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tv   MONEY With Melissa Francis  FOX Business  October 9, 2013 5:00pm-6:01pm EDT

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the drones use solar powtory charge batteries. makes sense. can fly at 65,000 feet. could potentially replace satellites for surveillance. david: wow, imagine that flying over your head. melissa is next. melissa: i'm melissa francis and here's what's "money" tonight. sac's stevie cohen could cop a plea and could admit criminal wrongdoing with the insider trading scandal for the sec. it could be a wake-up call on wall street. we have the latest developments on that that one. a complete market being makeover for the ad industry. making commercials into viral videos. will ferrell's new dodge durango ads are the talk of the town. they're hilarious. we'll tell you why this campaign is one to watch. "who made money today?" they turned down a multibillion-dollar offer because they didn't like the way it looked but they're coming out on top and they will be dressed
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for the occasion. stay tuned to find out who it is. that was a lot of hints. even when they say it's not, it is always about money. melissa: exporting our energy boom, should we or shouldn't we? as the u.s. becomes more successful in producing our own oil, refiners here are shipping more fuel oversees than ever before. federal law banses most shipments of you know oil, finish products created from the crude like gas and diesel are allowed to be exported. as the industry grows, the argument whether or not we should be selling this stuff is growing even louder. with me in total disagreement, fox news steve moore from the "wall street journal." we have matt, an energy analyst at stansbury research. thanks for joining us.
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steve, let me start with you. this makes a lot of sense. we're in the middle of an energy boom here in the u.s. we're making things like diesel which is europe is very expensive. should we be selling it there, making money, creating job, what do you think? >> i don't think there is any question about it. what is so exciting about our energy future, melissa, sometime the next eight to 10 years the united states will a net energy export country which is a wonderful thing to think about given the last 40 years we've been under the blade of opec. we'll see increased production of oil. by the way more importantly, natural gas. we're ready to import, to start exporting natural gas right now. we ought to be doing it. by the way, a lot of these downstream industries, that use the oil and natural gas that comes from the fracking boom, you know, these are companies like manufacturing companies, companies like the chemical industry. they're saying, look, we don't want you to export this because we want it to be used here at home. melissa: right. >> by that token, melissa, why
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would we export their products? why would we export chemicals or manufactured products? i think this is no-brainer. if we export more we will produce more. melissa: is that the case, or matt, what about this idea that if we trapped it all inside the country the price for it here inside the country would drop? is that true or false? >> i don't think that's true. melissa: no. >> i think it could be true for natural gas but it's not true for oil. oil is set on world market. we know that one of, i would disagree with steve in that i think natural gas should be used at home. we're seeing really high-quality jobs coming to the country. bmw had a chance to build a factory in any country in the world and they chose to build it here in the states because of cheap energy. we have an egyptian ag manufacturer that is moving into iowa, building a brand new plant up there because of cheap energy. melissa: okay. >> so in my mind. go ahead. melissa: i was just going to
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say, by virtue of that you're picking and choosing what kind of jobs we should have here in the u.s. you're trapping natural gas here to create manufacturing jobs. if we export it could be a $32.9 billion industry according to industry stats that would create a lot of jobs, creating that natural gas and refining it into lng or turning it into lng, those jobs would be created by export business. you're saying manufacturing jobs are more important than jobs making lng. that's a judgment. >> i would say the value chain is more important. you're right, you could generate income a and generate jobs in an economy exporting this stuff but at the same time if you're creating jobs in the small towns, you are creating manufacturing jobs. so you'reyou're creating value chain. you're getting taxes and ood wages. melissa: you're get being taxes from the other thing as well. steve, what is your response to that. >> there is some truth to what matt is saying. no question he is right the fact that we have the access now, melissa to the lowested priced
