berkshire hathaway relateing its latest moves. berkshire increasing its share holdings by 1.1%.g we have talked a lot about in the past. wells fargo has been a favorite of his. he has continued to add to that stake. berkshire hathaway sold most of its stakes in the two descend ants of the kraft foods, probably not a surprise that, stake dropped by about 88%. again, that is something buffet has been clear when we asked until in the past what he thought about that spin-off and some of the other things that have been there. in the past, buffet has made critical comments about the management sometime of irene rosenfield the ceo of the old staff and mondolez. the company atco ka cola has taken a new stake at dish network. berkshire raised its stake in gannett. before this, it had 1.7 million shares at gannett. bill ackman's pershing square, has a new stake. that's something we reported on air as well t. firm resolved its stake. green horn capital cut its stake in christi in cigna. also, dan loeb's third point, dissolve stakes in hess, spider gold, delta automotive and abbvie. >> okay

and yet he's the person warren buffett wants to succeed him as chairman of berkshire hathaway, the mega holding company that buffett built. like his father, howard does not live the high life. in fact, he's a farmer who would rather dig up the ground than sit in a boardroom. are you sure he's your son? >> well, i think that's worth checking out. you'll have a big exclusive. [ticking] [bell ringing] >> for 150 years, the floor of the new york stock exchange was the center of the financial world. but today most trading in stocks is done elsewhere by robot computers that buy and sell in microseconds, faster than you can blink an eye. and the computers have done so well that some institutional traders have come to believe that the game is rigged. are humans ever involved in the trading? >> humans are not involved in the trading because humans are way too slow. [ticking] >> there are close to 850,000 of them in the united states, twice the number of atms. the new slot machines, the main attraction at casinos, are like high-tech video games. and states across america are increasingly relying

american express unchanged at berkshire hathaway. wells fargo up 1.1%. coca-cola unchanged. want to run through some of the other numbers, there are some issues, craft and mondelez looks like they have dropped their stake by 88% and kraft and monday louise probably not a surprise given the -- >> can i point out the most accurate thing this morning has been your intuition about what buffett is doing. when i read that headline and you said, that made no sense, and i'm looking at a headline, i'm, like, which do i believe, now i know which one to believe in the future. >> if you follow him, watch him over the years, you know you can change the stake like that. he did drop the stake in kraft and mondelez to 88%.

you saw that berkshire hathaway out with earnings. looks like a beat. josh? >> melissa, berkshire just reported. it's 23.84. the street was looking for 21.70. revenue, 44.69 billion. analysts expected 43.25 billion. book value, 22,900. that's an increase of 7.6%. just looking through the release. looks like investment and derivative versus a loss of 612 in a year ago period. insurance underwriting 530 million versus 619 in a year ago period. back to you. >> thank you very much. anybody here a buyer of brkb? >> it's performed. it's up i think 30 or so percent this year. it's a decent performer. would i buy? not necessarily. i think there are other financials that look better. we talk about the insurers earlier. we talked about through. that's what i was starting to lean. >> all right. in terms of what mark was saying about the home building trade, i thought that was interesting about the home building sector in the credit markets, usg, amas ko whirlpool. >> and also home depot and that's where i would say the only spot where i would -- are the homebuilders. on

berkshire also increased and fargo by 1.1%. coca-cola unchanged. tyler, back to you. >> thanks, josh lipton. more markets after the break. this is a very busy, maybe pivotal day. what's behind the better stocks we've had in two months. could it be an opportunity to get behind the red arrows. >>> plus a rash of burglaries at the apartment building that how'ses ma houses many of the rich and famous. michael buble lives there. we'll explain when we return. before their gift helped preserve the point... before a credit solution was used to expand their business... before trusts were created for their grandkids' educations... they chose a partner to help manage their wealth... one whose insights, solutions, and approach have been relied on for over 200 years. that's the value of trusted connections. that's u.s. trust. >>> an increasingly down day for the market overall. the department stores post ag better than expected 18% rise in second quarter earnings as it continues to lift margins and expenses for the year. dillard's, what you could describe as a

berkshire hathaway among the rebels are 90% discounts. >> host: what do you think of an investor like warren buffett who is out there and well known? >> guest: well, i think he is a genius. but he's a genius genius in that respect than savant is a genius. he is unbelievably good at what he does, allocating capital. but his political idea was goofy and destructive. has he been a net benefit to humanity? it remains to be seen. certainly the fact that he has put together two bourke shire $100 billion total market cap, that is a wonderful thing and humidity should be grateful to him for having allocated capital so wisely. but i think when he dies, he's going to paste it all into the wind. he may not be any better off. it's a mixed bag. same with bill gates who always seem to be kind of autistic. >> host: one of the things we do know is we all die at this point. you're not giving your money to charity. you're an atheist. to a family? are you going to spend it all? >> guest: i don't have kids. if i was going to leave my money to the younger generation, i would probably -- i considered doing

