have business applications and that put a dent in blackberry. [closing bell ringing] that why it is down 10%. liz: bells ring on wall street on a day chock filled with news flow. janet yellen speaking again. record numbers from the dow jones industrials and talk of a huge megamerger for parent of this network. fox at least making effort in past month or so to buy time warner. that effort has been rejected for now. it still affected stocks in a positive way. dow jones industrials move i higher by 74 points. s&p is up eight. nasdaq better by nine. russell 2000 can not recover after yesterday janet yellen said small names in biotech and media that have gotten a little toppy. "after the bell" starts right now. david: a clear record today. we are way above where it closed

on july third at the record was 17.068. right now, 17,136. it could settle even higher than that. let's break down today's market action. jeff lehman, bkd wealth advisors chief investment officers. he is here to tell us why he is still investing and investing in emerging markets for the long haul. bob phillips, spectrum group managing principle. he will tell us his top three stock plays. todd horowitz joining us from the cme. todd, yet another record breaking day, with todd horowitz who is record-breaking bear. how many days will you come on and record-breaking day and still be a bear, todd? >> you know, i'll tell you, the markets continue to go higher. i can't understand why. the data does not support it except for cheap money. always comes back -- liz: that's the reason! you're fighting the tape and the fed, todd. >> hold it. i'm not fighting.

i'm observing but waiting to get short. i'm dying to get short. i bought these rose colored glasses for you guys to see the markets same way. i wanted to see if i could see it. but to me the market is overvalued and higher we climb here i think harder it is going to fall. david: todd, hold on a second. look, i agree with you that a market can not be sustained only on the fed. that is rose-colored glasses stuff. on the other hand, there are some encouraging sipes that could back up some of these valuations, right? >> agreed, there is some -- look it. i hope i'm wrong and that the long term we get a lot of great news. i hope that gdp number coming up in two weeks is great. i don't want it to go down. i'm only seeing what i see. i own long-term stocks like everybody else in my 401(k) and ira. i'm not upset we're going up. day trading and trading short term i think markets are way overdone and way big bubble

territory. i'm really concerned that when janet yellen was asked if there's a plan, we'll have one at end of the year. if i ran a business like that i would be out of business. liz: we just had barry habib on. he talks about mortgages all the time. he said the one thing you need to watch for is runaway inflation. he doesn't specifically see it right now. let's get to jeff lehman and bob phillips. bob, do you think runaway inflation or even smell of it down the road might be what triggers a correction in this market? >> i think, liz, without a doubt it will. the market right now is, everything todd said i agree with. trading based upon cheap money. corporations in the s&p 500 bought back over last 12 months over $500 billion of their own stock. so a big supply of demand for ownership and taking supply out of the market coming from companies themselves. so it is because of this cheap money. they can go out and finance and perfectly rational from their perspective but that is what is

driving things right now. as a fundamentalist i'm not terribly comfortable and i feel a little bit schizophrenic each tick up in the market i'm happy about because we're invested yet i'm waiting to pull back to reduce our risk. david: we've been hearing a lot about pullbacks. jeff lehman, we have two bears. i assume you're a little more optimistic than these guys. why? >> first i'd say, that we are overdue for a sort of an ordinary type correction of 10% or soft we haven't had one in quite some time. however, i don't see the bubble valuations personally. i think a lot of things have supported this market but i don't think valuations have gotten to extreme levels. having said that there are, you know, on the end of the spectrum there are parts of the market, some of the small cap, more growth oriented sectors gotten

pretty rich. david: hold on a second. are you agreeing with janet yellen here? >> just making comment. we're make finding companies that are attractive valuations here. it is smaller portion of the overall, the overall market but we find pretty attractive evaluations in certain segments. liz: you like emerging markets the way you're playing it is wisdom tree emerging markets edm. that is certainly easy to wrap your mind around because you have a basket of stocks that reflect that. you go for general motors, tried and true usa. what do you think will really be a catalyst for gm as we look in the months ahead? >> we initiated our position in gm about six weeks ago really in the midst of the recall news and the stock had dropped about 15% year-to-date on that news. offered a very attractive

