participants say they are taught to call raniere "vanguard." vanguard? >> yes.es the name we referred to keith as because he is a leader of the philosophical movement. >> reporter: the second highest ranking member of nxivm is a woman named nancy salzman. former members say she is known as "prefect." >> so keith and nancy, vanguard and prefect. >> reporter: at the heart of nxivm training is something called intensives, which former members say are like group therapy, running as long as 14 hours a day for up to 16 days. edmondson says she attended her first in 2005 when she was 27. >> i left my five-day, my initial training as if a veil had been lifted. and i could see things more clearly in my life. i could communicate better with people. >> reporter: that sounds fantastic. >> yeah, it was great. >> reporter: classes are invitation only and they are not cheap. a five-day "intensive" will run you $3,000. the 16-day is $7,500. in promotional videos and materials it claims more than 16,000 people world wide have taken nxivm courses. many testify to its effectivenes

vanguard versus fidelity.estments has just fired a shot across the bough at its competitor vanguard. fidelity is apparently going to charge employers a fee if your assets are held in any vanguard group investment funds. to gerri willis in the newsroom. i was looking at numbers, 20 million people invest in vanguard funds, should they be nervous? >> you got to think it's a big deal. and the fees could rise, we don't know yet, it could happen. talk about. this according to "barron's," $696 billion went into exchange traded funds while actively managed funds charge higher fees so investors pulled out $390 billion with. that trend, firmly entrenched, fees going nowhere but down until this week. you described it, the largest record keeper in assets and defined contribution plans, 401(k)s, charging a fee on assets. according to a publication called investment news. i reached out to fidelity, they had this to say. fidelity requires all fund families to compensate us for shareholder and administrative services which we

and vanguard index is a great index. we own it. we also own accufunds in that area because i definitely agree with you. >> from the broader approach with the first two eft picks now we are kind of narrowing it down to technology with the i shares technology sector. basically you say it's changing -- technology is changing every aspect of our life. why do you like this particular tech sector? >> because it covers it from a market point standpoint it covers the whole technology sector. and i think technology really marries well with your international investing. the thesis of a global stock market rally mainly bows most of the tech giants are centered in the made to. in fact, the broad vanguard index veu only has 3 to 6% technology. if you want to own the companies that are really changing the world changing every aspect of it and leading the changes in almost every sector, this is the place you have to do it. >> john, thank you so much for joining us. we are jealous that you are out in beautiful san diego. but somebody has to do it.

does vanguard feel that way? and how?bligation to our clients to maximize their return we talk to companies about being aware of the social implications of what you do the extent to it affecting your marketplace. be aware of the risks of the environmental impact, around the governance, we'll have a loud voice on how this is happening so these affect your business and you should be aware of it because it will affect your total return for your shareholders. >> before i let you go, i have to ask you about bitcoin the fcc sent a letter out to everyone last week essentially saying, they didn't say no, but the barrier for the entry etf is so high that it is almost no what is vanguard's view of the etf? will you set up a sunday in. >> we love the underlying block technology behind bitcoin. the digital distributor ledger but for other reasons. bitcoin, you will never see a fund from vanguard on bitcoin. we tend to stay away from assets that don't have underlying economic value that don't generate earnings or cash flows. we don't

manus: vanguard has a warning sign. we will hear from vanguard shortly.dp, thingsut the are potentially getting stronger and china. where are they going to part their money? is where the discussion is. s share of then' treasury market hitting the lowest level since 2000, the lowest in 18 years. together they are about 36% of the u.s. treasury market. china still is the beast. it owns one third of the market. we talked about what they might do. will they continue to invest as heavily in the u.s. bond market? of course they are giving up defending the currency. to a certain extent the drop in terms of holding the treasuries is correlated slightly to the movement in the yuan. you can see a slight turn to the upside. japan has the lowest hoping in four years but there is another story about japan investors into u.s. treasuries as hedging costs are hitting the highest level since 2008. here is the first word news with juliette saly. juliette: in the u.s., white sarahpress secretary sanders has had president will support the house leadership plan for temporary

