and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up until recently were illegally have to do a stock buyback so this looks like nosebleed. territory but it's been this way now for a few years and doesn't seem to be any stop there any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of real markets that you would genuinely that there was no fed to rescue everything so a sense of greenspan and the introduction of the put you know it took people a few years to realize that any time any even a slight i mean when when markets go down 11 points them up the fed intervenes like so the fact is that. people now are the opposite of what they used to be they used to expect a cycle now they don't expect a cycle every participant in the market does not expect a cycle to ever be abl

our largest investor is warren buffett. after years of have is one of the industry, he had a saying that i loved. he said you guys are the chicago cubs of the business world. you not only had a bad decade, you had a bad century. we got our bad century out of the way. we are now in a place where we have really fixed the business. david: he used to say that if a capitalist had been at kitty hawk, he would have shot them down because there was no profits made in the airline industry for 100 years. it has changed now. ed: he would not say that now. this year will be the fifth year in a row that our profits will be in excess of $5 billion. david: what percentage is in the united states and what percentage outside? ed: two thirds in the u.s. and one third outside. international is a lot more difficult to get to. the planes are bigger. the fuel costs more. the service level is substantially higher. ticket prices because there is a are lessmpetition profitable. we make any percent of our profit at home. % of our profit at home. own

do you know warren buffett? >> yes we live in the same neighborhood we had a couple business meetings with each other. so we'd meet at a fundraiser. >> but he is in a completely different world than i am. >> that is correct. so growing up in nebraska is so interesting to have a very different outlook with your family and parents and different interest was that hard for you with the house building business your father was in or for that kid growing up? >> it was not hard. i had the ideal growing up. in the forties and fifties was a young one is a great place for people to garrotte. the most wonderful way we did not know it now with respect when my father was in business with his father when my grandfather died my father got the assets of the estate and then encourage me to go to engineering school but i had no intention of going into business i tried as a young person but i don't have that talent with my hand. and the mechanics that are necessary to understand and i just didn't have that. the second part i couldn

everybody is looking at warren buffett, wanting him to spend more. until that happens, until people get comfortable with the debt markets, you'll not see it come back. lisa: even warren buffett tried to bid on a deal but got outbid by a private equity firm. he said, i don't feel comfortable at these valuations. sonali: apollo ended up buying the company, tech data. you are seeing people dive in because you cannot hold onto cash forever. at the same time, remember, kkr had a rumor about walgreens, a huge buyout. still a rumor. we will see if the big deals start coming back. lisa: one impediment standing in the way of more leveraged buyouts has been valuation, particularly of loans, which has not been as high. what have we seen in particular with collateralized loan obligations, considering they are the main buyers of the leveraged buyout debt? adam: returns have been lackluster across the board, especially in equity. nomura set the lowest range since 2013. the lowest since 2013. why? wide spreads, less economical to put the deals together. lisa: the w

ed: warren buffett said you guys are the chicago cubs of the business world. he is our largest investor. david: initially, you went to frito-lay? ed: i consider that my postgraduate work. david: what percentage of people lose their luggage? ed: we never lose. we call it mishandled. david: mishandled. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? ♪ david: people say running an airline is not an easy thing to do. you have weather to deal with, energy prices, employees and so forth, but you grew up in a family of nine children, so what is easier? a family of nine children or running an airline? [laughter] ed: running an airline, certainly. our family was great. i am the oldest of n

our largest investor is warren buffett. he now owns 11% of delta. after years of swearing off the industry, he said you guys are the chicago cubs of the business world. you not only had a bad decade, you had a bad century. [laughter] ed: we got our bad century out of the way. we are now in a place where we have really fixed the business. david: he used to say if a capitalist had been at kitty hawk seeing the wright brothers take off, he would've shot them down. because there were no profits made in the airline industry for 100 years versus the profits now. ed: it has changed. he wouldn't say that today. this year will be the fifth year in a row our profits have been in excess of $5 billion. david: your revenues -- what percentage in the u.s., outside? ed: two thirds u.s., one third international. david: international, is that more profitable than u.s. because of all the flights? ed: it is the opposite. international is more difficult to get to. the fuel cost more, the service levels are higher. and ticket prices are more suppressed. we make 80% of o

