and more liquid in what we call liquid space to achieve higher returns. also, prima is not a particularly liquid strategy. it can take months to redeem. i'm going to ask kurt to further introduce the item. >> this is a coul a consequences reducing what we have and the liquid credit portfolio. prima has been a long-term partner of sfers. they have done well. however, the returns that we expect no longer fit with our objectives. so we -- the discussion here is exactly the same as the prior discussion. so i don't know that we have much more to say other than what's written in the memo. i'll ask dan whether he has any comments. >> once again, it's a similar situation. it's a very focused and specialized manager that filled the role when the fixed income category was a larger part of this portfolio. now that liquid credit is only 3%, we're making tough choices for the managers that can wear multiple hats within this 3% context. >> the reason why the allocation is the way it is is because of where yields are. they're very low. as you'll see here on page 3 of th

there is lots of liquidity in the options market there is much, much less liquidity in the stock market because the option markets are basically trading off stocks, right? and the stocks, in other words, nowadays, stocks are trading off options, because there is more liquidity in the options market than the stock market. >> not to get technical but volume does not always equate to liquidity. so, you can have significant volume but when you want liquidity is the ability to trade average amounts and not move the market. if you have volume and average amounts and sudden looly the market's going all over the place, you would call that a liquidity problem. >> that's a liquidity crisis >> and that's your point >> right >> but 42 years over there, i want everyone to know you were one of the very first traders that traded electronicry you were the guy who first plugged in an electronic platform in the nasdaq, the first one to trade a computer program. >> 1983. >> people were typing into nasdaq on their keyboards and you actually plugged in a computer program that made the first real computer tr

jonathan: essentially, look into being liquidity providers and not liquidity demand is. -- demanders. there is a period of time you are waiting for. i have sensed it all day, speaking to you guys this could be several years away. are you willing to sit out the period of excess that could develop? are you willing to face what some of your peers gain by being defensive? dan: yes. there has been enough localized volatility dislocation over the last couple of years where you can be defensive, the patient, be patient, you can be relatively liquid and still generate incremental return. if you get to a point, like in 2005 or 2006, with a direct trade-off between short-term performance and being defensive, we are absolutely willing to do that. it is essential as an asset manager and consistent with generating strong returns. jonathan: it is something you are anticipating happening? dan: that is correct. this is a counter punching type market. sit back, be patient, wait for others in the market to ask for liquidity, then provide it. it is subtle, but means be defensive, be patient, be more liq

to me as a market regulator, liquidity means trading liquidity in markets.ad over the last several decades in our global derivative markets largely centered in london in the global swaps market was a global pool of trading liquidity. one of the concerns is as a result of the reforms, whether it be through staggered implementation or different implementation by regulators and worldtory around the which were taking this global pool of trading liquidity and breaking up into smaller pools of regional or national liquidity that themselves become a potential source of stress -- systemic risk because in a crisis, individual pools of liquidity are shallower and more inordinate to two reactions to market dynamics. the knowledge i use is if you pebble into a shallow pond, it is bigger than if you throw a pebble into an ocean. an oceannotion and -- and now we have ever smaller puddles of liquidity. nejra: with the swaps framework 2.0 that you implemented, you are coming toward the end of your tenure, so what do you hope to see to avoid these implications you are referr

theymproved liquidity -- improved liquidity. they are doing all they can to stem the outflows.ct this will continue for a while. when you bear in mind that this fund had grown 24 since 2012 to since 22 -- 20 fold sice 2012. they have allowed funds to bend the rules slightly. there is less liquidity in some funds. obviously, you would be able to tell if you are morningstar or one of the investors. then were we had not thing -- we needed to bit -- we need to get better scrutiny and better reporting. we know we are getting a report in the summer. how liquid are these things? matt: so this is not systemic, in your opinion? when we were approaching the weancial crisis in 2008, started to see a lot of things like this happen up until the crash. you don't expect that is the case here? >> the report we have got out this morning, we talk about bp, and ubs, the profit warning at the beginning of 2008 on real estate assets. there were flags about other things. we are not saying there is no risk. there are pockets of asset classes were certainly there are questions about credit quality. th

