what has changed since you started vanguard? >> i guess i would start by saying everything has changed. the mutual fund business is a totally different business. it's now probably 70% of the cash flow, sometimes 100% of the cash flow is going into index funds, which isn't exist when i started vanguard all those years ago. and indexing is up to i think around 45% of mutual fund, equity mutual fund assets. so it's been a reev revolution, indexing has, and it's changed the nature of how people look at investing. and most important of all, it's made people start to think about cost. cost is everything in this business. because when you think about it, where are returns generated for we investors. they're generated by corporate america. they earn money, they pay dividends, they reinvest the remained ner the business and that's where value is created. the financial markets are the way we access that value. but the financial markets don't give us all of it. they take their share first and then give us what's left. being we investors. s

what has changed since you started vanguard?> i guess i would start by saying everything has changed. the mutual fund business is a totally different business. it's now probably 70% of the cash flow, sometimes 100% of the cash flow is going into index funds, which isn't exist when i started vanguard all those years ago. and indexing is up to i think around 45% of mutual fund, equity mutual fund assets. so it's been a reev revolution, indexing has, and it's changed the nature of how people look at investing. and most important of all, it's made people start to think about cost. cost is everything in this business. because when you think about it, where are returns generated for we investors. they're generated by corporate america. they earn money, they pay dividends, they reinvest the remained ner the business and that's where value is created. the financial markets are the way we access that value. but the financial markets don't give us all of it. they take their share first and then give us what's left. being we investors. so

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. you finished preparing overhim for college.rs, in 24 hours, you'll send him off thinking you've done everything for his well-being. but meningitis b progresses quickly and can be fatal, sometimes within 24 hours. while meningitis b is uncommon, about 1 in 10 infected will die. like millions of others, your teen may not be vaccinated against meningitis b. meningitis b strikes quickly. be quick to talk to your teen's doctor about a meningitis b vaccine. ♪

in many ways, america's relationship with canada has been the vanguard of our relations with other nations. treatyst environmental involved canada. our first permanent mutual defense relationship was with canada. the agreement to remove ships of war from the great lakes was our first arms reduction pact. say thatave heard me nations don't distrust each other because they are armed. they are armed because they distrust each other. the longest undefended border in the world, canada and the united states, are proof of the flipside of that. when nations live in trust and friendship they live in peace. today, our relations are better than ever. the canadian, u.s. partnership has grown and strengthened. that is all for the good. a world is changing before our eyes. we need each other's friendship as never before. theany ways, that is what last three days have been about. a changing world. have just finished meeting with the leaders of the five other major industrial democracies. economic summit played an important role in the revival of growth in the industrial world. each year, a different coun

in many ways america's has ionship with canada been vanguard of our relations with other nations. first environmental treaty over boundary waters involved canada. permanent mutual defense relationship was with canada. remove agreement to ships of war from the great akes was our first articles reduction pact. you mahave heard me say distrust each other because they are armed. they are armed because they distrust each other. longest undefended border in the world canada and united states are proof of the flip of that. when nations live in trust and live in peace.y today our relations are better than ever. four years the canadi anadian-u.s. partnership has grown and strengthened. that is all for the good. n a world that is changing before or eyes we fe need each as never iendship before. in many ways, that is what for the last three days here in toronto have been about, role anging world and the of north america in it. as you know, we have just finished meeting with the of the five or maim industrial democracy -- major industrial democracies feel have played an important role in the

. >> the second one, you have the vanguard developed markets. it suffered because of the fears about the trade wars and tthing, you're among those who feel like that's been overblown in the market, right? >> yeah, i tnk you havell kinds of things impacting that. the italian debt crisis, the strength of the dollar. t mainly, the threat of a trade war. i don't doubt for a second that we're going to have spats and there's going to be more to come from -- i don't know if you want to use the word -- there's no intermediary word. it's either nothing or trade war. but i think it's overblown. because it's not in anybody's best interests to have a prolonged trade war, including i think this is all posturing and a little bit of back and forth for the united states to get a slightly better deal. and you'll see that lif a ttle bit. and if you look at how the markets have performed e u.s. juste with barely up and overseas, just a little bit down, you can attribute most of that overseas weakness to the potential trade war. >> and if you want to reach foro bet

