vanguard entering the game. didn't they try to deal with you guys back in 2001? >> no deal.ry ahn: what do you make of this? they finally decided this is a real asset class and they should come around to it and get in the game. traditional asset management firms are looking for growth. the private market has really been that place. and concernsstions about the ability to absorb the money. but the returns have been there. vanguard is acknowledging that. >> one of the things interesting about this deal is the investors. will they be happy with the returns they are getting? >> that is the question. none of us have seen the details. what are they selling? who is getting paid what? what does the return profile look like for the investor? can they be assured that they are getting the best stuff they have? fees will be one side of the equation. another thing raised by the big players are pension fund heads like liquidity. what happens to the private side? you are seeing two pieces of that. the secondary market in the private world continues to grow. you are seeing more and more liq

the vanguard moves into private equity. they try alternative investments.nking behind the decision, next. this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." you are looking at live pictures of christine lagarde, answering questions at european parliament in brussels. she warned the ecb has limited options to fight lingering threats. andw interest environment the search for yield, vanguard is moving into private equity. manage new space, they $5.6 trillion and threatens to shakeup the investment industry. dani burger joins us with more. why is vanguard making this move? off, but they are going where the puck is going to be. they have an almost cult following, lifestyle brand of how its clients see it. inir campus is sprawling pennsylvania, and they want to be a one-stop shop for everything. they are heading for a lower return environment, and clients want to move into either equity. it will be disruptive. vanguard is known for having lower fees, it is a structure with client owned so they can have lower fees. matt: i am not sure i

a statistically tiny, but significant vanguard of white southerners from confederate states who werewilling to stand by the union and defend lincoln's emancipation policy. tiny number, but symbolic important. the most important, andrew johnson of tennessee. we will come back to him. andrew jackson hamilton of texas. andrew danson of arkansas. a few others. they cast the emancipation proclamation for southern audiences as a seeming punishment that, in time, would do momentous good. in an address to texans, they promised that their sins would be pardoned if "like the prodigal son, they repent and ask to be forgiven." he said, would deliver whites from their bondage and deliver texas on a .ew route here's the key point. as hamilton's reference to the prodigal son suggests, loyal americans turned to meta-first metaphors.-- they were pupils who needed teaching. s who needed cleaning. children who needed parenting spirit heathens who needed to convert. drunkards who needed to sober up. madmen who needed to them to their senses. prodigal sons who should return home. medicinee history of --

african-american abolitionists, who had long been in the vanguard of the antislavery movement, made their own distinct contributions to deliverance discourse. their focus was on how black freedom and citizenship could redeem america, not only from slavery, but also from the sin and the burden of racism. the old testament story of israel's exodus from egyptian bondage was central to antislavery politics. had been, as were other biblical texts, such as the story of jubilee from the book of leviticus and the biblical proverb "ethiopia shall soon stretch out her hands to god." providential images of god's will abounded in african-american commentary on the emanicpation proclamation. "the year of jubilee has come," a january 1, 1863 editorial in the black newspaper "the pacific appeal" proclaimed. the deep lamentation of slaves, "how long, how long, oh, lord, before our deliverance shall come to pass?" had been answered. highlighting the crucial role of slave resistance and black military service to undermining the confederacy, african-american leaders argued during the war that the only sure

and then you have schwab in ameritrade merging and vanguard really competitive and zero commissions.e impact on asset management? >> we have one of the three largest active asset management platforms and it's really an advice driven business. our clients, largely institutional clients, hire us to give them advice on how to manage pensions, institutional assets, and the wealth management business that feeds assets into that asset management business. but we think our asset management business is positioned to grow based on the value add that it brings to our clients. if we perform relatively well it will continue to grow. we are not in the passive business, and obviously we are not in that business. maria: it is a competitive situation. >> we run an active platform and if you look at the assets, the few based assets that we have acquired of the last years, we have grown them at a faster pace than the other active asset managers that we are against. maria: it was a big deal when you pivoted towards consumer and retail. i went to ask you about investing in that business. in particular t

