and that's what it looks like to me, berkshire hathaway is doing. i want to clear a few things up that i think it's important for people to understand warren buffett doesn't used stock buys to sell messages. when he trims apple, it's not him trying to let everyone know it's expensive berkshire hathaway is 12 holdings the top three quarters of the entire stock portfolio, $229 billion, the market cap of burke sure is 540 billion and cash position is 150 billion. you have to trim it if you're expected to be a long-term hold holder the top three holdings in berkshire stock's portfolio account for two-thirds we're talking about coca-cola, american express, kraft, heinz and bank of america. they have to do stuff like this. the only other thing i think is worth point out here, just because berkshire hathaway sells something doesn't mean they have an edge on anybody else. berkshire's entire position in john deere, the stock is up almost 300% since he liquidated it and i don't think he has any -- it happens to berkshire just like it happens to the rest of us

berkshire hathaway has tech and on big vaccine makers.ng up next, is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get straight to the bloomberg business flash. leigh-ann: hi, francine. tesla is joining the s&p 500 next month as its largest ever new member. it follows months of speculation, which helped the company's valuation skyrocket. to almost $390 billion. it will be one of the indexes' most influential members, with a weighting similar to that berkshire hathaway or johnson & johnson. spanish bank bbva is in takeover talks with rival sabadell to create one of the country's largest lenders. the move comes a day after bbva announced it was selling its u.s. arm to pnc financial. that gives it the firepower for a deal and boosts its capital ratio. and airbnb has filed for its ipo, outlining widening losses and plunging revenue due to the pandemic, but it is projecting optimism for a rebound in demand when the economy does recover. the listing is set to be one of the biggest this year. sources tell bloomberg the company p

coming up, berkshire ibach.ffett seems to have identified his latest megadeal, his own stock. this is bloomberg. ♪ ♪ warren buffett has gone from a stock buyback skeptic to one of the world's biggest re-purchasers as berkshire hathaway becomes his favorite investment in the pandemic. the buyback spree this quarter has brought the company's total for the year up to $16 billion. our finance reporter joins us for more. berkshire reporting a record amount of shares, what does this mean for the company's strategy? >> it's indicative that buffett, who has long preferred to strike acquisitions or spend his money buying other company stock, is way more willing to put the money to work in his own stock. i think that lends itself to investors questioning whether berkshire was getting too big and whether buffett was able to find anywhere to deploy his record cash piles. i think now after $16 billion of repurchases this year, more than he has ever spent in a single year on apple stock, their biggest holding, investors can r

you'll be running the show soon enough anyway and what i'm real interested in is when berkshire itselfmakes the acquisitions and the biggest statement they have made this year was when -- when warren himself said, no, i'm out of the airlines, charlie, too they said we don't know what's going to happen with this pandemic and don't feel the conviction to buy anything and here we are with them buying their own shares back. >> buying it back at a valuation that they think is okay. this is very much a place holder type, portfolio move it would seem whether it was warren or other phone. obviously it's a different source of steady dividends and decent participation in the market, maybe the democrat graphic overlay and when you see the same names in the same sector it's more of a portfolio adjustment rather than thinking i have an edge and we're going to bet on it it's something special for a bit of the bank exposure >> exactly they are moving and diversifying somewhat, but it just feels to me, yeah, that's what everybody else does did. i want them to be different. all right. let's move along

yhich stocks did berkshires bu over the quarter? is a really distinct flavor to berkshire's bets.my. they initiated new positions in stocks that would benefit from vaccines. announcedore pfizer the effectiveness of their vaccine, berkshire added a new position to pfizer, as was mark -- as well as merck and other pharma companies. in terms of what they sold, it was all about financials. berkshire hathaway well on its way to completely exit j.p. morgan and wells fargo, reducing positions by as much as 96% in some cases, also slashing some low shall banks -- local banks as well. sticking with the u.s. and u.s. equity story, we heard just overnight that tesla is set to join the s&p 500 december 21, i think. what sort of effect will that have on the benchmark? .ani: tesla is a huge it is said to be one of the biggest companies at $390 billion of market value. to be added into the s&p 500, and of course, that's a disruptive event. asset managers who tracked the benchmark would have to sell about $40 billion of other equities to make space for tesla. have gone out to investors and said,

