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Been working hard on cost has been creating this leverage. It the perfect storm of volatility that helped you in the Third Quarter . Sergio it has been coming down to a more normalized level that may be sought before 2018 and 2019. I think it is a combination is a more stable market environment, but the effect of all the new initiatives that we could set for growing, and which are starting to pay off. Manus youve got a strong message in the dividend. There has been an accrual of cash and buy back. When can we realistically expect the regulator to let you and ubs pay those dividends in 2021 . Sergio what it seems for investors is, basically, our message that we are very determined and committed in implementing our capital return policy. We are flashing our intentions to have a good solid Cash Dividend, but also complemented with share buybacks, and the fact that we are highlight ....
Gain i think im looking at the right place, nasdaq composite, up 1. 5 . We are doing well this morning. Now look at this. Novavax started phase one trials of a vaccine with human participants. Results expected in july. Big stock gain. By the way, the ceo will be on the show today in our 10 00 hour. Merck are working with an austrian vaccine maker and they have established partnerships with others in the field. Merck is a dow stock and it, too, is on the upside. 3. 7 higher. Heres the bottom line. There are hopes that a vaccine may be developed more rapidly than thought possible. All right. Im going to show you some of the scenes from around the country this memorial day weekend. Its the official unofficial start of summer. We took every opportunity to get out and have a good time. That suggests the recovery is picking up steam. We will show you more about this in just a moment. Joe biden, he broke out of his basement for the First T ....
Congressman kevin brady will be with us at 8 00. For on hour on set. We have united ceo who will join us at 8 30 a. M. Before all of that, we have two hours. We have a big show today. A lot of special guests. Ron baron. I think this is the 11th year squawk box has joined you live you bring together the investors and ceos and talk to top managers, you also entertain them big guest youvecli included inh past have included rod stewart, and more the star front and center has to be the companies you are vested in lets take about your theme. Why whats next . We are looking at faster growth in the future for the economy, stock market, what do you mean people have higher amounts of cash now Central Banks cant agree on what to do there the fear is estimate those funds for years now a superstar investor cant raise enough to have a business that is viable theyve done well 11 years now they dont want to give it back the stock market today is t ....