so the core takeaway here is you will see the dispersion of our portfolio, the target portfolio, and current portfolio, pretty close, so the expected -- forecasted return and forecasted variability of return is quite close. and much tighter than the 70/30. so we reduced the risk at the result. of the asset allocation. we also see the median is higher than the 70/30. on the upper side, on the fifth percentile, maybe we will underperform slightly. you will see the numbers on the bottom right, where we highlight the fifth percentile in red. the target allocation is expected to, on the upper right, the really good markets, before 13.6 while the 70/30 is expected to perform at 14%. 14.1%. but look at the lowers, where we will outperform and the first quartile and the worst markets will outperform significantly. >> couple things here. so to summarize this, is we've taken napc's expected return, but those returns have a variability, and it's by asset class, and when you put it together for a portfolio, it was a whole. you'll see here the spread on the far left between the worst and the best

there's numbers here that suggest that the 60/40 portfolio or the 70/40 portfolio would be a higher return. however, i would say the board's decision is to go for the average return with the highest probability of achieving it. >> that is exactly correct. >> commissioner driscoll: might say it's a more efficient portfolio in one sense. we weigh all the odds, skills, but that's why you might say we're not going for the highest total, but the best odds of making a good return. >> another way of saying it is looking at this, comparing the third of the left to the third to the right to the last on the right is we have a 75% probability of outperforming 70-30. in other words, we are three times more likely to outperform 70-30 than we are to underperform it, but there's a chance, there's a 25% chance we do underperform, and, again, in addition, these are based only on beta returns. i think that percentage of 75 goes up materially when you include alpha. >> not necessarily the highests return, but the highest probability. >> that is correct. you hit it on the button. >> commissioner driscoll: tha

look at that portfolio there. ask him what the management fee is going to be on that, and there's a good possibility in the next 18 months we're going to have a global recession. if we have a global recession, the best investment would be 40% stocks, 40% bonds, and 20% cash. why do you think berkshire hathaway, $110 billion in cash? no, because you note the stock market is in a recession, usually drops more than 35%. global recession probably even more. anyhow, 40-40-20 with allocation in the global recession. >> president stansbury: thank you very much. are there any other members of the public that would like to address the commission regarding this item? seeing none, we'll close public comment. thank you very much for the report. next item, please. >> clerk: 8, discussion item, risk management: strategic asset allocation review. >> very good, board members, while anna makes her way to the table, we have reconstituted the risk package that had been planned for the ics to do this over the next three board meeting

having an undiversified portfolio is not just an amateur mistake. many professionals don't like to be diversified because of the bizarre way that money management works in this country. if you concentrate all your bets in that one sector and the sector takes off, you beat everybody who is diversified that's the nature of the beast a hedge fund manager who does it and gets lucky can market himself as a huge success. get profiled by every magazine raise tons of capital from unsuspecting investor who is don't realize how much risk they're taking on. here's the bottom line whether you're an amateur or professional, you need to do your homework and keep your portfolio diversified. it may not be exciting or sexy this is the kind of of routine maintenance stuff that protects you from monster losses down the line mike in south carolina mike >> caller: hey, jim, mike from south carolina i was wondering from a new investor, say i'm going to invest about $100,000, how many stocks should be in my portfolio. i start about 30 and i is it not enough >> i would tel

if you are building a portfolio and you are holding bonds, why do you hold german bonds in a portfoliothe safe asset. it is power to offset is becoming more limited. you are looking to other assets like treasuries and the dollar. it is a better place for that balance in your portfolio. jonathan: when i'm having the trade conversation with people on this program and elsewhere, they will say may be the ultimate proxy is european risk. i am wondering if you get some kind of resolution to the trade story, could you get a backup in bund yields? would that be enough to drive it? >> yeah. i think the trade piece not only the resolution of the trade piece that this overhanging question about the trump pivot to u.s. european trade relations? if you alleviate that concern, which is a real tail risk to the european economy, that might help as well. jonathan: final word? >> 10 year bonds are going to go back below zero. jonathan: really? it sounds dramatic. you will stick with us. i want to get you a market check on where bonds have been this week. yields shaping up as follows. through the week be

