black rock just out with quarterly results, and we have the man behind them. is here to talk about the numbers and much more. good morning we've got a lot to talk about. before we announced the earnings or you announced the earnings and we reported them during the tease, i had said more than $6 trillion now the number has come under $6 trillion >> apparently 5.98 >> 5.9le >> today it's higher >> so just speak to what's happening in the market and what's happened on the marketplace. clearly, there have been outflows not to the extent of some of your competitors, but -- >> we had inflows. we had $124 billion or $123 billion of inflows the industry had huge outflows we had record inflows and etf, and i assure you it was in the fourth quarter we had $81 billion of inflows in the fourth quarter and atf ds. >> how much of that was in the last few weeks >> i don't remember. it is what i do remember is it was pretty spread out, and i could get into the composition of what happened there over the year we had record inflows in our alternative space at $26 have 16 billio

. >>> and black rock reportedlyut plans to about 3% of its workforce in the coming weeks. that would work out to about 500 workers. the world's largest asset manager said thatt's reinvesting in businesses where it sees growth, like technology, retirement andnontraditional alternative investments. black rock shares were d a fraction today to 399.50. >>> the chairman of sears late yesterday submitted a revised takeover bid of more than $5 billion for that retailer. eddie lampert, who is also sears majority sreholder sweetened his offer in order to win approval from a federal bankruptcy court. lampert's hedge fund will take on about $660 million in additional liabilities. in an effort to strengthen itsa propefore a monday bankruptcy auction. the hedge fund said that the plan will, quote,rovide more value to stakeholders than any other option, in particula a liquidation. >>> coming up, one of the mos popular vehicles on the road is getting a makeov. >> it the first all-new redesign of the ford explorer in eight years. but is it enough to hold off the competition? i'm phil lebe

they will be led by goldman sachs and black rock and, of course -- there you go ahead of all this futuresre actually calm this morning we've seen sort of bigger moves in the futures the last couple of days. really the last couple of weeks. not today. dow futures, s&p, nasdaq almost kplk flat. let's check, though, how the u.k. and mainly european markets are trading on the back of the u.k. vote as well, and we are seeing the ftse 100 in the u.k., again, react the markets may be anticipating this outcome down about .6% on the mainland, again, very slight moves and anything minor to the upside for germany and france what about in the currency markets? we have to look at the pound sterling again, actually a change it appears as though with all the guest that is we have had over the last couple of days and weeks that the market anticipated this outcome and has set itself up for it as always, we've got the best coverage in the business for this historic time and last night's brexit vote, and we begin where it all began with a resounding defeat for the u.k. prime minister theresa may. steve sedg

. >> there is black rock 608 is a miss. a hike to 330 a share.arry fink on the air earlier today and talked about whether we're seeing the seeds of a slowdown or recession >> i think in the short run we probably hit a bottom. >> that lasts how long >> it really depends on what happens geopolitically >> okay. >> if you can give me an answer, where we are going, whether trade negotiation with china, what is going to be the ultimate outcome of a uk. >> they recently announced about 3% layoffs and some leadership changes. we know about flows. >> i'll tell you, one of the things, continual theme here, we know we have unemployment, it is hard to find people that work. the layoffs in this industry, and bank of america laid off a huge number of people over the last decade, laying off people i think that there is more slack in the economy i think jay powell is -- he does have to wait you have good loan growth. what's the matter? >> funny how you brought it back to jay powell, seven minutes in. >> okay. no actually, eight get an apple watch i think that wh

willem marx has the latest on brexit and leslie picker has more on black rock's earnings. steve, we'll start with you and what we got out of the fed this afternoon. >> as you said, sara, eight of the 12 districts saw increased growth at a moderate amount but four districts, including kansas city, new york, st. louis and cleveland saw somewhat less robust growth. it was flat in kansas city, it leveled off in new york. outlook was pretty positive, but many districts said their business contacts were less optimistic because of four reasons. financial market volatility, rising interest rates, falling energy prices and elevated trade and political uncertainty. shutdown mentioned only once this report goes through january 7th, so didn't pick up a lot of it mentioned only by chicago related to farmers not receiving government payments. tariffs, 20 mentions, down from 39 in the last report but it was linked to rising uncertainty and higher prices. now, one piece of good news, several districts reported higher christmas sales, though, auto sales were flat if you get this idea that