dividend yield of 3 1/2%. there is near-term challenge for g. in, when you look earnings projections and apply a 10 multiple to those next year, we see, 20, 25% upside to the stock. really it is a, more of a situation-specific purchase on our part. we felt like it will, it will do well for us over the intermediate term. david: todd. >> intel came out with earnings. they're booming as a resthat re. also as a result of their buyback program. hold on a second. wait a minute. before we get to that one, we want to talk about sandisk, a company that has done very well the past six months. they're out with earnings. adam, what are the numbers? >> it is a beat and beat, david. earnings per share of $1.41 on revenue of 1.63 billion. the street was expecting earnings per share of $1.39 on revenue of 1.6 billion. they're declaring 30-cent dividend.

sandisk is out and it is a beat on both lines. david: but they are down 4% after-hours. todd, what do you think of those numbers? >> i think numbers are great. that is something i look forward to. don't forget sandisk rallied 40% since the last earnings came out. they have already priced in the good news. the news is great. beat on both top and bottom. i couldn't be happier. that is kind of stuff i could see going forward that could turn me to the other side of the fence. liz: they're announcing a 2014 cash dividend they declared for the third quarter. that should be positive. we're trying to parse through this and figure out, adam, if you see anything, let us know why the stock is pulling back right now? look the shares are down 3.4, 4%, following these results. this is a company that has gone with the times. they have gotten into subscription services, not just the solid state drives but that tends to be advertisedded business, doesn't it? adam? >> i was going through the report, liz, you were saying?

liz: we're looking for why these numbers the stock price is falling? >> hard to say. so many different analysts raised the target price on this to $95 from $58. nomura. cowan raising to $95 from $80. doesn't make sense. david: todd saying good news was priced in. it was overpriced. expectations were perhaps even higher than what was expected by some of the analysts here. i want to go if i can for a second, jeff. we're talking about obviously sandisk computer stocks some people think are a little more risky but the high-end corporate bond, some people had that in their portfolios with kind of safety with you will at rockiness in some smaller stocks. you just got out, you cashed out of high-end corporate bond. why, and where did you put that money? >> we actually recently eliminated the exposure to high yield corporate bonds, not the

high quality end of the spectrum. david: i see. you were going against, you were going against the risk. you were doing safety play there. >> yeah. high yield is obviously been a fabulous investment since lows of '09. averaged 14% a year in total returns. these are equity-like returns but the underlying spread over treasurys have gotten pretty tight at about 350 basis points. yeah, we think that the risk return is much less favorable. david: watch out for risk particularly in this environment. thank you, gentlemen. liz: thank you, jeff, bob. todd horowitz we'll see you when the cme closes. david: will be a wild case. liz: merger of twenty-first century fox and time warner could create if it comes to fruition one of the biggest content libraries in the world, including tnt, tbs, fox, warner brothers, hbo, to name a few. will this deal ever take flight?

we'll talk to a veteran television exec. he is responsible for shows like "the simpsons" with fox and married with children. even end der son cooper. david: he worked for all of these involved. he knows what he is talking about. precious metals shining a bit. is that run about to end? we have the second half setup, not only run for precious metals but also aluminum? do you know that may make you more money these days than anything else? we'll explain why coming up. liz: with the number one ranked metals analyst on the street. looking for alternative investment? a golf course might be it. david? what? liz: a ceo of one company is hitting a hole-in-one investing in courses around the globe. it is up 24% since its ipo in october. david: we want to hear from you. do you think a deal with twenty-first century fox and time warner will eventually happen? will it be good for consumers? tweet us @fbnatb.

