[closing bell ringing] there is lot of concern about the russian border, russia ukraine border. liz: here comes the bell. earnings from groupon and disney. disney of course widely-held. might be in many much your portfolios. you have to stay tuned for that. see how stocks are finishing up the session. well off the lows nicole articulated. david: one thing we want to mings, the dow jones industrials brought down by energy stocks when there was concern about russians in the border. that sent oil stocks tumbling, even more than the price of oil itself. that brought down the dow, i think more than anything else. but all the indices are down. s&p 500 down almost a full percentage point. russell 2000, taking least hit of the day of all the intoday sees. "after the bell" starts right now. liz: let's get right to today's very choppy market action. we have tom liden, global trend

investment president. two international opportunities for investors. you know what? he is as bullish as his smile is wide here. bring an boil, valley forge mutual fund portfolio manager, who remains cautious but optimistic on the markets. but let's get right to larry shover in the pits of the cme. let's get back to what nicole was saying. 2:10 p.m. eastern, 1:10 chicago time. what happened in the pits. >> it was really crazy. tensions were running high. they had been running high all morning. during that drop, it really did catch everybody by surprise. nobody really trusted yesterday's stability. they were just waiting for the other shoe to drop, however, everybody kept looking at each other, screaming, getting on the phone, why are we dropping? no one seemed to know why. just good old-fashioned momentum. we do know a lot was news coming from russia. however traders here are thinking a lot of momentum with lack of liquidity in the

marketplace. david: brian boyle, you're not as big of a bull as tom his, we'll get to tom in a second, you are a bull. do you buy on a dip like today. >> we do. buy on select sectors. david: which ones? >> financials and natural gas are two areas we like right now. from valuation standpoint they're a lot lower than the overall market. we're cautiously optimistic because we see growth signs in the economy but valuation after a five-year bull market are getting very frothy. we want to be careful where we're going. we would add to those areas. liz: tom, valuations i'm always arguing with guests. historically they are not as high as they have been in the past at least at highest levels. right? do you find the market affordable or too toppy and expensive at moment? >> you're right, liz, is affordable. during summer doldrums we have geopolitical risk in there, it makes volatility heat up a bit, and makes investor emotions heat up a bit. so we can understand this

correction. if you want to look to valuations look at emerging markets. p-e ratios around 12 compared to 17 here in the u.s. specifically if you look at india and china, those are the best of the "bric" countries right now. there is wisdom tree earnings etf and s&p china etf and then finally there's a chindia etf a combination of both of them to take advantage of those valuations. david: larry, what has been over last couple days clearly has been concern that the fed will tighten sooner rather than later. talk about market corrections and rate hikes? because we do have historical precedent that perhaps some traders are trading on now. >> yeah, that is exactly right but if you look behind me the fed futures pit that is still implying that we won't see a hike until the mid different of june 2015. it is true that the odds have increased a little bit for increase in march to about 28 to

30% right now. that said, if you look over history, it seems that to indicate that corrections in the stock market are about five to 60 months before a meaningful rate hike. we do have to remember, this time is different. every time is different. will we have a rate hike? yes, we probably will but it will be for the exact right reasons and that the economy is healing. it is not going to be a rampant rate hike like we saw back in the '70s ors, i'm sorry early '80s. this is different. i still don't think we'll see a market correction especially if you say it is going to be because we're raising rates. we're raising rates for the right reason. liz: okay. so knowing what we know, which is, certainly at many some point rates will be raised we take it back to brian. get to some of the names. you like some financials in the energy areas. put up your three picks. encana of course would be the energy pick but what speaks to

you about this name and other names on your list? >> we love the gas sector in general and we're looking out over several years. we see clear and significant demand drivers that will lead to significantly higher demand for natural gas. we like encana. new manager has come in. doug subtles has done a tremendous job restructuring company. the plan is couple years ahead of schedule. david: tom, i'm sorry, go ahead, finish your thought, brian. >> on financial side bank of america is our number one pick there. we love bank of america if you look at it from fundamental standpoint. they have a tremendous franchise being clouded what is going on with the countrywide settlement. we believe that is getting closer to the end than it has been at some point. we see next couple years, bank of america earning two bucks perhaps a some more, which is attractive. financials do well in rising interest rate environment. david: tom, you're bullish on china.