according to the national park service, indian cove and black rock campgrounds will be open for day-use only. (pam) and yosemite has announced new access limitations... due it its own problems with human waste... and damage to resources. the park said today, rangers will be staffing a checkpoint at the south entrance to the park... reached by highway- 41... and that only those people with reservations will be allowed to go in. everyone else will have to enter the park through highway- 140. several popular areas of the park have had to be shut down ... and visitors are being urged to use restrooms before entering the park. (pam) and despite the meeting between the president and congressional leaders.. no compromise was reached on the shutdown today. (ken) it looks like it will be up to the incoming legislature to sort this all out... as new members of congress are set to be sworn in tomorrow. (ken) joining us now to talk about what's happening.... u-s-f professor james taylor. james taylor. s-f professor happening.... u-s-f professor james taylor. let's take a look outside right now... m

according to the national park service, indian cove and black rock campgrounds will be open for day-usebut visitors will be entering at their own risk, ( darya ) take a look at this ... police in oregon say they arrested a man for trying to steal from officers right outside of the police station. officers say he tried to get away with a bike. gladstone police shared this video on social media. for about 30 seconds-- the man tries to cut the lock off of the bike. an officer comes out... confronts him... then arrests him. ( darya ) scary moments for a two-year-old girl who was hurt after falling into a rhino exhibit at a zoo in florida. the brevard zoo says the girl was taking part in a hands-on experience with the rhinos-- but she fell between the poles and ended up in the yard with the animals. it was the fall that hurt her ... not the rhinos.but the zoo says one of the the gi her and rushed her to the front of the zoo, where she was airlifted to a hospital. zoo officials say the rhino will not be punished in any way for the incident. ( darya )still ahead on the kron 4 morning news.. th

according to the national park service, indian cove and black rock campgrounds will be open for day-usevice says the joshua tree will remain accessible, but visitors will be entering at their own risk, as the service can't fully staff its properties. ( will )mum wage is up for the year. we hear from south bay workers who say the raise ( will )plus.. itesla... you better hurry up... the companies 75-hundred dollar tax credit is getting sliced in half. (ácommercialá) the second day of the new year is coming along with more pleasant weather as temperatures boost to comfortably cool highs in the 50's much like yesterday with calm winds continuing. skies will remain sunny before increasing cloud cover and rain looking likely into the weekend ahead. (robin) no major hot no major hot spots. bay bridge wb 80 is less then 30 min from the maze to sf. hot spot in san jose cleared on sb 85 at winchester. accident now on the shoulder take a look take a look at this ... police in oregon arrest a man for trying to steal from officers right outside of the police station. officers say he tried to get aw

black rock for the time being session highs. dow is up 142. got 2608 on the s&p. and tech has been killing it all morning long let's get over to the half >>> welcome to the halftime report i'm brian sullivan in for scott wapner jpmorg jpmorgan's numbers are front an center we tracking big numbers in the nasdaq that green simplifies the show is open for our interpretation it's meta physical >> let's start the show. it's good to have you with us on this tuesday here to debate and trade the stories for the today john and pete you can't tell who is who. jim cramer jp morgan chase posted anybody who sold the stock at $97 is a first class idiot. >> i used the term moron because i was being a little more gener gentile. i think some people said i didn't know the trading could bring them down that much. there's so many lines good in this quarter that stock which is now up, i felt it wouldn't be up this much only because they did talk about how they had it. they are worried they did talk about construction you need to pull in just in case things fell off the rails. i think

according to the national park service, indian cove and black rock campgrounds will be open for day-use national park service says the joshua tree will remain accessible, but visitors will be entering at their own risk, as the service can't fully staff its properties. ( darya ) now to the north bay ... where two men have been arrested in the assault of another man in petaluma. it happened just after the new year ... around 2 a-m ... on kentucky street and western avenue. investigators say two 22- year-old men attacked a 29 year old man. malik telcy is accused of walking up behind the victim and punching him in the side of the head ... knocking him to the ground. then police say this man ... gregory macdonald ... kicked the man in the face and hit him in the head. police eventually arrested the two men. it's not clear yet what prompted the attack. happening today ... the mexican national accused of a killing a newman police officer in stanislaus county will be in court.( darya ) now... crticism is growing over a california's sanctuary law that some say played a role in the officer's murd

black stone, black rock. walt street -- wall street people are buying the lots. it is desirable. that is the stabilization part that i am missing. we just can't have development without up -- we can't have production without preserving and protecting. the provocative statement was single family. i am open to an educational presentation by the staff or department on the legacies of that and how something tangibly can hold on to. if we up zone the west side, how are we going to get there given the current limitations we have? people's income is so much. the study says you build a unit of housing on a for sale on .370 rental creates a bmr unit. we are producing 18 and 24%. rationally am kind of going the more units we have the more we generate the need for low market units. if we were building 50% or more it would meet the demand for the right housing. the question is how are we going to get tornado and what is right? market rate housing? show me where it works. most dense places in the world are the most expensive. that is all i have. it is striking and provocative. a conversation

