total portfolio risk here is absolute return portfolio so contribution we're measuring and we're holding ourselves accountable to a guideline of 30%, and will be assessing monthly to determine and make sure that the there is no single factor that contributes greater than 30% to the total absolute return portfolio so that's what that means. >> when you say "risk" you don't necessarily -- you do or don't include volatility? >> volatility is one factor. >> that's the easy one to understand when you say it this way but when you say total portfolio risk you're talking more than just volatility? >> there is almost an infinite ooh! mount of factors you could use but volatility is one. >> . >> there are various measures of volatility. there are many measures of equity risk. >> but what are you using? you're using one tool for that? >> we're using multiple factors. >> so when you say total portfolio risk it's some of all the factors; right? . >> [off mic]. >> it is not the sum of all of those. >> what is it then? >> don't hesitate to ask anna to jump in here. >> yeah. >> absolutely the total port

importantly, solidifyed the role of the portfolio management group and assure when the portfolio group meets to review investments before they come from the board, we are a tough crowd. the group is tough and ask direct questions. many occasions are the questions you all raise and many are in addition to that. but that adds another level of oversight. it brings perspective when we do this cross asset class and makes our process robust and includes questions such as, if we make this investment and something goes wrong in a few years, whether we think that will be-willing to accept that risk and why? and then finally, we found-codify the asset class guidelines and manager selection process. we very clearly documented how we select managers and how we monitor those managers. the next two slides, i highlight how we've had and enhance establish-governance best practices. i won't hit on all the points, but the key message here is every step of the process whether be reporting, whether it be the guardrails for decision making, whether be risk management, asset class review, external oversight

importantly, solidifyed the role of the portfolio management group and assure when the portfolio group meets to review investments before they come from the board, we are a tough crowd. the group is tough and ask direct questions. many occasions are the questions you all raise and many are in addition to that. but that adds another level of oversight. it brings perspective when we do this cross asset class and makes our process robust and includes questions such as, if we make this investment and something goes wrong in a few years, whether we think that will be-willing to accept that risk and why? and then finally, we found-codify the asset class guidelines and manager selection process. we very clearly documented how we select managers and how we monitor those managers. the next two slides, i highlight how we've had and enhance establish-governance best practices. i won't hit on all the points, but the key message here is every step of the process whether be reporting, whether it be the guardrails for decision making, whether be risk management, asset class review, external oversight

valley has abouts $3.2 billion until our portfolio. $153,000 of loans in entire office portfolio that's it misnomer commercial real estate sits in a regional base. wells fargo put reports out 7.5% reserve on office. 60% and commercial real estate sitting in office. when people dive in and look at underlying metrics and ten qs putting out, find a different story than promoted the last couple months. >> i have a question on basel rate open comment period. talking tab yesterday. though you have to have more capital on hand to comply with this new regulation what would you take it away from? share buybacks, dividends? >> yeah. i think it's really just going to end up holding more capital right? you think about sort of how you think about return on investments, what asset classes you're in. the fed and other regulators should be careful what they're doing here when we think about what's happened since 2010, really have taken a large segment of assets oust banking space private credit fund as sample. $300 billion of outstandings in 2010 $1.5 trillion are sitting in the shadow banking system t

this portfolio performs very, very well.terms of the economy, it just allows us to take the liquidity we have on the balance sheet and the capital and find higher alternative returns. so, it really isn't even the slowing of the economy or what we're concerned about from a credit standpoint. it's really about maximizing returns. >> are you concerned at all about the regulatory environment going forward and your ability to perform and the returns and that kind of environment >> well, obviously, you know, the tailoring that happened will affect the banks that are $100 billion and over we're below $100 billion so, none of the discussions that have happened recently will impact us directly one of the things i've said in the past, as a $62 billion bank, a lot of our practices today would be consistent with what you see banks over $100 billion doing. whether it's stress testing, liquidity coverage, those sort of things. we've obviously got to continue to hone our game, improve our overall risk management practices, but we feel very

