jack vogel. also brexit.his is bloomberg. ♪ vonnie: netflix is flying stocks through first orderly earnings. those numbers after the bell. joined by cameron lee. entertainment reporter. it is always the same question. it plans to spend $8.4 billion on programming over the coming 12 months. how does it sustained spending? >> netflix just increased their prices in their standard plans across the board. one to two dollars per plan. billionl add about $1 in extra revenue. there is a famous artist by the name of sean jay-z carter whose as i don't have a billion strings, i have a billion dollars. that can add an additional billion dollars to netflix. they have to make 30% of their programming in europe. how much will that cost in its eu content more expensive than u.s. content? we already know that content is very high for netflix at the moment. we have to understand that netflix is really trying to push into that international mode. they are trying to get up after the eu. after the india as well. that is an area t

jim: i cannot help but feel jack vogel behind me now. -- jack bogle behind me now.eliever in funds. he would tell me not enough people index. people pay to much. they are getting ripped off. when he would look out, he would where he -- what could be an impediment? what would be an obstacle to indexing success? he was extrapolated -- extrapolating in the future, what could be public reaction and that is not to take away the power of indexing. he would argue with sam saying, your whole portfolio could be in index funds. he was a believer in that. individual managers that cannot perform. you have a 3% of finding that manager over the long run. do not find stocks that could drag return in the future because only 4% of them well. he would say, do not find a needle in a haystack. by the whole haystack. --buy the whole haystack. with samhave a debate zell right now. david: we called it passive investing. jack bogle was concerned about corporate governments. who is going to help with corporate governance side. what did he do in that line to make sure we had better corporate

. ♪ >> jack vogel, the man who founded vanguard and virtually created the world of passive investing,l luminaries poured out their praise, among them, david solomon of goldman sachs, howard marks, sallie krawcheck, and charles robb, saying that they stand on the shoulders of jack vogel. >> the financial industry has lost the legend and investors have lost probably their best advocate. what he did, i think, is hard to understand today, because we are so far removed from the 1970's and what infesting was like. making a portfolio of individual stocks almost at random, and here's a guy who comes along and says, own as many stocks as you can that represent a broad swath of the market and leave alone, pay as little as possible, never look at it again, and when you wake up and 50 years you will be rich. that sounded revolutionary in those days. ♪ ♪ let's take a look at the description page here on the uti crude and talk about the leverage, the contract, and the trading mechanics. >> the first thing to look at the leverage, about $5,000. overlay that with the contract, that's about 10% levera

the vanguard group founder, jack vogel has died 89 years appeared better known as jackie revolutionizedsting by introducing the first index mutual fund for individual investors in 1976. he built vanguard into multitrillion dollar company. he dotted generation how to invest. i interviewed jack last on this program last summer. here's part of the interview. >> jack, you're the pioneer in this business. what has changed? since you started vanguard? >> i guess i was depressing everything has changed, maria. and the mutual fund industry is a different business.it is not probably 77 percent of cash flow, sometimes 100 percent of cash flow going into index funds which didn't even exist when i came in. when i started vanguard all those years ago. indexing is up to i think around 45 percent. of mutual funds, equity mutual funds assets. i think it's been a revolution. and it has changed the nature of how people look at investing and most important of all, it has made people start to think about cost. cost is everything in this business. because we think about it, where are returns generated for i

scarlet: an economics professor returns to etf iq, we take stock of jack vogel's legacy.ionship with etf's are complicated. from despair to euphoria, the price action and sentiment of the last two months is testing investor conviction. a behavioral scientist explained what really happened in december. one place to hide during the volatility is the persian gulf,

. ♪ scarlet: an economics professor returns to etf iq, the , we take stock of jack vogel's legacy.p with etf's are complicated. from despair to euphoria, the price action and sentiment of the last two months is testing investor conviction. a behavioral scientist explained

jack: it is hard to predict, but in many ways this is why -- this noticed theike, i passing of jack vogele 6% load in the mutual fund, they would charge you 6% to invest in a stock. that is what happened in the residential real estate space. when you reduce the fees to move shares or bonds or homes, then the whole market goes up independent of what's going on in the overall market because the assets underneath those securities become more valuable. frigiddrive down cost, assets go up. i think residential real estate is a great place to invest because as technology hits the sector, the underlying assets will keep going up independent of the macro effect impacting the industry. emily: that said, how is that impacting your pricing strategy? jack: the market or our technology? emily: the market in general. the political and economic uncertainty we are experiencing right now. jack: for us, it actually helps us because on the buy or sell side, you want to limit the time you are exposed to the market. if you are going faster, you are better. because we are going around this clunky process, buyer

bill: if people paid some attention to what jack vogel said three or four months ago, it was startingo trouble him how much concentration of wealth had developed in the s&p 500 index and etf's that concentrate on tech and growth, because what will happen, let's say you have a cheap tech stock you like, and it is not one of the stocks that is part of the mania yet it is , in the index and the etf's. if the big-name ones go into the extended bear market and stay depressed for an extended period of time, your shares will get net liquidated even though you are not part of the problem. it could be an interesting fiasco if it's anything like what happened in 2000. selina: in your recent report, you spend a lot of time talking about dead stocks, stocks that may spend the next 10 years or more getting back to their euphoria peak time. what are the current dead stocks? bill: it is funny, there are always two kinds of dead stocks in a mania. we might not be the end of the mania. for a long-term investor with a five to 10 year outlook, it will end by then unless all economic history will be rewr