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power in the world is huge economic advantage. it is one reason, matt is right, we're seeing mini renaissance in manufacturing and transportation and so on. that is a big advantage, no question about it. but i would say this. look, if we can produce more energy, in fact natural gas production is starting to fall a little bit because the price is so low here. if you actually allow this to be used for for ex-you're right, melissa, you will see tens if not hundreds of thousands of additional jobs in the oil and gas industry. by the way, melissa, those jobs pay anywhere from 75 to $100,000 a year. melissa: matt, what is your response to that? as we produced more and more natural gas for export it encourages the industry to look for more and produce more and also keeps the price down here, no? >> i see that when i go to texas, i see us looking for oil and gas, right? melissa: yeah. >> so we're not looking for pure natural gas. we're producing an awful lot of
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natural gas right now. but you're absolutely right, lower prices has made the industry move away from these pure gas plays. i have no problem at all watching natural gas prices go up. but i don't know that, that just going straight to exports and trying to force the natural gas price uu artificially by sending this stuff abroad is a good benefit. i'm not sure that, that there's any place where exporting raw materials instead of exporting finished goods has been a better deal. melissa: steve, what is the bottom line? if we trap the products here in the u.s., would prices be lower here? >> you know, look, my view is because of this energy boom it is going to benefit our energy industry and it's going to benefit our manufacturing and transportation and high-tech industries. it is a win-win for every industry. the question would ask, matt, be able to export its products and not the oil industry? melissa: matt, real quick, what
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is your answer? >> that's a really good point. melissa: that's a good point. we'll leave it there on a little bit of agreement, with both of you. >> thanks for having me. melissa: a nice problem to have. next on "money," is it do-or-die for sac's steve cohen. talk turning to the possibility of a plea. that would be a wall street shocker. we have the latest developments. the government shutdown, some say we are headed right nor an economic apocalypse. are you ready? stay here for more "money." we'll be right back. you make a great team.
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melissa: it is decision time for sac and its billionaire founder steve cohen. after battling for months, $616 million in civil penalty charges, $6 billion in client money that has been pulled out of his fund and its behemoth name dragged through the mud. reports say the hedge fund may actually now cop a plea. prosecutors say sac and cohen can put this whole mess behind them by pleading guilty and paying a total of $1.824 billion fines. but how big of a price are they
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really paying? with me is former federal prosecutor fred tecce with thinks take. fred, why now? what do you think is pushing them over the edge here? >> why now? i tell you why, trial would be nothing more than a four-week guilty plea and they know it. what happens is when steven cohen sits down with the lawyers and says what will happen here, lawyers being what they are, are telling him, look, mr. cohen, odds are you will get convicted and company will get convicted if they lose it is government position they will take every blessed dime you have to the picassos in your hallway. you need to get smart here. melissa: the way they're getting to that so that there is commingling of funds so as a result they could take everything, s that it? >> if you read the indictment which i have, it works on the predicate the entire thing was a fraud, a sham, a complete factory of using insider information. and that is the government's theory. look, melissa.
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that is theory they have to prove it up at trial and prove it beyond a reasonable doubt. from cohen's perspective and from sack's perspective the answer is what is the risk and liability going forward? given they could lose the whole 9 billion, 1.8 billion seems like a bargain. melissa: it does but there is more than just money at stake. there is more than 1.8 billion. he has to admit to criminal wrongdoing and guilt. and he also is potentially facing a ban for life, right? >> well there's a bunch of of things going on. there is pending sec civil case against cohen personally. part of that sec wants him banned for life. there is a criminal case against the company right now. i will tell you, unspoken in all of this, whether or not mr. cohen will be indicted criminally personally. i can't see him makeing a deal without making sure that all of this, in one big package with a nice little ribbon gets done and taken care of. melissa: and do you think that is likely? do you think he could secure a deal like that?
