Plane when attendants get on and tell everyone to turn off their phones. Samsung shares in asian trading, lets take a quick look, down about 8 at the moment. Samsung strugsles have helped shares of apple we should note because the stock jumped hitting its highest levels since december. So well see if really all those folks that were getting samsung you running to the apple store. Because we actually had at t mobility ceo on squawk alley yesterday and i asked him are people actually getting, you know, sort of shuffled into other devices and he said no they are likely to get an earlier samsung device than switch to another carrier. They like the eco system and like it and stick with something they know. Were you able to see what we showed the picture . I did. Charred. Youre not surfing the web any more. No phone calls or anything. Right . Wow. Talk about a phone named brick. There it is. Its not funny. But wow. That would be frightening in your pocket. Thats what they say. In your purse. In a bag. Anywhere. Then they say turn off your phone. What if thats your phone. That is Airplane Mode right there. They are saying if you got one what if its your own phone. Turn it off until you replace it, obviously. Got to go the store. Ive been where mine is then couple of hours later i see all the emails. I missed not like a tablet or a hover board. I can go a day without my phone. When i turn it back on i see what im missing. Then like nothing. Your saying we should email you more. No. Just that theres the feeflg anxiety and youre not online. They say its like a drug. The world used to be social media is like a drug. Some kind of stimulus thing. Long term effect. My kids are very rarely not i mean my son has an iphone and ipad. Why do you need two at all times . I dont know what the long term is. If you get them galaxy note 7 they will have zero. Other news late yesterday we heard from verizon ceo on samsungs phone debacle. Heres what he said. This is by far the biggest concern ive seen in cell phones during my tenure. I think they are a little surprised that the fix didnt fix things. So its a major black eye for them but at the end of the day they will recover. Verizon, of course, set to acquire yahoo and mcadam commented on yahoo s recent data breach where the information from 500 million users was stolen. Not that shocked. I think we all, you all live in the internet world. Its not a question of if youre going to get hacked its a question when youll get hacked. He gave some insight into the investigation of yahoo and that hack attack saying the firm is about 50 to 60 done with the probe of the issue but you guys have had conversations on this show about whether it works in fact, halt the deal, whether they would use it as an opportunity to walk away from a deal, Tim Armstrong on the set said it was something that has to be investigated. Maybe they are looking for a discount. Youve seen the stories. I think but everyone is getting hacked these days. Everyone is doing it. Then the question is how do you decide how much that is worth . Yeah. Hundred million billion dollars. Get the old spokesperson back, sprint. That guy that for sprint its brilliant. They were very, when i said you lost him but yeah we got a better one jamie foxx. Jamie visited venezuela and said hes 100 behind the revolution. 100 behind the socialist revolution. Not sure whether hes cashing his checks any more from verizon. Thats not the first thing you want your new long term spokesperson i wouldnt. Im not sure the jamie foxx topic came up in the conversation. I would have brought it up in terms of marketing. You know who im talking about. Shes so nice and helps and funny and innocuous. Not visiting socialist countries where people are wading through trash cans and say i approve of it. What if you had a noncompete on the prior spokesman or do you think that guy was just or never imagined someone else would use him. Thats probably it. You think you have to put a noncompete. Over the years kion is so recognizable. A spokesperson for wall street firms. You were prudential. Still prudential. But youve gotten big promotions because now youre across asset classes. The if someone dime you look fork a solution to a thematic issue, we have somebody who specializes in themati krrc equ solutions we have Steven Parker here. Before we get to that other corporate news. New development in twitters search for its next step Ceo Jack Dorsey send an internal memo to twitter employees defining the company as a quote peoples news network. The firm has struggled to define its core purpose, recently made a push no news and sports. The memo didnt address the sales process but dorsey called on employees to help the firm strive to be first place people check to see whats happening. Release of that memo did give a little bit of a boost to the stock but still down pretty sharply in the last week, down 23 after southeast reports that bidders wouldnt be making bids has surfaced. Peoples news network. Have you heard that . I just like the role or what i use twitter for as a news feed. I dont like some of the other aspects. I wonder if they can elevate that out. I guess its difficult. Separate out the average tropical thats out there just being obnoxious and anonymous and able to just its online graffiti about whatever subject. Then theres the bona fide news organization. It requires anonymity. I dont need to see and cramer lately i seen has been talking about you is to be a masochist. You can keep him on but, i dont know how to do it. Is there a good word for the anonymous people that you like not trolls but angels. Just the overall word i use is cess pool. U. S. Equity futures at this hour have been weak for most session after a pretty good day yesterday. We didnt hold the highs yesterday but did close hire. Today were indicated down 20 on the dow jones, down three or so on the s p, down three and a half on the nasdaq. Overnight in asia, shanghai has been slowly creeping higher. Almost hitting 3100. I remember when that was the reason the fed wasnt going to do anything for a while. Then when that was down in the mid2000s and we didnt know what was happening thats actually performed pretty well recently. Take a look at european equities which were mixed this morning but mostly, you know, sort of right around the flat line and then crude prices, which were pulling back in a new report today, the International Energy agency says that the Oil Market May rebalance faster if opec sticks to its target but what iaea note its hard to tell when this might happen until more details emerge and then finally currency, still the pound near multiyear loss and euro, 1. 