and we've been early on this trend and seeing over the last three to five years not only at vanguardeneral, their cash flow has been counter cyclical, meaning that buying equities when equities are down, we think this has a lot to do with the value of advice and how many people are using advisors, row bo advisors or single fund solutions like target retirement funds and we're even being, you know, educated on the power of rebalancing. >> well, like you said you're always at the vanguard and private equity is the next one thank you so much for joining me to explain it, fran. >> thank you so much, kelly. >> fran from vanguard. that does it for "the exchange." thank you for joining me i will join bill griffeth for "power lunch" and see you there. >> thank you very much here's what we're looking at as stocks rally back. the dow up about 1,000 points after losing some steam in the middle of the day. this following yesterday's massive sell-off the worst day since black monday back in 1987 the dow is down about 15% this week so far. the major averages officially did end the 11-year bull run

joe davis, vanguard group chief economist, thank you very much indeed. what's happening stateside? vonnie: just a picture of what is happening in the markets, we obviously hit circuit breakers right out of the gate, so there's 15 minutes, traders were just waiting for most stuff to start trading again. some of them hadn't even begun training. circuit breakers may have saved us from a worse start to the session. that said, we are still down 6% on the s&p 500, with just capital oil and gas the single stock higher in the s&p right now. the dow is down more than 7%. from weld companies royalsenior living, cruises down, norwegian cruise liners lower. really, every sector across the board, even the stalwarts like clorox are lower today. guy: these are 2008 kind of levels in terms of the drops we are seeing in europe. we seen some of our markets down by 10% today. we are going to carry on the coverage. vonnie and i will be back in an hour. in the meantime, i will hand you over to the capable hands of david westin and "balance of power." this is bloomberg. ♪ ♪ from bloomberg world headquar

in recent years hooligans have been at the vanguard of numerous right wing demonstrations in germany. they organized the hooligans against salafist protest in cologne in 2014. and were also instrumental in kicking off far right much using 10 minutes in $28.00 c. . thankfully hooligans influence in stadiums has dwindled that's to a large extent due to the rise of ultras in germany because there are often confused ultras a supporters responsible for much of the atmosphere standing singing creates empty foes and part russia that politics vary wildly from club to club hooligans of fans who fight there's some crossover but ultras run things and stadiums. still hooligans haven't completely disappeared from german grounds last year chemist fan who founded a group called hooligans nazis and racists passed away the club gave him an official sendoff and chemists his campaign even raised to support your local who's shirt in honor of the neo nazi. in the top 2 german leagues alone 600000 fans attend football matches every weekend committed hooligans in the country are estimated to number in the l

that means the fed is buying like i shares or vanguard long-term corporate etf.ow, moving in opposite directions the i share bond etfs are higher more than 2.5% despite the fed's announcement yesterday, ultimately, another rocky do you with the dow closing at its lowest level since 2016 on pace for its worse month since 1931 worldwide with plenty of positivity in europe and asia. matt taylor is in singapore and karen is in london >> reporter: as we came in and started the day, the u.s. future showed sharp gains that really helped in north asia, japan rising for a second day up more than 7%. you can see 1,200 to the upside. the softer yen around the 110 level. the kospi in south korea was the standout performer up around 9% of the close. it was the biggest percentage gain for that index in one day than we have seen since october 2008 shanghai was the laggard hubei at the epicenter saying it will relax travel restrictions there tomorrow the city of wuhan will have to wait until april 8 hong kong, also a strong performer. saying it would shut down that city to all t

and i want to go now to greg davis, the chief financial officer for vanguard, which manages the largestates. do you share the concern there's a risk of doing too little than too much if you hear and i don't know if you just heard the president talk about a payroll tax cut, and then secretary mnuchin talking about a whole range of tools, they have a lot of cataloging their tools. he was saying they were going to do a lot but was very vague about what a lot might be. >> i think at this point it's really too early to tell. we still don't know exactly what's going to happen in terms of, you know, the continuation of the virus. our main thoughts are with the families and individuals impacted at this point in time and our medical professionals that are on the front lines of this virus. and they're going to continue to be in our thoughts. in terms of a response, that's one of the unknown. we don't know exactly what the monetary response is going to be or the fiscal policy response. to the extent you get a major downturn like we saw today, that's clearly going to be a catalyst for a response ei

