Me as a Landmark Book on mutual funds by Oxford University press early in the last decade. He followed it up with this book just last year, the unlikely reformer carter glass and financial regulation. The format today, matt is going to talk for however long, we have a few images to supplement his discourse and then you will take some questions, right . So come on up. applause id like to take chuck and the other people for having me here today. I live in cherry chase, maryland and i did not want to drive and look for parking space so i called a lift and they came within a minute. I was barely putting on a tie in learning how to tie a tie again. When i got in the lift as hes pulling away, i realize i did not put a belt on my trousers. I had visions here being on cspan with my trousers falling down. Luckily chuck and one of his colleagues brought me a belt. You are safe from that at least not for my speech. I will talk for 20, 25 minutes and then take some questions. Carter glass was a ma
September. What is interesting, with the this on the screen, unconventional transaction of tesla. Additional 5an billion of shares geared toward perhaps the nonmainstream, the nonwall street crowd. Tesla is interesting because people using bubble with stocks. 2 tesla. Tom a recent secondary, even with moonshot on the markets. This will not be publicly offered. It will be Equity Distribution and distributed by banks as tesla chooses. Somewhat akin to what we saw with lesser successes. Here,l be widely studied the why of this transaction as well as the need for 5 million they are looking for. Here andarkably up big still elevated from where they were. What else are you looking at . Ina the story today markets, aside from tesla, is the dollar and the question of whether people are going to say this is the end of dollar supremacy or if this is just an indication of the low yield, the negative real yield and this idea of global trade. It is the two sides of the story. Tom not only yields do
Were going to talk more about the tech sector. Is this a market moving event . We will get a take on whether the market should be paying attention to this. The banks are having a big day in europe. It is been a tough day. Barclays traders had a blockbuster Second Quarter. The lender is anticipating that the crisis gets worse. The ceo had this to say. Clearly there has been an extraordinary Economic Contraction globally. Particularly in the United States and in the u. K. A sizable reserve. The vast majority of that are derived by our risk models where we put economic forecasts into the models. Future unemployment rates, gdp rates etc. Those models produced impairment numbers. We think we have been conservative to build proper reserves. Economye how the particularly in the u. K. And u. S. Unfold in the next couple of quarters. We like the comfort of having strong impairment numbers. At the same time maintaining profitability for the bank. Youram looking at Investment Banking business. Fi
Thank you so much for joining us tonight. My name is kate brouns and on behalf of Harvard Bookstore i am so pleased to introduce this event tonight with robert reich, his new book the system who rigged it, how we fix it. Harvard bookstore brings authors and the book to a committee and our new virtual committed during this unprecedented. Our Event Schedule appears on a website where you can sign up for a newsletter and you can browse our bookshelves. This evenings discussions going to conclude with some time for questions. If you have a question for either of our speakers anytime during the talk goes to the ask your question but at the bottom of the screen and well get to as many as time allows. Also at the bottom of the screen during a presentation you will see a button to purchase the night featured book, the system. All sales to the sling support Harvard Bookstores so huge thank you for your support during this difficult time. Your purchases and your financial contributions are also
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