if you are building a portfolio and you are holding bonds, why the you hold german bonds in a portfolio is power to offset is becoming more limited. you are looking to other assets like treasuries and the dollar. that is a better place for the ballast in your portfolio. will say toople meet may be the ultimate proxy is european risk. wondering if you get some kind of resolution to the trade tory, would it be enough drive it? >> i think the trade piece not only the resolution of the trade piece that this overhanging question about the trump pivot to u.s. european trade relations? if you alleviate that concern which is a real tail risk to the european economy that might help as well. >> 10 year bonds are going to go back below zero. we are here in new york. i want to get you a market check. yields shaping up as follows. the two-year down a couple of basis points. a 30 year of 3% on government bond in the united states. still ahead, the final spread. another appearance from jay powell. this is bloomberg real yield. ♪ jonathan: this is bloomberg real yield. we have an fomc rate decision com

and .75 annual fee but at $50, how do i build a portfolio?re of apple for $50. >> we do fractional share trading. the technology that went into building coin is what's taking us the time to make sure you can for $50 get invested in a number of companies. >> how do i know that this works? that was my question have you taken a look at the performance of these indices over the past five or ten years? whatever time frame and seen that they have actually performed? that you're not losing money consciously investing. >> that's a big question we get, will there be a trade-off. we believe companies that think about values, about the material impact they will have actually will do better in the long term. >> how do you monitor this this is a question that companies are fluid institutions changing all the time so if the basket said i want one good on gender equality and right now that's marriott, tjx and cisco, what happens next year if they fall off and that you are being dill jetblue enough so i don't have to worry it doesn't include my values of cle

if you're building a portfolio and holding bonds, what you hold german bunds in a portfolio if you areopean investor? it's a safe asset. it's powered offset is becoming more limited. you are looking to other assets like treasuries, like the dollar, it's a better place for that ballast in your portfolio. degree,: to some increasingly when having the trade discussion with people on this program and elsewhere, they say may be the ultimate proxy is european risk assets. i'm wondering if we get some kind of resolution to the trade store, could you get a backup in enough?, without be >> not only the resolution of the trade piece, but there's the overhang question of the trump pivot to u.s.-european trade relations. if you alleviate that concern, which is a real risk to the european economy, that could help as well. >> final world, i think tenure below zero.o back jonathan: colin robertson, jeffrey rosenberg, and craig ship sticking with us. want to get a check on the markets. withgh the week, beginning two year yield, down a couple of basis points, 10 year coming two. still ahead, the final

and absolute returns contribution in a portfolio context. again, we're designed to do two things, earn high long-term returns and minimize the impact caused by a large market decline. if i were to grade this, i'd say in terms of asset allocation and the like it would be an a. i'd say in terms of, you know, manager selection probably more in the b plus range. the equity returns, i expect a couple of these managers are going to bounce back pretty darn good, but, you know, we do have an a-rated quant manager and lineup, and in terms of portfolio construction, it's always going to be a little messy when you have two partners. one is going to build a diversified portfolio, the other is going to do the same thing, so when you put it together, you could be overdiversified, so our goal is to get down from 33 into something that every manager is impactful in a portfolio context. >> president stansbury: anything else from the board? okay, i'll just say it's been a little bit of a long and bumpy road at times, but we finally got here. thank you, everyo

also, portfolios across said enterprise, rather than our piece or a bunch of individual pieces. the pieces are important because they represent us, our centers. how they fit together is extremely important and how they create the entire box top is really critical to our future success. when we think about how other countries are investing in science and technology, and we know some are investing massively across multiple disciplines including areas vital to our national security and also to our economic prosperity, we tend to sort of think about the dollars and think about that first and foremost and sometimes only that. believe me, just like you, i've had lots of grants and i've run centers purely funded by soft money and i know what the challenges are. i know how important the money has been in the national context, we need to think about more than money. we don't want to lose the focus on money, it's important but we must be mindful of this array of american assets across academia, industry, nonprofit foundations and the federal government. now, in other areas and in other co