our largest investor is warren buffett. he now owns 11% of delta. after years of swearing off the industry, he said you guys are the chicago cubs of the business world. you not only had a bad decade, you had a bad century. [laughter] ed: we got our bad century out of the way. we are now in a place where we have really fixed the business. david: he used to say if a capitalist had been at kitty hawk seeing the wright brothers take off, he would've shot them down. because there were no profits made in the airline industry for 100 years versus the profits now. ed: it has changed. he wouldn't say that today. this year will be the fifth year in a row our profits have been in excess of $5 billion. david: your revenues -- what percentage in the u.s., outside? ed: two thirds u.s., one third international. david: international, is that more profitable than u.s. because of all the flights? it is on thethed: the opposite. international is more difficult to get to. the fuel cost more, the service levels are higher. and ticket prices are more suppressed. we make

i don't know if the warren buffett phenomenon would wear off on us. >> have you met warren buffett? >> we live in the same neighborhood and i've had a couple of meetings with him. maybe i will see him once or year or so and we have a fundraiser or something of that sort. >> he's an completely different world than i am. >> you didn't speak to your counsel or anything. >> that's correct. >> can we go back, your childhood is so interesting. you say how you had a very different outlook, even then your family, your parents. you had different interests. it was not hard for you growing up to be somebody who is not interested in the housebuilding business, your problem within? the typical things kids growing up were interested in? >> it was not hard. i had an ideal growing up. the 40s and 50s and 60s, it was a wonderful place for young people to grow up. my best friends, we still get together, we say really had it in the most wonderful way. we didn't realize it, we didn't know. with respect to my father, my father was in business with his father. when my grandfather died, my father brought

ed: our largest investor is warren buffett. he said, you guys are the chicago cubs of the business world. badd: you not only had a decade, you had a bad century. initially, you went to frito-lay? ed: i consider that my postgraduate work. david: what percentage of people actually lose their luggage? ed: we never lose. we call it mishandled. david: mishandled. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? ♪ david: people say running an airline is not an easy thing to do. you have weather to deal with, energy prices, but you grew up in a family of nine children, so what is easier? [laughter] growing up in a family of nine children, or running an

ed: our largest investor is warren buffett. he said you guys are the chicago cubs of the business world. david: initially, you went to frito-lay? ed: i consider that my myining there as postgraduate work. david: what percentage of people lose their luggage? ed: we never lose. we call it mishandled. david: mishandled. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? ♪ david: people say running an airline is not an easy thing to do. you have weather to deal with, energy prices to deal with, lots of employees and so forth, but you grew up in a family of nine children, so what is easier? growing up in a family of nine children or running an airline? [la

ed: our largest investor is warren buffett. he said you guys are the chicago cubs of the business world. you not only had a bad decade, you had a bad century. david: initially, you went to frito-lay? ed: i consider that my training at pepsico as my postgraduate work. david: what percentage of people actually lose their luggage? ed: we never lose. we call it mishandled. david: mishandled. >> [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? ♪ people say that running an airline is not an easy thing to do. you have weather to deal with, energy prices to deal with, lots of employees and so forth, but you grew up in a family of nine children. so what is e

ed: our largest investor is warren buffett. he said, you guys are the chicago cubs of the business world. david: you not only had a bad decade, you had a bad century. initially, you went to frito-lay? is that right? i consider to this day my trading at pepsico, the seven years and there, as postgraduate work. david: what percentage of people actually lose their luggage? ed: we never lose. we call it mishandled. david: mishandled. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? ♪ david: people say running an airline is not an easy thing to do. you have weather to deal with, energy prices, but you grew up in a family of nine children, so what is easi

ed: our largest investor is warren buffett. he said you guys are the chicago cubs of the business world. he is our largest investor. david: initially, you went to frito-lay? ed: i consider that my postgraduate work. david: what percentage of people lose their luggage? ed: we never lose. we call it mishandled. david: mishandled. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? ♪ david: people say running an airline is not an easy thing to do. you have weather to deal with, energy prices to deal with, lots of employees and so forth, but you grew up in a family of nine children, so what is easier? growing up in a family of nine children or running an a

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up until recently were illegal even do a stock buyback so this looks like nosebleed territory but it's been this way now for a few years and there doesn't seem to be any stopped any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of real markets that you would genuinely that there was no fed to rescue everything so since greenspan in the introduction the put you know it took people a few years to realise that any. time any even a slight i mean when when markets go down 11 points the fed intervenes like so the fact is that. people now are the opposite of what they used to be they used to expect a cycle now they don't expect a cycle every participant in the market does not expect a cycle to ever be able to fulfill itself