, but the prevailing unibond exchange traded fund, they slashed fees, and probably because vanguard wantsthink the lesson is, investors are getting the basic building blocks of a portfolio at app extremely cheap level to the point yoshouldn't worry about it >> it's basically free >> yeah. i mean, for all intents and purposes, the difference between 12 basis points and 7 is probably not going to be missed -- i joke, you have to have so much money for that to make a difference for you that it does not make a difference. >> are we looking back going, hey, remember back when there was a time you could investor free, or is that what's happened with the tech companies and technology >> no. i'm not saying it's literally going to 0, but i think this is probably the direction it goes because it's only going to get more, you know, technolo enhanced >> and, michael, this does not excuse anybody from charging moren that if you are active, you can make the case, but they chase everybody else out, right? >> i was just going to make that case we used hundreds of millions of s of etfs in our portfolio st

as want to turn their fish farm into africa's biggest and they're hoping to win the people of the vanguard know over to fish farming. hoping to seize that well fishing community this fishing community from will now start to see this as a new we will use it they will start to see that after. like victoria's fishing industry was once declared defunct perhaps a little too soon. freespace . that's the theme of this year's architecture be enough to invent. the german pavilion wants to tear down walls and the young chinese architect aims to revive rural villages. space and respect. our special on the. next day w. paul gauguin is one of the most important trailblazers of modern art. from stockbroker to self-taught painter he remains a stranger to himself patent the well and. the story of a life long search. i am a savage. long. as long as. my meds are to not go to day nothing would change you know the banks you know demonic and so watch the language of a banker. speaking the truth global news that matters j w made for mines. climate change. the stain of belief. environmental danger. of globalizat

those want to turn their fish farm into africa's biggest and they're hoping to win the people of the vanguard know over to fish farming. hoping to seize that well fishing community this fishing community from will now start to see this as a new way of using to start with you go after. you. like victoria's fishing industry was once declared defunct perhaps a little too soon. sade's . and military service. are they truly compatible. transource of over back says no contradiction he thinks of it as his calling a model german military bishop provide spiritual comfort where it's needed most. telling. in good shape. for those affected it's a devastating diagnosis of parkinson's disease parkinson's is one of the most frequent neurological diseases in the world more than four million people suffer from it you cannot cure parkinson's disease but you contribute to slowing down the climate and treating the symptoms. in good shape sixty minutes on t w. climate change. waist length. and isn't it time for good news to go at africa people and projects that are changing no one fire meant for the better it's u

barrios want to turn their fish farm into africa's biggest and they're hoping to win the people of the vanguard know over to fish farming. hoping to see is that all fishing community this fishing community from will now start to see this as a new way using to start to see the. next victoria's fishing industry was once declared defunct perhaps a little too soon. toxic losses in the country is one of the world's largest supporters of the flowers and. his environment is paying the price. for uses vast quantities of water and. the science of. a large flower farm on the lake not a shop shows it can be done differently move. to africa next. lookin stars deliver rousing performances. play swisscom kasi. love. the best six seven the most out the charm of the place the books the birds in concerts the food the to. clock. out the germans came together in one nation from the money to chancellor also from bismarck the for the history of the germans has been shaped by great rulers. by swell always to bring my royal college of battle to protect christendom and spread the truth of the book are we to fall back

the following day the vanguard of a new you and emergency force arrived at the suez front. but despite their presence skirmishes continued between egyptian and israeli troops on the western bank of the canal. so this violation started almost in me in a while because what will happen when the war stopped was that it stopped in the middle of ongoing military operations so there were no natural lines of them or cation the forces were merely mixed on the battlefield. with no clear border lines between forces a major breakthrough was needed to end the fighting and secure the fragile un ceasefire. it would come when a gyptian is in israelis met a negotiations on the battlefield. for the first time in the twenty five year history of the state of israel. we will maintain the finest fighting force the world has ever known the united states army was. so reliant on the private sector i would call that the tendency we have a mismatch between the way we magine work to be and the reality of the twenty first century enough to. deal for us and how to how many of the persons that you're sen

we've been in the vanguard of 2025 before it existed, because we strove to put a spin on education. and i'm referring to strengths, preferences, interests and needs. those of you that are familiar with the individuals with disabilities education improvement act of 2004 are aware that when you plan for transitions for students with special needs, you must consider students' strengths, preferences, interests and needs. and that to me is about blended learning. that to me is about tailoring education to each and every child at the core mission of our work here at san francisco unified. with all that being spun -- said, i would like to invite dr. matthews here to go ahead and cast us off. i want to thank you, all, for the recognition. those of you in the trenches, know what it's like. and those that do not, i encourage you to come check us out and get in partnership with your community. we could sure use your help. thank you. [applause] >> thank you. >> have a great evening. >> thank you. >> thank you. appreciate you. >> our second award winner this evening is the resource specialist te

