vanguard to be the one to save active etf's.hey just launched in canada and london and are pacing in the 22 and 35 basis points respectively. fees are high, the average etf is 76 basis points. fees are a double whammy. they are out of step with people like you cheap these days, and they are part of the reason you cannot outperform, because a manager has to overcome these just to get to zero. vanguard is launching this product line of active etf's. i think it would cause some of to drop and could spark a renaissance in active if people start underperforming. it could be the catalyst that active etf's need. even if it would hurt. when vanguard comes to town, it is like when walmart comes because everyone has to lower their fees, but it brings attention to an asset category. still ahead, puerto rico prepares for a record default after president obama shelter the island from bondholder losses. this is bloomberg. ♪ you guy's be good. i'll see you later [ bark ] [ bark ] bye. see ya pal. ever wonder what your pets do when you leave ho

and the vanguard-type passive investments.ow will pimco give good return for fees, if you like? john g.: well, i think if you listen to what roman said, you look at the data and you use data to give you stronger returns. a lot of his hedge funds that he has run they are very quiet -- quantitative oriented. use mathematical skills, analytics. the other way pimco is expected to improve returns is to private equity, hedge funds, where roman has experience, and then real estate and different investment securities that are not the traditional bond wheelhouse. pimco has not succeeded in the past in doing equities, and equities is not high on their menu right now. they will not be a big stock-picking place. they have, maybe, given up on that, but they will look at other investments and securities to branch out into more and become a more diverse company. david: john, thanks much. john gittelsohn, berg los angeles. , the factory breathing life into two -- detroit two tires at a time. you are looking at live images of donald trump arri

let's talk about the vanguard total stock market etf.e affected by earning seasons, some not so much. this is in the not so much category? >> it is layered. do earnings affect etf? the vanguard total market covers 98% of the stock market. 3600 stocks. they are the lifeblood of the stock market. in etf's like this, you are saying, i want to buy all earnings. i do not want to play earnings. this is the way people are investing. bti is one of the fastest growing etf's. looking atearch tech which generations are using different etf's. this is cross this generation. looking at the share class of the vanguard total index fund, which is closing in on half $1 trillion in size, double the biggest etf in the world. in testers are saying, i will not try to play earnings or hire someone to play earnings -- an active manager -- i will buy the stock market, benefit from all of the earnings, and diversify away my risk. that is what we are seeing. that is how earnings matter and doubt. julie: we have seen the broad stock market does tend to rise during

we are joined by peter from vanguard. good to see you again.d data on consumer confidence plunging the most in 21 years. we had business confidence data yesterday plunging post brexit. how is this soft data going to translate to the hard data? we are not going to see much of it until the middle of august. peter: i think it is going to translate pretty much directly. i think it is very difficult to see why any firms are going to be investing at the moment while there is so much uncertainty around this. there's an option value for waiting if you look, so any firm that is thinking about a project or the consumer making a big purchase like even housing, why would you do that at the moment? i think it is very likely that we are going to see the u.k. going into recession. mark: there is recession and them there is a recession. give us a thought of the recession that the u.k. might experience this year or next year. peter: this is all finger in the air stuff because there's not anything to compare it against. we could see u.k. gdp falling by a quarter

and now women are taking that vanguard position so that our future generations can understand. >> when did you experience? >> probably elementary school. imagine being on the west side. that is in about you being over there because if you are likewise it is similar to the day if you see the police carry yourself in a certain kind of way. you can move like somebody else they almost marginalize yourself you can have a brilliant mind that maybe your next einstein. >> but with of bringing that i had my mother was the secretary with a lot of leadership to say i'm knocking on doors during the petition drives. >> q said he made $700,000 in 1982? how much in 1993? >> o. i was blackballed or blacklisted. at that point in time but you have been its short-haul life. this is what can happen. nobody has that definitive reason like charles barkley paying in their. so any time i would say anything about it. if it just happens to you. because i was a union representative. it is about the collective. to be a team player. so i could do ballet or everything. and then to be in the city of chicago. >> we s

