alternatives on public pension funds they don't outperform the market had they just invested in vanguard index fund that does mention we were the heirs and yes the the ever since john boggle invented the index fund over there vanguard it's been outperforming every manager in any significant time period five year ten year two. any air and this is undisputed facts occasionally hedged on our private equity final opera for the market for a year or two but over five years ten years they never perform the market any pension fund the ston invested in a passive index fund like a vanguard know if the fund is going to underperform the market and that the those those are just basically as night follows day if the facts of the case nevertheless these pension fund managers continue to write we would buy them because because they are able to charge such high fees against other pension funds other state employee pension funds they can afford maybe flashier shoes and clothing in and fly private jets and you know the pension fund manager so impressed and they order you know two thousand dollars to fund m

alternatives and public pension funds they don't outperform the market had they just invested in vanguard index fund that especially were the heirs and yes the the ever since john boggle invented the index fund over there vanguard it's been outperforming every manager in any significant time period five year ten year two. any air and this is undisputed facts occasionally has drawn our private equity final opera for the market for a year or two but over five years ten years they never reform the market and the pension fund the ston invested in a passive index fund like a vanguard know if the fund is going to underperform the market and that the those those are just basically as night follows day if the facts of the case nevertheless these pension fund managers continue to write we would buy them because because they are able to charge such high fees against other pension funds other state employee pension funds they can afford maybe flashier shoes and clothing in and fly private jets and you know the pension fund manager so impressed and they order you know two thousand dollars to fund man

the cio of vanguard., we are going to be speaking to the ceo of a bank that beat the highest analyst estimates. we would take on what is next. this is bloomberg. ♪ guy: welcome back. 14 minutes into the european trading day. let's say the world map. in europe. the german markets trading a little strongly. aroundexpected to open .5% higher. those of the kind of numbers we are seeing. we saw the s&p closing yesterday more than 2800. the nasdaq on a strong move as well. there is still money to invest in europe. chief investment officer of vanguard. you're over here, you have to be aware of the political tensions that exist in the u k and germany and italy, you name it. when i talked to u.k. investors, they are feeling really cautious about europe right now. you can see it all over the place. what is your sense of how investable europe is right now? earlier in the program you are talking about the fact that you are advising people to diversify. yet, the money is not doing what you are suggesting. greg: whenev

alternatives on public pension funds they don't outperform the market had they just invested in vanguard index fund that doesn't she were the heirs and yes the the ever since john boggle you know invented the index fund over there vanguard it's been outperforming every manager in any significant time period five year ten year twenty year and this is undisputed facts occasionally hedge on our private equity fund while opera form the market for a year or two but over five years ten years they never perform the market any pension fund the ston invested in a passive index fund like a vanguard know if the fund is going to underperform the market and that the those those are just basically as night follows day if the facts of the case nevertheless these pension fund managers continue to write we would buy them because because they are able to charge such high fees against other pension funds other state employee pension funds they can afford maybe flashier shoes and clothing in and fly private jets and you know the pension fund manager so impressed and they order you know two thousand dollars

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.

alternatives and public pension funds they don't outperform the market had they just invested in vanguard index fund that those munchie were the heirs of years the ever since john boggle invented the index fund over there vanguard it's been outperforming every manager in any significant time period five year ten year two. any air and this is an undisputed fact occasionally hedged on our private equity final opera for the market for a year or two but over five years ten years they never reform the market and a pension fund that's not invested in a passive index fund like a vanguard no fee fund is going to underperform the market and the.

since the one nine hundred forty eight to that palestinians living under occupation were at the vanguard of resistance from one thousand nine hundred sixty seven to one thousand eight hundred seven the cause of by the sign was based on the premise that liberation would come from abroad we want exactly what the israeli people enjoy. democracy freedom and independence. at the same time the intifada is a message of hope it is a message of all not only to the best in years but also to their neighbors say this . for the first time since one thousand nine hundred sixty seven the israeli occupied palestinian territories had become center stage in palestinian affairs. the fact that dominated p.l.o. were quick to see the potential of this popular uprising on a fathom the men around him realized the importance of organizing cells within the palestinian territories. you had labelled war for them direct effect for which you had to go with i don't. you had told me very clearly that he said. we have neglected our people living under occupation and became in broiled in a tree on the outside not just in