and, the final stage, liquidation.oodbye to a fund that is near to our hearts, the etf industry exposure and financial etf. it targeted etf issuers, exchanges, custodians, and index providers. it beat the financial sector since its launch, but investors never bought in. let's get passive aggressive now, where we explore the tensions between active and passive investing. the boston fed jumped into the debate over whether the shift from passive to active increases risks. one of the lead authors, ken anadu, joins me from boston. great to see you. thank you for taking the time to speak with us. what does it say that the boston fed is looking into this? what prompted you and your colleagues to look into this debate? ken: first, thanks for having me on the show to discuss this. some of my colleagues at the board of governors as well. him before i go further, i think it is important to note that the views i express are mine and not necessarily reflective of the federal reserve system. as you know, over the past decade, there

should investors in credit have some liquid assets?ury bills, money market funds, to provide that liquidity. jonathan: let's talk about that. this week, we were looking at what was being offered in the bond market in high-yield, noticing liquidity was starting to dry up. bob, how are things functioning through the week in high-yield, in credit. any difference? bob: it feels ok now. when you look at the cash market versus the derivatives market, that is the big difference. the big holders, the crossover buyers, the levered investers, hedge funds, if they want to shift positions quickly, they go into the derivatives market and do something there. the cash market will lag a bit. right now there is still good liquidity, a lot of money pouring in from overseas that buys income. it may just put it into an income fund, which will have some allocation to high-yield. for now, until default expectations go up because recession is around the corner, credit should do ok. jonathan: do you think recession is around the corner? bob: i worry if there

should investors in credit have some liquid assets?reasury bills, money market funds, to provide that liquidity. jonathan: let's talk about that. this week, we were looking at what was being offered in the bond market in high-yield, noticing liquidity was starting to dry up. bob, how are things functioning through the week in high-yield, in credit? any difference? bob: it feels ok now. when you look at the cash market versus the derivatives market, that is the big difference. the big holders, the crossover buyers, the levered investers, hedge funds, if they want to shift positions quickly, they go into the derivatives market and do something there. the cash market will lag a bit. right now there is still good liquidity, a lot of money pouring in from overseas that buys income. it may just put it into an income fund, which will have some allocation to high-yield. for now, until default expectations go up because recession is around the corner, credit should do ok. jonathan: do you think recession is around the corner? bob: i worry if th

in may the zambian government decided to liquidate the business saying it had breached its license and sell it to an outside by this dismayed vedanta of course which holds an 80 percent states and a stake in k.c. m. compared with the zambian government's 20 percent yet zambia courts have ruled that the indian company cannot take part in the liquidation process that is as shaken the wider mining community driving up fears of resource nationalism and driving down international cup of prices to talk with more about this story joined in the studio a chip on the chin bow. tell us why is this such a big. a dispute over case how did there come about well this is a dispute basically about who holds what money to whom the government says the down to owes that money in taxes and the dentist says does i mean government that money in some of the v.a. t. o. value added tax it has paid on the copper and that is part of the problem but the main problem is the legal proceedings as you mentioned earlier the down one hasn't been involved in liquidation proceedings it was actually started by the minority

how much in liquidated damages is the department seeking? >> approximately $470,000. >> and are those liquidated damages going back to d.p.w.? >> they come back to the fire department and the neighborhood fire station component. the project needs to be made whole, in other words, that is what the assessment -- it is not a fine or a penalty for finishing late, it is more to recoup the cost of having administered the work over the duration of time that, in a sense, wasn't sanctioned by the city, and wasn't compensable to the builders. therefore, they put us on the hook for those expenses. that is money to make us whole again. >> i think my question is more along the lines when you say make us whole, are you talking about your department of public works or are you talking about the fire department? i understand what liquidated damages are. >> there are a variety of expenditures that range from public works staff who administer the project and we have full time resident engineers who are responsible for providing the oversight on the work. we ha

and, the final stage, liquidation.dbye to a fund that is near to our hearts, the etf industry exposure and financial etf. it targeted etf issuers, exchanges, custodians, and index providers. it beat the financial sector since its launch, but investors never bought in. let's get passive aggressive now, where we explore the tensions between active and passive investing. the boston fed jumped into the debate over whether the shift from active to passive increases risk to financial stability. one of the lead authors, ken anadu, joins me from boston. great to see you. thank you for taking the time to speak with us. what does it say that the boston fed is looking into this? what prompted you and your colleagues to look into this debate? ken: first, thanks for having me on the show to discuss this. joint work with myself and some of my colleagues at the board of governors. before i go further, i think it is important to note that the views i express are mine and not necessarily reflective of the federal reserve system. as you