$20 million in vanguard s&p index. julie: that is it? >> that's it. she has some treasury notes.ay have gotten advice from warren buffett on this. he had put in a letter to shareholders that what he is doing is leaving his personal fortune to his wife and 90% will be in the s&p 500 index fund in vanguard. he says if you do this, you will outperform individuals and institutions. portfolio.ed this it has an annualized return. it has an annualized return of 7.5%, which is better than endowments and pensions on average. i don't know if she got that advice. julie: for some of that network to have that focused and investment is unusual. happen to that will more people. she is going to supply and go passive with her investments. julie: thank you. we will send it back to you in london. nejra: thank you. still ahead, how much higher can the s&p 500 go? one person says a lot higher. this is bloomberg. ♪ bloomberg, i'mom vonnie quinn. nejra cehic: i'm nejra cehic. lisa has more. law is examining the withdrawal from the european union. it says parliament should scrutinize informal discussion

as this ad comes on you have this big competition coming in from the likes of schwab and vanguard. >>mendously validating to see the quick adoption and fast growers from the traditional industry. we always said from the moment we launched in 2010, if we were successful in building the future of financial services, we were going to have lots of competition because everybody is going to have to do this if they are going to want to compete. we think everything is changing, the way everyone managed their money. of course all these big companies are getting into it and it is validating that they are. as they enter this space, we seem to grow faster. after schwab latched -- we grew 30% faster. helping to educate the market about what we are doing is helping us to grow faster. we have grown 300% in the last year alone. cory: the question has been how you guys deal with a down market. there is a report in "the wall street journal" that said you guys shut down trading for a couple of hours during the financial turmoil post-brexit. tell us what happened. >> i love this story. because robo-advis

i say 'ye because he just got the vanguard award and listened to the kids. >> who is your favorite artist? >> ed sheeran. >> wow. >> he's my absolute favorite. >> i love it. what's your biggest regret in life? >> i don't think i have any. i really don't. because if you thought, well, i wish, well then i wouldn't be here. >> sneakers or stilettos? >> i like sneakers, but i'm a heels girl. my feet will tell the tale. >> what's one thing you believe that most people don't? >> there's a place for everything and everyone. >> okay. so here's the last one. is when your career is over, how do you want to be remembered? >> hopefully i'll be like 90-something at that point. where i won't be out singing so i'd like to be remembered as somebody who broke records and did great and who was just an all-around brilliant human being that had -- a legend! a legend. that's the word i'm looking for. >> that's a wrap. >> that's so cool! >> good stuff. >> thank you, darling. >>> and that does it for this very special edition of "our world with black enterprise." blackenter. let's look at some great moments fro

respected in the world order, so that we can take a step up and it will be a thing where we have taken a vanguard position. make sure we can set things, and agenda in place so that our future generations to understand what it means to be a leader in the community. host wendy ju experience what i described? >> guest: probably when i was in elementary school. when your family tells you, you have to be back on this side of the viaduct by 6:00, watched out of being on the west side the it was all about influence. it was never said this is what's going down after 6:00 on the west side. it's not about you being over there because if you are over there, it was more by inference. likewise summit today when a mother would tell her son when you see the police, make sure you carried yourself and a certain kind of way, they put something on it once and i feel like almost something is wrong with you. you can't be free like somebody else do not is a matter of you are almost marginalizing yourself to bring a tone deaf or you can have a brilliant mind and it might be the next einstein for all we know. but you ha

i like this vanguard etf. low cost way to play that area. >> do you like it? >> i do. big pop. slippery ride but i like it. >> that's it for "forbes on fox." have a great weekend. thanks for watching. keep it right here. the mum ber one business block continues with eric bowling and "cashin' in." >>> so many times noncollege education, educated white males have voted republican, they voted against their own economic interests because of guns, because of gays, and because of god. the three gs. god being woman's right to choose. >> how minority leader nancy pelosi saying that clinton struggles with white males without a college degree because of three gs, god, guns and gays but critics say try these three reason, jobs, terror, and i immigration. eric bolling, welcome. rick, start with you. why is hillaryav

black panther party was seen by the left as the vanguard of the black revolution. i bought into that and they were seen as a vanguard because they would take up arms against the police. stand up for the oppressed. actually, prior to the 60s in that period from the 1940s to 1960, the greatest social revolution race relations ever in the history of mankind was taking place. in 1940, 40% of black americans were in the middle class of professionals. in 1960, the figure was 49%, just a remarkable transformation. it was still only the beginning. only the beginning of the transformation that was taking place, but we on the left, we progressives saw blacks as an oppressive people and revolution was the only thing that would transform their lives and therefore the left as it likes to forget now despised martin luther king. we supported him in 1963, but then as things got more and more radical the left despise martin luther king. turned its back on him. pretty isolated figure when he was assassinated in 1968. anyway, i saw the black panther party as a blacks went to stand up

he is the vanguard that has political analysts wearing khakis and new balance smeneake. >> could i have gotten away with that? >> thank you all for being here this holiday weekend. let's start liz what we have seen the last couple of days with hillary clinton. she says she went into the fbi for a voluntary interview. apparently their taking drop vp-ins. any way you slice it it is not great for this campaign gl regardless of whether this turns out with an indictment which it doesn't look like it will. it fills into if narrative that this is crooked hillary and voters not trusting her, this says that donald trump is able to swing that attack against her, it is something she needs to work on and very vulnerable on. >> you look at the weakness any hillary clinton in any pole and it's trustworthiness. this certain sly goes to that. >> nobody in america is overwhelmingly excited about it. >> i think she's going to have to answer this. any time you hear presidential candidate and indictment in the same sentence she's going to have to address it. trump is going to jump all over it. you want som