the billionaire investor is such a super fan, he previously filmed a skit for a berkshire hathaway meeting featuring stare down with his favorite character, walter white. >> is warren buffett really as cool as he appears to be? >> he is getting cooler and cooler. >>> lindsay lohan's rehab stint is over. now they are recommending rehab to keep her on track. >>> bradley cooper, crystal bale and jennifer lawrence head up an all-star cast in a movie that opens auto christmas day. it will be a good one. >>> finally, george clooney has his eyes in the skies. the actor says he's using a spy satellite to track omar al bashir. clooney keeps a watch on the dictator's army and informs sudanese people on their movements. >> how much money do you make doing nespresso ads? >> he's doing a lot of world good will by spending it in a place that will help some folks. >> if i had my own spy satellite, i don't think i'd be as productive. >> lots of money and coffee. you may not do that. what would you be doing? >> it wouldn't be good. >> we'll leave it at that with bill karins. i'm richard lui. >>> we hope it

become difficult to separate nature from berkshire because of these in our mental factors.hing that is interesting is music manifests itself in some way different ways. not all composers can blame their instruments very well. and not all instrumentalists compose, and there are for rangers that do not play or compose. you would not say that they are not musical. then you have all of these people who are musical experts, disk jockeys, film supervisors, and they have what we would call musical sensitivity, but it manifests itself in so many different ways, the hunt for a gene is complicated by that. if you are looking for a gene that might give you blond hair, that manifests itself in different ways, but more less is blond hair. musicality is 10 or 12 different things. and to become a great musician requires different personalities. you have to be willing to sit in a room off for hours on end practicing, that kind of willpower, and you have to have a belief in yourself, certainly, for the first few years of musical training, it does not sound very good. you have to believe it

and yet he's the person warren buffett wants to succeed him as chairman of berkshire hathaway, the mega holding company that buffett built. like his father, howard does not live the high life. in fact, he's a farmer who would rather dig up the ground than sit in a boardroom. are you sure he's your son? >> well, i think that's worth checking out. you'll have a big exclusive. [ticking] [bell ringing] >> for 150 years, the floor of

andrew: well how about berkshire-hathaway...? alan: that doesn't count. angie: that is three. not on my list but you are correct. mastercard is the third choice. and keep in mind on labor day we will have a special edition of traders unplugged so we are asking you for your questions to ask the guys. thanks a lot and have a good day. i wanted to be in the military since i was a kid. i served in the united states air force. i served a total of 16 years. i was deployed 13 times. on my second deployment four bombs hit my vehicle. and at 19 years old, that was the first time i ever saw somebody die. coming back, i was raging. i started having pretty horrible nightmares. i would wake up in middle of the night sweats. i started drinking a lot. i felt worthless. i guess i never recognized it in myself. eventually, one day i just walked into the va hospital and said i'd like to see somebody. don't suffer alone. you've got to find that link with somebody that will make you let it go. it all starts with going to the va. there's a whole community of veterans that just want to help you out

time to get on the plane to go to cyprus to take a look of there is any value imus find the next berkshire hathaway with the 98% discount. >> what you think about the investor like warren buffett? >> i think he is a genius. but of genius like the idiot savant. he is unbelievably good at what he does to allocate capital but his political ideas, has he been a net benefit to humanity? that remains to be seen is certainly the fact he has put together $100 billion total market cap is a wonderful thing we should be grateful to allocate capital so wisely but to put it into the wind we may not be any better off also build site -- bill gates impress me but remind me as being autistic. >> host: induce a riyal's diet this point you're not giving your money to charity , it will you spend it all? [laughter] >> guest: i don't have kids. if i was going to leave my money to the and degeneration i consider doing with the romans did to say just because somebody was your genetic progeny it doesn't mean there was anything better that you look around kids that were old enough you could see who they are for how