vanguard is not too far behind. had reversed that course? the actual process of divestment is not an easy prospect for many. what is different now from yesterday, and i think what is at the front of the attention of firms like blackrock and risksrd, is that these are real, they are measurable, and they can be shown to have a material impact on the underlying valuation. professor, what is the responsibility of these other index managers here? do they need to change their standard of measurement? andrew: yes. perhaps,hat has been, they have been less than optimal in terms of the types of metrics in trying capturing the extent to which corporate's are disclosing. research is the showing is if you go one layer below these types of enumerated indexes of disclosures on climate change, greenhouse gas mitigation and adaptation procedures that firms are taking , you can a lot more insight than you would have before. romaine: thank you to andrew yl of cornell university. some breaking news, the sentencing of roger stone. the justice department recomme

and one on may 27, 1918, south across the river, and by early june, the german vanguard is within 35 air miles of paris. the allies were quite nervous, of course. the extra german forces were putting them in peril. about as soon as russia took itself out of the war, the allied command began casting about ways to relieve the pressure on the western front. they settled with the idea of an intervention, that they would send a handful of allied soldiers into northern russia , where they would of course be greeted as liberators by the anti-bolshevik forces. they would form an army of these men and basically reconstitute the eastern front and force germany to bring troops back or at least not take any more from where they were. oh, there. that is a map. oh, that works good. there is the arkhangelsk. they land in arkhangelsk and head southeast up the river to a place out here about 300 miles. down a railway line to here, down here another 300 miles. the idea was they have this army reach out to this strange conglomerate of soldiers, about czech soldiers0 known as the czech legion. they had

is much more to the right than the center which is what i got americal and calabar have been the vanguard of for so long so that would be a real change and then aside from him well there are a few other names in the in the contest as it were at least in terms of what part what's the analysts are saying but right now many people say might it be fruitless mts think that that's dominic came there live from berlin. movie history has been made at the 92nd academy awards the film from south korea won the biggest prize of the night this picture for its satirical look at class divisions there is rob reynolds has more from hollywood. and the oscar goes to. parasite i am knight of triumph for south korean cinema and director bond june home for the 1st time in the oscars 92 year history a film in a language other than english one the top award surprising many critics and so-called hollywood insiders. honks critically acclaimed story of wealth class power and deceit swept best director best screenplay and best international feature film in addition to best picture. thank you i read it during country

gender-basednst discrimination and a vanguard of second wave feminism. second wave feminism also has a number of cultural and intellectual goals. there is a series of different up tots where people show talk about things in society that are problematic for women. they want to expand the idea of women beyond homemakers, wives, mothers, but also beyond that of a sex object. here is in image of women protesting outside the 1968 miss america pageant in new jersey. .his is going on you understand what it is about. we have different contest and all that but a lot of it is women who march across stage in a variety of outfits. these women show up in 1968 to protest. what do you see here in terms of this protest? what is the argument here? >> they are emphasizing the dehumanization of women. >> other observations? >> looking at visual attributes versus the mind. >> is a little too far you think? seenis chart, you have this chart. they are mocking it with this. toy woman is being reduced the parts of her body. the argument is that there is a major problem with the

we recognize that because we launched an indexed fund in 1985 when vanguard was still reasonably small are again one of the earliest movers in that space. in terms of our eos business, just under $1 trillion of assets. i think it is a growing business and i think the informational advantage you get is an active manager is high and that is opportunity for alpha hunters as chris likes to call them. vonnie: $550 billion. $50 billion on its own was massive. is there a point at which something is too big? what kind of valuation are you hoping for? christopher: we expect as we march past 500 billion to march on our way to $1 trillion. we expect the mandate and the ideas we have will be well received by the investing public. do not forget we have what we call a franchise for all seasons, where there is a large component of money market assets, equity assets, fixed income assets, and suddenly the things we are looking for in the andre are the things saker his team have been developing over the years which are alternatives and private market opportunities as well. we have the next stage of our

vanguard is adding advisory services, goldman going into online banking and retail services, just liken is doing here. all of those things are playing out. ofnie: james seyffart bloomberg intelligence, etf friday. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." let's check in with the bloomberg first word news. tomorrow,week from the u.s. and the taliban will sign an agreement will in -- agreement to end the fighting in afghanistan. the deal will still hinge on a weeklong reduction in violence set to begin at midnight. iranians voting for a new parliament today. more than 7000 potential candidates were disqualified ahead of the election, including 90 sitting members who wanted to run for reelection. the election comes at a time of economic uncertainty in iran. u.s. sanctions have strangled the nation's ability to sell its oil abroad, pushing its economy into recession. prime minister boris johnson sailed through his new government's first pager economic health check as he prepares to lead the nascent -- the nation through