not these just so you know western media these people that you are backing in ukraine at least the vanguard of of the new government that helped brought it to power and keep it there those are actual honest to god real fascists. i already brought up the term virtue virtuously milling i mean the. again i think you put it really well where however you want to call on the immigration debate but you know if you have the picture of time that the cover of time magazine trump without a child i mean on so many levels that cover of is fictitious it's a throng have to write it's fake news ok and particularly when trump found himself squeezed he caved whatever word you want to use. but he inherited a problem and he's still being blamed for it ok even when he took action go ahead oh yeah it was completely fake i mean the whole story was fake. the whole hysteria about the little girl nothing of about it was was even close to her getting taken away snatched from the arms for mother but i mean there's no need to go into detail the whole thing was fake news and that's why people are calling c.n.n. and time

coming up next weekend, vanguard troop founder jack vogel is my special guest.ms of investing. i will see you sunday morning. devin nunes is joining the program. catch me live. tune in week days on the fox business network for morning with maria. thanks for jirng us today. i will see you next time. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe.

kathleen: thank you so much, vanguard group chief global economist joe davis.ead, as recently emerges is from its debt, it is asking the continental debt crisis. more with greek prime minister alexis tsipras. this is bloomberg. ♪ is bloomberg. ♪ yvonne: this is daybreak asia. i am yvonne man. .athleen: i am kathleen hays leaders have yet to find a solution to the migration crisis, but they could get help from the continental longtime problem children. as greece climbs out of its debt burden, alexis tsipras is offering to help in a problem he said his country had no help in creating. he spoke to john mickelthwait. the migration crisis is here to stay. it is not a crisis we will overcome easily. it has to do with big causes behind it, the wars and inequality and demographic imbalance. we need to consider whether the crisis and any other big crisis and challenges faced by europe will be dealt with in a collective spirit. as european challenges that require european dilutions. or whether each country will deal with them separately by building fences or looking only

okay, there is a place called vanguard and vanguard is terrific and they have a think called the totalnd of all stocks that one is one of my absolute favorites. stick with cramer. let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. looking for a hotel that fits... whoooo. ...your budget? tripadvisor now searches over... ...200 sites to find you the... ...hotel you want at the lowest price. grazi, gino! find a price that fits. tripadvisor. your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $7

in many ways, america's relationship with canada has the vanguard of our relations with other nations. environmental treaty over boundary waters involved canada. mutual t permanent defense relationship was with canada. and the agreement to remove war from the great lakes was our first arms reduction pact. have heard me say that nations don't distrust each other because they are armed. they are armed because they other.st each with the longest undefended border in the world, canada and the united states are the proof side of that. when nations live in trust and friendship, they live in peace. today our relations are better than ever. four years, the canadian u.s. partnership has strengthened, that's all for the good. changing before our eyes we need each other's ever before and in many ways, that is what brian three days the last in toronto, has been about. he changing world and the role of north america in it. finished meeting with the leaders of the five industrialized democrats. hese summits have played an important role in the revival of growth in the industrial world. of course, a

and speaking of international etf's, one fund that caught our attention this week, the vanguard ftse european etf. uncertainty in europe prompting an exit. investigators pulling with a $230 million from this etf on monday, the most since the aftermath of the brexit vote two years ago. a reminder, you can see all of our charts on the bloomberg on gtv, that's including from the charts we just showed you. this is "bloomberg etf iq." ♪ scarlet: i'm scarlet fu. this is "bloomberg etf iq" every week we run you through the etf lifecycle, made up of three main stages. first up is the filing. the alps clean energy etf has filed with the sec. it trades under the ticker aces, and the fund will target u.s. and canadian companies in the clean energy sector, including renewables. stage two is the launch. the value-based fund from goldman sachs and billionaire paul tudor jones begins trading under the ticker just. it will invest in the top 50% of the russell 1000, according to rankings compiled by jones' non-profit, just capital foundation. just corporate behavior includes worker pay, a safe workpl