of nmt on your portfolio?nk you. it is fascinating, whenever these academic debates spell out into the wider world. i think your line, magic money tree, that's a good one. i'm going to steal someone and say it's not monetarism. it isn't a theory. to your point, it doesn't really matter what i think or what prominent people around the world think. what matters is the impact it has on the portfolio. i think what we see, if you look in the u.s., you have people on is left saying that mmt something that can help finance some of the social projects and investment they would like to see. you also have larry kudlow on president trump's team saying growth policies don't need to access about the deficit -- of sus about -- obsess about the deficit. that's an application that if you print money, you don't necessarily get inflation. that means we think deficits will continue and the spending will continue. and so for portfolios, it means two things. you can't assume any more the cycle is necessarily going to reach an end

this is the power of portfolios. it allows one to see across the entire enterprise, so that the efforts of one sector are linked to the efforts of another, and they mutually strengthen one another. if we do this, we'll maximize the use of available dollars, minimize unnecessary duplication, and greatly, and this is important, greatly increase collaboration. this is something i actually did in my role as cabinet secretary of science and technology in oklahoma. and i found it to work actually quite well on topics such as drone, renewable energy, and cyber security. we in oklahoma are perhaps not as well resourced as other states so we had to figure out how we would pool our resources to maximize the capability of what we have, and we realize that this portfolio approach allowed us to do so in a way that drew us together rather than pushed us apart. the second pillar i'm proposing involves strengthening the connect tive tissue among the four components of our research and development eek some, federal government, academ

when i was at the city of new york we invested in fema portfolio managers.we had several of those portfolion maternity leave. but that doesn't mean you get nervous and decide they're not going to perform well anymore. in fact often you'll find women work harder when they are at home. >> do you worry about what you know, even a relatively short break in an employees career. for pregnancy or for child birth or early childbearing. they worry that can disrupt the ability of someone to continue to do a job and move through a career. again, is it just old-fashioned thinking? >> i think if you think about how much it costs to hire someone and find the right person for a role, you know, it's short-term thinking to just say, you have two leave for a few months for maternity leave so you're not worth keeping. i do not think is a smart way to build the company. but i also have seen that women who are moms are really good at getting stuff done because they have to fit it in so they get better at figuring out how to do things and you have to get home. >> up next, we look at political matters, the 2020 p

investor portfolio.tively international markets, including china is healthy and important. alix: what does that mean for protectionism in general? you mentioned india. the prime minister supporting local businesses and making it harder for walmart and amazon to operate their. -- to operate there. how do you make the distinction that you want to diversify? ida: as we look at market downturns in the past decade, global portfolios have always outperformed single country. as diversified as possible in the asset classes and the geographical concentration. in the emerging market, we are specific about opportunities we like. in china, where there is a lot of fiscal stimulus we have seen the loan shoot up to record levels in january. still very high sitting rates -- 40% saving rates in china. an emerging middle class that will be the consumption story in china. sticking with china for one moment. so much innovation happening. it is important to have local expertise. people know how to invest, know the companies,

marilyn: we like treasury and diversified portfolio. decent yield in treasuries. we think the fed will be patient for the first half of the year if not beyond. inflation will remain contained. we like the liquidity, the yield, and it offers a good hedge. in a risk-off environment. i think we like treasury. jonathan: it is interesting, the inflation expectations and there is an inflationary impulse over the last couple of weeks, even though the data has not been great. what do you read into that? henry: i read into the market that is looking through this period of noise, and we have to think about a push higher in wages and oil. in the back half of the year. touching on this treasury comment, it is important to mention that with our trade dynamic, sending fewer dollars overseas and desires to do less, the treasury market is in the process of crowding out the u.s. consumer, something we really need to pay attention to. the increase of the u.s. savings rate. and perhaps, the pressure of consumption. it is very important. kevin: i think that marilyn is right. where in