founderber jack vogel of vanguard. turning the investing world upside down. ♪

sallie krawcheck, and charles schwab, saying things like everyone stands on the shoulders today of jack vogelinancial industry has lost a legend. investors have lost probably their best that they could. what he did, i think, is hard to understand today, because we are so far removed from the 1970's and what investing was like. imagine cobbling a portfolio of individual stocks almost at random, and here's a guy who comes along and says, own as many stocks as you can that represent a broad swath of the market and leave it alone. pay as little as possible, never look at it again, and when you wake up in 50 years you will be rich. that sounded revolutionary in those days. i'm sure of it. ♪ >> let's take a look at the >> let's take a look at the description page here on the uti crude and talk about the leverage, the contract, and the trading mechanics. >> the first thing to look at the leverage is the initial margins. about $5,000. overlay that with the contract, thoughts about $50,000, about 10% leverage, that is what is standard in futures. >> there are about 30,000 functions on the bloomberg, a

we take stock of jack vogel's legacy. his relationship with etf's are a bit more complicated.air to euphoria, the swings of price action and sentiment is testing investor conviction. a behavioral scientist explained what happened in december.

. >> jack vogel had the mutual fund.s in the united states. be sure to tweet it to us that is it for this week's show. >> it is friday night. have a great weekend. maria bartiromo's "wall street" is next. >> happy weekend, everybody! think you for joining us. welcome to the program that analyzes the week that was. and preparing you for the week ahead. i am maria bartiromo. in a few moments i have a special analyst as a special guest and then later in the program castle harlan ceo, formerly ceo of dlj. a blast from the past. and meanwhile a tough week for big bank earnings. bank of america, -- j.p. morgan missed on both the top and the bottom line here morgan stanley

. >> jack vogel had the mutual fund.cials in the united states. be sure to tweet it to us that is it for this week's show. >> good evening everybody. the crisis at the southern border worsens as a new caravan of 2000 hondurans have begun their planned track for guatemala to the border of mexico. capitol hill in disarray with chaos of their own making still holding the government hostage as they pushed their radical agenda of open borders and unfettered illegal immigration. honduran officials are warning the migrants that the left caravan organizers have lied to them from the onset. for

. >> jack vogel had the mutual fund. the united states. be sure to tweet it to us that is it for this week's show. >> i'm bob massi. for 32 years, i've been practicing law and living in las vegas. i help people with all sorts of real-estate problems, from trying to save their homes to closing major deals. eight years ago, 6,000 people a month moved here, looking for employment and affordable homes. little did anyone know that we would become ground zero for the american real-estate crisis. now, it's a different story. the american dream is back. we're gonna meet real people who faced the same problems as millions across america, and we'll dive deep into a city on the rebound because las vegas was a microcosm of america, and now vegas is back. [ woman vocalizing ]

. >>> in other news, jack vogel, the founder of van garde has died at 89 he invested in $5 trillion with assets under management in 1975 and create the world's first index mutual funds bogle was considered one of the world's greatest investors warren buffett has paid tribute saying he did more for the individual investor than anyone he has ever known. collecting receipts? is it the 80s? does anybody have a mixtape i can borrow? you should be chasing people's pets... ...not chasing payments! quickbooks gives you a sweet set of business tools... ...that do all the hard work for you. you may groom corgis, but you don't have to work like a dog. (vo) you earned it, we're here to make sure you get it. (danny) it's time to get yours. (vo) quickbooks. backing you. ♪ did you know you can save money by using dish soap to clean grease on more than dishes? using multiple cleaners on grease can be expensive, and sometimes ineffective. for better value, tackle grease with dawn ultra. dawn is for more than just dishes. it provides 3x more grease cleaning power per drop, which cuts through tough kitchen

jack vogel founder of the vanguard group has died at the age of 89. we have both interviewed him many times. he really was a pioneer. he didn't look down his nose at us or at anyone which is very different i will say this. revolutionary was the gate -- at the when i came up with. back in the mid- 1970s. he basically brought investing to the masses. the second largest asset manager in the world. investing was expensive. and they didn't have an easy way and he preached this. his philosophy was you invest in the broad market at a very low cost don't pay some fun manager to pick stock for you. here's what he have to say about holding periods when he interviewed him last spring. >> what are the most important issues of selling. when can you actually get those returns and what you look for is a reason to sell jack? >> i guess my favorite time is the same as one buffet forever. there will be opportunities along the way. i will end with this. maybe they didn't know. he have coronary -- chronic coronary failure. he actually have a heart transplant back in 1996

. >> jack vogel had the mutual fund.the united states. be sure to tweet it to us that is it for this week's show. thanks to all of you for watching. we hope to see right here next week. >> we hope you are having a great saturday warm inside with us here. much of the east coast waiting for a big storm coming. they are set to speak to the nation this afternoon from the white house. fox news has learned that he will be laid out the braces -- and the basis for some new legislation that could lead to a largest longest government shutdown. there are live pictures. minutes to go before a

matters of the investment business and we say this for the great -- for the passing of the great jack vogelge advantage from activist. charles: investing, doing fundamental research, changing boards of directors, influencing capital allocations decisions, designing more thoughtful compensation plans, that takes a lot of work. it takes a lot of work to get folks to change. you have to make constructive, engaged arguments. you have to win the trust of the board and those not doing that are candidly benefiting off our work and others. it is a great shame. it has been the ultimate free ride for many. our fiduciary responsibility is to protect our clients' capital. tom: are passive investors in private equity markets going to be in for a shock when they fall apart, or can they sustain a long-term return because of guys like you? charles: the key determinant on the passive side is where you stand on sound advice for the end client, and can the passive investor drive the car from the back of the bus for free? will the bus keep going down the lane in a straight way? i would put a big question mark