. >>> berkshire hathaway is making big bets on big phrma. share shoulders of one chain have a lot of reasons to be many that americans are stocking up are a hel rahel, what have you got. >> berkshire hathaway trimming its stake in apple and adding new investments in sef several makes, merck, bringtal myers and roughly $2 billion a piece and also a small investment adviser. it sold apple shares in the third quarter, but still their biggest sink gemgle investment and separately, warren buffett and berkshire revealing a new stake in t-mobile buying roughly $276 million in shares and it also bought more stosk in kro stock in kroger and bank of america. and costco will pay $4.4 billion, the dividend move is as consumers stock up on essentials and finally smile direct club lower, revenue beating forecasts. the maker of lower cost teeth straightening retainers says that it is seeing broader acceptance of the dentistry and has no real competitor must be nice brian. >> yeah, not smiling today, done 4.5% we'll see you again in a few minutes. thank you

so some pretty interesting moves here from berkshire hathaway also noted in the filing berkshire hathaway says there is some confidential stakes that have not been included in their current 13s filing this is usually something that takes place when a fund manager believe has the disclosure of shares in a certain position to move the market one way or another. so they apply and are granted confidential treatment important to note these positions are as of the end of the third quarter, september 30thth and may have changed in the six weeks since. guys >> thank you leslie. you will keep digging into it and bring us more. interested to see what he has been doing on the banks side as well. >>> moderna announcing positive results on its covid-19 vaccine trials showing it to be 94.5% effective in preventing cases of covid-19 this. comes after pfizer announced early data showing its own vaccine to be more than 90% effective. joining us now is dr. moncef slaoui who helps lead operation warp speed and our health and science reporter meg tirrell over to you. >> thanks so much. dr. slaoui, thanks for

>> one of the bigger stories was warren buffett's berkshire hathaway. big on the drugmakers. that delivered extremely good vaccine trial results last week from pfizer. it has been such an increase among those names, you have seen advi climb in after hour training. meanwhile, you are seeing pfizer rise as well. this is a name that traded on the back foot all day after modernity came out -- moderna came out with its own extremely good vaccine results. >> what are you saying when it comes to tech and where firms are holding on and where they might be pulling back? as we know, the biggest tech companies have had market caps run up in the past few years. katherine: that is for sure. it is a mixed picture in big tech. maverick has boosted its overall tech exposure by about 9%. microsoft is particularly popular. it was the top new by. few a others edge of their position as well. forre seeing appetite amazon. kind of a mixed read. time covers through september 30. it is probably too early to read is whether these funds are exiting the stay-at-home trade now tha

berkshire is buying pharma. abbvie. the dollar could drop by 20%.r for me was johnny farrell's twitter yesterday afternoon in the u.k.. the fed could go between meetings, bump up on qe. you have the dollar this morning, let us roll the board forward. wci and bitcoin. wti has bounced off its lows. the proposition from england, from stephen england, as they could deliver a body blow. qe could be up by 50%. that could structurally change the narrative in terms of what the fed is doing. there are other changes afoot. the 13f filings are in. among the investment giants reporting third quarter holdings overnight, it was berkshire hathaway. -- that reveals big bets on the vaccines. i got excited about the 13f filing. i got excited about tesla. i got excited about a lot of things. we need anne-marie back to bring the calm. >> you could never steal my thunder. excitement is the name of the game. certainly we get that in the 13f filings. filederkshire hathaway for the previous quarter continued along the theme often has been talking about. that is more cautio

he and his colleagues in the berkshires created this mammoth, 1200 pound cheese, produced as he described it, by 900 cows, not one of them a federalist. the cheese was the size of a large millstone and was brought down on a six horse wagon from massachusetts. all along the way, welland would stop in towns and cities and give speeches about religious freedom. the cheese was the drawing card for that, people came to see the cheese and ended up seeing reverend welland as well as the cheese. when he got it to the white house, jefferson had it set up in the east room and opened the doors for the guests to come and sample the cheese. and he used it as a kind of metaphor for the common man and the produce of farms and working people who were the backbone of a country, and who produced goods like the mammoth cheese. it was quite an entertaining event and sort of condemned by the federalists. praised by the rupublicans. colleen: how long did the cheese remain in the east room? james: too long. as long as three years. the cheese was getting riper by the day and dying a death of a thousand cuts. i s

after the market, we did have news coming from brookshire and s.her hathawaye -- berkshire added to theirortfolio in terms of health care. typically, health care a defensive space. with the virus, perhaps these additions have something to do with the virus. stocks have been down sharply on the day after moderna news about the virus came out. likingours, investors pfizer as well. all right, abigail doolittle, thank you so much for that round up. i want to get to airbnb's filing. the company disclosing details of its initial public offering plans for the first time, releasing financial results and previously confidential information on its operations. in ipo search that has largely defied the economic devastation inflicted by the pandemic. i want to bring in crystal, who has been running through what has just crossed. highlightse of the of what you have seen so far. crystal: as expected, we are seeing a bit more of a third quarter rebound. the revenue took a hit from the stomach for the nine months ending in september. it is down 32% year-over-year. that is topline. narrowed inever has the