increasingly from the from the fdiestors and portfolios. something close to $500 billion of investment has been made by the portfolio investors. that shows enormous amount of confidence of long-term investors in indian economy. might make some small difference here and there, but the long story of india is very much steady and intact. vonnie: mr. secretary, thank you. subhash chandra garg. let's check in on bloomberg first word news. here's kailey leinz. kailey: british prime minister theresa may is gambling on a desperate bid to get her brexit deal through parliament. today at the european union summit she is looking for a one time three month delay for the departure, but they have already said she can't have that unless she can persuade parliament to back her agreement. they plan to put it to another vote next week. new zealand is imposing a partial gun ban in the wake of last week's deadly mosque attacks. automatic and semiautomatic assault style rifles are now illegal. prime minister jacinda ardern says it will go into effect immediatel

things to fill out your portfolio even more. >> there's no holes in our portfolio.ng we feel compelled to do. david: that was the chevron ceo. alix: why would he? the adp number just breaking out. 183,000 private jobs were added -- a little below estimates. you had january revised up to 300,000. david: that was dramatic. in advance of jobs day. alix: how good will number continue to be? david: still with us. still with u -- still with us, colin mcquay and kara murphy. play anou see the shale energy play in the united states? kara: i always use to making predictions about energy. being in texas, i think i have to take a stand. it's hard to build a bullish picture for oil today. we talked earlier about opec cutting production. they tried to avoid cutting production because in past years when they've done that, u.s. producers have stepped on the gas and grown their market share. opec finally cried uncle and cut production. we have large integrated oil companies doubling their spending and the permian. -- in the permian. it's really hard to be bullish about oil going fo

liz claman, the millenial stocks you own in your portfolio are working out pretty good. liz: well, i'm a young one at heart, right? charles: you're hip. you are the hippest person in the building. liz: oy. good luck with that one. breaking news. folks, it is now a full-blown pile-on by wall street analysts. they are reaching a fever pitch, swamping boeing stocks on the now-grounded 737 max 8 and 9 aircraft here in the u.s. and just about everywhere else, grounded. bank of america says it will take three to six months to come up with a fix. we've got jpmorgan now saying they are estimating compensation to airlines could cost boeing $115 million per month, and this is a bad one. one sees the grounding six to eight weeks with a total cost of half a billion dollars. we will have the latest as the investigation now zeros in on the black boxes from the flight that crashed in ethiopia on sunday. those boxes have now arrived in france to be analyzed. former national transportation safety bureau chairman james hall is here and he's here to tell us why he thinks the faa should sho

treasuries, we own them in all of our portfolios.k there is more potential for capital appreciation may just rate expectations going down with europe and the u.k., limited room there. we are not a fan of corporate debt at the moment. we reduce that in the previous months because we think there is not much room for spreads to compress. that is the difference between what it corporation pays and the federal government pays. nejra: thank you so much, shanti kelemen, senior portfolio manager, coutts & company, great to have you with us. coming up, german chancellor angela be in conversation with our editor-in-chief, john micklethwait. do not miss that conversation at 10:00 a.m. u.k. time. that is it for "bloomberg daybreak: europe." the european open is up next. equities in a five-month high. when you travel to work, tune radio.oomberg this is bloomberg. ♪ anna: good morning welcome to "bloomberg markets: european open." we are live from our european headquarters in london. i am with matt miller who is in berlin. matt: good morning, the

gem 1 coincided with the christmas lows >> people are not planning their portfolios as if this is a new year's eve party they will do something at the exact end of the year. they need nobody received permanently. they can go up, they can go down but knowing that exact moment when financial markets range around it, it's pretty key not to plan key portfolios that way. >> this is my question about they international markets the same criticism could apply is it possible to know which of them to be in for a given year should people be in all of them all of the time or not all of them all of the time >> most investors concentrate on one market where they feel most comfortable with home buyers take more risks with events going on. american investors have been best performing market and best performing economy for the past decade best performing financial market for the last 100 years but i think something that mike santoli just mentioned is very important. if you take a look at trailing ten year returns the best performing asset class in the last ten years small cap u.s. stocks number two larg

