american pt boats vanguarded the invasion. transports released their car s cargos.o assault boats were lowered empty into the sea. others fully loaded. as these landing craft head for the shore there could be no turning back. the roar of the fighting planes, the rockets zooming overhead created a never to be forgotten inferno. a group of craft moved towards another beach sector, troops began to scramble up the beach. they were prepared for an enemy onslaug onslaught. but not a single german soldier appeared. under lieutenant general alexander m. patch were three corp., the sixth corp. included the famed third, 36th and 45th infantry divisions. the french second corp. and the first french corp. was under command of general bethwa, still men and supplies were landed. however rear guard sniping caused small delays. 100 foot causeways were dropped into the waters. mine detecter squads cleared the road to permit tanks to clear the way. german prisoners were herded onto the beaches to be put on ships. by midnight the french commandos had been contacted. by noon the follow

americans pt boats vanguarded the invasion. the transports release their cargoes. boats were lowered empty into the sea, others were fully loaded. as these landing craft headed for the shore, there could be no turning back. the roar of the fighting planes, the bulging of the big guns, and the rockets zooming overhead, created a never to be forgotten inferno. a group of vending craft escorted byaft destroyers move through to another intersection. troops began to scramble onto the beach, prepared for an enemy onslaught. not a single german soldier appeared. not even in luftwaffe soaring overhead. under lieutenant general alexander patch was the three corps. the six core included the famed third, 36 and 45th divisions. the french second core is commanded by general john to la petite e.a.. the second core under the command of general betois. still unmolested, men and supplies were landed. rearguard sniping affected them. 100 foot floating} were dropped into the waters. mine detector squads cleared the roads to permit our tanks to continue our way. -- on their way. germ

example isspecific vanguard versus ishares.you look at these products, they compete against each other, and last year, they had the same fee. what happened his eyes are dominated vanguard inflows. earlier, vanguard cut their feet from five to four and 43, and you would think one basis point is not a big thing, but vanguard is now dominating ishares in these areas. vonnie: what about the active side of things? this is the passive side here. james: when you look at active, we see a lot of the same stuff. the flows are going out of high cost things and going into the low cost things or at least not leaving low cost things. if you would expect to see a performance -- if you are out performing, you are less likely to see outflows. if you are performed, 63% of those funds have seen outflows, which is scary. it may mean that fees have become too important to some of these investors' decision making process. vonnie: james seyffart, always illuminating. whilee were waiting for a . wells fargo has found a new ceo. how the embattled bank

works this vanguard was sit us -- >> this vanguard was sit us roy the enemy defenses and ease the task of their comrades at sea. swooping down to three top levels, attack planes, supply trains with telling effects. in the calm of a summer morning, these bombers rain destruction. while the allied warships were along the french coast within range of enemy batteries. >> when they went in the night of the invasion and they were jumping out of the aircraft, you hear stories of the norm normandy operation. planes making evasive maneuvers and that caused many missed drops. the same pilots and planes that dropped in normandy did the operation dragoon drop. due to the errors during the normandy drop, the pilots wanted to make up for the mistake they had made. they tried their best to stay on course. what happened is there was heavy fog so there were misdrops because the pilot could not see the pathfinder beacons to zero in on the proper drop zone. many soldiers, many of the airborne that dropped that night, when they jumped out of the airplane and they saw the heavy fog, they thought they were

nx vanguard 60/10 year-to-date 14.57%. 10 year returns 10.35%. the average management fee is zero point 19. the average 10 year return for these is 13.7%. now, if you had these kinds of returns you would be the best performing public pension fund in the world. ask mr. coker what the 12 month returns of your hedge funds and how much do you pay in management fees and performance fees? thank you. >> motion is made and second. i call the question. those in favor of not disclosi disclosing. a. >> we have a few action items before we lose the quorum in 20 minutes. item 5 approval of minutes any corrections or deletions. those in favor aye. item 6 consent calendar any additions or items to set aside for separate consideration? >> motion and seconded. is there any public comment? all in favor say aye. >> next item 11 request to enclose the correspondence in september 2019 retirement allowances. >> so moved. >> second. >> questions? public comment? that takes us back to item 7. mr. coker, you have the floor. >> board members in the interest of time allen