very sophisticated grading systems, portfolio accounting systems.e can buy a block of bonds and allocate it across hundreds and hundreds of portfolios knowing exactly what that's doing to the portfolio from a duration standpoint, from credit quality. so i would say technology is really helping us get the minimums lower which becomes more attractive to a lot of investors. >> so jeff, pull the curtain back a little here we don't want to give away the store. you have a secret sauce i'm sure picking municipal bonds. what exactly is the opportunity right now? what types of bonds are you buying geographic locations specific types of bonds? is it revenue bonds? general obligation what exactly is the tax advantage opportunity now? >> yeah. i start with the yield curve, because credit selection and research, in-house research team has to approve any bond that goes into a client's portfolio but really, the yield curve right now is the story in the municipal market because you've got an inverted yield curve. so bonds in two, three, four years in the municipal

he's making sure his portfolio and retirement plans work in harmony.hey want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. it can happen to the people who teach us and rescue us, the people on our team and in our family. it can happen to the people who serve us and the people who served. the people we work late with and stay out late with. it can even happen to the person in the mirror. opioid use disorder is a disease that can happen to any of us. it's possible recovery can happen to any of us, too. rishaad: the markets on the way down, we are looking at the visit by janet yellen to beijing, looking to find areas of common economic ground. she arrives in the next five hours. our correspondent is here with the latest on what to expect. the cynic in me says expectations have been set so low

our more conservative portfolios that's a large part.ation. take advantage of that high current yield working out very well, but not defensive stocks because we're not buying into the deep recession scenario. liz: hold on, everybody, look at the dow. it is about to turn negative. see, it's never a done deal. that's why you have to watch the final hour of trade. i mean, david, it just is now -- let's call it flat. we don't know, it's bouncing around. will it be ten in a row, and is there any great meaning to that? 20 seconds. >> i think it's a function of we've had such a great eight or ten days here in the markets and especially the dow this week, just a little bit of a selloff here, a little bit of profit taking. liz: david, always a pleasure to have you. i'm going to say this is too close to call although the dow is up about 4 or 5 points. are there we go, will it be a tenth day in a row? we'll wait for the write-throughs after, because it is way too close here. but it will be, if it does close higher, the longest winning streak in six

for investment-grade portfolios or credit portfolios in general, leaning towards higher quality and better liquidity has surely has to be the most sensible thing you can do at this point of the cycle. david: we will talk more in the next couple of minutes. you will go through some of your other top calls globally. there's a lot to talk about as we hopefully near the end to this tightening cycle. i'm having trouble talking. just ahead, big capital investment expires -- advice. we have more on the market outlook later this hour. yvonne: as we look at the long-term cost of cheap clothing , major fast fashion brands transform the global textile industry. what's really in those clothes? we take a deep dive. this is bloomberg. ♪ david: welcome back. we are nearing end of the week and it's looking like we will be ending on a positive note. this is a positive that downturn right now. msci china is down. looking like a bright spot. speaking of nearing the end, we are coming off the last two weeks. we had the jobs report friday. u.s. inflation and u.k. inflation coming in this week lower than estima

there are ways to hedge your portfolio when looking at a multi-asset folio.ley: if we could focus on one asset in particular. we have covered bonds. i would like to discuss equities. we are getting into the thick of earnings season. what they have to deliver to justify the rally you see? mark: i think positive earnings surprise -- we do not think the u.s. equity season is going to be that bad, but, of course, the focus has moved on to, what is the guidance going to be for the back half of the year and how has some of this slowing and credit card link with these and other things impacted guidance going forward -- credit card delinquencies and other things impacted guidance going forward? i don't think they will be able to justify some tech valuations. we will be looking toward value stocks, consumer staples and industrials. if all the earnings come in strong and it is it blue skies into the in of next year, we could see equities move higher. guy: let's talk about the potential for blue skies and potential dark clouds that could gather toward the end of the yea

he had a balanced energy portfolio at their company was -- country was limiting the choice that some other leaders made in shutting down mayflower and the mess that europe was in because of dependence on vladimir's natural gas and lacking a balanced energy portfolio. he said to me will envision without a solid action plan is a hallucination. -- at -- action without vision is a hallucination. >> were going to be more energy, more energy choices, and it should not be a choice in renewables or conventional sources. we truly need both. we need to expand our portfolio choices, not to allow the biden administration to have this disastrous and very dangerous vision of stopping the conventional sources of energy. there was another hit taken from this administration by an american energy company. the department of the interior proposed a new rule which would increase the cost of energy production in our country, estimated at $2 billion between now and 2031, these costs will get passed onto the consumer and americans are saying that at the gas pump with higher gas prices as we speak. once agai