vanguard became a household name by offering low-cost funds for everyday investors.irm is launching a private equity fund as part of a strategy to broaden its appeal as a financial advisor for larger investors. the partners will manage the private equity fund. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. am ritika gupta. this is bloomberg. guy: thank you very much, indeed. we are shut in europe. these are the final scores for the european indices. we did not see much action during the option but we did see the markets closing at session highs. the dax having a solid day. the auto sector a beneficiary of tesla coming down a little bit. much, but00 up not as we did see imperial brands and vodafone acting as a drag. we did see some of the mining stocks and the oil stocks like bp trading strongly. we will carry on the conversation and bring you more what is happening in the markets at the top of the hour on bloomberg radio, dab digital radio in the london area. jonathan ferro i

vonnie: we got the story earlier that vanguard is moving into private equity with a new fund.nali were at an economic club of new york event the other day with maverick's lee ainslie saying he is jealous of the amount of money flowing into private equity. does it change the landscape for companies and for deals? philip: it is going to create more competition. whenever we have an ipo, there may be certain reasons why a company's can go public, but in many situations, we are looking at as a going public or looking at a strategic sale, or looking at private equity. this really great, fertile , privateve environment equity can be very agile. you can get really attractive financing in the marketplace that puts private equity on par with strategic synergies. it is a very interesting competitive market, and we want to be right in the middle of it. we want to be in private equity, strategic decisions, and obviously, we now have the largest sovereign wealth fund in the world, and we are really excited about that arena and the opportunities that buying power can result in. sonali: at th

you know, vanguard has programs to put $10 a month in so everybody has got $10.a is to show them how to give them tools and incentives to use, we need an education program and by the way, you still putting ten bucks a month in it adds up. >> do you think there's talk that if the president gets reelected he might cut social security. and maybe this is part of his idea to get people to take care of their future rather than have a tax and have the the system take care of them as they get older is that true? >> the president of the united states is not going to cut social security. i guarantee that. you call me to test of two years from now reelected and he does that. what he's going to do is get rid of abuses that barack obama built in the disability system. we're basically perfectly healthy people got disabilities, and didn't have to go to work. one of the great indoor sports one out of 20 americans between ages of 16 and 66 you know, were on disability that's absurd. >> yeah, no, i agree we that. i understand. clean that he is many up. been abused for a long time

liz: more than 15,000 on the tip of his tongue not usual i-share or vanguard or s&p names.mutual fund research todd rosenblatt is one of these people. how many have you rated in your head? you're an incredible etf expert here? >> thank you. at cfra rate 1800 etfs from cost perspective. we're looking forward, not backward. liz: with all of those in there, i said todd, pick three or four thaw freel are poised to run but that aren't the usual overcrowded s&p basket trades. let's begin with your first one. >> sure. so sdog. this is one of them. a list of s&p 500 companies based on the dividend yield within each sector. so the highest yielding companies in each sector, equally diversified. strong blue chip companies overall. this is great way of getting dividend exposure to the s&p 500, again from companies fallen out of favor. liz: the top holdings, l brands, western digital, southern, moulson, duke energy, they have big dividends. i find it interesting. not just splashing all the s&p companies into one basket, it is ones that pay dividends. what is the second one you like? >>

. >> i think the core of what she said is that mike has been at the vanguard of fighting for women'sancement in politics, the workplace, and society -- which is true. she saw her partner on a stage last week mirrored by senator warren who put words in mike's mouth that he never said and offered a litany of corporate lawsuits filed against bloomberg lp as somehow indicative of his behavior which also isn't fair. senator warren should know, she's been on the opposite side of repeated smears from president trump on the national stage and she chose to go there. i understand why -- >> martha: i hear what you're saying, everyone wants to see how he reacts in a similar moment tonight. it is interesting to be looking at a morning consult poll that 32% of democratic primary voters think that he is the most sexist candidate on the democratic side so he's got some work to do in changing people's opinions about his attitudes towards women. >> i think his record speaks for itself. i think we will continue to show voters exactly what he has done in his past and his present. he arguably has done mo

