is the global cio of guggenheim partners.cott, you are talking about earnings and their strength potential. this is g #btv 7737. earnings growth globally. this is estimated earnings-per-share. basically what analysts think, right? analysts think this is unusual and they think they have raised their estimates versus downgrading it. because analysts do tend to be conservative, and companies tend to manage it.ctations, we willbeat the earnings momentum is very strong. once we get past the earnings was the whisper -- was the performance is good as the whisper. we won't know that for weeks. we get a shot tomorrow for banks. i think that will give us an early clue on the how the quarter goes. are equity strategist was talking about something for the financial, that the top line might not measure up that -- like earning growths will. >> i think the top line has to start moving. that is the key to the whole scenario that we are going to move higher over the next two years. if we don't see a pickup in topline growth, there is a list o

was something scott miner was excited about from guggenheim., i can't believe we are breaking through this level while live on tv. if you look at currencies, we have been watching the dollar index. it's a same chart abigail pulled up a few minutes ago with the trendline showing the dollar has been the leader year to date, down 2.6%. he did have a bit of an uptick following the red brick we read about in an interview with "the wall street journal" and president trump following the re read about in an interview with "the wall street journal" and president trump yesterday. as we talk about these geopolitical tensions, there was a great story on the bloomberg saying one proxy for concerns or risk aversion related to the korean peninsula has to do with the yen-yuan pair, the south korean yuan. the yen has been gaining on the yuan recently, which shows perhaps there's a bit of -- four 2017, there hasn't been that much movement. joe: finally, a quick look at the commodities, looking at oil and gold. not a ton of action. $53 a barrel on west texas inte

. >> this is a drafting studio where guggenheim was design. he did not have a lot of work. if you cannot create architecture -- they created the school. when you come your fully immersed in architecture. you are the everyday. you'll see students working in the drafting studio, cooking in the kitchen, setting the dining, and the students have been working in the space continually since 1932. they are learning by being completely immersed in the building. >> talk about immersive learning just as they did in the beginning, the students live in the desert with structures themselves. >> he first came here 19. there is nothing here. he purchased the campus ten for the apprentice to live in while they constructed. at the head pretend they would expand on the tenth. maybe at a wall, concrete floor until it grew into a shelter. and this tradition continued on our school. the students built their own shelter. >> we live in the desert and that is a way of engaging and knowing how to respond to nature by living in it. >> overtime they expanded studios and performance spaces. he designe

jacob astor, benjamin guggenheim, some of the richest people in america lost their lives and there werewe are now, because the last of the survivors has died, reaching a state that perhaps the titanic significance will diminish or do you think because of the impact of media and the several film adaptations, in terms of this significance being something of which there is so much record still in existence, that it will have an impact beyond the life of those who were directly affected, even the sentence would you? that is a very good question. at the time of the centenary people said to me, thatis the centenary people said to me, that is it, interest will die away, but in fact it has excited interest, particularly among schoolchildren. i gave a lot of talks at schools and it is amazing how much young people know about it. this has been helped enormously by the wonderful titanic film and another film, a enormously by the wonderful titanic film and anotherfilm, a night to remember, a great british film in its time. thank you for being with us. its time. thank you for being with us. we will

us heo of guggenheim told believes that the breakout -- breakdown out of this range suggests we are likelya move to the downside at a minimum of 2%. the ideaor referenced that the 35 year long bull market in bonds that this strong downtrend we see in the 10 year takes aices -- said it long time to reverse this sort of trend and with the technical break we saw yesterday, we could see the 10 year yield dropped back down into that range -- drop back down into that range. up top, we have the tech sector, year to date. in yellow, the s&p 500 of about 5% -- up about 5%. this is the top sector out of the election. if we continue to see these financial rates, the reflation rally could start to reverse. very important to keep an eye on all of this. mark: sticking with the market and the dollar bouncing around on donald trump's comment that the dollar was getting too strong in europe. euro-dollar volatility hitting a high. paul dobson is here. in terms of importance, relevance, in terms of what we care most about in trump's confidence -- comments, put them in order of importance? >> what i felt was