. >> berkshire hathaway making pretty interesting moving in its portfolio. leslie with the details. >> hey, melissa. interesting indeed, rotating out of bank stocks into pharma let's start with new positions in the pharma sector, taking new stakes in abbvie, merck, and bristol myers, each worth $2 billion by the end of september and warren buffett in pfizer $136 million at quarter end and maintaining nine-digit holdings in biogen -- and firm almost selling out of j.p. morgan pairing back its stake by 96 percent to hold just under $100 million worth of stock. and sizable reductions in m & t and pnc as well. filing on wells fargo in august showing slight decrease since then interestingly no change in the firm's nearly $5 billion stake in u.s. bank corp. speaking of multi-billion dollar stakes, sold $4 billion of apple stake, pairing back of less than 4 percent. >> still a sizable position. leslie thank you karen, what stood out to you the move in banks seems pretty notable, especially considering the run in banks since the end of the third quarter when the fil

. >> berkshire hathaway.th of that company, how much they play into the rotation trade. i believe we are coming out of the recession and we will be growing in leaps and bounds in the first and second quarter. where are we going to do well? big industrial names, which is a big part of berkshire hathaway. they are buying back stock, have been for two quarters in a row. you will win on two fronts, upward in revenue and upward in buy-backs as they continue to buy more will be stimulative to the stock price. charles: great stuff. really really great stuff. hope people were taking notes. have a great thanksgiving. talk to you again real soon. >>> meanwhile, facebook is being exposed for reportedly changing its algorithm after the election to favor certain news outlets. lauren simonetti has the details. lauren: hey, charles. "new york times" is reporting that right after the election, facebook changed its algorithm to decrease inaccurate news and highlight authoritative news. what's inaccurate, what's authoritative

berkshire hathaway identifying its latest megadeal, its own stock. firm spending $16 billion scooping up its own shares, more than three times its previous record. repurchases top many of berkshire's biggest investments including 2019 occidental petroleum financing and totaled more than it has ever spent in when you're buying apple stock. cutsts from paris, 650 job monday at its in banking -- investment banking operations, that cuts will come after socgen reported performance in the third quarter. it follows its worst performance in a decade over the preceding period. wanting to cut $500 million in cost by 2023. a look at markets as we had to the tokyo lunch break. the nikkei, the broader market, topix. currently seeing movement to the upside. 1.9% up. if you look at msci x agent we are putting act record hides and we are at record highs. record ex asia at highs. global equities heading for a fresh record. there is optimism about the outlook under a joe biden presidency. we discussed the dollar has been weakening. monday is essentially seeing continu

berkshire hathaway taking new stakes in those drugmakers. >>> we have liftoff.cex resilience crew dragon launching yesterday, docking with the international space station this evening. this is a six month stay for the crew. fox's phil keating tracking it all at the kennedy space center on florida's space coast. he joins us now. phil? reporter: connell, the capsule right now is basically screaming on cruise control up above the earth at 17,000 miles an hour as it makes the journey. 21-hour so far journey but 27-hour total journey to get to the international space station tonight. after the sunset black of night the falcon 9 rocket lit up the sky brilliantly shooting the crew in the first certified commercial flight. the first for nasa as paying customer for rides into space. ten minutes after liftoff, more picture-perfect achievements as the stage one stuck the landing on the drone ship. once more back in comfy black votes for the astronauts, mission control in houston spot ad problem. three of four propel ant line heaters associated with the spacecraft thrusters

berkshire hathaway's latest 13f filing, where the company must reveal what it's bought and sold during the quarter, shows its snow pile increasing to 6.13 million shares which as of yesterday's close, would be worth $1.5 billion. the stock is up 1.7%. definitely more than that. the cloud giant's $3.4 billion public debut two months ago made it the top software ipo in history. snow trading at $246.12. >>> we've got more on warren buffett's latest shopping list and what he jettisoned as well in just a few moments, including the one sector he's absolutely going gaga over. or maybe it's his stock traders that he's hired. but we will take a look at that in just a minute. and to probably the most souped-up pop of the day, tesla. the s&p finally opening its hallowed doors to elon musk's creation. the ev giant will gain entrance to the s&p 500 on monday, december 21st, sending the stock and his net worth sky-high. right now, believe it or not, even with a gain of 7.9%, it's off the highs of the session today. it had jumped 10% which of course is helping a number of ev makers shift into cruise

it's not terribly different than ten plus years ago when berkshire hathaway went in at a similar sizeelative to the total market cap it was a much less volatile stock though it was not something that was going to necessarily get away from the index funds now the thing about tesla is the stock itself trades in an enormous amount of dollar values every day. $30 billion, $40 billion is routine and much more about what happens for rest of the index as we have that push and pull of tesla getting in. >> right. >> and that's what people are saying the fact that it's so liquid should help would you apply what you've said about trying to figure out bitcoin to trying to figure out tesla's share price. >> like i'm an old man today yelling get off my line. this scares me like a meteor heading towards the s&p 500. it's bigger in market cap than berkshire hathaway and warning buffet, boring, don't understand technology and steady as she goes tesla has been on this amazing tear it. i defer in all analysis to mike santoli, but, boy, i mean, even if i'm just holding an s&p 500 index fund, i'm worried

