we will all miss the brilliance of barton biggs terribly. >> live from the nasdaq market site, i'm melissa lee. let's get straight to the big ceo shocker. melissa meyer heading over to yahoo!. he joins us now with the very latest. >> hey, there. this is big news. rarissa meyer. was expected to become the coo. was the person that most analysts had anticipated. obviously a huge name in the valley. an iconic figure. kboogle images and google maps. she has touched all of that. there is a real sense that she will help try to reinvigorate yahoo!. that will be a big challenge and a big question. >> it's karen. clearly this is a trophy hire for them. was there a broader search or was it only her that was the dream candidate and it fell into her lap? >> there had been a much broader search. they did talk to her back starting in june. her name never leaked out, surprisingly, and this was somebody who was at the top of their list. the real idea more than anything else, trying to re-invigorate the company and bring talent to the company. she can engineer herself and hopefully she will be able to reinv

i mention peter lynch, obviously a legend, i wanted to mention barton biggs, who passed earlier. came out here almost 20 years ago barton was another guy had was one of the originals. what was great about barton, i know you know because you interviewed him so many times. >> yes. >> i learned the skill, now that i'm on this side, that side, if an anchor asked him a question, instead of a different direction he would look at the camera and say, that is not what i said. he always had that attitude, i'm going to say what i'm going to say but don't put words in my mouth. something a lot of people talked about. he had a very strong opinion, not always right but right more than young. in the investing business you hit 600 you're in the hall of fame. that's why he's in the investment hall of fame. >> to put his legacy in context, gorman in the memo talks bow pioneering investment thesis which in the '70s was not a clear thing. >> absolutely. msf, morgan stanley emerging market closed. i think i'm going to date myself on the spot. mid 1990s when that fund was the only way to invest in the

back >>> back on this monday morning with sad breaking news, barton biggs, former morgan stanley employeehad been sick the past couple of months, author of "hedgehogs" was it, "hedgehogging" his book? very sad news. >> 80 years old, was he? >> i don't think he was. james gorman putting out a memo to the firm at morgan stanley where he worked for many, many years, founded morgan stanley's investment management arm in 1975, served as chair nan until 2003 and of course left in 2003 to found his own investment advisory firm traxis partners, one of the first hedge fund managers in the world back in 1965. >> that's sad news. >> very, very sad news. >> our condolences. >> we send our condolences, and he was a regular cnbc-er. >> it's overused to say "someone doesn't suffer fools" but he really didn't. if he didn't like a question you asked he would tell you immediately and he was legendary for some of his great calls. >> and technology. >> he admitted when he missed things but he certainly was right more than he was wrong. that's kind of a shock, because he used to sit right here. >> used to sit