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a balance portfolio will be good for investors.est rates, you should be buying portfolio with government bond and credit. yvonne: we tend to see chinese bonds and stocks do their own thing relative to what you see for the rest of the market. you think of the correlations when it comes to chinese 10 year bonds with treasuries, we are not seeing a strong correlation. can we expect things to strengthen those correlations or do they stay the good diversification trade? thomas: it will still be a good diversification because china has become more a continental economy. it will be less affected by the global economy. --s export is actually growth is driven by domestic consumption. the diversification benefit will be there. if you look at the longer term trend, the u.s. bonds were a very full market for bonds. hasn't been around 3% to 5% in 10 years. any chance that interest rate continues to drop, yes because with growth, the structural slowdown, and the high saving rate in china and the aging population -- asian population, we are at th

let's just say 5g is coming, whether nations or your portfolio are ready or not.he latest fifth generation of cellular mobile communications is set to roll out offering super hyperfast speed, more reliable connections on smartphones, enabling you, they say, to download entire movies in seven seconds. but this technological shift isn't just about faster phones. 5g or fifth generation will affect robots, security cameras, drones and even autonomous vehicles. our next guest is a major highly followed tech analyst who has been following the 5g revolution. he's locked and loaded with the stock names, especially the number one that he says already stands to benefit from 5g's rollout. and the names that might get hurt. gene munster joining us live in a fox business exclusive. good to see you. just about every major u.s. cell phone operator and network service provider prepping for the big 5g rollout. i love how some of them have already slapped stickers on the phones even though they're not quite ready yet. but let's talk about where we stand. is it real, is it here? >>

s asked us if we take over the portfolio.xperience in doing that twouse we also manage of the softbank early-stage funds. we learned it is complement to reach more business. -- complementary to our business. we can supply a lot of support to these portfolio companies. emily: do you feel like there were any ethical issues or more you were rescuing these companies that had nothing to do with this unfortunately? , partthe ethical issues g relationship. we looked over the portfolio, we felt it was very complimentary. we have one company in common, binary is growing very fast. for us, it was a question of can we add value? can we get the entrepreneurs back on track? emily: dia? eric: it is the leader in the plus sized women category. very successful. emily: what are your thoughts on hq2? is that a huge loss for new york? eric: i don't think long-term it is a huge loss for new york. it is a lost opportunity. new york city, like all big urban areas, have to become tech cities. tech is going to replace our traditional centers of weal

by the way, the fed now really still is still selling their portfolio. they have more they can do to get more dovish if they want to be they can still add to the economy. the feds told us they will be accommoda accommodating. that's the most important message i heard. >> i asked on what he thought. rick, stay with me, please i asked whether the fed has already made a policy mistake. the fed should operate in consideration of global conditions too maybe the fed misjudged those. >> listen, last year it was obvious we were unable to export growth to the rest of the world. the federal reserve is out there. they are fighting against it that's the reason for the dramatic pivot for the investors watching the show, the realization comes back once again this is not just about economiquities. it's about portfolio rates, utility to rick's point think of where municipal bond ts are. the principal verve reserve is t there. that's what's going on rick >> i think that's right. i think the fed has a multitude of tools at their tdisposal you can do more qe the fed has a

but that is the part of any portfolio manager's job.just got to be a relatively heavy weight upon my shoulders at 74. erik: i'm sure you remember the conversation we had here in newport beach almost four years ago. after what i might describe as a bruising battle with pimco, i asked you why you had not retired then, instead of starting a second act at janus. i don't know if you remember what you told me then, but you said you needed to prove something to yourself. that "i still got it." what changed your mind? bill: well, it is four years down the road. to be fair, the public numbers, in terms of unconstrained funds, were not spectacular. as a matter of fact, that is an overstatement. they were not good, although positive. i think, just in my defense, i managed a few total return accounts, just like the pimco total return, not public, institutional. i beat the index by a hundred basis points year, just like i did over there. so, in that case, i proved it. the follow-up question might be so why didn't you prove it in the unconstrained un

