that's 51% of our portfolio. those four assets you see on the chart on the upper right that are on the right side earning positive returns. that's 51% of our portfolio. even though tech got slammed, we would have been okay because half of our portfolio still would have earned money. this is an example of an isolated crisis, that the tech meltdown was really only at the bursting of the bubble. real estate actually did fine. high yields played money. credit made money. even value stocks almost broke even. this is an example where diversification really worked. in a moment, we're going to see where diversification didn't work. >> i'm sorry. on the tech meltdown, the assumption is -- i looked in one of the previous charts. it looked like it was down 10% over a two-year period. is that right. >> yeah. >> looking at this chart on the top left, that's total? >> this is total sfers, and the reason for the difference is that there was one year -- this is a three-year scenario. okay. it means over those three years, we los

, the treasury portfolio and liquid credit portfolio stand to provide diversification under this stress scenario. right? contribute a little bit to the positive. absolute return is also going to fare well under the extreme equity stress test. it will stand to lose -- stand alone about 6%, and on the contribution, i'm looking at the upper left chart, absolute return which is the blue chart, it's about 1% or 2% on the performance contribution in that stress scenario. >> why is cap so high? inflation? >> no. we have a cash overlay. any cash that we have, it

whatever we have right now in the portfolio, the treasury portfolio and liquid credit portfolio stand to provide diversification under this stress scenario. right? contribute a little bit to the positive. absolute return is also going to fare well under the extreme equity stress test. it will stand to lose -- stand alone about 6%, and on the contribution, i'm looking at the upper left chart, absolute return which is the blue chart, it's about 1% or 2% on the performance contribution in that stress scenario. >> why is cap so high? inflation? >> no. we have a cash overlay. any cash that we have, it actually is 68% equity and 32% bonds. >> could you touch then on the totals on the left side? >> certainly. so it's interesting. the diversification that bill mentioned plays out of the total. remember, we shock the equity minus 40%. it's a very strong shock. the portfolio is expected to go down, which is the brown line on the top chart, 24%. the largest contribution being from global equities, private equity is down 6%. that's what we expect. real assets and absolute returns are considerably

and then there's a part of the liquid credit portfolio. that's the treasure portfolio. the liquid is much higher returning expectations in the range of 5 or 6%. so this really doesn't meet our asset allocation requirements. it doesn't meet our return requirements. it doesn't meet our liquidity needs. these are as to why we're recommending this. i want to ask kurt to walk through the item and then nikki as well. >> i don't have too much more to add. just to remind the board that in late 2017, we adopted an as owe allocation which bill is referring to which reduced our target allocation for liquid from 13.5% to just 3%. at the same time, establish a target to private credit. the reasons were exactly as bill described, the long-term returns of private credit are expected to be almost two times that of what we're expecting out of liquid credit. further, with a liquid credit, we have gun to emphasize higher yielding strategies via high yield bonds, bank loans, which get barbelled with 6% allocation to treasuries. in implementing this over the last 15 or 16 months, we have re

or something. >> our current and -- >> current portfolio exposures. >> current portfolio -- risk exposures from our hedge fund managers. >> i need to add one variable to my comment. we would need to go back, because i was citing our fiscal year returns for those three-year periods. we would need to go back, and it's easy to do, to get our actual returns from march 2000 to october 2009 and compare that to here. i know the results of this are materially better than what we actually experienced during that period. i'll just get you those numbers. >> so that number we talked about, what we actually did during this downturn, during that peak period that is highlighted, that number, you said, is over? >> to be honest, i don't know what it is. it's negative 10 to negative 15. >> it would be -- on some of the previous slides, we can all relate to msci 40. it will be helpful to have that number as well. >> will do. we can get that for you tomorrow. >> approximate right now. >> we could ca calculate it rigt now. >> let's keep moving. >> we have two slides left. one a analyzing the stress scenario, t