in the recent performed really great in pcu and overallperformance improvement i think intel's portfolio is looking very strong when we see integrating ai into its capabilities, and we talk about the cpus, next gen per course, efficient course and then with that gpu launching with flex and max ranges i think intel really is ramping up its portfolio in order to cater to the spectrum and ceo said in its earnings already have a $1 billion pipeline and slated for next year. >> bringing up that $1 billion pipeline important to note and sounds good compare to nvidia'ses $20 billion when it comes to ai chips doesn't seem as great. nvidia the outliner. way ahead when it comes to chips. put it in perspective. s $20 billion amazing. is $1 billion okay as a lot of companies try to catch up with nvidia >> i think, yes. nvidia, the gpus, but as the ai deployments grow, those deployments or the service needs cpus also and in very good position to pick up that demand of the cpus which will rise again as the ai deployments kind of go intoes neglect stage, which is inferencing the edge. intel is already

and he said that not gonna boost topline portfolios.ome of these impacts will in fact either the advertiser, consumer experience, or me -- a lot of our core ai work has been powering or recommendations were our ranking work, the discovery engine we have talked about, and that's driven both engagement growth for us. we talked on the call about how we are seeing real growth and incremental growth in particular come from recommendations of content from accounts you did not officially follow, so that's been a major driver for us. of course on the outside, where we fessing a long time, making our ad systems more performance, more venturers can we also are now investing in jan ai work, and this is a place where we feel like there's an opportunity ma experiences to people who use our products in terms of the organic content experience and then also, of course, to help businesses communicate quickly and more easily with their customers. we're pretty excited about both those things the gen ai work is newer and we don't expect there will be meani

he's making sure his portfolio and retirement plans work in harmony.nt to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. i need it cool at night. youyou trying to iceps workinme out of the bed?rill. baby, only on game nights. you know you are retired right? am i? ya! the queen sleep number 360 c2 smart bed is now only $899. plus, free home delivery when you add an adjustable base. shop now only at sleep number. but expect to markets and asian currencies under pressure with a stronger dollar. also disappointment from -- services pmi which missed estimates by the most since october. take a look at where we are in terms of the chinese yuan, 72431 down 2/10 of 1%. that despite the fact that the pboc fix the currency stronger yet again by 181 points this time. we have seen some aggressive pips by t

it's part of my broader etf portfolio but not individually. look, i'm really paying attention to what they're going to say about a.i., you hit the nail on the head, how many times, what's it really mean? certainly, you're going to look at their revenues and the cloud computing and all the usual stuff the everyone looks at. but quite honestly are, i think the focus is really going to be on the future and what they say about artificial intelligence and how it's changing their businesses. so, look, the market likes them, they're both up today. they've been acting beautifully all year. i think the only thing you might see is they might come out with a great report, but you actually may see that buy e the rumor, sell the news type of reaction as the trailer types -- trader types lock in some -- i'm bullish on both. i'm more bullish on microsoft just because i own it individually. so that's going to be what i'm looking for, certainly all the usual suspects, revenues, margins and all that stuff are going to be important. like i said, i think people a

iiinister is their portfolio. so they can sobl'nto do much. i mean' is their portfolio.ch. i mean' ia going to do much. i mean, a minister, minister, the minister, a minister, the minister for women was made in 1997 by blair and it was taken up 1997 by blair and it was taken ”p by 1997 by blair and it was taken up by harriet harman. she was the in that position the first in that position for the first in that position for the for women. the minister for women. it's just thing to make just a made up thing to make people i don't just a made up thing to make peoplit's i don't just a made up thing to make peoplit's actually i don't just a made up thing to make peoplit's actually going i don't think it's actually going to solve but point solve any issues. but your point that you make are really, really important. but think i important. but i think and i don't want speak for men don't want to speak for men because i am a woman, do because i am a woman, but i do think that men feel think that some men feel undervalued not undervalued and they're not quite position quite sure wh

