finally, looking at the bottom panel in the middle with the chart titled rolling year correlation we see relative to the long only strategy alpha extension has lower correlation to the bench make resulting in benefits. in summary, there are things to live you with. arrow street continuously reinvests in research and development. the extension strategy 130, 30, 20 construction and application of signals across direct and indirect dimension ask a fresh and unique approach and represents a strong competitive advantage. for the extension strategy versus long only strategy, arrow street targets a higher value of 5.5 versus 3.0. higher information ratio .79 versus .55. higher potential for better returns with better diversification benefits. >> okay. >> a couple of things in the considerations. i put them in three categories, firm, strategy, implementation. firm side assets big. $100 billion firm. the way we get comfortable with this is the way that arrow street thinks about capacity is the percentage of what they own relative to the cap. a level of 35 basis points where they close the str

in the bottom panel we can see $9 billion traded hands, the highest value traded in a single month foro years, definitely an interesting trading vehicle to watch in the oil trading space. great stuff, thank you. let's see what vonnie has got. vonnie: taking down the bulls. there is sentiment is growing. the bull-bear spread index is negative. bank of america points out that 38 of the last 39 weeks people have taken money out of european .quities john has been talking about this as well, a regular on the show, talking about the fact that people think if valuations are cheap, they go back to flat, fair value, tha that is not what happens. they go from cheap to very expensive quickly. guy: fantastic charts. we can find them on g tv . i'm going to give it to jessica only because this month has been so fascinating for the crew story. that turn on the volume is worth highlighting in terms of the story we have seen emanating from crude. that short-term tactical etf story, something great to look at. this is bloomberg. ♪ vonnie: let's get to the g20. shinzo abe and donald trump. trade, we

the bottom panel looks at something many investors are missing, which is increasing tightness in theks at the number of job openings in the u.s. against the number of unemployed people. we are heading into uncharted territory. there are one million more job openings and people on the unemployment rolls. -- roles. , pushing raise prices up inflation comes to you should not get too excited about a fed pause. david: it is a bit of a disconnect, isn't it, chris? we had one speaker talking about a shortage and skilled workers. the other chart i also like because the recent story has been this plunge in metals prices. pricing in growth are simply a market repricing commodities? i live in china. that is close to my heart. when i see a chart like that, it makes me squeal and hide under the bed, but today, when it comes to the fed come a chris, you take it come a but just by that much. -- take it, but just by that much. yvonne: bloomberg users can interact with the chart using gtv . you can catch up on key analysis and save those charged for your future reference. we are counting you down

bottom panel is the euro. as the inflation has come down, as oil has come down, so has the euro.real possibility going into q4 that the ecb will not be able to normalize -- as you said, the euro will be in more trouble. not just the fiscal side of things, but monetary policy as well. scarlet: not only kicking the can down the road -- the theme continues. let's talk about the u.k. and brexit, and caroline, i'm looking at you, because every day there is a new something indicating it is in trouble. caroline: yeah, and on friday we had this surprise resignation of a pro-remain politician, ironically the brother of boris johnson, who is pro-brexit. isws you how split the u.k. when families are polar opposed to even though we are creeping towards some sort of a deal with the eu, the question is whether it will be too much compromise for theresa may's cabinet to swallow. vincent: you hit the nail right on the head, that is what it looks like. they are in a deal, 95% on point, the cabinet will probably push back and not go for that. say they are missing is the biggest part of the picture

solace give you some that this big weekly move last week in the bottom panel had a little more conviction. the other thing we are following the next two hours, the sanctions kick in on iran. you are looking at net bullish positions. hedge funds have started to pare back on those bullish bets as it seems there are more waivers. eight countries are given a little more leeway and flexibility in terms of their imports from iran. isg story short, that bearish on the price of oil. follow this closely. with you look at brent today, we are down for six straight days. something, is talking about $100 a barrel oil. just a few weeks ago, it wasn't $90. david: how quick thing strange. rishaad: some people are still in that world. i will not go there. president xi jinping promised for the tax cuts on imports, and dealing with trade imbalances. he says there will be a international trade expo. >> in a world of deepening economic cooperation, practices like the law of the jungle and winner takes all only represent a dead end. inclusive growth for all is surely the right way forward. talk to tom's macken