private credit portfolio, a billion dollars for the asset portfolio. that will differ a little bit from cambridge, as it has been discussed, and i think it's because our perceptions are different, with the idea here is directionally we all believe that these are within normalized spans of where you should be investing. the second piece i wanted to spend more time with, would you should focus on is the outcome of our stress test, and tom will drill down on the details of the stress test, but you, like many of our clients during the period of the great financial financial crisis saw total assets decline. your private equity component of your portfolio declined to 15 to 20% during that same timeframe. so the lower court aspects of private equity in general insulated you from further damage relative to your total asset decline, so private equity essentially did its job, and so the point is that you have a co- mingled set of assets all moving at different directions at different points in time, when there are periods of distress, you would have been far wor

you called it broccoli for your portfolio and you want it in there at all times, why?hy do you use it? robert: it is one of those things that you hate that you love. it is always there, and i have been answering the questions about it for a decade. it is a great example of an etf that is very different when you think about it in the context of a portfolio as opposed to when you think about it in the context of in isolation. in isolation, i don't have too much to say about it, but as a portfolio, recent times have shown it continues to be a great hedge against equity risk, it has a persistent negative correlation with other asset classes, and it helps diversify the portfolio and let you have more of the things that you think are going to drive return over longer time periods. scarlet: very quickly, schwab came out with the survey and it made it clear that cost was once again the number one concern of most etf users. you are a master etf user, how do you think about cost and how much is it a driver in your decision-making? robert: a lot of that is grounded in a good plac

you called it broccoli for your portfolio and you want it in there at all times. why? do you use it? robert: it is one of those things that you hate that you love, or it is always there and , i have been answering the questions about it for a decade. it is a great example of an etf that is very different when you think about it in the context of a portfolio as opposed to when you think about it in the context in isolation. in isolation, i don't have too much to say about it, but as a portfolio, recent times have shown it continues to be a great hedge against equity risk, it has a persistent negative correlation with other asset classes, and it helps diversify the portfolio and let you have more of the things that you think are going to drive return over longer time periods. scarlet: very quickly, schwab recently came out with the survey and it made it clear that cost was once again the number one concern of most etf users. you are a master etf user, how do you think about cost and how much is it a driver in your decision-making? robert: a lot of that is grounded in a g

" portfolio.o please get to know yourself before you jump down the rabbit hole of getting to know individual companies trust me, i get it when you get excited about a particular stock, you want to dive right in. i've been there. first, you need to consider what you're trying to get out of the market the answer to that question is not going to be the same for everyone but everything else stems from it you can't make judgments about stocks until you know what characteristics you actually value. let's go to paul in texas. paul >> caller: boo-yah, jim. i've noticed the companies, a lot of them will exceed on one and miss on the other in reference to revenue and earnings per share so as a share holdener the companies i'm looking for, if they're going to exceed one and miss one, would it be more important for them to exceed on revenue or would it be more important for them to exceed on earnings per share >> great question. i've done a huge amount of research and thank you for asking revenue growth we wa

will outperform your -- your portfolio. >> you have the floor. >> very good. as i indicated, this is the second example of cash flow and pacing schedule, and cambridge will walk us through. >> thank you, bill, good afternoon, commissioners. you have craig and myself. i believe you know us, and my other colleague here that have been very critical in running the analytics. i also would like to attest to anna that there was a lot of good collaboration. we started this process late last year and had good collaboration with anna, with the private investment team, and also with tori, so tweaking the model, tweaking the different scenarios that we were running as well. in terms of the outputs that we have shown here, the discussion probably has not been dissimilar from what you have heard from tori. we just have arrived at similar but somewhat slightly different numbers based off of our model assumption, but in terms of how we generate our model, we put in our assumptions for the overall pool growth, starting at 24.6 billion, which is when we ran this for the overall