if you take a look at the individuals under $30,000 in the most recent vanguard report, you see a jump in participation rates from 29% all the way up to 82%. even for those $30,000 to $50,000, you still have almost a doubling from 53% to 90%. the other side of the coin, of course, is if you go to the right-hand side and you look at those deferral rates, the deferral rate for an automatically enrolled person under $30,000 in the vanguard database comes in at about 3.6%, just a little bit over the 3% deferrals many of them have whereas the voluntary enrollment, people who basically got in on their own initiative and are probably being much more influenced by rates are up to 5.1%. so, again, if you look at only the right-hand side, you can come away with the kind of conclusion "the wall street journal" did back in 2011 that maybe these things aren't necessarily a great improvement, but if you look at the left side at the same time and keep in mind that you would have had a number of people otherwise having no deferrals who are now showing up at least with a 3% deferral, that goes a long w

vonnie: vanguard attracted $140 inlion in new client money the last half of last year. your bloomberg business flash update. hillary clinton's is suspected to -- julie: hillary clinton is expected to announce her running mate soon. john hickenlooper says he and hillary clinton recently discussed their search. >> especially if you look at the challenges this country and the world faces right now, if you are someone who is asked, you are one of the people who can make a difference and your country needs you, of course you take it seriously. we spent most of the time talking about workforce transitions and workforce training. how do you more rapidly transition people from old careers into new careers? julie: deliver was speaking with david gura. you heard what he had to say, it was pretty vague. does this mean he is indeed one of the top contenders here? and yet: vague ?hocking, right back ou exceedingly vague or else -- i think he is on the list because they talk about the vice presidential race. foreems to speak with ease someone who might be number two -- vonnie: what w

daring plan for tesla in the vanguard of an electric vehicle revolution. 10 years later, some investorsm to be wary of his big ideas. analyst with a senior with consumer edge research. are these vehicles going to get made? >> they made be made at some point by someone but whether to has led does them, i have no idea. point ofot seem to be this plan. if you contrast it with the plan released 10 years ago, that was a plan. it was fairly standard, build an expensive yet it and get people to buy it and use the money to buy a cheaper one that more people by. this one is extremely wide-ranging. like anost environmentalist escapism. emily: not only that, he also details his reason, his vision for white has low should buy solar city and envisions solar power electric vehicles and tesla becoming a one-stop shop where you can buy your house battery and solar panels and your tesla. it's exciting and audacious but there are no details on how he would fund this or actually do this. what is your take? >> thanks for having me. we did not expect necessarily to have details. like in 2006, he outlined a

he laid out a daring plan to put tesla in the vanguard of an electric vehicle revolution. 10 years later get ideas. we spoke to a senior analyst with consumer edge research and gadfly columnist. are these going to get made? liam: they may get made by someone. if tesla is the one to do them, i have no idea at this point, and it seems to be the point of this plan. contrast it with the one released 10 years ago, that one kind of was a plan and a fairly standard one. you build an expensive gadget, get someone to buy it, and you use the money to build a cheaper one that people by. that is a fairly standard thing. this one is almost like environmental escapism. that, james.ly he details his vision for why tesla should buy solar city. tesla becoming a one-stop shop where you can buy your solar roof panels, your house battery, tesla.r solar powered it is certainly exciting. it is audacious, but there's no details on how he would actually fund this or do this. what is your take? james: sure, and thanks for having me first off. we did not expect necessarily to have details. much like we do when we

if he were a perfect democrat looking to transform the country is a vanguard and make your life better that is what you would say. if you were a fascist you would say that as well anyway. so it's very difficult to go on that too much. i mean, given that this was a pretty -- the tactics we used were quite brutal. helicopters firing on protesters, unarmed groups of men on the street from the sky. i think it's relatively difficult to find that as restoring human rights and constitutional order. but i think we have to focus on the fact that this was a traditional and serious attempt at a military coup and we'll have to wait for more information to come out on the potential motives. >> tom stevenson, a reporter in istanbul, we thank you for your consistent and stellar reporting for us. thanks so much. >>> turkey's president telling his nation the government is still in charge after this attempted coup. >> turkish citizens answered a call to take to the streets and confront troops who are trying to take over the country. we'll have more on this break story after this. p?p?h >>> you're watch

