here is the bottom line. long-term investing has gotten mixed up with a lot of bad ideas over the years, but that doesn't mean that it's impossible or it's not worth trying. i can teach you the disciplines and strategies that will allow you to build long-term wealth by investing in stock, just as long as you remember by saying hey, come only, i'm a long-term investor is no excuse for not doing the homework or following the rules. if anything, being in stocks for the long-term requires more diligence and more patience than if you're in there for the short-term. so don't throw away all the lessons that i teach you. you're going to need them. to paraphrase that fabulous poetic amateur investor and world renowned beauty gertrude stein, a loss is a loss is a loss, unrealized or otherwise, and don't you forget it. bill in florida, bill? >> caller: hey, yes, jim. nice to talk to you. >> same. >> caller: hey, jim, i'm a retiree, and i'm on a fixed income. i'm very concerned about the future. so much uncertainty, jim, unce

what seems like the longness next is all but done. it really looks like president obama is going for a second term. here is a look at the vote so far. 50% of mitt romney, 48% for the president. and now to the electoral vote, 272 to win, mitt romney with 187 an obama with 148. but again, some key swing states seem to be going to the presidents direction. >> and we should note we saw both president obama and mitt romney campaigning quite a bit in virginia and that is because it is a battleground. they have 13 votes up for grabs and they are both trying to get the voters support. tonight, peggy fox and andrea yeah richmond are out there. first to peggy. >> reporter: well, first of all, if you have been watching you saw governor george allen con seed to tim kaine. so excitement, joy here at the democratic head quarters but not too much because we are waiting for the results to come in and home that obama can pull it there. think is the democratic chair of the payty hawaii are you thinking now? --party, what are you thinking now? >> i am ve

in the long run the taxpayers will have to pay into the fund if the volatile investment!ase in value. the board relies on an investment consulting firm to recommend the investment rate return rate assumption. the consulting firm told the jury that its formula is prient proprietary and it will not divulge it to the board. the board assumes the rate for actuaries usend estimating the funding level. 9 city sets the contribution rate for the next fiscal year which is based in part oft final earnings from the preceding fiscal year which ends on june 30. major fluctuations. in 2011 the five year returns were 4.2%, 10 year were 6.it 2%, 5 year returns for 2012 were 1.02%. given the current investment climate the jury does not think that relying on a 7.5% return for the future is prudent. that is why our recommendation no. 2 states adopt a realistic and consistent formula for estimating the assumed expect investment return rate. we find the response by the board and the executive director to not be persuasive. first we don't believe relying on statistics or investment returns tha

>>neil: we have been hearing about the long gas lines and the pictures are stunning. rick is in the middle of this? rick: we have four out of five gas stations in new jersey closed because they ran out of fuel or they do not have the power to pump. we have been in a couple of gas stations in clifton, today, with hundreds of cars lined but they ran out of gas. they were delivered at 1:00 o'clock, and pumping ever since, if vehicles and people lined up with can. one guy waited 2 1/2 hours and he was smiling as he walked around with two, five gallon pans. there are police here. they have had problems. people get angry because someone cuts in line so they direct traffic. route 3, westbound, the line of cars on the shoulder waiting to come to the gas station goes a mile. it would go several miles but they don't have a shoulder beyond the ridge so they had to cut it off and making people loop around. a very, very difficult situation for people in new jersey because the gas is very hard to come by and people who want to get some have to wait several hours to fill up. >>neil:

the abercrombie and fitch store. folks have been waiting out here far long time. the deal is once the store opens everything inside is 50% off. obviously that will draw quite a crowd. folks have been camped out here overnight. we talked to some of them. they tell you it's worth the wait. how long have you been waiting? >> three hours. >> reporter: all right. not too bad right? >> uh-huh. because i have nothing to do. >> reporter: worth it to get up this early? >> definitely. >> reporter: you deal it more for the deals or thrill? >> a little bit of both. being around the environment. i feel up too even though it's late night. i definitely did want to buy some clothes. >> reporter: so as we come back out here live again this is a huge crowd outside of the amber a.m -- abercrombie and fitch store. westfield shopping center they open their doors up at 5:00 this morning. they have a big day planned. they will have performances by circus olay inside the store. we'll be here. for now we are live alex savidge. >>> just hours ago a week long wait finally came to an end for

