dennis stattman joining us. the appetite risk is returning in a big way. we'll check on that given the risk aversion situation. eeeÈ9 >>> there is a live picture of the floor of the new york stock exchange. dow down 162 points. broad-based sell-off after a good run-up year-to-date. technology, financial services among the stocks leading the market lower on the heels of weaker than expected economic data. it is no secret the markets have seen a huge rebound hitting their lows back in march. and stock prices moved higher, and so has demand for risk among investors. to give us a truly global perspective and shed light on blackrock's clients and what they are doing is block rock's vice chairman and head of the firm's account management group. nice to have you on the program. do you see people once again having the appetite for risk? >> i think we have a fantastic position to give you a view on this question. if you think about blackrock present in all the markets around the world, both retail and institutional clients, pension funds, wealth funds, what we'v

. >> dennis stattman, too, as a mechanism to get exposure. etfs can provide institutions with exposure. i think i read recently that some of the large endowments invested in etfs as an asset allocation. so we are seeing about 50% of the market today is institutional. 50% retail. the market has really expanded. >> and there's tax efficiency and transparency also going along with that. let me bring in bob doll to talk about where he is investing right now to get a sense. bob, are you with us? >> hi, maria. >> thanks for joining us, bob. it is good to talk to you. begin the fact we did see a 200-point sell-off thai in the market and we've seen such a run-up, are you expecting this to continue? not to make you a short-term investor because i know you are a long-term thinker. to what do you attribute the most recent upset in this market or is this just valuation? >> i think the markets just acted tired. the economic statistics over the last three or four weeks have not been as uniformly good as they were prior to that. the market's waking up sayin