erik prince. erik prince: let me answer last to first. you are right, there are more contractors in afghanistan already. there is 26,000. 9.5 thousand of those are americans in afghanistan. there are another 9000 u.s. troops. so you are right. there are a lot of contractors there. the plan i am advocating severely reduces all of those numbers. the question of inherently governmental comes up. i was born in the summer of 1969, the summer of woodstock and apollo 11. if you were to say is it inherently governmental that only the u.s. government can put a rocket into space, 1969, of course, you would have said yes. but now today, 2017, the only way the u.s. government gets to space is on a private contractor's rocket or oddly with the russian space program. it was not inherent. time and technology changes that. steve scully: laredo, ohio. good morning. caller: good morning. the first thing i would like to say is this whole thing is ridiculous. i mean the russians warned us 15 years ago, do not go into afghanistan. you cannot win. they were ri

erik: why is that happening?tocks are in the cyclical industries at a financial services industries, so those are industries that maybe don't people -- and be don't perceive as doing well in a declining market or if the economy takes a downward turn. also, though stocks did not do well when the financial crisis happened nine years ago. i think history is going to repeat itself in the same way, which is -- which has not necessarily happened every time. erik: do you think it is going to happen that way? john: i don't. i think those the -- those of us that stay with tried-and-true value stocks, good companies that have strengthened their balance sheets since the financial crisis will do surprisingly well in this downturn and will outperform substantially, some of these large cap -- as some of these large-cap growth stocks have their comeuppance. erik: let me ask you this question. is passive investing partly to blame for what you have noticed? john: i think it is. passive investing has taken off like i have never se

erik: what do those people have to say?oward: one of them who i've seen on tv this morning says, howard marks says it's time to get out. i do not say it's time to get out. i do not say anything about getting out. i say it's a time for caution. now is nom said, better time for caution than any other time. time forno better hedges, etc. time that we can perceive. in other words, it's impossible to correctly put risk on or take risk off. we should always act as if we don't know. erik: that sounds like a recipe for disaster. howard: not for disaster, but i would say nearly mortal performance. if you want to perform at an above average level, one of the things you have to do is, to use your parlance, but risk on at some point in time and take it off at some point in time rather than be consistent in that regard. there are better and worse times for progressiveness and conservatism. erik: you've run the alarm bell before, in 2000, very timely ringing of the bell. in 2005, which you acknowledged was a bit early. does the need to r

erik: thank you.and cofounder of oaktree capital with wise words of caution for those listening. great conversation, thank you, let's go to the market action and get you set up for the opening bell and 35 minutes, futures positive, dow up a half of 1%. s&p 500 futures positive. point or so with the dax up eight 9/10 of 1%. bond market, treasuries have been stable throughout the theion, range bound over last month and the range has been tiny with yields of a single basis point. at cable rate last week 1.3215. saundersnds of michael for a rate hike go back down which is the story for thursday, whole coverage of a news conference with mark carney live on this program. what a month in july for the euro-dollar, the biggest monthly gain since december of 2014, well over two months with a new 2017 with a 1.18 handle. down by about 16 of 1% on the day. from new york, you are watching bloomberg tv. ♪ ♪ jonathan: john kelly looks to bring order from the white house, beginning by removing anthony frederick -- at

erik knows that. he is a millionaire. aside from the money thing and tactics and strategy, i would like to go back to a hearing in the senate armed services committee -- they goodness for c-span that we can watch those things. general nicholson testified in february. my senator, lindsey graham, question him in detail about what was needed to win in afghanistan. he said at least 30,000 more troops. he also said that contractors to oneer government guys over there -- two to one over there. that rush isdismay trying to undermine our efforts over there. he also said if we do not win this thing over there and get that place stabilized, we will feel their presence on this continent -- host: we will have to end there and give our guest chance to respond. guest: let me answer last to first. you are right. there are more contractors in afghanistan already. 26 thousand. nine and a half thousand of those are americans in afghanistan. there are another 9000 u.s. troops. there are a lot of contractors there. the plan i am advocating s