why did you decide to take over their portfolio?ll, we had experience in doing that and they asked us. we had managed to of the softbank early-stage funds, too. we learned that it is complementary to our business and we can attach it to our back end, to all of our compliance and audit, and we can supply a lot of support to these portfolio companies. emily: did you feel like there were any ethical issues that you were rescuing these companies that didn't have anything to do with this? guest: the ethical issues were part of the lp-gp relationship to read that didn't transfer into a new relationship. we look to the portfolio and we thought it was complementary. we had at least one company in common, it was a successful company growing very fast. so the question was, can we add value and get these entrepreneurs back on track. emily: dia what do they make? eric: it is a leader in the plus size clothing category. new york city, like all big urban areas, has to become a tech city. check is going to replace our traditional sense of wealth,

we don't own loans for high-yield bonds in a multi-strategy portfolio.think it is more advanced and other markets. an fact that cash is investable asset in the u.s., which it isn't in europe, makes us lean towards european high-yield rather than the leveraged part of the u.s. market. jonathan: greg? more in actually see the u.s. as well. mary: not as much. they have typically traded inside the u.s. at even. it is lower duration and higher quality market, but we have seen deterioration in the credit metrics across european high yields. it has a larger component of autos, which has been suffering. in europe, in particular and the data in europe continues to be week. -- to be weak. we would prefer for credit to be where the growth is. mary bowers, greg peters, and jub hurren. two's, tens, and 30 year yields. the 10 year yields are up. 3.12 on the 30% yield. -- 30 year yield. the final spread, the week ahead including a rate decision from the ecb. focus shifting to mario draghi. this is "bloomberg real yield." ♪ jonathan: this is "bloomberg real yield." it i

guy: you talk about the global portfolio. the chinese equity market has rallied incredibly strongly since the start of the year. 50% off theirup lows. did you take part in that? upside theto portfolio around some of those positions? when you go back and look at emerging-market performance during the domestic meltdown in december emerging markets performed very well and actually supported the portfolios. we were already invested there. we maintained that investment. key thing is we six backed -- we suspect that given how poorly they performed over a number of years that there is still a lot of value to be had in those markets. the valuations are there. particularly if china stabilizes and is successful in its or evenn efforts stabilization that supports the immediate and longer-term because for our investors trimminghe issue of right, replacing it with something else and being proficient with taxes in that occasion as well. vonnie: what areas are you liking at the moment? inwe retained interest industrials, technology, health

guy: does this have a portfolio effect?f you are have a massive ipo you would see others said -- does this have the same effect? is there a portfolio effect in the bond market question -- in the bond market? what ripple effect will this cause? will: the bond issue will be important. it will be a test of saudi and anr appetite indicator of the problems they have had with khashoggi, etc.. at $10 billion it is not enough to make a ripple the same way a $100 billion ipo would affected the global equity market. the be easier for capital markets to digest. vonnie: our thanks to will kennedy. there is a selloff in the united states. let's check global markets with abigail doolittle. abigail: we have a strong sense of risk off on this wednesday. take a look at the s&p 500 down .9%. now clearly down more than 1%. the chip index has been down more than 2%. investors selling stocks. the dax in germany has been solidly higher. u.s. stocks weighing on european stocks and oil another risk asset joining in on the party, down more than 1%.

hopefully, we run the same portfolios.ould agree with that, but it's not about the beta, but valuation on loans that were hit hard. the issue we have had around loans is that if you were right on your credit call, it was called away and if you're wrong you owned it down to zero. now trading at a discount, it is attractive. we see value in the bb space. loans versus bonds. it is valuation driven and not so much beta driven. the durations are different. jonathan: can you compare the credit quality of bb and loans to bb in credit? is that an apples to apples comparison? gerg: there are nuances. you have loan only cap structures -- it gets complicated, but you can ultimately do it. it is a zero sum game. for the capital structure and all the complaints around loans, it forces you down the capital structure on the bond side. these are all considerations. i think doing that relative value is something we should be doing. jonathan: is there a liquidity consideration? gerg: they are both terrible and loans are worse than bonds and