we were hearing from vanguard earlier on suggesting they were a little choppy. your sense of the market right now. >> the way we have been thinking about markets the last couple of pillars,there are four the increase in the macro data has been supportive of that picture. the start of the earnings season looks ok. are raising orange flags. fundamentals are green. we see the increase in profitability. sentiment is what we are paying the most attention to. ,e recognize this bull market more the british pervasive sentiment. we are doing more work on paying attention to come up what is it can help you in small tactical moves. what tends to happen is your attempted to sell and you never get back in at the right time. you never make enough added value. i wonder what you think about the industry groups. today, for example, we see asml open up 2.5%, and all of these tech stocks are doing well. what do you think about the tech sector in general in 2018? so far this year they have done ok. 3.8%. not a huge piece of the stoxx 600 pie. mark: if we think about tech as a globa

that will match them with vanguard. vonnie: yeah, exactly. is that a good thing? an activist, to only really convince a couple of the major shareholders, maybe even one. jim: that's right. well, whether it is good or bad, it is the reality today for a public company board and ceo. concentration of ownership is probably the biggest single driver of shareholder activism for exactly the point you made. only has to make four or five phone calls. i often tell people, your top three shareholders are going to be vanguard, blackrock, and state street. who are shareholders 4 through 1 0? that is the fulcrum point. >> arguments from shareholders tend to? -- arguments from shareholders -- are demand from shareholders changing? are they asking for things they typically haven't before, and why? jim: i think two things. and it is becoming more prominent. theme, this emerging esg and these are not traditional economic issues in the minds of an active manager. apple is a good point. you have an activist teaming up with the pension fund identifying technology as a risk to the comp

vanguard talks about passive investing in asia.ew york, this is bloomberg. ♪ ♪ julia: "what'd you miss?" passive investing isn't a major force in east asia but that hasn't stopped vanguard from exploiting opportunities there. aboutuards chair spoke the company's asian plans. vanguard's chair spoke about the company's asian plans. -- how things get interpreted and so forth, and we are staying very close to that. i think being here is very important. there is a lot going on in this space. >> do you see the likes of alibaba or tencent as competitors to the vanguard model? >> they could be potentially but they could be potential opportunities force as well. we have paid a lot of attention to the alibaba phenomenon and what they have been able to do. it is kind of a playing field for the team right now. they're up there talking to everybody. >> asia as a reason, they are liking when it comes to passive fund investing. is that a challenge for vanguard 's growth for the region argue focus more in the active funds? william: i'm not sure ye

and in some cases impossible to invest in vanguard's time.ormed the 1951 thesis on low karst invention. investing. with $5 trillion in assets. the company stole the first fund. way back in 1976. the rivals now say that vanguard does not pay its freight to administer the nation's 4o1k to the tune of millions of dollars. make it clear last week that not only does vanguard not pay for administrative services but that it has requirements for notifications and analysis of trade require different staffing. it's one that they now in best. $396billion last year. what impact the policy trades. it will have on the assets. the changes are really fairly marginal. even so individual investors need to keep an eye on these changes. neither of them made themselves available for comment. and what could be a very long war. it certainly seems that way. gerri willis, interesting story. the closing bell ringing in just about 29 minutes from now now we have this story. the company may be putting up a for sale sign. but with a checkered past and the c suite will bu

vanguard asset management approaching $5 billion.growth this year and that would be driven by the company's infiltration in emerging markets but he is concerned that u.s. equity markets are becoming irrational as he told bloomberg in an exclusive interview beijing. >> it is not coke and pepsi. we're 20% of the u.s. mutual fund market. wore only a couple of percentage points of the overall market. i think there is an opportunity for us to continue to take on message and word of mouth and the loyalty of our clients is what has driven the growth. we have many investor who is just keep putting more with us over time. it is less about attracting brand new investors in many cases and just building relationships deeper and deeper. >> equities have powered in 2018 after a very strong 2017. at what point do they become irrational? >> i think we're getting very close in the u.s. the evaluations are really high. every bit of good news seems to be incorporated into the market prices right now. there is not a lot of room for bad news. you know, f