secretary gertner has been the in the vanguard. thank you for everything you are doing. putting on this forum. everybody who has got a hand in this, let's get to the candidates. them, come uping on stage. we will start with president body. he is already on stage. he comes from -- excuse me for a second -- hails from covington, georgia. let's introduce robert from long island, coming up next. [applause] calmly from valley, massachusetts. [applause] how are you, sir? mill valley, california. [applause] thank you very much. let's get some energy going. i know it is the second of the debates. mary maxwell, concord, new hampshire. [applause and cheers] >> how are you, ma'am? thank you for joining us. and we have william murphy, also from new hampshire. thank you very much. good to see you. thank you. candidates, please take your seats. quick introduction of the panelists, same as they were during the democratic forum, we have a longtime political reporter from wmur. well-respected journalist, lucky to have him here. doing the same thing for more than two decades, 23 years of

al qaeda and isis, we could have aresed them but because of these organizations, national action, vanguarde have just protected it as free speech. >> christian, the base interesting name, it's exactly the translation of al qaeda. what do -- with al qaeda or isis, the simplistic notion of you're doing this for god and it's oversimplified and perverted version of islam. that's understandable. how do you get desperate groups all over the world together to fight for these ideologies? what's the commonality? >> first of all these groups are anti democratic and anti government. they want to destroy western democracies. they often hide behind things like patriotism but if we had thousands of people, thousands of isis supporters and training in para military camps akoss the united states, making propaganda against american politicians and citizens we wouldn't hesitate to call them terrorists and to bring them down and despite that, what's happening is americans are now engaging in the same activities and we don't have the tools because we don't have domestic terrorism laws to apply things like mat

who came forward to tell their stories in "the new york times" and "the new yorker" are the heroic vanguardsvement that has now changed the legal world's understanding of rape and how to prosecute rape charges. harvey weinstein was found guilty of 2 out of 3 possible verdicts against him. he was found guilty of the rape of jessica mann and guilty of a criminal sexual act in the first degree against miriam haley. jessica mann broke down on the witness stand during cross-examination by weinstein's lawyer, which caused judge james burke to end the trial proceedings early that day. jessica mann spent three days total on the witness stand describing a complex involvement with weinstein which she said was at times consensual, but did include at least two incidents of violent sexual assault. prosecutor joan aluzi told the jury weinstein tried to keep in contact with his victims in order to control them. she told the jurors when you have to trick somebody to be in your control, then you know that you don't have consent. miriam haley was in tears on the witness stand when she described the first time

elect candidates up and down the ballot in 2018, i pushed gun control legislation, i've been at the vanguard of public health and climate activism. the pivot is easy. >> he won't say i'm out of time like joe biden does. >> by the way, i need to stop talking. no, the question is -- two questions i have. one is what are the moderators going to do? zerlina is right, no one has been able to ask this guy a question. is it so tempting for the moderators to go right at bloomberg or treat senator sanders like the front-runner, which he is. the second question is what does the rest of the stage do? do they let bloomberg bury himself or jump in and try to do the kill shot and i don't know. >> well, the stage could take some of the focus away from bernie sanders, the target of criticism in recent days not only for his policies on the left but attacks from his online supporters. here we go. >> bernie acknowledges that he doesn't even know how much his program is going to cost. it's going to be well over $30 trillion. he said we'll all find out. how do you ever pass anything in the united states congress

we're buying vanguard etf reit. other things i like, stay at home trade, at&t is at great value. everybody will stay at home and watch the outsider, that could really help them out. liz: i'm looking at at&t now. it is down 3.25%. arguably you could say that is an opportunity. it is down 6% week to date. i like it. all the stay-at-home stocks. whether netflix or telehealth companies. people will stay at home but they still need to talk to doctors. we want to interrupt for a second. we have 3 1/2 minutes before trading end for the very rough-and-tumble session. dow is down 1050 points. blue april prann resumed traded. deirdre, it was halted. what is the news? >> it was halted because there is interest from a l.a. based tech investor who reached out to blue apron according to our sources last week, wants to buy the company. in 2017 the company went public. the market cap for blue apron at that time was $2 billion t has fallen so much since then. i'm looking at my notes. currently worth 32 million. so a big fall from grace. this tech investor saying you know what? if i buy the compan

joe davis of vanguard, michael farr, good to see you as well. >> thanks. >>> losses are accelerating here the dow is down more than 700 points 736. was down 859 or there abouts at the low just moments ago let's get a trader's take with virtue financials joining us live from the nyse why did markets sell off so distinctly in the last hour? was it kelly's conversation with larry kudlow >> maybe it had something to do with it. certainly we were going to test important levels 31.50 was support level. we were trying to test that. we saw the technical move earlier today when we saw the market really drop when it broke through yesterday's lows right now if you don't have any idea what you're trading on, you're trading on technicals bob brought it up numerous times today. so, in the absence of any new headline, that's what you're doing. and we're -- hopefully we don't test another low which would be 30.75 on the s&p >> 30.75, matt s that the level everyone is watching >> well, i think that's the deepest level. hopefully we don't get there by any means. hopefully we saw it bounce close to 31.

