rowe and vanguard were investors in uber and lyft do some of these high profile markdowns make mutual funds reconsider the strategies. >> if you're a mutual fund vestor and you see these markdowns, they're seeing markdowns in the public market too, certainly. if you see these domas, it's only natural you're going to pull back your risk appetite a bit. >> the next debut is expectedm o come fr test r theppetite of institutional investors. for nightly business report, deirdre bosa, san francisco. >>> nancy joins us now to talk more about mutual funds and sometimes risky bets some have made. e is chief investment officer. welcome back, nancy, ne to s you again. >> thank you, su >> you are not a fan of this strategy at all. >> no, i think we've seen two things that can come from rsthi of all, this is not the expertise of fund managers. what we do is analyze publicly traded companies wit the track record of public accounting, and meeting quarterlyarnings objectives. and they're judged harshly for that. there's so much capital chasing unicorns that we've seen the encouragement inin discig --

they are not going to be at the vanguard of the exchanges like silicon valley might be. but they need to adapt or die at this point in time. they are kind of a laggard in terms of these changes to attract this younger workforce, but they are making the changes. in that sense, they are leading the way in this industry. what is it you want to hear from goldman management in their first ever investor day? it is such a change from what used to be such an opaque company. mike: it will be the first bank to have a segment in their investor day on green and sustainability initiatives. that is usually for people who vote proxies, not investors. but the biggest issue for goldman sachs is growth. if you look at the last five it has been 0%. years, it was 6%. goldman has underperformed. we want to look at the targets of where the financials should go for a great company over the last -- great company that, over the last few years has not performed well. you get a year to position yourself, but now it is time to deliver the goods. on january 29, we want to see some concrete metrics o

of course it's not a new missile per se it's a very old misao actually the missiles with which these vanguard's are deployed are about 30 years old they were built in the soviet times known in the west as s.s. 19 and in russia as were store. but this is an old misao with the 8 if warhead reentry vehicle and and the yes this is innovative that's it's an important achievement though right now it's more i would say technical achievement that doesn't really out there the balance between america and russia nuclear weapons we're going to talk about the balance of power in just a moment but just for clarity sake pavel russia saying that it's been put into service what are we to read into those comments does it mean that it's actually operational right now or is it still in an advanced phase a field testing. apparently there were test i mean these things were tested in soviet times the development began also 30 years ago or even 40 now they reach deployment stage and several silo based missiles have be they replaced the original classical. reentry vehicles with this one of course that means that the u.

v vanguard says we face a 50% odds of correction in 2020. of course that means there's 50% chance you don't have it bespoke -- >> what do i do with that exactly? >> i'm not finished. >> equities aren't a bargain biggest headwind for stock market is valuation. investors may be overly complacent about the year ahead. a few signs of market weakness but the current path is unsustainable. >> i've been doing this a long time every one of those statements you could have made in december going into the following year every year that i've been in this industry. so they're universally applicable they're not wrong, 50/50 chance of a correction, sure, why not actually, history says we'll have an average of a mid-teens correction every year and a half. >> it's not a 50/50 correction as to whether the market's too expensive or not, that's a legitimate concern. >> too expensive compared to what it's not in a vacuum in the real world everyone that's allocating a portfolio all over the world is forced to make choices between one asset class and another. forc

anna: dani burger with that caution from vanguard. let's get a first word news update with leigh-anne gerrans. european equity markets, a touch weaker is what we are expecting to see in eight minutes when european equity markets open for the week. let's get to leigh-anne gerrans. leigh-anne: china is cutting tariffs for a range of goods including frozen pork, pharmaceuticals, and high-tech components. and is notanuary 1 related to ongoing discussions with the u.s., but is part of beijing's effort to support the claim it is opening up its economy. and saudi arabia could reach an agreement to restore oil output in the neutral zone. fields have been shuttered for years because of tensions. they could produce as much as 500,000 barrels a day. in the u.s., new documents show president trump asked ukraine about ukraine 80 before his call with the country's president. that is a conversation that went on to trigger the impeachment investigation, the heavily redacted emails from the center for public integrity. they show the administration ord