banking crisis was because of liquidity mismatches.match. ratios to avoid the banks. from an insurance perspective, those sort of litany scrutiny's haven't been there is great, unless the market is just going to catch up. vonnie: and of course, the banks in europe have a massive interest in keeping these asset managers not just afloat, but also liquid and keeping their clients involved. what can they do to hold up confidence and asset managers that they have a connection with? jonathan: from a financial perspective, net new money flows and asset into flows have driven in. when you look at the reshuffle we have seen with unicredit and socgen, that is what drove ratings of nice, successful banks. from here, avoid blowups is one thing. i think for most, they are fairly plain-vanilla. of course you are going to get some isolated blowouts. it is just a reminder that liquidity matters. regulators spend a lot of time looking at banks. let's think about the other parts of the financial system. insurers, wealth managers, private banks, and asse

that's a very good overview of liquid credit portfolio. we are moving on to private equity portfolio. an interesting story here. you've been approving one manager at a time. here, on an aggregate, you will see 23% of the private equity portfolio is in asia-pacific as compared to 8% for the cambridge global benchmark. we also have strong overweight in it. 48% is in information technology versus 35 compared to the benchmark. these are -- the more salient yields within our private equity portfolio, and they are by design. private credit, the portfolio we continue to build. it's newer. however, you can see on the right chart it's already fairly well diversified across different sectors as well as we're diversifying it with geography. we're underweight europe, but we're -- if you actually look at some of the financials and the leases, they include leases and it could be classified. >> can i ask a question on the benchmark? are we talking everything subordinated to senior? >> so this is cambridge's benchmark for private credit. the way they look

scarlet: it goes to liquidity.entioned that there is micro e-mini futures for other indexes as well. the dow, the nasdaq 100, russell 2000. eric is utterly bewildered why people are using the dow in any way, because it is antiquated, it has 30 members, and bewilderingly, it is price weighted. what is the function? tim: it is interesting that they all offer different ways to trade the global equity index landscape. the dow, even though it may have lost its luster, it has been around for over 130 years. it remains popular with investors especially when you , look outside the u.s., it remains a popular bellwether benchmark. particularly in asia. eric: give us the report on the futures for bitcoin. cme looks like they are taking off cboe de-list theirs. , what are the odds this could be the way forward for a bitcoin etf? tim: it is tough to say what will be the precipitating factor that gets a bitcoin etf approved in the u.s. it has been an unquestionable record month for bitcoin futures at cme. we are trading over 13,

it is not a lack of liquidity.t is not like to the pbo see needs to put more money into the system. they just need to get more money to the folks who need it. that is what we are seeing with sheng bank seizure. guy: i am curious as to where you see the risk lying around the financial sector in china. if the u.s. decided to target it by age, to think that is possible and what kind of effect could that have? barrington: it is possible. the dollar has been weaponize in many jurisdictions. the idea of cutting off large banks, shanghai fudong was mentioned, from access to the dollar market, that could happen and it does have profound consequences on the chinese banking sector if they can't get access readily to the u.s. dollar. we have to about this in the past, the issue of dollar tightness in the world owing to quantitative tightening. quantitative tightening. . dollar weakness is not the big ,- they are in robust shape there is an element of equality on the deposit front when china threat emerge. . i think it is more

but the more important point is liquidity.hardly five to seven basis points have been translated. we need to watch out for what the r.b.i. does on the measures to inject structural liquidity from a long-term basis rather than just cutting rates. has the market priced in lower rates by the r.b.i.? given that growth has also been slower and inflation is not picking up. the more important part will be the does r.b.i. do, does liquidity deficit get back into surplus. >> what do you see the r.b.i. doing? r.b.i., theyf the could inject more liquidity on a long-term basis. and can help produce improve the transmissions of the rates, and that could be the key thing to watch out for in terms of how much liquidity do they inject and for what period of time do they inject. >> when you take a look at indian assets, they've done really well since modi's victory , the rupee up about 3%. can the rupee withstand the contagion from mexico? >> obviously the rupee has kind of appreciated but if you look at the fair value levels it is currently f