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up until recently were illegal even do a stock buyback so this looks like nosebleed territory but it's been this way now for a few years and it doesn't seem to be any stopped any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of real markets that you would genuinely that there was no fed to rescue everything so since greenspan in the introduction the put you know it took people a few years to realise that any. time any even a slight i mean when when markets go down 11 points the fed intervenes like so the fact is that. people now are the opposite of what they used to be they used to expect a cycle now they don't expect a cycle every participant in the market does not expect a cycle to ever be able to fulfill itself so

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up and told recently were illegal even do a stock buyback so this looks like nosebleed territory but it's been this way now for a few years and there doesn't seem to be any stopped any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of real markets that you would genuinely that there was no fed to rescue everything so since greenspan in the introduction the put you know it took people a few years to realise that any. time any even a slight i mean when when markets go down 11 points them up but the fed intervenes like so the fact is that. people now are the opposite of what they used to be they used to expect a cycle now they don't expect a cycle every participant in the market does not expect a cycle to ever be able to

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up and told recently were illegal have to do a stock buyback so this looks like nosebleed territory but it's been this way now for a few years and there doesn't seem to be any stopped any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of real markets that you would genuinely that there was no fed to rescue everything so since greenspan in the introduction the put you know it took people a few years to realise that any. time any even a slight i mean when when markets go down 11 points the fed intervenes like so the fact is that. people now are the opposite of what they used to be they used to expect a cycle now they don't expect a cycle every participant in the market does not expect a cycle to ever be able to fulfill

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up and told recently were illegal even do a stock buyback so this looks like nosebleed territory but it's been this way now for a few years and it doesn't seem to be any stopped any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of real markets that you would genuinely that there was no fed to rescue everything so since greenspan in the introduction the put you know it took people a few years to realise that any. time any even a slight i mean when when markets go down 11 points them up but the fed intervenes like so the fact is that. people now are the opposite of what they used to be they used to expect a cycle now they don't expect a cycle every participant in the market does not expect a cycle to ever be able to fu

warren buffett be there every year. but we're looking for measurable contributions in 2019. we go back to january through now and find who really sparkled. jason: even a chicken sandwich. joel: it broke the internet, the popeyes chicken sandwich. people got stabbed over. really, it speaks to the ability for brands. it can really break the internet. carol: we reach out around the bloomberg organization. is there a name that surprised you? joel: this is a team sport. we pull from bureaus around the world. we look for leaders and business people and ceo's. one of my favorite ones was the black hole, if you forget all the things that happened, this is a huge deal, the team that discovered a black hole. that was one of my favorite ones because it's a photo of nothing less -- nothingness. and it marked an incredible scientific achievement. jason: 2019 feels like a black hole kind of year in many ways. joel weber, thank you so much. carol: a pushback. jason: soros, yes, that soros, george soros, gets a little conservative. carol: they are indeed. this is bloomberg. ♪ carol: welco

adding 26 zuckerberg billion dollars to his wealth, warren buffett, $5 billion. heading into an election year, how does this play politically? ben: it's a big question. this is the year elizabeth warren introduced her both tax, and it is surprisingly popular. i don't know -- and nothing that happened this year was jeremy the richn on his tax strategy, and he lost. lisa: how much are we seeing in engagement in philanthropy? ben: this is the year that we have seen more scrutiny. bill gates and warren buffett and others have been incredibly generous but they are not giving their money away fast enough. they are wealthier than they have ever been. to what extent is this paper over the world's problems, how much of it is pr, how much is making a difference? there has been a conversation about that. lisa: really interesting story. it is time for this week's big number. $13.5 billion. that is the amount raised by special-purpose acquisition companies this year. these vehicles have become a popular choice of habit companies spooked by the swings in the regular ipo market

ed: our largest investor is warren buffett. he said you guys are the chicago cubs of the business world. david: initially, you went to frito-lay? ed: i consider that my myining there as postgraduate work. david: what percentage of people lose their luggage? ed: we never lose. we call it mishandled. david: mishandled. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪

people are making more money and i'm talking about warren, buffett and bill gates but i'm talking about middle-class. >> laura: they are making more money. but i want you to explain this the kids, so big deal. they will not miss if you are worth $100 billion or $20 billion, that is a very small percentage. but $20 billion, forced to give up $10 billion, big deal. >> here is the big problem. rich people don't get rich by being stupid. the evidence, there are 20 countries mostly european countries that have tried texas over the last ten, 20, 30 years. it never works. look at france. france tried to text millionaires and billionaires and tens of thousands of millionaires move somewhere else. so people will move and find any possible way to evade that tax. and even socialist countries like sweden tried it wealth tax and it didn't work and they got rid of that. >> laura: and it amplifies what you said from npr, the experiment with the taxes in europe was a failure in many countries. france's tax with an estimated 42,000 millionaires between 2000-2012, nine countries in europe had a well tax

david: now, warren buffett , is he a value investor? john: he is the greatest value investor of all time. some people talk about whether michael jordan is better than lebron james. there is no question when it comes to investing that warren is the best ever. david: ok, but value investing, as i understand it, is easier done when the markets are down. when the markets are high, there are not as many bargains. what have you been doing the last 10 years, because the markets have been high? john: it has been interesting. we were able to buy terrific bargains right around march of 2009 when the market was bottoming, and we got great brands, companies like cvs and royal caribbean, true bargains. as the markets recovered, some sectors have stayed really cheap. in particular, media. we love companies like viacom, and madison square garden network. those stocks are still really cheap. financial service companies, some that you know well, like lazard or kkr. there are some sectors that seem to be totally neglected, even as the markets recovered.

our largest investor is warren buffett. after years of swearing off the industry, he said you guys are the chicago cubs of the business world. you not only had a bed decade, you had a bad century. [laughter] ed: we got our bad century out of the way. we really fixed the business. say ifhe used to capitalist had been at kitty hawk seeing the wright brothers take off, he would've shot them down. ed: it has changed. he wouldn't say that today. this year will be the fifth year in a row our profits have been in excess of $5 billion. david: what percentage in the u.s., outside? ed: two thirds u.s., one third international. in her national is more difficult -- international is more difficult to get to. the fuel cost more, the service levels are higher. and ticket prices are more suppressed. we make 80% of our profits in the u.s. david: you make a lot of profits by owning your own refinery. why do you need your own refinery? of refineries.t six or seven years ago, as inineries were being closed crude prices were north of $100, we w

people are making more money and i'm not talking about warren, buffett and bill gates but i'm talking about middle-class. >> laura: they are making more money. buti' a i want you to explain ts talk to college kids, they'll say big deal. they will not miss if you are worth $100 billion or $20 billion, that is a very small percentage. worth $20 billion, forced to give up $10 billion, big deal. >> herege is the big problem. you will rich people don't get rich never get the money out of themg rich people don't get rich by being stupid. the evidence, there are 20 countries mostly european countries that have tried wealth taxes over the last ten, 20, 30 years. it never works. look at france. france tried to tax millionaires and billionaires and tens of thousands of millionaires moved somewhere else.ai so people will move and find any possible way to evade that tax. and even socialist countries like sweden tried a wealth tax and it didn't work and they got rid of that. >> laura: and it amplifies what you said, from npr, the experiment with the wealth tax in europe was a failure in many count

. >> that's true but what warren buffett does is so much different than what we do in the securities industry. and i don't know if that phenomenon would wear off on us. >>host: have you met him quex. >> yes we live in the same neighborhood i had a couple business meetings over 30 years with him maybe i see him once a year at a fundraiser but he is in a completely different world than i am. >>host: he didn't seek your counsel? [laughter] >> that is certainly correct. >>host: let's go back your childhood is so interesting growing up and you say in the book you had a very different outlook with your family and parents was that hard for you growing up somebody not interested in the business your father was in? >> it was not hard. in fact i had an ideal growing up being in nebraska city through this forties and fifties and sixties it was a wonderful place to grow up my friends and i still get together we really had it the most wonderful way and we didn't realize it and did not know it. with respect to my father he was in business with his father and when my grandfather died my dad bought