the nature of a balanced portfolio that has changed for investors. even those close to retirement, not 60, 40 tilted towards equities. what are the implications for the market here? >> i thought the findings that recently people close to retirement age are heavily weighted towards equities are slightly alarming. it seems you don't want to make any huge bets along the lines. people are afraid of bonds after what happened when we got the big selloff last year. to me the fact you're getting paid a fair, real interest rate on fixed income without taking much risk means it's balanced in the portfolio to take risk elsewhere keep proportions roughly on target. it seems as if nothing has come along to say that's been invalidated. >> all right kateryna and mike, thank you now another potential worry for the markets. the prospect of more pain in the banking sector hue sun runn writing about this this morning this was written about in march there was going to be necessary consolidation in the banks because costs are going up but how does that affect the stocks

he's making sure his portfolio and retirement plans work in harmony.y want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. hey corporate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars. look, it's great that you use workday to transform your business. but it still doesn't make you a rock star. so unless you work with an actual rock star. hi, i'm ozwald. hello ozwald. pam, you are a rock- i wasn't going to say it. ♪♪ >> it is the valley that is underway in china here. not really doing much when it comes to affixes but we are seeing strength in the currency in the dollar china. quite the renminbi at 161730. you are seeing some weakness in the dollar. one 41 for the dollar yen. the aussie dollar seems to be gett

yeah, i know, but i can't hold everything i don't want a portfolio that's mostly tech, high beta tech, quite frankly. this is part of what you have to expect things don't go up in a straight line if you have been taking profits in some of your tech names, maybe at the moment you did it, it didn't feel great but this is a reminder of why you need to do that that's where i am. >> amy, a stock you own as well -- >> i raised my outlook i agree with josh. they have done well for so long and need a pullback. >> tmc kept their guidance for capex but said they would be on the low end. applied materials, all of these names are down at least 3% or more >> the smh is on pace for back-to-back losses. >> precisely, but how -- again, there's just so much high with ai and it seems too often certain investors will use the word for everything in the market especially for software, too, and it's not necessarily the case not every player will provide this ai solution that will take us forward >> you've had a year's worth of gains in a lot of names, asml year to date up 31%. applied materials 45 br broad

helping to build portfolios that redefine what's possible. because investing isn't one size fits all. allspring. purposefully divergent. >>> goldman reiterating warner bros. as top media picture analyst saying the risk/reward is much better when compared to traditional media peers. the stock is up 3.3%, outperforming a bit. >>> meantime, what do bars and restaurants have to do with the potential recession? more than you might think, according to recent data from barclays spending on food and beverage away from home remains strong. bar spending up 14 year-on-year in july. our next guest is seeing the benefit of some of those trends. we're joined by the ceo of sun tori, takeshi niinami. what a pleasure to have you back welcome. >> thank you >> we were talking during the break how global investors have discovered japan as one of the key trades of the year so far. based on what's happening in your economy. >> that's right. because of the, first of all, rate increase in last 30 years, so which happened, high rate hike, we should be sustainable we

this will gel with their portfolio companies.from the founder, ambani's group, and other companies as well. haslinda: another big story in india has to do with byju's, the headaches just keep coming. now the government investigating its finances. >> that's true. another investigation after a series of investigations launched against ambani, now it is back to byju's. the ministry of corporate affairs have asked to submit a report on accounting practices within six weeks. if they find something serious, some discrepancies, this can be escalated to the next level of investigation. byju's are saying they haven't got official confirmation from the ministry of corporate affairs of india and are willing to comply. the indications could be in the process of raising funds. such an investigation could have serious implications of this fundraising drive. two, they will have to call off investors and settled lenders while this investigation is going on. haslinda: thank you for that, our conglomerates reporter there. india at retail inflation

when you look at apple it's 7.5% weighting in the s&p 500 if i own a portfolio, i've benefitted fromwning apple, it's run up, and i own more apple in my portfolio, all my stock holdings this is an easy way to reduce sort of exposure to apple by a put don't have to get called away from the stock i reduce my delta exposure like we call it in option trading and still get to participate if the stock continues to move higher i kind of reduce and protect my downside here, and that's what i'm trying to do is kind of control risk in apple and look for cheap options, which i think they are in october, as sort of a hedge in that portfolio. >> mike what would you do with apple? do you like this trade >> i think i like the trade. upper end of its historical valuation last 15 to 20 years. at 32 times. they do have exposure to china which is a risk that i think in all of this soft landing talk we have this week hasn't been discussed very much. and, you know, the top line is not growing and i don't expect it to. consumers are a little bit under pressure here and these are expensive devices, some of