others were important of course but they were in the vanguard.appily received than others, i'll grant you that, but some have made very important contributions. it must be said on the list of those at the very top, among those who matter the most must go james charles lehrer and someone else written in certain for a phrase i could find nonto stand beside his name. and now to make l, i know he has -- michael bechloff, i know he has a wonderful history to tell us this afternoon. michael. one of the most importt national figures in american >> for 40 years, jim lehrer was one of the most important national figures in life. as we all know he was a great man and a great leader, and a wonderful person. there is no doubt why so many millions of people trusted him so much. and i've never seen a closer family than the astounding kate lehrer, jamie lucy amanda, john, lou, richard and their children. it reminded me of what george h.w. bush once said. the thing that he was proudest of was that his family still wanted to come home. after ve day in 1945, dwigh

where everything is wiped up because the stock reits are up reits are up gaubecause -- lookt the vanguard >> 3%. >> i'm in disney the stock is lower than where it was when it launched disney plus it launched disney plus first week in november, and if you were excited about disney plus and you thought that would be transformational to aal for dis entertainment fforts, if you'r not adding to it, you're not really an investor basically, as a trader with downstock and you don't sell it. but when you have an up-stock, you sell it up two points. that's not investing investing is i love the stock because of disney plus now, it's lower than where it was when they launched i'm going to use some of today's parent to own some, if it's 128 in two days, i'm not going to cry about it that's how you invest. >> do you want to opine on that? >> i sympathize with what jack said how many shares can i put you down for, sir? >> is that an order. >> that's the way you think about it, the last thing i want to think about what's going to happen in the next two days. and if the stock is not a buy at 1200, then it

heading and who did believe can compete with donald trump when it comes to the white house in the vanguard it's all to play for our official there live from des moines thank you for night now the 1st world war drama 1917 has won best film at the precision academy film awards it was the big winner of the night's taken 7 prizes including best director for some mendis and best cinema talk a fee for this year's award still have been criticized for a lack of ethnic and she entered to fast city no women are included in the best director category. there's a style of ceramics that dates back centuries and a tradition that link spain and mexico now the cultural significance of salivate up post-surgery has been officially recognized by the u.s. cultural agency john holeman reports that in mexico where the style has become intertwined with the city's identity. from this comes this traditionally may tell a bit of pottery which you miscues just declared and tangible true heritage. it starts with the clay in pueblo in central mexico they believe only the local variety can be used for true tyler better.

the stock market right now in terms of investor sentiment first, take a look at this chart of the vanguard megacap growth. first is the global dow. mostly it's based on global exposure, and then russia 1000 value. this is the liftoff phase. it's been nothing going on in global multinationals or in value stocks since about december yet, we have our major indexes making new highs we've been talking about it a lot. it's at outgrowth of the bond rally these long duration. i also wanted to points out on a one-year basis what a stock/bond balanced portfolio has given you. the total return is about 17% and change, with only about a 2% or 3% drawdown along the way i have to say the 60/40 portfolio is doing more than its work can't say it's going to continue, but being diversified has been a virtue in the last year given the move lower we have seen people do seem to be overcrowded into certain names. >>> this is exactly what you were talking about, nancy. >> first off, i didn't -- software is really where we're focused. even though i'm a relative value manager, i agree with mike on that the questio

. >> just in finance services we have investment banks, insurance companies, vanguard northwestern mutualso it's a pretty great set of customers i think that's driven largely by the invested in security, and i think people don't appreciate that or understand it. they think slack is still for small tech startups or purely for media companies, where it's a global footprint >> slack's ceo still waiting for news we don't know what the news is, about you this report about ibm, this would be their biggers customer and also squash a lot of concerns, and this idea that it was just a start-up >> i just don't know in the fog being up on heavy volume causes the exchange to say is there any news beyond what we know out there? i'm not sure -- >> you guys are here every day it's unusual to see a stock halted five minutes before the close. >> and this particular news have been out all day >>> wework executive chairman sat down with our andrew ross sorkin this morning. they discussed everything from the fallout to the botch ipo, and what they took from the experience >> maybe the lack of involvement that