the vanguard theater company. mr. payne: the company began in maplewood, new jersey, four years ago with one goal. it wanted to increase diversity in theater acting, directing, and training. he company is based on a dream of diversity, reciprocity, education, awareness, and mentorship. with a strong emphasis on mentorship. vanguard has run several programs and camps to connect young artists with skilled performers. recently it received a grant from the new jersey state council on the art. the grant will fund acting lessons for 40 students. then these new actors will put on shows for hospital patient, senior citizen, and children across the area. i'm proud of the vanguard for encouraging youth of color to pursue their dreams in theater. i wish them all the best. with that, madam speaker, i yield back. the speaker pro tempore: for what purpose does the gentleman from pennsylvania seek recognition? >> i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: wi

the vanguard of his army will be stationed around a village three miles south of winchester. the senior officer of the infantry division is colonel james mulligan from chicago, illinois. he was very popular and well-known during the civil war. one of his fellow division commanders noted that he was perhaps more popular out of the army and was in the army. mulligan longed for a battlefield command. he started off the war in 1861 as the commander of a garrison in missouri and he was surrounded by a large confederate force that outnumbered him four to one. he held out for about a week and he earned a lot of praise at a time when bull run was going on and there was a lot of negativity. he showed some gusto. he will be surrounded and forced to capitulate. while he is going to be paroled and in this which is an extended time of six months, he is not allowed to take part in active military operations. what he does is travel across .he northern states war, he became prominent in the democratic political machine of chicago. he was eight stephens democrat. when that election was going

horatio wright will not only have the sixth floor, but he will have the vanguard of the 19th army corps, which was supposed to go from louisiana to petersburg but was diverted up to washington because of the crisis induced by jubal early's invasion. time,t that point in horatio wright is going to pursue him out to the potomac river. he is going to arrive on the maryland side of the potomac on the morning of july 16. find jubale, he will early has already begun to retreat from leesburg. he islizes that potentially in a dangerous situation. marquette alluded to hunter's failed lynchburg campaign and what had happened was after they were forced to retreat in the mountains of west virginia, he will show up in western maryland about the 13th and 14th, and he will be in position coming up around harpers ferry and martinsburg, which is above it but off the map, so there will be a large union force of about 14,000 union men approaching early from the west at the same time that horatio wright will have a force that will ultimately get up to 15,000 men moving on early, pursuing him out of washing

the stock has a 28% upside to the 25$2.5 $25.70ish >> cvs, this is a company that wants to be on the vanguard of refiguring the healthcare industry. wee showing you a one year chart. it's had a pretty good year. for the last three or four years, this has gone lower. it's been trending downward. why do you think this is a >> hopefully it will turn ? growth. we think the purchase is transformative and the market is mispriced. amazon's risk into the pharmacyi ss. the stock -- we look to trade at ast to 94. it's going to value a play on iu and assaid, it hasn't had a big mover over the years and this may behe year for cvs next year. you have mid 20s upside. >> all right. finally, a company was not familiar with, it's an interesting business model. john beanog techns in food processing and air t. >> yli, thinkrs and packaging and loading pnes and deicing planes. two separate businesses. think of also, ready to make d . and that's the business that they make the equipment for. the stock is -- we pick cheap based onts future growth. and the food pcessing busines in particular is very fragmented. so

many of these active managers coming over the are still in the 90's, do they understand it's not just vanguard anymore? there are smart beta funds that are active and are cheap. dan: active management has evolved over the past couple of decades. there's performance attribution going from i am buying the market, and now being able to attribute down into factors and style. i think if you can get your beta in whatever form in an efficient way, having active managers who, through active share, can take more concentrated bets can really show more security and selection ability, those will be the managers who survive and thrive. those will be the candidates for the ant structures. scarlet: that depends on the return, that determines the ultimate winners and losers. rachel, there is a derivative rule that could make trouble for leveraged funds. what is the latest? rachel: this has long been in the works and we saw a version of it last week, a proposal came out which looks at lifting the moratorium on leveraged etf's, and going to new issuers but it comes with a catch. they want to come out with sales