comes after warren buffett berkshire hathaway wdisclosed. back to you. >> thank you very much and see you again on rapid fire in a few minutes from now we begin today with energy and what has been a brutal year and a brutal decade for that sector and bob pisani is live at the nyse with the numbers. you wouldn't have made much money in energy at all >> any, essentially. let's call it the lost decade for energy investors the s&p up 181%. in the last ten years, but look here at energy it's barely positive it's the bottom of the barrel. up 6% in ten years far and away the worst performing sector in the s&p 500. look at everything else. consumer discretionary, tech and health care, all up 2 to 3030% how about 2020 some argue that the chevrons, bt, exxons, they offer great dividend yields and they do and some are cheap at 12 times earnings maybe, but that's a minority view that that is a buying opportunity. the majority view is that supply will continue to grow. likely up 2 to 3% this year. 2020 with the main unlikely to be up that much. bottom li

scarlet: you and your cofounder came from a warren buffett owned reit. the biggest holding. how does that shift and transition come about? alexi: my partner was the head of credit for capital markets. they did great things, warren took a look at it and one of his partners took a look in may 2017, and decided to buy 10% of the company. that shows you the value in this sector. it is cash, sustainable, and it's all around us. grocery stores, etc. scarlet: alexi, thank you. we like to say the etf industry has something for everyone, including those on the year end spree of corporate takeovers. check out this week's animation. it's time to make a deal, one fund is looking to cash in, the iq merger arbitrage etf relies on a standard deal arbitrage playbook used by hedge funds and other investors. buying shares of firms much for -- marked for takeovers and targeting by partially hedging the market using sector etf's and flops. timing is key, it only buys and sells after a deal is officially disclosed, focusing on small, incremental returns coming between an announcement and complet

you have warren buffett in there already told you this has been a bad deal the problem the companies have is they're just this massive conglomeration of brands that nobody wants they have some good brands but can't pivot, shift, can't address the activates of america today. and if they made a acquisition and shift add bit they are so big it's not moving the needle for me i split them apart. kraft one way, heinz the other warren buffett in themyle saying. >> is that what you're saying they never managedny efficiencies. >> pushingback. >> has there been a food deal that we point tout out to that says that's worked great. >> rjr nabistico. >> it's i was around for that. >> kraft heinz would be the name anybody there believe that kraft heinz could, would. >> as these guys talked about that was about financial engineering. squeezing as much as you could out of assets that frankly the food companies traded at a premium. the problem again splitting up at a time when food companies saw a peak multiple 18 months ago. i don't know how you get the value back. >> okay. pete your pick. >> i give

buffett of tech. sherry: let's get a check on markets. of greeneing a sea with the s&p 500 jumping the most in over one week, reversing three sessions of losses. theave another u-turn for traded narrative, more positive sentiment that we could avoid that december 15 tariff. we can see every sector on the s&p 500 and the green, energy and financials leading the gains. the financials rising as we see yields a gaining ground, this after the 10 year yield saw the biggest decline since august. oil is also rallying. we had u.s. stockpiles of more than expected, not to mention we are heading toward the opec meeting. one thing i am watching, pg and e, surging by the most in about two months. a rise of 17% in the intraday session.w e have heard from -- we have heard from them that they could be near a $13.5 billion deal with wildfire victims. sources of saying the final agreement is not yet in place, but this could involve a lump sum payment for the beginning of the year, then the remainder over 18 months. mor

i pick it up thinking it's a joke and it said this is warren buffett i read your book and now about seven seconds. and i said that's great, i'd love to do. but what's the line. he said i love this i wait to do it. sell your great companies and add some losers. it's like water in the weeds. [inaudible] he said i want to put it in the if you come to nebraska come see me your name will be metal over nebraska. jack: dig a column. >> yes submit it with him several times a great guy. jack: this is might be irrelevant but ten years into a bowl market, i think you said more money has been lost in anticipating a downturn that in the downturn. can you explain? >> obviously the markets have gone up tenfold see them make more money on the upside. reminds me a lot ten years now 20 years now, 30 years now prine trying to break the market is really a waste. i don't know what it's gonna do. it can go down, when i ran in 13 i had a perfect record. i want more than 10% every time. when the market went down i went on more. but over the long-term the upside is more than the downside. so if joy need the money

buffett just hoards of money like an old brainy one or phonebooks that doesn't credible damage because of its into the population this notion of police to be. what politicians do something to. put themselves on the line. to get accepted or rejected. so when you want to be president and you. want to be rich. to going to be the person this is what the 43 of the 4 can be good for. i'm interested always in the water. to. welcome back an investigation has been launched in front since the work of a human body donation center at a prestigious university either stand up reports from paris. in the university quarter of paris student life was bustling everyone's thoughts are clearly on the weekend and already on the upcoming christmas and that's absolutely no way of telling what's been going on behind these walls could inspire a whole i'm full of or applause according to a recent reports for more. than a decade thousands of dead human bodies donated to science have been stored here in atrocious conditions heaped one on top of another decaying and rotting away in a hot room room infested with rat

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up until recently were illegal even do a stock buyback so this looks like nosebleed territory but it's been this way now for a few years and there doesn't seem to be any stopped any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of or.