for assets that fundamentally aren't liquid."ss lives i -- ross larson. first of all, what are we hearing about this new deep value fund? wind horsehe large funds that will go in there? >> that's right, these are the ones directly tied to the controversy that set off last week and caused such an amount of outflows from the fund. natixis shares. beenwill be in a separate that will reduce the exposure of the retail investors to deal with any problems like that. that is directly addressed. whether there are other assets to worry about is a different matter. anna: now on this issue with h2o, mark carney pointing out there are some products out there that seem to be built on a lie were investors seem to think they can have daily access, daily liquidity when actually, the assets aren't that liquid. there seems to be a bigger picture story that needs some investigation. yes, very strong words. definitely. that is the thing. we have the immediate damage control of the texas over this issue but we have -- th .atixis over this issue this i

interesting, we talk about liquidity in context of global equity markets.'t see any irrational exuberance. i can relax as an economist. when the issue becomes a problem if 2-3 months down the line, markets start to worry about recession. that is why banks want to decide we want to be a backstop to this. debt that is a legacy of the financial crisis. -- centralcause banks can avoid that. we maynot there yet but get there eventually. losing $2.6of this, billion -- euros, do any of the moves, does any of this act as a warning flag to regulators, go back to 2008? bear stearns? is any of this at the torch paper level of 2008? or standard isolation. anythingt see specifically. in general, i don't see the systemic risks across the economy that would mean if one part of the economy were to fail badly, the rest would fall as a result. we had a kind of house of cards, a big jingo problem. a problem and corporate bonds, that is fine. i don't know why others should be affected. bit of to have a little a positive sort. staying in the hot seat, coming up. it is the midas

pboc continuing to inject liquidity.e are seeing the overnight repo rate, actually fell to a decade points, that basis we've hit that low about 0.986, 1% here at the moment. a good signsibly for some of these brokerages today. what's adding to this was that helping some of these brokerages issue more debt. that could cut their cost here a bit. brokeragesow the perform later on as well. live're going to bring you pictures now of nissan's g.m. post-gohsn inst japan. we just lost those pictures. what we are planning to do is because we are looking to get some appointments on the committees. they will get a vote on the new board as well. that's something we're going to be following. first word news. in new york. >> secretary of state mike pompeo is in the middle east, to rally a coalition of support against iran. visited saudi arabia for talks with the crown prince unitedheading to the arab emirates. the u.s. wants better safeguards for commercial shipping passing through the strait of hormuz. washington accuses tehran of at

it was virtually impossible to liquidate.he regulators not looking over this with enough prudence? surely the regulator should have been cognizant of risks. liquidity, mutual funds, redemption, it is not very normal, is it? someone is asleep. >> it is not normal. 1940, only on six occasions regulators have allowed a mutual fund -- a daily liquidity mutual fund to redemptions. regulators are looking at it and have indicated they are looking at it. manus: thank you very much. we will see where the next piece of this story goes. well done, renting it all up for us. -- rounding it all up for us. coming up, boris johnson hardens his rhetoric on brexit. this is bloomberg. ♪ manus: this is "bloomberg daybreak: europe." the conservative party leader closed today. boris johnson hardened his rhetoric on brexit. the former foreign secretary said he would scrap the irish backstop until a deal is reached. the leadership campaign of environment secretary michael has been marred by revelations of his cocaine use. was a crime. it was a mista

everyone is talking about what is happening in the china bank into liquidity.nd how it has had a lasting impact on the market. the first few indications that we saw of the market was here in this chart. the white line shows borrowing the weakerome of chinese banks. one,ther line, the blue indicates the stronger ones, the aaa rated banks's borrowing costs. you can see the gap is widening, led by the increase in borrowing costs for the weaker banks. that is really where everything started. the risk aversion we are seeing in the market today. although the pboc has announced several supportive measures, a lot of liquidity injection, statements, etc., the borrowing costs seem quite elevated there and that would be the one to watch. the market indications we are getting so far is things are issuance for chinese banks have bounceback but lowering costs are -- borrowing costs are what we would need to watch. you the'm going to show difference between asset classes. what you can see in the chart, you have the top line, the gauge of treasury market volatility, which is t