busiest travel day of the yr -- as people make their waye after the long thanksgiving holiday weekend. >>> good evening. today is the busiest travel day of the year as people make their way home after the long thanksgiving holiday weekend. something many across the country are thankful for, favorable weather. even though there was a little less elbowroom on planes, trains and buses travel is running smoothly in most cases. triple-a says 44 million people traveled 50 miles away from home or more. >>> now, this is the 586 cordoor. and, it has been busy all day long. right now, as you can see, it is still slow going? the headlights are the cars going westbound. now, right now the traffic is light. traditionally on sunday night it gets heavy late into the night. here is a look at the golden gate bridge. it is on the light side. but, the fog, as you can see, is on the heavy side. traffic slows as traffic gets to the pay gate. >>> you might think a move from city hall to state government would mean a step up on the pay scale but that is not necessarily true. local officials are taking a pay

>> director metcalf. >> in the long run i do not think that it is clear if the fourth and king cal train station will remain a station or if there will be other alignments that we all end up believing would be preferred. i think that we need to be undertaking a process, with all of the partners. that will be necessary to pay for and get this project completed. and try to see if we can come up with an alignment and a design that everybody can agree to. i have concerns about spending money on ir that has a likelihood of having to be redone. i know in the scope of the project, a million dollars may not be that much. but there is... i wonder about the wisdom of proceeding. >> four and this king will be... will stay as a station. however, maybe not all trains will stop there. because, and that whole mission bay area is very important to the cal train right now and as far as the yard, only looking at it as someone who has been in the business all of his life. we will have to have some storage. because you are not going to have storage done on the transbay terminal. >> the trains during the rus

a value and so you know buying buying tail risk and buying portfolio insurance today at least on the long and the curve is a little like is a little like buying an internet stock in one thousand nine hundred nine you know that there's this tremendous if you look at internet stock there's tremendous potential for growth but all that growth has already been built into the price well in this case there's a tremendous amount of fear a realization of these known unknown risk factors and that's already been built into the price of the hedge and so it takes i think a. larry you have to be very smart about the way that you apply these hedges you have to be very dynamic and the old rules kind of fly out the window the days of just simply systematically buying puts on the s. and p. five hundred or buying a volatility e.t.n. and thinking that you're protected in reality you're going to be you're going to be burning off more time premium and decay and that's going to cost you a lot more than it cost to you prior to the two thousand a crisis as i am grandparents markets now i want to take it and befor

but it is your obligation to plan for the long term as well as the short term. the ada has a set of priorities that guide you on how you will be serving your property. the ada says a certain party of getting in the front door, but you are logical, you want your customers to access your services. be that steps, be that ramps, if the door is not wide enough, if the landing is not level enough. priority two is actually travel. once you get into your business and start speculating the wits of your files. access to all of your services. [inaudible] rearranging furniture. that is something we would call readily achievable, if you move your table out of the way to allow a person with a wheelchair access to your space. restroom facilities only come into play after you have already made the entrance accessible and you have trouble accessible. restaurants only have to be accessible if they are available to your customers and clients. and actually does not cover employee access to the restrooms. we have other priorities that come into play. [inaudible] you want that inspec

ben tracy, cbs news, long beach island. >> with thanks to the folks here on long beach island and the help of the new jersey national guard, that's the "cbs evening news" for tonight. for all of us at cbs news all around the world, i'm scott pelley on long beach island in new jersey. good night. >>> >> your realtime captioner: linda marie macdonald >> good evening, i'm allen martin. >> i'm dana king. with five days before the election, prop 30 could still go either way. win or lose, it could come down to the wire. cbs 5 political reporter grace lee takes a look at two key polls with different outcomes. grace. >> reporter: well, allen, prop 30 is flirting ride on the edge and while the governor says he is confident schools and universities will get that $6 billion they need, there are still skeptics late in this political game. >> there are so many polls, if you read them carefully you will have the same sense of optimism that i do. >> reporter: the governor remains positive about proposition 30 passing. it's the initiative that would raise sales tax a quarter cent and increase state i