, but far from the only thing in our portfolio we are a global company with positions around the world of which are important the permean is, but may not be the only thing. >> melissa asked on fast money, what's the next one, they said ask about argentina and opportunity for sale there >> there's a basin there that's quite large. we are producing there in a joint venture with ypf, the argentine company, and it has many characteristics in common the geology looks similar. as we applied things we learned in texas down in argentina, we have seen the productivity of this emerge in a way similar it is promising for argentina and there are other places in the wormd you could see similar things. >> where is the process referred to shale technology, also in saudi arabia, of all places, are there others out there >> there are other basins with unconventi unconventional geology there are so many layers of stacked resource it is prolific in terms of size argentina looks similar to this. we have a position in canada that's very attractive there are a number of other places in the world we could se

the threat to your portfolio lurking around every corner and field. how you can battle back against this world of trade danger. "countdown" coming right back. (bird chirping) lots to do, hope you fuelled up. sure did. that storm sure ripped through. yep, we gotta fix that fence and herd the cattle back in. let's get at it. (whistle) (dog barking) (♪) that's it. i'm calling kohler about their walk-in bath. nah. not gonna happen. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. it's soft... the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, and the door ensures a watertight seal, so you never have to worry about leaks. kohler's walk-in bath was designed with convenient handrails for added stability and safety. the wide, ergonomic seat is tilted back for comfort and stability. it has a channel so water won't pool on i

if you own a high yield bond fund, 10% of your portfolio. up 6%. corporate bond fund, maybe 15% of your portfolio. up 5%. the deal in treasuries, another 15%. up 2%. and this doesn't include the dividends. it's a lot higher with the dividends. what's it all mean i averaged out the portfolio based on the five etfs up about 9% this quarter an impressive gain and only three months worth of work back to you. >> thanks, bob laying out for investors, the question is, people lock in their gains now or not the worst performing sector this quarter. welcome to you both. talk about health care for a moment, really out of favor amid some concern now about what the president trump plan might be. a balance, the consumer or the communication services area around 50% of that are the internet stocks which have been hurt by increase, concern over regulation, that's overdone and we think we are starting to see some of the payoff with the better performance in the first quarter. >> mike, you're confident it's going to be a good year for stocks any particular reason wh

fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. renenow i'm anythingsaw turtle, mybut lonely.full. ahnya: we have this like deep connection, this heart connection. brian: he just wants to be close to you and part of your life. renee: every day with turtle is a perfect day. he's an incredible companion and my best friend. ahnya: when i'm holding her, it makes me feel calmer. it's a sensory thing, it's a thing with asperger's. giselle: i've seen adults react to my daughter when she has meltdowns like she's from a different planet. and this little animal just sat next to my child and was just like, you know, "it's gonna be cool." brian: when i retired from the navy i f

it is not your portfolio and your portfolio, it is your home goal is different from your retirement goalfferent from your retirement goal, different from your baby goal. so technology enables us to take vast quantities of information and highly personalize we are the ones that take into account women live longer, salaries peak sooner it is beyond the capacity of the human mind and we can bring the digital offering to the women at 25 basis points whereas traditionally, cost of intermediation in the retail business has been two and a half or two and a quarter percentage points that money goes back into their pockets. we know a great investor can outperform by one percentage point a year, we are delivering that already through lower fees. there's always room for humans and we have financial advisers, but tech enabled humans. >> thank you >>> let's get to kelly evans for a news update. >> hi, morgan, hi, everyone. here is what's happening >>> the secret mueller report on russian interference in the 2016 election is more than 300 pages long, according to officials with knowledge of it, that's