. >> portfolio protection. volatility is back. stocks selff as investors grow conceed about the economy, so how can you keep your investments safe? >> farm belt flooded. delayed plantings are pushing up cices and now some wonder if food inflatild be just around the corner. >> 529 days, the myths and realities of saving for college which can be especially difficult in this type of market. those m stories andh more tonight on "nightly business report" for wednesday, may9th. >>nd good evening everyone welcome. the market was rocked again and one.eason is a familiar investors are growing concerned that a drawn-out trade war between the u.s. a china will hurt a global economy that's already slowing and stocks lower around the world as money moves out of riskier assets and into safer ones. the benchmark yield on the ten-year treasury hit a 20-month lownd stocks fell though they finished off their lows of the sessio and the dow jones industrial session fell 321 points, but it had been down more than 400 points and the nasdaq dpped 60 and

this is where i trade and manage my portfolio.utures, i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. i was ready to make my mark, but i didn't know how. i was working the same job for a few years. i had a degree and some experience but no career. i opened the careerbuilder app and found an awesome job at a company i love. it even built a resume for me with skills i didn't know i had. i applied with a tap. and i start on monday. careerbuilder. work can work. >>> okay, we're back we'll call this segment "the missing link," even though we're not missing you here buys and sells new ones. >> blackstone is a nirp one, it goes from a partnership to a ccorps, and that changes the liquidity altogether. >> new buy. >> 4% dividend while you wait. dowdupont was clocked on the report earnings i don't think is nearl

our portfolio.olatility especially for geopolitical tensions. a high level of stress to see gold reacting. it does not work for small issues. if you have hyperinflation, it works. it is an insurance and the portfolio, and a valuable one. manus: we are dealing with escalating geopolitical risk from up the road with the sabotage on two saudi tanks. how is that iran story playing into the narrative with the allocation team? maurice: it is something concerning, and not that much about the reason but the global risks. the way we look at it, it is about price and the risk of de-escalation with the u.s. and iran. currently, it is a message saying, should we go into a huge military confrontation? supply could be at risk. if you read it like that, it is you doo tell mr. trump, not want to see the oil price at 200, so you should stay quiet. that is how you can see it. it is important. it is difficult to have engagement with north korea, iran, everywhere around the world. geopolitical premium and oil does not

so that represents 45% of the portfolio. we are serving seniors more broadly within all of our 100% affordable housing, and i think something to note is that when we are providing affordable housing for low and moderate income people, they are aging in place in that housing, so the amount of housing that we are providing for folks will eventually serve seniors as they age in place. in terms of our pipeline, here is a map of the projects that are in our pipeline that have set-asides for seniors. these are nine sites was 778 units set aside for seniors. they are located in various parts of this city, as you will see mostly on the east side, and they mostly our new construction , 100% affordable housing, and then also on a small site in district one, which was an s.r.o. building serving seniors. and then finally, we recognize the importance of not just building affordable housing for seniors, but really providing the important services that they need to continue to be housed, and our service connector model includes providing o

any portfolio manager who bet on a turn in the auto industry had their money get crunched and by the if you want to see that destruction look at stocks of 3m and dow dupont, the former parent of dow chemical people are now giving up on this one because it's simply been too costly to game the players who are trying to game the auto cycle. here's the bottom line timing isn't easy. if you wait for a particular cycle to turn you'll be too late by the time there's clear evidence you've already missed the move but on the other hand, if you try to move too early, and the cycle doesn't turn, you can end up getting annihilated that's why you need to be very careful before you try to anticipate a turn, but if you get it right the rewards are so bountiful that it's almost worth trying just be sure there is a cycle to be had before you pull the trigger. robert in florida, robert. >> caller: hey, jim, i want to give you a tampa bay booyah. >> really? okay i'll take that booyah any day of the week what's going on? >> caller: i'm calling to ask about crown tassel and the 5g push that they're moving

