cfa has been pushing as long as it's been around to increase the tenure line from the low levels that it's sunk to, and will continue to do so. so other than-but this requires a commitment on the part of the state to adequately fund the csu. and we're currently about a billion dollars underfunded from where we should have been. we're actually educating more students with less money in 2015 than we were in 2007. anthropology professor and cfa board of directors member jonathan karpf says there is a responsibility from the state, the people of california, and the csu to help fund higher education. he says the money could bring back public education to the high stature that it once had. spending money on professor hiring instead of the high-tech phone system that was integrated into the university the past couple of years. that was a huge amount of money that could have gone to faculty salaries, the campus equity raises that were bargained in the last contract. it could have gone to hiring more faculty. those adjuncts left behind teach as best they can, although their professional future

your work at the cfa institute is legendary. told to go into bonds and was told -- this has really worked out -- how exposed are they right now? martin: if they are in longer-term bonds, there is the deal of exposure. that is where you of course have the greatest sensitivity to rates. , working in job wealth management, we manage portfolios for individuals. they are not bond portfolios, they are income portfolios. securities preferred , there are high-yield bonds in them, but you have to have a diversified portfolio with different types of assets that produce income but behave differently. is dividend growth of proxy for a yield? i would differentiate between yield and growth as a way of offsetting inflation over time. we do have a component of dividend growth stocks in their. they are not the stocks with the highest dividends, the stocks about to cut dividends, but the ones that have a good record of increasing dividends with prospects that continue to do that, so it is important to have a component of that. inflation works lik

tom: simon, i love stephen engle ander phrase -- i don't believe that is in the cfa curriculum.he physics of coldfusion, what does that signal to you as an investor, when you look at central banking? tim: indeed. we try to look at what companies are saying, we try to look at what fundamentals are doing, because the central bank has become such an important part of investor policy. it just becomes a much more important part of our analysis. it's something we have to be increasingly more aware of. of thehink at the end day, it will still be over a long period of time, the company fundamentals that drive equity. central banks will cause short-term volatility and noise, which will create opportunity and also risk. tom: francine, you saw the wall street journal today. rate rise this year. how many times have we heard that, francine? francine: a lot, right? in the problem is that some are arguing that federal reserve's are taking too much. it is looking a little bit like europe where everyone is weighing in and in the focal for the fed to stay on message. are we in the area where the

i was asked =nfkkrecently by on cfa]÷&= it up to a thousand?rrg91mk#3a/i<ñ --wyky=yx >> i said do you think there arñ cases we're notck= getting a t at such and8)kñ suchk/s>q event "yeah." i said perfect, it'shihz workin. table at theú,cás]pñ emergency. we actually -- welx] hardly giv out anything in the way of i/ buy them. >> so people have to be pay to be part o-oñ ther3p y mk=j;nel? >> if they want collateral and ÷ - hcdd - hcdd jr r[á= on, we just need this or that. Ññ#ég,8 for anybody. butfb%0 low is he needs bush to collapse. or to fizzle on the launch pad. any truth to that? and whether or not there's truth, is bush fizzling on the launch pad? >> we need everybody not named "marco" to fizzle. that's the plan. we need everybody to slowly kind of fizzle out and we think they will. it's no disrespect to them or their candidacy or campaigns it's just that we're building this for the long haul. we have a candidate we believe is designed for the long haul in that he is not going to make headlines everyday. he's not going to be the guy a

if it's sentiment based on numbers, based on what a cfa analyst would do based on studying annual reportsowth, it's kind of a tossup. i see the stock market in china truly being a gauge like a voting machine and the numbers that we see on the stock market, like a poll that you see on tv and the poll is for a country about a one-party system, not like you are seeing trump versus someone else, it is just one party. and the voting looks like it's not very good. you can't vote for someone else but you can basically talk with your money and i think that's what's happened so far and we know that the vast majority of investors in the asia market, the local market in shanghai and shenzen are local. very few have rq fee or stock-connect aid lou witness much the people inside china are voting and not voting well that's why the chinese are showing aircraft carriers, airplanes, this kind of thing to show them we are still a strong country in china, 'cause not so many people there are happy. >> when's the big -- they already had the big parade. yeah. what do you think the actual underlying gdp is now,