erik: you have rung the alarm bell before. howard: yes. erik: in 2000.you acknowledged was a bit early. does the need to reduce risk feel any more urgent to you now than it did then? , i thought that in 2000, my comment was not about the stock market. it was about the tech stocks. i thought that was much more urgent than today. they really looked offbeat in those days. in 2005, it was not quite so urgent, but of course, the market had another two years to run, at which time it became urgent. you know, i would not describe it as urgent today. pingeconomy is still clip along at a modest pace and is likely to do so. there has not been an economic boom, so i do not think there should be an economic bust. certainly not any time soon. i am not commenting so much on the fundamentals.i am commenting on investor behavior and asset prices. erik: many of the conditions that you describe in your memo are reflective or indicative of an overheated market. howard: yes. erik: or at least a market that is on its way to being overheated. among them, rich valuations, low v

erik prince has done a handful of interviews on the subject. he's proud of the idea.e's cited colonial rule under the british empire as the role for how they should conduct the next x years of the afghanistan war. the idea of the education secretary's billionaire brother being installed in afghanistan to be paid billions of dollars a year by the taxpayers to run his own private war there, it's enough to curl your eyelashes. it is hard to believe that would ever be taken seriously outside of hollywood. the news reports about erik prince making this proposal, they've generally taking the tone that this idea is not really being seriously considered by the trump administration. honestly that reporting has been offered in the same nonspecific spirit in which we all keep getting reassured that there are real adults in charge somewhere behind the scenes in the administration and therefore nothing too terrible will happen. forgive me skepticism. james mattis, secretary of defense was recently asked about erik prince's big business plan to take over the war from the u.s. milit

guest, it would be your erik prince. betsy devos. very disturbing. wants to privatize public education and her brother, erik prince, wants to military.the so are we in a middle of some of cue. this, i rn body in gnize erik prince was hired, the cia they blackwater and believe a problem and i tbl had with abu ghraib or something obscene. mention that erik prince is involved with the uae, nited arab emerites, has private military organization with them. i don't know why this is allowed of america.d states we are in the middle of a military coux. military, but our and we are tutions under attack f. we don't stand going to have any, this is a warning, folks. morgan from nashville, tennessee. org, army a news dot chief pledging what he's calling iserable punishment on the u.s., in a rally in north korea opposing sanctions implemented u.n. toward pyongyang "scheme of america's pressure." to lee joining from brooklyn, democrat's line, your top story of the week, what is it, lee? caller: the idea they took a poll of republicans and the republicans agree if 2

so we have copies of erik and andy's book for sale. following the conversation and they will stick around and autograph them for you. without further adieu, andrew mcafee and erik brynjolfsson, and alice son. >> thank you for coming. tell us bat your book. >> we'll dive right. in you start. >> the book, called my been, platform, crowd ," available for sale, and people drive down the resale value of it by signing it for you arewards. this is about three great rebounds. mind and machine, product and platform, core and crowd. we couldn't fit all the words on the cover so just used the last three and that's the direction that the world is changing right now. not all the way, but partway from decisionmaking, moving more from human minds toward machines, both data driven decisionmaking and artificial intelligence, moving from product towards platforms like the five most valuable companies on the planet, apple, amazon, alpha get, google, microsoft, and facebook, and moving from the core to the crowd, the core being the people at the center of

vonnie: that was the brookfield ceo along with erik schatzker.t spot in retail is gas turnaround plan showing signs of life, --the gap turnaround plan showing signs of life. it showed investment in technology and marketing help despite sluggish traffic. like this particular earnings season, it did not matter what the numbers came in like, it matters what your business model is and whether you will be around in 10 years. >> absolutely, we think investors are thinking about the long term in game. what is catalyzing that is amazon. they focus on the consumer, the 10 year view, i think investors are increasingly looking at business models and saying, who will not only survive but who will thrive in the next 10 years. that is very important. --nie: walmart is rising its having more things to sell, is that the right direction? is that what will make you profitable and going -- >> walmart has been investing in online and that is where the consumer is increasingly choosing to buy things. just as important, they have improved the in-store experience by lo

erik: can you break it into your planning at?: i don't take a lot of -- erik: can you bake it into your planning yet? lot -- then't bake a reality is the economy looks a lot like it did not months ago and it will continue to look that way until something changes . erik: we cannot sit here and say the president doesn't have a consequence. the decisions the president makes doe have consequences for the economy. right now, you are seeing the economy grow and we expect it to. david: you can watch the whole interview on bloomberg.com or on tv . i want to bring in a congressional reporter who focuses on tax reform. brian moynihan just a moment ago saying on that clip that there's a lot of unanimity here. where is their disagreement? when you look at the republican party in particular -- paul ryan was saying we are 80% of the way there. have we narrowed that gap much? brian: it i eric: it is somewhat narrowed. the republican party is more united on tax policy than health care reform. there are still major device. whether you will ad