[laughter] sure it is ao make small part of our portfolio.gree, i have not looked at it from this perspective. 40%.d rally about this is definitely something to keep an eye on. whether it is demand related, we see it about six dollars a barrel. keep that in mind. in the rest of the commodity spectrum, we have been talking about copper, this one day move out of the trade tariffs. what is your allocation to industrial metals and gold as a protection in the portfolio? ali: that is something we have been looking at for a while. it is something we have liked. we like it when it has fallen to around the 1200 levels. withd add some positions cash buys. 1-2%.e seen it rise good for theuld be portfolios. broad you have quite a sliver of commodity views. options, what is the story behind palladium? one ise most important gold and oil. that is the one -- a lot of our clients are chinese and gold is something that is predominant in the culture. very close to them. we have a lot of transactions for cold. in the middle east, you can't help but be involved

,s which has gone incredibly well whether you look at our collaboration portfolio, security portfolio or cornet working portfolio we have drastically increased the percentage of software in our business and we've also driven a ton of innovation that obviously our customers are really believing in right now so we're really pleased with what we've been able to do. >> kelly, i also know that the expense control has been incredible and the gross margins continue to go up. 1% expense growth is pretty amazing. how are you spinning off much more cash than i thought at this point? how are you able to do that? >> i think the whole business is focused on driving the bottom line in addition to driving a creative growth and cash-rich businesses everyone's focused on driving -- that's why you see the shift to software high margin, falls through the cash very disciplined in where we're investing our dollar so i think the whole business is focused on that and you're seeing it come out in the cash flow. >> she runs a tight ship, that's the bottom line, jim. >> that's why i'm grlad that she's with us.

just over $1.00 trillion dollars over the past year in china reportedly has reduced their treasury portfolio by more than 5 percent some market watchers have speculated that china may choose to more dramatically reduce their t.-bo holdings to retaliate against u.s. tariffs stay tuned. and the trade war has spilled over into yet another sector as president donald trump is sign an executive order effectively banning weiwei and other companies referred to as foreign adversaries in the united states here to take a deeper dive into the details our chief correspondent sara bunch is they'll go and alex mahela visions run so welcome guys let's just get right into it sara i want to go to you 1st you've been following this very closely all day 1st of all give us an overview of what this executive order does and what does this mean for the future of weiwei and other designated companies in the united states well i want to start by saying that that executive order does not officially name walk away however it does the government of the government bans basically these telecom and tech companies from doin

tthis is where i trades. and manage my portfolio. i added futures, i have access to the oil markets. and gold markets. ok. i'm plugged into equities. trade confirmed. and i have global access 24/7. meaning, i can do what i need to do. then i can focus on what i want to do. visit your online broker today, to learn more. today, life-changing technology from abbott is helping hunt them down at their source. because the faster we can identify new viruses, the faster we can get to stopping them. the most personal technology, is technology with the power to change your life. life. to the fullest. i'm not really a, i thought wall street guy.ns. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh,

a balanced portfolio world, it is tough. we have a modest overweight to equities, because of all of the bad news about manufacturing and investment services -- investment, services are good, labor is good. earnings have been better than we thought. they will have a stellar year or two, but it will be ok -- won't have a stellar year or too, but it will be ok. vonnie: what do you do? money is flowing out of etf's right now. where does this go? david: probably back into active management and single stock selection. in of the things about this era we are in now where valuations fall and the assets are pretty high, we don't love large chunks of different parts of the equity market. we do love individual companies and themes. you can find this growth, even if the world grows slower. we can generate yield even if valuations are not at targets. inwe use all of the tools the toolbox, we can try to find participation in those themes while protecting clients on the --nside, using derivatives o derivatives. we do think things like hedge