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>> i, the answer is yes because if the feds had enough to indict him they would have indicted him by now. the question is how big will the check be? that puts an end to the whole thing. melissa: technically what does it mean, if he is banned for life, it can still be a family office, right or he can't trade at all? >> correct. it means he can sit there, by my calculations he will have $7 billion of his own money. and he can sit there and trade and run it basically as a priiate hedge fund but people like you, me, or commercial investors or commercial people can't go to him and be paid fees and put money in the fund. so he is basically finished. from a regulatory standpoint but also if i'm a commercial guy and i put money in his fund and suddenly this happens again in the future, it will be lawyers fair employment act all over again. melissa: what does it mean for the two guys, michael steinberg, matthew martoma sitting on the sidelines? they are sitting out, fighting charges. the government has been trying
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to flip them all along. >> correct. melissa: if he cop as plea are these guys dead in the water? is this that classic prisoner dilemma whoever confesses first the other guy is in really big trouble? >> when i was federal prosecutor i would say the last guy in was always the kingpin. whatever deal the feds require. sac anybody available they call for to testify against martoma and the other guy. that will be end of them. that is iceberg dead ahead. that is what is coming for them. if this deal gets struck, those two have to plead guilty. they have no choice. melissa: how big after win is it for the government? >> i think it's a big win. it is awful, all full lot of money, 1.billion dollars. it sends a serious message. they have been going after this guy for years. melissa: forever. this is a huge deal. they have been after him forever and ever. he is a huge target. he is so well-known this is such a big deal on wall street i think it's a huge win for the government. >> it is, and if you read the
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indictment they had a lot on him. frankly these guys were a little dirty. the fact that the feds did their work which ultimately prevailed which is what we need for them to do. melissa: fred, thanks for coming on. >> thanks for having me. melissa: coming up on "money," headed for an economic apocalypse. that is what experts are say as we inch closer and closer to default. now that janet yellen is officially in the mix are things about to get messier? oregon congressmmn curt schrader is here to weigh in. plus a second team of u.n. chemical weapons inspectors is in syria. we have the latest details. more "money" straight ahead. [ woman if you have the audacity to believe your financial advisor should focus your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters
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melissa: turning to major developments in syria. the agency in charge of
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inventory and disarming of assad's chemical weapons stockpile bringing in a second team as the destruction deepens, we're learning that could be as many as 20 separate sites, including some that may require negotiateing a sees fire before gaining access. fox news's leland vittert is in jerusalem with all the details. >> of course the big question who do you negotiate a cease-fire with? the rebel groups inside of syria are becoming more and more fractured. you have marginally secular groups on one side all the way down to the al qaeda syndicate groups and jihadists on the other. both have a vested interest in seeing any part of this chemical weapons deal fail. inspectors also report that at least some chemical weapons-related equipment and manufacturing facilities have been destroyed, but stress it will be a very long process to get rid of syria's chemical weapons stockpiles. at last count, there were about
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1,000 tons of weapons, plus manufacturing equipment in other military hardware, that will have to be destroyed. that's hard under the best of circumstances. completing the task in about a year while the civil war continues to rage on, is only much harder. today, another team arrived to start visiting more sites, that the syrians have disclosed. each day before inspectors leave their hotel they have to receive security guaranties from all sides, something ncreasingly difficult as the battle lines in the syrian civil war are incredibly fluid. the u.n. mandates says that all syria's chemical weapons must be destroyed by the middle of 2014. that seems like it will be a difficult task as folks are realizing no matter how hard it was to get this deal made between the united states, russia and syria, implementing it will be far harder. melissa? melissa: thanks, leland. from the u.s. to every corner of the globe money has been flying
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around the world of first to egypt. fox news confirmed reports that the u.s. is planning to cut off military aid to the country. this comes in the wake of recent violence against protesters and the july coup against president mohammed morsi. the obama administration is expected to withold hundreds of million of dollars. the u.s. currently gives more than a billion dollars assistance to the country. over to japan. three companies are being sued by michael jackson's estate for more than a million dollars for selling products with the late king of pop's likeness on them. jackson's estate says the unauthorized products including mugs and postcards. in a statement the estate says it is trying to quote, protect its legitimate partners and preserve michael's legacy. heading on to india, wal-mart announcing it is splitting with its partner there and is not moving forward for plans for its retail stores. wal-mart's asia ceo blames strict government regulation there is requiring sourcing from