there are some experts including scott minor, the cio at guggenheim believes this is likely to breakthe downside to 2% or below. we may seek the banks trade back down in sympathy with that potential rally in rates. time will tell. vonnie: fascinating. thank you for that. wells fargo is up 2%. the board will probably survive a shareholder vote amid protests at their annual meeting. joining me is wells fargo investor who is voting against reelection of 12 of the 15 directors. matt paschi joins me now from boston. paint the picture of today's shareholder meeting. at least five protests a rocket. -- erupted. matt: there is a lot of anger among shareholders for good reason. if you look back five years ago, there was a call for -- from shareholders to separate the chair from ceo and bring about better governance. that received almost 40% positive vote. there was no response from that board. it continues to ignore shareholders. vonnie: it looks like it will squeeze through that all the directors will be reelected. where do you go from here? matt: it is probable a number of the members will

--hould point out that this the ceo of guggenheim is looking at 2% on the 10 year, maybe back down by 1.5%. so there is your savings rate. bank earnings season continues. bank of america and goldman sachs are due to report their results tomorrow. and will get more results on wednesday. only repeat the trading game? mayo.g us now is mike great to see you. let's talk about this. the trading side seem to be strong. as i mean good news for morgan stanley? the theme is wall street over main street. tradingrwriting and the . the stock market activity. the wall street banks benefit. the main street banks that you so far, flatter than expected margins. a flatter yield curve. so wall street should shine. sachs, stay with goldman what i did over the weekend was that i reread the annual report. we have a lot of fun. not once but three times, letter theyis ceo didn't pull back from the trading opportunities. after highlighting that in the annual results, you can half expect that the earnings tomorrow will do well. curious about the advisory side. we have been yelling on the deal front that compan

we will hear from one of those analysts from guggenheim later. for the most part, they expected them to do better. think $2r analysts billion. that's that with the and that doing. we were looking for all of this on the call. we did not get the color we wanted. there are so many analysts asking the same question. was whatl that we got didn't happen. currencies weren't strong. mortgages did pretty well. we did not understand exactly other than these pieces what went badly. that contrasted with hank of america. they said these things did well in mortgages, special situations. we are trying to figure out what bank of america did well, why didn't goldman? mortgages were popular. that has worked for the banks like bank of america and wells fargo. laura: everyone of these banks has a different mix. if you have a trader that does well in mortgages, you might do well there. some banks don't have that view was well. banks toese underwriting. they have a big bond shop that will underwrite deals for their clients. they can trade these deals once they hit the

kathryn stone is akatherine ston labor and employment law at the school of law an and awarded a guggenheim fellowship and a fellowship for her work on the changing nature of employment and globalized world. jerry is an economist of ucla school of management where he focuses on asian economies and also works on the anderson school of economic forecasting of the california and u.s. economies. the founder and ceo of the trade group that helps governments of collateral development groups to shape the public policy with learning strategies in support of trade and obligation. starting with a question from jerry. president trump said last june globalization has made those very, very wealthy but it's left millions of workers with nothing but poverty and heartache. what's your reaction to the president's remarks? >> when you think about globalization, you have to ask the question isn't it obvious shouldn't we just say yes and get to the reception here and it isn't so obvious the data is convoluted because there's a lot of things going on and one major event that is going on that keeps ubut keepsus

the guggenheim s&p 500 equal weight takes the 500 stocks and give them equal weighting, in this casethe metaphor is congress. in the sack, every stock gets the same voice. margaret weighting would be like the house of representatives. the bigger you are, the larger your voice. apple dominates the s&p 500. when it rebounds, equal weighted etf every quarter has to go back to equal weighting. you are selling winners and buying losers over and over. they are beating the s&p 500 since 2003 by about 90 points. a lot of outperformance there. it is not 13 billion. it has attracted goldman to this etf that is equal weighted. when we talk about smart-beta, we talk about the factors, different criteria. here we are talking about the size factor. is prettysize factor respected in the academic community. small-cap stocks tend to over perform large-cap stocks. investors tend to refer them. equal weighted etf will give you exposure to the size factor. they are weighted to smaller sized large-cap stocks. ishares has an equal weighted etf. it is another term for exposure to size factor. julie: we hav

