. -- uncorrelated to the broader market. if you turn to page 6 of the presentation, this displays the model generated by cambridge which i will now scl to discuss in more detail. >> thank you eunice. commissioners, you've seen versions of this pacing model for bothathe private equity program as well as the real assets program. it is based on our tracking of the asset funds that have been performing in that we tracked through years and basically used those patterns of cash flows and nav growth and performance to inform the model. the model has a lot of assumptions. that is something that you should be aware of. in terms of how we use this model and in terms of a tool, it's to help give us directional guidance. the numbers here will most assuredly be wrong in terms of the actual numbers, but directionally, they should be helpful in terms of guiding our pacing. it's also a model that we would suggest recacalibrating and looking at on an annual basis as we get additional information from the program. assuming a 3% pool growth ra

are you actively out there looking at this point in time for the uncorrelated assets?we go next? jean: we are looking for value. obviously something that is difficult to find. you can find in different places. you have some value in the emerging world. you have in some segments of the fixed income market. they might not be huge value, but when you look at italian bonds versus credit or german bonds, there is definitely an argument to be there. you need to be more nimble. to be more relative in your portfolio construction. you need to manage your liquidity and your portfolio. value is going to ensure your medium returns. but if we have some disruption and market dislocation, you have to be liquid to handle it. guy: jean medecin, carmignac gestion is going to stay with us. italianun-up to the election, where going to take a look at what is happening in italy next. this is bloomberg. ♪ guy: welcome back. i want to take you straight to this chart. up.s tightening are trading just shy of 150. we have moved down quite considerably. let's get back to jean medecin, carmignac g

guy: what is an uncorrelated asset by that? guest: we changed our view on the yen.ct it to strengthen. it has been a strong portfolio diversifier and it is expensive. time, being more negative on currencies like the australian dollar and canadian dollar, cyclical current season with low carry. they can provide lower correlation exposure to a portfolio. guy: how many questions you get asked about bitcoin? guest: probably comes up to me less than other people. i do think that whenever markets go asymptotic, it is noticeable. guy: heck of a word you used. guest: i'm impressed i got it out. we don't have a recommendation audits. a part of the bitcoin argument has always been a store of value. it is storing value, but not with stability. i do think what is interesting is that bitcoin is doing what it does when gold does not. in theory, both are playing to a similar theory about the preservation of wealth. interestingce is but we don't have a formal recommendation. matt: i wanted to ask about exactly that. gold has not moved at all. when we saw the crisis in zimbabwe esca

. >> it's uncorrelated to stocks or bonds or gold, so it's actually a good way for them to get diversificationow it is very possible -- 10,000 or 1,000, right it's possible we could be having a conversation -- >> we published a series of papers on this that if you took two variables, which is just a number of and the transaction value per wallet and you apply -- 94% of the bitcoin moves in 2013 those two variables. >> gentlemen, thank you. a lot more to talk about come back. we almost need to do a whole show dedicated to bitcoin. it feels like something we have to >> folks, we have some breaking news from nbc this morning nbc news announcing that it has terminated today show host matt lauer for inappropriate workplace behavior here's what nbc news chairman andy said in a statement on monday night we received a detailed complaint from a colleague about inappropriate sexual behavior in the workplace by matt lauer. it represented after serious review a clear violation of our company standards. as a result, we've decided to terminate his employment while it is the first complaint about his behavio