you mentioned some of your picks about that. today we saw service sector numbers that were not good from china. does that concern you? >> well, no, it doesn't because what's happening valuations are there and we're also seeing greater lending from banks. the stimulus programs are kicking in as well. david: hold on. if you believe the government's numbers we have increased lending. a lot of people don't believe in those numbers and frankly a lot of the times they're cooked, aren't they. >> well, david, think in the past that was more the case. chinese people, especially in the government, have a lot of pried and pride in numbers today especially with the -- david: also have a lot of cheats in government. let's be honest, tom. they also have a lot of cheats in government you. >> find bad enron over in china, they lose face. so the important thing right now, i think is, yes, look closely. make sure you lift up the hood but the big et ifs own mostly the liquid companies -- etfs.

the best, from accounting standpoint numbers frankly. liz: let me jump in here. we do have the groupon numbers coming through. the stock is trading below what it closed at at the moment. it did miss the whisper number. whisper number was gain of three pennies. i'm pretty sure, is it correct to say a penny here, maria? it's a penny per share. and you can see that the bid is at 6:03. closing value was 7.07 was for groupon. it is, david, trending lower here. we wait to hear whether they're able to transform the model from email alerts, hey, here is a groupon coupon to something more social mediaesque. david: what do you think, larry? you look at numbers after-hours. they don't look good for groupon. >> no, they don't. hard to get excited about a company that has so much competition. they have to transform themselves in a way to compete with amazon. how are they going to do that? i would love to see it happen. you have to also remember, deteriorating in being, return

on investment is dismal. revenue has been bad. trying to move from push to pull environment at the same time trying to make inroads in asia and again, recreating themselves. so it is down 40% on the year. does it have some life? i don't know. i think your money could be invested in better places right now. liz: in better places. it is a miss on revenue. so at the moment groupon is still holding these losses after the market session. which brings me to brian, when you put up a name, say, for example, like bank of america or aig, these are somewhat controversial depending on the he lines de jure but you're specificking with them. why so important to have these two financial names in a portfolio? >> first off from a valuation standpoint they're a lot lower than the overall market. we think patience pays. we point out they're controversial. that is one of the reasons they're cheap as we are today. we believe they're trading half the market multiple. significant discounts to book value. over next couple years we think

patience will be significantly rewarded. that is where we're allocated today. david: tom, what about the technology in general? >> well, technology in general is moving nicely, david. earnings are there. and when you look at earnings, right across the board, which is driving the market, they continue to beat expectations this, as far as the s&p 500, with, 830% reporting, we may -- 80% reporting. we may have the best record quarter in history. a lot of that is earnings drift renn. liz: we need to have breaking news to get to you right now. time warner's stock is plummeting right now on news that, and here it is, twenty-first century fox has withdrawn its proposal to acquire time warner. this of course broke two weeks ago where it turned out that fox a, that is tickser symbol for our parent company, was making a play from time warner. all kinds of push back from time warner. put up time warner's stock.

that is twentieth century fox. it is moving higher. time warner is plummeting. twx, was 85-point$19. the bid is at 74.43. no doubt, this will cause angst among time warner shareholders because time warner took a very defensive move in changing the company bylaws, david, to make sure large shareholders could not bring this to a vote. david: a statement from the chairman of twenty-first century fox, rupert murdoch is saying, time warner management and its board refused to engage with us to explore an offer which was highly compelling. so rupert murdoch, the head of twenty-first century fox, saying that their offer was in fact a very in his words, compelling offer but time warner management refused to negotiate on the subject. there was a lot of suggestions that behind the scenes this deal would be worked out. that they would come to a number both side agree on.

according to rupert murdoch, that is not so. liz: what is fascinating here is that jeff bewkes, the of course the ceo of time warner, had taken again a very defensive standpoint here, changing those bylaws to make sure that shareholders couldn't have a voice in this, could not put it up to a vote. it would have to go all the way to next june where they would be able to deal with talking about this and maybe changing those bylaws once again. but the price that was offered by twenty-first century fox is considerably higher than what time warner is now trading at. the bid, $75.28. this is going to be big news. david: that is a drop by the way of 12%. so stockholders of time warner have to consider that to realize they were getting a better deal. liz: thanks to tom and brian and larry shover. david: sorry we had such breaking news. coming up in a moment here, dallas fed president, richard fisher, he of course is one of the most vocal hawks at federal reserve but was not the dissenter at the last meeting.