. >> are you so concerned with making sure black rock and vanguard protect profit while neighbors and families burn to death. >> he went onto finish his comments. other speakers never made it that far. >> could you finish up? >> ma'am. you're repeating yourself. wrap it up. >> a similar scene played out minutes later. one man read a letter from a woman who lost her family in the pipeline explosion. and the president cut the mike. >> we were absolutely disrespected by the commission. and it demonstrates that they're there protecting the monopoly utility. >> maybe the most powerful moment of the whole morning. came when the names of those killed in paradise were read out loud. that went uninterrupted. >> they had to clear the room and end this meeting early. the disruption was so loud. they are expecting timely resolution in this. as they hope to figure out what the liability is going to be. what the criteria will be for the liability of companies how much they have to pay. in the echt of the wild fire recovery cost. >> thank you. we have new details about the chief accused offend steal

that stock is higher >> delta airlines trying to erase its losses tomorrow it will be b of a on black rocking session highs. dow is up 142. got 2608 on the s&p. and tech has been killing it all morning long let's get over to the half >>> welcome to the halftime report i'm brian sullivan in for scott wapner jpmorg jpmorgan's numbers are front an center we tracking big numbers in the nasdaq that green simplifies the show is open for our interpretation it's meta physical >> let's

. >> black rock set to report tomorrow leslie picker with a preview hey, leslie. >> black rock, of courseprice disappear and that was actually half as bad as many of the other managers. as went the market, so, too, did the share prices of the firms that trade in and out of them. declines in stocks, bonds, commodities shrank the firm's assets under management and caused investors especially retail investors to yank their money out. analysts don't expect the tough backdrop to turn around any time soon deutsche banc wrote in a note that the first quarter managers may be the worst in recent memory set to report tomorrow morning across the industry, a bright spot is etf in flows where they're focused on blackrock said it would be laying off 500 of the employees to reinvest and investors are focused tomorrow on how blackrock will plan to reduce the expenses wall street estimating a very slight increase in eps and revenue compared with last year and may take a bigger catalyst to propel the stock higher, guys >> all right tough times for blackrock. leslie, thank you very much. of course, comes af

they were saying that black rock was going to get rid of all the fossil fuel stock.hey had to remove the article from the website all of the stuff that was -- >> we got put on posted on black rock's website >> it looked like a -- to be -- he sends out an annual letter to ceos every year. then i went on the hunt for the -- >> really ironic if he just copied that and did send it out because i could see him doing that i -- >> that's not what he does in this year's letter, and i was looking -- >> it's as if -- it's actually a very interesting piece this year because it goes back to the letter last year which we've had lots of debates about, including when sam zale said who made larry fink god in a way it's actually a remarkable defense and sort of explanation of what it actually means to have a purpose and how the purpose and profit are actually completely aligned. he goes into it. it's actually very, very well done hopefully we'll get a chance to talk a lot more about the letter >> it makes it sound ridiculous or like it's -- >> no. there was a hoax letter yesterday. >>

they are not traditional owners like black rock or me or somebody else. i think they took their stake to try to take the company private and failed at that. they are very nervous as far as investing in things that will destroy their entyrekey. so saudi arabia has the most to lose with tesla's success. so doesn't surprise me that they're hedging their investment. there's a lot of motivation they work with that aren't per se economic. >> what about the lay-offs at tesla, the uncertainty around whether they can hit the same production numbers they did in the last year and the competition from other players in electric cars? >> so as far as the competition i'll start with that. we don't really see competition in electric cars for tesla any time soon. the u.s. car makers make horrendous cars and the european car makers are too busy trying to beat emissions testing and getting their c.e.o.'s out of jail. the real competition is coming from china with companies which really are making some good, electric cars for china. they're over a million electric cars sold.