vanguard has kept plowing money into index funds despite turmoil. want proof? look at the flows. jo

much for joining me to explain it, fran. >> thank you so much, kelly. >> fran from vanguard. that does it for "the exchange." thank you for joining me i will join bill griffeth for "power lunch" and see you there. >> thank you very much here's what we're looking at as stocks rally back. the dow up about 1,000 points after losing some steam in the middle of the day. this following yesterday's massive sell-off the worst day since black monday back in 1987 the dow is down about 15% this week so far. the major averages officially did end the 11-year bull run yesterday entering bear market territory down about 25% from record highs made just a month ago. of course, this comes as testing for the coronavirus continues to ramp up here in the united states there are now 1700 confirmed cases and new york has opened its first drive-through testing facility the doctor behind that program is going to join us in just a few minutes here kelly. >> all right bill, thanks our team of reporters is covering this story for us bob pisani is watching this rally fade and then try to come back today

decided to volunteer and give free coffee to all medical stuff in the airport workers who are in the vanguard of the flight because the coronavirus in these countries our idea is to help with all that we have we can make coffee so it's not difficult for us to even do those tackling the virus. national day of things that we don't have any medical education so we can help them treat people the only thing we can do is make coffee and give some sweets to help them through this tough time the ultimate idea is that if we can help theoretically anyone can to. please him or to come after the break we spiked we speak to the australian doctor and t.v. star who has called for more testing as health professionals demanding that he's put in charge of the response to that 19 asked to come in a couple. is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation community. are you going the right way or are you being led. by. what is truly what is. in the world corrupted you need to descend. to join us in the depths. aura made of the shallows. the atlantic alliance

decided to volunteer and give free coffee to all medical stuff in the airport workers who are in the vanguard of that slide because the coronavirus in these countries our ids to help with all that we have we can make coffee so it's not difficult for us to keep it do those checking the virus. national defense that we don't have any medical education so we can help them treat people the only thing we can do is make coffee and give some sweets to help them through this tough time the ultimate idea is that if we can help theoretically anyone can too. so we come over the next few minutes we speak to the striking doctor in t.v. star who score for more testing has health professionals demanding that he's the one put in charge of the response to come with 19 we'll speak to him in a couple of. join me every 1st week on the alex song i'm sure i'll be speaking to get out of the world of politics or business i'm sure i'll see you there. back now has increased its testing for corona virus after widespread criticism authorities had previously only checked those arriving from abroad been in contact with the

reader,rtain kind of discovering these sites felt like stumbling onto an intellectual vanguard.n that? expand this kind of clandestine, subver sieve thrill on theovering something internet that feels like something you're not supposed to discover, something dangerous. the metaphor is the red pill. this is an image that comes from themovie, the matrix, where blue pill allows you bake up and forget the reality you've think it was all a dream. and the red pill lets you see the real truth. to plato's cave and alice in wonderland. good atrnet is very delivering this feeling of you are being brought into a secret society of people who are the only sort of chosen few who understand the truth. that's a fun feeling and a fun mental space to live in if you keep it under control. the problem is that a lot of times, the red pill, quote, used to showng people the truth that the jews are running the world or that actually oppressing men or, you know, any number of other things. things aren't true. but if you're joining a society people who is kind of repeatedly banging into your thisthe notio

decided to volunteer and give free coffee to all medical stuff and airport workers who are in the vanguard of the fight against the corona virus in this country our idea is to help with all that we have we can make coffee so it's not difficult for us to do those tackling the virus. national day of things that we don't have any medical education so we can help them treat people the only thing we can do is make coffee and give some sweets to help them through this tough time the ultimate idea is that if we can help theoretically anyone can too. because in the u.s. are being accused the stockpiling medication for themselves and their families will bring that full story when we return. join me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics sports business i'm showbusiness i'll see you then. welcome back the united states has the most covert 1000 cases now in the world the number exceeds 104000 that's up from 85000 yesterday and more than 1500 americans have died from the virus but until it is are in short supply president trump has ordered the au