why was it that charles plosser was the man who dissented and not richard fisher? details direct from the source, richard fisher live coming right up. liz: berkshire hathaway reporting it has more than $55 billion on its balance sheet. what will that man do with the money? then of course a question becomes the company getting set for its next big acquisition. if so, what would warren buffett go after? we're talking to the author of a brand new book, berkshire beyond buffett. it is a "first on fox business" interview. david: president obama announcing that u.s. companies will invest $14 billion in africa. is it time for you to add africa to your portfolio? we'll be talking about it. there are a lot of risks about this. could the ebola outbreak in west africa become a drag on the market? that's a question a lot of people are asking as we saw two folks with ebola come to the united states for treatment today. tweet us @fbnatb. your answers coming up. ♪

[ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the trading floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ so the magic shell went back to being a...shell. get live squawks right in your trading platform with thinkorswim from td ameritrade.

but they have to use special care in keeping the denture clean. dentures are very different to real teeth. they're about 10 times softer and may have surface pores where bacteria can multiply. polident is designed to clean dentures daily. its unique micro-clean formula kills 99.99% of odor causing bacteria and helps dissolve stains, cleaning in a better way than brushing with toothpaste. that's why i recommend using polident. [ male announcer ] polident. cleaner, fresher, brighter every day. [ male announcer ] polident. weit's not justt we'd be fabuilding jobs here,. it's helping our community. siemens location here has just received a major order of wind turbines. it puts a huge smile on my face. cause i'm like, 'this is what we do.' the fact that iowa is leading the way in wind energy, i'm so proud, like, it's just amazing.

liz: breaking news. just minutes ago twenty-first century fox pulling its offer for time warner. david: look what is happening to those share values. time warner, let's head back to nicole petallides on floor of new york stock exchange. if you're a shareholder, look out. >> dave and liz, i can tell you traders here came running over to tell us. we only learned moments before that as well.

what is interesting you could see time warner down almost 10 bucks at the moment here in the after-hours. it came up off the lows. but it closed at $85 and change. it is in the $76 range. we also watched time warner over the last three months. i asked for this chart specifically because this stock, look at that huge pop. this stock is up 32% in 13 weeks to be specific. now let's take a look at fox and see how that is doing as twenty-first century fox withdraws its proposal to rner in the after-hours. different picture. twenty-first century fox is actually gaining momentum here. 31.30 where it closed. 33.58 is the bid ask range. we've seen foxa-shares down. rupert murdoch coming out with some comments saying that he actually said that time warner management and its board refused to engage with us to explore an offer which was highly compelling. this is according to

twenty-first century fox. so they weren't able to come to some sort of agreement that would actually work. we viewed a combination this, is chairman and ceo rupert murdoch, saying we viewed a come anything as a unique opportunity to bring together two great companies. meantime we have a buyback here of $6 billion share repurchase program that the board authorized today for fox, obviously showing the strength of the company and that will be completed in the next 12 months that. is big news as well. >> the offer by fox was $85 a share. now time warner at this moment is trading at $75 per share f you're a shareholder over there you're fit to be tied. you're not pleased at the moment. david, i think this is fascinating because time warner shut out fox. david: the flip of that, foxa, which is the stock symbol for twenty-first century fox is up 8%. time warner is down 20%. and twenty-first century fox after-hours up about 8%.

it is a big dichotomy and probably what you would expect to happen as twenty-first century fox decides to pull out of the deal. liz: that would not have been highest bid. you don't come in with your highest offer. fox would have probably gone few bucks higher. david: we'll see if anybody else jumps and see how the board of time warner reacts. heads of american companies are in washington for first ever three-day african summit. the companies making a $14 billion commitment to the country. is africa the place to invest and should you get in. >> liz: we have commonwealth international funds portfolio manager. robert, first plain to our involvement and what you own and what you love to get in on in africa. >> well we believe the story in africa is one of a changing continent going from aid to opportunity. when i first went to africa in the early '90s, it was a far different business environment but now there is great opportunities because of rising consumer class, a very able and