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stock hit record all-time high. it is down $7 in the after-hours. earnings came in $1.41 beating analyst estimates of 1.39. you have the second quarter revenue for fourth for the, that is -- 2014. we are looking at that. they do have the quarterly cash dividend. we know they have relations to pc-based activity. we did see intel doing great with that. they are also moving forward with an acquisition to acquire fusion and, that is $1.1 billion all-cash deal. we heard about that. but we have to delve into the report here. we're just getting this moment. it must be forward guidance because the numbers in the current quarter certainly beat the street t must be in forward guidance why this stock is moving to the downside. it is improving some. it is coming up off the $100 mark at 101.57 bid ask. liz: nicole, thank you very

much. david: the big news for the day was potential merger, at least proposed by 20 first century fox to unite with time warner. of course that initial proposal has been rejected but there may be others either from twenty-first century fox, the parent company we should say of fox business, or from others as well. the it has stirred up a whole lot of activity in the community with valuations of companies involved changing rapidly particularly that of time warner which is up double digits today. a man who has a very clear interest what goes on here at least from a personal perspective is gerald levin. former ceo of time warner, the man who brokered the 2000 merger between aol and time warner who joins us now on the phone. gerald levin, great to talk to you. first of all your overall impressions. what do you think of potential of this deal? >> david, let me first say, hedge ever you have a deal this size particularly in the media industry it gets everybody

excited because of the content assets of both companies. but i think we need to step back a little bit and see exactly how the landscape has changed dramatically and see whether this kind of deal will enable the combined company to have, be able to exploit a new digital platform. and i think that's certainly one question. the other question is, while they're both content companies, they're very different approaches to the creation of content in the twenty-first century fox culture and time warner culture. so that is not a slam-dunk. the final thing is you kind of need the financial capacity now because you have the youtubes and apples and amazons, all building digital platforms with a lot of financial muscle and a

lot of access to digital platforms. so, i think this is, while it's exciting and getting everybody going, i think there's more to happen. there's another shoe to drop. david: what do you think that shoe will be, from another company, or what? >> yeah, i think it will be from another company. i know we're fond of saying that rupert always gets what he wants. as a matter of fact, david, just a little history. the first allen and company conference in 1983 there were five of us. i remember rupert walking up, having a chat at the time that he had his sights set on maybe getting into the movie business and the company, the movie company he wanted was actually warner brothers, warner communications at the time. so that hasn't, hasn't changed. i think you're likely to see, and i obviously don't know this,

with any definitive information, some of the companies, you know, google would be the best example. it has the financial power. what business is it in? it is taking moon shots and has everything from youtube to take the capacity to deliver new form of content. so you know it is a company reich that. i'm not saying that is going to happen for sure. we're in a different age than we were at the turn of the last century, we are indeed. my quote though about google, they don't the history. they have the capacity to deal with content but they don't have the history that twenty-first century fox does with content. is that a concern of yours? >> no, because, we have to, kind of blow up all of our old views about creation of any product.

what google has, we're just fascinating on them, they have create ad entrepreneurial culture that, you know, what is the most interesting form of content delivery right now? it is on youtube. look at the usage that's there. david: that's a great point. >> and they, there's something about the risk-taking entrepreneurship of the 21st century, that i don't think our legacy content companies have caught up with yet and that's, i think, possibly going to make the difference. we have to be forward-looking. david: uh-huh. >> not backward looking. this would be a very, perhaps an interesting merger 10 or 15 years ago. david: i have to ask a quick question and we really have to go, jerry. what do you think, what do you

think the corporate culture merger would be like if twenty-first century fox does take over time warner? >> i think it would be dramatically different from the culture of time warner right now. you know to have, and it is kind of curious historically but to have, family ownership, just as you know, henry louis used to own "time" before it became public, i think dramatically alter the culture. having grown up with hbo and turner culture and indeed the warner brothers culture, they're just very, very different, what rupert has been able to assemble. david: gerald levin, we have to leave it at that i'm afraid. we're up against a hard break. you know what that's all about, former ceo of time warner. wonderful to have you on the phone. thank you so much for being here. appreciate it. >> thank you. >> gold and silver, let's not ignore those two invests. the prices are, well, up so far this year. but they may not be the best