decided to volunteer and give free coffee to all medical stuff in the airport workers who are in the vanguard of the fight against the corona virus in these countries our idea is to help with all that we have we can make coffee so it's not difficult for us to do those tackling the virus. national day of things that we don't have any medical education so we can help them treat people the only thing we can do is make coffee and give some sweets to help them through this tough time the ultimate idea is that if we can help theoretically anyone can too. because in the united states of being accused of stockpiling medication for themselves and for their families and bring you that story after the break. the problem with having too many claims of gold is really hitting the markets in a serious way people want their gold now because they realize that the money world is collapsing and then they go to get their gold and these exchanges well. b.m.a. are saying no we don't have the gold actually. here and so that's causing people to they want their gold even more than all the countries that have repatria

decided to volunteer and give free coffee to all medical stuff in the airport workers who are in the vanguard of the fire that is the coronavirus in this country our idea is to help with all that we have we can make coffee so it's not difficult for us to even do those tackling the virus. national day of constant we don't have any medical education so we can help them treat people the only thing we can do is make coffee and give some sweets to help them through this tough time the ultimate idea is that if we can help theoretically anyone can to. our coverage continues after the break when we speak to the strain doctor and t.v. star whose call for more testing as health professionals demanding that haynes put in charge of the response to the outbreak that story is just after the break. join me every 1st week on the alex i'm unsure and i'll be speaking to us of the world of politics or business i'm sure business i'll see you there. welcome back now a stray one has increased the number of people it tests for corona virus after widespread criticism authorities had only been checking those arriving

we will be in the vanguard but nih fauci and others at the will not go it alone. they are working in partnership and collaboration around the world, so global solidarity around the vaccine is there. my only worry is that if it comes in short supply, which countries like the united states , germany, and others, will they hoard the vaccinations and let potentially millions of people poor areas like sub-saharan africa or the middle east? these are hard questions. just imagine what will happen when the virus gets embedded in places like syria, yemen, and other fragile state. we have a lot of challenges ahead of us globally. question from the audience. does the power does president have the power to order cruise make theiries to vessels available for conversion into hostile at all ships? -- hospital ships? >> the last place on earth i would want a hospital is a cruise ship. it is a petri dish and i don't know why people are going on. we have seen rapid covid transmission on cruise ships. transfer to private facilities, we have had that in our constitutional tradition,

decided to volunteer and give free coffee to all medical stuff in the airport workers who are in the vanguard of the flying because the coronavirus in this country our idea is to help with all that we have we can make coffee so it's not difficult for us to do those tackling the virus. national day of constant we don't have any medical education so we can help them treat people the only thing we can do is make coffee and give some sweets to help them through this tough time the ultimate idea is that if we can help theoretically anyone can. still to come this hour we seem to be striving doctor and t.v. star news corps for more testing this health professionals demanding he's the one put in charge of the response to that 19 story just off the. that's the crucial point of the book the bottom line of the book namely i think you're pretty much stuck with your looks but if you have other things that you're good at either music or running or doing intellectual work or politics then one should take advantage of one's advantages and project goers and forget about the fact that you may not be the best l

decided to volunteer and give free coffee to all medical stuff in the airport workers who are in the vanguard of the fight against the corona virus in these countries our idea is to help with all that we have we can make coffee so it's not difficult for us to do those tackling the virus. what. nationality of them we don't have any medical education so we can help them treat people the only thing we can do is make coffee and give some sweets to help them through this tough time the ultimate idea is that if we can help theoretically anyone can 2. dogs in the u.s. are being accused of stop piling medication for themselves and for their family so get the full story after this break. is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation community. are you going the right way or are you being led. by. what is true what is. in the world corrupted you need to descend. to join us in the death. or a mate in the shallows. believing in weird things by the way is called superstition or magical thinking believing weird things like that is not a bug in the sy