please welcome the brilliant erik griffin! band playing ) ( cheers and applause ) >> yes! hello! all right! ( cheers and applause ) i need to start with a confession, everybody. i went and saw "beauty and the beast." i didn't want to see it, but i had the greatest time ever. i was so nostalgic because i knew all the songs. i was in there, ♪ be our guest, be our guest ♪ ( laughter ) there was this mom in there, though, and had her kids with her, so she kept looking at me like, shhhh! i looked right at her-- ♪ now, i... she was going to go get the manager, because she was a white woman. you know how white women don't mess around in a movie theater. but i think i crossed the line when i was harmonizing with the teapot. that's not my fault. that's a duet, you know what i mean? so, the teapot is all, ♪ a tale as old as time ♪ and i came in, ♪ song as old as rhyme ♪ ( applause ) the mom's all, shhhh! i looked right at her, ♪ beauty and the beast ♪ ( cheers and applause ) ♪ ooh, ooh, ooh ooh,

goodbye, erik.nd then there's andrew rosenthal. [ laughs ] andrew owns la dogworks, this pet care place in l.a. that has everything from boarding, grooming, training, and a bunch of other things. i love the business model and i love anything to do with pets. but andrew, he was a complete maniac and he hated everyone. the only reason my partner is alive is because murder is illegal. he's going to get fired anyway. lemonis: why's that? because i [bleep] can't stand him. in the first day of filming, people typically are on their best behavior, but the really crazy ones, i think they have zero awareness. i remember andrew rosenthal being very aggressive, but then five minutes of being there, he was aggressive with me... i can make this businesses work with or without you! ...and his employees. no. i'm not going to put up with that! jesse failed miserably! he wouldn't listen to a [bleep] thing i say! i don't have to ask him time and time and time and time again! e-mail me the [bleep] schedule! just do it

when the former blackwater ceo erik prince had with cnn's aaron burnett.posal he put forward to trump. >> you have to put someone in charge. there has to be a lead official. they have to stay there for a while. so you have a continuity of decision-making. >> and american viceroy? allan: a colonial -- it cameonial term but from a british empire that had little communications when you had that someone in charge you could make decisions. case, it means someone who can rationalize the mess that is u.s. policy events. >> 20 use the word, you went out it is a colonial word. exercising authority. a loaded word. are they talking to you about this? talked to plenty of afghans about this. when they understand we are not viceroy colonize, the is someone who will rationalize so we don't go through different ambassador every two years. there has been a fragmented command and it has to change. amy: that was the former life water founder, erik prince. talking about an american viceroy. mattis about how james is opposed to this and there is a defamation campaign going on

seems logical that whether we try to do it the way that the british east india company did it using erik prince or whether we try to do it mcmasters way using our military it's not going to succeed no matter what and then and then on top of this you've got trumped on what about there's a trillion dollars worth of minerals in afghanistan and during the bush administration they authorized china to go in and mind that cut china is literally mining copper in afghanistan right now but we're not how come we don't get to steal some of that wealth i mean there's a couple of layers here that go way beyond just it's a war you know i thought the mother of a. all the money i think it's going to cost us billions either way and i think with anything that of that big a scale there's going to be skimming at the top and i think the motivations aren't to help bring about a healthier afghanistan or a more stable u.s. but to satisfy an agenda here and i think it's time to pull out it seems you know thoughts yeah i mean i think that it's been reported that trump has some skepticism about his worries wonderin

erik: what do they say? john: they say have to be at the average or lower.ch and you have to make sure you are on the lower end of the fee structure. to make sure we are competitive and more than competitive. that'ss that a trend going to continue or do you see a point where it? express -- and express -- and expense ratio, few were to cut that in half, what would happen? john: it would make it harder for us to do our job. erik: would it help those clients who as you have through 100% going passive on equities from leaving? john: i don't think so. feel there's a place for the old-fashioned stock ticker, the peter lynch you wouldgo belly -- not find people and make a decision based on a few basis points. erik: what is it going to take to trigger a shift in fund flows back to active from passive? john: you will have to have a major correction. these highflying large-cap growth stocks make a big part of the index. happens before at the end of the century when this happened before. the dot-com bubble and the s&p collapse, those of us in value have extraordinaire