>> reporter: a sandy crater 5 feet wide and more than 2 feet ally buried par black rock at the bottomdiscovery that made jeanne and her sister immedtelyonder if it came from out of this world. >> we stid there and was like, what, could this be a meteorite, crazy. >> reporter: theysterious find made friday got lots of nttention after the sisters shared it social media. the smaller rocks were near the crater. >> and also has a burnt smell to it. >> reporter: just two days earlier this fireball in the sky waseen by people all along the east coast. >> i don't think -- it's hard to say but i'm pretty sure it's not a meteorite. >> reporter: i showed these images to the stockton university professor, and he ys the big roc appears to be missing some characteristics meteorites typically has including thumb likeon impres he also believes a meteorite this size would m also beh heavier. >> the fact the person is holding it so easily makes me thin it's just not dense enough to be a meteorite. >> reporter: a geologist feels the rock is actually a chunk of coal smoothed out by the ocean. >> i don't

relative performance for some of the biggest asset managers last year the ones who did better, black rockbenefitted from their atf business, inflows into those areas which you can take -- you can buy an atf and short. so if you have a more bearish take on the market-- >> you can hedge it a little bit. can't leave without talking about this nike is unveiling a new pair of self-lacing shoes that can be controlled through your smart phones, they're called the adapt bb sneaker they have laces that can tighten or loosen at the press of a button they're available for preorder today. brilliant way to get publicity for the shoe, but who's going to press a button to tie and untie the laces? >> you have to down load the app, have the smart phone there, charge the shoe, change the batteries out, do updates on the app. for $350, i'm going to bend down and tie my own shoe lace i'm also not athletic, so maybe basketball players. >> is this really a hot new product that people are going to pay -- are you going to buy a pair of these? be honest. >> i got on and tried to log on. i was initially skeptical

the black rock vice chairman has had mixed success.t about his predictions with regard to the fed? we won't see how that is playing out. this is bloomberg. ♪ welcome back. 6:48 in london. get involved. how scared are you by the ugly new year in markets? yes, the nikkei is down. u.s. futures are up. a different take on that story. putting outas been a list of predictions since 1986. he forecast the s&p 500 would have a correction. it did plunge as low as -- we asked what he saw as the top surprises for 2019. >> the fed does not raise rates at all. 15% fromt appreciates its opening. i would say those of the two major ones are red >> the fed not hiking has been built into the market at this point. does it stay in this direction or do we see a shift in expectations? >> the fed not hiking at the , doing noof the year increases all through the year, i don't think that is in the market. surprise, from your point of view, no recession f before 2021. no recession this year, no recession next year. the first one in 2021. go ahead. aboutas going

it's just hard to increase your revenues >> unless you're as big as black rock clearly, thank you >>> turning to washington. day 26 of the government shutdown elon is live in washington where nancy pelosi is now asking the president to postpone his state of the union is that official >> it is the first line of pelosi's request says it all. it was my privilege to invite you. she knows what she's doing here and that's depriving the president of his moment in the spotlight. no response yet from the white house, though. we've seen some movement in the white house. he met with the problem solvers caucus the ending of the shutdown still a precondition to any serious discussions on border security in the senate, a bipartisan group of lawmakers is working on a letter to president trump asking him to reopen the government for three weeks to give congress time to debate border security. trump projected this idea once already but the hope is if he sees there's broad support for this plan, perhaps he'll change his mind it is a long shot but at least they're asking >> ylan, they were talking about

that you should hold very clearly in mind when you are giving those directions to whether it's black rockr any of the other fund managers, whether it's hedge funds or any other kinds of private equity funds that you are now shifting into. we definitely don't want any funds to be invested in the work against our best interest. we also like you to pass along the information from these employees that are here and these former employees to let them know that solace really ought to be contributing to a severance fund. if those are individuals, if they bought out part of that company and they have an obligation they need to meet that obligation and it's really a matter of their integrity and we should hold back either expanding our investment and we should get out of investing in their fund or anything like that to vote against our interest. i wish you all a happy new year. >> thank you, are there any members of the public that would like to address the commission? >> my name is johnston son. i'm a 43 year member of our pension fund. more than 90% of pension funds are under funded. one of the r

black rocks a global cio joins us, a host of voices to weigh in on what will be some fascinating developments a job report and also hear from jay powell, the first time he will speak since december 19. a lot has happened since that time. and getting back into his group for 2019, we will also no doubt break plenty more news on brexit. this is bloomberg. ♪ matt: 30 minutes into the trading day, let's get your top headlines. the bears taking a break, u.s. futures followed china higher after yesterday's rout. trade delegation is preparing to visit beijing. misery needs company, 46% of u.s. corporate's, not just apple, have lowered their forecast for the fourth quarter. be bull haste for stocks their 2019 if everybody continues cutting earnings? and day to watch, the first jobs report of the year. maybe more importantly, jay powell speaks for the first time since december. we hear from him later today around 3 p.m.. good morning, and welcome. this is the european open, i'm matt miller in berlin alongside anna edwards in bloomberg's european headquarters in london. let's have a look at the markets