-- blackrock, vanguard, and state street fit in the d and e band.y catherine from share action. interesting report. talk hereture from we about central banks and global action, and i wonder if the cash behinde esg esg has been sucked away, given the understandably short-term focus we have to have? >> sure. probably not. everyone is talking about whether this will be a long-term shop short-term. my sense is that esg is here to stay. is anronavirus interesting example of how a health issue can blow up global markets for a time. no reason why this will fundamentally derail the esp program. -- esg program. matt: hopefully this is short-term, because if it extends, you have to be worried that investors will care about --ernments or social issues won't care about governments or social issues. down, price of oil goes does it increase the risk that we pay less attention to the size of our carbon footprint? that is a potential challenge. , we are stillme seeing price cuts in renewables. probably that oil is more comparable now, but i think the long-term tren

for a certain kind of reader, discovering these sites felt like stumbling onto an intellectual vanguard. you could post something because you believe it, because you wouldn't believe it. could you expand on that? andrew: there is this kind of thrill toe, discovering something on the internet that feels like something you're not supposed to discover, something dangerous. the metaphor is the red pill. this is an image that comes from the movie, "the matrix," where the blue pill allows you bake up and forget the reality you've glimpsed and think it was all a dream. and the red pill lets you see the real truth. which has been hidden from you all along. this is a very attractive trope that goes back to plato's cave and alice in wonderland. the internet is very good at delivering this feeling of you are being brought into a secret society of people who are the only sort of chosen few who understand the truth. and that's a fun feeling, and a fun mental space to live in if you can keep it under control. the problem is that a lot of times, the red pill "is being used to show people the truth tha

it seems to be at the vanguard of this outbreak. >> that is a very good point and i think what they haveecided to do in washington is actually quite appropriate. as you mentioned washington has a community spread of infection in other words it is out there in the community at a certain level, not completely sure what level but when you say community spread you are not sure who or what was the original index case. what you need to do is social distancing. that is what the governor and the state decided to do, social distancing trying to avoid crowd, having people do telework, having certain modification of the school schedules, that is the kind of thing that prevents the interaction among people which would lead to the spread. it falls under the category of mitigation. lou: in making sure that is many people as we can protect from the virus in protecting themselves. with the help of our government at all levels. the virus itself, it is very hard to get a good sense of this. we can put up a graphic that shows worldwide from the virus in the number of cases. can we put up the full screen pl

kind of reader, discovering these all right sites felt someone onto a countercultural intellectual vanguard. you could post something because you bleed it or because you didn't believe it and you wanted to see the wood. did you expand on that? >> guest: there is this clandestine subversive thrill to discovering something on the internet that feels like something you're not supposed to discover, something dangerous point the metaphor people always use for this is the red pill. this is an image that comes from the movie the matrix where the blue pill allows you to wake up and forget the reality you've glimpsed a finger was all a dream, and the red pill let you see the real truth which is been hidden from you all along. this is a very attractive trope that goes back to play to his cave and alice in wonderland s.o.b. other things. the internet is very, very good at delivering this feeling of you are being brought into a secret society of people who was the only sort of chosen few who understand the truth. that's a funny feeling and it's a very fun mental space to live in it you can keep it unde

. —— vanguard. $2.8 trillion expected to be lost this year. and we are only in march.hrinking happening anyway but coronavirus has accelerated it. it's difficult enough to imagine 8 billion let alone a trillion. i spoke to a friend who works in finance and asked how it was going and she replied she had no idea why she was in work because all that is happening is everyone is running around swearing and didn't have a clue what to do. sounds like a newsroom on a busy day. it's incredible. there was a correction that was meant to happen in the markets this year, but i don't think anybody expected it to be this dramatic. people are likening it more to what happened after 9/11 rather than what happened in 2008 when there was a proper financial crash that was brought about by the financial industry, one might argue. so there is going to be a correction, but there will also be a recalibration. so it looks really dramatic and the numbers are absolutely massive, but there will be some winners out of this and stocks will find a flaw and then start to rise again. we have found a d

vanguard and blackrock are said to be among the names going down that route.a professor of finance, who joins us now. great to have you. what is a better option for these foreign players in this market? is it politically easier to go in with a local partner? >> my short answer is it depends. historically, falling joint ventures. now this is happening. they can establish financial services. in china with 100% ownership. heard, severale firms may have already applied, but it seems to have slowed down because of the current pandemic situation. firms think some other are likely to continue their joint ventures with local partners. have and are mostly benefited from the collaboration. they understand the value of local partners, particularly communications with regulating bodies and customer based. second, in the past two to three years, financial firms have been allowed to take control of ownership in their joint ventures in china. many firms did not take advantage of that relax in regulations. ownership may not be as critical for them. haidi: more broadly speakin