the markets could be getting ahead of themselves according to vanguard, who. has sent a warning into the new year. right, a 50-50 shot of u.s. stocks and stocks in general having a correction in 2020 according to vanguard's chief economist joseph davis. he said usually the odds are 30%, but elevated chances of a more than 10% dip in stocks. simply, the market optimism is too hard, especially on inflation. it is pricing in 3% growth in the u.s., and that is unobtainable, davis says. he says he was volatility is at an unsustainably low level and looks for that to pick up, but the market they need to be moreng forward need to be guarded and prepare for a more ugly year in 2020. manus: kim hak-song, dani. your morning call -- tin hats on. your morning call. ds believes one of the risks next year will be polls of too circumscribed. anne: i observe now calls of aretal -- pools of capital more narrowly circumscribed and have been for a long time and it thingsly in response to like banking regulation, which has been trying to take away systemic risk, so within a bank

blackrock, vanguard, and state creek. they sound off on what is fueling the fire of etf adoptions. the holiday season calls for an etf whose motto may as well be let the good times roll.

>> there's still plenty of choices but it's amazing to me how often fidelity and vanguard get overlooked in these conversations. they are not publicly traded so from a stock investor's.of view they are kind of out of the mix. but schwab even after this deal, even after doubling the number of the accounts it has. is still smaller than both of those companies. jack: them with everything being free now, how do you distinguish between swab fidelity and any other cut their country? >> is an individual investor it's all about service. almost every thing is free these days. so you can expect prices to come down anymore. so it's really the little things like how you interact with the company prayed with the customer service like what's a technology like customer what's the website like? the advice that it gives through robo plans. and some things on the margin like sweep accounts and how much money you can make on your cash. before that is interesting how many damage the player. woody of spacing with fedex? >> is going to be high drama for a variety of reasons. but the stock is pretty beaten up.

ris was mitigated by proxy advisers, asset mig tions such as vanguard and companies placing limits onboard commitments. ctor of s&p 500 companies serve on two boards on average and that numbers unchaed over the last fiveyears. for "ghtly business report" julia boorstin. >>> and one of the biggest s both facing busines big and small right now is the possibility of being hacked. as criminals become more sophisticated, the oddsf a data breach rise. and that has meant mor money spent to protect corporate networks. but some firms are doing it in a different way. here is kate rooney. >> reporter: goldman sachs, capital one a the u.s. military pay hack tors bak into the systems and find palaus before criminals do it's called a bug bounty problem most big tech company have the programs. start up oacker connects a network of white hat hackers to fortune 500 and government attention attention as. the hackers get paid for finding vulnerabilities. >> we're allies, not sketchy people in their mom's basements out there to cause damage. >> according to ibm, the average cost of a data breach i the u.s. is

you have the likes of vanguard climbing, microelectronics last time at 15 multi-, so that is what we have. utilization already at full levels. it is also one of the most traded stocks on the market here . we have 20.9 million shares at and also 700% .ncrease in the normal volume that was the stock of the hour, extending their rally in hong kong and taiwan. china lunchowards a break, this is the position we have, up 1.5%. investment community looking at the glass being half full, six cents of 1% higher. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. haslinda: you are looking at life pictures -- life pictures out of the lion city. we are in the middle of the trading day 28 degrees celsius. 31 degrees usually. we have the

these new delivery systems particularly since they are maneuverable and there are 2 types there is the vanguard which is i personify light vehicle but they can also be hypersonic powered cruise missiles or powered delivery systems so these are designed basically by russia to counter the united states would draw in 2002 from the antiballistic missile treaty which was a seminal cold war treaty banning nationwide missile defenses and then the u.s. has now recently abandoned the intermediate range forces treaty and europe as well plus in 2003 the u.s. came up with this concept of a conventional prompt global strike which was aimed at delivering a warhead anywhere in the world within 60 minutes of a decision being given so the russians in a sense are reacting to a number of these developments on the whole and now with the approval of a space force by a president from penn funding for it given in the u.s. defense budget we are also now moving the arms competition into space which would be a very dangerous development again this is something i want to ask you about in a moment but let's just stick wit