. >> by the way, i think the headline you'll be looking for perhaps today is tesla eclipses berkshire hathawayin total market cap so that's been nip and tuck for a little while interestingly, there is also a parallel there, because the last very, very large company to go on the s&p was berkshire hathaway, ten years ago. and it is similar in the sense too that the founder owns almost 20% which warren buffett does with about shirt it they're going to be vvery clos >> we're at 550, 551 billion now. >> yeah. >> in terms of tesla's market value. >> i think berkshire looks like just under 550. >> there you go, yeah. that's what number six, don't know got to be -- apple, alphabet, amazon, microsoft, facebook what am i missing >> so, again it because the total market cap is not counted in the index waiting -- >> i remember when bob was reporting, 80% of the total market that is actually -- >> maybe in the top ten or dozen, won't go -- >> it is number five or six overall in terms of u.s. market cap now. >> yes facebook is, you know, 780, so -- >> and we got the other guys, apple still below 2

you don't have berkshire hathaway you don't have american express, some of the names that are not asnterest rate sensitive you have a collection of regional banks i really like that the call calendar here, as mike said, is more of, as mike said for the kre is more of a value play and the calendar is suitable for that. you have a relatively slow grind here to the upside i specifically like mike's strike prices of $43 on his calendar, because you had a recent resistance here at that $43 level and the november 43 calls are offsetting more than half of the costs of the january 43 calls he's only risks about 2.5% of the etf to take this bet i like this on all accounts. >> let's turn from banks to beds and couches and dining tables and book shelves wayfair reports earnings this coming tuesday if you are looking to get into the action, pull up a chair because tony is ready to assemble a way to play it. tony, take it away >> we have talked about home builders over the past couple of months here but i really like wayfair going into earnings next week it sits at the intersection of the shift w

and wall street watching berkshire hathaway taking big stakes in phrma companies, cutting its stakes in apple and jpmorgan we'll have a run through of all the big moves. it is tuesday, november 17, 2020, and "squawk box" begins right now. ♪ >>> good morning welcome to "squawk box." i'm becky quick along with yoe kernen and mike santoli. andrew is off today. we'll start things off with the stock futures after some positive vaccine news drove the dow and s&p 500 to record highs. dow giving back some of that ground, down by about 100 point, but remember how far they have marched for the last three weeks. s&p is indicated down by about 14 points and then the nasdaq is indicated up by about 12 points. we do have some breaking news from amazon and better that coocoo bertha coombs ohas that story >> they are launching a full online pharmacy building on its acquisition of pill pack the new pharmacy is in-network with major insurers and medicare and patients can pay for their prescription co-pays with funds from their health savings accounts just like they were at any pharmacy and they can co

i will react next thursday when they weakening him talks about berkshire hathaway. thank you. >> is supposed to be out mid but you can preorder. >> i cannot wait to get my hands on a hard copy. i'm looking forward to it. >> thank you. >> thank you >> hello everyone thank you for tuning in. my name is audrey stewart and on behalf of harvard bookstore welcome to today's forum and how the sharing economy got hijacked and how to win it back

. >>> berkshire hathaway spending $9 billion to buy berkshire hathaway details after the break. >>> right look at the biggest premarket gainers in the s&p 500. at calvert, we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert. say hello to a drug-free way to ease stress. stress comfort. a gummy supplement with lemon balm plus saffron, to naturally boost your mood. stress comfort from nature's bounty. we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa everyone wakes up every morning to a world that must keep turning. m

berkshire hathaway seems to have identified its latest megadeal come its own stocks. $60 billion scoopinges in the first nine months of the year. or than three times the previous record. 2019 repurchases include occidental petroleum financing deal and it has spent more than in any other year purchasing apple stock. a successful startup investor and a relatively unknown chinese property company may help. softbank invested $1.3 billion key holdings.ed the company went public in august and shares soared giving softbank a 375% return so far. although dobby's sovereign wealth fund is changing the way they invest in japan. authorities focusing on japanese equities and using instead managers as part of a path for a portfolio. investment funds in the gulf has been chasing higher yields as they battle the fallout from declining oil prices. coming up, we will discuss the markets with ben ammons. this is bloomberg. ♪ sigh of relief by the nation. that we have come through a difficult period. most importantly, that the american people have spoken. that is what our democracy is all about. -- trump has

