it's the ccc portion that's down 11. as a guest yours highlighted earlier, the third avenue fund is really not represented in this market. it's something far more aggressive than even the ccc bucket, given how much it's down. so, you know, this has been happening for some time now and it's kind of a normal phenomenon in the high-yield market. keep in mind, it is a senior market to other markets like the convertible bond market, the preferred stock market. >> third avenue may have been, sandy, riskier than others, but it's hard to imagine in a desperate hunt for yield environment that they were the only, only ones who were pursuing the kind of strategy in which they did. there's been a couple of other funds maybe that have liquidated or we know of at this point. stone lion, et cetera. but who's to say they're the only ones? >> well, no question, the hunt for yield has forced, in my opinion, investors into the asset class that otherwise wouldn't have been in the class. it comes from a number of places. balance funds, growt

i mean, is it ccc minus they're dabbling in?s a very different profile than, say, what the retail investor might have in their portfolio through the hyg or the jnk. i'm trying to understand where you think the most pain will be, whether it be by sector, energy, materials, by credit profile, or even by country. >> well, i think the first place is obviously to look at the credit profile. you know, we saw in third avenue a disproportionate holding in ccc and b rated credits relative to the market, and so, you know, funds that are concentrating in these very low credit tiers are the ones that are experiencing the most significant price declines. but, you know, the other effect is, you know, as you point to sectors, funds that have had large exposures to energy have really taken it on the chin, and, you know, i remember last november and last december people were saying, you know, when oil gets to $60 a barrel, that's going to be the bottom and we need to run in and increase our energy exposures, and we see that, you know, we actuall

. >> reporter: this is a woman who suffers from alzheimers, she use ccc connect to transport her to adult day care. her son a battalion chief was going home to meet the bus that was dropping her off. >> i got a call from the dispatcher, he said the bus was in the front. house, i said i am 5, 7 minutes away. i get there she is shivering in the doorway trying to stay warm. i was furious. they left her like a delivery package on the front steps. to me that's unacceptable. she could have walked off and gotten lost. >> septa said they had no idea she was an arltz -- alzheimers patient. septa said it offers custodyial care for those who need it. >> they have to agree to the form. >> reporter: did you know about the paperwork? >> no i didn't. >> reporter: he said he signed up his mother through the corporation of the aging. empty meantime, septa is mailing him the proper forms making everyone aware that his mother is in need of custodial care. >> there should be empathy. >> reporter: septa said before the changes they would average 90 minutes 8 to ten times a month. the longest delay involved a

the ccc, as the commission is known, included the ban as a stipulation to approving $100 million of expansion for the orca holding tanks. just last month seaworld said it will phase out orca shows next year and include them in a nor natural setting. >>> rescuers using infrared camera at a wrecked mine discovering eight surviving miners. they were trapped for nine days. the disaster happened on christmas day. it killed at least one worker. nine others are still missing this morning. 11 people in total made it to safety or were rescued early on. >>> 4:56 right now. changes are coming to county jails. that's the word from the santa clara county sheriffs after a recent attack on a deputy. it's a story nbc bay area first broke. sheriff lori smith is working on improving staffing and jail procedures. it happened at the elmwood jail on christmas day. the deputy was trying to take contraband away from a deputy. he was jumped and beaten and now recovering from head injuries. >> he's in good spirits. seeing a lot of specialists. >> investigators say the inmate is a suspected gang member. they also foun

if you look at ccc bonds in high-yield, it's up 16.5%.nnual default rate looking forward, a lot of those are between 10-20%. it is more than that. if you look at the straight b leverage bonds, they have lifted about a hundred 50 basis points. -- 150 basis points. the fundamentals are largely pretty good. you have to ask yourself, what is happening here? is it the start of something more than just energy markets combining? >> what is the answer? is it the start of something bigger, or is this something that will fade? how bad could it get? david: i'm going to sound like a good economist and say yes to both. alix: on the one hand, on the other hand. david: yeah, the reality is somewhere in between. if you think back since the credit crisis, credit conditions have never been looser. underwriting standards for loans -- what has happened over the last five years, the default rate for loans and high-yield have been record low looking backwards. looking forward, i think we will start seeing defaults creep up. that is a worrisome concern. alix: w