like you and me, mom and pop will also get advantages, not just for the institutional clients, black rocks and trillion dollar vanguards. >> no question. i think that's why you see fidelity involved and td ameritrade and charles schwab. if they can lower the pricing for their clients, that's an incredible commercial they will have. come to us, we are cheaper and we can execute just like the big boys. susan: not cheaper. i don't see any fees. we haven't identified what their fees will be in comparison to the nyse and nasdaq. >> they haven't come out with fees, but they have said we will be much more competitive than where the new york stock exchange and nasdaq is. whether they are or aren't is to be determined. susan: let's quickly talk about the federal reserve. i want to talk about jerome powell this year and what they will do with interest rates. do you feel they have been swayed by president trump? >> no. susan: raising interest rates in 2019? >> i don't think they have been swayed by president trump. i think just the opposite, because they have had nine hikes and they did one in decemb

if there was the one thing that you as the chief investment strategist at black rock -- >> blackstone>> excuse me, could point to and say this is what could derail it, what would be be >> it is first and foremost the trade war. we need to get that wrapped up in order to have any type of meaningful rally in the stock market now, i'm bullish i think that the market is going to be up 15% in 2019 that was in our ten surprises that we put out on january 3rd even a 15% rally from the end of the year only gets it to 2875 on the s&p 500, which is still below the september 20th peak. so we do look for -- we are bulls. we think the market will head higher, but the trade war is the one thing that's still holding us back here i think it's an area of concern that has got to get resolved in our view, it does get resolved sometime in the first or second quarter. brexit, there's other things again, i think it contributes to policy uncertainty, but if there's a silver lining to the policy uncertainty is it probably keeps central banks more dovish. that was a conversation you and i were having offline

the investment bank lowers its forecast for oil as black rock gold.nstructive" on trade talks resume.s to broker a resolution on tariffs. the pboc's latest move to cushion the slowdown won't be its last. welcome to bloomberg markets. this is the european open. i'm matt miller in berlin alongside anna edwards in bloomberg's european headquarters in london. anna: let's look at how things are shaping up. europe, up play in by 8%. anything connected to apple really beaten up by the apple morning. the market is taking a different view this morning. basic resources, stronger oil price having an impact on what we're seeing on the upside at the start of the trading day. to the downside, some of the downgrades we've seen on a number of stocks having an impact. suppliert down 4.3%, of energy in the u.k. market, cut by jeffries. intercontinental hotels down 2.6%. morgan stanley cuts that one because the figures made them nervous. that's a couple of names we're focused on. we've also seen siemens and alpha down 2.9%, trying to put together train businesses. we've seen ongoing news flow in the fre

addressesd names and of black rocks ats on behalf of clients.y appeared to show management each advisor had. that's your bloomberg business flash. nejra, manus? nejra: thank you so much. u.k. prime minister theresa may will return to parliament for brexit plan b. she attempts to win over some of the 118 conservative lawmakers who voted against her last week. international trade secretary liam fox says compromise is vital. >> across the conservative party, they either voted for the prime minister's deal, or they didn't because of the issue of the backstop. that was the sticking point. that seems to be the area we are coalescing around. if we are able to get agreement on the backstop and the future agreement with ireland, both ireland and the united kingdom have both said we don't want to see a hard border, and the irish prime minister has a said, in the event of a new border, he wouldn't want to see a hard border. given we are in the same place, that should be the area we need to look to find compromise. nejra: head of fixed income research at no

vanguard was the largest shareholder in black rock and state street also among the top holders they heldely through the passive products it may have lost upwards of $10 billion combined today it is a second largest shareholder. it stands to lose almost 4 billion dlarollars if the holdis are the same according to facts that apple has held it is 915 wealth management. it is 200 hedge funds. it is important to know those d disclosures. so we'll have a sense of how much when the next 13 are due. guys >> thank you >> let's bring in tom fort he is the analyst who is on apple at a $260 price target a retail investor shared his portfolio and says he still owns shares of apple. are you waivering as we have this conversation today? >> no. i was fordotunate enough at the midpoint of last year. so because my portfolio is about 85% cash i really don't have as much stock in apple as i could have had which is something i am quite thankful for right now >> i'm sure you are. i'm surprised you don't have a bigger smile on your face today. >> tom, 260, is this still right? >> the answer is yes so if you lo