lde sue s at the beginning we're presuming that someone does have a plan and they do have a portfolioed to grow out into the future and when youee meaningful deviations based on volatility hat's the natural time to do the natural market adjustment and buy low and sell high. >> all right. on that note, tim, appreciate it. >> one of these days we'll have you o when the market's going up. you always help us out. >> sue, thank you. >> tim nower with bam alliance. >> i feel better already and however we did have this kind of oday today. a sell-of trade jitters and the dow was off 273 points an a below 26,000 and the nasdaq was down 159. technology, of course, o of the hardest hit gripes in the situation involving t trade talks with china and it was down 48 points and of course, we have the trade talks to begin on thursday and the tariffs maybe ing in on friday. >> so that means you need to tunen tomorrow night. that does it for "nightly business report." i'm sue herera. >> i'm bill griffith. sleep well tonight. wel see you tomorrow. ♪ ♪ >> this is "bbc world news america." >> funding of th

then lastly, very high quality portfolio. about two-thirds of the bonds in the portfolio rated triple-a or government issued. performance in the fund. so this is the performance of the underlying fixed income managers and strategies that are in the fund today. all of the managers have outperformed their benchmarks since they've been brought into the fund. i'll bring your eyes to the top of the slide. this is the aggregate of all the strategies and the performance of all the managers since we took over management in 2014. outperformed the benchmark by 57 basis points annually over the last three years. >> we'll stop there. didn't want to be left alone. the pension plan, we have announcements. and then in the back of the book for your reading pleasure. >> president stansbury: thank you very much more the presentation. >> commissioner driscoll: price break? >> we have a very low expense ratio and we leverage all of galliard's under management. >> commissioner driscoll: what about ours? >> outside of the stable value fund. we hav

marcus morris-eyton, portfolio manager, allianz global investors.h us on a day that wraps up what could be the third week in a row for stocks to fall globally, but a good day in terms of the one day trade. here you look at a world map ended it looks like everything is groovy. big gains in germany, big gains in france and italy as well. , and inin the u.k. spain gains instead of red arrows. the likes of what we saw in the u.s. yesterday. inare likely to see gains the u.s. as well as u.s. futures continue to rise. veteranthe hedge fund says he will return money to shareholders and focus instead ,n running his nfl franchise that is the national football league for those of you in the u.k. we will get the latest. this is bloomberg. ♪ matt: 30 minutes into the trading day, let's get your top headlines for you. timetable, the prime minister is expected to outline plans to step down today. brexit plans are in limbo. security threat or leverage play? president trump claims that quality -- that huawei is dangerous but could be part of the trade deal anyway.

a plenary had discussion about the maturity composition of the portfolio. before the financial crisis, our portfolio was weighted toward shorter-term debt of the federal government. the fed bought a large amount of longer-term securities with the aim of lowering longer-term interest rate and supporting the recovery. because of these purchases, our portfolio is now weighted toward longer-term securities. as part of normalization we will have to decide what theme maturity structure should be in the longer-term. has coise raises -- choice possibly locations for the expanse of policy. today's pulmonary discussion morethe groundwork for complete analysis and discussion and we plan to return to the maturity composition question toward the end of the year. there is no pressing need to resolve this matter, however, and any decisions we ultimately reach would be implanted with considerable advance notice and in a manner that allows for smooth adjustment. emphasize,ten adjustments to the balance sheet normalization process may well be needed as a process --a s the pr

hedge your portfolio or take advantage of inverse trades.h 40%, 15% respectively. liz: define inverse? >> inverse is a bear fund. so if an index is -- liz: going down, you win. >> down 1% you're up 3%. they're for short term tactical traders. they're a great tool. investors are sitting on sideline where do i capitalize on short-term trading vehicles or short term trends can look at these funds. liz: that is fascinating. put back one of the inverse funds, you tell me the names that are in these. >> soxs is the semiconductor bear fund. soxl is the bull fund. these are all the nvidia, skyworks, mike cons, names with really high exposure to china. micron about 40%, these names are getting nailed because of huawei most recently but the chinese trade tariffs. liz: viewers need to understand you don't have to be long stocks. >> no, you don't. liz: if short something to complicated you can use inverse funds. >> what a lot of investors don't know, have access to, what sophisticate hedge funds and managers do. you might not have a access to individual