this week guggenheim put a buy on the stock. target $150. it will be a huge gain if it happens.sults by selling blindly. pride and ego kills you every time. earnings releases, they ratchet up next week. i'll shift gears a little bit because i preached to u enough. next week which all about earnings. consider big and stop falling prey to fullbacks and corrections. hold the great stocks and look to buy them on weakness. a shocking report from the u.n. on modern-day shave ar-day slav. you always pay your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $509 on auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. then you're a couple. think of all you'll share... like snoring. does your bed do that? the dual adjustability of a sleep number bed allows you each to choose the firmness and comfort you want. s

. >> this is a drafting studio where guggenheim was design. he did not have a lot of work.me your fully immersed in architecture. you are the everyday. you'll see students working in the drafting studio, cooking in the kitchen, setting the dining, and the students have been working in the space continually since 1932. they are learning by being completely immersed in the building. >> talk about immersive learning just as they did in the beginning, the students live in the desert with structures themselves. >> he first came here 19. there is nothing here. he purchased the campus ten for the apprentice to live in while they constructed. at the head pretend they would expand on the tenth. maybe at a wall, concrete floor until it grew into a shelter. and this tradition continued on our school. the students built their own shelter. >> we live in the desert and that is a way of engaging and knowing how to respond to nature by living in it. >> overtime they expanded studios and performance spaces. he designed the music pavilion. >> music and dance run apart parts of the community.

this week guggenheim put a buy on the stock. target $150. it will be a huge gain if it happens.never achieve great results by selling blindly. pride and ego kills you every time. earnings releases, they ratchet up next week. i'll shift gears a little bit because i preached to you enough. next week which all about earnings. consider bignd stop falling prey to fullbacks and corrections. hold the great stocks and look to buy them on weakness. a shocking report from the u.n. on modern-day shave ar-day slav. with e*trade's powerful trading tools, right at your fingertips, you have access to in-depth analysis, level 2 data, and a team of experienced traders ready to help you if you need it. ♪ ♪ it's like having the power of a trading floor, wherever you are. it's your trade. ♪ ♪ e*trade. ♪ ♪ start trading today at etrade.com then you're a couple. think of all you'll share... like snoring. does your bed do that? the dual adjustability of a sleep number bed allows you each to choose the firmness and comfort you want. so every couple can get the best sleep ever. does your bed do that? fo

but finally what struck out to me this morning, scott at guggenheim tweeted out this morning saying hets a 2% 2%, 20.0-year where a .5% on the a 1 10-year. what i'm hearing is flatter, flatter. vonnie: taylor, thank you for alerting us to that. julie. julie: weighty for the markets and weighty for people individually and their pocketbook. as we talk about this big tax reform issue it's important to note the cost of preparing your taxes is rising. and the labor department actually tracks this as part of the consumer price index. it breaks it down into a lot of specific components. one of them is tax preparation. we're actually seeing a record cost for tax preparation right now. that's the chart on the top here. the chart on the bottom is the rate of change. we saw the third largest gain ever year over year in tax preparation. we got a lot of these various h&r block, tub other tax. simplifying the tax code, that's something the trump administration has talked about doing through tax reform. this is one of the reasons why it's important because not only are people are writing a big check

have you seen the new addition to the guggenheim? >> you did that?y long either. you knew i always wanted to pretend i'm an architect. i'm an architect. he's into architecture. >> hey, just like you pretend to be. >> well, in this case, the real fake architect is being charged with 58 counts of larceny, forgery, fraud and unlicensed practice of architecture. the attorney general eric snyder man tweeted pretending to be an architect is best left for tv calling it a, quote, serious crime. he did have enough sense of hugh mer to take down operation van da lay i understand strisz which is another lie about another bogus company. so, listen up, new yorkers. if you're trying to pass yourself off as an architect or a latex sale man or marine biologist or importer exporter or exporter importer, watch out. that's all we have for tonight. we'll be back tomorrow. yada yada yada, for the record with greta starts now. >> thank you, chuck. north korea is threatening the united states. the rogue nation saying it will turn the united states into ashes with a super m