you may not like to face the long lines or maybe not like the inconvenience or there may be poll watchersu. but you must remember, the long struggle to secure your right to vote. my mother passed in march of this year, she came north

what is going on with the long island power authority or lipa? s my feeling, tell me if i'm wrong. the army corps of engineers who you called to come in can light up kabul, light up baghdad and we can't light up long island. >> i've called the army corps to come in, lipa has done a horrible job. the fact now it's almost two weeks after the storm, still over 100,000 customers deprived of power and not given any indication with when they're going to get the power back, it's disorganized, confused, arrogant and the real issue, i know people with young children with bronchial conditions, and seniors in homes with respiratory issue and can you give me an estimate when i'm going to get the power back, if not, they can take their senior citizen or kids somewhere else. the fact is they get no response from lipa and when we get responses and my office gets information and beg them, demand to get it from lipa, the next day they say it's now changed and it was the wrong information they gave initially. this is the most fouled up operation i've seen or heard

tonight's market monitor is keeping the long term in mind. erik ristuben is the chief investment strategist at russell investments tonight from seattle. eric, how much of a risk, though, does the fiscal cliff present for long-term investors, in the short term? >> i think the biggest risk is actually trying to time clarity. i think a lot of people have been saying that, you know, wait until things are clear to enter into the marketplace, wait until all the bad news is out of the system. that generally oppose you up to the biggest mistake of buying too high or, obviously, selling too low. i think the biggest threat is trying to actually be really active in this period. i think having a long-term strategy and the commitment to equity withs makes the most sense. >> tom: we know that in the long-term, the markets are going to reflect corporate profits and corporate earnings, but isn't the fiscal cliff a threat to corporate profits? >> oh, it absolutely is. i think if you look at what we expect and what the broader market expects, we expect not to g

it might and we might work out even better if the president steps up with a coherent long term plan that actually does the job. then there was this from phil who says he is a voting operations judge in montgomery county. if you remember earlier in the week, some argued part of the reason for the long voter lines, those electronic touchscreen machines. some say we ought too go back to paper. phil is not one of those people. voting a paper ballot is fraught with perils of its own not replicated by electronic voting machines. for example, you cannot change your mind once you've made a choice to. do so results in a spoiled ballot. counting paper ballots is slow, tedious and error prone. think florida in 2000 and electronic voting systems are a mature technology. there are excellent easy to use machines able with stringent quality control to ensure the integrity of the vote. i got to believe you're right about that but i have to ask how come we're not using such a system everywhere? finally a weather question from darren in california, maryland. i'm used to the measurement of the coldness of

the park is rich with eucalyptus trees. long paths allow you to meander, perfect for a dog walking in a wooded environment. >> i enjoy the history. the diversity of nature that exists in such an urban city, concrete streets, cars, we have this oasis of the natural environment. it reminds us of what the history was. >> there is a section for dogs and plenty of parking. transit is available on the 28 bus to get you very easily. the part is ada -- park is ada accessible. it is also a natural lake. this is your chance to stroll around the lake and let the kids run free. it also has many birds to watch. it is a place to find and appreciate what you -- a wonderful breath of fresh air. come and experience in this park and enjoy the people, picnics, and sunshine. this is a lovely place to take a stroll with your loved ones. in the middle of pacific heights, on top of these hills, it offers a great square, a peaceful beauty, large trees and grass and greenery. it features tables and benches, a playground, restaurants, and tennis courts.

