private debt. this is bloomberg. ♪ haidi: miami haidi lun in sydney. ramy: you are watching "daybreak: australia." stocks around the world may be performing pretty well right now. in asia, there is a new emerging asset class, private credit. that is what brings our next

the hit if something goes wrong. as long as you are discipline and it only makes a strong part of your discretionary portfolio, then it is absolutely worth hunting for the next regenerron without hesitation next, stocks or bonds? plus the game plan you need to follow when the bear market strikes. many of you will have to take action toermg. ick with cramer. your muscles look good, but we should be seeing more range of motion. i'm fine. okay, well let's see you get up from the couch. i'm sorry, what? grandpa come. at cognizant, we're uniting doctors, insurers and patients on a collaborative care platform, making it easier to do what's best for everyone's health, every step of the way. you may need more physical therapy. ugh... am i covered for that? yep. look. grandpa catch! grandpa duck! woah! ha! there you go grandpa. keep doing that. get ready, because we're helping leading companies see it- and see it through-with digital. does it look like i'm done?yet? shouldn't you be at work? [ mockingly ] "shouldn't you be at work?" todd. hold on. [ engine revs ] arcade game: fist pump! your real bike's all fixed. man, you guy

view that inof the the mid layer of portfolios, when you're looking at those that have other em or dm credits, we see fundamentals stoward em. we like em, not brought em, you need to look for the right opportunities, but the fundamentals continue to be supportive and we continue to like em in the portfolio. vonnie: i want to bring you to tomorrow and the ecb because you just recently neutralized your local on the euro. many announcing the euro could go higher by 7%. we are getting a slight do you agree? that the move -- for the dollar versus the euro between now and 2019. we have a target of 1.22 for the year. we are of that view. nearerm, the level of political uncertainty in europe will likely prevent the ecbrom overhing to the hawkish the next meeting or even in july. structurally we like a bearish dollar view, but near-term we see consolidation around these levels. caroline: when do you see any sort of rate hike coming from the ecb? i'm looking at a chart that says we have 14 months to go. there seems to be some expectation of september 2019? bruno: i think that is reasonable. the

people are playing the market and i think it's the right way to play the market have what works in the portfolio and add some cyclical exposure, whether it be materials, industrials, financials, that can get you some more upside from here. >> josh makes the argument, though, also, that you would be foolish to just forget about europe because of the problems over in italy, and if there's any, you know, i don't know if there's going to be contagion or not. too early to tell the story. >> that's why i stick with those, too italy -- >> technology stocks in asia, you have no idea it makes our technology stocks look like they're asleep >> if you say emerging markets are a good place to be >> i don't >> i know you don't, but - >> everyone will say that when those indices break record highs which may be years from now. my job as an investor, to echo something steve said earlier, his timeframe is shorter than mine, my job as an investor is to think about expected returns, in markets that have lags or have currency issues, those issues do not last forever when they start to fade, those stocks have already

we think there is actually value of having the assets and portfolios divorce fied adivers and i think there is some upside risk lagging quite a bit. january 25th down relative the two years. so quite a big gap no to say since 2007 emerging markets and dollar terms are down 15% s&p up 100%. we're talking gap hundred plus percent over the last decade we believe in continuation of the global growth. if this can persist several quarters or longer the gap should be narrowing. there are risks and there is going to be volatility days like today are tricky for investors in emerging markets but if you can stomach volatility i think it is time to increase and we think over time that is good results >> second card to reveal our fate summer market melt up. what are you seeing? >> so we continue to think that market is going to drift higher. positioning has been changed quite a bit so that is expressing volatility at this point. as opposed to february, march and april where it was pushing volatility high. -- are serving as a stabilizer for the market accelerated programs that -- so these factors -

the head of portfolio strategy. t to recap some breaking news, a date has been set for fox shareholders to decide on the disney deal. the vote will take place on july 27 at the new york hilton i 10:00 a.m. eastern time. comcast was waiting for fox to set the state before it came back with a counter offer potentially. this could now set the trigger for that to happen. we will continue to monitor for any developments or announcements on the comcast side. this is a deal that keeps giving him and we will move on from that. julie: and an update on that shooting in annapolis, maryland at the capital gazette there. we have learned now, according to police in annapolis come they have confirmed injuries at the shooting at the newspaper. we do not know exactly how many injuries or how rave they may be, but the police have confirmed that there were injuries. there have been various reporters there who have been tweeting that the shooting had been happening. it looks like we have seen at least some people cleared from the buildi

this bad reputation by association because some of the brand names which will become part of the new portfolio draw almost as much controversy as the parent company and buyer is not going to change the thing fell the danger of a knock on effect is real and could potentially damage fate of the stock price of buyer is well the stock is indeed down for the year though see many changes in the sector of the agriculture in the last few months and years do you think that's it as far as litigation goes in the sector. well i mean this deal takes place in a global shake up if you buy sluggish crop prices so there's a huge need for this consolidation three method companies now control the market that supply agricultural inputs like fields like trade like chemicals and was farmers fear this prospect the new market power is certainly something that is also tempting to the stock market especially after buyer got clearance from the u.s. department of justice canadian authorities the. commission so many hurdles have think carefully been taken in this two year quest now they're still next because the anti cafe

they like being in the portfolio. has to do with the focus on these quarterly earnings it's way too short-term oriented you have one bad quarter at dupont one bad quarter brings nelson peltz back into the board, collapses like lawn furniture because of a quarterly miss. it's ridiculous. >> we'll find out if this gives executives cover, starting in q2 maybe. who knows? jeff, thanks again jeff sonnenfeld joining us from yale >>> english premier league starting in the 2020 season. uk prime members will have the ability to stream 20 matches per season the most watched soccer league in the world amazon fire tv cube, a combination of an echo device and fire tv. some said the premier league news is historic. >> huge. >> these are exclusive rights not a simulcast. >> the last break in the firewall, keeping the mongrels from invading the advertising industrial complex was sports. we'll always have sports they don't skip the ads. but none of these leagues are, in any way, loyal to any network they go to the highest bird. nobody