james bevan is back here. any travel delays for you? confused. james bevan is back here.book flights and it‘s absolutely montrous, they still make people stay behind, there should be fines on that. also a focus about what‘s happening at wells fargo, a big bank, set up fake accounts and not just a few big bank, set up fake accounts and notjust a few dozen, a few hundred, seems millions of fake accounts and the problem has got worse. well, we knew there was a substantial problem. what happened was that the company were incentivising employees to cross—sell, but they were not keeping an eye on what was going on and the employees were saying, we have to do this, why don‘t we create accou nts have to do this, why don‘t we create accounts and pretend these people are signed up and we will look clever and everyone will be happy. i rather suspect the board went along with it because the the company said we need to know exactly what went on and the sums and the numbers are big are than previously had been expected. hands—free, cordless, how do you like your vacuum cleaner? prefera

let's bring in james bevan. good morning, james.on the korean peninsula, is it changing your investment ideas? >> i rather anticipate the fourth quarter will be difficult because of global liquidity trends. gold.t a supporter of for the gold price to rise on a sustained basis from here, we need inflation protected securities yields to move by about 40 basis points. i don't see that happening. however, i worry the global liquidity trends are becoming much more hostile in the fourth quarter. for me, it is about sticking with quality and growth. tom: wonderful to have you as our first guest in the u.s. after labor day and looking at the september kickoff. let's go to the chart and look how everyone has been wrong. here's the gloom and doom chart, top of the lehman lows, the equity market. i'm sorry, james. there's a trend. why have they got this so wrong? >> i think they have been looking at the wrong target. they said a high price-earnings multiple is inconsistent. we've been able to achieve strong rates of return. they have ignore th

joining us is james bevan, chief investment officer at ccla investment management to talk to us aboutt their thoughts on hugh hefner, who died today at the age of 91. we have a couple here... can you read them out? this one i can! ray richard said that he will remember hugh hefner as a dirty old man who liked old women. another one says that he was their idol, you can grow old disgracefully or gracefully, hope you went out with a bang. philip in london, and entertainment legend and an advocate of freedom and being liberal. people should study his biography. there is more to him than nude pictures. james, can you fill in the blanks?” to him than nude pictures. james, can you fill in the blanks? i am completely in line with that comment... give as your take on hugh hefner. and he was a major businessmen. he was an extraordinarily competent man. he began his business with the circulation of 51,000, you didn't put a date on the cover because he was concerned it would not sell. the first circulation, it sold completely. it went from strength to strength, we know the circulation peaked at 7

let's bring in james bevan. sbc.simon wells, at hbs do you miss being at the bank of england it all? -- at all? >> it would've been a pretty exciting day today. francine: what would you advise they do? >> given they're very worried about this trade-off. they've been saying for a while inflation is going above target. that trade offer's now gone. by their own admission without a plummet yesterday now that there is no slack in the labor market 2.9%,flation is should be a no-brainer but it isn't. the reason it isn't is wage growth is still very weak. this phillips curve relationship is not coming. can they be sure it is going to? second, of course, they are forecasting -- the frexit process. how much can they count on it? they will try to sound hawkish and talk tough and say, we could do this, but suitably they will be hoping they have a reason not to go this year -- secretly. francine: how do you explain wage growth? this is the chart you were talking about which had inflation 2.9%. with wage growth that is not re