11. Might be a good time to visit. The bond market will resume trading today, earnings season kicks off at the end of the week. For more ed kion is big picture ed portfolio manager. 113 billion in assets under management hence the circles under his eyes and weight on his shoulder a lot of responsibility. And then, then who came up with this. Steven parker youre not working for somebody at the thematic equity solution. Youre the head. What does that, i want to know who came with it, what the hell does it mean, and do people, are suddenly all of our viewers are saying i need some solutions in my thematic equity . He might. Theres themes in the market of ideas how they play out. These are solutions . Everything is a solution. You take a theme and come up with a solution. No kidding. Sounds so simple. How many different themes are you working on at any given time . Usually four, five themes going on at any given time. I dont know we have time foreall five. Give us a couple of the major ones. One of the big things were looking sat a shift back into emerging markets. Theres a lot of focus on whats going on here in the u. S. And what people have lost sight of is whats happening in some of the emerging markets. Its one of the worst performing places to be in the last five years. Because of that youve seen people exiting pretty much wholesale as weve seen stabilization in Commodity Markets and the dollar that sets you up for a much more productive outlook for emerging Market Growth and earnings. I think one of the things that you mentioned was looking beyond the election looking beyond the fed, looking beyond all these things to figure out where well be once these sort of, you know, these arent the major eventually these things will fade hopefully. This is what markets will focus on in the next couple of months but the reality is politic, geopolitics rarely have even the fed eventually . We got to get out from under that i think we will. Reality even if the fed moves in december or whenever they move they wont move that quickly. You do emerging but that doesnt mean you ignore domestic. No. Absolutely not. In fact to your point on the election one of the things were doing, we dont believe in investing based on trying predict an outcome of the election. What im looking for is opportunities where markets are getting oversold because of concerns around the election and policy. Rarely does actual policy match the rhetoric during election. So right now a place thats getting interesting for us is hearth. A darling sector for a number of years thats come under scrutiny. Long term story from an earnings perspective from a demographic perspective is still strong but the shares is one of the worst performing sector. Thats where were ramping up our exposure. If Hillary Clinton were to win theres a view that it could be much worse for the Health Care Sector than it already is. Theres a view and thats why weve seen how stocks underperform the way they have. If you look historically the reality of what any politician, any president is going to be able to implement particularly because, you know, in all likelihood youre look at a divided government, i dont think youre going to see a massive change thats going to be commensurate of the under performance of companies youve seen. You won haves much time but what stuff you do is not nearly as complex. We try look longer term about what things we think will influence returns across asset classes. Of course what happens in the election and fed move will matter but in the long run were looking at what sort of growth rates do we expect. I think well have Slower Growth and lower rates than we used to think of is normal for many years in the future. What does that mean for value versus growth. What does that mean for returns of stocks which is bonds, commodities. What does it snaen i think well see somewhat lower returns in the future than we have in the past. Thats pretty much a consensus call now. Also within markets you might find some things that have worked for long periods of time may not be quite as effective in the future. I think you have rich bernstein my old colleague and friend on the show, one thing rich has said for years when growth is scarce, Growth Stocks do better. If we have a prolonged period of slow growth the old tradeoff might be more in favor of growth. We all have conversations every day about how returns are going to be lower Going Forward because growth is so hard to come by. Do clients understand that . When they see their returns at the end of the year is that something youre able to convince them is okay. Ironically this year is turning out to be pretty good year. Over 7 on the s p and still a couple of months to go Nuclear Program has bean good year. We havent seen that down shift. If you were invested in the s p. Thats right. Barclays ag is up 5 to 7 . Clients have yet experienced what we think will be a down shift in returns. So its going to be tricky especially for institutions which are counting on higher returns or individuals who are counting on higher returns to fund their retirement. If were right thats more challenging and more difficult to eke returns for the market. More fork tactical. 1. 75 gdp growth. Awesome. 7 growth. Thats great. I remember 30 years at 30 . 