i'm confident if we do these six things, we're a vanguard and a pioneer and out in front. and that our returns will continue to be as they've been for the last four years, that they will continue to be top percentile. >> can you touch base on the sixth point of your recommendation? >> sure. number one is carbon-constrained strategy for $1 billion. 4% of our assets. twice what new york is now. second, hire a director of social responsibility investle ing to coordinate level two of the board's policies and also recommending to hire an analyst in that as well. number three, to partner together with other pension plans and key institutional investors. you've heard of their growing size. oil companies -- and oil is only 30% of global energy production. last year the world consumed 1.5 trillion gallons of gasoline. how much resources do you think the companies have? do you think we should walk away rather than try to engage and effect and change how they allocate capital when they have the kind of resources that they do? i don't view that as a responsible thing to do. i think we

haslinda: vanguard chairman and withill mcnabb speaking tom mackenzie.aking of exclusive interviews, we have lots more interviews. for me live in davos extensive coverage of the world lotsmic forum, and we have of big names. also, analysis from pharmaceuticals. come up byight now .2%. this is bloomberg. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. >> the lion city taking a breather from the rain, but still clouds out there. we are in the middle of the trading day. taking a look at the sti, reversing yesterday's slump. it posted its biggest gain in and looks last year, to do more. >> as you know, temperatures in hong kong edging to slightly higher. not as warm and hot as sin

there is a place called vanguard, and vanguard's terrific, and they have the thing called the total return of all stocks that one is one of my absolute favorites. stick with cramer. >>> i like to say there's always a bull market somewhere, and i promise to try to find it just for you right here on "mad money. i'm jim cramer, and see you next time >> welcome to the shark tank, where entrepreneurs seeking an investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪ to make babies' feeding time easier. ♪ hello, sharks. my name is martin hill. and i am the owner and creator of the beebo. i am seeking a $200,000 investment in exchange for a 20% equity stake in my company.

them in the vanguard as he can to give meaning. even to. the reverse one of them which isn't. a few now going to dinner more interest to those. look at the get annoyed the source in them even when i knew. i was. impossible i'm yours. as you want. and you. look at years and did really. miss. miss india. for. the. moment. the. noisy the. ugly the you know whether or not to. give. me. a few notes. a little. bit of. a city that synonymous with hot coal mining steel production it's been the life for a century and ninety nine some of those workers founded. right here on. still celebrates its titles. in one nine hundred sixty three and the inaugural season of the bonus league because fans are become a copper gold. currency common with them all to show consequently didn't shoot us a call from high simple easy call from the c. criminal sonnen instead of higher costs. in sixty six the black and yellow became the first german club to win a european title the cup win is. relegation in seventy two was dalton's first big setback on the lead to financial trouble. came with a new ground the b

. >> reporter: diana is manager of vanguard properties in petaluma. >> just for santa rosa alone there are 103 vacant lots for sale and over 125 properties available in all price ranges. >> reporter: for many victims their insurance coverage is less than current inflated building costs. >> many people are not in short enough to rebuild at today's prices and the impact of builders happening all at one time, the average $250 per square foot is now $350 a square foot. some people can't afford that. >> reporter: coffey park lots are about $150,000 each, relatively cheap. fountain grove lots are 2 or 3 times as much but still relatively cheap. >> it's a great deal if you can hang onto it. usually when you buy a vacant lot you talking about septic or sewer, public utilities. those are in place for many of these lots. >> that's why so far most of the buyers are investors who want to flip the lots when prices rise or speculators who will build in rent or sell to people who can afford it. in a tight housing market, that is gold. most experts agree because the economy is strong, the labor market

that's three times less than fidelity... ...and four times less than vanguard.hat's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. my name's dustinhey, dustin. grab a seat. woman: okay. moderator: nice to meet you. have you ever had car trouble in a place like this? (roaring of truck) yes and it was like the worst experience of my life. seven lanes of traffic and i was in the second lane. when i get into my car, i want to know that it's going to get me from point a to point b. well, then i have some good news. chevy is the only brand to receive j.d. power dependability awards for cars, trucks and suvs two years in a row. woman: wait! (laughing) i definitely feel like i'm in a dependable vehicle right now. woman 2: i want a chevy now. woman 3: i know! maria: global markets on fire. the major averages hitting new highs again this week. but some are putting up the c