you see it in the banking system where liquidity has tightened up excess reserves. i wonder, rather than pushing financial assets to more expensive levels, why don't you directly provide liquidity to where it's needed into the banking system and lending markets? stopping the quantitative tightening earlier and increasing the balance sheet would help in that regard. taylor: more on that conversation next. coming up, the auction block. dovish signal from the federal reserve boosted demand for higher-yielding assets. junk bonds heading for the best returns since january. that is happening next. this is bloomberg "real yield." ♪ taylor: i'm taylor riggs. this is bloomberg "real yield." i want to go to the auction block. we begin here in the united states. the treasury sold $32 billion in seven-year notes yielding 1.889%, the lowest since 2016. direct bidders coming out in full force purchasing the largest portion since february. the hunt for yield in full swing in europe. more than four times subscribed and priced to yield, 1.71%. u.s. and junk-bond issuance moving at a

rishaad: with that in mind, what about liquidity?ple are looking for more cash in the system here. are they doing anything to pressure the banks to pass on these interest rate cuts? that is something which has been lacking. priyanka: that is very true. we did not really see as strong communication on liquidity and monetary policy transmission as we were expecting. in the fc space, this continues to be a concern. ee this is a big reason for the downside for the concerns around growth in india, the moment at the top of the rural economy. at this point time it is not clear when the government will come in with a regulator and assign more effective regulation for the se sector, as well as the r.b.i., who should may be push for stronger liquid infusion in the sector. at this point on, both seem to be playing it by ear. david: we have on the screen -- this is from your report -- we see gdp slowing down. what should i expect to improve? in other words, which pillars of growth shows up in the fourth quarter? we have not had any private inves

>> [laughter] [laughter] on the vix char and liquidity measures, rishaad.it was going. rishaad: it was very close. yvonne: i can't even look at him. [laughter] overad: fun and games with. let's get to the job at hand. g tv is the destination to look at those charts. save them for future analysis as well. let's get to what's going on on the streets of hong kong. thousands of people taking to the streets and blocking major arterial roads in the admiralty, next to the business district. yvonne: we have heard some reports that police had to use pepper spray and some instances to try and contain the crowds. we will bring you the latest here. plenty more to come in the next hour of "bloomberg markets: asia." keep it here. this is bloomberg. ♪ ♪ vonnie: i'm vonnie quinn in new york in for emily chang. this is "bloomberg technology." coming up in the next hour, president trump says he is the obstacle holding up a trade deal with china. meantime, apple is already coming up with a contingency plan to move out of china. and the congress probe into big tech kicks

year end liquidity only made things worse. the primary market is functioning.e even seeing aggressive companies price yield at very low yield. it is not like there is a risk off environment in any shape or form. we are 60 basis points wider in the market today, 100 basis points still tighter year to date. it is fine. no need to ring alarm bells. i will say, yield spreads are back up another 50, 75 basis points. assuming nothing else changes in the world, we would buy more credit. jonathan: is that your base case, what you are expecting to happen? lale: if this craziness goes on and suddenly everyone is calling for recession, it is totally feasible we could back up another 50 bits. jonathan: is that what you are looking for, getting to 4.50 over? krishna: i don't think so. i think we stabilize at these levels. the difference between december and today is material. in december, the risk was the fed gets us to recession. that got priced out. no amount of tariffs can price that back in in a hurry. jonathan: i wonder if we are moving to a place where in december, it

enabling liquidity into the mexican peso and philippines peso and we expect to be much broader than that. we have only been live with this product for six or seven months and we have made a tremendous progress in a short time. we will invest with customers and expand the number we serve globally. emily: the new streaming service from jeffrey katzenberg and meg whitman is not launching until 2020 but already raking in ad dollars with short form streaming service has already hit $100 million in ad revenue. meg whitman sat down with caroline hyde to talk about what is really in the new sponsors. >> a mobile only platform with hollywood quality content married with a fantastic tech platform that allows video to be viewed on mobile in a whole new way. they are excited about the fact that it is targeted to at an obvious and a brand safe environment because nothing gets there that we do not say gets there, targeted to the millennial audience on the go during these lean in moments. they think it is a unique opportunity and that is how we announced today we have six of the most iconic innova