take a look at the vanguard re-indexing where they are getting their own category, are there opportunitiesre? >> i think there were. it has been such a gigantic rally. the way people are looking at this is that they are saying they have to pay out income, a i will look atd, it as an underlying fixed income instrument. malls, office properties, other that of retails, mortgages by mortgages, repo the bonds, buy more, and leverage up to earn a spread. on: i want to get your take banks, some high dividend payers, some others net interest margins. on any part of the capital structures with bangs, do you see any opportunity? >> i'm not very optimistic on bank equity. the debt in financials has lagged, so there's a lot of .alue in investing grade one other area is in the preferred space. as long as you are comfortable that long-term rates will stay where they are at, you can earn pretty good spreads right now. joe: thank you very much. >> coming up, what to expect from the bank of japan on friday. we have a preview, next. this is bloomberg. ♪ e the first word news. donald trump says he has "never

isis is billing itself globally as the vanguard movement.at has got a nation state to its name, the one that is inspiring people around the world to take up whatever weapons available at their disposal to kill infidels. and, you know, they are the custodian of the sunni mosque. they are spreading around the world, the sinai peninsula and now into indonesia and the philippines and bangladesh as we saw last week. so, you know, the question, though, is will they actually make significant inroads into afghanistan. i don't think that they have the capacity there to do what they've done in syria and iraq, which is to take and hold terrain. but this kind of attack is exactly what they are resorting to now internationally. discombobulating terrorist assaults. the hazara group is shia. isis is perhaps above other organizations, genocidal, when it comes to shia. they are committed to their extermination worldwide, because they do not consider the shia to be muslim. and this goes back to their founding father zawahiri who intimated osama bin laden with

is part two following a blog post in 2006 in which he laid out a daring plan to put tesla in the vanguard of an electric vehicle revolution. now a decade later, some investors are weary of his big ideas, which includes merging with similar city, expanding product to include buses and trucking, and a fully auto mullens car care service. we are joined by columnists. so he is planning a semi-truck, a pickup truck, a small s.u.v., a small mini bus? >> yes. emily: how realistic is all of this? >> i don't think realistic really plays into this plan. emily: but is this going to happen? are these vehicles going to get made? >> they may get made at some point by someone. whether tesla is the company that does them, i have no idea at this point. it doesn't really seem to be actually kind of the point of this plan. if you contrast it with the plan released 10 years ago, that one was a fairly standard plan. you build an expensive gadget, get people to buy it, and then you use the money to make a cheaper one that more people buy. this one is extremely wide-ranging. it is almost lined dark like k-9 of

we saw the vanguard was underperforming the s&p in the it is suddenly outperforming, it's now tracking the s&p. what happens next for dividend growth stock? >> certainly valuations for yield rate right now, for anything that has a yield above , which is getting harder and harder to find, folks are paying a premium for. dividend growing stocks are a bit ahead of themselves from that perspective. what we are seeing is that in this environment, our expectations going forward that more of your total return is likely to come from income. capital appreciation will be hard to come by in growth purgatory. as a result, we think having dividend growers in a diversified or if is very important. for example, utilities and staples and those as we know because their yields have been so high, folks are willing to pay almost any price for them. my view is a broader, more ofersified portfolio dividend growing stocks that includes things like industrials or financials. better the economy does than it were anticipating, those will grow along with them. you still get the income from the dividend. somethin

he wrote a book called county sunni vanguard." >> the secular tradition as asserted itself.urkey has a secular tradition. the islamization that was undergone by erdogan had many people upset. if you spent time in istanbul and ataturk, it's basically a secular society. it's only the rural areas that had the islamic revolution. after the attacks in istanbul, there was no question the military thought it had to do something. the military has been purposed by erdogan. angry about the way in which the purging has taken place. charles: turkey is a thank you to partner. they are obviously centrally located. they came to the fight against isis late. and not fully menned to the commitment everyone else has had. a lot of folks are saying it may not be bad news as long as it can stay relatively bloodless to get someone out of there who is not sympathetic to the wrong people. >> erdogan's policies have contributed to erdogan's will -- contribute to the military's willingness to overthrow him. istanbul may be secular. but rural turkey is islamic. it's a middle eastern country. it's like

they join a rally of bonds around the world as some of the world's biggest investors including vanguarday the brexit vote means subdued growth and lower yields for years to come. vonnie: it has been a wild week for u.k. politics. compare leaders launching their campaigns to game of thrones. we will tell you what to expect. mark: the chief executive of formulae joins us to discuss the state of spain after its general election. it's 90 minutes into the trading day in the u.s., let's head of the markets desk where julie hyman is looking at some industrial movers. julie: we start in the industry -- energy industry. we are getting confirmation from williams company that frankie mcinnes is stepping down. earlier they have been reports about a broad board shakeup, and indeed it looks like other members of the board are resigning from that board. disagreed with the strategic direction of the board. williams is going to take appropriate actions to position for the future and review the size and composition of the board. the new chairman of the board is kathleen cooper. all of this is in the wake