of my motto with stone quarry from eight hundred eighty six has been positively identified as a vanguard by the bangkok museum in amsterdam the drawing had been discovered in a connectors estate the confirmation led to another drawing called the hill of mamata with a similar handwriting and subject also identified as brian cox work the two drawings can be viewed at the singer museum in the dutch town of lot and tell my six. for the first time to vegetarian restaurants and many have been on out with this guy one of them as. cookie screen right here in the living you might be asked me what they serve that impressed the world's most discerning restaurant testis i don't eat meat myself and i've actually been there so i can tell you there's much more on the menu and then just sell it said stephanie angela proves that vegetarian because in has much more to offer. beetroot. with crispy olive crumble. grilled leek with black says me see these dishes were created by stefan henchoz head chef at the bowling restaurant called the scream since two thousand and seven the restaurant's just been awarded

bookable this is the vanguard canon that it doesn't count thank you stone did i say i meet you could actually watch the show you don't deserve these old clothes. but i say i counted. them then they are shift just sit back. if you don't require. picasso's body of work was enormous. some of his works went unrecorded after the painter died they were probably hidden away during the inventory for the inheritance. but that is what this report suggests by the director of the picasso administration who represents the families interests. it is likely that certain works escaped the inventory as they had been hidden by. this is the ought to be the case for the two disputed paintings. accused of being involved in the theft of the two portraits. defends himself as it claims that he did indeed pay katherine you done earlier is apparently asked him to pay money not directly to the because so heiress but to a trust fund an offshore company based in a tax haven. because to understand shine the community of a casion have to benefit the. community demand i mean done what is often is if there's a fear o

vanguard strategy. we speak this -- with the ceo of the world's biggest mutual fund.k on plans for billions of additional borrowing. no shortage of news today. the gdp number from china later on this afternoon, but here is the markets. treading water, we have given up a lot of gains this morning on the regional benchmark, but we are still seeing mostly green across major markets today. the nikkei 225 in focus. it broke above 24,000 at one point, the highest since 1991. we are slightly off that now. perhaps what is pouring cold water on the rally, the pickup some boj members are set to say it is time for normalization. look at the yield, slightly lower right now.

all that's needed is our continuing commitment for idaho to remain on the vanguard of this evolving discipline. on a related note, no report on our progress over the past decade would be complete without highlighting the growing partnership between the state of idaho and the idaho national lab. we are light years beyond the kind of legal and political disputes that dogged our relationship for many years. today the inl is much more than a remote nuclear engineering outpost on the eastern idaho desert. our connections now include my leadership in nuclear energy or line commission, our strategic energy alliance, and the center for advanced energy studies with its cutting-edge smart grid research. and let's not forget the inl's growing collaboration with our universities, as well as the department of energy's stem education efforts at idaho schools. and there are more great things to come from the inl and the battelle energy alliance, which just won a new five-year management contract that will ensure welcome stability in lab operations. coming soon is the next stage in developing small modular re

they were the vanguard of a new american army, about to enter the most destructive war the world had ever known. man: it's a watershed in american history. the united states goes from being the country on the other side of the ocean to being the preeminent world power. narrator: for president woodrow wilson, the war was a crusade "to make the world safe for democracy,"

. >> well, i think that all of the passive ties, whether it be vanguard or blackrock are extraordinarilyey talk about the fact that they're, in effect, going to do exactly what the market does and then they put out public policy statements that suggest that they're going to advocate the market doing things other than what happens every day so either they're a passive fund that follows the market or they're a leader that's setting the tone i just wonder whether america is really ready for vanguard and blackrock to control the new york stock exchange because that's what's happening. >> but blackrock is the biggest owner of a lot of shares, too, if you go down the list. >> they ought to vote the same way as the majority, not vote independently. >> that's interesting. so you think they should vote in tandem with whatever -- historically they were the rubber stamp of whatever management was doing. >> i didn't say rubber stamp for management i said that general members of the stock holding group -- >> right. >> -- voted x and blackrock and vanguard should vote the same way as the majority vote

with an institution forced out of the fires and carnage of world war with the united kingdom in the vanguard of its creation is seen at best as a tactical necessity for the time being perhaps the time is come for a new emphasis on the substantial role and purpose of the council of europe the one political institution which can be genuinely said to unite a troubled continent. so from alex no the team hit alex salmond so in our first edition of the new york thank you for what we hope to see we'll see. a plate for many clubs over the years so i know the game and so i dived. football isn't only about what happens on the pitch for the final school it's about the passion from the fans it's the age of the superman each of billionaire owners and spending two to twenty million alone playa. it's an experience like nothing else not to because i want to share what i think what i know about the beautiful game played great so well paul chimes for. the base this minute. because gold is periodic album number seventy nine it has unique attributes that make it great for money these are big going to with not m