sox purchased the boston globe for seventy million dollars just last week warren buffett's firm berkshire hathaway bought the roanoke virginia times in may and there are rumors charles koch is pursuing the chicago times or the chicago tribune some speculate these billionaires each have their own political agenda to push but others are saying this is about developing a new age of media yet to be seen cathy merrill williams publisher of washingtonian magazine said there is a play of people with money who want to see if they can reinvent an industry and they're looking at it as an opportunity to remake the future of journalism and media yes bay those has been politically active he gave the largest donation to defend gay marriage in the state of washington he contributed to libertarian publications and democratic candidates his company amazon even has its own political action committee but it seems as though he is on a mission to change the course of media and a letter to employees at the post he wrote we will need to invent which means we will need to experiment i'm excited an opportunity op

have insurance look at warren buffett his entire empire is built on an insurance company called berkshire hathaway without the ability to insure there is no such thing as private property and there is no private property and there's no such thing as anything other than anarchy and failed communist attempts to do socialism and collectivism i don't know why i should. point out the obvious oh that's right we're dealing with . the sink hole stupid i'm sorry i tried to fill in the blanks just you know continue continue continue with the so called stupid well here we have it this over and over we had it with the derivatives as i said we have it with these people who shout the loudest who say we want cheap energy and yet ok this family that got twenty five hundred dollars and maybe their natural gas prices went down over the winter but their child was passing out in the shower yet she was like sprawled out on the ground they said like passed out that it was an evangelical they saw that she was speaking in tongues or she was experiencing ecstasy but no it was the natural gas leaking into the wate

to have insurance look at warren buffett is entire empire is built on an insurance company called berkshire hathaway without the ability to insure there is no such thing as private property and there is no private property and there's no such thing as anything other than anarchy and failed communist attempts to do socialism and collectivism i don't know why i should. point out the obvious oh that's right we're dealing with . the sink hole stupid i'm sorry i tried to fill in the blanks just you know continue continue continue with the same call stupid well you hear we have it this over and over we had it with the derivatives as i said we have it with these people who shout the loudest who say we want cheap energy and yet ok this family that got twenty five hundred dollars and maybe their natural gas prices went down over the winter but their child was passing out in the shower she was like sprawled out on the ground they said like passed out said if i was an evangelicals i saw that she was speaking in tongues or she was experiencing ecstasy i don't know it was the natural gas leaking into th

have insurance look at warren buffett his entire empire is built on an insurance company called berkshire hathaway without the ability to insure there is no such thing as private property and there is no private property and there's no such thing as anything other than anarchy and failed communist attempts to do socialism and collectivism i don't know why i should. point out. the obvious oh that's right we're dealing with the sinkhole stupid i'm so i tried to fill in the blanks just you know continue continue continue with the same call stupid well you hear we have it this over and over we had it with the derivatives as i said we have it with these people who shout the loudest who say we want cheap energy and yet ok this family that got twenty five hundred dollars and maybe their natural gas prices went down over the winter but their child is passing out in the shower yet she was like sprawled out on the ground they said like passed out said if i was an evangelical if i saw that she was speaking in tongues or she was experiencing ecstasy but no it was the natural gas leaking into the wate

overall, berkshire hathaway rose 46%. >> also, nicole, i went through the numbers quickly and operatinggins, insurance 12 1/2%, railroads, almost 22%. and not having the keystone built helping warren buffett out a lot. thanks a lot. nicole. >> speaking of good news. good news for apple after the united states vetoes an important ban on the iphones and ipads put into place. and show you how apple has fared. >> and really, it's been great news for apple and they want them out of their hair and the worry about patents and the like and what you had was the u.s. trade representative saying listen, of the ban that was put in place, number one, affected the competitive that in the in the u.s. and economy and also affected the u.s. consumer and they weren't going to be able to get some of the older iphones and the like, so, that's why they were not hot on this decision, early decision and overturned and the obama administration actually overturning that. charles: and i guess if somebody is skeptical about that-- thank you, nicole, come back soon. market watch wants to know if the emporer has an

they should just by berkshire hathaway and literally let him make the investment decisions. think investing is really about independent thinking. to blindly follow any new rou from warren buffett to george soros to carl icahn is the epitome of second kendis when it comes to the stock-market. you have to take responsibility for your own money which means making your own decisions. charles: and warren buffett is in a position now, heas always been a long, long, long term, but he is a position where you can beat ron furlong amount ofm. the average person may not be okay to be wrong for two or three years. >> and he is wrong all the time. as most investors are. he's a wonderful investor. i can remember very acutely back to late 1990's. he basically missed the entire internet run-up in technology stock run-up. one guy with one opinion. warren buffet is 80 years old. my grandfather is 80. we don't even let him use the remote control, let alone pick stocks for portfolio. with all respect, people need to make their own decision. charles: you are cold-blooded. the me tell you, let's

