jonathan: gershon? gershon: there is another factor at play.r years i have heard high-yield has done better than loans on the upside, just wait until the downside, they are senior secured. what we are seeing now is, part of the reason investors are fleeing is because the credit quality isn't nearly as good as it used to be. the asset coverage is not as good as it used to be. we should expect more defaults and lower recovery in history. the drawdown so far is about 2% in high-yield and 3% in loans, and we think loans will continue to underperform. jonathan: institutional money is not too worried about what is going on. they have not done a lot. they are looking at 2019, and they are saying, we will see outperformance relative to high-yield. i haven't seen the capitulation yet, have you? gershon: not from institutions, but institutions are much, much heavier in bonds. you have to remember that we have been through a partial cycle already. are you in a late cycle? not in the commodity space. look what happened in the energy space and this trip in

gershon? gershon: i think the issuance has gone two places. is -- yields were low and spreads were tight issued and a lot of companies went and issued the loan market because financing was much cheaper and you did not have to give traditional covenants. jonathan: what i would like to learn is put these outflows in perspective. a lot of hyperbolic language around all of this. the biggest outflows on record. how important are some of these etf's, are some of these mutual funds we are tracking to the overall universe? gershon: i think it is so much more important than loans, because it takes three or four weeks to settle a loan. having outflows that are 2%, 3%, 4% of the market is scary. what happens if we get 10%, 15%? remember, most bond trades, you get your money into or three days. a loan is 2, 3, 4 weeks. i am worried we will hear liquidity issues. jonathan: let's talk about that, luke. a lot of retail has been getting access to things that are not liquid, but give the illusion of liquidity because you can buy the etf. what are your thoughts

gershon: look at the markets. the markets -- every time we think it is ridiculous for toure bunds -- 10 year bunds trade at 25 basis points it seems to not move. kathleen: what will be really interesting that we haven't talked about is what is china going to do? part of the uncertainty is the trade tensions. the u.s. has the leverage in the short term and china is worried about slowing. they're going to open up the stimulus spigot again in a targeted way and that will change everything. jonathan: do you see that happening? because at the moment there haven't been big signs of it. subtle signs they're leaning towards an easy. do you think they get bigger? luke: i think they've got a few things they need to sort out on the agenda next year, and it doesn't feel like an environment where they need to tighten up. so we need another trade o for -- trade for italy or you could run into a credit crunch by 2020 in italy into a tough economic environment for italy as it exists today anyway. the data out of france today didn

i'd like to note that becky gershon has withdrawn their application. >> supervisor safai: i'm sorry, say that again. >> clerk: becky gershon has withdrawn their application. >> supervisor safai: oh, okay. hold on one second. >> supervisor yee: which one again, i'm sorry. >> supervisor safai: becky gershon. okay. all right, so we're going to, i guess, put in our first applicant. we have five applicants today. our first applicant, is ave lambert here? if you can come forward. if you can come forward and speak, we'll give each speaker two minutes to say their -- present themselves. that would be great. please proceed. >> good afternoon, esteemed supervisors. i'm ave lambert. i'm a farmer and a chef and have organized as an activator and innovator. my thesis was on food deserts, i'm a ninth generation californian, very tied to this land, and know the way we can change the world is through growing, cooking, and sharing of nutrient-dense food around communal tables, where we have hard conversations. i'm the program director of farming hope, where in 12 weeks we take folks with barriers to

them want to go to gershon to systems. the family starts generally twenty third on w. this is d.w. news line from but the wall tons it's now most girls bringing in the new year. celebrations are beginning on the red square where thousands of revelers have been braving the chill as they welcomed twenty eight nineteen or so on the program d.w. tracks elections in bangladesh in congo two countries hoping twenty nine thousand will bring them increased ability bangladesh's prime minister shaker zina rejects calls for a new soaps third consecutive election victory has been marred by deadly violence. and tensions are running high in congo vote being counted in sunday's landmark presidential poll and made widespread allegations of the voting irregularities. i found in a home for a welcome to the program. revelers across the world all ringing in the new year and the clocks have just struck midnight in moscow where the biggest policy is taking place in subzero temperatures red square. the. part. where russia the new year comes before christmas which will not be celebrated in till the seventh

lose they will it's a rebel move ok would that mean that there is a positive for them for the nor gershon's looking at the just laid out well it all it all depends on the trump administration and as we all know the administration is not not that reliable and saudi arabia has is not the real partner anymore that it was until two thousand and fifteen so i think we can be somewhat optimistic but the actors on the ground especially saudi arabia to some extent the whole tease and the u.a.e. . are not that much interested in conflict resolution right now they still think they can that they can win this war but there might be a truce yes ok thanks very much the first on birds from the germans for international and security affairs now for some of the other story stories making the news this hour the british prime minister terse and i is battling to plan on track as parliament is set to begin a marathon five day debate on the deal it's not easy has already been handed a major blow over government became the first in british history to be found in contempt of parliament this after the fuse to publis

lose they will it's a rebel move ok would that mean that there is a positive forecast for the nor gershon's looking at the just laid out well it all it all depends on the from bad news tradition and as we all know the administration is not not that reliable and saudi arabia has is not the real partner anymore that it was until two thousand and fifteen so i think we can be somewhat optimistic about the actors on the ground especially saudi arabia to some extent the whole team and the u.a.e. are not that much interested in conflict resolution right now they still think they can that they can win this war but there might be a truce yes ok thanks very much peter steinberg from the germans do for international and security affairs now for some of the other stories making the news today the british prime minister theresa may is battling to keep her plan on track as parliament is set to begin a marathon five day debate on her deal may has already been handed a major blow her government has become the first in british history to be found in contempt of parliament this after refused to publish a leg