willing workforce, and tremendous opportunity foreigner africa trade. david: well, robert, there are a lot of skeptics out there who say they have heard it before and particularly with regard to corruption. i just want to throw out a couple of examples. equity tomorrow guinea, oil-rich area, son of the president involved in a $2 billion scheme that police in paris, consuming, taking his paintings and cars and other items. senegal's former president, his son involved in a big scandal. we have south africa, firing two government ministers, suspending the country's police chief amid allegations of rampant corruption. there are still examples, plenty of them, of corruption in africa. when is that going to change? >> i think when it stops in america too. corruption does exist -- david: hold on a second. you can't conceivably compare the two, can you? >> well, i think first you have

to break africa down from a continent to countries. what happens in different countries is not all the same. sure, there is corruption that exists and it exists in a way that is harmful to the people of africa but what we found, the stock markets that exist in africa, particularly south africa -- david: robert i will give you full time to answer the question but we do have disney earnings. we have to go to that and come back to you. disney earn, are? go ahead, jo ling. >> disney earnings just crushed the estimate. take a look, eps is coming in. it was coming in at $1.28 a share. also revenue was 12.16, estimate by analysts and coming in at 12.$47 billion. this is very good. we're watching disney right now in after-hours up more than 1%, 1.2 mers when i last checked. david: jo, thank you very much. robert, go ahead and finish your answer, corruption. >> i will acquiesce on the

corruption to get to what is the bigger story in africa. i've been there probably over 50 times since the mid '90s. what i find is emerging middle class. i find institutions that follow the laws and rules. quality of account something much better. the transparency, in fact the countries like you mentioned equatorial guinea, there is no stock market. senegal doesn't have stock market. certainly south africa does. what we're seeing is less and less of those type of problems in day to babies and actually our experience which has been on the ground for over 20 years has been a very positive experience in that regard the opportunities for -- liz: robert, the only reason i wanted to interrupt i want to hear your picks when you have ges of the world, marriott made a huge investment, ibm, there are very legitimate companies who are managing to do business here. which ones, which names do you like right now? what are your picks? >> well, for american investor, and i will stick to companies that are an american investor

could buy, we like companies that are dealing with the consumers of africa. mtm, the telephone company with mobile money platform, is bringing trade opportunities that were unheard of in terms of small businesses. companies like shop-right checker, which are expanding their footprint across the continent, bringing quality supermarket goods and services. companies like samalam, provide life insurance and investment products to emerging consumers particularly in urban areas have tremendous opportunity inner africa. huge increase in middle class. consumption is going up. buying companies playing into that consumer stream i think have great opportunities. liz: robert, pleasure to have you, thank you for coming on to talk about your thoughts and invests. 50 times he has been there. david: thank you, robert. appreciate it. >> thank you. david: meantime, dallas fed president richard fisher is a well-known hawk on inflation but he didn't dissent at the fed's last meeting. next we'll ask fisher whether he

believes current fed interest rate policy is appropriate with the economy picking up some steam. liz: keep on trucking if you can. the nation's trucking industry has run into a serious roadblock that could slow the entire economy. details straight ahead. ♪ i had no idea i had shingles. there was like an eruption on my skin and burning. i'd lift my arm and the pain back here was excruciating. when i went to the doctor his first question was "did you have chickenpox?" i thought it was something that, you know, old people got.

i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. including postage and a digital scale. having a perfectly nice day, when out of nowhere a pick-up truck slams into your brand new car. one second it wasn't there and the next second... boom! you've had your first accident. now you have to make your first claim. so you talk to your insurance company and... boom! you're blindsided for a second time. they won't give you enough money to replace your brand new car. don't those people know you're already shaken up?

