so starting going into high school i went to morningstar high school and in all california. i can remember being around the age of 15 or 16 or we started becoming active gang members after high school i've experienced dayton a so-called enemy and 97 was about 18 and experiencing that situation and having it revealed in front of my homeboys. almost cost me my life. and saying that i remember was 97 maybe 2 weeks before my graduation one of my homeboys close to me. wanted to kill me and it was like a dark night i just remember it was kind of dark and it was one light twitching and within that light that was tick you know twitching like. i remember looking across the street and it was one of my homeboys from my neighborhood had a trench coat on and he walked up towards me and i remember him telling me and i was so and i said well we'll sub you here to see me and he pulled out the 45 and he put it to my face and. what that what then that quick 2nd i snooped the gun very familiar gun i seen all the bullets and the barrel. and he start talking crazy he was on the start talking cra

we will be joined by morningstar investments for insights.e a look at how chinese markets may open after the complete meltdown we saw on the return from the extended holiday. yesterday are bloomberg markets -- is in hong kong. the selloff we saw yesterday, just a handful of stocks in shenzhen. interviews.major ise we properly corrected or there pent-up selling to go? >> the latter. you have daily limits in china as well. the previous point you just mentioned, the conversation is shifting toward what the fundamental story is. yes, we still might have an adjustment, but on top of that, we are talking things like growth might be resolved lower as well. if you look at some of these earnings, earnings deadlines being moved back as well. the fundamental story beneath alof ts is the shifting. i mentioned valuations are actually back to the lowest level since this time last year. aings are cheap, but cheap is fluid concept at the moment. markets?bout the rates what are they telling us? >> that is a more important gauge. if you look right now, you loo

today the share is around 35%, according to one of the reports by one of the analysts at morningstar.mer is clearly having a larger role in the global economy. of dbrs,ini malkani think you for joining us. let's stay on the yuan. we will talk with you on -- talk about china. let's speak to sean callow who joins us in sydney. as we were discussing, we have seen a number of markets rebound, never mound the -- never mind the coronavirus fears. we saw as you can see in this chart a stronger vix than expected for the yuan from china. on the stronger side of seven. the offshore is nudging the seven handle. is it just a matter of time before we break through it? i think so. that is very much the risk to the markets. in terms of the new slow from china, and of the authorities have taken some steps. the central bank trying to calm things down. on the the news outbreak, the impact on business and the uncertainty for how long it will last, i think it is likely to be ongoing pressure from -- on the yuan. i would expect we spend more time above seven rather than below near-term. paul: is the flips

"morningstar" and. consumer was not phased at all by the coronavirus.ronically with the morning consult as week went on consumer confidence got higher into friday. so you know, if the american consumer doesn't blink, that's a great sign. >> big part of our economy. i think the other thing they're seeing, starting to see headlines that the medical community is starting to set up. gilead launching a trial, a clinical trial. a lot of other companies coming out saying they're working on a vaccine. they understand we'll get beyond this. this will not drag us down. it is a bump in the road for sure. we'll have to monitor it. hopefully we're beyond this. >> it is a three-month window, isn't it? they most likely come up with something that will cure people within three months. a lot of big drug companies saying. charles: right. >> almost to look at it, as quarter that was lost in a sense. charles: a lot of it, you get in the future too. airlines, plane takes off with empty seat you never get that back. if you don't sell a tractor today you might sell it next we

morningstar and david white join us today how much is today's surge warranted?y because that these guys are actually progressing towards that profitability, which we think can take place in about three or four years, talking about from a gap standpoint what impressed us yesterday or last night was the fact that that network effect is actually working for these guys you're seeing more riders, seeing each rider take more trips, so that demand is still there, and on the driver's side or what we refer to as the supply side, the drivers continue to stay with uber the cost of acquisition on the driver's side is also declining. so there's a lot of operating leverage that they're progressing towards, which we think actually makes the profitability more likely a few years down the road. >> is this what we expect out of the company that's going to lose a billion dollars this year? >> look, i think, you know, the stock reaction today reflects the fact that investors feel like visibility is improving a bit. we finally now have a precise quarter we can look forward to as far

weraine: at morningstar, look at this over the longer term.r, 10 where we think cash flow will be sustainable. we still think stocks will be able to meet cash flow targets right now. paul: in terms of long-term, is this another buying opportunity? there are millions of consumers online. is this a chance to get into alibaba? lorraine: alibaba and tencent have moved up quite a bit the past few weeks. where we do see some other opportunity, like for example, smaller cap companies, one ga ming company recently listed. we have that as undervalued compared to a fair value estimate. i want to highlight that in terms of the longer-term china story, we expect china growth to gradually slow because of demographics and the economy is bigger than in the past. but we expect the consumers story to outpace the underlying growth in china. that is why we are still positive on the consumer side. these guys are benefiting from the e-commerce side of things to be a positive long-term driver for them as well. paul: the alibaba cfo said overall, due to the virus, r

according to morningstar we are seeing more penetration and because of that the e.t.f. reach $2 trillion in 2024. to get there we need to see the continuation of what we had the past few years, that's regulation promoting e.t.f.'s in europe and more stock brokers offering cheap ways to buy e.t.f.'s and then we have roboadvisors like nutmeg using e.t.f. the retail portion is growing but definitely a institutional part in europe. francine: let's welcome our guest the next 30 minutes, peter thompson head of goldman sachs e.t.f.'s. when will the european e.t.f. market try to match up with the u.s.? why is it so much smaller and what needs to change? dan: dani made good points. it's a market in the developmental stages and even though we're a quarter of the size of the u.s. market we're growing at double-digit rates and seeing organic growth across countries and i think when we look at europe, it's developed differently with the institutions starting it but then we just had a natural fragmentation that is the french market, the german market, the u.k. market coming at differ