reporting that when maloney and donald trump asked new york's guggenheim museum for a painting by the vanguard while that museum declined and offered something of an interesting substitute a functioning solid gold toilet by the italian artist rachel cut along the work of art entitled america is estimated to be worth about one million dollars it was installed in one of the museums restrooms and has been used by tens of thousands of visitors the president's known to favor gold decorations in his personal residences no word on how the presidential couple responded. get your mind of our top stories this hour formal coalition talks between. conservatives and the social democrats are finally underway for. reasonable time. and he says he plans to offer a positive message when he delivers the closing address of the world economic forum . you will have live coverage of that. speech was to begin. this is. an unusual. the grand museum and joy. country the international co-chair. for genesis discussed living in fear how anti semitic is germany. a german boy was bullied and attacked because of his jewish h

with an institution forced out of the fires and carnage of world war with the united kingdom in the vanguard of its creation is seen best as a tactical necessity for the time being perhaps the time has come for a new emphasis on the substantial i'm purpose of the council of europe the one political institution which can be genuinely said to unite a troubled continent. so from alex no the team hit alex salmon so in our first edition of the new york thank you for watching we hope to see what's. hello my name's peter and i've been living in bushnell for about seven years and this is a film about just some of the crazy things i've got soaked through in the time. when you're going to get up yet. again you've got to just punished or did you cry because the pirates are the guy that i still did not hit to see if. i. was surprised because. it's the cradle of jazz. this is america is the america we have. to know all of this jazz feel. a city of climatic contrast to fish alligators on the loose of poverty and crime by the at least twelve members of my family close most murders of street racing in the h

with an institution forced out of the fires and carnage of world war with the united kingdom in the vanguard of its creation is seen best as a tactical necessity for the time being perhaps the time is come for a new it emphasis on the substantial i'm purpose of the council of europe the one political institution which can be genuinely said to unite a tub of continent. so from alex know the team here at alex thomas so in our first edition of the new york thank you for what we hope to see will through. los angeles the city of luxury and fame but also an alarming number of people living in the streets. the simple fact in l.a. he's there's just not enough shelter even if people on the streets right now decided to come in there's nowhere to come in and it's been a struggle. to get this man found his own response to the problem and constructed dozens of tiny homes for people in need of shelter when you have nothing and nowhere to go. you know having some ideas may as well be a castle but do the authorities accept such solution tiny house on a city parking space is not a solution your craft to have

he think the muslim-american community is going to be the vanguard of solving not just the international crisis over violent extremism, but in this country, i think this community is the key. [applaus [applause] >> on the issue much white supremacy and white nationalism, sammy, you deal with people who have gone through that process of radicalization, but they're white supremacists and something that i've heard before in terms of dealing with people who have radicalized to violent extremism is that you can't look at them as monsters, you have to look at them as human beings first. can you go-- can you walk us through that process of dealing with people? 'cause i think leak yourself, and i watched your youtube about your life story as a victim of rape and abuse growing up as a child, it was a very difficult video to watch, but it's a must-watch video, what goes on in the minds of people who radicalize along the lines of white supremacy and what do you do to try to help that person? >> first of all, i think it's important to recognize that we can't fall for the trick of the rebranding of r

vanguard has one, vox is the biggest. ishares hast, and one, fidelity. five etf's.ll quadruple. julie: they will be renamed communication -- mark: you will see the whole product line get launched. would imagine this means money into the individual telecom stocks as they are jiggered in the re etf. >> they're are having all of the money being dumped into them the way that a-shares are moving into bigger benchmarks. julie: really quickly, the first etf's are launching next week, before any bitcoin etf's. , it isity shares anticipated, not certain, but on wednesday they will hold companies like accenture, ibm. anything with blockchain in the name goes to the men. it is interesting with 2 launching in the same day. within a couple of weeks, it will be which one people choose. julie: blockchain, bitcoin, crypto, it is all been going up. thank you. mark: still ahead, retail sales continue. of theef executive national retail federation and looking at the drama surrounding germany's thinking today. ♪ julie: live from bloomberg world headquarters in new york, i am julie hyma