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time.

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up until recently were illegal even do a stock buyback so this looks like nosebleed. territory but it's been this way now for a few years and doesn't seem to be any stop there any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of real markets that you would genuinely that there was no fed to rescue everything so a sense of greenspan and the introduction the put you know it took people a few years to realize that any time any even a slight i mean when when markets go down 11 points them up the fed intervenes like so the fact is that. people now are the opposite of what they used to be they used to expect a cycle now they don't expect a cycle every participant in the market does not expect a cycle to ever be able to ful

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were to strip out the stock buybacks which up until recently were illegal even do a stock buyback so this looks like nosebleed territory but it's been this way now for a few years and there doesn't seem to be any stopped any any any any stop sign in the road it does seem to be any end to this for years i'd say all through the ninety's and the early 2000 most people in the market still had memories of real markets that you would genuinely that there was no fail.

and the stock market which is warren buffett's favorite metric to determine valuation overvaluation if you just for stock buybacks is trading for all time record price to earnings multiples right if you were.

alphabet's model was based on warren buffett's hands off style. global news 24 hours a day, on air and @quicktake on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. hurtado.ana this is bloomberg. tom: equities, bonds, currencies, commodities. futures take a bounce off three days of ugly. let's go to cash. upee days down and we are 11, dow futures up 115. francine: stocks extending gains after the news report from bloomberg that china and the u.s. were moving closer to a trade deal. gold and treasuries erasing gains. pound had a significant move. pound climbed to a seven month high because polls showing the tories, the conservatives have increased their lead before the election. tom: i want to put into perspective the last few days, buy the dip, the ugliness of december a year ago, a true bear word,, and this year, my we are going down about 2.4%, and a correction down 10%. we have a ways to go before a correction. francine: we have to keep an eye on what is going on with nato because the u.k. is hosting this

system not the dominant drug as well as i'm sure the least productive capitalist in society would be warren buffett because he apps it does absolutely nothing he just collects money from the fed and he buys strategic positions and insurance and bank so he's a question of somebody who knew that my home and theory was nonsense efficient market hypothesis and said if enough people if that's what you believe on that kind of billionaire and he was wrought ok i say he's shown that the failing ever invented anything he's never produced anything now he simply hoards cash like a old lady in the attic. the horrid old telephone books you know that we can't go on forever and if you know it can't go on forever what do you do you play for the short run and that's the real problem of finance capital finance capital the long run is the short run for the finance capital 73 months where industrial capital you actually have to invest something for the longer term that's what the risk is finance capital doesn't take risk it only wants to share things when you bought the politicians the final point is the wealt

and it's ironic isn't it warren buffett who often refers to gold as the barbarous relic isn't it interesting that throughout his career he has been the recipient of this money right at the top as it as it comes out the spigot and then deploys in different areas of the economy it's no coincidence that he's sitting on the cash polity sitting on now why because very simply the game is rigged so buffett has got a big cash pile a $14050000000000.00 aside he's got nothing to do with it you know it until i just came out recently that just under 5 trillion dollars a sitting in bank account ceiling 0 doesn't nobody knows how to do it there's more money as an economist the classic liquidity trap they say there's always going to happen you know. it did and this money is stagnating the night she came out of a meeting today. bunch of investors in london and there's a lot of american money now chasing any kind of do not even really doing that you diligence they just want to deploy capital because they have to and that means that really bad ideas get funded and this is classic you know this is misallocatio

buffett because the apps it does absolutely nothing he just collects money from the fed and he buys strategic positions and insurance and bank so he was somebody who knew that mines from a common theory was nonsense efficient market hypothesis and said if enough people if that's what you believe on that kind of billionaire and he was wrought ok so he's shown that the failing ever invented anything he's never produced anything now he simply hoards cash like a old lady in the attic. that horrid old telephone books you know that we can't go on forever and if you know it can't go on forever what do you do you play for the short run and that's the real problem of finance capital finance capital the long run is the short run for the finance capital it's every 3 months where industrial capital you actually have to invest something for the longer term that's where the risk is finance capital doesn't take risk it only wants to hurt things when you bought the politicians the final point is the wealth tax going to happen it wouldn't make any difference to the dead yes of the it will probably b