we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. - today, 9 million kids in america are considered food insecure, meaning there may not be a lot of dinner at the dinner table. help change a kid's life. support your local food bank. the more you know. >>> welcome back to "fast money. our chart of the week is rolling in dough share of domino's pizza rising 13% since monday that is its best weekly gain since march 2020 trade got hot two days ago after domino's announced delivery deals with uber eats and post mates. keep domino's on the menu, guy >> i do. kudos to steve again years ago he talked about domino'

every portfolio company is benefiting from ai.question is the difference between plug-ins, models, open-source. that is a question we have been asking. where are the business models in ai going forward? chatgpt, palm from google, what they do to build a mode around the ai models. one hand, you talk about system engagement, like chatgpt. it has also become the way to interact with ai. investors are going to be called pie. -- this is all about using chat to talk to ai. there's infrastructure layers talking about taking your enterprise data, interacting with open source models. it is a deflection with these fundamental models themselves. it is pretty cool, because we are investing up and down on the stack. trying to figure out where the money will accrue to. >> do you think some of the money is being spent wrongly? have we got a mini bubble on our hands in terms of where it is being allocated? >> i don't think it is right or wrong, we will look back to say that was a mistake. i think there's a lot of experimentation going on. we are

even small incremental gains across their portfolio will drive it north.f i was an investor in looking at the reaction today, it's a little bit of an overreaction but look how much these companies have run. there was a lot of hype on ai and it will be real but in the long run, the way this balances incremental revenue will take time to play out. caroline: when you think about 180 billion being added, does that when the case for the valuation increases we have seen so far? >> i think the market is early but it's very indicative of where we are going you can possibly see tools like supply chain management tools, hr hiring twos and see how ai gets to the right candidate would streamline getting product into market. everything is about productivity gains and you think about earnings increases and you think about what the market is driven by can a company make more money in the future? these tech companies have big bets on ai and we are seeing the winners get separated and companies will lag in industries like real estate and gas. it will be harder to invest in

with details about how bonds can be an important part of your portfolio.nion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-376-4376. that's 1-800-376-4376. european markets after notching five positive sessions following the u.s. germany slumping after wholesale producer prices reported down nearly 3% from last june that's good news it's the sharpest decline in nearly three years telecom a drag on the markets after nokia cuts its 2023 outlook and eriksson outlooks fell flat. we turn to beijing china central bank telling reporters consumer prices may fall in july while they claim there's no risk of deflation, all eyes are on q2 gdp, which will break overnight on sunday. we have a heavy data week for china, carl, which the weakness in china hasn't really spilled over, necessarily, to broader emerging markets and

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do you look at your portfolio?ised by those who are very anxious. >> they probably get with regards to their portfolio, don't have this strategy. in 19 you've got a disciplined strategy. we don't get emotional when there is a problem. we tend to purchase pretty well on weakness. neil: do you know what you said? it's good to be joe. >> got to make sure we did a good job managing this and then i say it. neil: thank you very much. former td ameritrade ceo. a coach like that with gains, the cleanest on my team. i am pushing it big time. a lot more coming up including are you noticing things joe manchin has been doing? monday he will talk -- a lot of people pushing him into a third-party run, taking a leap, if that were to happen then what happens? you are watching fox business. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 inno

he's making sure his portfolio and retirement plans work in harmony.nt to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. dani: here are looking live at the principal room. coming up, rick rieder joins etf iq at 1:00 p.m. eastern, 6:00 p.m. in london. this is bloomberg. israel's parliament just approved a bill that will limit its court's ability to overrule government decisions. the law has divided the country and prompted mass protests. for more on this, let us get to the bloomberg israel bureau chief. what will be the big impact of this on israeli policy and israeli policymaking? ethan: that is a great question. we're just trying to see as we go forward. the fear is that will make the regulatory environment much more politicized, but it will also allow the political leaders to do things that

