and our guest here this morning mario gabelli. a couple of minutes. but first let's tell you what's going on. we're looking for quarterly numbers from bank of america. we'll bring you those numbers as soon as we get them. before we do all of that we got today's top stories. and if you're waking up this morning, the big story is the currency markets this morning in a very surprise move switzerland's bank snapped its rate of 1.20 to the swiss euro. to head off inflation. in response the euro plunged against the swiss franc. if the losses hold it would be the biggest one-day drop on record. as joe had mentioned -- who said it this morning? we're going to remember this day for a long time. >> it is the ides of january. >> we should take a look at the u.s. equity futures. because they have been very volatile in the pre-market. they have moved all over. they were in the green several hours before this move. now in the red. the dow looking it would open down 68 points. the s&p 500 opening off about 9.5 points. lots of questions. >> what

maybe a mario gabelli or someone like john calamos might be interested in that.unds getting into this buying an etf and trying to spin it off. don't count out the hedge funds. they're here this year. the big talk is jeff dunnlock. he's teaming up with state street to create an actively managed bond fund. sound familiar? there's not much success in active management in etfs, but now you're going to start seeing it because it's the last face that hasn't been cannibalized. they'll be picking the bonds. the sponsor will be state street. we'll be talking with state street tomorrow about that. i that haven't had a lot of success. the only one that's been successful, of course is pimco's bond b-o-n-d. formally created by bill gross. that's the actively managed bond fund that pimco has been running. i predict more hedge fund guys will be getting into the hedge space. robo advisers would you -- would you trust your money right now to accompany the picture etfs robotically? that's what robo advisers are all about. the famed investor behind a random walk down wall street he