. >> this where the large hole is would be the bottom of the panel. >> the forensic scientists of theontinued their battery of tests. hunting for bomb residue. fingerprints. dfa. all the while detective david salm was on peter moore's tail waiting for him to make a mistake. did he go to ground? did he leave? what'd he do? >> he didn't leave. >> what were people saying around town that you were hearing? >> we were hearing that people were saying that they thought pete did it. >> they were following us everywhere. >> didn't make a secret of it, either, said mary ellen from them or the neighbors. >> how did they start to look at you? >> like we were guilty. >> after they raided my house, i spent days eyeing. days and days. you know, i'd be at work and just crying because you don't know what's going on. you don't know -- you don't fknw who to trust. >> how much were you watched? >> i walk woke up every morning people outside my house. put everybody thinks you're a murderer. >> some of pete's own relatives seemed convinced of that. his sister, mary, stuck by him. >> i'm amazed at how much

the bottom half, no research is fighting for them on this panel. the one that comes to mind -- i agree with most of you guys are saying for the top half. one of the best economists on labor in the world, i just was reading one of his references. yes, for illegal immigration, it causes a loss in wages about a 100 billion a year for the american workers at the bottom and a benefit of about the same for people that hire them, like the businesses. so there is a loss there. and that is an important part of trump's constituency. i think -- and also they raise a third of our kids in this country. so okay, i think michael's comments about all these moving up the ladder, my window into this is working with people with disabilities. okay? so you've got a guy that's a dishwasher that has a disability, so the mexican guy comes in and gets his job. automatically he gets to be a waiter; right? i don't agree with almost anything that trump has done. >> thank you. a couple more. over there. then we'll go back to you. >> i'm with the jewish federation of metropolit

the bottom half, no research is fighting for them on this panel. the one that comes to mind and i agree with most of what you are saying for the top half. george started teaching where i went to school after i was there. .. that is an important part of trump's constituency. >> i think, also the race a third of our kids in this country. so okay, i think michael's comments about moving up the ladder, and sticky labor market. my window and this is what with people with disabilities. you've got a guy that is a dishwasher that has a disability and to look at his bad teeth. so the mexican guy comes and gets the job. so automatically he gets to be a waiter. he's a bit overweight. no, that could happen. the fact trump has run off a a bunch of illegals is helped his constituency. the one area i don't agree with almost anything is has done whe he is delivered. >> let's take a couple more. >> i'm lisa with the jewish federation of metropolitan chicago. as universal proposal from the trump administration to redefine or restrict the public charge policy. i was

the bottom half everyone, no research is fighting for them on this panel. the one that comes to mind, and i agree with what most of you guys are saying for the top half, george borjas, i i don't know how to pronounce his name, he started teaching where i went to school after i went there, and one of his best economists on labor in the world, i was just reading one of his reference, yes, for illegal immigration, it causes a loss in wages, about 100 billion a year, for american workers at the bottom, and a benefit of about the same for people that hire them, like the maid, or the businesses. so there is a loss there. and that is an important part of trump's constituency. i think, and also, they raise a third of our kids. in this country. so okay, i think michael's comments kind of about all of this moving up the ladder, assume an unsticky labor market, like, and my window is this is working with people with disability, okay? sow got a guy who is a dish washer that has a disability, and you look at his bad teeth, and so the mexican guy comes in and gets his jo