is down 15% and the vanguard emerging market index, which is lower by 10%, do you still hosd did you add to the positions on the decline? where do you stand? >> first, i don't think the vew erful is down 15%, probably wn closer 5% from when i was on last time. to answer your question ly dire we have reduced our international holdings by about 20%, but i do still own a big position in the veu. that comes back to the one theme i brought which is domestic over international. the corporate tax reform just totally upended the global growth that we had going into this year, that we assumed would continue going into 2018. u.s. corporations areery fortunate, they've had a cash windfalley bringing m back from offshore, and they can use this money for new investment, for expansion, and this is an advantage that foreign competitors simply adopt have. that's overwhelming the market here. >> forgive me, john, you didn't see the tax reform package would give american companies that kind ofdvtage? that was the whole idea behind those tax cuts. >> that's a good point, bill. we knew a right as wenter

vanguard, fidelity, black rock,o state streetl advisers are all top holders of this stock and if you own etfs, facebook is 6% of the qqq which racks the nasdaq 100 index. the technology etf called the xlk had an 8% weighting in facebook shares and vanguard's communication etf and the vox has about a 13% weightingfaf book. >>> so now that the faang names which is the acrym for amazon,en netflix and gond let's take a look at what they're investing in and what's not. john najarian founder of the najarian family office. >> welcome >> good to be here, guys. >> especially on a day like today. ce>> let's start with ok and a terrible day for investors y. how do you look at the stock and what would you do with this? >> last night the told us too much, sue. when the cfo warner got out and said basically that the margins ting and ascontr you said, operating margins down from 60% two years ago and nearly 60% to 44% now will drop into the 30s and he sai that over the next two years. that's a lot faster and a lot bigger than anybody thought that face book would dip to that kind of operating margin

palestinians in the homeland were now at the vanguard of their revolution. they became the symbol of resistance to occupation and an icon of the palestinian struggle. other important developments were also taking place i made the intifada the first signs of the emergence of a palestinian islamist movement began to appear hamas was encouraged. by israel. to form islam excited specifically in gaza before us though because when arafat was still a super terrorist unquote before he became a super statesman and then of course later it was made a super terrorist again. how much was seen as a logical balancing act for the israelis to play against the p.l.o. increase the religiosity increase the the islamic element of palestinian society in the nationalist quote terrorist unquote element goes down. however the israelis did not seem to realize that these new islamist groups would also be intent on liberating palestine. the seeds of a new force in palestinian politics were planted a force which began to compete with the p.l.o. factions in the showdown with these radio

by zooming in users can take a closer look at various artworks what's the painting and vanguard's famous bedroom and off. and for more on the digital world visit our facebook page digital. for all the latest digital news and trends interesting ups gadgets and helpful tutorials you can watch shifts reports there to follow us and tell us what you think d.-w. digital. and as always we link shift through the exit our internet find of the week this time facing evolution. some make up a mirror and a camera emma allen uses her own face as a canvas to tell stunning stories. the artist has made a new stop motion animation about the history of humankind. santiago was inspired by one of allen's many followers and consists of twelve hundred fifty separate pictures each took about an hour to prepare. in just ninety seconds we watched time fly from the earliest beginnings to a fascinating future. swedish motion graphic artist on to be a spanish that creates short animations and many you watch them say they have a soothing effect on them is oddly satisfying video collection is available on instagram ne

more on the views of vanguard and blackrock a little bit later. trop--- will be donald trump-jean-claude juncker trade talks reduce tensions? ♪ we are counting down to the open of trading here in sydney. this is our futures are trading -- are shaping up. looking mildly more optimistic going into the open. a strong session overnight for commodities as well as the energy space. of course, that overwhelming theme of trade tensions diffused, at least when it comes to europe and the u.s., perhaps with this deal between trump and jean-claude juncker, a little bit more risk appetite to the agent session -- the asian session as trading gets underway. ramy: you are watching "daybreak: australia." u.s. markets rallied on the trade agreement. treasuries declined but their lossesred after being spared the threat of more tariffs. did the markets view today's development as a turning point in the trade war or was it more of a blip? >> it was certainly a short-term turning point. it was a pretty direct impact. you saw in the last half hour of trading comedy dow

it was the navy's vanguard rocket the project that had been given the go ahead instead of fund runs. the honor of the u.s. was supposed to be restored on december sixth one nine hundred fifty seven eight weeks after the sputnik one launch. but the rocket exploded on the launch pad the press called it a flop nick. but the p.r. disaster gave an f. and brown the opportunity he needed he was well prepared to make his redstone rocket ready to go into space he'd never given up his plans to launch a satellite even though eyes an hour ahead ordered him to abandon them he'd simply been waiting for his chance now it had arrived. on january thirty first one nine hundred fifty eight the countdown took place that would decide the future of u.s. space flight and vienna from brown's career. four months after sputnik a converted bridgestone rocket was launched. from drone was triumphant. all of huntsville turned out to underfund brown and his two daughters. the reaction amongst force. why. people come out of the house hollered you know. i think there was generally speaking there was. a relief that w