getting the lights back on in hard-hit long island has been a bust. is according to most sources. the performance was not prepared. >> i think they were noncommunicative in the response. i think they're noncommunicative nets actually exacerbated the situation. you know, people understood and just tell me the facts. tell me one. tell me how. give me an idea. gerri: it's hard to argue with that. two days after the storm, an overwhelming 1.1 million customers without power. five days later, power was restored, but just to 6000 people, leaving another half million without power. less credit than one. 46,000 people have electricity. i can't tell you how many people i work with live online island to say that they felt like they live in a third world country. last year's tropical storm irene left 520,000 people without power on long island for five days. to be sure, you details are emerging that shed light on just how troubled this authority is. news reports reveal a company hampered by a crony laden board of directors and one that often fails in its efforts

the public like to comment? >> robert [inaudible]. i just want to irnd score when i hear long-term and midterm plans and we don't do anything now that prohibits doing the right thing in the long-term so i am concerned about movements that prohibit us from doing the larger version in the long run so i am certainly hopeful that our bart representatives and sf mta folks are camping out at each other's door steps with these improvements so we don't make a bad mistake on this and prohibit us doing the right thing in the long run. thank you. >> thank you very much. if there are no other members of the public we will close public comment. and again i want to thank bart and the mta and cac for your work on this, your presentation and look forward to continued dialogue about the station, and we can go on to our next item. >> new items. information item. >> any items? seeing none. open it up for public comment. we will close public comment. our next item. >> public comment. >> this is general public comment for any item not on the agenda. okay we will close public comment. next item. >>

be some jobs lost in defense spending and that won't be good in the near term but that's good for the long term so what's what is this attitude that we sort of like have in terms of whether or not we're willing to take a short term hits of the economy if it has long term growth is that kind of what we're seeking to avoid or are we seeking to fix the fiscal cliff and attach it to deficit reduction and sort of long term budget priorities or is it both i think there's different things that different people want out of this and that's going to complicate the whole negotiation process it's not particularly clear to me that the white house and the g.o.p. are on the same page with that they're even seeking to accomplish with avoiding the fiscal cliff and if they're not on the same page there i don't think that we can get to a grand bargain maybe i'm a little bit more pessimistic than mark well it would if i can go to you i mean it's all about perceptions nobody wants to see to be seen to be backing down right i mean so if this is the smoke and mirrors that you have to play with here you have to g

but it is your obligation to plan for the long term as well as the short term. the ada has a set of priorities that guide you on how you will be serving your property. the ada says a certain party of getting in the front door, but you are logical, you want your customers to access

deal that protects us in the short term but definitely does deficit reduction the long term that's the economists perspective the political perspective is where the cuts come from and that's where democrats republicans disagree republicans want don't want tax increases on the rich they don't want cuts in military spending democrats don't want decreases entitlement spending where the cuts occur is a political question but the fact of the cuts should occur this year but should occur two three four years down the road when the economy is strong that's an economics question and i wouldn't even mind tying that to the unemployment rate or something to make sure that we pay down the debt when we're strong enough to do so like we did in the late ninety's in the clinton years and what if i go to you i mean kind of on a variation of the themes in your column you know knows that you know what let me ask you where hey hang on hang on you i mean it seems to me that everyone on this program is being very reasonable ok very reasonable and it's too bad you guys aren't in congress ok really but the fac

#ivoted has the top trend. pictures of longf polling places from arlington, virginia, to calverton, maryland. glancing at the map, you can see turnouts in precinct, places that are big talkers. and election grams.com reveal political pictures from insta-gram from all 50 states. you can see battle ground virginia has lots of photos popping up from both sides. and tonight, starting at 7:00 p.m., nbc washington.com will live stream all of our coverage and we'll have special web only reports from myself, tom sherwood and wendy rieger. >> of course, we want to know about your voting experience. tweet at nbc washington using the #decision 2012. search for nbc washington online. >>> timing is everything they say. at least this storm isn't hitting us on election day. how will our coastal communities be affected by this storm? >> as we all know, sandy did so much for the barrier islands, ocean city on northward. i think we can see some minor flooding. there will still be some gusting winds. it will be more on the coach. we've got the hi

the rier retirement board focusn very long term. 0 years periods -- the 20 year period through june of this year, our return was 8.17%. our -- the retirement board's actions during that same 20 year period show that,x %( 6w at one, they increased the assumed rate up toua decreasing it to recognize that in fact their consulting and that the board understand how to prudently manage thed2( w< syst. we never said, in our responses, that we would not take or consider other people's ideas or