jonathan: liz ann sonders, charles schwab chief executive strategists staying with us. ith liz ann sonders, and later, trading around money little global events. the brexit referendum is more than a month away, find out how to treat it using etf's. returns.n "," ♪ vonnie: this is "bloomberg ," i'm vonnie quinn. jonathan: time for the top trending stories here on the bloomberg terminal. i guess low fees is the new returns. vonnie: this is my pick this morning, and i know you have a great one as well, as as david. tudor investments is one of the most expensive hedge funds, trimming its fees. good as that. as the fees were a little higher than that at tudor because it was providing such big returns. now we're looking at something like 2%, 2.25% and 25% of profits. dan, hedge fund industry more broadly have had to carve to 15%. even is that unrealistic? liz ann: if you look at the aggregate, it's no longer to win 20, i think it's 1.717. there are funds that have had to go to a one in 10 type of model. in a return to constrained environment, last year by many metrics

charles schwab, liz ann sonders. >> i can't take personal credit for 2 1/2 trillion. you, thank you. liz: your premise, that political uncertainty causes market volatility or starting to. >> i think it will be a factor, yes. obviously unique election in terms of what is has wrought. i think we're now at the point very, very two presumptive nominees. we get a sense what policies are under debate between now and november. investors can start to attempt to figure out what it means for markets. there are a lot of factors behind volatility. fed uncertainty but i think election season is creeping in as a factor. liz: don't you find it fascinating it, stuart varney was doing it brilliant, wait, waiting outside the republican national committee meetings in washington, d.c. it has to weigh on investors when there is uncertainly about political landscape. is that hard to not allow those affect how you invest. >> one of my mantras panic is not a strategy. that is always a cautionary tale. the problem is, there is such a rash of uncertainty already as it relates to where we are in