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liz: this term is being thrown around king. if a deal between twenty-first century fox and time warner does happen, it would create one of the largest content library notice world, combining entities like tbs, hbo, 20th century fox and

warner brothers. coming with us a fox news exclusive, a man who programmed three out of the five broadcast networks in his career in fox business exclusive. garth encier, ceo of quad media partners. a veteran executive. thanks for joining us. >> thanks, liz, for having me. liz: worked at fox entertainment, wb. you're responsible for shows like "the simpsons." "married with children." when you heard about the mow potentially merger of twenty-first century fox and time warner, what was your first thought? >> i had to think it through a little bit, as gerald levin, was mentioning my former boss was mentioning before the break the corporate culture is very different between two the the country companies. putting that aside this is natural rao reaction on rupert and chase's part to the merger

of fox and time warner cable, because at end of day what they're facing in television and broad wand space, one company that will dominate television service and high speed broadband service in 24 of the top 25 u.s. cities. which you could argue where most of the wealth in the united states is located. so, you're going to have behemoth to negotiate with. unless you bulge up and are the largest operator of cable networks you will not effectively negotiate with them. liz: lookings let's get people up to speed if they happen to tune in and haven't been watching all day. time warner reject ad bid for $85 a share. we're not there yet today. we closed below that for time warner. for time warner. everybody is now wondering what is the price? we have one expert, porter bibb, saying it will be more like $93. anthony scaramucci, hedge fund saying it will be $100. is there price where jeff bewkes at time warner has to go back to

sit with the table with rupert and james murdoch and talk about a potential linkup? >> everything has a price. jeff is a rational businessman. think there is a price. i don't know what the price is. i love the chatter we don't want to overpay for it which is positioning thing or want more cash or stock, whatever. that doesn't change the fact there is a price of course. liz: look at the entities. twenty-first century fox has fox broadcasting fx, all kind of channels, fox sports one. us here at fox business. these are great entities. >> national geographic and other things. liz: natgeo and other things. you flip it up over to time warner these are two plat null organizations. time warner has hbo, turner broadcasting, cnn, which of course, garth everybody is talking about. you started anderson cooper on cnn he has been certainly at different times a ratings juggernaut over there but does that network have to go? that is what everybody is

talking about, they ever to jettison it? >> i don't really know. that is regulatory issue whether c in n would have to go. look, cnn over the years there has been lots of discussions merging cnn with one of the broadcast networks to use synergies of for example, cbs news with cnn and have much more efficient and profitable network out of it but it hasn't happened over the years. i could see it being spun off as part of a merger because it might create a conflict for regulators. that is the only network that really competes head-to-head with one of the news corp networks. liz: garth, let's not ignore the digital question here. one analyst said this is all about streaming except that when you look at these two gigantic behemoths in many ways i heard somebody called them old line media. except that, everyone in the world still need what time warner and twenty-first century fox create. that is great shows. look at all of the shows. 30, 20, 20 of the top 50 shows

for binge streaming services, the hot shows. >> yeah. liz: does that shrink if there is less competition or does it grow with more mind at the table? >> well, first of all, i don't know how will affect the number of shows. i don't think it will affect it that much, frankly. the issue, if you have only one broadband, high speed broadband provider for most of the united states, that is a cable operator you will have to sit down at the negotiating table to keep those rights to yourself. you have to have tremendous muscle to do that when you're dealing with really only one high speed broadband operator in the united states. >> who blinks here? i would think right now the ball has to be in a way in news corp's stock. and rupert murdoch will up the ante. does he wait until large shareholders, there is crassover for larger shareholders of both these companies. >> yep. liz: say wait a minute, jeff bewkes, you have to say something here. as a stand-alone company you might be able to do as well as

what rupert murdoch is offering at $85 a share? >> well, may not be $85 a share as you said. may be higher. liz: higher. >> the fact as gerald levin was saying, either corporate cultures are quite different. news corp is much more of an entrepreneurial culture. less after gentlemanly kind of staid culture. you will get more growth out of twenty-first century fox model than out of the time warner model. liz: well, you know having been on the inside here, i'm like you i worked at ab-c, nbc, cbs, everywhere, being here they say why not a lot more than they say why to ideas that come about here at fox. >> absolutely. liz: last quick question, your career now, do you look back to see one place i learned the most whether any one of the five places? >> i think i actually would say the place i learned the most was working for rupert and for barry diller at fox. liz: good to see you, garth. >> thank you so much.