ccc or governments to come up with any climate solutions or big industry to change their way. the change crops from grass roots movements. it's not about them any more. that's why we will be mobilising intensely and be more powerful in 2016 and beyond >>> how do you do that? lobby big industry in india to do the right thing by the environment? >> sorry, what? >>> how do you do that? if you are for rejecting the u.n.'s c 21 agreement that we have seen today, if you're not going to engage with the the political system, how do you get a country like india to do the right thing by the planet? >> i'm not saying that you shouldn't get yourself involved with the political system at all. i'm saying that getting involved at this international level at the u.n. is not the way to go. it's mobilising on the ground at the national level holding your own governments accountable >>> thank you for that. still to come, women in saudi arabia take part in elections for the first time, both as voters and candidates. plus. >> reporter: i'm in oxford where scientists are preserving the cultural her

the ccc included the ban as a stipulation to approving a $100 million expansion project of the orca holding tank. just last month seaworld said it will phase out its orca shows next year and replace them with exhibits that feature the killer whales in a more natural setting. >>> to the uk and dramatic video where an ancient bridge in north yorkshire partially collapses. flooding continues to affect areas of northern england. large sections of the 18th century structure could be seen slipping into the river as people looked on in shock. areas of northern england have been hit with torrential rains and rivers have crested past their banks leading to thousands of evacuations in villages, towns, even major cities. >>> a glimmer of hope in china. rescuers use infrared cameras to discover eight surviving minors. they were trapped for nine days after a mine collapse so violent, it registered as a seismic event. the disaster happened on christmas day killing at least one worker. nine others are still missing this morning. 11 in total made it to safety or were actually rescued early on. >>> coming u

the ccc included the ban as a stipulation to approving a $100 million expansion of the orca holding tank. just last month seaworld said it will phase out orca shows next year and replace them with exhibits that feature killer whales in a more natural setting. >>> twitter is strengthening rules against violent talk this morning. >> twitter doesn't use islamic state by name, but we know many governments have been pressuring twitter to crack down on the group. new rules are much more specific. instead of saying no promoting violence, twitter says, you may not promote violence against or directly attack or threaten people on the basis of -- and then it goes on to list all kinds of things, race, religious, et cetera. it's the rules on the screen, the first part, no promoting violence or even just a threat that gives twitter a lot more wiggle room this morning. sidecar is no more. if you're saying to yourself, what's sidecar, then you see the problem. sidecar was a ride share company like uber or lyft but couldn't raise the funds. lyft got a quarter billion in funding last week from a saudi pr

and 10% of the portfolio is in this really speculative ccc or below. that's composition.u take a look at the overall sectors represented, yes, energy is important. it's a bigger part of it. it's about 11%. but about half of the funds' holdses are in telecommunications bonds, also consumer-related issues as well. energy, yes, it's 10, 11%. but it's not the bulk of what happens in these funds. also want to point out some of the issuers that make up the top part of the holdings. hospital corporation of america, one of the big hospital operators. one of the biggest issuer waits in this index, about 2 1/2%. t-mobile, ally financial and frontier as well. it's worth talk about. hca, tenet health care, a couple of the big hospital stocks that took big hits in trading today because some traders and investors feel as though their reliance on some part of the high yield junk market may prove to be a little worrisome down the line. as a result, you can see names like hca, tenet health care taking a big hits in recent trading, melissa. back over to you guys. >> thank you, dom. as dom