their fees are higher than vanguard. you have automation coming in.e facing a lot of pressure from many factors inside and outside to adapt and figure out a path forward. roman what makes manny the person for this challenging job? john: he is got a really diverse background. right now, the man group, they are the world largest publicly traded hedge fund manager. hedge funds is an area and other alternative assets where pimco might grow. they've also done some acquisitions, which might be a possibility for pimco. or ae he came to man group subsidiary that was bought by them, he worked at goldman sachs for 18 years. he got his mba at the university of chicago. he is french born. he has got a really diverse background and brings a lot of different experiences and multiculturalism, you might say, to managing this money. it's a european headed firm because pimco is owned by a german insurer. vonnie: if you did into my terminal, i have a chart of man groups stock price over the last five years. was goodout that manny in certain ways. what would he look to d

vanguard high-yield, high e.t.end each yes -- f.'s are raking in the money. dave: yes.rt of the day looks at that high-yield e.t.f.. it compares it not only with the s&p 500 e.t.f. but also something called the shareholder yield e.t.f. that particular e.t.f. also brings in stock repurchases and debt repayment. that is trailing the s&p 500 this year. it makes the point that adam partne had in his latest note yesterday saying there is this dividend-you cessation going on -- dividend-yield cessation going on. julie: how difficult is it that you see these evident-yielding sectors -- dividend-yielding sectors leading a rally? how long can that last? dave: it is not that typical in a sense. stocks typically do well in the economy does well, when we know growth has stumbled along. we are seven years into expansion at this point, so you have that sustained growth. nonetheless, what we are seeing is relatively unusual. if nothing else, it speaks to the need for income among investors. they are not getting it in the bond market. almost $12ng about trillion of debt with negative y

it is the vanguard and is part of that culture but they were neutral about their products. >> host: i believe all men of those get manufacturers of history did any of them express in the research that you did, and there is an amazing amount of research coming it is a definitive and provocative and fascinating history and what they had done? >> that is a great question they saw that rifle and then the americans of the gun as it and implement for war. but as they are produced by private industry the logic is very different. a very ambitious capitalist and for him it is horrible for civilians and at a time of great difficulty and then to come played it happen too quickly. it to see the logic of guns. is looking at it from the business calculator but he wrote about the moral effect and how that would affect the person who had that rifle? and they were looking at it to be equal to a troop and then to develop the commercial market to talk very provocative plea with individuals traveling through the wild country. very much the mystique of the rifle. with those circumstances. >> and then befo

jeff, you are at the vanguard of .ush 41 revisionism battle here.hill we usually don't think of one term president's as successes, especially those who have one term. did the american people make a mistake in 1992 by not giving this guy a second term? here i had a driver who was born in a saudi refugee camp in the early 90's because his parents fled their under threat of execution, having participated in the shia uprising. don't bush's strategies do anything to encourage, have you look at the shia uprising and to what degree the bush administration did encourage and do a hungry there following the first gulf war? or is that my understanding, the popular misunderstanding? the bush administration would tell you that they made two mistakes in the aftermath of the invasion of iraq -- liberation of kuwait is a better way to put it, which encouraged the shia uprising. the first is obvious, the second is not and the second is more important. yes, here's a moment where they overstep their rhetorical balance. by saying words which inadvertently encouraged people to rise up against saddam hussein.

i want to know what it is like for you personally to be doing this and to be at the vanguard of thisthe overwhelming gay miss america. >> not much has changed other than now i get to be someone that's in a public position of influence for my community. i'm really excited about that. >> tell me a little bit about the contestants themselves. tell me what that's like. >> the pageant world just accepts everybody backstage. all of the contestants are so nice. >> we become lifelong friends bonding through this process. there were no problems i ever ran into. >> there were no problems but did you hear whispering rumors about others who didn't agree with you being there or were nervous themselves about being there. anything that was whispered rumored? >> i really can't say that i have. the miss america organization has done a great job of wrapping their arms around me, the contestants, directors. everyone that i have come in contact with has been nothing but supportive. that's a really strong testament to the miss america organization. >> i'm super curious about how you will be. on good morn