tesla will be the seventh biggest name in the s&p 500, between berkshire hathaway and visa.tock is sort about 580% this year. general motors has scrapped plans to take an equity stake in clean energy nikola and dropping the building the new badger pickup truck. that sent shares of nikola tumbling by more than 27%. gm will allow nikola to use its hydrogen fuel technology, but it won't be taking the 11% equity stake it had proposed earlier. top u.k. retailer arcadia has filed for insolvency amid fallout from the coronavirus, putting 13,000 jobs at risk. the company has appointed deloitte as administrator to allow the brands to seek protection from creditors. it will be the u.k.'s most notable retail collapse since the pandemic struck and a further blow to a sector that has already lost 125,000 jobs this year. next, traders that jp morgan sent to benefit from a record year, but not such bonus news for many of their colleagues. this is bloomberg. ♪ it's down to the wire, the team's been working around the clock. we've had to rethink our whole approach. we're going to give togeth

when berkshire and oracle shrift-- shifted their portfolio pc stocks move in reaction. another one that interests me is cosco, not just for the free lunch but they have a special dividend. susan: i know you are a big fan. stuart: yes, i am. susan: about $10 a share which is a lot in a special dividend with a payout of $4.4 billion for cosco and they can afford it because they have a strong balance sheet with a 17% gain, record growth in sales from july to september because people are buying in bulk. we know cosco from time to time and this is the four special dividend in eight years, but this is a lot per share. stuart: if i own one cosco share right now i will get $10? susan: that's right paid out december 11. stuart: i will get the $10. stuart: united airlines, they are doing something and i don't know what, but it is important. actually, what you got? ashley: they are flying which is good for an airline. united flight 14 took off from newark international airport last night, landed in london early this morning. passengers and crew received a rapid covid test prior to

thanks to all of you, we will be back when larry cunningham will be in conversation with the book on berkshireathaway. >> the book is supposed to be out midmonth. we can preorder on amazon. >> can't wait to get my hands on a hard copy. thank you. >> booktv on c-span2, top nonfiction books and authors every weekend. today at 1:00 pm eastern - watch booktv this weekend on c-span2. >> up next on booktv, susan berfield recalls the fight between theodore roosevelt and financier j.p. morgan, government intervention at the turn of the twentieth century. >> i wanted to ask you to paint a picture of morgan. you are telling a story about roosevelt. and in a demeaning

>> and word of the terrible crash also travels to a family farm nestled in the berkshires.reathe. then i woke up michael and he told me, "what are you talking about? that's impossible". >> can't be true. >> my sister is not gonna die in a plane crash. it doesn't fit into your world. >> then we thought, "oh, well, maybe she survived." we needed to get to ethiopia right away to help her. we had to be there. and we had to protect her. >> we got in the car and we headed for jfk. we got on the flight, and along the way, along our journey, we learned that there were no survivors because we kept looking at the news. >> like nadia and michael many grief-stricken families made their way to the crash site. desperate to find any trace of their loved ones. >> there was not a plane there. there was a hole in the ground. >> was anybody able to find the body remains? >> there was nothing bigger than a femur bone. >> the black box data in the hands of -- >> even as the investigation continued in the cause of the crash, there was a question on many people's minds. "will boeing's max plane b

rutherford berkshire hayes, the republican winner of the disputed election of 1876. people today who think about the election of 1876 admittedly are small but intensely curious crowd, probably think of it primarily as a precursor to the notorious bush gore contest of 2000. it is no coincidence, that three years after the 2000s election that there are two new books about the election of 1876 appeared. and with that 2000 contest clearly aligned. one was by a bitter democrat, its title says it all, fraud of the century, and the stolen election of 1876. i.e., the republicans have stolen elections before. the other was by a former chief justice, william red quest which was a sort of subtle defeat, or subtle defense of the role of supreme court justices in 2000 by talking about their role in settling the election of 1876. there were parallels sometimes, sometimes eerie parallels between the two. in 1876, as in 2000, the losing democratic candidate had a majority of the popular vote. as in 2000, electoral votes were in dispute, including the electoral votes of florida but a

health care is a really good buy right now, besides costen and you are warren buffett and the buys at berkshire hathaway, but what about health care, jim, as a space to look at >> i have to go with these valuations i remember when bill clinton went to -- the ceo decided merck was worth a whole lot less and the industry was going to be crushed. we are in a period where people think this industry is going to be crushed mckesson is distributing the vaccine. mckesson is integral to the health care system i don't think that's a mistake to buy i think that's a really interesting stock. i think it's hated look at united health. see that go up yesterday i want hated i like hated >> joe >> completely agree. technology is coming for health care in terms of disruption. it's the next sector in which you will see price transparency, which is clearly missing in the sector day like today, thermo fisher. down significantly i think it's down $15 pressing towards it's 50-day moving average. i would step in, buy it there and i just might do it myself later on in the day. i agree with jim health care provides a tr