shareholder --t black rock vanguard. they say they like this idea.titorsother have done some other things where they have split into two parts. a lot of this is based on electric cars and the future of self driving vehicles, how to make those segments more flexible to change and react and grow in those areas and separate that out. riggs with our stock of the hour. mark: top of the bloomberg business flash. samsung electronics came up short in the last quarter. a south korean giant reported lower-than-expected profit. samsung lost momentum in memory chips. the company plans to release its latest smartphone next year. hedge fund biggest is turning on dollar bonds. the evaluation still doesn't make any sense. the premium on e.m. dollar bonds is now the lowest level since 2007. that is your latest bloomberg business flash. vonnie: straight ahead, if ferrari can do it, maybe they can, too. we are talking about aston martin as they consider an ipo. this is bloomberg. ♪ mark: this is "bloomberg markets ." let's get to aston martin. they are exploring an ipo

that's three times less than fidelity... ...and four times less than vanguard.t, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. charles: you saw it here, house approving a bill to reopen federal government, now it awaits the president's signature. joining me back is now panel, deneen. i think that pretty clear. that this is a huge victory for president trump and republican peter. but -- party, but everyone agrees it is temporary. the circus i think leaves a bad taste in everyone's mouth. what could be done by republicans over next three weeks to really show they are trying to govern. >> i agree with point made in terms of continuing resolution to get rid of it, we'll be in the situation again. in real world we're held accountable for bringing results too the table where we work. if you are not, you are fired. why can't our politicians do what is best for country, do wh

that's three times less than fidelity... ...and four times less than vanguard.t's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. kennedy: there has been a new twist in the dreamer drama. the president saying he may renew daca if congress doesn't act and couple with a deal before it returns out. but there is a big immigration story getting buried by daca. it involves something called the genius visa. orrin hatch introduction a bipartisan bill that would double the cap only high-skilled visas. the tech world argues the legislation is necessary to keep companies competitive. and the president says it's a cheap label program that takes people's jobs. dr. michio kaku, welcome back. we are usually talk about rockets and robots and the future and physics. but now we are talking about immigration. this an issue you are really passionate about. >> it's a brain drain visa.

you were at the vanguard of that, deputy director, would you fight this in a different way?ith your head in your hands at the way the remain campaign went about that? i think it was a very hard campaign to fight. given that people, when we first started, it was 50—50, when we spoke to focus groups there was no real concept of what the positives of remaining wearer. of what the positives of remaining were. within six months, there was a huge amount of work to do to land those positives, what do we get from being in the eu? it is a very hard discussion, not least because in a referendum when there are choices and it is a very conjugated complicated question, people can put all sorts of different things into the pot. and are voting to take back control or whatever it is they choose to put into the pot. jeroen djesselbloem, what is europe thinking about brexit right now? today, after this cry from the second referendum? i have not heard anybody in brussels arguing for a second referendum. i think people in brussels are waiting for what does the uk government want to have in the

look at ann coulter, i think within the vanguard of saying this is a total sellout. this deal.ou've got the right hating and the left. >> personally, i don't like it either. but i will say this. having covered this issue on capitol hill for 15 years and studied it much farther back than that, this is the most centrist proposal any politician in washington has ever proposed to fix this problem. steve: do you mean that as a compliment? >> i don't mean it as a compliment because it's not the deal i would go with. it's not what i would like. but what i mean is, this is a serious guy making a serious offer. he's looked at all of the options on the table and said -- and even with the campaign that he ran, he said, listen, i can tell you, this is the center right here. and hey's right. that's where the center is. nobody likes it. and this is why, a big reason why i think the truth of the matter is democrats don't want to make a deal on this. they like the issue. they don't want to fix it. and back to the important point you made about -- steve: like to keep it oip as a campaign issue.

that's three times less than fidelity... ...and four times less than vanguard.t's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. (♪light musical cords) lou: in our online poll we asked you, do you believe the dems leadership will soon be in a dark corner. do they think they are going to win? do they know they will lose? 90% of you said yes. democrats doing everything in their power not to acknowledge all the good and great things the trump tax reform plan has done for americans and will do even more in the course of this year. new york, new jersey and connecticut, they had it. they are going as far as to sue the president, claiming the tax legislation and law is unfair. millionaire nancy pelosi claiming americans are just getting crumbs with their $1,000 bonuses and wage increase. here is the i will luls trious debbie wasserman-schultz. >> i'm sure that $1,000 wh