berkshire hathaway made some changes to its holdings. gerri willis joins us with this.hinking? >> i don't know, but you can get an idea by watching what's bought and sold each quarter, and that's what's happening today. everybody likes to watch what warren's buying to see if those stocks are going to go up. he now owns 40 million share stake in gm, that company just had earnings last week, last month for the quarter, and they beat expectations. americans buying more cars. and then he told pretty heavily kraft and mondalas, split last year. his take now reduced 88% for kraft. kraft took some of the brands like oscar meyer miracle whip and jell-o and chips ahoy having trouble with that. so here's a number i saw which i think may be the most meaningful of the report which is that warren buffett didn't do so great this wafter, his portfolio up only 0.37%, the the markets went up 4.9, so not a good comparison for him. so the value of his stock picks, i don't know. it's an open question. tonight in our show we're going to be focused on education, we have a guest who's going t

and $41 million what berkshire hathaway paid for 28 newspapers.ffet has bought more papers this year. then there's jeff bezos. the amazon founder is shelling out $250 million for the "washington post," a paltry 1% of his personal fortune. as our jim acosta reports, billionaires have gone shopping in america's "newsroom." >> reporter: watergate brought down a president. >> have to get something on paper. >> reporter: but it made a newspaper. a triumph not just for reporters bob woodward and carl bernstein but also for the family that owned the "washington post" led by its publisher, kathryn graham, now that leg gas sin the future of one of the most important newspaper rests in the hands of one billionaire, amazon founder, jeff bezos, a stunning $250 million deal that gives an all new meaning to the term -- >> just follow the money. >> reporter: the post now follows other major newspapers. "wall street journal" bought by conservative media titan robert murdoch and "boston globe" purchased by red sox owner john henry to be snatched up by the super we

last year, berkshire hathaway bought 28 daily newspapers for $344 million.his is how it operates in the the the state's right now. so then compared jeff bezos to owned this who have paper for decades. at a situationng where we have these odor that have made these investments. >> and you cannot forget bloomberg, one of the largest media companies, employing 2300 professionals in 146 bureaus around the world. i am sure it employs many more than that. nichols and i outlined a number of people like the " brothers, shall not -- sheldon adelson, and others who are spending millions of dollars to buy a elections, oftentimes anonymously and surreptitiously through dark money. it makes perfect sense that they would want to buy of newspapers as a political investment. they are so cheap now and you can dominate the discussion and frame the issues your way and talk about what you think is important. it is a wise political investment. for those concerned about democratic theory, it is antiradical to what this country needs. a pillar of our constitutional system becomes a

the company was sold in june to berkshire hataway in a $23.3 billion deal.st from the fox business network giving you the power to prosper. ♪ >> more controversy surrounding the affordable care act as president obama delays part of the law that keeps consumer costs down. we'll have live team coverage now with fox news in martha vineyard and liz macdonald here in new york. why is this limit on the out of pocket expenses delayed? >> actually, it turns out some insurer use separate companies to administer medical coverage in drug benefit, and the computers don't talk to each other and because different companies have different limits on out of pocket costs, they have to figure out a way to keep track of all the out of pocket costs that people are incurring. the result is some people with complex chronic medical conditions like multiple sclerosis pay more than they would have if the $6300 a person cap was in place. this delay imposing a limit on out of pocket costs was actually approved in february, but it was buried in legal and bureaucratic language on the lab

now you'll need a share and a half of berkshire stock to raise a child.rents have to shell out roughly $241,000 until their child becomes 18 which is 3% more from last year's estimate. that doesn't include college. >>> law and order has dome the west. >> the summer blockbuster s like "the lone ranger" has bean bummer. most of the hits were sequels and observers say that encourages studios to crank out more sequels. >>> he's an upstanding citizen of san francisco after finding a wallet containing a check and $4,000 in cash. that store was able to put the wallet's owner in touch with the man who saved the day. >> i wouldn't want to be responsible for somebody that was trying to pay a mortgage, could have paid it and had to miss it for some reason. >> well, the wallet's owner gave this samaritan and his wife a huge hug and gave them a fwrat attitude for their honesty. that's your ups and downs for this weekends with alex witt. the average pizza dinner out is over $8.00 a meal. this digiorno dinner from walmart is less than $2.30 a serving. replacing one pizz