we will be in the vanguard. i also know that tony fauci and others at nih, they are not going to just go it alone. they are working in partnership and in collaboration around the world. solidarityt global around a vaccine is there. my only worry is that it may become in short supply. if so, will rich countries like the united states, germany, and others poured the vaccine -- and lethe vaccine others die in sub-saharan countries, like africa. these are hard questions. just happen when the virus gets embedded in places like syria, yemen, and other fragile states. we have got a lot of challenges ahead of us globally, not just nationally. gostin, i have a question for you on text, text a question for you. does the president have the power to order u.s. cruise ship companies to make some of their vessels available for converging to hospital ships -- for converting to hospital ships? last: first of all, the place on earth i would want to ship.al is on a cruise i don't know why people are going on. ofhave seen lots tra

because it seems to be -- if you will, at the vanguard of this outbreak. >> well,an lou, that is a good point, i think what they have decided to do in washington is actuallyy quite appropriate. as you mentioned washington has what called community spread of infection. it is outto there in the community. at a certain level, not sure what level. but you say community spread you are not sure who or who was languaoriginal index case, you o do social distancing, that means, trying to avoid crowds, having people do telework, and certain medication of school schedules that is the thing h tt prevents the interaction among people which would lead to further spread. it falls under category of mitigation. lou: sure. and making sure that as many possible as we can protect from the virus. protect themselves, and with the help of our government at all levels. the virus itself, it is very hard to get a good sense of this, we could put up a graphic that shows worldwide the deaths, from this virus. and the number of cases. could we put up that full screen, please. there it is. it shows 3348 deaths to th

the revolution is the main thing and he says well, if we could drop the proletarian input in the vanguardghout the proletarian input in the nation instead. all over europe there were groups of socialists who suddenly became nationalists. one, but not the only one, was hitler who came along and had this new ideology of nationalist socialism which retains a lot of socialist principles but as on the implacable hatred of the jews. bret: mussolini joined forces with eight of hitler to launch a world war even more devastating than the last. the alliance between italy, germany and imperial japan placed mussolini and plenty to his old socialist comrades. in the end, the grandiose ambitions of fascism went up in smoke. the world last glimpse mussolini's body hanging upside down at an abandoned gas station in milan. the very next day hitler shot himself. with the defeat of the axis powers ideology of fascism collapsed. but the death of the strange offshoot only cleared the way for other branches of socialism to flourish. ♪ bret: in the aftermath of world war ii communism spread like never before. t

essential to radical tendencies it makes a statement here we are join us follow us we're in the vanguard and ready to fight for them and there's an. income for those who are in. this tactic was also deployed in the weimar republic fiery rhetoric soon turned into violence street brawls became the order of the day. the radicals set out to destabilize the state and demonstrate its powerlessness 931 saw the nazis committing their 1st and he semitic attacks hunting down jews on one of the berlin's main shopping boulevards. september 28th cabinets open hostility on the streets attacks on journalists the hunt on people perceived as foreigners or migrants. but the racism was openly flaunted and hatred spilled into violence i'd. think of this tendency towards violence isn't just an abstract idea it's being acted upon i think we lost sight of the fact that we've had a militant subculture with an affinity for terrorism in the scene for a long time they've been waiting in the wings for the right moment to put their violence into action on the streets so that. the far left shares those tendencies as

half or so and it seems like they in addition to being a great mystery on their own might be the vanguard of this new test of essentially counterintelligence of the public sphere and that is something that is simply extraordinary. >> do you think they will reemerge? >> they did last time and the august of 2020. it would certainly be striking and deepe deepened the mystery y come back. >> how do they look at the shadow brokers? >> there's been so little discussion to say the office of management stealing 20 million security clearance finals the shadow brokers it is just so rarely discussed but as everyone has a favorite chapter that is the one and even years later we don't know what the community knows. >> i want to take a couple questions from the audience. i am a member of the wilson center national cabinet. great conversation. my impression is the function of physical assets and intellectual capital. if you were to do a heat map of the world and rank the intellectual capital function of the power country by country both in terms of current intellectual capital and talent in the pipeline

vanguard has trained investors to keep piling money into passive index funds. want proof?