. >> reporter: she is the manager of vanguard properties. >> just for santa rosa alone there are 103 lots for sale in only 125 properties available in all price ranges. >> reporter: for the burn out victims their insurance coverage is less than inflated building costs. >> many people are not insured enough to rebuild. and with the impact of builders working all that one time. the square footage amount is triple. people cannot afford that.>> reporter: this is relatively cheap your, but these -- cheap, but these over here are relatively cheap. >> when you buy a vacant lot you talk about bringing sewer in but these are already in place here. >> reporter: so far, most of the investors, they want to flip the lot as soon as the prices rise. in a tight housing market that is gold. most experts agree that because the economy is strong the labor market is strong and the severe housing shortage it is unlikely there will be any mass migration away. in fact, we could end up with more people in one country than ever before. >>> we have rain. we had it this morning we had two inches of rain today.

the thing about it is the arts have always been the vanguard of social change.s, does itout it bury how they interact with women? yeah, i think it does. the same when i am a black man and the same way you know, you would go and i have come from pretty mixed -- i went to an all white catholic school, privileged. the thing about it is, i am 65. when i was in high school, i say, iave friends always have a black joke for you. they won't say that now to my face. arts help change that? caller: yeah, i mean it has. like the gentleman before was talking about, there has been a casting couch. there has always been a casting couch. , it is thing about it is changing because there needs to be more women, the same way it is to be more black people behind the camera. change.st social as in the same thing, who would've thought in 2008, we would've had a black president named barack hussein obama. , why can't we have a woman as president? a p grabber in the white house now. peggy stang on the issue of oprah. -- peggy staying on the issue of oprah. one were tweet from american

increase transparency the biggest implications are for asset managers, like blackrock, jpmorgan and vanguardave said they will pay for the research out of their own pockets many think this will become the industry norm which may hit smaller firms harder also the new roules bode well fr asset managers who have their own in-house stock and research analysts equity managers are more affected than bond managers who use external research less but the sell side, broeshkers ad investment banks also face implications it may lead to consolidation on the sell side. many sell side research firms already operate without execution services and are essentially paid in hard dollars already. they could be set to benefit though this is an eu rule, it's forcing u.s. banks with a global foot print to adapt for european operations while it's possible this could become the global industry normm in the long-term, u.s. brokerages will be able to continue business as usual for now. >>> three clearing houses have been granted extra time to implement the mifid ii rules they won't have to comply with open access mifid

at the last client that have less than $500 on average to invest in eps and managed copies like vanguardutcher's sound avengers and kevin durant are also acorn backers. been -- bloomberg has been live at the show in las vegas. from aring new gadgets headsets, lasses and vehicles. whatattended the event, did you set out question mark >> that was the talk of the town but in all seriousness, it was basically, the reemergence of virtual reality, we're both at cs about the ins and outs of the our nar, br we looked at it as a dime platform over the last year but now there has been a shot in the arm, oculus has this $200 headset that is going out in a few months. same time, in the back room deals, we have apple, snapchat, other chinese makers, lenovo, samsung, lg, google, any company you can name, amazon, they're all working on ar headsets but those are years away, that was the backdoor talking. products donds are think are the most promising? >> augmented reality, everyone you talk to who understands technology and where the industry is going recognizes that vr will be a niche player, a very s

that is for clients that have less than $500 on average to invest in eps and managed copies like vanguardhner and kevin durant are also acorn backers. introducing new gadgets from , glasses, and vehicles. they attended the event, what you see? >> the blackout. that was the talk of the town but in all seriousness, it was basically, the reemergence of virtual reality. ins andlooking at the outs. in the same time, in the back room deals, we have apple, snapchat, other chinese makers, lenovo, samsung, lg, google, any company you can name, amazon, they're all working on ar -- on vr headsets but those are years away, that was the backdoor talking. emily which trends are products : do think are the most promising? >> augmented reality, everyone you talk to who understands technology and where the industry is going recognizes that vr will be a niche player, a very successful niche player until augmented reality comes down the road and becomes a successful technology on its own. a few years from now. stuff seeing very early the underpinnings of what is to , come down the road. emily: what is comin