berkshire hathaway spent $16 billion buying back its stock in the first nine months of 2020, more thans previous annual record. buffett has been looking for a so-called elephant sized deal to but huge sums of capital to work, but has not been able to find large acquisitions in recent years. the latest round in the videogame console fight between sony and microsoft kicks off this week. microsoft is launching its new xbox, while sony comes out with the latest playstation. microsoft is making a serious attempt to attract fans in japan. meanwhile, sony has built the u.s. into its largest single market. that is your latest business flash. alix: time now for futures in focus. going us now is katie stockton, fairleads strategies founder. the technical breakouts are amazing. can we do oil for a second here? what is the resistance level we need to watch out for? katie: it is amazing, the december wti futures are above their 200 day moving average decisively, and that is what differentiates this action from mid-october, when it was actually at current levels. we are really just retracing the los

thanks, we will be back this thursday same time when larry cunningham with his latest book about berkshire hathaway. >> it is supposed to be out. if you can preorder on amazon. >> can't wait to get my hands on a hard copy, looking forward to it, thank you. by. >> weeknights, featuring booktv programs as a preview of what is available every weekend on c-span2. tonight we focus on neuroscience and healthcare beginning with david eagleman in his book live wired, reagan, bottle of lies and the double x brain taking place at 8:00 pm eastern. >> you are watching booktv on c-span2. every week in the latest nonfiction books and authors, created by america's cable television company and brought to you by your television provider. today, senator angus king joined the policy center during the pandemic. what is ahead for the technology. congressman jim banks of indiana and the molten talked about the recent task force report including the need to invest in artificial intelligence illuminate legacy defense systems. this is 45 minutes. >> welcome to the hudson institute, director of the

of earnings season 119 s&p 500 companies are set to report, including clorox, cvs, expedia, uber, berkshireand if last week is any kind of indication, it could mean good news for investors putting aside the lack of guidance from any big companies, from our talented cnbc data team, we have seen a dramatic change to the earnings narrative after some huge beats last week. the s&p 500's blended earnings growth rate is now down just, just 10% compared to what we saw on october 1st at that point we were down 21.5%. a pretty incredible move that could continue with more than 30% of companies in the s&p still yet to report their results. steve chiavarone portfolio manager and equity strategist. so steve, is the earnings season going to save the markets regardless of who wins the election >> i think the economic recovery very well could. i think that's the question over the next couple of weeks here. and it's a bet that we think you want to play we think that you've got an economic recovery in the united states we've exited recession we're entering recovery, we're in recovery. you're seeing that in

tomorrow, berkshire hathaway reporting results. usually people care. perhaps this. much -- perhaps this week, not so much. opportunityame out in an environment that is still so uncertain? jonathan: did you just struggle to get a third thing. [laughter] lisa: what would you say? please, i would love to you this. jonathan: at least you are honest. let's get the price action. the s&p, we are down 0.7%. euro-dollarrket, $1.1880. euro firm or by another 0.5%. the dollar headed for the worst weekly loss going all the way back to march. in the bond market, yields unchanged. it has been the struggle of the week. how do you explain what has happened in this market over the last several days? tom: the market has been extraordinary. the correlations yesterday pretty tight. on the dollar dynamics, it is an advantage to speak to alan ruskin of deutsche bank and catherine mann from citigroup. they really pushed against a substantial weak dollar thesis. jonathan: equities lower, the dollar still weaker. vice president joe biden calling for calm as votes continue to be counted. mr.

amazon already made this effort with berkshire hathaway and j.p.gan to try to change round health care and do things that benefit, and that seems like it has stalled horizontal hold or abandoned. this does feel more like a retail play that is within their wheelhouse and going after one more part of the corner drugstore after doing lots of other parts of the corner drugstore, brick-and-mortar retail, rather than a wholesale entry into the health care space. guy: before we let you -- alix: before we let you go, i want your take on where we are with the vaccine news. was theda -- moderna story yesterday. schools can still open in new york, but much of the other parts of the country and locked down. drew: i was making notes around what was happening around the country. california, the emergency brake with new restrictions. kentucky is probably announcing new restrictions tomorrow. detroit is closing the casinos. , one out of every 2000 people in that state is in the hospital right now with covid. we have 10,000 cases a day in wisconsin. hospitalization