the bottom half, new research is fighting for them on this panel. the one that comes to mind and i? most of what you're saying for the top half. george borjas, i don't know how to pronounce his name, he started teaching what i would to school after i was there in one of the best economists on labor in the world, i wish is reading one of his references here yes come for illegal immigration because of a loss in wages about 100 during the year for american workers at the bottom. the benefit of about the same for people that hire them like a maid or the businesses. there is a loss. that is an important part of trump's constituency. and also the race a third of our kids in this country. i think michael's comments about moving up the ladder, assume an and sticky labor market. i window with this is working with people with disabilities. you've got a guy that is a dishwasher that has a disability and you look at his bad teeth. a mexican guy comes and gets his job so automatically he gets to be a way to come right? he's a bit overweight. no. the fact trump has run off a bunch of illegals has

long story short, if the top panel of your index is pointing down but the bottom is pointing up, it is. it is a completely different story. if you look at the nasdaq, which is pointing down and its advance decline mine is also pointing down. put those two things together and it could be more a tech story than an overwrought equity market selloff at this point in time. have a look at that. let's have a look at china and where we are. not as bad as this one here. it is split in between. this oil story also plays out in markets. yvonne: u.s. futures are actually positive. you could see a less volatile wednesday. the latest out of japan, next. ♪ i am a family man. i am a techie dad. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an

bottom line and it's a huge expense. every two weeks when i do payroll it is a big expense. i also want to be fair. >> are there any concerns -- the panel was asked about raising the federal minimum wage which has been that $7.25 an hour for many years. is there a concern you would have if it went to a certain level? a lot of people are pushing for 15 -- with that make a difference? that's what i pay right now. >> so you think it's doable. >> what about you? this whole debate -- if the minimum wage goes up can the economy handle that? >> i will leave that to another division of our executive branch. i was a from the standpoint -- what we are seeing and mentioning about a great leader and champion -- she has been in 44 states already. meeting with all entrepreneurs and small businesses. that has been a reoccurring event that we have been hearing. opportunity to hire more. in a way it's a good problem to have instead of a low unemployment rate. what can we do to is an agency to assist? in terms of looking at some of the initiatives we are looking at potentially for workforce development and partnerships -- really recognizing and look at t

panel with mr. ellis back in february. >> many of your list eners probably know. the two best ways to beat the market, you get rid of the bottom it will be fine. you try to concentrate and get the top. ellis talks about getting rid of the guys at the bottom your stock pickers are trying to get you better than average. that's what we're trying to do by picking off our entrepreneurial companies. >> charles ellis said to me any concern over passive investing was silly. he's like basically -- he didn't use that word but i got the point.traditionally, people hava hard time being baskets. baskets are done without regard to fees. if you have models and some of us think we have models that go back over time to beat the market and they have a particular factor that you can accentuate, that's one way to do it. >> help us make a little money before you go, joel? what looks good? >> small cap growth. >> still >> it got beat up. it's down half from where it was. it's still the leader globally down from half of where it was to your earlier comment. profits are way up at some point people are going to recognize these large cap growth got bea

bottom line. if i could back up a bit and maybe help explain a little bit how i'm thinking about this. obviously in preparation for this panel and throughout the course of my career and working with ken and david for many years, trying to think about what are we talking about when we talk about the rule of law. what does that mean? it's pretty tough to boil it down, i think, but i guess the way i would think about it, in general, throughout the few concepts, it's a rule-based system that where the rules are clear they apply to everybody. everybody throughout the system. including the president and everybody else in the country that we by and large agree what the rules are and that the rules produce results that most people think are appropriate. that they're just, that they're fair, that enable in this country americans to achieve the goals and objectives that are set forth in our founding documents like the constitution de -- declaration of independence. what i say in order to protect the rule of law, the folks in charge of ensuring that we have the rule of law need to make sure that they have the sustained support of the a