liberty mutual's new car replacement will pay for the entire value of your car plus depreciation. call and for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch to liberty mutual insurance and you could save up to $423 dollars. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. david: well the u.s. is facing a growing shortage of truck drivers. fewer drivers mean less inventory reaching stores. that may ultimately hit consumers and investors. liz: fox news's garrett tenney has more on this pretty serious story. garrett. >> well, dave and liz, like you mentioned so much of our economy depends on the trucking

industry. an estimated 9 billion tons of goods last year, according to the american trucking association. but without truck drivers all of those goods are stuck in ports, either, waiting to be shipped to reach the store shelves. all of that really adds up. more expensive for businesses and eventually, as you said, it will be more expensive for all of us as well. the demand for shipping, it is highest that it has been in recent years, but with a driver shortage of nearly 30,000 drivers, carriers say they simply don't have enough drivers to keep up with this demand. even for smaller truck lines it is costing them millions of dollars in business. >> i get 100 calls a day, between calls and emails of customers that are just desperate for us to do their moves for them and unfortunately we're booked out at least a week if not two weeks at a time. >> now trucking companies are throwing out all kind of offers ranging from $5,000 signing bonuses, to better medical

benefits, as well as higher pay, more vacation days and tuition reimbursement. they're hoping this makes a difference. analysts say over the next 10 years the shortage will only get worse as more drivers retire. dave and liz? david: garrett tenney, thank you very much, garrett. appreciate it. liz: as billionaire warren buffett deliver as record quarter for his company berkshire hathaway, investors are starting to wonder and maybe worry about his succession plan, which has been kept under wraps, but one buffett expert says the worries are way overdone. the firm will thrive without him. that man is out with a brand new book, first on fox business. he is our guest. david: also with inflation picking up and employment dropping, is the fed behind the curve when it comes to raising interest rates? one fed member certainly thinks so. so why didn't he dissent at the last meeting? dallas fed president richard fisher, a man who knows both the markets and the fedex extraordinarily well, joining us in just a moment. ♪

david: well last week's fed meeting had at least one big surprise. dallas fed president richard fisher was not the lone hawkish dissenter. in fact that distinction went to philadelphia fed president charles plosser who complained that the fed commitment to low rates was long term.

let's ask him. of the federal reserve bank of dallas ceo, richard fisher. you're not often called a dove. you have to admit that but people were surprised you were not the dissenting voice. here is what mr. plosser said why he was the dissenter. he said the fund rate setting remains well behind what i consider to be appropriate, given our goals. do you disagree with president plosser on that? >> david, just so you know, on any though logically speaking doves are member of pigeon family, i'm nobody's pigeon. i have to make that clear. david: that's clear. >> i have a hawkish slant and i felt during the discussion with the committee and way we worded the statement which is negotiated at table under the leadership of janet yellen that things have been coming my way. what i mean by that. acknowledgement that the economy is strengthening, and that, i think if you, read through the text of what was said, the kind

of arguments i've made and was published in "the wall street journal" just the monday before the meeting -- david: right. >> -- were moving in direction of slowing down accommodation and tapering off to zero our asset sales this fall. and committee as i listen to them, and i can only speak about myself sitting around the table during the discussions i feel is coming in my direction. i didn't feel the need to is did sent. i feel comfortable with the way the committee is going. if there is continued economic improvement, we saw it by the way in institute for supply management numbers out of the service sector. they're the highest in plus years and they're awfully strong in 11 ought of 18 sectors that we'll have to move the date of liftoff further forward than, been projected last time we issued the dots. you know how i feel about the dots. those are our economic

projections. david: yes. >> i didn't feel the need to dissent and i think the discussion was healthy one. i'm pleased personally coming in the direction i've been advocating by the way i've been forecasting for some time. david: you have indeed but let me focus on something you just said that because of this good news of the ism we saw today -- >> right. david: -- you may be more inclined and other members of the fed may be more inclined to get quickly to that date when rates might go up. >> i can only speak for myself, david. i am much more inclined with each passing day. and we're also, you know, seeing employees, quit ratio, which means people can quit jobs because they can find others, we're seeing difficult to replace people that are leaving jobs, it take as little bit longer. your report on truck something very indicative. we have shortages in certain sectors that you can only address through increasing the rewards that you give people. that trucking number, which i have cited before, myself. just so you know, if we don't correct it, we'll have 200,000