>> good luck at quad media. in a fox business exclusive with a prolonged period of extremely low interest rates, investors have been struggling to find yield. up next, we'll give you four names with yields higher than 4% that could boost your portfolio. david: golf, it's a great way to enjoy the summer but it could be a fantastic addition to your investment game. coming up we'll talk to north america's largest owner of private golf and leisure clubs. stay tuned. .

david: while gold and silver prices are up 8% so far this year, they may not be the best metal for your buck. according to our next guest the investors should move away from miners and focus on specialty metal products instead. liz: such as? bank of merrill merrill lynch equity md, who is listed as number one metals and mining investor by institutional investors. talking about industrial metals versus precious metals versus base metals. what do you like right now? >> we're in favor of more aluminum and steel names. for last several years you see a shift to the miners. they have taken more of a profit picture. they have ebbed from their super cycle. i think it is important to get away from things china needs and get more into niche products and specialty products. david: does that mean you're seeing a real crash landing of china or at least a slowdown? >> i'm not going to be the one

to call for china to crash and our economists aren't either. we're seeing slow down in terms of growth. oversupply from australia and certain metals in terms of mined metals, in terms of iron ore particularly concerning. when you're processing metals we've seen consolidation and rationalization in aluminum and steel. why the shifting to be more interesting in processed metals. liz: china's april to june gdp came out and slightly better than expected. i know you're not necessarily counting it out but you're not couldn'ting in. isn't that, shauna, biggest driver of iron ore and metals for used for big construction projects? >> consumer. supplier is australia. australia is going whole hog with a lot of low cost material. china is not consuming enough to offset that. the problem in the u.s., lower cost miners and lower cost miners are going with more production. david: aluminum is not. why is aluminum doing so well?

>> for years aluminum is been in the doghouse. finally aluminum decided they will bulldoze excess capacity. okay to shut a mine for short term and bulldoze capacity, they mean business. david: how do you make a play for it, for aluminum. >> it is a difficult one on aluminum. we've had quite a big move in some large producers. we like some of the smaller producers. kaiser is one we like. we've gotten more positive on aluminum. we're a little cautious because it is delicate balance and some restarts could switch balance in oversupply again. we like steel stocks. another way to play the sector is looking non-residential construction. the opportunity for that sector to finally come back especially with energy infrastructure thesis. liz: give us your two names in the steel industry. >> reliance has a lot of cash flow opportunity the variable cost businesses with a lot of opportunity to grow. david: you're great. thanks for coming back to see us again. liz: congratulations on institutional investors. david: number one. >> thank you. david: can't beat that.

>> from metals to what is in the golf clubs. the golf industry still fighting to recover from the impact of the financial crisis. but the nation's largest sport and leisure club operator believes it can still score a hole-in-one for investors. the company ceo telling us exactly how he will do that. david: also thanks to the fed we're living in an era of ultralow interest rates at least for now. where should investors go to find yield? everybody is asking the question. we've got the answers, with an analyst who will bring you four high dividend plays coming next.

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a different kind of wealth manager ...and black swans are unpredictable. liz: appetite for yield is growing as investors snap up stocks providing steady income. we've got somebody who has managed to beat this market. that is a tough market to beat, right? with a portfolio of stocks, bond, reits and mlps, master limited partnerships, analyzing more than 7,000 securities. david: joining us now is mark evans. portfolio management chief investor officer and president and principal. so good to see you, mark. first of all, explain the higher yield means greater risk. how do you, how far o the risk yield would you go without