recycled larges there are no wigs just caps really cheap feathers and the consultant pigs are in the vanguard of what was the ones who are getting all the money we've saved on the. items on. the basel cannibalise still celebrated exactly the way it's been for the past one hundred fifty years there are strict rules for the cultish the afternoon parade spectators are requested not to wear costumes nor are they allowed to sing and sway along. busy thinking that both you and that's probably the thing that sets it apart from other carnivals the separation between the actual participants and the spectators but they're a very important part of it all we're doing it for the spectators benefit. from the floats the vikings hand out treats for the children. along with the piccolo players and dramas the cortege also features brass bands they play what's called good music maybe gold knows he's a devil greens but performs in their own special way. since twenty seventeen the boss of carnival has been on us ghost list of intangible cultural heritage of humanity. a source of great pride for the clubs and it d

the other ones, russell 1 thousand, vanguard value flat to down year to date.going on he obviously goldman sachs weighing in today saying this could continue growth stock outperformance looklike it's here to stay because people aren't confident about the length of this earnings growth cycle. here you have the performance in more detail. the assets, interestingly move to, you'd think that everybody was chasing growth stock funds and throwing their money at them it's not entirely clear. here you see the top three biggest growth strategy etfs $106 blion togethethe value 116. it looks like an even split. seems like people are willing to bet on value if you included the qqq, which for all intents and purposes is the largest large cap growth etf, growth has more assets in it we'll see if this matters for a while. >> where do they draw the line in these etfs between what's growth and -- >> some people think the value indexes are broken they're just split based on some valuation metric a lot of financials in the value etf. seems liket's morea sector issue than it is ne

much higher price than our experts had estimated the sale is seen as extraordinary as only few vanguard's are still in circulation until recently the landscape as a private loan in amsterdam's then golf museum. that. we owe them the. shock rocker alice cooper aerosmith lead guitarist joe perry and american actor johnny depp performed together in berlin on monday. to three stars have formed a rock super group called hollywood vampires they're currently on a european tour which is scheduled to wind up in the room next month. daffodils are a delicate flower and have been the subject of writers for centuries william shakespeare for example wrote about it in a winter's tale but there's probably no other place on this earth where this flower is celebrated more than in austria every year a daffodil festival takes place with straws tourists from as far away as asia but we were also on hand for the festivities. no you know iraq. and our old. and the snowman in spring they're just some of twenty four figures decorated with daffodils floating on lake out as they in austria. it's one of the venues fo

these just so you know western media these people that you were backing in ukraine at least the vanguard of of the new government that helped brought it to power and keep it there those are actual honest to god real fascists. i already brought up the term virtue virtuously milling i mean this whole again i think you put it really well where you want to call on the immigration debate but you know if you have the picture of time the cover of time magazine trump with a child i mean on so many levels that cover of is fictitious it's a fraud. i have to write it's fake news ok and particularly when trump found himself squeezed ok he caved whatever word you want to use. but he inherited a problem and he's still being blamed for it ok even when he took action go ahead oh yeah it was completely fake i mean the whole story was fake. the whole hysteria about the little girl nothing of about it was was even close to her getting taken away snatched from the arms for mother but i mean there's no need to go into detail the whole thing was fake news and that's why people are calling c.n.n. and time and

doesn't seem to want to admit or concede what it actually is it is not some some organization of the vanguard of freedom is it a news organization is it a broadcaster is it i've used the phrase before on the show an echo chamber for people's your friends' opinions and you know other broadcasters other publishers are monitored people do monitor them because they've got to because there are legal issues to do with that and yet facebook wants to still be above all that perhaps. when on the legislation for such a lot firms and their responsibilities to see this is especially is not how. you can unions so i'm going to work on these five and i was trying to make sure those that are a few cities in the state and the average stand how lots of. the source of business is to be able to u.c.s.b. cation but to be subpoenaed and that's when things you can see i was in court and you mention these does not speak the old if you nation question what facebook and other. something new i'm i would like to see different services actually and we have to bus only nation to the also so maybe as i said we have to make

two days ago vanguard filed priced at 12 and 15. i still think it will do well.f noise buta lot you think maybe they are not going to make it. which are these? >> ibm watson. i don't think it is going to be bought at that price point. international not doing well. slap aire starting to on every name. there is no he he will get assets with that price point. china for people are certain to take anything that works and make it china. >> why is that less likely to work? >> i don't think it is a big enough market. the first trust and constrained bond thinking it is the mutual fund world. fidelity has the right idea. cheap factor etf's can do well. . julie: the new communications sector, if you want to buy what it will look like in october, this is it. i'd is 50%. facebook, google and netflix are a huge portion of the portfolio. >> thank you. back to you. up, lots to chat about today. .il in focus a weekly surge. we have the commodity markets. we will have a quick peek at every chart you ever want, every chart you believe in. >> amazon is taking on the neighborhood are