this is like hiring a couple of kids with spray paint to run the guggenheim.e get to a point where these are people we're talking seriously about at this level of government? so no, i think that no celebrity likes to be outcelebritied. but i think it's a little bit disproportionate for the president of the united states to be worrying about whether or not somebody calls steve bannon president bannon on a blog somewhere. >> right. not to diminish the role of blogs in civic society. i know you write one for "esquire". >> yes. when you talk about the family winning, it's worth keeping in mind these are all positions that trump's taken that are literally illegal if he tried to put any of these family members in the cabinet or other positions. congress banned all that under federal law. and it's only this weird loophole they say they have in the adviser category. that's how out of the legal mainstream we are for sure. charlie pierce, betsy woodruff, david horsey, thanks for being on with us. appreciate it. >>> coming up, jeff session's radical changes to the justic

now guggenheim says there is more upside ahead.hey initiate the stock at a buy, $155 is the price target. we've made it our call of the day. you get into the amds and the nvidias and adobes, this one is up 26.5% year to date, 38% over the year and 115% in three years. what do you do when you get a call like this initiating a buy on a stock that's run so far. >> and look at the price target of 155 on top of it. what they're talking about are margin improvements. they're talking about the cloud and how they are a huge beneficiary of the cloud in terms of all the different aspects that they can use in the digital space. so there's all kinds of reasons why, scott. usually we're looking for reasons why we don't like the call. >> do you like the call? >> it seems like it is the right call, yes. the subscription model. >> listen, i had adobe all of last year. i got out way too soon because i thought the valuation got way too rich. but when you're looking at a software company that caters to the digital media space, there's none better tha

various other awards and prizes, including a guggenheim fellowship. he has a forthcoming book entitled the republic for which it stands, the united states during reconstruction and the gilded age, agents exceed 5-1898, which is part of the oxford history of united states series. he was the author of, among other noted works, railroaded, the transcontinental's and making of modern america, remembering -- is that right? thank you. family'sing and a past, the organic machine, middle ground, indians come in hires, and republic scum of the great lakes region, 165218 50. it is your misfortune and none of my own, a new history of the american west, the roots of dependency, subsistence, environment, and social change among choctaws, navajos, and cherokee. next, we will have a similar night professor of history at yale university. he is the author of gay new york , gender, urban culture, and the making of the daily mail world, award, and whyeh marriage, the history shaping today's debate over gay equality. in 2012, he was awarded yale teaching prize to yale hu

. -- for which she received a guggenheim, the national book critics circle award and a literary award. a product of the california public education system from kindergarten transects. [applause] she is a contributing editor and as you probably know the mother of all questions is a new collection of feminist essays. joining rebecca as it is jeff chang. jeff has most recently published we gonna be all right which is a total much reflection. i can mention that we have all of the books, not all of them but we have a bunch of books in the back. amy is waving at you right now. berkeley arts and letters is organized by both smith, a bookstore in san francisco. we would be happy to sell you books tonight. [laughter] jeff has been extensively on culture pulses and the arts. his second book was released under the title who we be. he cofounded culture strike and color wars, color lines it's -- he is a winner of that news prize.who is named one of 50 visionaries for changing a world in 2016 they named him one of the 100 list of those shaping the future of american culture. do you guys mind helpin

she was awarded a fwug enhypothetice guggenheim award. jury railway nichols burg focuses on asian economies. he works on the and aer son school's economic modelling and forecasting of the california and u.s. economies. kati zuwaman is founder and ceo of next trade group, a firm that helps government, multi-lateral development banks and fortune 500 companies shape their public policy and lending strategies in support of trade and obligation. so we'll start with a question for jerry. so president trump said last june in a campaign speech in pennsylvania, a state where there are many shuttered factories and steel mills, then candidate trump said globalization who made the financial elite who donate to politicians very, very wealthy, but it has left millions of our workers with nothing but poverty and heartache. what is your reaction to the presidential remarks? >> well, when you think about globalization, you know, you have to ask the question, isn't it obvious and woe jue just say and kind of get to the deception here. the reason it is not