highs amid a truck load of news retail earnings, amazon launching pharmacy, tesla into the s&p, berkshire's 13 and much more retail sales were light, but up 46 the month the road map begins with the amazon drugstore, the retail giant will ship prescriptions to prime members. cvs, walgreens, rite aid, all take a hit. >> the covid consumer, walmart, home depot and kohl's among retailers reporting earnings today. walmart says e-commerce sales up 79%. and elon musk's billions, tesla getting a spot in the s&p 500. it is among the highest valued companies to ever enter the benchmark index and musk is on top to become number three, that is the third richest person in the world. >> indeed, guys. we'll start with the retail picture this morning, jim, you've been vocal as to the investor response on home depot and walmart. i guess that's related to the news out of amazon. >> look, by the way, those stocks do tend to run up in the quarter and sell off that's nothing new a more aggressive amazon is always something we have to pay attention to i remember when amazon bought pill packs, the drug stores go

what warren buffett and the folks at berkshire hathaway have been at in the past three weeks.his is "worldwide exchange" right here on cnbc ♪ ♪ i'm back, back in the new york ♪ >>> well, good morning, good afternoon and good evening i'm brian sullivan i'm happy to be back in a new york mood. and good to be with you after our epic two-week election road trip there's so much to get to on this monday morning. you have a new week, a new president-elect and the possibility of new policies that could impact the markets and your money certainly so much going on let's jump right into it on this monday futures are surging. dow futures up 375 the election, after all that, pretty much turning out exactly as most on wall street had predicted and planned for. and positioned for with a fairly broad biden win. and a senate that will likely ensure a split congress all pending a jan 5th run-off in georgia. it's been really incredible two weeks for the markets and tale of two markets two weeks ago was one of the worst preelection weeks in market history the s&p 500 fell nearly 6% but then boom.

reporter: the academy is a free training program backed by colorado-based builder oakwood homes, a berkshireathaway company. >> we're getting more calls right now than we ever have. >> reporter: because high unemployment from covid has workers looking for something safe. >> this is maybe a job that's steady, going forward i can depend on it, and it's something i want to get into long-term. >> reporter: demand for housing is soaring, sales of had newly built homes are outpacing construction at an unprecedented pace homebuilders are desperate for new labor with the industry short about 57,000 workers according to the nahb. the academy is planning to expand nationally joining others like the homebuilders institute, youth build usa, and the north alabama home building academy. copeland finished his training and landed a job immediately at taylor morrison, one of the nation's largest homebuilders. >> it's a huge breath of fresh air, honestly. just not having to worry about my bills anymore it's a night and day difference from coming from an industry that, you know, right now is struggling to, you

look at some of the names like boeing or berkshire hathaway you see names like that that have reallyeen laggards. i know the bigger narrative has always been growth to value. but you are seeing a rotation out of growth. you are seeing profit taking by no means are we walking away from the tech sector interesting to see salesforce and that software component. but the tech sector will track assets in 2021 but only prudent for financial advisers to book some profits and broaden their exposure to your point but what's interesting is that you are seeing some of these names, these blue chip names always been around in the part of the portfolio fallen out of favor. look like waste management, some of these names that don't attract assets you're seeing the rotation and saw a huge, huge hedge fund out of korea over the weekend book some profits and reduce their exposure to technology i get excited about owning some of the blue chip names in 2021 on top we want to own them in equal weighted manner. equal weighted will come back in vogue. that's a longer-term play. >> sizing up the gains in nov

the s&p 500, which we know it will be, it will be the seventh biggest stock in the s&p, just below berkshire hathaway and just above visa that's how big tesla is. we're going to put tesla up there. gold star for them back to you. >> elon musk, the third richest person in the world. i can't get enough of the superlatives it just feels a little off, doesn't it >> remember back in march at the pandemic lows, this $500 stock was worth $70 back on march 18th just to give you some perspective for how big that run is. >> consumer reports not even recommending the model s anymore. they have adam jonas upgrade yesterday. >> tread cautiously. >> exactly let's turn to this tug of war. we got nor good news vaccine by astrazeneca showing robust immune against older adults the cdc is recommendation no travel for thanksgiving. meg tirrell is here with the latest >> well, that recommendation coming as we've never been in a worst point in the pandemic in the united states. the number of new daily cases reported now on a seven-day average of about 157,000 in terms of the number of people in the hospital, up t

artificial intelligence firm berkshire gray volunteered its robots to food banks in boston and new yorknd also donated 40,000 pounds of food. >> i can get behind these robots. that's because they don't really look like robots. they don't have the bodies. >> the face. the teeth. >> we're okay with these. >> yeah. >>> coming back with another full 90 minutes of news including another massive flagship store in san francisco now closed. the sign that is up on the door this morning. >>> and the different opinions about the california curfew coming tomorrow. where we found some opposition. first there's no bad time to start at amazon... ♪ i like the flexibility. it also allows for picking up shifts. safety comes first, speed comes second. safety. safety. safety. we're making sure that somebody is getting their very important items. it makes me very happy. ♪ ♪grocery outlet jingle do you have cheese? of course. more cheese for less chedar do you have kale? absolutly. more kale for less cabbage in our produce section. how about pizza?! yep... more pizza for less dough in the freezer section. no