also abolitionist but specifically the northern churches it was outrageous they were not the absolute vanguard of abolition so they withdrew from their own churches. but that wasn't enough so this one guy stephen foster was famous for direct action protest he would do on sunday morning in which he would go into a church and step up to the congregation quietly but that when the minister got up to start talking he would rise in the audience and deliver a barn burning speech until the people in the congregation would grab him and he would just go limp and they would have to carry him out he was beat up every time kicked and he went to jail it was a crime to interrupt a church service in new hampshire but he did anyway. he is one of my favorite figures in the book. >> in the last week of june 1858 stepping off the train and the small bustling town. shorthaired women and long-haired men conspicuous hat and checkered suits as a new york times reporter would write people of all sorts of shapes white and black and partially black that convened to discuss abolitionist and free trade fighting the vacant

from the anti vietnam war protests in america to current events in hong kong students have been in the vanguard of protest catalonia is no different with students from the university of barcelona can take 4 weeks in support of the imprisoned independence campaigners alex joined them to discuss their campaign. well here in the very. instead of attending to the studies the students. say the university well if you doing. well this is we're here as a reaction to a sentencing made by the. spanish supreme court which had sentenced some of our political leaders to jail for giving us a referendum so that we could terminate our future as a people. we're going to be here until you can see what our demands are the amnesty of our political prisoners of all political prisoners. a free a dignified future and the end of oppression. and tomorrow will be a week determined to stay here. are you doing your lectures at the same time are you having discussions so as. well as a political message so of course there's a social aspect to this camp everything has a basis in the fight that all of us here share we organiz

the i'm t v it now war protests in america to current events in hong kong students have been in the vanguard of protest catalonia it's no different with students from the university of barcelona can take 4 weeks in support of the imprisoned independence campaigners alex joined them to discuss their campaign here in university square in the very center of barcelona instead of attending to their studies the students from barcelona and i here in camp say the university well if you doing come here. well this is we're here as a reaction to a sentencing made by the. spanish supreme court which had sentenced some of our political leaders to jail for giving us a referendum so that we could terminate our future as a couple of people do you have. you saying look we are going to be here until you can see what our demands are the amnesty of our political prisoners of all political prisoners. a free a dignified future and the end of oppression if you are coming to this congressman established for how long was a moral be a week and you are determined to stay here believe you have debates are you doing you

what the democrats and there are about maybe of $0.28 and there's the threat is there a look at the vanguard all but done to extend 4 the pressure because this comes out and then they're going to divest there's about a couple of weeks in which would you saying that a lot of people are still cut off are there enough resources to reach in to help the people who need it right now. with pretty high pressure because so. weeks in mindanao the been growing on the people of the river in the provinces and then going out even harder for those have. been assisted by accident you have also decided going to true and now this one. of the christmas holidays has a lot of the pressure of finance a lot of accidents and certainly a resort. being depleted but nonetheless it's been able to hold on because we have a couple of appeals in the americas of the of city international red cross and then been ongoing which it's tie things season now there isn't it how prepared with people for this typhoon. well. we are not going to be more. they're certainly out there are young. you know this area you guys were concerned

we had a big event last week with vanguard, state street and blackrock. they did not think a bitcoin etf was coming in 2020. vonnie: james, thank you. it is time for your bloomberg business flash. usmca has news to deliver. wille company said they lay off more than 1500 workers in detroit. dividends,slashed highlighting the challenges facing american steelmakers. the top prosecutor in malaysia says he is ready to ratchet up a criminal case against goldman sachs, wanting to take current and former board members to court. he is accused of ignoring red flags while billions were diluted from funds. impulse is ready to settle the investigation. reviews of a -- reviews of the movie "cats" are going to the dogs. the boston globe called it a disaster and one says, oh god, my eyes! only a handful of critics recommend of the movie on rotten said it, but one review is so bad it is now in the good category. that is your latest bloomberg business flash. still ahead, stocks are edging fearing abonds slide, recession is fading. .4%. now, s&p 500 is up the dow jones indu