morgan and citigroup and the guggenheim and black rock and blackstone.ost: rick's thoughts and ohio. republicans in the house nominated and voted for kevin mccarthy, a republican from california to be there later in the house. here is what he had to say before he handed the gavel over to nancy pelosi. [video clip] >> we are a very small group with a very large responsibility. of the burden on us 435 members is to represent 325 million americans faithfully, to work together so that tomorrow is better than today. as ronald reagan advised us, america is too great for small dreams. when we work together, we succeed together as one nation. we are now entering a period of divided government. that is no excuse for gridlock or inaction. we are at our best when we focus not on retribution, but on building a more perfect union. [applause] while we seek cooperation, there is one core principle upon which we will not compromise, republicans will always choose personal freedom over government control. [applause] this very floor has hosted some of the toughest debates

types of investors vanguard is the largest shareholder mostly through its index funds and etfs black rock street among apple's top holders, though passive products too. those three firms combined with looking at paper losses of about $10 billion today. active investors were feeling the pain today as well, warren buffett's berkshire hathaway looking at paper losses of $3.5 billion on its apple stake according to fact set, apple is held by 2300 investment advisers, 915 wealth management firms and about 200 mutual funds and hedge funds and worth noting that timing of apple's release, on the last trading day of the -- the first trading day of the year, that means today's declines won't be booked in each manager's 2018 performance, which is important for all of these professional managers as they calculate the returns for the end of the year. >> they're hoping it will turn around. >> time to turn around, exactly. >>> so many investors expose, how should they navigate the massive sell-off let's bring in problbob pavlik d david sullinger. good to have you both. david, i'll start with you are you

. >> wednesday it's retail sales black rock, bank of america, goldman sachs and csx earnings thursdays from netflix, morgan stanley and american express it's going to be a huge week and we've got another big story to drill down on for next week. the brexit parliament vote this time it's going to happen >> we think so we think it's going to happen. it's going to happen on tuesday. that delayed critical vote will take place on theresa may's brexit deal. the math appears very, very hard for her. she will lose, she'll lose comfortably. what will happen next? two developments this past week of note. the first is that mps voted in favor of an amendment against theresa may's wishes to force her to return with another plan within three days if she loses the vote essentially this tilts the balance of power towards mps and lowers the chance of a no-deal hard brexit. second, the leader of the oppositi opposition, jeremy koecorbyn ma clear that his primary aim is not a second referendum. >> we will move no confidence in the government at a time of our choosing when we judge the best chance would

we split to the black rock vice-chairman, and the jpmorgan chairman, jacob frenkel.aight to the bloomberg first word news with sebastian salek. sebastian: british prime minister theresa may told the cabinet there is little chance the opposition parties will succeed. bloomberg learned she will seek changes to the irish backstop portion of the deal. the goal is to get pre-brexit supporters back on her side. economy slowed to its weakest pace since the financial crisis amid declining global demand and simmering trade war. gdp grew 6.4% from a year earlier, down 6.5% the previous three-month period. those are signs that cushion to deceleration are taking hold. president trump lashed out at nancy pelosi after democrats lashed out at his plans of the border wall. the president accused her of them acting irrationally. president trump offered to protect immigrants coming to the company -- country illegally in exchange for the wall. a last-ditch effort to be relieved on bail. he has to wear an electronic tracker and be monitored by private security guards. he's in a third mon

thank you for bringing us that let's debate more this topic black rock by the way announced today toying it will also invest to capitalize on the etf. we'll have the debate now about whether active or passive investing is the best way to go this year. todd rosenbluth who joins us and jeff mills who is pro active so, jeff, what makes this year different from the last decade or so where passive was the way to go? >> yeah, well, let me say from a portfolio construction standpoint we are going to use a combination of act i have and passive and we believe that active management is cyclical and starting to see the beginnings of a shift and possibly better environment for active managers. what happened over the past decade is the fed pushing interest rates essentially to zero and it pushed investors out the risk curve often into equities, often agnostic of price and of quality. and what you got was higher c e correlations and a more difficult environment and you have seen as the fed tightens monetary policy, seeing active hedge funds finally eked out outperformance in 2018 and outperformed