not these to say you know western media these people that you were backing in ukraine at least the vanguard of the new government that helped brought it to power and keep it there those are actual honest to god real fascists. i already brought up the term virtue virtuously milling i mean this whole again i think you put it really well where however you want to call on the immigration debate but you know if you have the picture of time that the cover of time magazine trump without a child i mean on so many levels that cover of is fictitious it's a throng have to write it's fake news ok and particularly when trump found himself squeezed he caved whatever word you want to use. but he inherited a problem and he's still being blamed for it ok even when he took action go ahead oh yeah it was completely fake i mean the whole story was fake. the whole hysteria about the little girl nothing of about it was was even close to her getting taken away snatched from the arms for mother but i mean there's no need to go into detail the whole thing was fake news and that's why people are calling c.n.n. and t

you give us confidence because you indeed are in the front ensuringe vanguard of that freedom, faith,pportunity continue to be preserved, protected, and thus prevail in america. thank you so much. god bless you all. thank you. thank you so much, i appreciate it. ♪ >> tonight on cue and day. one new york times columnist talks about his book to change the church, pope francis and catholicism. --he things the church thinks the church needs to change in various ways. particularly around issues related to the sexual revolution, marriage, divorce, and so on where prior post said these are changes the church cannot make. so there have been these fraught places where he has clashed with cardinals, bishops, and others over how just how far he can push the church to change, what the church can change without under coming its own traditions or breaking faith with the gospels of jesus christ. >> q and a, tonight 8:00 eastern on c-span. c-span's washington journal live everyday with news and policy issues that impact you. monday morning, associated press what has reporter and a congressional repor

government unable to subvert fatah for use as a political weapon recently organized a group known as the vanguard of the people's liberation war but not all arab states help the palestinians in such high esteem king hussein was still reeling from the loss of the west bank in one thousand nine hundred sixty seven well israel of the father to be. is a names occupation of the west bank effectively meant the loss of half the country . imagine a person suddenly having to walk on one leg that's why the one nine hundred sixty seven war was such an earthquake for jordan. in jordan one palestinian strolled through the streets enjoying freedom of movement and launching operations from jordanian territory against israel jordan began to view these attacks with increasing alarm nasr was assisting the palestinians in training and arms but he ensured that no operations were launched from egyptian territory without stringent egyptian control and coordination fatah and other palestinian factions acted with much greater freedom within the weaker state of jordan in one thousand nine hundred eighty nine palestinian

the following day the vanguard of the new you and emergency force arrived at the suez front. but despite their presence skirmishes continued between egyptian and israeli troops on the western bank of the canal. so this violation started almost immediate in a while because what will happen when the war stopped was that it stopped in the middle of ongoing military operations. so there were no natural lines of them are cation the forces were nearly mixed on the battlefield. with no clear border lines between forces a major breakthrough was needed to end the fighting and secure the fragile un ceasefire. it would come when it ships sions and israelis met a negotiations on the battlefield. for the first time in the twenty five year history of the state of israel. the time had come for the p.l.o. to seek a new and peaceful solution. pursuing a path of diplomacy but what was to turn their agreement to draw from lebanon into one of the most mistakes civilian massacres of modern times women children killed we couldn't believe our us chronicling the turn story of the struggle for power

specifically nonbanks like black rock and vanguard that have combined $11 trillion and expected to doublent over the next decade largely thanks to the growth in passive investing in the form of index and product funds. regular lapt s have sounded them but so far we've not seen much in the way of stress tests here in the u.s on "squawk box" today, regul rer laters are not focusing on nonbanks >> people enter in a year because etf gives instability liquidity. there's a shock to the market. they find they cannot get that liquidity. what do they do? sell something else. that's what people do. i see it over and over again, and then you get financial con they -- contagion that spreads to economic contagions. >> you saw this in february, xib, that blew up. that one security caused investors to lose $2 billion, but the concern is whether something similar happens on a much larger scale, guys. >> slightly disagree with the sentiment that he was talking about there because it's very different when you keep your cash that's meant to be safe and, you know, if a bank does something too risky in the ot