. ♪ rishaad: vanguard sees a 50% chance that the u.s. stock centric correction next year. the head of investment strategy says the risk of a strategy -- selloff is greater than usual because the optimism of reflation. out because broken too much optimism essentially has been priced in here. our next guest sees a continuation of the current equity rally at least until the end of january. guest.ring in our he joins us from los angeles. i was the weather? , youing of the correction are seeing a correction, as well, no? perhaps that the end of the first quarter, second quarter. >> all right, so we expect to the good mood to continue at least until the end of january. that is because of three main factors. geopolitical risks are abating. the u.s.-china truce being signed. we will likely see some kind of provision with respect to the brexit saga and a lot of investors have been on the sidelines and are still on the sidelines and they will have to put their cash at work at the beginning of next year. this together with the accommodative central banks and potential for skill stimu

by joining the vanguard, attacking the constitution and attacking you. we will tell you how they do it next. >> tucker: for decades, liberals attacked walmart. they said, it tucker: for decades liberal contact walmart, and filled american households with cheap chinese imports. all that is true. they don't attack walmart anymore the left because walmart realized it was easy to keep doing everything it wanted to do while getting love from the democrats. all they had to do was attack your constitutional rights. here is how it works. >> doug mcmillan issued calling on congress to ban semi automatic rifles. some firearms who have not been convicted of a crime were charged with anything. for a company that operates primarily in rural america all of this was a big step. how do rural americans feel about it? we can only guess, there's not a lot of polling going on in montana or roxboro or maine but we do know the most expensive parts of new york city, washington and los angeles all smart people were deeply impressed. they love walmart. >> good for walmart for do

a record $410 billion but this etf, vtv, vanguard value etf has seen 1.5 billion come in the last month. berkshire hathaway is the biggest weighting in this etf but the whole idea here is, there is a shift on from growth to value. investors are following that path. with the idea in value is underperform the last five years to a great extent but, when you look at warren buffett's philosophy, it is not how you do on the upside but it is the moves you make on the downside. they have got 128 billion in their coffers right now he is looking to do shopping but he will not buy at these high prices as you know. most of this stocks in that value oriented etf tend to do well on the upside, but when the market corrects they tend not to give as much back. there are only four basis points to buy the etf the expense ratio is very small. many who enjoyed the growth of the s&p 500 are starting to shift overvalue oriented stocks. connell: vtv, victor, tom, victor, that is the ticker. you like rsp. two etfs from tom lyden. good idea. thanks very much. [closing bell rings] in is the closing bell. we close

citizen "x" is part of the vanguard of the protest movement. they call themselves the valiants, or the brave. those who hold the front line and forcibly confront police. >> we have no other options but to win. this is our home, and we have to use every measure for us to protect our home. >> reporter: we met up with "x" again ahead of another protest. he and his group began by coordinating at a shopping center, discussing tactics. part ninja, part anime warrior. >> having no leader in this movement is the key essence. the government cannot predict, the police cannot predict. >> reporter: the crowd is like an organic beast. we head out to the front line. police are going to charge. let's go off to one side. let's hunker down over here. tear gas canisters right behind you. we try to stay with "x," but in the swirl of tear gas, rubber bullets, and chaos, he's gone. okay. tear gas. move, move. these are just crazy scenes here in central hong kong. everyone's running. move, let's go to the side. one month later, i ran into "x" at another protest. no

50%, according to vanguard. this is bloomberg. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg l.p., its affiliates or its employees. >> the following is a paid presentation brought to you by are collectibles tv. the california gold rush is considered to be one of the most impactful events to affect the american economy. and it has certainly had a long lasting impression in history as well. the people of california needed a way to standardize the value of the new gold. so they set up

vanguard was flirting. don't sleep on jpmorgan and goldman moving forward. the wall street banks are good at taking in money. interesting year. end of the year might be of 20 2017 with everyone feeling bullish. scarlet: everyone is breathing a sigh of relief it is not like the end of 2018. savant.not our only etf james, let me start with you. eric shared his tale of two years, mentioned fixed income. it was a record year for fixed income. this is the biggest year fixed income etf's have ever seen. goldman moving forward. muni etf's have taken a record number at $10 billion. this is more a story about investors and institutions getting more comfortable with fixed income etf's. eric: you did a summary of the decade. talk about the winners and losers performance wide of the decade. decades,look at the it's been all progrowth, pro-america. semiconductors, medical devices, defensive names. if you look at the decade before, it was all energy, any country that was tied to energy. mexico, canada, australia. scarlet: very commodity driven in the previous decade. spri

darren: she is on the vanguard of a new generation of philanthropists who are not private only using foundations but the larger llc corporate structure to do social good in the world. what she has taught us is you can have a large enterprise like the emerson collective, her organization, and within that, do work that is political, do work that is charitable, work that is focused straightforwardly on justice. another thing you bring up in the book is the need to speak out, courage of your convictions. you speak with ken frazier about that, and that he is not typical of ceos of publicly traded companies, not afraid to speak out on issues of social justice. darren: ken is a friend of mine and huge admirer, because he has -- exhibited courage at challenging times. i also say in the book, it is hard to be courageous when courage is discouraged, and for the heads of public companies, it is very hard to always be courageous. you are always worriedi also sas hard to be courageous when aboute risks and mistakes. the steps. -- missteps. if you are going to be penalized for making a misstep, wh

blackrock, vanguard, and state street sound off on what is fueling the fire of etf adoption. and the holiday season calls for an etf whose motto may as well be "let the good times roll."

the northern churches was they found it outrageous and appalling the northern churches were not the vanguard of abolition and so they withdrew from their own churches but that wasn't enough. this one guy, stephen foster was particularly famous for direction been protests he would do on sunday mornings in which he would go into a church and sit with the congregation quietly and when the minister got up to start talking he would rise and just deliver a barn burning until people in the congregation grabbed him, he was tall and lanky and he would go limp and they would have to carry him out. he was beat up every time, kicked, they tore his clothes off, he went to jail, they made it a crime to interrupt his church service in new hampshire where he was doing this but he did it anyway. he is one of my favorite in the book. in the last week of june, 1858, they stepped off the train into dazzling sunshine in the small but bustling town of rutland, vermont, shorthaired women and long-haired men sporting bloomers and byron college, conspicuous hats and checkered suits the smirking new york times report

. >> stuff you love fox news and you think the vanguard for capitalism in america, juergen absolutely love fox nation. abby: he had it right on the head. it's important to also remember the reason for this holiday. maybe they gift to fox nation, but we also love spending time with our loved ones and making lasting memories. i do that's definitely one of my favorite things about christmas. here's what other fox nation personalities say are there favorite things is time here. >> i love the family aspect of it. ainsley and i both have kids so just having children and seeing it through the eyes of kids is great. what about you? you know i love it all, but i think being a mom changes you so much. and when christmas rolls around it comes to life again and all of the magic comes back. we read the polar express everywhere. you'd think that was only for kids, but it's not. it's for adults to. >> my christmas traditions are this and you can verify this. >> while it's been a few. >> thanks for playing. we do seasons. christmas day you have to open your presents christmas morning you cannot do ch

it is a big vanguard. there are a lot of bullish developments i like. if you look at what is happened in the beginning of 2018, 5650 is the level i am watching. it failed. then you have two years of the gk coming around but what i like is it is breaking at the 5650 level. you have a coil on the end. what starts to get my attention is the flows. you can see that earlier in 20 you have a lot of inflow. basically two years. now you have money starting to come back. i think with a lot of the brexit behind us, yet this bullish development and it is catching the attention of investors. i am watching for breakout and continued interest. you i will give it to because this is an anomaly developing between what is happening in the pound and what is happening in u.k. equities. two fantastic charts. gentlemen, both of you, thank you very much, indeed. a tough one. coming up in the united states, balance of power. carol massar and kevin cirilli will be joining you on bloomberg television and bloomberg radio. they will continue our conversation from a washington poin