less truck drivers than we need over the course of the next decade. something has to be done. david: right. >> they're paid $48,500 a year. i assume they have to give them more rewards. that is part of healing process but also creates price pressures. david: exactly. it creates price pressure. we are very happy that there are more jobs available for more people but it will increase prices. those prices eventually are passed on in terms of inflation but let me, you mentioned your "wall street journal" article at the beginning of last week. let me quote a line from it. in fact it is the very first line. i have grown increasingly concerned about the risks posed by current monetary policy. if you're very concerned about current monetary policy, again, why don't you dissent from that policy? >> david, that article was an excerpt from a peach i gave on july 16th at university of southern california. that was based on our previous meeting. and as i just said, i felt that the last meeting, which was on

the tuesday and wednesday after they ran those excerpts from the speech from july 16th, that the discussion was moving more in my direction. david: okay, fair enough. >> so i didn't feel the need to dissent. if it doesn't keep moving in the direction i will dissent. i think it is more important to work with the group and make sure we achieve a consensus and all behind a certain direction. i think we're moving closer to my direction but time will tell. david: well, you are a consensus builder. the again, the direction you're moving sometimes more important than exactly where you are. you spoke in that article, which means the speech, i think you would stick to, the fed's reputation is at stake now because a lot of people are making charges, some of which probably run fair, some of which i think are fair, about the fed. one charge is that the fed is being accommodating to high-spending and high-borrowing politicians who want to use that cheap money in order to borrow more and spend more. that is something that has stuck a little bit to the fed, hasn't

it? >> yeah, i don't think it is fair. i do think it is fair to point out as i do, this is my hobby horse, the terrible job that the congress and executive have been doing to help make accommodative monetary policy work towards job creation. we have too much regulation in our economy and we have terrible disincentives from the tax laws. we don't know what future spending will be. so you know, i think it is very important that our fiscal authorities get their act together as we do the best we can at the central bank. david: now there is also a charge, this one may be more on target, that the fed is a little too concerned these days for the past year or so, how the markets will react to its policies. there are people who like paul volcker who really squashed inflation by his actions. he didn't give a damn what the market felt needed to be done to maintain the integrity of the dollar. >> right. david: is it true that the fed is paying too much attention to what the market is doing? >> i think there are some

differences of opinion on. that i don't agree with that i, by the way was trained by the same man that trained paul volcker. i'm very much a strollerrite. i think we should -- volckerite. i think these zero interest rates and massive monetary accommodation distorted markets. these valuations are very, very high because hurdle rates are so much lower because interest rates are so much lower. eventually there will have to be an adjustment. the real thing is, whether the real economy, putting people back to work, keeping inflation under control and propelling the economy forward towards greater prosperity, that's what i worry about, and i am less worried about the money-changers and whether or not we'll disappoint some of them, as long as it doesn't lead to crippling the economy. david: right. >> i can suffer through a correction because we've been having levitating markets for a long time. i use to be in that business. you don't fight the fed. david: right.

>> but at some point we'll have a change and at some point rates will go up which is good news because economy is stronger and markets have to adjust. that's life. david: as you mentioned you were not only hedge fund guy, federal reserve officer, you have a lot of talents. most people didn't realize you were also a poet. earlier you talked about the dot charts that the fed came out with to describe what various fed officials believe and now you think maybe it is time to get rid of them and you put that dissent in the for of a poem which i'm going to read. we gave you forms so you would inform about the price of dough, but all you've done is make for fun and this we didn't know. so outdamn., out with a lot, clearly it is time to go. i got to say, sounds a little like dr. suess, richard. >> i was channeling dr. suess. here is the point. public needs to understand, these are guesses, the best guesses we can make with our informed minds. we submit our economic forecast. of the forecast is about the future. future is going to change and i

think there is too much analysis of the dots as it is called. i call it dottology and i think it has become a docksology which is unfortunate. david: federal reserve bank of dallas ceo and president richard fisher. hope to see you soon, richard. >> thank you, david. liz: outdamn. berkshire hathaway reported record quarter earnings. what is next move for warren buffett? we'll talk about this and whether the company can concede when the "oracle of omaha" is not there to run it. people line up at the world's fair of money to get their hands on the brand new u.s. half dollars. coming up jeff flock is live from where that is happening. he will show it to you. stay tuned.

you've reached the age where you've learned a thing or two. this is the age of knowing what you're made of. so why let erectile dysfunction get in your way? talk to your doctor about viagra. 20 million men already have. ask your doctor if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pain... it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. stop taking viagra and call your doctor right away if you experience a sudden decrease or loss in vision or hearing. this is the age of taking action.

