her moderator this evening it's a great pleasure to welcome back monisha Ãdraper chair in american historyt the university of connecticut and them melons for us and your fellow at the radcliffe institute at harvard university.she is the author of numerous books on slavery and the abolitionist movement including her most recent the slaves caused a history of abolition which was long listed for the national book award for nonfiction and winner of the guilder lemon center frederick douglass prize. she's also written for numerous publications including the new york times, huffington post, boston globe and washington post before we begin i would like to say if you can silence cell phones anything that makes a noise and they also realize i forgot to mention the name of our wonderful trustees in the audience, clean Ãthank you to trustees for all the wonderful work they do for us. join me in welcoming our guests. [applause] >> thank you alex for that very nice introduction for both of us. i'd like to welcome all of you to our public program on the second founding, how the civil war and reconstruct

in sa by monisha was a member of the rwandan militia group until he found out about the un resettlement program. and. he's given a thorough medical examination perhaps the 1st one he's ever had. a man and knows little about rwanda he was born in congo his parents fled there after the genocide. it was a long trip but i'm safe now i hope the un will continue to help me my future will be different now. he says his parents would never consider going back to probe wanda. talks to students about the various militia groups that are now operating in eastern. he asks the audience what is the primary function of these soldiers. the other students have a laugh at that remark. he rose and explains that the militia groups whether they are from rwanda or congo are terrorizing the civilian population the f t l r is especially notorious in the region. this one does that give. these rebels are taking advantage of the local residents feel it. seems obvious the soldiers need meat they steal a goat from someone with a. disease if they want a woman or a young girl. they take one from the very villages they

. >>> let's bring in monisha spts delarosha and charlie o'shea who is senior credit officer at moody'seat to see both of you. >> great to be here. >> charlie, i wanted to start with you you lowered your outlook in terms of profitability for this sector >> yes. >> by how much and why >> a lot of it is driven by investments. we took amazon, for instance, down because of the next day shipping initiative and that can drive because of the size of amazon in our sample, that can drive a lot of our thinking. >> just the costs? >> yes >> not that the sales won't be there. >> no. >> but it costs them more to deliver. >> we focused on operating income the top line matters but it doesn't matter as much you don't put the top line in the bank we worry about operating income and there will be some softness on the operating income side in retail through 2020 because of some of the investments that these companies are making and that -- you know, it's a binary game for us. either you're making the money or you're not. if you're not making it because of investments, it's a long-term deal that will catch