you're part of the vanguard, scott. enjoy it and you'll meet some great folks as a p.m.ched "the factor" since i was six. i now do the news at my school. thank you for being an inspiration. you're welcome, trinity. you're going to go far. very happy to mary lillard, and gilbert low hit the century mark. >>> and legends and lies, at 11:00 p.m. is developing into a huge hit. this coming sunday we'll concentrate on treachery. >> where is general arnold? >> he received a personal dispatch and went to his chambers. >> arnold has been conspiring to deliver this port to the british. he is a traitor. >> washington knowso arnold's deflection will be a crushing blow to morale. >> now for the hunt. get on your horse. >> of course west point. benedict arnold, an amazing story. legends & lies this sunday, 8 and 11:00 p.m., and we're going to tell that you story. after "tip of the day," and that is it for us. please check out the web site, also we'd like for you to spout out about the factor from anywhere in the world. o'reilly, if you wish to opine word of the day, in writing "the fa

literally go to vanguard for no fee and buy s&p 500 fund, which essentially monitors, matches market.ifferent index. liz: who got hit the hardest of these big guys, charlie? >> hundreds of people. liz: right. >> listen, you can go up and down the line. bill ackman for a lot of reasons has been hit the hardest. not necessarily market related. that is just bad bets. long on valeant pharmaceutical company which has gotten slammed recently. he was short on herbalife to the out of ftc probe. the stock is it approaching $70. lie on cooperman, a great guy. hasn't had a great year. david einhorn predicted the mortgage crisis and financial crisis in 2008, not doing very good. ray dalio, in the papers for a lot of reasons, including a lot of commentary on hyper secretive nature of bridgewater associates he runs, massive hedge fund, biggest, over 150 billion, he also has not done very well. you know who has done pretty well recently because he is not running outside money, steve cohen of formerly of sac capital, with point 72. may be match aring beating it. we have to check numbers members. if y

some people predicting, vanguard's chief economist saying odds are well over 90% we're due for a stock bear market in the next few years. >> we do wealth management for a few hundred net worth families and have this conversation all the time about building in low expected returns into financial plans. the good news is that inflation is very low. so even if you are in a low return environment it's not like your money's on fire and this concept of cash being king is relevant to mr. lasry, people in his limpne of work. diversification is king. we don't know forward returns, bod math simpler than -- >> sorry to interrupt you. what happens in stocks and bonds are wildly overvalued at the same time? >> only fallen at the same time stocks and bonds for two consecutive months, eight times in the last 90 years and only three consecutive months one time in the last 90 years. ultimately one side does win out when there is fear, when there is panic. typically it's bonds. just saying the word bonds is probably too general. it's important to have different durations, different maturities, different

vanguard attracted new client money during the first half of the year.the firm set a year ago. it is known for low-cost funds that attract investors. month for the $32 billion hedge fund run by jim simmons. in june. 4.6% renaissance is up in the last month. it only trades u.s. listed equities. that is your bloomberg business flash. david w.: thanks so much. it was back in february when yahoo! put itself up for sale, starting an elaborate process that maybe coming to an end. today is the deadline for the third round of the bidding process that could lead to who is buying parts of yahoo!. cory johnson joins us from san francisco. as we go into this, i should start with the reason why yahoo! is a or sale. there at market share has gone down to around 2% or 3%. it is pretty dramatic decline. what do we expect on these bits? cory: i think the reason for the decline is the shift from desktop to mobile. yahoo! had great historic strength in desktop, which has somehow maintained overall these years. as this dramatic shift has happened rapidly over the last five

vanguard has a dividend appreciation mutual fund. issued a press release saying they were closing the fund to new investors. capping it at $30 billion. an enormous amount of money for an activity managed fund to take in. $180 billion in inflows into dividend funds, balanced funds since 2010. whiles 3ds 00 billion came out of all stock funds total. what investors are looking for. through that prism, exxon is trading with a 3% yield. chevron has a slightly less good balance sheet. so like bonds, they're discounted trading a at 4% yield to kindy look at this as investment grade and then junk, and that will continue to be the way to look at these names. if oil doesn't crash or double. so -- >> are you prepared -- even as you make the case, are you prepared for what could be another 6 to 12 months of pain watching those stocks either sit where they are or potentially go lower, because doug terreson told thaw could absolutely happen. >> i can earn a risk-free rate of 0% or look at a name like exxon where i have a total return potential bet

you're part of the vanguard, scott. enjoy it and you'll meet some great folks as a p.m.tched "the factor" since i was six. i now do the news at my school. thank you for being an inspiration. you're welcome, trinity. what a nice name. you're going to go far. very happy birthday to marion lillard who has gone very far. she is 105 in grass valley, california. gilbert low hit the century mark in florida. way to go, guys. >>> finally the tip of the day. as we mentioned yesterday, legends and lies of patriots each evening at 8:00 and 11:00 p.m. is developing into a huge hit. this coming sunday we'll concentrate on treachery. >> where is general arnold? >> he received a personal dispatch and went to his chambers. >> arnold has been conspiring to deliver this port to the british. he is a traitor. >> washington knows arnold's defection is more than a personal betrayal. it will be a crushing blow to patriot morale. >> i'll head for the hudson. get on your horse! >> at west point. benedict arnold an amazing story. there is a lot more to it than you know. "legends and lies" this sun