guy: next, we will discuss investment strategy with vanguard's francis kinniry.uick look at the markets as well. european stocks reasonably well. bank stops -- stocks very well bid. this is "bloomberg." ♪ ♪ >> live from new york, i'm romaine bostick. guy: live from london, i'm guy johnson. this is "bloomberg markets." are nevergators getting market with increased volatility. unique wayest has a investors are allocating. vanguardinniry is with group. obviously you guys are kind of the behemoth on the street. let's start off with this idea about asset allocation. obviously there's been a lot of rotation among equity sectors. a lot of folks have gravitated towards bonds. you are taking more of a passive approach, can you still do those rotations, or is it better to stay where you are and just wait for whatever turmoil plays out? francis: what we've been studying, the cash flow behavior, as you mentioned the opening, for several years. we are in a unique spot because traditionally, we saw flows being momentum based, so think high equity returns, high cash flow to equ

so you may have seen vanguard rockets blowing up on the launchpad we were filming that but once kennedy got a hold of that in the ratings he recognized the mercury astronauts was a windfall to be associated with nasa there were six mercury missions during kennedy's presidency and all were successful and they became full key rose overnight as the tv ratings were groundbreaking. >> this is live television news not only were hundreds of millions of americans around watching but every schoolroom in the united states stopped and televisions were turned on to watch throughout the gemini program i remember both liftoff and recovery. >> i wrote in the book i could pick any but i picked john glenn to do a snapshot across the country and how time stopped you had to watch john glenn's lunch a-letter you were. that one was a bank robber in the middle of the bank heist he got stopped and arrested because he was staring at john glenn on television. [laughter] it was nerve-racking because it's not just going into space but the launch itself apollo 11967 we lost three astronauts when they blew up on th

. ♪ this aerial vanguard was to destroy the enemy defenses and ease the task of their comrades still keeping the flow of russian troops to the coast. hit troops andes supply trains with effect. in the column of a summer morning, these farmers rained destruction, while the allied warships were steaming along the french coast within range of enemy battle. as the dark of the night melted into dark, the faint outline of an edge ships could be detected. tense and alert, the men waited in their battle stations. h-hour. guns of the fleet opened up, and the invasion of southern france began. [gunfire] landing craft bearing men, tanks and ammunition raced toward their objectives. americans been guarded the invasion. the transports release their cargoes. some of boats were lowered empty into the sea, others were fully loaded. as the landing craft headed for the shore, there could be no turning back. the roar of the fighting planes, the bulging of the big guns and the rockets zooming o overhead, created a never to be forgotten in for no. a group of vending craft excluded by destroyers moved bes

vanguard says its engagement with companies can lead to meaningful changes.our bloomberg business flash. it is time for our global battle of the charts. remember, you can see these on your bloomberg. gtv is the function. eric balchunas will kick things off. eric: value is back. everybody is talking about value stocks. be careful in picking. there is a huge dispersion of returns. they have different levels of value in them. gap in there was a 100% between the best-performing value etf's and the worst. behind me, you can see the two at the top are more devalue. they will have stocks you may not like, apparel companies. less holdings. more volatile. d, which isw is iw the best-selling value etf but it has a lot of beta, so not a lot of pop. when value is working, the question is how deep you want to go. that is a question a lot of investors are wrestling with and we will see if the performance of the deep ones continues to rise. we think they will see some flows. right now everyone is sticking to the more value etf's that have more beta. guy: certainly want

. >> you know, the investment returns, the portfolio value, that provides the foundation, vanguard did a survey of 100,000 of its clients. it'sot just the portfolio, they want financial planning, inthey want to out whether or not their goals are being met, is helping them set those goals. and then there's the emotional value, do they trust the adviser and is there a connection to help them reach their >> that doesn't always mean they'l m leave that adviser. why do investors end up leaving a financial planner? >> it's a life change. whether they're changing jobs, getting married, having a child, maybe they received an inheritance. all t se things paint a new financial piature for them, they want to make sure the advicme s that. when it doesn't, then maybe it's time to a make switch. >> is that one of the warning signs? signs about why you may want to consider changing advisers? >> life changes and financial changes have to hand in hand. receiving reflects where you are right now in your life. make sure the adviser is communicating with you regularly. as practices grow, the adviser may t