worrying about the long-term value of your investment? >> good question. and thanks very much for having me, liz and david. we appreciate that. we are risk managers. that is what we do. we're portfolio managers. so we'll blend higher risk issues with a lower, risk issues. and you can really see the difference in the size of the yield as we do that. we are, our eyes are wide open on taking higher risk but blending them into a portfolio strategy successfully. liz: well, there are a lot of people who either piled into stocks or more people who stayed on the sidelines. not a good play to go into treasurys. they could have been in names, the likes of which you're about to offer. i want everybody to pull out pens and papers or tablets and get ready. you will give us names. before we get to them, how did you pick them? what type of screening process did you go through? >> well the, let me give you just a brief thumbnail. i will set the stage here a bit

for that. we're a boutique based in kansas city metro. we manage about a billion five. we're best known for our deeper value approach and we're especially known for the decision-making process that is behind it. it's very extensive and robust. and the combination of those two things, drives us to look anywhere in the world, for the best yield franchises we can find. >> let's get right to it. altria, obviously a sin stock as some people call it, but it has a huge cash flow and a very big dividend. tell us why you like it so much. >> i sure do. this was in "barron's" interview. you picked up on it. i picked it today because it had a lot of news this past week. the price is back down to value investor like us that is a great thing. now with their new dividend yield we expect next year which

is about 8% increase, at a price of 40, you're getting 5% yield on a company that is one of the most steady cash flow generators to cover the dividend you could ever find. and you're only going to pay 20 times the dividend to get that. liz: aside from altria, you have williams partners, zurich insurance. tell us what grabbed your attention about zurich? >> well, our approach is is very broad-based. 2/3 of what we do are international, because they favor dividend than our country does in many cases. zurich is great example what i'm talking about. they have 6.23 yield right now. they're swiss obviously. their cash flow charactertics are great. they're a little more erratic in their cyclical growth of the dividend but that's okay, over five or six years into the future. we expect them to grow 4 or 5%

in dividend. starting with a 6.2 yield, with a very steady cash flow base, these are the kind of securities we think can really be helpful in the environment we see in the next three, four, five, six, years. david: we don't want to father get about reits. epr properties is one you brought to us. this is a megaplex reit. a lot of people might suggest that megaflexes might not do so well if consumers are not buying as much. does that concern you at all, consumer purchasing power with a megaplex play. >> of course it does. risk abound in all of these cases on a specific level. this one is local company, kansas city-based company. we know perhaps a bit more about it than we would some of the others. it is a niche player in a couple of spaces and certainly movies. amc theaters is one. but the movie going business these days is quite a bit more than watching a movie. it has to do with all kinds of

surrounding entertainment and acoutriments if you will. that go along with the movie going experience. these people are great at that. in addition to which they're looking at. they're looking specialty investments in charter schools that are public and some entertainment areas that are growing. these guys know what they're doing in specific niches they're in. while might not be highest growth, they're figuring out ways to re-energize growth in way products are being laid out there. liz: super list. david: good list. mark evans, meritage portfolio management chief, investment officer and prince pal investor. liz: next time you play a round of golf you might want to consider whether the sport could be a good addition to your portfolio as well. coming up we talk to ceo with a gameplan for big returns from golf. david: also, the housing recovery, could it be at risk

because millenials would rather stay in their parents basement? i don't think they rather but sometimes they have to. we'll go to the nation's heartland to find out what is really going on in the housing market coming up. and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life.

david: thank goodness summer is in full swing which means a lot

of people are headed to their local golf clubs. what if there was a way for to you cash in on your portfolio on the greens? liz: well, club court, lets you do just that. the largest owner of private sport and leisure clubs in north america. and the stock is up more than 24% since its ipo. let's bring in eric afeldt, clubcorp ceo and president. great to have you on the show. we love these kind of stories. tell us the story how you structure this company and what you do to provide this kind of value. >> first, liz and dave, thanks for having me. clubcorp is a 57-year-old company, and founder of the modern club management industry. we've been doing this for many, many years. we focus primarily on private clubs. we're the largest owner of golf facilities in the entire world. we have a third party to validate that but i think our emphasis has been last several