viagra. talk to you doctor.

david: well as you probably know twenty-first century fox announced it has withdrawn its proposal to acquire time warner. charlie gasparino joining us with a little more inside information about this go ahead, charlie. >> we should point out this is time warner, not the cable company but the content stuff, hb opt, you name it, cnn. here is interesting thing about the story, i caused quite a stir in sun valley in july, not just because i got thrown out of the place after fighting, bullying cops or security guards, because we were reported on fox business exclusively, that there was broad-based interest in

time warner, in the stock symbol, twx much not just from mr. murdoch himself but also from the likes of google and silicon valley. that they wanted content. at the time we tweeted, i tweeted that and reported that exclusively on fox business, the stock went up about $2. it went from 70 to 72 bucks. as you know the stock jumped to $85 on mr. murdoch's announcement of his bid. now here's the catch here. this is where, if you're looking at this, twx, time warner as investment, there is still based on my calculation as takeover premium in the stock. it is down 12% after-hours. but it is not down below that level. it is down to 75.30. we'll see what happens tomorrow. still, time warner, yeah, a little higher. there you go. time warner is still as a takeover premium, in that stock, which means this. the market, is betting, they don't know the price just yet. and they won't know the price for a while. that this thing is still

takeover bait. someone will come in. the notion that we first reported, about silicon valley looking for content is still bouncing around the market if you're an investor, you have to take that, take that, you know, very seriously, looking at this company. may not get sold tomorrow but clearly this is a company that the market is beth will get sold. we should point out that these guys could have held out for a long time. that is one of the reasons, mr. murdoch broke up, walked away from this deal. those companies in silicon valley that are talking about content, the apples, googles, have a lot of cash. they could pay cash for this thing and pay up for it, well above $85 a share. we should point out twenty-first century fox is out with earnings tomorrow. there were some reports they were going to come out, our bosses were going to come out and talk about this deal and all the benefits of it. obviously they did something directly the opposite. according to this announcement they are no longer interested. david: okay. fox is up 8% after-hours. charlie, we have to leave it at that. >> they are up 8% on a buyback.

doing a major buyback. david: liz? liz: charlie, thank you very much. maybe warren buffett wants to buy it? he has enough cash. billionaire warren buffett's berkshire hathaway reported record earnings last quarter with earnings jumping 1%. the company has 55 billion on the balance sheet as investors consider what buffett's next move might be, many wonder what happens to berkshire hathaway after the "oracle of omaha" is no longer running it? joining us first on fox business to tell us why buffett's firm will be around many years to come, with or without him is lawrence cunningham. author of upcoming book, "berkshire beyond buffett, the enduring value of values." the book is fascinating because it does what very few other books, if any, have done, looks at institution versus the man. before we get to that, first to this 56 billion pile of cash he has, most he ever had, what type of company are you anticipating he would look to buy because he

loves acquisitions? >> that is certainly true but i stress first 56 sounds like a lot of cash, 20 will sit in berkshire's could have hers. liz: always. likes to keep level of 20 billion. >> to show financial strength, capital expenditures at bsf will be 12 billion in coming year. bfh energy is looking in acquisitions? renewable space that might absorb another 10 or 12. several subsidiaries are looking for acquisitions might be one or two or three billion. lubrizol picked up. there is a lot of cash but there is a lot of ways to use it. liz: what you have is a company that is a huge conglomerate with everything from midamerican energy which is berkshire energy to fruit of the loom and pampered chef and names such as that, nebraska furniture mart but always buffett has been there as the man to figure out where he would love to say elephant gun. he is pointing his elephant gun and shooting at big targets.