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local small businesses. saying that makes the company's plan impossible. but he is still meeting with indian officials with hopes of finding a solution. back here at home, are have you heard we're heading for economic apocalypse. at least what some on capitol hill and wall street are saying. still no end in sight for the government shutdown. we're getting closer and closer to the edge of default. president obama plans to meet with bipartisan congressional leaders this week. many some congressman taking matters into their own hands. we have one of them. congressman curt schrader. thanks for come on our show. what is the hold congress accountable act? it would hold payment from members of congress if there is another shutdown? i like the sound of this. >> if you're not doing the work you shouldn't get paid is the whole idea behind it. the 27th amendment doesn't allow you to regular late your even pay. we with hold our pay till we get
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paid to the end of the congress. future congresses, if there is shutdown, people are out of works, you should be out of and cut pay for everybody. melissa: is there a lost support for this. >> the republicans are shoping a bill similar to this we got one we're shopping. there is a little more distraction. we'll have more cosigners as we go on. >> the real deal is not about new bills. it is about fixing the problem actually going on. to that end you're holding daily bipartisan meetings with your colleagues on the hill to work out different proposals. how is that going? are you getting closer? >> yeah. we're making surprising progress. if you listen, no offense to the media, you would think -- melissa: damn media. it is always our fault. we're the ones mucking up the wrong thing. >> you get bad information. we have to give you good information. good information for america that the rank-and-file, republicans and democrats are upset. they want to work together. there is a number of groups out there i've become aware of. two that i'm particularly
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involved in. that are trying to get past just the cr and the debt ceiling issue. the real issue, the real issue, the cause of the problems we're facing right now is not dealing with our long-term debt and deficit and the economic stagnation we're facing right now. that's what the rank-and-file want to deal with. melissa: amen. that is absolutely the real problem. i think a lost americans do realize that. how do you solve that problem? because i mean frankly that's a much bigger problem. and that is why we're at this impasse. we do have an enormous spending and entitlement problem in this country. we've got to solve it. are you getting close to solving that one? >> well, we're working on it. we also have a lack of revenue issue. the baby boomers are hitting the system we're not anticipated. noll development of entitlement programs and nor how to pay for them. time for us to get together. throw away all the partisan rhetoric, sit down and work through mandatory discretionary revenue situations. we need tax reform. we need entitlement programs for kids and grandkids.
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actually a group of us are working on actual specifics, having conservatives and liberals and moderates in the room trying to agree. i think we're making progress. melissa: what did you think of announcement of janet yellen federal reserve, was that a distraction shun? a step in the right direction? some say it is a bad time and introduces a wildcard and something else to fight b it could be a good time. it makes the markets feel better. they know her. what do you think good or bad? >> that is right now minor distraction. no one on the hill is focused on that. this whole debt and deficit issue is where members of congress are. melissa: one thing i keep getting stuck on the idea that government takes 234 billion in revenue according to the cbo in order to make payments on the debt. that is only 11 billion to pay the mortgage. why can't we just keep doing that while this fight goes on? why do we have to not pay our mortgage so to speak if we don't have an agreement on the 17th? >> the problem we get to, at
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least when i sat down with cbo and treasury officials at various functions and meetings. you can't prioritize things. it sound great and logical. that's what you try to do at home. bills come in at different times. the revenue is uncertain. on average it could be x -- melissa: that is so hard to accept and believe. i feel like we have so many great computer guys on wall street running quantity funds we can't send people there. >> you should see the computers. melissa: you could send somebody there to work on that to prioritize. all you have to do is look for the bond payments and pay those first. >> the computer systems we have, a lot of them, they're working on cobal. when i was a kid, it is kobe ball. it is not desktop here, melissa. we have a long way to go. melissa: congressman you're very reasonable. you restore my faith. thanks for coming on. we appreciate that. >> you bet, thank you. melissa: up next on money, how much is a viral video really worth? dodge is about to find out with
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the hilarious will ferrell ron burgundy ads. i believe it is the future of advertising. forget twitter, are you buying into the zumili ipo? what? why seemingly silly ipos are creating a lot of money. stick around straight ahead ♪ [ malennouncer ] help brazil reduce its overall reliance on foreign imports with the launch of the country's large petrochemical operation. ♪ when emerson takes up the challenge, "it's ner been done before" simply bemes consider it solved. emerson. ♪
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♪ >> a lot of people will tell you about the dodger rental available in the v-8 engine and treen and 60-horsepower, but i'm the only one with the guts to tell you about this glove box. twellefold light bulb, all in beautiful injection molded plastic comfortably fit to turkey sandwiches or 70 packs of gum. i'm not lying. is this a gamble -- a gumball machine?