and for some, the final stage is liquidation. columbia thread needle closing down four funds. infrastructure and india small caps. this comes after each failed to attract new assets in the past year. let's get passive aggressive and track the tensions in the battle between active and passive investing. the 10 year bull market has been a boon for passive funds, but the increased volatility makes -- may give stock pickers, especially those that need value, their moment to shine. we welcome our guest now, good to see you. >> thank you. scarlet: you wrote a couple of books on deep value investing and you turned the ideas into a fund and now you are getting into etf's. talk us through it. >> the approach has always been a deep value approach. we look for cash rich balance sheets, buying back stock, very traditional long sides of value, and we do the same thing on the short side for companies heavily indebted. statistical fraud, statistical earnings manipulation, issuing stock to stay alive, issuing debt to stay alive, and no momentum. the market may be getting tired of the story. s

it was the year-end liquidity that totally made things worse.ry market is functioning, and we're even team aggressive companies best we are seeing aggressive companies pricing yields at the very low yield. it is not like there is a risk off environment in any shape or form. we are 60 basis points wider in the market today, 100 basis points, still tighter year to date. it is fine. no need to ring alarm bells. i will say, yield spreads are back up another 50, 75 basis points. assuming nothing else changes in the world, we would buy more credit. that is where our head is. jonathan: is that your base case, what you are expecting to happen? lale: if this craziness goes on and suddenly everyone is calling for recession, it is totally feasible that we may back up another 50 bits. jonathan: is that what you are looking for, getting to 4.50 over? krishna: i don't think so. i think we stabilize at these levels. the difference between december and today is material. i think that in december, what the risk was that the fed gets asked to a recession, and tha

basically we can produce any conventional liquid fuels such as. will be they get fuel in this case we are producing make that known we can also produce. any liquid title category so is this the answer to everything well not really in the end it always comes down to money. when we don't have production capacity of our power plants are still very limited we can't make more than 100 milliliters the day and that makes the process very expensive. but this is only a demonstration unit in spain they've built a bigger reactor to test if the procedure is feasible. this soda reactor is 10 times bigger than the one at the e.t.h. surak i mean. this proves that our solar technology is scalable. but that's this means that we can make it bigger and eventually even on an industrial scale which. scientists say a solar plant spanning an area of one square kilometer could produce 20000 liters of kerosene a day 1st plans have been made to launch a commercial system by 2025. the demilitarized zone between north and south korea has long been a symbol of war and divisio

there are concerns about liquidity and corporate bond holdings. faces a criminal investigation over money laundering allegations. according to the new york times, some of the transactions being looked at arlington to president trump's son-in-law, jared kushner. bush a bank has said it is cooperating with government -- deutsche bank has said it is cooperating with government investigations. that is your latest bloomberg business flash. guy: time for our stock of the hour. let's turn our attention to oracle, stocks up 8% today, surging very sharply, trying to get a new record high for the company. let's find out what is going on. kailey leinz has more. kailey: this is a pretty rare gain on the back of earnings. it has fallen six out of the past seven. this is the biggest posted gain for oracle since the first quarter of 2017. it is a revenue story. revenue growth has been falling off in recent quarters but grew 1% in this quarter, coming in at 11.1 billion dollars, beating expectations and contribute into optimism. the company says that momentum sho

it was the year-end liquidity that totally made things worse.rimary market is functioning, and we're even team aggressive companies best we are seeing aggressive companies pricing yields at the very low yield. it is not like there is a risk off environment in any shape or form. we are 60 basis points wider in the market today, 100 basis points, still tighter year to date. it is fine. no need to ring alarm bells. i will say, yield spreads are back up another 50, 75 basis points. assuming nothing else changes in the world, we would buy more credit. that is where our head is. jonathan: is that your base case, what you are expecting to happen? lale: if this craziness goes on and suddenly everyone is calling for recession, it is totally feasible that we may back up another 50 bits. jonathan: is that what you are looking for, getting to 4.50 over? krishna: i don't think so. i think we stabilize at these levels. the difference between december and today is material. i think that in december, what the risk was that the fed gets asked to a recession, and