today, we had a preliminary discussion about the portfolio. before the financial crisis, the portfolio was weighted toward a shorter term debt of the federal government. in the wake of the crisis, the fed bought larger securities with the aim to lower interest rates and support the recovery. these purchases, our portfolio is weighted towards longer-term securities. we will have to decide what should be incture the longer-term. this raises many complex issues and has possible implications for the policy. this laid the groundwork for more complete analysis and discussions. pressing need to resolve this matter. any decisions we ultimately reach will be implement it with considerable advanced notice. emphasized,ften adjustments may will be needed as the process unfolds. finally, we made a small technical adjustment in one of our tools for lamenting monetary policy. does not reflect any shift in the intended stance of monetary policy. these the rate to keep federal funds rate in our target range. affectedxpected be rate would shift up over time. ra

so whether you look at our collaboration portfolio, our security portfolio or even our core networking portfolio, we have drastically increased the percentage of software in our business. >> consider that a sneak peek. of course, you have the full conversation on mad at the top of the hour, guys. >> thanks a lot. jon fortt back at headquarters >> you love cisco? >> the combination of the earnings growth and the multiple makes the most sense and think about the themes that you're hearing and it's about security and software and especially security cisco to me is the company and the solution for so much of the enterprise world it's important for the market right now that these guys are also talking about enterprise and talking about the world that's not falling apart for them because it's a big tell >> core, security and all of those things are important and they actually delivered and the continued growth and the fact that they've been able to distance themselves from the fears about china right now. i think that's huge. chuck robbins is doing a great job of deflecting that microsoft's

adding into portfolios something that has a good chance of protecting portfolios if equities fall during an economic downturn. in that sort of scenario, i see no reason why 10 year treasury yields can't trade below 1.5%. wow.e: below 1.5%, so you would be a buyer here, then. michael: as a hedge, i think it still makes sense for these valuations. i am not saying you should be all equities, but at this stage it makes sense to balance the portfolio a bit, and u.s. treasuries are one way of doing that. the other things that are attractive in this part of the cycle are things like global macro funds. historically volatility picks up, global macro funds tend to outperform, and i think you will likely see a rise in volatility over the coming six to 12 months. the other thing is infrastructure. you look for a reasonable yield that is relatively defensive. the steady income stream you tend to see from regulated utility companies and some of the power generation companies, those kind of contracted revenues are pretty stable and defensive and attractive at this late stage in the cycle. vonnie: the

"countdown" will be right back. e and manage my portfolio.ures, i have access to the oil markets. and gold markets. ok. i'm plugged into equities. trade confirmed. and i have global access 24/7. meaning, i can do what i need to do. then i can focus on what i want to do. visit your online broker today, to learn more. every curve, every innovation, every feeling. a product of mastery. lease the 2019 es 350 for $379 a month for 36 months. experience amazing at your lexus dealer. you wouldn't accept from any one else. why accept it from your allergy pills? flonase relieves your worst symptoms including nasal congestion, which most pills don't. flonase helps block 6 key inflammatory substances. most pills only block one. flonase. liz: well, the road to regulatory success for the t-mobile and sprint merger is suddenly turning a little bumpy. look at shares of t-mobile and sprint. they are slipping into the red on news that charlie gasparino has right now. charlie? >> yeah. i mean, looks like i moved it down. not like i was trying to. here's what we

a visual snapshot of your investments.ñ key portfolio events. in one place. ç because when it's decision time... you need decision tech. only from fidelity. test tes . >>> welcome back options, bulls, placing their bets that there will be a comeback so says pete najarian with his latest trade >> good to see you yeah, a really interesting trade because the stock actually took a beating right around the earnings time about may 2nd, the stock actually pulled back significantly from 14 town towa dow towards $10. it has been hanging around there for a while. but somebody today decided to come in and put in a bet for the longer term. we've been talking everything short term, short term this is a bet going out to november and 10,500 of these calls, the november 11 calls, were purchased for a dollar so when i see that, sometimes i'll jump on the options, sometimes i'll go with the stock. in this case i jumped on the stock because it has had such a dramatic pull back that i can now buy it under 10, use the options that i'm seeing and start selling again