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my say this is kind of a big deal. in character as san diego's most legendary fictitious news anchor founded 70 dance for chrysler's revamped sponsoring go. he did it for free. it leaving us to wonder if chrysler may have ushered in the newest wave of viral celebrity advertising. joining us now and definitely keeping it classy is our money marketing maven. it is amazing to me that he did all these phenomenal ads for free but, basically because of the very end it advertises his movie. it seems to me that stocks got a helluva deal. >> i think they both carry great deal. dodge gets not just a spokesman, but a celebrity playing a celebrity, and more importantly, he has such huge following with exactly who they want, young man.
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the reason they want them is not necessarily that it will buy the truck but they will make these videos go viral. it will replace him, post them, share them with friends. dodge will have instant distribution. of course, but will and his producers gate is the money and power for promoting his movie. melissa: and you remember watching him. how hysterical. you immediately want to go see the movie because a laughing. what i think is most fascinating about this is how much and said changed. you can see through them on your tebow. sun now advertising has to become must see tv. the hafts up for it to friends and are to get people to actually watch it. otherwise i don't even know what ads are out there. this is the new wave of a hot ticket people to watch commercials. >> that's right.
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people won't sit through these. you see them. let's face it. he is not really know -- selling the car. he is doing comedy bits. so i actually went back and watch and a couple of times. they are so funny. you're right. people will watch them and spread them like wildfire. melissa: why don't we watch another. they are hysterical. >> precision, elegance, grace and form, treat them function. sometimes the luxurious things in life are -- take, what are you doing? qaddafi air. get out of here. i told them 100 times they can dance in here. i have a beast of a machine here, the last of the real suvs and i walk into a bunch of dances. melissa: the other thing that i think it's brilliant is that we were talking about doing this segment before i had not seen an answering elena really long time
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now i have watched these. i click on the next one. i am actually looking at the product in getting a feel for it. that's another huge a vantage. >> remember we say. people don't buy what you do, and by who you are. what they are is entertaining, hip, cool, fine. what you are enjoying at your many about the product, seeing the car. my guess is when you head home tonight you will see one on the road that he never ordered notice before. melissa: that's a great point. at think it's probably ushers in a new wave of celebrity advertising. in fact, if you were to think of the perfect pairing of a product and celebrity, what would your speak? >> there are a bunch. you could have spider-man talking about the only thing he is afraid of is raid. [laughter] >> you could have the speaker going on a rural caribbean for a better ten. melissa: i like that one.
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go ahead. >> i was going to say, my favorite would be donald trump for the hair club for men. melissa: that's not -- well, no, that is a good one. no, absolutely. -1 home. i would pare bill o'reilly look with an airline and say that the zone, if there is anything you want, fair and balanced soundd perfect for flight. that is exactly what i want. is there any potential risk in any of these partnerships? not bill o'reilly in jet blue because obviously that would be a home run, but what about bout what dodge has? been doing until now. before this they did a campaign with the fashion designer. before that it did a campaign with him and them. born in detroit. before that it did a campaign mesclun these would be read as we saw with him talking to empty chairs, there's always the chance. some celebrities are always
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risky. in the case of welfare role-playing ron burgundy, he is already a loudmouth gasbag idiot so what is he going to say? that is to the character is. they used to sell cars with fine corinttian leather. now they sell cars with idiots. there is not much chance that he will say something is fans of like. melissa: and you get one of the most brilliant comedy writers of all time sitting down and writing all of these ads. it seems like it is a tremendous financial savings rather than hiring some at company to, but slogans. have this guy whose sole job is being hysterical and drawing an audience and he is making your commercials. what could possibly go wrong. a think? >> from what i heard there are a bunch of commercials that will not see the light of day because some of them are low bit risc eight, outside the norm, but they produced 70. i think they forgot that ron
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burgundy lived in the 70's. he produced all of them. they gave him free rein. because of that they have some much to choose from. they're not just going to use them on television. websites, twitter, distribute them a lot of ways and have some oxycontin to work with. it was brilliant. melissa: brilliant, a genius, i cannot wait to see the ones that were not meant to be seen. thank you so much. you're fantastic. >> thank you. melissa: on the heels are wings of the twitter ipo announcement comes another tech company hoping to cash in. is it as a sign of morceli public offerings, or is it actually a better buy than some of the others? right into your rub my next guest says. we will be right back with more "money." ♪ thrusters at 30%! i can't get her to warp.