you're going to have 15% of your portfolio and a couple of names. it's hard to be overweight, and it's got the problem that every global company has, consumer spending in china, consumer spending everywhere. phones are expensive there's discretionary. on the other hand people choose the discretionary money that they prefer to buy an iphone than almost anything else. it's hard to bet against it. where the growth is not exceeding that level by any means. it's the biggest company in the world. >> kari is underweight, worried about valuation. jim, you own it. where are you at >> a 5% weighting in my portfolio, frank, versus about 7% i'm underweight as well. i'm not going to sell shares here because of the technical flows that come into the market. if it goes into passive indexes, that's going to go right to apple. apple buys back shares, et cetera, et cetera. by the same token, i'm comfortable being underweight in other portions of the market the cross current people look at the last five years of returns, annualized 33% versus 12% for the s&p 500 and t

you could very much take fixed income into a portfolio. yield incomes from this year to last year and probably with some more yields ahead of us. this report, once again, tells you the federal reserve probably has to raise rates a few more times. if you think about retirees in terms of tax exams, both of those terms are attractive. you're talking about a 4-6% range. that is significant. even if you think about corporate bonds and high quality yields, you're talking 6-3 percent. there is a lot of new income in the income market. it is exciting. it is attractive. a good balance against this equity position. it is a good position given the strength of the economy. you have to balance that if yields go higher. >> put a little bit more details on that. jump bonds have been doing well but everyone has been saying, stay away from those and go to high-quality. what should investors think about as they build out those fixed income positions? >> yeah. we start with high yields. there is a certain part of the market that is quite risky. interestingly

they have certainly had an issue with the maturity portfolio, particularly in their bond portfolio.est that if the federal reserve is going to hit its rate for fed funds, possibly in the next two or three months, we are likely to see for all the banks is a deposit rate for the industry tend to peak three to six months following the terminal rate. if that person be the case and the long end of the curve stays between 3.8 and four a quarter percent, that is positive for bank of america. and the maturity bond portfolio is going to, overtime, paydown and that will benefit them as well. that would be a hold back on their performance this year. >> in terms of stock performance, the flipside of j.p. morgan is state street, which was an unmitigated disaster last week. it is probably close to 20% down since they were reported. is that state street civic -- specific or is it something more dire for the space? >> that is a good question. their numbers, when they came out on friday really gave the stock. it had to do with the fact that they guided down quite severely on their net interest incom

helping to build portfolios that redefine what's possible. investing isn't one size fits all. allspring. purposefully divergent. >>> all right, we're going to do a "mad dash" now we mentioned j&j we'll just do it here. we're standing, so that's always nice >> historically, people trade j&j wrong. they see the numbers, and they say, well, much better than expected who does this thing? i don't know robo individuals then they get on the call and the call is very cerebral and you get very good numbers and a lot of the things they're doing, especially med tech, very strong, but they have great cancer franchise, and then, david, there are two ethereal issues that people are trying to get their arms around. they brought kenvue public their consumer business, they're doing an exchange offer. people have to understand how that works and whether johnson & johnson is going to buy back stock from you >> they still own a lot of kenvue but they're not going to. >> that's really big the other thing that they have had a very hard time talking about in any wa

for yourself this is somebody who doesn't want to or who is not into figuring out an investment portfolio to take a chunk of money and turn it into an income that will last for the rest of their lives that is an insurance company that can tie it to your lifespan instead of leaving it up in the air whether the money will last. there is something a little bit comforting if you're buying life insurance i'm basically betting on myself dying, you have to do and buy an annuity you're betting on yourself living, you should eat healthier if you own an annuity. >> its longevity insurance so you don't run out of money when you get older. >> it's not right for everybody who might be a good candidate for annuity. >> someone who is looking for a one-stop answer on money lasting a lifetime with a big diversified portfolio doing it for themselves that she keep doing what they're doing. my main objection with annuities on the fees were atrocious there are much better options in the affordable on the feed perspective. >> there are certain ways advisor alan roth builds his annuity to avoid the extra fees o