alexis gray, senior economist at vanguard.hinese smartphone maker xiaomi has had a less than profitable debut in hong kong. manus: and we will bring you our interview with the ecb executive benoit coeure who says europe should not be afraid in the face of global trade wars. his view on that and how the ecb may move, that's next on bloomberg. ♪ >> it is pretty flat with the n. we areainst the ye almost flat on the dollar and there are the asian equity iskets going ahead and here emery. ande have the stocks up china stands out with the hang seng. of earnings season with the equity tension moving away from that with the trade tension in the u.s. and china and more with what would happen with a earnings. i look at the short position and with theee this net short position and the pound will the in focus today. says that they will announce a new secretary today. i want to take a look at the thes franc and that currencies are the ones to own, if a recession is looming. for the record, they say that the talks of recession are prematur

we know these people well they deny their i'll tell them i didn't say that they say they are the vanguard against isis although they also seem to be considered really concerned would say all of the iran. look how can they be how could they fight isis if they already called out what it would isis isis is there look at the map isis has been there for years at the border no one touched isis at the border that isis has borders with the golan the occupied golan heights where the israeli army on the other side we have pictures we have videos the isis members are not by their members chatting for a friendly chat with the with israeli soldiers i mean how did these isis get weapons they had to pass through these kind of areas they had to pass through through these dense and the taliban up areas what so-called maoi whatever commandos meaning an army and guess what all the at that of our soldiers when we were attacking when we were liberating the syrian desert from isis most of the action our soldiers from behind game from to say area meaning that they're not only taking somebody's house they just b

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. come hok., babe. nasty nighttime heartburn? try new alka-seltzer pm gummies. the only fast, powerful heartburn relief plus melatonin so you can fall asleep quickly. ♪ oh, what a relief it is! a hotel can make or break a trip. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia. of people 50 and over who like me, are actually customers of the aarp auto insurance program from the hartford. and you know what? they are passionate folks who love having the hartford by their

that's three times less than fidelity... ...and four times less than vanguard.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. that's the same things i want to do with you. it's an emotional thing to watch your child grow up and especially get behind the wheel. i want to keep you know, stacking up the memories and the miles and the years. he's gonna get mine -but i'm gonna get a new one. -oh yeah when it's time for your old chevy truck to become their new chevy truck, there's truck month. get 18% of msrp cash back on all silverado 1500 crew cab lt pickups when you finance with gm financial. that's $9,000 on this silverado. plus, during truck month make no monthly payments for 90 days. you could start your search at the all-new carfax.com that might help. show me the carfax? now the car you want and the history you need are easy to find. show me used minivans with n

last year, 76% of all the flows went to blackrock and vanguard. wondering, what does state street have planned? what is the platform have plant to compete better and attract more of those flows? vanguard and blackrock have done a terrific job in terms of accessing the retail and the intermediary market, which is where most of those flows went last year. traditionally and historically, we at date street have been focused on the institutional marketplace and were a leader in that space. late last year we offered our -- we launched our own line of low-cost etf's. that is growing nicely, but it is early days. we are still seeing nice positive flows and working with many distributors, and i think you will see them start to make more moves there. lisa: low-cost has been a big driver of a lot of flows. of course, etf's are also affected by what equities are doing, if they are equity etf's in particular. when we talk about this view, we should mention assets under management got a boost last quarter. they were up about 4.5%, two point truck -- $2.7 trilli

that's three times less than fidelity... ...and four times less than vanguard., 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. ♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest. with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it. maria: a look at some of the big market events coming up that could impact your money. we'll get data on pending home sales. it's another big week for earnings. caterpillar is typically a market mover. tuesday will be a big market day. and then earnings from am and pfizer. wed date latest data is for the adp employment report. auto sales are out as well. and tesla, sprint and the carlisle group. turning to earnings we have cvs, and