. >> the red army faction in west germany was part of a 1970s trend of moxist vanguard groups. the japanese red army, the weathermen in the united states. these were people who felt that the capitalist structures were unjust and needed to be destroyed and the only effective way of doing that was through violence. >> the german police have been waging a relentless war against the terrorists, capturing some, killing some. but the leaders of the group have often had more influence from inside prison than outside. authorities claim this man, andreas baader, continued to mastermind terrorist operations from inside prison, passing instructions through his attorneys. >> one of the baader monoff gang said one of the most fantastic thing in the 1970s was not to be a rock star but to be a revolutionary. >> unlike the i.r.a. or other groups, the red army faction kills selectively, prosecutors, bankers, leaders of the society they wish so fervently to destroy. >> they thought the more high profile the assassination or kidnapping, the more likely that this would start the revolution, that t

vnq, vanguard reit etf, same thing. look at vig, widely held depreciation and look at internals confirming, advanc advance-decline, 50-day crosses back above the 2 opinion day. they're moving in the right direction. they are. not about one day's job report. >> jon, two weeks ago yesterday we were looking into the abyss. if felt like. because of the brexit vote and fallout in the equity market. now the s&p is ten points away from a new all-time high. >> yep. >> what's this signal for investors today? >> ah, the signal was, of course, the dip buyers are right, yet again. and last two weeks ago, just as you were jetting over to europe, judge, the, what was happening in the markets was a one-day upheaval and it didn't last the whole session. yeah, closed out on the lows that day, but people in the after-hours weren't running around thinking that they had to find protection after that 600-point drop. instead they were buying, in particular, they started over in asia, and all of these folks that basically need to be in the ma

manus: they are the vanguard of the price. they are the tesla.hare. is that the logical take on where we are? john: we are seeing that already. i think if we look at the spectrum, we are talking about low costs. you take some business customers, it is good to be a system when we get more details from img on friday. , theyes in the iag group rely on the premium segment. -- that is something they will look at closely. confidence in sentiment is affected, that means legacy are in a very difficult position. caroline: if you could pick one, which has the best future if we are looking at the european winner? john: it has to be ryanair because it is overriding vigilance on cost focus. i don't deviate from their model . everything they do is organic, they're not distracted by mergers or acquisitions. they are very strategically focused on -- they might not talk about it much but they are analyzing every detail what is happening to our competitors. they are ready to react and apply pressure. caroline: and the share price shows it today. john strickland, g

they were on the vanguard of american industry, in fact, not just the gun culture. so in some ways, they were surprisingly neutral about their products. >> host: did any of these men -- and i believe they were all men -- the key gun manufacturers of history, did any of them express in the research pg that you did, and you did an amazing amount of research. >> guest: thanks. >> host: and i should mention this is a definitive and provocative and fascinating history of the gun business. but did any of these men share any doubts or moral qualms about what they were doing or what they had donesome. >> guest: well, that's a great question. there's a lot of ways to tackle that. at first oliver winchester very much saw his rifle as a weapon for the romance of war, as he called it. so, and that's not unusual. many of these gun industrialists and many americans, actually, in the 1840s and 850s still very much thought of the gun as an implement for war. they weren't thinking about it as much in the commercial or civilian sense. but it's important to realize that when guns are

challenge and yes another reason by parliament was right yesterday to endorse the replacement for vanguard does. too many nuclear weapons out there in north korea is a very good example of a red state developing his weapons of them continue to protect ourselves. >> thank you are a much indeed. simply stated the comments yesterday were highly given the opportunity to go on what is always going to be a very substantial margin. i look at the summit communiquÉ security threat in the black sea region. what would you say the threats that caused nato security in the black sea region? >> first, can i welcome what she said about yesterday's vote. it is debating info we promised before christmas. you know i've been pressing for it for some time and it's like a delayed because of the referendum. the majority achieved last night was really have enormous significance, a much bigger majority in the previous vote and sends a very strong signal to our allies around the world. i am sure >> should be debated.voted on w. advises subject to qualifications as we set up by the british national interest and it i