>> yeah, look if you believe in this value trade, the buy for value is berkshire hathaway.arren buffett's just completely broke all his old rules and started buying back his own stock after criticizing stock buybacks for decades. charles: sure. >> he is cash, piling it in there. if you believe in value trade, i'm not as big a buyer. my top pick is sb i, technology sector. consolidation, investment, that will not stop on the back of this coronavirus vaccines. charles: shah, your favorite idea now before we wrap it up? >> financials. my stance from couple months ago. i i will continue to add to those positions. charles: they're acting fantastic being led by the regional banks which is intriguing. energy, no one kind of mentioned them. we'll see what happens there. that has been the biggest winner. the biggest winner of no blue wave. shah, michael, victoria, so much appreciate it. meanwhile folks violence erupting against maga supporters over the weekend. i'm getting reaction from the youngest person ever elected to congress, madison cawthorn. liz peek why joe biden ruling out

in berkshire, for instance, the whole of the cou nty for instance, the whole of the county is in tierbetween districts for work etc. we want is consistency and some proper guidelines are workable. for now, thank you. nice to see you. there you have it. that is the picture here. there is a lot of frustration. we know too that local mp5 in kent have written to the prime minister to ask for details about how they have come up with these rankings and calling perhaps for a more localised approach that would avoid problems like here in tunbridge wells. ben, thank you. we should say, as ben, thank you. we should say, as ben said, there is a call for more clarity. we are going to be interviewing robertjenrick at about half past seven, the minister for government. we will put some of those questions to him, to ask how we can see these disparities within a region and frustrated areas where they have seen the rates come down but because they are in a certain region, they are all put under the same banner. let‘s go to one business doing pretty big business i think this morning. it is a christmas

warren buffett's berkshire hathaway looks to have found its latest megadeal, buying back its own stockcooping up the shares in the first nine months of the year. that is triple the previous annual record that it spent on financing deals, more than it spent in a single year on apple stocks. societe generale plans to cut 640 jobs, mostly at the investment bank. is part of -- it is part of a broader cost-saving player. socgen bounceback from its worst performance in a decade, performing better than expected in the fourth quarter. that is your bloomberg business flash. anna: laura wright in london with your business flash. let's turn to the first item on the agenda for joe biden as president, the coronavirus pandemic shows no sign of slowing down. worldwide cases have surpassed 50 million despite successful efforts. but the numbers are thought to be higher because of insufficient testing in many countries. europe with more than 12.5 million cases is a hotspot after being the first epicenter of the pandemic earlier this year. joining us is the director of research at bloomberg intelligence.

berkshire hathaway is its biggest shareholder.se carmaker with close links to the west and the leading have announced debt defaults, highlighting the glorying -- the growing distress among state linked firms on the mainland. brilliant auto is a partner of bmw and says it cannot repay almost $1 billion of obligation. the chip producer also says it cannot meet $200 million offshore bond after talks with creditors. oncent stored on lake trade news this talk. is the joy the s&p 500 the 17-year-old carmaker will join the index after months of speculation and the temporary setback when it failed to make the grade in september. the anticipation has driven a near fivefold rally, making test of the most valuable company ever to be added to the gauge. the row between taylor's swift and a music manager with her selling the back catalog of our verse six albums valued at $300 million. brown acquired the collection last year as part of a purchase of nashville-based record label big machine. the singer says she has been trying to reacquire the c

buying in berkshire, starbucks lowe's. stuart: betting the market goes down. mr. ackman.ee you again. >> morning. stuart: way want to raise i think are the two negatives for the market. the number one, the virus second wave is arriving. number two, proseconded election. those are the negatives i see. what see you? >> you're right. this rally, stuart, has been predicated on this vaccine euphoria. with good reason. a friendly fed. powell said as much as week. the fact of the matter is that is weak wave is upon us now. the economic implications of a shutdown would be very far-reaching. and it is our view, that that is unlikely. we somely don't have the political will. so will there be better social distancing? absolutely. will there be mitigation steps put in place and self-imposed lockdowns and will that have an economic impact that is adverse? to some extent it will. but we do believe we'll get some iteration of stimulus to bridge that gap. as far as what is happening in europe with the interest conian lockdowns are unlikely to have here. stuart: the outlook for stocks nex