democrats according to this research a group called arabella advisors a little theme has been in the vanguard of the leftist money holds the shelter under their umbrella for nonprofit organizations by their nature they do not have to disclose who they're getting their money from but this research suggests that they've gathered a huge number of very wealthy donors some of the nation's largest grant making institutions including the rockefeller packard and koch foundations the donors to the funds managed by arabella it remains unclear why such large and powerful institutions seek outside philanthropic consulting but presumably a significant part of our bill is appeal lies in its ability to obscure large financial transactions these for nonprofits have been showering and to conservative grassroots organizations with their money take this one with a name so noble calling our goal is to oppose in the interim short list yes they get their pockets stuffed by 1633rd an offshoot of bellow divisors another group. save my care has been pushing against republican attempts to repeal obamacare the presiden

angeles, the vanguard of pushing for equity programs that work. as i mentioned earlier, i met with a lot of equity candidates. i've had a chance to do job training seminars for them on building a business. and, you know, often times with the focus on just finding somebody to be your business partner, or take you in, i think it sort of actually devalues what those equity candidates have to offer. and you've heard a lot today from people who are local operators, and local producers, who have great ideas and sometimes if you make them be a part of a larger enterprise, which is really again let's be honest, just looking for an equity license to get, a license to do business in san francisco. it devalues the contribution that equity candidates can provide to the industry. so there's got to be other paths. and what i was mentioning before, perhaps an apprenticeship program or something along the lines of flat-out forcing the bigger employers, who want to do business here, and i don't mean to bibbing on juul, this is a great example. they're putting $112

stock these european banks are directly funding the forestation do it your bank and he black rock in vanguard collectively more than a 1000000000 dollars in debt in just the 3 largest away in the 3 largest cattle companies operating in brazil are these even banks often vocal about their sustainability policies. are also being accused of hypocrisy environmental campaign group amazon watch contacted them about their role in the amazon was fine as well deutsche bank and black rock didn't respond the m.p.e. paragraphs had to say then people rebar has been strengthening insecta policies related to deforestation for several years and is prompting its clients to protect natural ecosystems and preserve biodiversity to the best of their ability that experts say is just simply not good enough while we have applied the efforts of things like b p to strengthen the seed gardens in their portfolios our research demonstrates that another another process is playing out on the ground they are claiming to protect forests and poorest peoples in their official policies wow fuelling the destruction of the amazon

stock these european banks are directly building the forestation do it your bank he black rock in vanguard collectively more than a $1000000000.00 in debt in just the 3 largest away in the 3 largest cattle companies operating in brazil are these even banks often vocal about their sustainability policies. are also being accused of hypocrisy environmental campaign group amazon watch contacted them about their role in the amazon was fine as well deutsche bank and blackrock didn't respond b.m.p. paragraphs had to say. people rebar has been strengthening in 6 to policies related to deforestation for several years and this prompted it's going to protect natural ecosystems and preserve biodiversity to the best of their abilities that experts say is just simply not good enough we can encourage it use it as yours take a role in requiring that the companies have certain standards they adapt deforestation commitments that they implement those commitments and then they were poor on their progress to address the deforestation with in their supply chains given that even if they're not producing these ma

a green political agenda it's most certainly germany it's a noble pursuit no doubt but the green vanguard is learning the hard way that everything has a price that's in those 3 is industrialized countries also need to be on the front line in terms of doing something to overcome our carbon footprint and stop changes in the climate or reverse the rise in temperature if we push for climate protection it will cost money this money's well spent if we are going or if i think it will cost us more money if that's the truth doing nothing is no alternative the fact is that we will then pay more. the captains of germany's car industry responded to merkel's request with a resounding yes they unveiled their latest most futuristic electric cars in frankfurt after billions of euros of investment of course perhaps they were trying to take a step towards the flying cars of science fiction at any rate many are saying that paying for the future is only leading to the destruction of the present and can include the green socialist ideology is running our country and taking away any chance we have for the futu

shatter uphill struggle as an election campaign to fight at that point a late all but labor exit the vanguard election so be very much labor's to win at that point alex but don't you see that mr johnson by his move is further undermining the conservative party look at the statements made yesterday the reactions from philip herman cain clarke the rebels you get the impression that the conservative party is about to crumble. no i don't have that sense actually of course the people you are naming are no longer conservative m.p.'s they're still in the house but they don't take the what we call the whip they don't take the discipline of the conservative party anymore and they all therefore unable to stand as members of parliament for the conservative party again they will be able to stand of course for any other party or indeed as independents but just not for the party that got them elected last time this strengthens boris johnson's hand in any potential election because in their seats which are overwhelmingly very safe conservative seats there will be new conservative candidates chosen and those