bottom removing remainders. it's a bunch of writers who think they belong on stage and think they can play. it's what people like stephen king, my job and on the panel, scott pleaded tampering? and bacon play the tampering. it's only performed a book festivals in the expos with a have captive audiences. book people come and i guarantee you, he's the only person in the band who belongs on the stage. [laughter] in 2016, president obama awarded james the national humanities medal. james mcbride has humanized the complexities of discussing race in america. writings about his own uniquely american story, his works of fiction informed by our shared history. his moving stories of love displayed a character of the american family. please welcome james mcbride. [applause] >> i'm working. welcome to, thank you very much. i see so many white -- i mean -- [laughter] he drove down from jersey? >> yes. >> you never left the metropolitan area, right? born in brooklyn,. >> state tween new york most of my life. spent two years in boston, maybe two years in d.c. close to it. mostly in the new york area. most of my family is still there. >> two, three? >> yes, three.

bottom -- dr. higg with my other colleagues on this session. , --can-americans in times you can address it from a number of perspectives, but the panel members who are chose to narrate down to how we as a people and a commemorated, those who have served in all the wars of this nation, how they are ,ommemorated in public places our national museums, our national parks, to what have you we have selected an outstanding group of panelists. i would like to introduce each have theand they will prerogative of introducing themselves in more detail and share something about the organization which they represent, and what their own perspectives are relative to how we commemorate an honor and cherish the members of those of president lincoln would say, give their full measure of devotion to god and country. our first speaker, the bureau history for the national park service, commonly referred to as the bureau historian. all my friends in the national park service, our hearts are heavy because the speaker to represent that office was dr. lowe. she lost her husband two weeks ago. they had a young son, so i know that you generally in wishing her t

panel now. randy warren is from warren financial services and laurie kelsey was head u.s. equity strategy with rbc capital markets. randy, you think the bottomnear if it isn't in already would you be right today, i guess. >> yeah, that is right we definitely think the bottom is near. the risk/reward ratio looks very positive right now i won't say we're at the bottom. but i think the call that morgan stanley was making there is a little late in the game. everything that they said is -- is things we already know. there are no new information we know what the risks are and the table spots are in the market place and we're probably sitting at about a 5% down risk and a 20% up risk over the next six months and that looks like a really strong risk/reward ratio for putting new money to work. >> and you think that despite the fact that the global economy seems to be sending signs of slowing. there isn't going to be the fiscal boost next year that there was this year in this country. rates are continuing to go up. and the fed is taking liquidity out of the market through tightening >> yeah. you've got to climb the wall of worry. there is another warr

. >> bret: panel, standby, we count down to the next round of pool closings at the bottom of the hourhave a crucial stay in which cardiac know my party controls the senate. >> martha: we will talk with former pennsylvania governor edmund dowell. ♪ we're voya! we stay with you to and through retirement. i get that voya is with me through retirement, i'm just surprised it means in my kitchen. so, that means no breakfast? voya. helping you to and through retirement. i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. ♪ >> bret: we have been talking about it all night. he is on the not on the ballott many are arguing that his midterm is about president donald trump your tsa to 11 states in the last eight days of campaigning. live on the north one of the white house with more on that. good evening, john. >> good evening to you. whatever sports or political metaphor

panel would determine whether the removal was based on good cause. and it preserves staffing, document materials of the investigation while that matter is pending for that brief period. the bottom line is this. the special counsel legislation that we are urging protects the integrity of the special counsel and future special counsels, something that members of both parties from repeatedly and publicly said we value. it strengthens the rule of law and that no one is above the law and ensures that we are not back on this floor trying to unravel a constitutional crisis should matthew whitaker impede special counsel mueller's investigation. let me close by asking my colleagues who are listening to consider the fundamental principles that form our democracy, free and fair elections, respect for the rule of law, strong institution that's deliver justice impartially and transparently. it is because of these principles that the united states has grown from a fledgling experiment on the fringes of world civilization to a strong, vibrant inclusive nation that is a beacon for the world and the most sustained and greatest democracy in the history of the world. but we cannot take these pr