vanguard is the one getting into the passive managers a story franklin was seeing 10% reductions in itsmanagement in a month over month basis for a full year in january. that's a serious number and that's going to force these kinds of mergers to continue to happen carl, back to you. >> bob, thank you very much. >>> let's get to the bond pits as well and check in with rick santelli at the cme in chicago good morning, rick >> good morning, carl. close two-year note years would be closing about a one-week low yield and a week and a half almost two weeks for ten-year note yield look at the 24-hour chart of tens they have dipped of course, closed yesterday the entire yield curve is down two basis points so it's a parallel shift look at a year to date of tens and do realize that on the 31st of january, the last days when we made the low close of this cycle, right under 151, open it up to september, could you see the work we're doing down at levels that are only a stone's throw away from very historic lows, and that really makes many investors a bit apprehensive about looking for yields to bou

several other big mutual funds including fidelity, jackson national, and vanguard also put money into the riled ride it went on with soft bank and it has led to big, embarrassing markdowns for them as well talking about other writedowns juul is another one where institutional investors got burned according to pitch book, fidelity and american funds had to mark down their holdings by nearly half last year after juul's valuation was slashed in its filing t. rowe concludes that the wework debacle as it calls it was an error in judgment not in process. but, guys, there could be other disappointments for t. rowe and other mutual funds big holders of other money losing companies like uber and lyft and getting deeper into the venture capital world and into earlier rounds. back to you. >> always worth mentioning it wasn't that many years ago when the idea of fidelity being a big holder of a nonpublic company was something people would not have anticipated t. rowe was early in doing it of course, moving in, but, i mean, these guys have all become such big players in terms of providing this gro

. >> narrator: decadesater, bezos would be at the vanguard of expanding the use of thatlo kind of techtion allows you to pass an image to us. you can say, "do these two faces match?" which is incredibly useful for applications in the security space. you can imagine... >> narrator: aft amazon rolled out a facial recognition tool, it marketed it to law enforcem >> recognize andrack persons of interest from a collection of tens of millions of faces. >> narrator: police we've spoke to say ivaluable tool to identify suspects quickly.to >> ...appeare a match, but i'm gonna make sure i look at them all. >> narrator: and whi amazon hs offered guidelines for it should be used, there are few laws governing the use of this technology. >> it returns anybody with warrants that look like her. >> narrator: civil liberties advocates have raised concerns, as have computer scientists, who worry amazon has released the software before it's ready, and that police are essentially field-testing it on the public >> the tools are not what i call battle-tested. and we still do not understand w well they work i

maria: you are right, you see fidelity at zero, you see vanguard schwab zero in terms of commissions,nklin. >> people forget when running ubs we had largest private client business this the world when you all of a sudden do something day-to-day commodity away from who you do estate planning with ipo stuff with all of a sudden you have another competitor that can come in, get a piece of the action. this is a way that they keep the stickiness get low hanging fruit then bigger stuff all you are going for now an after play makes sense. maria: price 13 billion dollars in stock you are right morgan stanley shares have been sky roekting. >> 40% -- >> use as currency knee funny money. >> we have got to steady about sin city showdown in las vegas last night michael bloomberg took stage for the first time you have not for evidence anybody have you donated you have donated to biden buttigieg klobuchar. >> and 10 others. >> so the pack, smart comment, one i call it the red wedding this was "game of thrones" wedding of debate i technique that from someone. >>. dagen: a massacre surprise mess massa

i saw the envelope said vanguard. i have no idea who it is. i don't care if he's in the building or not, as long as he doesn't create problems for the other homeowners. >> do you have any questions for us? >> i do have a question. other than the dry rot, are there any other safety concerns with the trees? >> well, actually, when they were planted 12 years ago, to replace the older ones that we were told we should remove by the city, the woman named kerry derky, one of the homeowners said he was going to plant dwarf trees there. we said, okay. but it didn't turn out to be dwarf trees. they grow and they completely, as you saw in the pictures in the back, they completely block unit number 1. >> so the problem is that the view of the window are blocked, that is a safety concern or the esthetic. >> the light, there is no view. there is no light. >> is there any other safety concern? >> if i open the window, the branches were coming inside. >> those are the issues, thank you. >> i cannot do that. so when the trees started to grow and it turned out