for which she received a guggenheim, the national book critics circle award in criticism and the land and literary award. a product of the california public education system from kindergarten -- [applause] she's a contributing editor to harpers, and as you probably know the mother of all questions is a collection, a new collection of feminist essays. joining rebecca as a set is jeff chang. jeff has most recently published "we gon be alright" which is a total must-read collection i should mention we have all the books, not all of the books, but we have a bunch books in the back. amy is waving at you right now. so berkeley arts and letters is organized by booksmith in san francisco and we would be happy to sell you books tonight. so jeff has written extensively on culture, politics and the arts pick a second creek lakeland book was released in paperback recently under the title who would be. he cofounded culture strike and color wars and color lines, and serves as executive director of the institute for diversity in the arts at stanford university. he's been a usa winner of the north st

year,2.2% on the 10 guggenheim 1.5%, that is not a comment on u.s. growth? does that still hold?ing geopolitical risk. execution risk in u.s. fiscal policy has been weighing on the marketplace. it is a comment on other factors. our view is the brexit scenario is fairly unlikely. stillhe reach for yield, the story, isn't it? to be it will continue the story as long as interest rates are below what we, everyone, forecasts. a pension fund, endowment, whenlity-driven investor, you are earning interest below your target it will continue the press for yields. bond marketovereign with the central banks getting invested in a large way. it appears they will come off. we talked about the balance sheet with the fed, but the boj and ble will come out. as a bond investor have to anticipate that fundamental change? scott: look at how we are positioning our core plus fund here to have allocations to u.s. security mortgage-backed securities. even though the fed will be lightening up on purchases. we think the fed will be very incremental. look at the words the fed are " or "modest"ate growth. th

joining us michael morris at guggenheim, alan gould analyst at rosenblatt securities.to you both. >> good morning. >> interesting story, subs, domestic and international, michael and then there's the cash balance, as they continue to spend a little bit more, quarter after quarter. what struck you as surprising or important? >> well the most important thing for me continues to be the global growth opportunity ahead of this company. we understand investor concerns on quarterly subscriber fluctuations and "misses" or beats there and we understand the concern about the cash flow but this is a unique business, with a tremendous and still very underpenetrated global growth opportunity. we support and we're very optimistic about the investment thesis that includes the fact that they are burning through cash right now as they build into that opportunity. >> alan, how long can they do this? is there a point at which the market gets a little more impatient and what happens when that spigot turns off? >> they can do this for a number of years as long subscriber growth comes in. i

scott at guggenheim saying the low yield camp will ultimately prevail.h presidential candidate marine le pen is softening her position on europe , speaking on the country's most-watched television station. downn refused to be pinned on whether she wanted to leave the euro, a position she's championed in her campaign. she also used the appearance to attack rival emmanuel macron. >> are they going to vote for someone that has the globalization of the society as a whole? the project of mr. macron is petra seidl. to rise upg communities against one another, to rise up employees against one another, especially with a directive on workers that he won't question. mark: emmanuel macron returns to the campaign trail after a criticism that a victory dinner he offered his team was premature. also speaking on french television, the centrist candidate attacked le pen for what he called her brutality. ,> when i hear madame le pen her formulations, her tone, her gesture, i see much more brutality than on my side. brutality chooses its side. a brutal project, heinous pr

guggenheim thinks the company can continue to outperform expectations from the market.s up 27%. look at that from a year ago you're talking about. >> yeah. i'm saying way back when i was using -- >> dot-com. >> hostess brand said a secondary offering was priced below yesterday's closing price of 16.55. the snack maker will not receive any of the proceeds. >> haynes brand increased first quarter financial guidance saying 2017 was off to a strong start. separately they announced chief finance officer richard moss will at the and the stock was up after being down 18.5% in the last year. >> wow. >> and look for a report on weekly jobless claims. the marks are closed tomorrow for good friday but it not a federal holiday so the government will repleas deail n on. >> berkshire hathaway selling a steak in its business. they said it's not related to the scandal. it's selling the shares for regulatory reasons, to keep its stake below 10% to avoid additional oversight by the fed. and it will keep selling as needed to stay below that threshold after talking to fed officials, berksh