nejra: shanti kelemen, senior portfolio manager at courts.ng us on "bloomberg daybreak: europe." the european open is next. matt miller will have a lot to talk about with what is going on in the markets after the muted gains we saw in europeean equities yesterday. we could open significantly lower. s&p 500 futures heading for the worst week since the route. you're a stoxx 50 futures down more than 1%, ftse down and 7%. dax futures taking a hit, down 1.2%. work, tune in to to bloomberg radio live and on dab digital in the london area. i'll join you there from 8:00 a.m. this is bloomberg. ♪ matt: welcome to this is bloomberg. -- bloomberg markets: european open. i'm matt miller. if the cache trade is less than 30 minutes away. ade is less than 30 minutes away. president trump schulz markets with a tweet yet again as he tariffsxico with 5% that could quintuple october. beijing prepares a plan to restrict exports of rare earth materials to the u.s.

the portfolio fund closed this week.y invest in companies supporting equality for lgbt employees. assets reached a peak of $23 million. it is time to get passive aggressive, where we track the shots in the battle between passive and active investing. driving that tension is the disparity in cost. let's talk about the fees teachers are subjected to in their retirement plans. dina and tony isola, representatives of ritholtz wealth management. welcome. when it comes to defined contribution retirement plans, we are familiar with the 401k, but there is also the 403(b) that teachers use. you call it the land that time forgot. dina, why they are problematic? >> unlike the 401k, where the employer has a fiduciary responsibility to that the investment, 403(b)'s don't have that requirement. unfortunately, many teachers are not aware of that. they think that like all of their other benefits, this happens to be a great benefit, but if you don't know what you are looking at and you don't know how to compare the fees, it is a landmine

shipshape stocks to get your portfolio in shipshape. and charlie breaks it on the ever-evolving drama over the t-mobile/sprint deal. less than an hour to the closing bell. let's start the "countdown." liz: folks, we begin with this breaking news. the world's largest semiconductor chip designer that licenses its chip architecture to nearly every technology company on the planet has ceased doing business with chinese telecom and mobile phone giant huawei. that on your screen is the ceo. i just got off the phone with the ceo who told me exclusively quote, that arm, which is based in the uk but has operations all over the place, silicon valley, is immediately complying with the u.s. government order to cease business with huawei's chip division high silicon. he told me high silicon is a customer of significant size for arm but that we are quote, complying with the new restrictions, the latest restrictions set forth by the u.s. government. arm values its relationship with the long-time partner. again, high silicon is the chip division of hua

this is where i trade and manage my portfolio. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. wewithout the planet cooler getting warmer. at emerson, when issues become inspiration, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved. internet that puts alright boys, time to eat. that handles anything. [ crowd cheering ] that protects what's important. and reaches everywhere. this is beyond wifi. this is xfi. >>> we're back cbs having a rough start to 2019 traders betting on more down side doc, you're at the telestrator what have you got? >> we see somebody selling an awful lot of puts today, scott as you said the highs from $70 crashing down into the $50 range, that's an aggressive sell-off good report this week. stock popped about 5 1

a very nices addition to our portfolio. 51% of a joint venture with an automobile club in germany. it is adding to our portfolio. these are the things we have been focusing on. moving forward, we are going to continue to look at incremental deals which might add to our franchise. i am not going to comment on specific targets. at least give it a small go. in terms of geography, where would you like to beef up? is that a fair phrase to use? from a geographical point of view i would say we are open. in europe we have the possibility to create -- then we can also go to other regions where we want to expand, if you want, our footprint. from a geographical point of we do not take necessarily a restriction that we want to be active judging one region over another region. >> you also recently said you are looking at the possibility to diversify into new strategies. in terms of acquisitions and the type you might look at, would they be asset management, insurance businesses, or something completely different? >> when we speak about