-- are rarely considered to be in the vanguard of art and design. rareay are -- ar -- exception seems to be work undertaken at st. james's palace. in 1866 to 1882, a painter, the partner in the firm was introduced to william cooper, the commissioner, through john ruskin. they were given the job of redecorating two rooms, the armory on the right and the tapestry room on the left. this was followed by work undertaken by them in other rooms by providing new wallpapers, stenciling, and wall hangings. this was not much known about. for the most part, we have been considering works that have for much of the second half of the 20th century been considered at the pinnacle of achievement in british decorative arts. as i referred to earlier, the morris and dressers. certainly they would feature heavily in decorative arts courses in britain and america. understandably, there are fewer -- royal commissions are little studied alongside the more famous contemporaries. that could be a perceived lack of purpose attached to royal interiors or the unadventurous --s o

and the vanguard of one hundred seventy s. struggle with the new zealand crown. a maori leader. accused of terrorism. filmed over seven years. his quest for justice becomes a blueprint for national reconciliation to. witness and innocent warrior on al-jazeera. on the atlantic coast of west africa communities are at risk. as rising sea levels and a manmade disaster of threatening people's lives on land and at sea. al-jazeera world expose the impact of climate change and a catastrophic human era. on senegal sinking villages. al jazeera. and for you. just a week after warning iran about threatening the us donald trump says he's willing to meet the iranian president without preconditions. i'm ready to meet any time they want to do no preconditions no they want to meet only any time they want. hello i'm down this isn't a zero live from doha also coming up north and south korea meet the military talks and the easing tensions between the two countries and a high turnout for zimbabwe's presidential election but opposition parties cry foul despite being indorse by robert mugabe.

and the vanguard of one hundred seventy a struggle with the new zealand crown. a maori leader. accused of terrorism. filmed over seven years. his quest for justice becomes a blueprint for national reconciliation. witness and this and warrior on al-jazeera. for the first time since problem a lobby was forced from polyp by the army the people of zimbabwe well it's the next president but a struggling economy and frustration amongst many other voters means the results on the up to life is still hard to predict follow the symbolically election and now today i was imprisoned for twenty one years based on false allegations that just made in the last couple of years there's been a number of high profile exonerations of the wrongfully convicted based on police and prosecutorial misconduct you can check me for gunpowder check my truck i don't really but i have been going to do enough that if the prosecutor is going to seek convictions for the sake of seeking convictions prosecutors dangerous exploring the dockside of american justice the system with joe burden on al-jazeera. when people

that's three times less than fidelity... ...and four times less than vanguard.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. maria: president trump says he's prepared to slap tariffs on $555 billion of chinese goods imported into the united states. he has imposed a tariff on $35 billion in chinese imports. industries like agriculture are feeling it. but will it affect hollywood. jurassic kingdom raked in 25% of its stick the sales from china alone. richard gelfond says china is not likely to retailate against hollywood. joining us is richard gelfond from imax. you have got business in chain a and saudi arabia. >> we are in 80 countries. we have a fairly unique perspective. so far the trade fight hasn't impacts us. we are a canadian country. on the hardware side there is nothing to retaliate against. on the software side we have our eyes open to what may happen an

at the vanguard of one hundred seventy s. struggle with the new zealand crown. a maori leda. accused of terrorism. filmed of a seven years. his quest for justice becomes a blueprint for national reconciliation. witness and this and warrior on al-jazeera. you can. see. take a step and reject said. that was the rallying cry the hundreds of thousands of all mediums in a field and it's you who took to the streets and forced the resignation of b.d.s. president turned prime minister said it sucks you.

"it is as though we are sending our vanguard into battle with the white flags fluttering above them,"e with the senior brexit—supporting conservative mp bernard jenkin. on? some people are making nasty comments, notably the opposition. the dilemmas arising from the chequers cabinet and as he says in his letter, he cannot honourably say the words required. it is a very vulnerable resignation and he has explained in his letter very graphically why he thinks this is the best arrangement for us to be offering the eu. of course our offer is going to be further delay by demands from the eu. he spelt out graphically, were suffocated by self—doubt, the vanguard is going into battle with white flags fluttering. there has been a frustration that at every juncture, every time the eu said these are guidelines we have said we will accept that and we have operated within those guidelines. this is all at because the guidelines are meant to bind the other 27 states and not oui’s. to bind the other 27 states and not ours. it is almost as if there is a cabal within the government which is determined to

that's three times less than fidelity... ...and four times less than vanguard.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. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. at the marine mammal center, the environment is everything. we want to do our very best for each and every animal, and we want to operate a sustainable facility. and pg&e has been a partner helping us to achieve that. we've helped the marine mammal center go solar, install electric vehicle charging stations

converted back from a shortlived spell as a luxury golf course and a high in spa resort, is at the vanguardastrous trends. there is one family of ranchers, the phillips, who've been managing this place since 2004, but who have been in the ranching game for four generations. i am going to talk to a fourth—generation. duke. how're you doing? how are you? very good. they call you little duke. no, not any more, it's been a while. now, you're going to show me the bison, aren't you? yeah. that's good. let's do it. let's go have a look. duke phillips and his family devote 50,000 acres of land to running the bison conservation project here. unbelievably, not that long ago, this was a view that would be nigh on impossible to enjoy anywhere across the whole of the usa. so here we have a group of about 100 bison, out of a total herd of about 1500—2000 on this ranch. they are magnificent creatures. they are mostly female and they're calving at the moment. the baby bisons are so cute. they are passive normally, but you would not want to get them riled. because they weigh 1500 lbs and they can run faster