. , ie of the major funders mentioned the gates foundation, warren buffett, other people who paid attention to this are saying how should we do this the united states? partners in health co-founder dolgopolov former -- dr. paul farmer speaking to david westin. where european stocks have settled. the dax down not even .1%. the cac 40 finishing higher by .1% and the ftse 100 ending the session up more than .4%. kingfisher,encore, all higher by more than 2%. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn. this is the european close on bloomberg markets. let's check it on first word news with ritika gupta. ritika: senate majority leader mitch mcconnell is denouncing the impeachment of president trump as unfair. speaking on the senate floor, he said the senate was created to provide stability and that "moments like this are why the united states senate exists." mitch mcconnell also accused nancy pelosi of being afraid to nd "their shoddy work product to the senate." one of president trump's staunchest allies in the house will not seek reelection. north carolina republican c

system not the dominant draw those lives that are the least productive capitalist in society would be warren buffett because he apps it does absolutely nothing he just collects money from the fed and he buys positions and insurance and banks he's a question to somebody who knew that making a mint theory was nonsense efficient market hypothesis and said if enough people if that's what you believe on that kind of billionaire and he was wrought ok i say he's shown that the failing ever invented anything he's never produced anything now he simply hoards cash like a old lady in the attic. the horrid old telephone books you know they can't go on forever and if you know it can't go on forever what do you do you play for the short run and that's the real problem of finance capital finance capital the long run is the short run for the finance capital 73 months where industrial capital you actually have to invest something for the longer term with the risk is finance capital doesn't take risk it only wants her things when you bought the politicians final point is the wealth tax going to happen it woul

then not the dominant draw those lives that are the least productive capitalist in society would be warren buffett because he apps it does absolutely nothing he just collects money from the fed and he buys strategic positions and insurance and bank so he's a question of somebody who knew that my home and theory was nonsense efficient market hypothesis sensitive enough people if that's what you believe on that kind of billionaire and he was wrought ok i say he's shown that the failing ever invented anything he's never produced anything now he simply hoards cash like a old lady in the attic. what a horrid old telephone books you know that they can't go on forever and if you know it can't go on forever what do you do you play for the short run and that's the real problem of finance capital finance capital the long run is the short run for the finance capital 73 months where industrial capital you actually have to invest something for the longer term after the risk is finance capital doesn't take risk it only wants her things when you bought the politicians final point is the wealth tax going

then not the dominant draw that's why that is are the least productive capitalist in society would be warren buffett because he apps it does absolutely nothing he just collects money from the fed and he buys positions and insurance and banks so he's a question of somebody who knew that my home and theory was nonsense efficient market hypothesis and said if enough people if that's what you believe on that kind of billionaire and he was wrought ok so he's shown that the failing ever invented anything he's never produced anything now he simply hoards cash like a old lady in the attic. what a horrid old telephone books you know that it can't go on forever and if you know it can't go on forever what do you do you play for the short run and that's the real problem of finance capital finance capital the long run is the short run for the finance capital 73 months where industrial capital you actually have to invest something for the longer term after the risk is finance capital doesn't take risk it only wants her things when you bought the politicians final point is the wealth tax going to happen it

. >>> one of warren buffett's portfolio manager is getting a change to job description. he'll become the ceo of geico. in addition to his job, he will continue to manage his $14 billion berkshire investment portfolio. a strong endorsement analysts do not think the move improves the chances comes will succeed buffett as berkshire's next ceo >> from selling out to selling off, tough for some ip o's out there. big tech unicorns like uber and lyft are struggling, wework never made it off the ground we have more on that kate, you are back from the west coast. good to have you back in the studio here. let's go through the hits, runs and errors here. what was the biggest characterization you could make? >> the big money loosers are not working anymore. both down 30%. they had some of the same charact characteristics. outperforming the s&p and what could be an historic year for stocks biotrend is doing really well. the biggest winner up 400% you also had beyond meet bio tech was the biggest winner. medical device makers were also popular. >> we take stock of what happened in 201