the total volume of our loan portfolio increased by 190 billion rubles. volume of business on credit cards increased by 24% by 19%, and the volume of the loan portfolio increased; we form it according to car loan programs, and in general , our loan portfolio for individuals increased by eight percent of the bank, otkritie and vtb have launched new digital services to serve small and medium-sized businesses. tell me how this service works. what can be the first results of the launch of a new digital service - this is one of the first significant results of the integration of our banks, and this service is simultaneously, uh, open to all vtb customers and all customers of the bank . and small and medium-sized enterprises of our country, if more precisely one and three tenths of a million customers use this service. this is a new digital service that allows you to use it very quickly, conveniently and reliably. uh, the whole range of products that uh sell our small a and medium business, and uh. this makes it easier in the future. uh, transition of clients o

, to retain a well balanced portfolio what should be the maximum percent of any stock in my portfolioon't trade it, that's been our mantra forever. on the other hand we do discipline, discipline always trumps conviction, which means that you should shave some of the apple that you own . it is a very tough thing for me to recommend that given my view that you own it, don't trade it, but you have discipline. and the main discipline i have learned for 30 years as, actually about 35, oh my god, discipline trumps conviction, you do not have enough this -- to apple. peter wants to know how do you see the oil market performing in 2024? i don't really like the oil market right now. i think one of the reasons i do -- marsha has -- the ukraine were that sent oil all over the world and has kept the price lower and we did not help, we wanted it all the way done which is why we depleted the reserve. russia is the key and russia will not let oil with, it needs the money too badly, we all just a couple of oil companies, and by the way we just trimmed halliburton for the very reason i just mentioned.

. >> ben, let's translate this to your portfolio. what are you doing with your portfolio here? >> well, i have had position of offense/defense. at some point the economy slides down to this recession scenario. because of the performance of the economy and high yield loans, the defaults of those sectors are low. you can maintain this position as well. there is still a risk on, risk off balance portfolio. you'd do want to be aware. >> all right, ben, thank you. ben emons head of fixed income at new edge wealth. >>> investors have possibly become too complacent. for more on that check out our premium service, cnbc pro. coming up on street signs, the gloves are off between the battle of mark zuckerberg and elon musk. we will tell you more after this break. >>> welcome back to street signs. profit of the world's largest chip maker, samsung, will plunge. operating profit will slide to a 14 year low. the south koreans firms chip division will report losses. >> reporter: samsung electronics will release its second quarter earnings guidance on friday. future numbers are expect it to sho

we use diversified strategies to position our clients' portfolios for their long-term goals.manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. >>> move over, bud light there is a new king of beers here in america, and it's mexican, modelo especial last quarter a tremendous quarter. best known for importing corona, modelo and pacifico. it turns out modelo is truly number one now, something the consumer survey has been telling us for weeks we may not have gotten a regime change in russia, but there has definitely been a coup d'etat in the beer business. if you asked me a few months ago, i never would have predicted this even though i love const constellation. you can follow the charitable trust by following the c

ed: tech investors assess a portfolio company by its ability to tap into public sector funds. priority for us -- you? john: we love it. we love that it is here but our investment criterion does not depend on knight capital to make a successful business. we believe a lot of the tools we need to fight the climate crisis are here today. the cost of wind, solar, batteries. it is the skills that even five years ago people could imagine. we look for software companies that can help those companies scale our price points that are already effective. it's nice to have some new technologies like nuclear and hydrogen but we need software that can drive returns today. ed: why the rename, changing a single word in the name? john: it is a small change but i has a big impact. for us, i have been in this industry for 15 years. the last time there was a dip in funding the whole market love. we wanted to send a signal to our stakeholders which are of limited partners and our team, we will be here from venture to growth and beyond we think this case is big enough to support tens of hundred billi

he's making sure his portfolio and retirement plans work in harmony.ant to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc. shery: emerging markets bond bowls hope the end of rate hikes can boost the asset class. investors don't seem to price in major vulnerabilities from t

in terms of where the portfolio is split, i want to say it's around 60 or 70% west coast and 30 or 40%but that has continued to evolve. covid was a huge driver of that but we continue to see our founders first of all move around even after we invest where they want to live but also that they are hiring. this drive for wanting to cultivate and build an incredible culture of their team but also making sure they can get the best talent they can. we see a lot of them in the early days wanting to be together. at the same time, making sure they can hire the best people wherever they are so often times come it split between new york and the bay area. we will do a lot of offsides together make sure they are getting to gather on a regular basis. a significant portion of the companies i invested are on the east coast. however, we are flying back and forth and taking a team approach in terms of coverage on both coasts. ed: valuations, how they look in your mind? >> there has deftly been every calibration. i think we will see a lot of companies over the last couple of years will have to level up.