erik: one of the things they might do is buy charter for $65 million.use of capital? howard: i don't know the situation well enough, and i would never say on your show whether it is or not. the point is, you have upside on 38. i believe you can have downside on more than 38. the calculus is weighted against you. erik: if you were to look at every capital and fee structure on every oak tree that has ever existed, could you say with confidence that none of them was ever questionable? on our closed and funds, we get 20% of the profits. 8% before weke come in for our 20%. clients have to make 8% net of fees. i think it's fair. carried interest has been the story of the investment business. you can always complain about it. you can always say, is it fair to get carried interest. shouldn't it be 20 as opposed to 15 or 30? erik: what about the things stocks? they too merit special mention in your memo. it appears you have some concerns about the momentum, the amount of money people are pouring into them. if we were to measure them on the basis of valuation, an

steve bannon was the one who was erik prince's chief ally in favor of this idea. once steve bannon got fired today, erik prince was blocked from attending that afghanistan meeting at camp david that he was otherwise going to be at. the person who blocked him, reportedly was national security adviser h.r. mcmaster. is that true? are there other kok cocaminie schemes that will take place now that he's gone? we're chewing on that tonight. here's my big question tonight which we might be able to figure out with the right reporting in just a moment. why was steve bannon there in the first place? what was he there to do? and at whose behest was he there? and whatever he was sent to do, did he leave now because he accomplished it? there were a lot of other inexplicable people in the trump campaign and now in the trump administration and those people fit another pattern entirely. russia. russia. as to how they got their place and why they're there. but bannon really is different. bannon came on a year ago out of the blue to run the trump campaign, despite the fact that wi

so a billion dollars a year and if erik prince gets ten twenty percent of that it's great for erik prince however not actually great for what's going on in afghanistan yeah i mean i look at it like this eric says look you know he's making the argument that look we can do more of the same which is basically what the pentagon has trouble doing is just you know throw more troops in there and throw more than a few more that's more of the same and he's going to making this argument that look you could put a smaller amount of people in there majority of them mercenaries and we can you know work with the afghan infrastructure there and actually get the job done of disrupting terrorism which yeah eric that might work but i got a better option and even better option than the other ones put on the table how about we just leave oh you just say you know the american adventure in afghanistan just isn't worth it anymore and let's go but we can't do that because of you know minerals and poppy fields and all the other things over there that we need to kind of quote unquote protect yes. erica also but i'm

meet erik prince the founder of blackwater a private military company with a controversial reputation with its legacy you might expect princes career to be over but this cannot be farther from the truth there's no backlash for him no shame the man's gun for hire business is booming what i care about says it's pays the large you wasting food say five billion dollars a year in afghanistan i don't think it's appropriate to pull out completely with all the wars the us is waging abroad times are lucrative for private security firms yet you'd struggle to find one with an untainted slate dyna corp for example for over a decade the u.s. state department was giving almost seventy percent of its funding for afghanistan to this particular firm this company's record features a sex slavery scandal in bosnia a male prostitution scandal in afghanistan and also there a botched seventy million dollar worth construction project were also means big business for sally port global who were paid nearly seven hundred million dollars to secure an iraqi base they allegedly turned a blind eye to alcohol smuggl

erik: so you do not think we will have nuclear war? >> with china?t war? think about it. let's say you have 1000 wolves attacking one wolf. is it war, or would you give it another name? erik: because the outcome on one side is very catastrophic? >> exactly, they are very small. tiny and far away. nothing to reach it. one thing, we are very good at that kind of stuff. nuclear war. we know the risks you are very good with nuclear. nuclear is something we are good at, the military. the military is good at that, in russia. how horrible there turns out to be is fighting militias, terrorists. that, we are not good at. ♪ ♪ anna: you're watching "bloomberg best." i'm anna edwards. chinese technology firms and u.s. retailers shared the spotlight in a busy week of corporate earnings reports. our roundup begins with results from walmart. ♪ >> walmart gave a lukewarm forecast for the third quarter. the world's largest retailer is spending heavily defend off amazon and it is taking its toll. the outlook tempered enthusiasm as posted its best resales growth in fiv