much as they used to much of it has to do with the predominance of institutional investors like vanguardr retail investors they own 60% of amazon shares, 72% of google shares and 80% of netflix. institutional investors don't really care if the stock is high priced or not and they may be perfectly happy to have it high priced because it discourages day trading that introduces volatility and that's warren buffett's mentality and he said for years he has no problems with the company's stock price going up and doesn't care about stock splits for him it's more about the dollar value of what's being bought for example, if he wants $1.8 million in exposure to amazon's stock he's perfectly happy to own $1,000 shares of $1800 as he owns $10 those shares and it makes no difference to him. another point, the number of what i call super-priced stocks. those over $300 is still relatively small there's only 23 of those in the s&p 500. that's about 4% including well-known names like alphabet, autozone, and stock splits, apple split 7 for 1 in 2014 and it's up over 100% since then and netflix split 7 fo

money well as obrador someone who has so far continued to doubt obrador there is a leader at the vanguard of anti new liberal action subcomandante marcos of the zapatista rami fighting in the southeastern mountains of mexico here he is when asked by media to take his mask off. president all trump who backs up government down ten mile course on nafta joined venezuelan and cuban leaders not to mention britain's german corbyn to congratulate obrador on his victory however like another leader depicted in mainstream media as leftist brazil's lula or britain or appease capitalism for his campaign today a former cia asset michel to man leads the bee in bricks and lula is in jail after arguably not doing enough to fight the forces of reaction and conservatism here is now imprisoned lula brazil's most popular politician ahead of october's elections in a recording that surfaced this week. if you don't put up a story that you'll see. if they should go to compete but if you. beat them still see only but unlike mexico brazil under luna could have been on the road to implementing universal health care

and the vanguard is donald trump? i would say it is the prime minister of hungary, viktor 0rban.ement, i don't want people of my colour to mix with people of another colour, right? clear racism, clear racism. when you look at hungary, a country of almost 10 million people, do you know how many afro—hungarians there are? about 1,300. sure. the population that has now voted in fidesz again, how xenophobic it is? i mean, there's a reality... you are saying that viktor 0rban is spearheading... not spearheading but in europe, he is providing an example of what seems to be a workable logic in political terms in terms of securing and maintaing power. his foreign minister, peter szijjarto, rejects your comments which you have just laid out, saying, unworthy of your position and you should resign. i respectfully disagree with the foreign minister. finally, what do you think you have done in your time to advance the cause of human rights globally? do you think you've really made a change? what i've been able to do is continue the trajectory that i inherited from my predecessors. that is, g

in the last two weeks, she has become the vanguard of the american progressive movement.nd should she be elected, she'll also be the youngest woman ever to serve in the united states congress. alexandria ocasio-cortez, welcome to "firing line." >> thank you. thank you for having me. >> your win was such a shock, and it was because you worked hard. >> yeah. >> that's the first point you always make is that you outworked your opponent. >> it was all shoe leather. >> the term "democratic socialist" is a term that young people hear very differently than old people. >> mm-hmm. >> and i wonder if you could expand on what that term means to you. >> yes. you know, i often say that, to me, democratic socialism is the value that, in a modern, moral, and wealthy society, no person in america should be too poor to live. and for me, what it really means is establishing a baseline level of economic and social dignity in the united states to say, no matter what happens, we're not gonna go below this level, that we should aim for every person in this country to be covered by healthcare,

and the vanguard of one hundred seventy s. struggle with a new zealand crown. a maori leader. and she used of terrorism. filmed of a seven yes. his quest for justice becomes a blueprint for national reconciliation. witness and this and warrior on al-jazeera. volcano kill way erupted explosively last thing boiling clouds of steam and ash and rock high into the atmosphere scientists say it's not unusual for eruptions to stop and start up again later as for killer way it has been spilling lava continually for more than thirty years native hawaiian spiritual beliefs say eruptions reflect the mood of the goddess pale a. us as native hawaiians to pam is always nice to us whether she thinks our home or not we accept this type of event. and of the armored column doha these the top stories on al-jazeera gunmen have stormed shops and government offices in the eastern afghan city of jalalabad the second attack and for days the security forces is still going on several people are reported to be injured and at least three explosions have also been heard about us has more from kabul sporadi