haidi: mary manning, global portfolio investor.till ahead of japan's plan to discharge waste from a nuclear disaster site is drawing opposition from its neighbors. we will look at the risks with australian national university. first the nato summit on tuesday, the alliance is moving closer to expanding in the face of russia's war in ukraine. this is bloomberg. ♪ good night! hey corporate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars. look, it's great that you use workday to transform your business. but it still doesn't make you a rock star. so unless you work with an actual rock star. hi, i'm ozwald. hello ozwald. pam, you are a rock- i wasn't going to say it. ♪♪ what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. because cats

what is its purpose and its portfolio?hat are your concerns, whether it's for your life or potentially areas that might be getting some of these payouts as well and figure out? are you paying the right fee for that sort of thing, so just understand. in the purpose of it in your financial plan, and are you actually getting what you're paying for with it? if you want to avoid them, jack, we got about 30. seconds left. you are taking a look at bonds this week. you know the thing you can get 5.3% of short term treasuries. if you go out 10 years you only get 3.9% you know nerds call that an inverted yield curve, but it's really severely inverted. it's about as inverted as it's been four decades as a sharp drop off, but i spoke with him shrub this past week about this, too many people are keeping their money too short that that sharp fall off means the market thinks that yields are going lower. you should lock in some longer yields now, they say. go with corporate instead of treasurys on five or 10 year money. you can still get

he's making sure his portfolio and retirement plans work in harmony.y want to adopt a child and build a new home. so they're talking numbers with their merrill adviser. she's not researching her next role. she's learning how to handle market ups and downs without the drama. personalized advice so impressive your money never stops working for you with merrill. a bank of america company. haidi: the top diplomats from china and the u.s. have met again as they try to keep lines of communication open. but allegations of chinese hacking of u.s. government email accounts threaten yet again to derail dialogue. stephen engle is in hong kong. how many steps forward and how many steps back? i suppose it is still an improvement from a few months ago. stephen: i don't want to add to the chorus of negativity on why these talks are potentially going to get derailed again. obviously, the spy balloon incident over the united states, the visit to taiwan. the dictator, less so from biden, but china used it to its advantage. but the spy balloon and policy's visit to type

we are managing a portfolio. when we see one evaluation skyrocket and other valuations that should be responding to the same thing, artificial intelligence getting crushed, we know what to do with that. i don't regret it. what i wish that the media had focused on is how loud we were about nvidia starting nearly 10 years ago in 2014. every time we came on your show we said nvidia. >> kathy woods, it is always good to have you on. have a good weekend. >> you too. >>> coming up, hollywood on strike. actors adjoining the writers on the picket line. a complete showdown of productions underway. no resolution inside. shares for warner bros., discovery and netflix are all in the red. we are just getting started on this cnbc special taking stock. this is spring semester at fairfield-suisun unified. they switched to google tools for education because there's never been a reported ransomware attack on a chromebook. now they're focused on learning knowing that their data is secure. ( ♪♪ ) i was told my small business wouldn'

it hasn't backed up the portfolio.oing forward, look, it depends on how the market does we hope to be more resilient than the market. if you have recovery in the market, we will do well. if not, we are still building a portfolio not from a one-year, but five-year to ten-year perspective. >> there is a lot of uncertainty. how would you characterize the outlook for the global economy >> it is fragfragile. you have geopolitics front and center that is not getting easier you've got developed markets with tight monetary policy because inflation is high and not getting back to where people are comfortable with you have tightening conditions which leads to slowing growth. all of these things, you know, increase the risk of recession in developed markets as i mentioned earlier, something that everyone has been talking about for a year the recession. you do think you probably need a recession to get inflation down to levels that are acceptable there. >> that is a conversation which is one we have been looking out for. let's loo