erik prince won't run his own intelligence service.ou can't train at the battalion level unless you have a structure supporting you. people will get killed for $120,000. they will get killed for a bronze star with valor. so none this will happen. >> erik tries to make the argume argument, with all of the lives lost and no clear strategy or one that works in afghanistan, we need something different. it's as though he implies that hr mcmaster or other leads in the forces, it's an ego hit to him, they couldn't adopt the idea because they are simply too proud. is there any weight to that argument? >> no. i think it's ridiculous. look, at the end of the day there is a problem in afghanistan, we're trying to create a centralized federal government and group of warring tribes essentially the pashtun against the rest of them. there isn't going to be a win in afghanistan. the question is do we sit in there and try to prevent it from going down the tubes and become a terrorist haven or do we withdraw? and i think you know, to be blunt, no politi

. >> reporter: the president's chief strategist steve bannon is reportedly seeking the advice of eriknce, the controversial former head of the now disbanded contractor firm blackwater. prince's plan, use military contractors instead of u.s. troops for a virtue of unspecified missions in afghanistan. while leading black water, prince's mercenary force was criticized with how it dealt with civilians in iraq. several former employees were convicted in a 2007 incident in baghdad in which 17 iraqi civilians were shot and killed. one of those contractor's convictions was overturned just last week. the trump administration defending prince and his proposal. >> if you look at erik prince's track record, it's not about bilking the government. it's about the opposite. it's about saving the u.s. taxpayer money. so this is a cost cutting venture. we open the door here at the white house to outside ideas. >> reporter: still, defense officials have long noted that in some operations, contracts are not less expensive than active duty military members who are paid considerably less. the man leading t

erik prince has a piece in the opinion section of the "u.s.a. calls for restructuring of the afghanistan strategyng the present has proved ineffective, repeating the surge has appeal. reduced taliban influence, the taliban returned, troops were through. expensive to maintain large-scale military presence, luckily, there is another option, the president can estructure the war, similar to bankruptcy reorganization by decisions l envoy, regarding aide, military support laser elligence become focused on afghanistan. it would give our troops an exit ramp. envoy would support forces rom within, providing leadership, air support and business administration assistant. resources will be procured and the u.s. -- the way u.s. manpower support, they hire it. more about his op ed piece in "u.s.a. today" this morning. to bob first on this open phones in illinois. line, bob, good morning, go ahead. caller: good morning, c-span, a new phrase, minority rules. majority, they e have been fighting for it for so years, the minority make them look silly. hey don't ha

was nassim nicholas taleb speaking with erik schatzker.right now crude trading around $47.76 barrel. this is bloomberg. ♪ got you outnumbered. the dinosaurs' extinction... don't listen to them. not appropriate. now i'm mashing these potatoes with my stick of butter... why don't you sit over here. find your awesome with the xfinity stream app. included with xfinity tv. more to stream to every screen. ♪ live from bloomberg's world headquarters in london and in new york, i'm nejra cehic. vonnie: and i'm vonnie quinn. and this is "number of markets." traders are expecting -- bloomberg markets." traders expecting oil reactions, go, abigail doolittle is here in the numbers are out abigail:. -- out. abigail: they are out and the drawdown for last week was a .9 billion barrels. traders were looking for a drawdown of 3 million. much bigger, turning to gasoline inventories, i saw a bill there. there was an expectation the it waswould be, but 22,000. this is the intraday chart of oil for its first day in three with a bit of a spice to the upside. a g

strategy at camp david that led to night's speech was reportedly to include a press addition from erik prince. that said, take with a big grain of salt any reporting that tells you the private for-profit war plan is dead now or anybody who tells you there's a clear view of what the president might do exactly. years of past statements on this issue are clear and consist ten. they would make you think he's about to announce the end of war tonight. the best said reporting that we've got tonight is that he's about to add for troops. and then there's the wild card with this president, the gigantic bomb this spring, the privatization plan they're considering, the timing of doing this speech tonight. we're told to expect that the president will make a decision about his strategy in afghanistan tonight. we don't know exactly what he'll say. we have no advance excerpts. here he comes. >>> ladies and gentlemen, the president of the united states. ♪ ♪ >> thank you very much. thank you. please be seated. vice president pence, secretary of state tillerson, members of the cabinet, general dunford, d

