reporter: a reference to the right-wing populist ifd, who with their anti- -- steinmeier is for an immigrationaw the nose its limitations. -- that knows its limitations. >> in my view this is not just wishing away immigration, but it means defining a system of legal access to germany which regulates and controls migration according to our requirements. reporter: celebrations began with a church service which focused on multiculturalism and germany's migration history. >> people have mixed on the rhine for centuries. reporter: german muslim, a syrian, a german jew. a message of tolerance and diversity. on germany's national reunification day. the country's establishment is gathering strength to face the heated political debates which will certainly come. host: let's provide you with more background. good to see you. despite the fact that germany has come along way since unification, the president referred to new concerns moving ahead. what exactly is he referring to? guest: let me start with a positive development. germany has come a long way in its 27 years of you -- of reunification. unemplme

it is within the realm of possibility and not that expect ifd i wouldn't they so wanted to do. >> one last question. national security implications how can this data ?e used by a foreign power > in order to get security clearance you have to prove you have got good credit because financial have troubles have vulnerabilities. between can happen in the time you apply for your clearance and receive that when it and the time is re-upped so to speak. foreign adversary were to know that a person had a access tolearance and sensitive data and in some kind leavesncial trouble that that person vulnerable to some blackmail, you give us the security information and we can make financial problems go away. that is one of my concerns. >> and to add to that, another concern could arise from the ability to gain information to conduct further surveillance. if you know where targets live. o.p.m. now from the breach who had the security clearance and if you can know that person where they bank would re they live, that provide ready information for further targeting i would suspect. >> mr. moore, you dis

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alistair barr sat down with the to ask ifd president the tech market boom has gone too far. >> the trendsmajor trends of the largest tech companies are taking advantage of our going on many years. it is still early in the penetration for e-commerce and mobile e-commerce and all the things that drive facebook and amazon and netflix and google. while the stock prices have done incredibly well, those prices have not kept up with fundamentals. >> what about things like this russian ad investigation? there have been a lot of headlines for google and facebook. is there anything involved in that they give you pause about the way that companies make money? >> with new technology and self-service, there are risks, business risks with that. we have seen in the past if you look back to google as it was growing up, and ebay as it was growing up and growing into its teenage years, that there were challenges with people listing items for sale that were not appropriate for that community or with google there was click fraud. there were verticals in industries they did not want advertising on their site.

global standard because a lot ofs asset owners because like pension funds like the idea of m action ifdand getting to choose which research they get to choose and ideally lower fees thereafter. at the moment lower fees equals alpha, or at least beating market returns because a lot of managers are underperforming because of the fees they charge. you bring down the fees you get better returns. tom: i've heard it 40 years i'll make alpha off of fees. john vogel of vanguard would go mental. are you kidding me? research is why a given fund is underperforming? neil: it's not actually the research but the fees they charge, actually rates them underperforming against passive and vanguard would of course have that argument. but if you look at the fees in europe, they're significantly higher than the u.s. there is nothing like black rock has most of the market share for e.t.s. in europe, for example, and fees here are higher. and you'd expect them to be somewhat higher but not as high as they are. tom: i'm in the francine lacroix chair for bankrupting. thanks for briefingous on this ornt article