alix: gershon distenfeld is sticking with me. tina davis, good to see you.ials breaking a pg&e after wildfires er lines. the powe this is bloomberg. ♪ alix: time now for the bottom line, three companies worth watching this morning. joining me now is our bloomberg deals reporter. i want to look at nissan. they finally change some corporate governance due to the court -- carlos ghosn thing. two companies you cannot hold the same kind of stakes. why now? where were you before? to gets about time, nice it done before the end of the year, before proxy season rolls around. that is about all i can say about that. what they are implementing enough to stop what happened with carlos ghosn, allegedly? >> they will say it is a one-off. there are a series of governance failures that this company has been plagued by, obviously over a number of years. i think they will turn around and say at least we are doing something about it now. if we could not have stopped it before, we are putting in place the policies to make sure it doesn't happen again. deals,ou cover renault-nis

gershon to systems. global family starts january twenty third on t.w. . plane . this is the news line from delhi and rescue teams race to find survivors of the indonesian tsunami the death toll rises to almost three hundred and some guy was a force to move to high ground the volcano that called the tsunami is still erupting and there fears of a second giant swing also coming up pakistan's former.

the record gershon though let's see. what you get in touch and share your thoughts on all of our stories by following us on social media and join us again for the latest at the top of the. i've been saying the numbers mean something they matter the u.s. has over one trillion dollars in debt more than ten white collar crimes happen each dish. eighty five percent of global wealth you want to be ultra rich eight point six percent market saw a thirty percent rise last year some with four hundred to five hundred three per second per second and bitcoin rose to twenty thousand dollars. china is building a two point one billion dollar a i industrial park but don't let the numbers overwhelm. the only numbers you need remember it was one business show you can afford to miss the one and only by. putting back in place hard order. that division between northern ireland and my darling has economic consequences it has a lot of consequences for people particularly those who live along the border there's a lot of free movement at the mom

them want to own a good gershon just systems. global family starts january twenty third on w. natural riches. precious resources. and a rewarding investment. of farmland it has been called ethiopia's gold. the country has an abundant supply and leases it to international preferred giants government to hide export revenues and the corporations high profit margin. but not everyone benefits from the booming business. we give you when i saw the old those years clearing the land i was devastated going to get with how could they bulldoze the land without my permission and of what they knew would belong to me. creation environmental destruction starvation. the price for government and corporate greed and. the selling out of a country. that donkeys fear no hyenas. starts december twenty ninth on t.w. the. a partial shutdown of the u.s. government has begun after lawmakers missed a deadline for approving a spending bill the sticking point was president donald trump's demand for five billion dollars for border war fiercely opposed by democrats refunds and i froze and for dozens of feder

gershon the lips the sea. ice the choosing r.t. international this monday we've got plenty more stories coming up after this short break. when lawmakers manufactured him sentenced him to public wealth. when the ruling classes project themselves. in the primary go around the lives only the woman was told. to ignore middle of the room signal. to. relieve. the a. child's seemed wrong but all in all just don't have all. the world to get to shape our lives just to. educate and in again because betrayal. when so many find themselves worlds apart we choose to look for common ground the. it. welcome back it's been a year since iraq declared victory over islamic state the defeat of the terrorist group kemah few months after iraqi armed forces secured control of major urban areas particularly this country's second largest city mosul the humanitarian situation though remains dire as pointed out by the norwegian was still displaced across the country with eight million more in need of humanitarian aid they also say thousands of children born u

lose they way it's a revolution ok would that mean that there is a positive for us and for the nor gershon's looking at the just laid out well it all it all depends on the bad news tradition and as we all know the administration is not not that reliable and saudi arabia has is not the real partner anymore that it was until two thousand and fifteen so i think we can be somewhat optimistic but the actors on the ground especially saudi arabia to some extent the whole trees and the u.a.e. are not that much interested in conflict resolution right now they still think they can that they can win this war but there might be a truce yes ok thanks very much different from the germans two for international and security affairs while it's to britain now where prime minister theresa may has faced and historic rebuke in parliament as she sets out her plan for bracks ahead of a marathon five day debate for the first time in british history a government has been found in contempt of parliament this after may refused to release a legal report on bracks in a week's time skeptical m.p.'s will be voting on her

and also, gina gershon -- >> seth: oh wow.>> was in the play as well, playing opposite nic. >> seth: and, you know, obviously -- you know, i think when we're in high school, the people that are the theater stars, you think they're wonderful. obviously you were in a unique position where they actually were. could you tell in high school? were you watching them thinking like, "oh, they're going to be famous?" >> i had no idea. >> seth: yeah. >> i had no idea, you know? it's like, wow, we did all right. >> seth: you all did all right. they have other people wash their jeans for them, but that's fine. it's not a contest. [ laughter ] i want to ask this. you know, when you say -- i think when i sit here and i say, "oh, you went to high school with all these people," they might think, "oh, my god, this must have been -- you must have had everything you could have wanted to be at a high school --" but you also had hard jobs. >> i left home when i was 15. >> seth: right. but you had a job in high school, gutting fish? >> yes, i did. >