. >>> berkshire hathaways second quarter profits beating forecasts.eleased results after close on friday is benefits from an improving u.s. economy notably in the energy, railroad and car insurance business. berkshire also got a boost from gains on investments and derivatives. the class a shares closed up half a percent on friday to $176,500 a share. still got to pinch yourself when it's that much. >>> still to come, congress gets out of town, leaving washington for their month long summer recess. but lawmakers have quite a lot of issues to tackle when they get back and not much time to do so. we'll look at their full agenda this fall and ask whether any deals will get done. [ male announcer ] come to the lexus golden opportunity sales event and choose from one of five lexus hybrids that's right for you, including the lexus es and ct hybrids. ♪ this is the pursuit of perfection. >>> the u.s. is extending the closure of embassies and consulates in the middle east and africa by a week as a precaution. lawmakers say the move follows an al qaeda threat th

buffett berkshire hathaway owned shares call which means that he made nearly 42 million.cket change. like he needs it. meanwhile, losing "money," anyone who owns american eagle outfitters taking an ax to second quarter outlook, mostly by noon weakening profit margins. hanging 12% the news. and he did not hit a home run last night, but a-rod was our ratings home run for the network. he played just hours after receiving a 211 and suspension for steroid use. it was the highest rating this year for a yankees game. more than triple the avege at its peak. just when i said -- just what i said was going to happen. so, if you owe taxes the government could be after more than just germany. and new plan in new york with his genius, i may say, could strip the driver's license from anyone knowing more than ten grand in taxes. i'll know why this is n been happening for years. i just spoke to the taxation and fince commissioner in new york just a few moments ago. you know, this seems like and no-printer. it reminds me of wn we hear this statistic about how the irs workers of back taxes.

berkshire hathaway. if they are, like some of the real estate investment trusts, i don't touch them. let's go to john in texas. >> caller: greetings from austin. i have all of your books. watch the show every day live and record it and admire your energy level. >> thank you very much. >> caller: no problem. my question about your ongoing suggestion to buy stock shares in increments. >> right. >> caller: i understand why, but doesn't that eat up commission money even though it can offset capital gains or losses? what's your take on that? >> my feeling is strong on this. when i got in commissions were about quadruple what they are now and i recommended that strategy because i didn't want people to do it all at once and then get confused and lose interest or hate the market. so it's even better now with the commission rates low. so i'm not going to back away from my view. commission rates are low enough to do that trading and not hurt yourself. nick in new jersey, nick. >> caller: hey, cramer, big boo-yah f

the company was sold in june to warren buffett's berkshire hathaway in a $23 billion deal.ue our "countdown to the closing bell" with liz claman. ♪ liz: and we bring you this breaking news. wednesday prepare yourself. the "wall street journal" is reporting that the u.s. government officials are going to file criminal charges on wednesday verses those two former jpmorgan traders. expected to be charged by u.s. prosecutors, this according to government sources talking to the wall street journal. apparently they guy who was the london whale who effectuated about six and a half billion dollars in losses over at jpmorgan, he has not been prosecuted. he will not be prosecuted, according to these sources. apparently the commodities futures trading commission, sec, and department of justice will back away from him and go for both the chilean freighter and the senior guy in charge. the u.s. government timing, according to this source could still change. in fact, the word mess -- of this mess could still change. everyone is waiting. could be as soon as tomorrow that we can see charge

berkshire adding to u.s.o blue ridge raised its rate in citigroup, hedgies have been looking for move him in the auto sector sales, blue ridge by avis and hertz, paulsen by cooper tire as his mna play, finally thempur making big moves. >> thank you. coming up next, herb's words of wisdom, plus a very special surprise guest. as for the nashlts, as you can see, 206 points up for the downside for the dow t. nasdaq is off by 56 points. the s&p 500 down 22. don't go away. strong and the el. for the authentic. for at home and on the go. for pessimists and optimists. for those who love you a little and those who love you a lot. for ultimate flavor and great refreshment with or without calories. for carefree enjoyment. for those who have a lot to say and those who have nothing to add. for those who want to choose and choose. for every generation. for us. for everyone. forever. bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luck