right now there is still good liquidity, a lot of money pouring in from overseas that buys income. it may just put it into an income fund, which will have some allocation to high-yield. for now, until default expectations go up because recession is around the corner, credit should do ok. jonathan: do you think recession is around the corner? bob: i worry if there is no compromise on trade, companies will have to pull back, reorient -- jonathan: why are you waiting for the next 50 basis points of tightening to lighten up? why not go now at 420 over? bob: because we may well get a compromise. this just may be game theory on both sides. you have to wait and see what happens. i don't know that i would go all in on credit here, but you have to keep an eye on the door. priya: i think we go from tariff man to dealmaker. have we seen the peak of tariff man and move to dealmaker? i completely hear you. the next month is critical. i don't understand why the fed needs to preempt that and get bullied by the market. i think they can wait it i think they can wait it out jonathan: let's get a mar

and if it makes energy more liquid it makes energy markets more efficient and energy markets are more efficient. people will always just go towards the thing that is consuming the least energy and whatever's consuming the least energy is also usually what has a less waste and byproduct and it's usually renewable energy september 15th 2008 lehman brothers collapse the entire financial system was on the verge of collapse everything was going under october 31st the toshi nakamoto printed the big queen white paper for peer to peer cache nov 26th 2008 quantitative easing began 10 years later we had q.e. one star at the same time as big coin 21010 years after the birth of bitcoin we have another statement from the federal reserve bank feb 8th $21000.00 fed says it is currently discussing using quantitative easing as a regular tool not just during emergencies or when the fed funds rate is at the 0 value and. quantitative easing is now permanent it's minimal during many evil times the kings who controlled the economy for the serfs and they had co-opted the priests who would then absolve them

begets liquidity so we see this trend growing. analyst man's wan and rocky miller to see you both so much more time. thank you. time now for a quick break but i am here because when we return silicon valley has found itself in the crosshairs of just about everyone from congress to consumers and the in the way you wake of the revived antitrust movement tech stocks tanked our chief correspondent banks and danielle she is simply trading log on to help us tackle tumble as we go to break what stocks have their 2nd best day of 2019 with the dow rallying 500 points or the numbers of the close. as the time come for google and other big tech companies there's a growing consensus the near monopoly status of many of these companies is bad for competition bad for the consumer and even for freedom of speech no doubt silicon valley is blowing up. oh. and a very warm welcome to you what an awesome. officer. to get up off the ground begin to. hurt them freeze on the sounds of mighty grown man like wrestling essentially. wished it away from the of

it is very liquid that's being hauled off. in the future, the same plant is going to have the same odor standards that the southeast plant have. we're not going to let odors leave the fence line. we're very conscious because we're going to have a lot of people in the area. the last thing we want to do is create wetlands and then have it smell like a treatment plant. we will ensure when biosolids are off hauled, it's done with very robust odor control that does not allow the odors to leave the inside of the plant. >> so ultimately, you'll be considering maybe going to the completed or southeast wastewater treatment plant, but that's still a couple of 7 or 8 years or decades away. >> eventually, but right now, it doesn't make sense to go there. >> right now, for decades, for p.u.c. out flflow, you only ha one pipe, and the wastewater-water will be for the outfall combined? >> for the outfall? the outfall that's there, that will be -- >> oh, you're using the same thing, you're not changing the infrastructure? >> no. so the existi

in asset classes less liquid.that is what you have done and that benefited you greatly. this page would tell you your plan is very healthy state in terms of having sufficient liquidity in the pension plan. the next few pages deal with risk and return. because of the characteristics of your funds very similar. i am not going through everyone. if we go on page 24. i will pick the five year period as indicative of the others. that chart to the left is a chart that plots 74 public funds just like yours on a risk vertical axis. i'm sorry return vertical axis risk horizontal axis. you can see the green square is you. you will see that your return is considerably higher than the median public which is the horizontal line. there is maybe one or two funds that did as well as you did over this five year period in terms of annual return and your risk is to to left of that vertical line, which is the median public fund volatility. this is the mythical first quadrants. hard to do. you have done it. the other is the black diamo