vanguard is known for its low-cost funds attract indexes. silvio berlusconi is he says selling his -- a condition of the sale is that the buyers invest at least $444 million. they have not won any titles and five years. that is the bloomberg business flash. francine: here is what we are watching for the rest of the week. later today we get the latest services output data from june. mr. kuroda speaks today and tomorrow president obama travels to poland to attend the 2016 nato summit and will meet with the president of the european council and european commission. its focus on the fx, the unregistered the biggest gain against the u.s. dollar among 15 other currencies. let me bring you over to my chart. when you look at what yen has been doing, it is close to 100 and you say this is driven by what we are seeing an dollar. what is the endgame? if it goes below 100 does that mean kuroda has to intervene? steven: i think it is a difficult situation because we know that yen is the ultimate safe haven in times of stress. the yen has bid up. the poin

misery georgia and alabama the in some states and the human rights focus where you think of the vanguard of criminal justice that is a lot their virtue talk about for what you think is going on. >> and it has been a very marked decline the guy down into the 200 gore though one hundreds it is out like ofn rock but what is interesting cahow today many never get the death penalty these other people being executed today. so with this old generation of people by today's standard:july 14 they will execute a fellow one of two drunks in a fight he hit the other up in the head with a whiskey bottle and he died the easily could have been the other way around. that would never even be a death case today to say we will kill him and a few weeks. that is one of the irony is because the other states have repealed the death one penalty and one of the largest states by judicial decision bnd execution that i've taken place 80% are in the south. of the it is one of the most to percent of that county over half of those death sentences. that accounts for the half of the executions of those 300 counties we ha

will he said the vanguard for the rest of the world?definitely on that roller coaster. suggesting this is part of his global paradigm shift we are seeing towards fiscal policy. we have earning reports, plenty, deutsche bank being one of those. they might need a more ambitious restructuring. we are hearing from the ceo at deutsche bank, that they deliver a drop. analysts have not been expecting much of a profit. and it was not enormous. net income down 10%. brexit fallout will extend past 2018. manus: the thing there is litigation cost in this quarter, still continuing to be a key challenge. he goes on to say this is what to be a peak restructuring year. but profits in q2 literally wiped out. this man has a big job to do, to convince the market he does have a strategy in mind to actually turned deutsche bank around. anna: let us get more on our top story, that is the move, coming down like a yo-yo on the yen. abe expected to announce fresh fiscal stimulus, and then weaker again. caroline hyde joins us with the details. good morning. caroline: good morning. the ¥27 trilli

they're arguing the real estate agent with vanguard real estate put that home up for sale against the women's wishes and without taking the proper steps. kron 4 talked to the women's niece and claimed the agent has been taking advantage of her aunt and other elderly homeowners in the area. >> it would push a 76 year-old with diabetes out of her home along with all 11 of the tenants who live there and they're all workers in the community, teachers, people who do good things. it's valuable for us to stay here. it's important for us to be here. the kids that live in the house go to elementary school down the street and this eviction would be a travesty for our community. >> she says they've filed claims with the district attorney's office for fraud and elder abuse. we did reach out to the real estate company. at this point no comment. grant. >>> happening now, crews in sunnyville working up to close up a sink hole that closed down a portion of the road to continue through the weekend. that into the news room around 1:30 this afternoon. emergency workers blocked off three lanes of northbo

challenge and yes another reason by parliament was right yesterday to endorse the replacement for vanguard does. too many nuclear weapons out there in north korea is a very good example of a red state developing his weapons of them continue to protect ourselves. >> thank you are a much indeed. simply stated the comments yesterday were highly given the opportunity to go on what is always going to be a very substantial margin. i look at the summit communiquÉ security threat in the black sea region. what would you say the threats that caused nato security in the black sea region? >> first, can i welcome what she said about yesterday's vote. it is debating info we promised before christmas. you know i've been pressing for it for some time and it's like a delayed because of the referendum. the majority achieved last night was really have enormous significance, a much bigger majority in the previous vote and sends a very strong signal to our allies around the world. i am sure >> should be debated.voted on w. advises subject to qualifications as we set up by the british national interest and it i

i mean, why would you want to pay that right now given that you can get a vanguard fund or fidelity fundsis points or 12 or 4? so yes. the move does seem irreversible right now. >> i'm wearing belt tightening across the industry. there's stuff that's eating into the lunch here. >> absolutely. i mean, and we all might be replaced by robots any moment. that is true. i was actually going to go in a different direction saying broader story and talking earlier about underperformance of hedge fund and assault on the 2 and 20 model and another corner of the world with uk property funds and three of them now and counting, you know, there's a question whether this daily liquidity makes sense for the more liquid assets and across the board questions about structure, fees, efficacy of investing models. all on the table. >> another high-profile example. thank you so much. $3 billion, that's how much money was signed in contracts in the first four days of the nba's free agency. what this new money means for pro basketball next. what's it like to put your home in good hands? like having something fit