4 , 5 gdp growth. This is not great. We can do better. We can do better than what were doing but going to be tough. We were at 18,000 two and a half years ago. Weve gotten nowhere. With zero Interest Rates. We can do better. Its not realistic to get back to 4 growth with much slower we talked yesterday, youre looking across asset classes. Youre missing bonds. Its hard to do what you do when you cant oh, yeah. We decide, you know, asset allocation. Only one game in town. Bonds are up 5 this year. How about another five . In my portfolio mostly using bonds as a hedge because bonds have been very effective. Hedge to making money. 5 return isnt anything to sneeze at. Actually lasts about five years. Bond return each year at the beginning of the year has been called impossible. My colleagues in prudential and fixed income looked for spread and opportunities twin bond market and been able to do so. With the bottom up quite credit base. If im at a Cocktail Party and somebody says the one thing i cant find is a thematic solution to my equity. Not as interesting. All right. Millennials are happy. Less experienced. We are experienced. Coming up when we return well talk politics opinion fridays lewd audio reporting of donald trump hurting him in the polls and facing high republican defections. John harwood will join us and talk more about that story in just a moment. Is welcome back to squawk box this morning. Hillary clinton taking an 11point lead in the latest nbc news wall street journal poll after fridays audio recording of that lewd comment that trump made and before it came out, but the poll took place before the second debate. Now john harwood joins us with more to break it all down. Good morning to you, john. Reporter good morning, andrew. The Republican Party sane full blown cries because of the remarks and the direction that the Trump Campaign is heading. Lets go over numbers. In september in a four way race including gary johnson and jill stein the libertarian and Green Party CandidatesHillary Clinton was ahead by six points, 4337. Now this poll taken saturday and sunday, after the news broke before the debate, shes up by 11 points in a four way race, 6 4635. In a two way contest with trump, thirdparty vote shrinks as you get closer to the election. You had a sevenpoint lead in september for Hillary Clinton, 4841. Now a 14point lead. 5238 over donald trump. Thats gigantic. And then the reason you saw so much panic by republicans over the weekend look at these numbers who do you want to control the congress after the election, democrats had a threepoint lead in september that quickly shot up to seven points. Now thats a generic ballot question. You dont know how that will translate into individual races. We dont know whether the house is truly in jeopardy or not but many recognizes apublicans are its moving in that direction. Thats why you have so many people moving away from donald trump. Donald trump by rallying the base at the debate on sunday might may have raised the cost of repudiating him moving away. But these poll numbers add new pressure. Now for Hillary Clintons part shes trying to balance between explicitly taking advantage of trumps problems and talking about things that have come out about him and her own positive agenda and just this morning shes announcing a new middle class tax cut sway doubling of the Child Tax Credit and making it refundable for more families. Shes trying to balance a little bit the negative on trump and the positive for her own agenda, see how that works for her in the next few days and were going to update this poll because were adding new interviews in a release that will come out later today because that will take account of what happened in the debate on sunday night which this poll did not. How different do you think this will be because when you think about it was very interesting. Those comments last friday dominated the news over the weekend and in the midst of it all i could see where this poll would land and yet before this poll came out yesterday morning and before paul ryan, word leaked about his new position relative to trump it seemed that there was a feeling that somehow that trump had perhaps won the debate on sunday night and actually rallied back to some degree. Reporter well, there are different ways of deciphering or describing whats a victory. Donald trump unquestionably succeeded at the debate in thrilling, rallying his core support. But thats only about 40 of the electorate. Thats the problem. In terms of the broader electorate what he needs do is add votes to win. The reaction of republicans were seeing reflects their increasing conviction that key not win and so they are trying from text themselves and thats what paul ryans mess satisfaction on this conference call. Im not going defend him, im going cuss the house and leave to it members to take the position that they think will help them win reelection. They have a 30 seat advantage in the house. Thats pretty big. There havent been many more than 30 seats even competitive. So the democratic chance until the last few days has rested on threading the needle and basically winning all the close ones that republicans now hold. The potential is that whats happening now and, you know, you saw donald trump go after some of those members yesterday, calling them hypocrites and saying paul ryan should focus on other things. The Playing Field could expand. The wikileaks, all of these emails that have been disclosed relating to Hillary Clinton, how damaging is it . Is there a smoke gun in there and how is that changing the discussion or is it not . Reporter you know, i think all of the emails that have come out by this Wikileaks Dump and previous one from the state department have all tended to reinfor the same idea that Hillary Clinton and the team around here very cautious, very calculating, playing the political angles, trying to figure out what will fly and what isnt, what could be embarrassing and whats not. It is politician behavior. So it confirms the idea that shes a calculating politician. Theres no question about that. However, i think after being in politics for 25 years that is a fact that people know about her and her husband. So im not sure that other than like her i dont see how this is new information about Hillary Clinton that changes these lo