kasparov joined the vanguard from the pro democracy movement made chairman of the human rights foundation and facing imminent arrest in 2013 during the flu putin crackdown and moved to new york city from moscow. his nonprofit promotes the teaching of chess pride into to today's discussion a visiting fellow at the oxford martin school i actually had to cut about he is so accomplished also the board of foundation for responsible robots and in 20 years ago the world watched as the greatest chess player in the world was defeated for the first time by the ibm supercomputer. he points out the year before he wanted and says that symbolizes the fight against machine coming to see how they can partner that is the subject of his new book named "deep thinking" please give me and our guest a warm welcome garry kasparov. >> caller: before we get into the conversations around ai and it is revolutionizing i will start with russia. given that extraordinary political moment give us some insight what it is like to be a dissident to have that crackdown on that democratic protest talk to us how that happened

etf's took in more money than they had in assets when this conference started in 2008. 2 things -- vanguardblackrock are invested in the conference, and they are taking it will stall the money. that is a good sign. accountants, custodians, lawyers. it involves the whole ecosystem. that is why this thing could in a decade's time be the biggest investment conference. julie: your second observation 95-5at you are calling the phenomenon. explain in etf's when you talking about. 95% of the media coverage and was affects 5% of your port for you. at this conference they had quincy jones, who is going to be promoting an etf called qj coming up. this is the stuff that people buzz about them but almost all of the money goes to the chief data and smart beta products. that is part of what you saw in the panels. ago smart five years beta was a controversial topic. now it is accepted. now the country is a topic is bitcoin. julie: see if that is accepted in five years time. hedge funds was a big theme of the conference. eric: derivatives from a single securities, and now they are aiming at hedge funds. th

disposable income. 2.7 million people use the app to put their cash into exchange traded funds managed by vanguardock, and others. joining us from new york, the acorn ceo. your company has already racked up millions of customers. how does the app exactly work, and what is your target demographic? >> thank you for having me. acorn makes it effortless to invest spare change. it goes to exchange traded funds in a simple portfolio. when you sign-up, you link your bank account, you link your credit card or debit card. anytime you make. eight purchase -- anytime you make a purchase like at starbucks, we round up the purchase to the nearest dollar and invest into a portfolio for you automatically. using: many people are this to invest a few cents here are a few dollars. what is the average investment side? >> it's really easy to invest $50 to $60 a month from the roundup feature. automatedve an recurring investment or you can make an investment by the day, week, or month. that gets added into the same portfolio. it makes it simple to add that up. are setting if you up this sort of recurring payment struc

hen god chairman bill -- vanguard chairman bill shares his thoughts on opportunities in china.rmakers gather at the north american international auto show. find out how they view the road ahead for the industry and for their companies. >> the coal industry was not around the notion of nafta, and i think we have to be very careful with how much we take tinker with it. juliette: this is bloomberg. ♪ ♪ >> what does the u.k. have to do for its banks to retain access to the single market? >> well, i think the whole situation, in a way, is dramatized excessively. >> you think over-dramatization is hindering? >> oh, yes. it is never good. we have to de-dramatize and look at things as they are. what have we seen the last 18 months? lots of players in financial services that are only based in london that do need to have a subsidiary, they need to have substance in the u.k. single market, because they will lose automatic access. everybody realizes that now. when i talked to a few 18 months ago here in china, that question was still open in many people's minds, that the u.k. could eventua

etf's -- it isic not like vanguard of the world.mance is a way out of obscurity to get your name out there. right now, trailing the s&p 500 a little bit, it is and i that latches on and gets people easily. have copycat efforts from someone else? >> we have seen one similar fonts to gop, but i think we are doing something different. i know you're familiar with the reese --, so maga rebounds quite frequently. managed, andly where putting forth our best ideas, 38 names in the portfolio. it fits into the conversation we are having -- sentiments as we head towards the midterms later this year. >> that is a big we are excited about that is launching next week. alertn sign up and get an -- launching next tuesday, it will include a policy meter and the sum that is very cold that will tell you whether you are in a republican or democratic market. it is going to be something that is focused in midterms, and another thing you can look at is the week today and the one-year performance of the individual some things, these policy baskets. .ulia: