Here joining us is chief Investment Officer of the Minnesota State board of investment. Good morning. Good morning, john. How are you . Im doing pretty well i hope you are, too. So, a lot of people trying to figure out what to do with this market your philosophy is to buy the market and not individual equities but this market has been kind of funky i wonder does big techs increasing waiting say in s p 500 concern you . How do you get as diversified as you want to be no. As i said, i mentioned before, we dont look at sector by sector weve been longterm investors and for the most part we buy the market you know, domestically we own the russell 3,000. We do have active managers, but the vast majority of our portfolio is passively managed our equity portfolio is passively managed, same on the International Side so we probably have most stocks that are available to us. Thats done pretty well for you. I wonder with this disconnect between the economy and the market that were seeing does that
If it means yields go higher and stay there . Adam parker and cheryl young, welcome to you both. Good to have you both here. So theres the setup, adam. The soft landing scenario, you havent seen much of anything to really disturb that. The market has been trying to make its peace with yields at these levels. I guess putting on a brave face enough rotation away from big tech. How does it feel to you . My bias is we can go higher. The market has been remarkably resilient to pretty extreme politics and global risk. I think most people came in under allocated at u. S. Equities, bond yields look more attractive and they havent fully participated in the rally. I think there could be a pretty big chase. I dont believe that good news is bad for the market for a sustained period. It can happen briefly. Good news is good news. To answer the question in your teaser, theres lots of evidence historically that the stock market can work when bond yields rise. Often theyre both emblematic of growth. I
York stock exchange. Were going to start with the markets, ty. The nasdaq has had a great performance so far. We put that at the top of the board right now up 0. 6 of a . The dow is negative by about five points. The s p is up a quarter of a , the transports up about 50 points, and the russell to 00 up two thirds of a percent as well not a bad start for the week. There wasnt a lot of positive catalyst. Sometimes just we didnt have any negative catalyst. Thats enough just to move the market. I think we had some selling out of europe. We deli see that spike up . That was the european close. As europe closed, the market spiked up. Whats important here is the small cap, the russell 200, put up the board, the russell 2000 is leading. Look here, over the s p 500, that hasnt been story for a long time, and more importantly, sue, the right things are leading, internet content names, for example, so your zillows, pandoras, yelps, linkedin. Those are leading. Biotech, not only is biotech up. Its
Well see you back here tomorrow. Cenk welcome to the the young turks. We got a great show for you guys tonight. Alex jones remember the guy raving about gun control. 1776 on the young turks. Alex jones is here. Im sick of glenn beck. Im sick and tired of him. Hes a punk. He called me a fascist. This is the guy who made jokes about torture and said it was a good thing. Cenk wait until you get a load of what he said jon stewart. Nothing but fun. And aaron swartz. The government went after him like a ton of bricks. He committed suicide. Oh devastating. I talked to him earlier in an interview on the online show. Now i guess my job is to make sure it trickles down to other people. I feel like i got a pretty lucky break. Right now there are millions of people who have not been so fortunate. He was trying to help people. The government did not like that. That story makes me so mad. All right were going to truck about that on tonights show as well. Its go time. President obama had a press conf
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