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flash sales site is now eyeing its own ideal for a whopping hundred million. considering it only posted a profit of a little more than 2 million for the first half of the year. is it just me or is this turning into an ipo free-for-all? hedge fund manager and fox news contributor is here. tech startups investor joins me now as well. let me start with you. some of the companies that are looking to go public, you know, i've never even heard of this. what is going on? >> this is capitalism. this is a good thing. speculated that promising a new enterprise is raising money from voluntary investors to fund the businesses. i would consider this to be 1999. perhaps this is a bubble.
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melissa: that is exactly what i'm asking. >> i remember an era. i just don't think we are there enough the fact that a lot of these companies are not making right -- a lot of money right now. melissa: they are making a profit. i make fun of the fact they're making to a half million in the first half of the year, but profit.more than twitter in what do you think? is this insanity? >> absolutely. absoluuely. i have to disagree with you a little bit. 1999, it's a repeat, like groundhog day all over again. if you look recently we heard can be crash. i you kidding me? so i'd think i am for capitalism. but a lot of risk. and think they're better place like square, another company that jack dorsey is a part of.
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so i think there are better place out there. i mean, they should have learned. melissa: it does seem like we did you rationally excited about a lot of these companies. for example, everyone gives apple such a terrible time. will they ever have the next big thing, and they still love amazon. if you could compare it to five in the last week, and the last quarter than a $13 billion. that's more than up to that point and is on an ever made in profit in its sole entire life of being a company. we love amazon. it seems like we look at these things you rationally sometimes. >> stocks are forward-looking indicators. just because you are a profitable company does not always mean you have a successful stock. look back. the stocks of ten years in million and then make more money now, of them actually trade and
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a lower price than it did ten, 15 years ago because when you buy a stock you're buying of valuation. although i am not investing in twitter him and the fact of their will to come public shows that there is a risk appetite and it is a positive thing. melissa: did jesus say you would not buy any of these? >> i don't buy pos. at prefer to wait and see how the stock plays out. these are sales of the public. when you have such high interest , almost called stocks, in my experience is usually best for investors to stand on the sidelines. melissa: what do you think? >> i will take a contrarian opinion i had a chance to get on twitter on the secondary market. it's not just the ipo. you could get in on the secondary market. i was able to get in and 2022. and kick myself now because if you look, i think the odds at
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35. and for talking about twitter on the first day something around $55. i think jonathan will agree that is not a bad return for your find there. melissa: unless something like facebook happens. i you going to sell? just wipe your hands of the whole thing and get the hell out? >> it's interesting. you know, here is another one. -ack when it was 17 talking about facebook, november, believe, last year eliciting a meeting with hedge fund managers and telling them to buy. i got in on the ipo of facebook and held on. i'm happy. a year-and-a-half. they tipped over 50. they ended around 46 of 47. if i like it that way i was one of those that fell like facebook had a good model, especially with what they're arguing. and they're is a chance that they could actually be close to
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what linkedin is doing in the next year to. >> and i am delighted that he has done well with his investments. keep in mind, there's a difference between the company and the stock. a lot of times great and successful companies, the stocks in the disappointing which is true when you buy them at high valuation. melissa: you guys are great. thank you. melissa: up next, the ultimate y before you buy. a new trend is to actually stay in the home you are considering buying to test it out. stay overnight. a sleepover. do you think it makes you more or less likely to pull the trigger? one developer who did it himself. he will tell us if it is really worth it. can you ever have to my "money" or too much information? ♪ [ woman ] if you have the audacity to believe
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♪ melissa: time for a little real-estate fund.@ buying a house is a big deal. have you ever wasted you could test drive it before even putting in an offer? your waist in the air reality. spending anywhere from 12 to overnight in the property you want to purchase. with me now is a real-estate developer who test drove a condo himself in miami. tommy about the experience. >> i did not end up buying the place. i went out to check at a place in miami beach thinking maybe i was interested. i kind of was wish you washy on