ccc >> guest: twelve hundred. >> cspan: how many did survive it? seven hundred ninety-five. >> cspan: but what about churchill? and you say there's a big misconception that we got in the war right after the lusitania was blown up. >> guest: yes, yes. ok. so context. there can be no doubt that churchill would have welcomed an incident that would have gotten america into the war early. and he said as much, well, first off, he indicated as much in that passage you just read. this was- he had written a note to the head of the board for trade saying that, you know, we need the traffic from america, and if some of it gets in trouble, all the better. so there was no illusion about the fact that this was something that he would have welcomed. the story gets complicated when the question- when the question arises as to, you know, what ultimately happened to lusitania? why was the lusitania allowed to enter the irish sea without escort, without the kind of detailed warning that could have been provided to captain william thomas turner but was not? and this h

not cc or ccc rated securities but unrated. this indicates to me that fund had some very high risk instruments in attempt to get a lot of yield. i would like to see more accurate reporting on exactly what is in that fund. finally, november retail sales, i know this got buried out there. the consumer looks good here. month over month numbers. clothing stores up 0.8%. people are eating in bars and restaurants throughout the year. numbers have been strong in bars and restaurants. electronics and appliances were up nicely. i don't know what happened to auto dealers. i heard about 18 million seasonally adjusted sales for the auto companies. maybe there was adjustment issues on the auto dealers. those numbers are certainly strong throughout the year. the bottom line that i get out of this, carl, retail sales number is consumers looking good but it's oil and fed moving things right now. dow is down 203 points. back to you. >> that's great report. it's true. i hate to emphasize the consumer. they can't get in their head it's christmas.

>> son, but the focus on distressed debt -- and: a lot of them have ccc nine rated bonds. >> it dependso. at have to look carefully what a manager is doing before you make a decision to go into one of these funds. i think we have gone overboard in relating this liquidity problem to a credit problem. would you agree? >> i am with you on that, i don't see a credit problem. yes, leveraging corporate america has gone up a bit and you are seeing it used to buy back shares and finance takeovers, but the economy looks ok. stress ineing some the high-yield market, but we have talked about it. it is in the fringes. to go back to your original question, i think this is a buying opportunity, if you can get the ball. that is the great mystery. -- bonds. stephanie: are you ready for when google may do next year? they are saying they will be making driverless cars at the alphabet company, in 2016. they are officially getting in the game, making driverless cars. --y separated from alphabet excuse me, out of an alphabet company. they will be making driverless cars. that is a huge statement from google.

third avenue of course was skewing into ccc type districts, a lot of people will be saying we're in bb there is a lot of discovery that still has to happen. >> we were asking last hour about the catalyst. a lot of it does seem to be energy and the drop in oil prices which is why we keep watching. even though it moved back higher we are still talking about 35 bucks a barrel. it's interesting to go back and look at the federal reserve stress test for banks for 2015 they were testing a situation where oil would spike $210 a barrel. i wonder how they are evaluating the fallout now. >> where the bottom is, i think it's a central question for the fed going forward as they try to determine what is a gradual pace of fed hikes mean. the oil would stabilize where it has been -- this was before blackout but oil stabilize where it was. he said if oil stabilizes we can hit 2% inflation in 2016. we are not certain that that's actually going to happen. that's fundamental belief that sort of oil will just bottom out here and that was it. that's going to be a big question going forward and will make a

consider the half of third of a enough's ratings were rated ccc or lower. of assets in low grade paper despite higher etf jnk as the ticker has 14%. high yield market is far from healthy. high yield bonds offer higher yields because they are riskier. the sector has been weakening. high yield bonds have lost 6% this year dragged down largely by energy companies which represent close to 15 puerto rico of the entire junk universe. you should check your bond mutual funds to make sure they don't have big concentrated funds in paper. it's probably a sign of some pretty toxic paper. plenty of bond market veterans say the shakeout is making the sector look attractive with yields compensating investors for the risk we're seeing. >> that's part of the question, right? were the yields too low for the riskiness and now they look about right? >> got too tight especially a year and a half ago. people were saying the default rates are low going to be a long cycle. >> once again because of the reserve stretching for reserves buying these things which is supply and demand.