. >> my theory is if you want to invest in warren buffett, invest in berkshire. >> that's expensive.like a billionaire, become a billionaire first and then you can invest. >> what do you think of this clooby stuff? >> i think it's fascinating how specific and strong his views are on hedge funds and it speaks of the whole divide. >> he knows how young kids feel. slamming wall street gives you positive press. i understand it. thanks for watching "street signs." mandy is back on monday. "closing bell" is next. have a fantastic weekend. we'll see you soon. >>> hi, everybody. happy friday to you. welcome to the:. i'm mari maria bartiroma. >> job numbers in terms of job growth, minor selling in the stock market. a bond market rally that brought the yield in that ten-year note down more than 10 basis points today. >> you would have expected a bigger move given the move down in the ten-year. >> if they considered bad news to be good news

cheryl: and berkshire hathaway has reported buying new stakes in dish network and sun corp. energy. david: shares of kohls got a boost today after reporting a rise in same store sales following down beat reports from walmart and macy's. cheryl: and confidence among u.s. home builders at its highest levels in nearly eight years, that's according to wells fargo can builder sentiment index. david: the wall "the wall stree" reporting that the department of energy was attacked by computer hackers last month who gained personal information on thousands of current and former employees. we have earnings coming up, dell in just a moment. "after the bell" starts right now. cheryl: and let's get to today's action and what's behind the selloff. we've god edward pavin, chief investment officer, and mark sebastian in the pits of the cme. mark, let's start with you. you know, so much of what we've seen today has been concern that we are going to lose the punch, if you are, and that ben bernanke is going to pull back. are you buying into that storyline today? >> well, it doesn't really matter if i'

we showed a lot of them, they showed warren buffet, berkshire hathaway shared 10 million in the last quarter. stock is taking a hit today. you probably know gm is up 20% year to day. so if warren is buying gm, should you? let's talk numbers today. on the technical side, rick ross. on the fundamental side, steve. rich, what do you think? what is the chart looking like on general motors? >> it suggests you want to take this late summer squall to risk aversion to add more high quality stocks, more specifically general motors, the fact that they're buying it reenforces my conviction. when you bring up that stock, you see a chart that has almost doubled over the last 12 months. tracking this trend we run into high end resistance up once again at the high end of that trend channel. but what i like is the day below the 50 moving average. why do i like a break below the 50 day? look at the last time we did that, june 24th. it produced to be a false breakdown, it provided a catalyst for the next 12 months. i think history repeats itself. this stock trades this fall. you want to be a buyer alo

some companies go, look at berkshire hathaway, up 150,000, 100,000. it's up to warren buffet. companies have to decide whether they think it makes their stock more attractive to individuals or does it make it more attractive to hedge funds, which they typically don't want. i am in favor of stocks because so many of our viewers don't want to buy stocks in the high dollar amount even as i know the truth, which is if you take a pencil and you snap it in half, you don't have two long pencils. this is the same thing. it's cosmetic. but in this market, it's working. patrick in arizona, please, patrick. >> hi, jim. we had a stock that's had a good run, we, of course, take some off the table. >> right. >> but if it's one of our stocks we like long term, what is the plan to get back in when there are no pullbacks? >> well, you know, i got an answer to patrick you are not going to like. happens, you missed it. one of the great things about this market is. >> all aboard. >> there is another train coming to the station. when that happens, you missed it. it's one of the things people don't

talk to somebody like charlie monger, the vice-chair of berkshire hathaway, he says why would we useour resources and soak those up and give them away when we should be conserving them and using the other guys? >> we're certainly not giving china our resources. what is happening as our oil production increases we're able to reduce imports which helps the trade deficit. we're creating more jobs in north america. now we have raw material advantage on crude oil and natural gas. ashley: david, let me bring you in on this particular topic. what is your view on china being a major player in the oil market? >> everybody keeps talking china, china, china over the years and it has been the greatest single story that hasn't shown up. if u showing programs they built cities nobody is even come to. think in the long term it has a chance to be a very big story but in the near term, next 12 months i don't see it. liz: david, are they secretly filling their spr? they're not done? >> people are producing more and more. the united states has produced more than it ever has. for the short term that wil

berkshire hathaway, buffett's company he increased his stake to 11 million shares in the second quarter that, lone pine capital a big shareholder as well. those are popular names in the hedge fund world. david: people are watching what they buy very carefully. lauren, thank you very much. >> sure. david: while wall street traders are living easy thanks to easy money from the fed, main street businesses are having a tougher time than ever coping with a whole host of new taxes and regulations making it harder to do business in america w more grandstanding fights coming over things like debt ceiling, will washington do anything this fall to cut the cost of doing business in this country? joining us, steve bell, senior director at bipartisan policy center. steve, thanks for coming in. anything serious, we need to make the cost of doing business going down. that is how main street businesses smaller and mid-sized don't have money for accountants and lawyers that is the only way they will be able to make it. any serious reforms on that, coming up? >> actually not if you look on the calendar,