>> john bogle is inventor if you will and creator of index funds.obviously very well-respected. i didn't see where backup data came. here is key to passive versus active. on average in any given year about 2/3 of active money managers underperform indexes. gerri: 2/3. >> 2/3. that is average. so when you go to large cap certain funds it is 85% of active money managers underperforming. >> back up for a second. passive index fund, s&p 500, you buy all stocks all the time over and over again. actively managed, manager is in there making choices, better one stock will do better. >> there is reason why active money management underperforms active. i'm big believer for passive. at edelman financial services we do passive money management. not only consistently underperform with the funds. the costs are higher. cost of actively managed mutual fund is 1.57%. with a lower cost passive index fund, cost instruction us of 25 to 35 basis points, 1/8 of cost. gerri: a fraction. >> a flak shun. gerri: the assumption in this study was 3%. most think that is really

the headline says it all, ask jack bogle, not really anybody. olivia: certainly not jack junior.h. olivia: look for that article in bloomberg's markets magazine. don't forget to check out the april edition we can see rob's story. our twitter question of the day, how much money do you need to retire yet the -- retire? ♪ olivia: good morning, i am olivia sterns here with tom keene. betty liu has ditched and hatton for the sun and fun of boca raton. she is not on vacation but is attending the audience annual teachers industry conference. she will be interviewing heavyweight business leaders. including tim acid, bob greenfield and sandy chambliss. can you make -- betty: i don't have my coffee i have my cocktail but i'm still working. bob rice felt will be joining me -- bob griese field will be joining me exclusively at the conference. what was interesting, i went to the list yesterday and it is not on the agenda here at the conference, he is a guest and will be attending some of the offense. so i don't what to say he is crashing the party but he is certainly going to be making some m

. >> mind bogling all of the stats ticks that have you there. >> information, that will help. >> thank you very much troy for your report and it is nice to see, just exactly how you documented it and obviously this survey was a lot of effort to pull everything together. the traffic has increased and part that have is aggravated by the construction that is going on and we are a victim, and there are cranes everywhere and so it is effecting us everywhere and where you struck a cord with me is that you are saying that it is hitting your ability to attract the employees to come to work and i think that you mentioned and they are saying that they are studying the traffic issue and what else can be done along with muni and all of the other agencies, and as well as the city and the various departments in the city and are looking at how do we just, and i mean that it is, i mean that it is effort by effort and it is not like one answer, but every little tactic that you can think of that can improve this and but i think that it will be very unfortunate if we can't get the employees to the place

larry reed was buried " bogle when he spoke with me. sides are down in my district but we are still losing an incredible amount of young women and young man to gun violence on our streets. a lot of kids are growing up not knowing who their when who their mothers and fathers are and be raised by grandparents accurate. >> catherine: more cases of that deadly super-bug in southern california. which hospital is now issuing a warning. >> catherine: and a northern california woman.is on a mission to save lives. how her one kidney donation is helping a dozen people. >> catherine: and san francisco police.are looking for the suspects behind the latest smash and grab crime. what they targeted this time. >> catherine: a second los angeles hospital says several patients have been infected with a "superbug" linked to a medical scope similar to last month's outbreak. >> catherine: cedars-sinai medical center says confirmed four patients contracted the disease. during procedures between august and january. >> catherine: we're told one patient died fr

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you know, i meet people like jack bogle. you know, i think he has been in the business, i know he has been in the business longer than i've been on the planet because i think he said 64 years he has been in the business. he looks very well, by the way, man. i want his water. and you know, he said something that really kind of simply summarize this is whole enterprise, which is, you know what? i learned in this business of financial advice that when you put your customers first that is good for your customers and it is good for business. it is really that simple. and that is what he has done. that is what our adviser has done. he is a certificate need financial planner. that is important having this jugs not to paint with a unduly broad brush. not to be up fair to scores of people in this space who do fantastic work. i applaud those efforts. and during the course of our outreach, and i'm a firm believer that when you are doing a rule, the most important thing you need to do conduct the broadest table possible if you're not a

and so you know, whenever i hear that argument by the way jack bogle's company is doing okay i think. you know and he is not the only one in this space. and then again you look a the aftermath of the u.k. and you see that, you know there are now new web-based products that are springing up. and, you know, i think i don't want to overstate those. i'm intrigued by the fact that innovation has really taken off there. and, i think we're a pretty darn innovative world here in the united states. and so you know, i think, again it gets back to what i said much. if you have the will to do something you can do it. i looked at the woman who asked the question about 503. no, we're not requiring employers to hire blind driver, okay? i can say that with certainty. and i, i repeat this because i'm not making this up. these were some of the comments. you know but now i go to walgreens and as a result of the leadership of their corporate heads, you go to their distribution center in connecticut. i've been there. 40% of their employees are people with disabilities, working side by side making 15 bucks

as jack bogle, former ceo of vanguard said, and he's been in the business 60 years, and he said, i learnedng lesson, when you put your customers first, that's not only good for the customer, it's good for business. lawyers and doctors have an obligation to look out for the best interests of their patients and clients, and all we're saying is in the financial context, you know that adviser ought to do the same and they can do it. so many financial advisors are already doing it. we'll create a level playing field for them. that's what our proposal will have. >> finally mr. secretary, are you concerned about a stronger dollar having an impact on manufacturers and those that focus on exporting for their business? >> you look at export numbers that came out literally yesterday, i believe, you know our exports continue to be up. they've resulted in the creation of 1.8 million jobs since 2009. and export jobs tend to be very well-paying because they're manufacturing, places like boeing, who are going very well in the manufacturing space. so you know we've seen a really good uptick in our exports.

with carl icahn who couldn't be more different than jack bogle. i got to introduce the two of them.sed with not losing money, as simplistic as it sounds. warren buffett don't lose money rule number two, see rule number one. the way they do it is asset allocation. the second thing is really these people not only avoid risk but they go for asymmetrical risk rewordre reward reward. how do you get the least amount of risk with the greatest upside. he never risked more than 6 cents to make a dollar. he could be wrong 15 times and make money and he wasn't wrong 15 times. >> what i -- there's something i love about the book and something that troubles me. >> tell me. >> what i love about it is the message to people to get involved. to be smart about your money. so learn from the best as you put it over and over again. study, study, study. >> yes. >> what troubles me is the actual advice seems to come down to what templeton as you have invoked said buy when others are selling. for most people market timing will never work. >> that's actually not what's in the book. it's not even close. temp