have back pay, they were this big watchdog against job discrimination gender based, and there are vanguard of the second wave of feminism. secondly that the feminism has cultural and intellectual goals, there is a series of different protests, where people show up to talk about different things happening in society that are problematic for women they want to expand this idea that women beyond not only just homemakers wives mothers that sort of thing, but just sheer sex objects. here's an image of women protesting, outside the 1968 missed america pageant. in atlantic city new jersey. this pageant of course is going on, you've all seen mrs. america pageant you know what to pageant you know it's about. but you know a lot of march across stage in a variety of outfits, these women showed up in 1968, to protest. we'll see it here in terms of their protests, and this tactic, i wonder what you all think of that. what is the argument here? , >> they are emphasizing the dehumanization of women. and what it perpetuates. >> yeah good observation so would the rest you make of this. ? thaw >> the physic

joining us with more perspective on the market, the founder of vanguard capital which has 25 billionnder management. thanks for your time today. we really appreciate it. do you see any signs of stabilization this monday morning after the fed fired wither big bazooka destabilization in terms of liquidity available in the markets and also demand for dollars? what are you seeing this monday morning? >> good morning, guy. the very point you made about liquidity and confidence, and what the fed said this morning, in the sense of liquidity, taking the first pillow, that is where the market has been really nervous over the past few days or weeks. i think the second step is about the billdence with being passed this week. guy: in terms of what really stood out for you and what we saw from the fed this morning, they are stepping in with the ecb and buying corporate credit, both in the primary market and secondary market. they are beefing up the commercial paper market. they are stepping in to stabilize the mortgage market. is there anything left to do? what stood out this morning? mathieu: i

as a mayor, not as a sanders supporter, as a mayor and on the vanguard of the new kind of elected leadership in this country, particularly in plaque america, do you think it is important that the presidential nominee, whether it be your candidate, senator sanders, or former vice president biden, choose a female or a person of color to be part of their ticket as vice president? >> i think that that is certainly -- that's something that should be highly considered. i think the diversity of opinion, diversity of background should be considered as someone selected their vp. i come from a history of struggle out here in mississippi where at one time our mission was to get leadership that looked like us. but i think even more importantly than that is to have leadership that thinks like this, that talks about the issues which are at the front and center to people suffering each day, people who are dealing with economic injustice, disparities, criminal justice system in need of reform, failing health care, and all of the circumstances that people are suffering from across this nation. >> at the end

they're the big sort of watchdog against gender based job discrimination and they're a vanguard of second wave feminism. it has also has a number of goals and there's a whole series of different protests where people -- people show up to talk about different things happening in society that are problematic for women. okay? they want to expand this idea of women beyond not only just homemakers, wives, mothers, that sort of a thing, but also beyond that of just sheer sex objects. so here is an image of women protesting outside the 1968 miss america pageant in atlantic city, new jersey. this pageant is going on. you all have seen miss america pageant. you know there's different talent contests but a lot of is is the women march across stage in a variety of outfits. these women showed up in 1968 to protest. what do you see here in terms of their protests and sort of this tactic? i wonder what you make of that. what's the argument here? >> they're emphasizing the dehumanization of women, the miss america perpetuates. >> okay, yeah. other observations. what do you make of this? >> looking at th

vanguard took in a record amount of money last month and last week, more so than they have ever takenith etf's in history. etf's were built for this type of situation. a lot of people try to say there's issues and concerns with the way they were built, but they were built on the back of the 1987 crash to handle things better than futures did at that time. essentially, etf's are handling it very well. , 20 plus yeart treasuries, pimco zero bond etf, obviously gold. all of those things are taking in a lot of money right now. the flows, is hasn't been anything ridiculous aside from money going into those safe haven type etf's. vonnie: all right, james. it looks like we have to leave it there. our thanks to james seyfert with etf friday. an interesting week for etf's as well. let's get back to those markets. we got payrolls that were better than expected come about as you pointed out earlier, it's a little older data, so not exactly the focus of the markets this morning. you heard larry kudlow on a little earlier, saying that the administration is on it. there is funding now from congress