. >> caller: one of them, knock on wood, i own vanguard dividend growth. >> good one. >> caller: the other one is fidelity growth. >> good fund. >> caller: and the other one is t. row price. >> these are mutual funds. how about a stock. >> caller: okay. i'm getting to that. >> all right >> caller: the number two holding of t. row price is coo which is cooper -- >> cooper's good a contact lens business. it's good. i understand it, i think it's not bad. not my favorite. that and ladies and gentlemen is the conclusion of the lightning round. >> the lightning round is sponsored by t.d. ameritrade ( ♪ ) sure, the content's easy. but then you have to connect, download, edit, reformat, output, save, send, upload... still uploading... and maybe eventually post. this isn't working. introducing samsung business video solutions. with the galaxy note10, you can shoot, edit and post thumb-stopping videos, all from one device. samsung business solutions. the amount of student loan debt i have, i'm embarrassed to even say. we just decided we didn't want debt any longer. ♪ i didn't realize how e

mind here, the average american is already invested in many of the hottest unicorns like fidelity, vanguard that are getting more and more active back to you. >>> thank you very much. this proposal comes after what was supposed to be banner year for unicorn ipos and it failed to deliver some of biggest names that went public like uber, slack, pinterest all tumbling double digits turn that smile into a frown the broader markets climbed to record highs and the 1%, the 1% say they've had enough they are running away from the new kids on the block in this new year let's bring in michael nice to have you back. your club members, investors are pulling back from ipos why do you think that and how does it compare with how they felt about ipos a few years ago in. >> they were just over priced. there's no way around it whether the sellers got greedy or the markets were misperceived you have the top ten ipos on the enterprise side down 11% and the consumer side 14%. that's not the way it's supposed to work. they build companies and when they go public they're supposed to leave something on the table s

lauren: vanguard says there's a 50% chance of a correction in 2020. i mean, okay, 50%, it's like that's not really saying much with those odds. it's just that things feel very tope. yo-- toppy.you have the electiog in 2020. i'm going to put the olympics in there. the olympics is an opportunity for ad dollars, media, et cetera. >> the trade war too. you throw these things in there. we've had a lot of corrections this year. we had three significant pullbacks. that's why you want to stay invested. although it's difficult to deal when you go through the corrections. this year i think going forward we certainly could have the market correct but you've got to hang in there and collect your dividends while you wait. lauren: jim russo, thank you very much. we do appreciate it. tracee, over to you. merry christmas. tracee: let's take a look t how your money is moving this christmas eve morning. taking a look at futures, you can see them moving slightly higher, dow futures up by 17, s&p futures up by 2, nasdaq futures up by 5 and a quarter. this as the s&p 50 5

by joining the vanguard of woke capitalism and attacking our constitution and attacking you. it will tell you - do you have a box of video tapes, film reels, or photos, that are degrading? legacybox professionally converts them to dvds, thumb drive, or the cloud. legacybox is simple and safe, with over half a million satisfied customers. visit legacybox.com today, and get 40% off. this time of year, what do you give? when it's your extra concert, game or special event tickets to vet tix, you're giving our nation's service members and veterans an amazing experience they'll cherish forever. this holiday season, don't just give... vet tix. give something to those who gave. for more information on how you can make a difference right now, go to vettix.org. [ electrical buzzing ] [ electrical buzzing ] [ dramatic music ] ahhhh!!! -ahhhhh!!! elliott. you came back! a lot's changed since you were here. it's called the internet. holiday movies. [ remote bleeps ] ♪ i'm dreaming ♪ of a white christmas family. home. [ music swells ] woohoo! -yeah! >> tucker: for decades, liberals att

. >> the bader meinhoff faction in west germany was part of a 1970s trend of marxist vanguard groups. the red brigade in the japanese red army, the weathermen in the united states. these were people who felt that the capitalist structures were unjust and needed to be destroyed and the only effective way of doing that was through violence. >> the german police have been waging a relentless war against the terrorists, capturing some, killing some. but the leaders of the group have often had more influence from inside prison than outside. authorities claim this man, andreas butter, continued to mastermind terrorist operations from inside prison, passing instructions through his attorneys. >> one of the bader meinhoff gang said one of the most fantastic thing in the 1970s was not to be a rock star but to be a revolutionary >> unlike the i.r.a. or other groups, the red army faction kills selectively, prosecutors, bankers, leaders of the society they wish so fervently to destroy. >> they thought the more high profile the assassination or kidnapping, the more likely that this would start the