let's keep the conversation on emerging markets and bring in the head of research at black rock.idiosyncratic. it could have implications on the global stage. how do you treat it from a marketing point of view? , more venezuelan story broadly, i think this speaks to the importance of geopolitical landscape and how important that can be for markets. i think that is the story of the em world. in 2018 and 2019 we have been seeing a series of idiosyncratic stories that have played out. i think this is the latest on that front. this one could be positive eventually, but it speaks to the broader idiosyncratic stories. helps in this context is we have a monetary policy that is more supportive, which will help em assets. atncine: we just had a look what venezuelan oil means to a lot of the country. venezuela has the most reserves in the world and is one of the biggest producers. the heydays of the 1990's for them are well over and they are producing about one million barrels a day. thecan see some of countries that actually by the venezuelan oil being china and also india. what is your t

all of us, black girls rock if you look at the primary, right?t doing a delegate count, she has to win south carolina, a large african-american population, california going early now, virginia, so many states with african-american populations that are super excited about her and that is what matters in this primary. >> and they will open that people turn out like -- >> but in the general she did not, there might be a number of contributing factors to that, but she didn't entt up doing that. is it more about turning out the african-american vote or winning back those trump triers, the people that voted for obama in michigan, wisconsin, pennsylvania, and then went to donald trump? >> i have always been all about maximizing turnout with core democratic constituency. so many of us don't vote. people of color, young voters, single women. the core democratic constituencies need to turn out. we won big because we have a field of candidates that looked like our party. people were excited and it gave them a reason to get excited. i think that is what this

not so good for black rock. but ultimately is really the demand for loan.onomy affects demands. given the interest rate picture. is not the net interest margin if you well. it is the demand. that's what got hurt in the fourth quarter. good a cash flow. i think that is what james gorman is can talk about today. the ability to have a great franchise that you can grow in your bouncing that with a very volatile capital markets business. >> and do you expect a recession over the next two years. we look at the cfo survey. this is duke university. they are looking for a 49% chance of recession at the end of 2019. that number goes up to 92% in 2020. that got my attention. essentially then i come back to we need capital investment and that helps the large banks in terms of traditional lending. equity and debt underwriting or both down. you would expect that because taxi from changes in the they can't see the stock repurchase of. still head. banks in focus. we are waiting on morgan stanley earnings this morning. this is why voya helps reach today's goals... all while

country's political fault lines and its simmering culture wars especially when it comes to rock music the black metal band behemoths has come under fire for its use of religious imagery one conservative lawmaker says the band is by leading the country's hate speech laws. and his black metal band behemoths are about to start their worst soget they're playing three shows in poland before kicking off their european tour which is bound to stir controversy. and interest is an outspoken critic of poland's ruling right wing nationalist to law and justice government which has little regard for the european union. i consider myself a pole a polish citizen of the motorcycle to go with european and to me should be equal. message against their. political tendencies that have been conquering your land for like the last two years that it's. just driving us there was some kind of isolation but it got. expresses his political sentiments through provocative works of art. there's still took over. like these biblically themed photos which come along with his band's latest album. should be works like these draw th

when she's single and rocking it. that black> she definitely set the bar pretty high for everyone else. >> 2000s is where we see those bright colors that you often see the queen wearing now. >> 2010, it's all about kate, meghan. >> cool to see the evolution and how it started very formal and proper. now it's a bit more casual almost. >>> sometimes you find something that you got to get for your friend. that's exactly what kenneth mcneil did. >> drew? >> yes. >> answer me, earl the iii of his name. kneel. >> what? >> kneel. >> his name is not neil. >> when he tells you to kneel, you kneel. >> he gets down on a knee. >> i, kenneth carl mcneil, second of my name, do bequeath upon thee the blade of fury. >> right there, you can see the look on his face when he gets a peek of what he's about to be bequeathed. >> rise. >> i humbly accept. ♪ >> holy [ bleep ]! >> it's so much better than being, hey, bro, i got your present. >> that's a cool looking sword. >> something else epic, somebody's epic flying skills with a drone. they'll fly i

the country's political faultlines and its simmering culture wars especially when it comes to rock music black metal bad but he meant has come under fire for its use of religious imagery in a way that one conservative lawmaker says violates the country's he'd speech loss. it's a heavy metal guitarist he likes to throw his angry weight around he's the provocative frontman of the polish black metal band behemoths. the vehicle for his political protest. message really against their. political tendencies that have been conquering our land for like the last two years that it's just driving us towards some kind of isolation but a. critic of poland's right wing nationalist government which has little regard for the european union. among his snubs against the ruling law and justice party is this subversive take on biblical themes. parliamentary member of the party even tried to turn into the police. he just bridge below our criminal law is very very clear you cannot insult religion every religion you cannot you know heart someone's feelings religious feelings and this is what he did. as the band makes