prince now erik prince is the founder of a private security firm a military contractor formerly known as blackwater this quite controversial he's proposing that the usa privatized its war in afghanistan there would be contracted people professionals former special special operations veterans that have experience in that theater to go do that work would it be profiting from the war. well we're not there no but in even the again that solves that solution that's that's capitalism that's that's what it's about now the expanded use of. terry contractors in afghanistan and other parts of the world raises questions of accountability when such forces violate international law or engage in activities that are questionable but this is just one of the many questions that are raging as the sixteen year intervention by the united states in afghanistan continues. two people have been killed by kenyan police off the riots broke out in the wake of presidential elections. opposition activists branded the reelection of president hu kenyatta as a show rod. insists the vote was free and fair however prot

david: erik prince thank you. >> thank you.at was jam-packed from the president, doubling down on north korea. david: "risk & reward" starts right now. >> maybe it wasn't tough enough, they have been doing this to our country for many years, it's about time someone stuck up for the people of this country, north korea better get their act together, or they will be in trouble like a few nations ever have been in trouble in this world. liz: president trump finishing remarks about situation in north korea, dow dropping 205, continuing the plunge after hours, nasdaq down 2% as north korea said it is days away from the plan to fire 4 missiles into the waters near the u.s. pacific territory of guam. president trump intensifying his warnings as military threats

for others it may to be -- erik: oversight?an moynihan: volker is too complex by everybody's animation. what are the principles you are stop? to that is probably a good idea, you have five or six agencies working on different set of principles and they know it is too complex. how will we go about it? he proposed let's make it simpler and now we have to figure out what we mean. we do not have proprietary trading. how many times do we have to prove it? everything as you probably know and i'm sure you know, the buy side is freaking got about the new european rules. how big a deal is it for bfa? brian moynihan: it is a rule change, one going on all the time and it costs us money to implement but if you really look at it, we have the number one research class in the world for the past five or six years and i am sure that people will pay us for -- erik: $800,000 a year? brian moynihan: i assume so because that is how they get it. -- tor customers, it is me, it is not the biggest issue i am worried about. i am worried about the hurric

prince now erik prince is the founder of a private security firm a military contractor formerly known as blackwater this quite controversial he's proposing that the usa privatized its war in afghanistan there would be contracted people professionals former special. special operations veterans that have experience in that theater to go do that work would be profiting from the war. well we're not there now but any vendor that again that solves that solution that's that's capitalism that's that's what it's about now the expanded use of military contractors in afghanistan and other parts of the world raises questions of accountability when such forces violate international law or engage in activities that are questionable but this is just one of the many questions that are raging as the sixteen year intervention by the united states and afghanistan continues. the german city of to begin to is trying to keep the streets clean with our campaign the prices that recipe producing popular names telling them to use the available rubbish in. i think it's a great campaign it will be nice to find y

>> i think the blackwater erik prince plan was reported to be the brain child of steve bannon. i don't think that the base is particularly attune to or cares so much about having war overseas privatized. the president can still make his off-the-cuff appeals to economic nationalism and populism. it seems to be something that he feels very deeply and still take the advice of his generals and his chief of staff. >> thank you for joining us this morning. >> thanks for having me. >>> and what we just learned from investigators in a live report, next. you too, unnecessary er visits. and hey, unmanaged depression, don't get too comfortable. we're talking to you, cost inefficiencies and data without insights. and fragmented care- stop getting in the way of patient recovery and pay attention. every single one of you is on our list. for those who won't rest until the world is healthier, neither will we. optum. how well gets done. when heartburn hits fight back fast with new tums chewy bites. fast relief in every bite. crunchy outside. chewy inside. tum tum tum tum new tums chewy bites. s

erik: you have rung the alarm bell before.ely ringing of the bell, as well as in 2005, which as you yourself has acknowledged, was a bit early. >> right. erik: does it feel more urgent to you now than it did then? >> it was about the tech stocks and another was much more urgent than today. they really looked offbeat in those days. 2005, it was not quite that urgent but the market had another two years to run at which time it became urgent. i would not describe it as urgent today. the economy is still clipping along at a modest pace unlikely to do so. there is not been an economic boom, so i do not think there has to be a bust anytime soon. i'm not really commenting so much on the fundamentals, i'm commenting on investor behavior and asset prices. >> dow 30,000 is going to happen. whether before the end of this decade? i tend to doubt it. not impossible, but i think we are looking at the early 2020's for a dow 30,000. vonnie: what is your near-term forecast that you are working from? jeremy: well, you know, at the beginning of