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the potential purchase. and decided to take a month on the offer. frankly, i think my experience is that buyers generally know within the first five minutes of their interest it. if they're not that interested they generally will pull the trigger. while some people consider it to be a stressful experience, if you're going to stand tall for 24 hours and a property, generally will talk your way at of it. there are some in pantages. melissa: there are huge and bandages. i feel like -- maybe this is the disadvantage to the seller, you never know what a place is really not until you stay there. you know of the ceilings are loud, noisy neighbors above, lot of noises from outside chymistry like it goes right into the window, water pressure. you don't know what the hell is all about. you're saying it's kind of fall down side. what was it about the kind you ended up not liking? >> the neighbors next door were based creamers and stayed up
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late night. ultimately no property is perfect. they're just like people. usually have to go with your gut feeling. it is a little bit misleading if he sleepover. if everything goes well and you did not have a professional inspection you may just wasted your time. you want to make sure you have a properly inspected properly and it is not just about how you feel when you see it and sleepover. melissa: can't there be an advantage to a seller to set this up? for example, looking at condos. you think about places in miami or elsewhere that may have a beautiful, stunning view. by virtue of staying their overnight you realize how phenomenally would be to have this as a round, fallen of the place and you absolutely have to have it. >> in miami is a white hot real estate market. you ddn't need to let people sleep in the place to sell them. there on the market. the vantage in a slow market,
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like a midwestern summer it you're trying to get people to come to the property, if i was walking around and looking at properties and one of them allow me this sleepover our probably give it a little more attention. you would get more people looking at it. maybe that would lead to a faster sale and maybe even a higher price. it depends on the market. melissa: absolutely. what is the seller need to do? how would you prepare for that? >> if i am a seller, first of all, this can be a maintenance nightmare, but i want the property to be in perfect condition, a professional inspection report laid out on the coffee table so when a person is staying and they see the property is a new repair. find a seller i don't want to let people sleepover ellis there are qualified buyer, the property is a contract. i don't want to waste my time if they don't have the funds to purchase, and want to make sure i . out unique selling propositions like maybe there is
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rooftop terrace with a great you at sunset. make sure they check that out and write down everything the person should know about the surrounding area. a cold pizza joint around the block. possibly maybe leave them a bottle of wine and make sure they feel really comfortable. you have to think like a hotel operator and make sure everything is perfect. you don't want a person to talk themselves out of it. melissa: absolutely. and if you're a buyer and when and immobile would you look for? the first thing i would do is turn on the shower. after that wall would you do? >> i mean absolutely. you want to look for red flags buried under stains on the ceiling that might indicate a potential weak? you want to check the property to make sure everything is working, but you want to rely on a professional inspection report, like an mentioned. maybe you want to introduce yourself to the neighbors like i did. i heard a lot about them through the walls.
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melissa: absolutely. i have to say, we have taken vacation in the house a number of times. by virtue of staying near i have fallen in love with it and would like to buy it. at think there is a lot of upside. thank you for coming on. we appreciate your time. he made "money" today? they turned down 2 million made their own fortunes instead. we will tell you who lead is right after this. you can never have too much "spare change." let me tell you. ♪
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♪ melissa: whether it's on wall street on main street, his teammate "money" today. everyone who owns this warehouse. the retaillr got an unsolicited the value of the company is more than 2 billion. men's warehouse did not like to win have liked. investors weren't rejoicing. the stock closed up a whopping
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27%. losing money today, anyone who owns comcast. the cable giant announces partner with twitter to develop a new remote control that lets you change the channel by pressing this button. viewers can tune in to live or on demand program or even program their dvr. rolling out in november. as cool as it may be, the news did not win over wall street. the stock closed down slightly. and hoping to make boat loads of money, samsung. today the company said it is releasing a smart phone display. the first of its kind. the galaxy will go on sale tomorrow but only in south korea samsung says the curve makes the phone easier to grip which i guess in you would want given that it costs a thousand dollars that is all we have for you. i have to you made their five
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today. as a you right back here tomorrow at 5:00 p.m. for more "money." "the willis report" is coming up next. ♪ gerri: hello, everybody. tonight, a salmonella outbreak. hundreds are sick. the cdc blames the government shut down. is that true? we will investigate. also, the u.s. is now supposed to be one of the world's top energy producers. why are consumers facing soaring heating bills? and twitter is about to go public. here is what you should not do one day one. watching them for you tonight on "the willis report". ♪

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