by joining the vanguard of woke capitalism and attacking our constitution and attacking you. it will tell you how they do it, next >> tucker: for decades, liberals attacked walmart. they said, it suppressed labor, it kept wages low, they said it filled american households with cheap chinese imports. all of that was true. they don't attack walmart anymore, why? because walmart realized it was easy to keep doing everything it wanted to do while still getting love from the democrats. all they had to do was attack your constitutional right. here is how it works. >> walmart ceo doug mcmillan issued a statement calling on congress to ban many sem semiautomatic rifles as well as to seize firearms from some americans who have not been convicted of a crime or even charged with anything. for a company that operates primarily in rural america, all of this was a big step. how do rural americans feel about it? we can only guess, there is not a lot of pulling going on in montana or roxbury maine. but we do know that the new york city and washington and los angeles, all of the smart people

. >> i did read a vanguard note saying there's a 50% odd of correction in 2020. that also means 50% of it not happening. i love this panel because it was well balanced, thomas, phil, and chris, thank you for joining us. >> thanks. >>> disney among the biggest drags on the dow 30 today. the debut of "star wars: the rise of skywalker" over the weekend pulling 375 million dollars at the global box-office. but in a galaxy far far away, that's the disappointment, falling fall short of the 517 million dollars "the force awakeness" brought and the 450 million dollars of "the last jedi". disney up nearly 34% this year alone, but today it is down about 1.5% at $144.68. up next, though, will the fed's low rates spark a record year in real estate as homebuyers look to begin a new decade in a new home. we'll ask a ceo in a fox business exclusive, when "the claman countdown" comes right back. than you. you are my diamond. for the diamond in your life, get up to 40% off storewide or get these one of a kind deals at the "you are my diamond" event. exclusively at zales, the diam

. >> i like the vanguard that is what i'm in so i mention that one that is the one i'm in on the street i would say that and mo, no, we're not recommending them. it is too heinous. i tried with that for a while. no please don't buy their stock. okay they don't deserve your money. lucas in minnesota lucas. >> caller: a snowy and bearish booyah to you, jim i'm calling because due to the boomers selling and the millennials buying i'm wonder what your thoughts might be on zillow -- >> i like the last quarter and i was suspicious but it is working for them and if you like housing go buy the stock of lennar which is a better and purer play sorry about the vikings last night. i hope cook gets better not because he's on my fantasy to benjamin in new hampshire benjamin >> caller: cramer, how is it going, thanks for having me. >> my pleasure, what is up. >> looking to see your thoughts on square with jack dorsey heading to africa for six months. >> i thought that was novel and unusual and i'm still trying to get my arms around it. fortunately we did have the terrific, terrific cfo on when we were

. >>> the wisconsin republican party has been at the vanguard of voter suppression efforts and has been for quite a while. back in 2011, republicans took back the legislature and state house and they passed a voter i.d. law requiring citizens to show documentation before casting a ballot. the new obstacles they put into effect contributed to suppressed turnout in 2016 when the state went for donald trump by fewer than 23,000 votes. last week we told you about the right wing group in ta state that sued to knock 200,000 people off the voter rolls. democrats are fighting that move in the courts and on the ground contacting voters who have been purged and now it appears the republicans are intent on going further. the a.p. obtained shocking new audio from a closed door meeting of republican lawyers in the state where a top trump campaign adviser admits, quote, and i'm quoting him here, traditionally, it's always been republicans suppressing votes in places adding that parties should start playing offense a little bit. that's what you're going to see in 2020. justin clark, that senior politi

>> there's still plenty of choices but it's amazing to me how often fidelity and vanguard get overlooked in these conversations. they are not publicly traded so from a stock investor's.of view they are kind of out of the mix. but schwab even after this deal, even after doubling the number of the accounts it has. is still smaller than both of those companies. jack: them with everything being free now, how do you distinguish between swab fidelity and any other cut their country? >> is an individual investor it's all about service. almost every thing is free these days. so you can expect prices to come down anymore. so it's really the little things like how you interact with the company prayed with the customer service like what's a technology like customer what's the website like? the advice that it gives through robo plans. and some things on the margin like sweep accounts and how much money you can make on your cash. before that is interesting how many damage the player. woody of spacing with fedex? >> is going to be high drama for a variety of reasons. but the stock is pretty beaten up.