with this guitar and into music that leaned more on the rock and roll side which of course rock and roll is blackonsidered that at that time. but my record label that i signed with virgin records was very honest with me and they said they believed in the music, they weren't sure exactly how they were going to market it. thus they sent me to europe first. where they thought there was less of this putting folks in a box. >> that is where you became more successful. >> that is where i started. i went to paris and london and amsterdam and i went to hamburg. and that is where it started. yeah. and they accepted me as i was and then i came back to america, later, toward the end of the album and did a whole tour and tom petty took me on tour, bob dylan took me on tour, david bowie took me on tour, the rolling stones and then i started doing my own gigs. >> there is also a through line of spirituality in your music and don't think most people recognize that and i'm wondering when did that start and how did that start for you and how would you consider yourself in you have a christian and a jewish person

. >> reporter: dan auerbach of the stadium-filling rock band the black keysil simpson. >> i was goingwinner for country album are two of his biggest fans. >> we're just here to make you look good, john. >> thanks, fellows. >> you hold all these guys in such a light, you know. and then you meet them and it's like hanging out with your dirty uncle. >> look at this. >> reporter: what do you hear in a john prine song? >> you hear everything. he can run you through the wringer. you can be laughing and crying and feel satisfied at the end. he's magic. >> upper midwesto. >> this is the house i grew up in. >> reporter: john prine grew up on the outskirts of chicago. ♪ won't you take me back >> reporter: after a stint in the army, he became a mailman, writing songs as he delivered letters. he was just 23 when he performed at a local coffee house one night in 1970. and got really lucky. >> roger ebert from the chicago "sun-times" stopped by. and instead of writing about the movie he walked out on, he wrote about me, the singing mailman delivers the message. from that day on, i didn't have an em

country's political faultlines and its simmering culture wars especially when it comes to rock music the black metal band be in has come under fire for its use of religious imagery one conservative lawmaker says the band is by a lady the country's hate speech laws. that was on the book at him and his black metal band behemoths are about to start their war saw gig they're playing three shows in poland before kicking off their european tour which is bound to stir controversy. and embarrass is an outspoken critic of poland's ruling right wing nationalist law and justice government which has little regard for the european union. i consider myself a pole polish citizen. of european and to me should be equal. and. message against that. political tendencies that's been conquering all our land for like the last two years that it's. just driving the ward some kind of isolation but. expresses his political sentiments through provocative works of art. still difficult. like these biblically themed photos which come along with his band's latest album. works like these draw the ire of many conservative poll

nat-music)"the teal album" is weezer's new collection of covers, as the rock band pays tribute to everyone from michael jackson to black sabbath... to t-l-c, with their take on "no scrubs." t-l-c's rozanda "chilli" thomas tells rolling stone "i loved it! they did a great job.""i made the decision to put an all-female crew into the race."here's your first look at "maiden," about 24-year-old tracy edwards and her historic crew in the world's longest yacht race: the whitbread round-the-world. the documentary, part of this year's sundance film festival, sails into theaters in june. in hollywood, i'm david daniel. (robin) and here's a live look outside... at the bay bridge toll plaza. we'll be back with more of your kron 4 morning news after the break. (robin) welcome back. checking in on your morning forecast.

black acts. what mtv does exclude is music that's not rock 'n' roll. >> mtv came out with no consideration on howhat? >> we have to try and do what we think, not only new york and los angeles will appreciate, but also some town in the midwest that will be scared to death by prince or a string of other black faces. >> interesting. okay. thank you very much. >> when are we going to see anybody of color on mtv, because you said music television. when are you going to start covering all genres of music? >> music has no color. and it shouldn't have color. i don't believe in that. what i do, i don't want it labeled black or white. i want it labeled music. ♪ >> 1983, motown has this big tv special, motown's 25th anniversary. at that time "thriller" is out and "thriller" is doing well. but michael jackson couldn't get "billie jean" on mtv. ♪ she was more like a beauty queen from a movie scene ♪ >> when the rest of the world was going crazy and he can't get on mtv? michael jackson? come on. >> when he does that moonwalk, if you were sitting on the couch by the end of it you were on the floor in front of t