years to invest in capital to bring in wider range of consumer meaning it is not just about golf. we've invested heavily into fitness and turning pools into water parks and tennis. anything to do with recreation, entertainment and dining as your prior guest just noted is very good business, very resilient through the downturn, interesting enough and core to consumers lifestyles. david: eric, there has been a huge shakeout in the golf course business over past five or six years. a lot of buildup in the '90s. you needed to have a shakeout but which golf courses survive and which ones don't? >> well, it is a great question and clearly there was overbuilding in the industry in the late '90s as you pointed out. net course openings from 1994 to about 2,000 were in the neighborhood of 400 net course openings per year. david: wow. >> there was frankly in hindsight, a silly article written that you have to build a

golf course a day for the foreseeable future in order to keep up with demand of retiring baby boomers. we know what happened post-9/11 and with nasty recession we had and consumer patterns changed. the clubs that have done and will continue to do the best those again multifaceted, multigenerational, that appeal to the largest number of consumers and provide more than just golf. liz: i would think that, at least in some way though, that would include public courses but you're pretty much focused on private courses. they tend to be depending on which course, they're very particular about whom they allow in. and also, that they're not cheap certainly. so can you square with that issue and what you just said? >> yeah. two comments. first of all, relative to public, public golf facilities tend to be exclusive golf. so that is directly to my point of more, more things to do at the facility. david: liz: okay. >> secondly public golf as you

all certainly appreciate is very much weather dependent. you get a bad weekend in many markets in the united states and you have wiped out your entire month's worth of potential profitability. our model, almost 48% of our total revenues come from dues which are highly visible, recurring obviously and a bad weekend of weather you will not quit the club. that's why we prefer private to public. david: yeah. >> relative to the cost, our average joining fee for a private golf club is less than $5,000. and average monthly dues are in the neighborhood of $400. so we're not talking about the uber wealthy here. this is, what we refer to as the mass affluent. individuals who have disposable income and are looking for ways to enhance their lives. david: eric, we're up against a hard break. so sorry to do this. we have to leave it at that. by the way clubcorp became public in october of last year it is up 24% since then. congratulations. thanks for coming in, eric,

appreciate it. >> thank you very much. david: are attitudes toward homeownership changing in the u.s.? jeff flock is live in chicago and home buying spree and landscape there. jeff? >> you have to hear this. one of the leading players in the housing industry says there is a sea change now at work in the housing industry. you will hear about it as we watch a home go up much those are concrete forms. back in a moment. don't pour the cop create yet. ♪ ♪ ♪ [ male announcer ] if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for

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liz: fed chairman janet yellen expressing concern about the slow down in a housing recovery this year. could that reflect a change in american attitudes towards homeownership? david: you know who knows about this? fox business's jeff flock is live in a chicago suburb where they're about to pour the concrete. >> just about to pour it, david, yes. big changes afoot in the u.s. housing industry. i will talk to a leading player about that, david rice. new home star is the company.

you say, among other things, and we put up your leading points, millenials do not want to move out somewhere in the middle of nowhere. we are in a close-in neighborhood. >> millenials are looking to keep lifestyle they develop and will not allow using they buy to define it. they want to be close to their friends. >> no more social pressure to buy a house. young people don't want to be tied down by a house. they're not benefiting from great rise in prices that you have to buy a house? >> we still hope for appreciation but no one is banking on it like we were before the housing downturn. that is causing millenials to look at housing differently. >> look at homebuyers as we get away as the concrete forms are being banged into place here. year-to-date most of them were down even though we were up on housing market index news. i'll tell you, sea change, david rice who sells 7,000 homes a year says there is sea change in housing now. better get used to it.

liz: jeff, thank you. david: let them pour that concrete. let it go now. liz: "the willis report" is next. hi, gerri. you have exclusive new info on one of those high-profile ignition switch cases? what's up? gerri: you got it, liz and dave. a texas da is asking state parole board to pardon the woman who killed her fiance. the car was a saturn ion which her airbag did not deploy. do any of them take obamacare? debt collectors costing awe bund dell. they're tying up court system with avalanche of cases. we're investigating what is going on. sneaky new way stores trick you into thinking you're getting a bargain. we're blowing a lid off the practice that could get you to pay more than you should. "the willis report" where consumers are our business starts right now.