this leads to the question at heart of your book, does this company, and of course berkshire will survive after buffett decides eventually or can no longer run the company, it will be fine but does it have the same moxie and same guts and confidence that warren buffett always had? >> i think he instilled that into the company. it is 50 or 80 diverse subsidiaries depending how you count much there are several hundred business units. it they are different business units acquired at different times with different characteristics but tied together at corset of common value. i count up all subsidiaries and look at them in the book. they all tend to be characterized by nine different values. most important is sense of permits. they are in it for the long term like he is. he picked companies for these qualities. that moxie is built into the culture. liz: how is this for permanence. since 1965, this company outperformed the broader stock market 80% of the time. it is so big, if it were a

country its gdp would be among the top 50 largest count companies so it is huge. we'll talk about what happens afterwards, every single time, i think for fox business i have interviewed warren 35 or 36 times over the years, every time i ask him about succession plan, 2013, we pulled this one out. here is what warren buffett had to say the last time i asked about it. >> we have 100% agreement on who should take over berkshire if i die tonight. we've got multiple people that could do the job and number one candidate is unanimous choice. not a subject we discuss publicly. liz: it is not one person though who can take over for him, is it. >> a couple comments on that. his job will be split into three different segments, a ceo, cio, and chairman of the board. for the ceo spot i polled hundreds of shareholders for this book and asked them to name three people they would be happy to succeed him.

liz: i polled my own ideas and ours matched. >> ours match i have a dozen names scored dozens of times. there deep bench. liz: the one who run insurance business. greg able who runs energy business and the one who runs the burlington-northern which is big cash cow. sense matt is not looking to run to omaha to look at big companies. >> you have to allocate capital across subsidiaries. you have a sense what berkshire is. matt has done that at railroad. greg able is a questionstive. liz: great midwestern guy. >> solid. ajit, i've known him a long time. with me at conference i did with warren. salt. earth. i don't know if he wants to leave this area and go to omaha. >> but the company survives and thrives after buffett. >> absolutely. depends less on personalities. i think it is important who

fills the job but culture will sustain it. liz: told warren buffett, one person can not replace him. >> that's right. what he has done is built an organization bigger than himself. liz: the book is called, berkshire beyond buffett. larry cunningham is the author. he knows buffett so well. he has written other books on him. we'll be watching very closely. >> thanks. liz: up for preorder right now. >> you can preorder on amazon right now. sales are brisk. i appreciate it. liz: good luck, larry. first on fox business. >> pleasure to be here. liz: david, over to you. david: i bet sales are more risk right now. just a moment jeff flock is at world's fair of money in rosemont, illinois. if you love gold you have to stay tuned for this. they're unveiling a new half dollar coin, made of gold. you know whose head is on it? we'll tell you all about it when we come right back.

we never thought we'd be farming wind out here. it's not just building jobs here, it's helping our community. siemens location here has just received

a major order of wind turbines. it puts a huge smile on my face. cause i'm like, 'this is what we do.' the fact that iowa is leading the way in wind energy, i'm so proud, like, it's just amazing.

>> forget bitcoin, how about a new gold rush. >> live at world's fair money, jeff? >> it is incredible. everything you see is doubling this money within the next two minutes. they are buying the new jfk all-gold half dollar. take a look what it looks like. issued by the u.s. mint today. and everybody buying a coin for about $1200. it's going to sell for at least 2400 or more than that.

>> there have been offers for 3200 up to $4800 for the coins. >> reporter: four times the money on this sort of thing. these coins in tremendous demand. gold and jfk big. >> jeff, thanks, "the willis report" is next. shingles affected me tremendously as a pilot. the pain in my scalp area and down the back of my neck was intense. it would have been virtually impossible in that confined space to move to change radio frequencies. i mean it hurt. i couldn't even get up and drive let alone teach somebody and be responsible in an airplane.

as a pilot that meant i was grounded. we're changing the way we do business, with startup ny. we've created tax free zones throughout the state. and startup ny companies will be investing hundreds of millions of dollars in jobs and infrastructure. thanks to startup ny, businesses can operate tax free for 10 years. no property tax. no business tax. and no sales tax. which means more growth for your business, and more jobs. it's not just business as usual. see how new york can help your business grow, at startup.ny.gov when folks think about wthey think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs.

when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america. . gerri: hello, everybody. i'm gerri willis. welcome to "the willis report." menopause, is an important health issue for women. but do men suffer a similar condition? we'll take a look at manopause. also execs are saying ignorance is bliss when it comes to data breaches, do consumers have the right to know? and the best party school has been named for 2014. find out who made this and other rankings of the best colleges. "the willis report" where consumers are our business, starts right now. okay, if you're a guy and you're old enough to remember when cell phones were big and your waistline was small, you are the target