the truth is that i regard berkshire hathaway sort of like the way a painter regards a painting. being that the canvas is unlimited. so there is no finish line at berkshire. and it is a game that you can continue to play. david: any words of advice that you give to a young investor who would like to emulate you? what would you recommend they do to build something close to what you have done? mr. buffett: i think you should look for the job that you would want to hold if you didn't need a job. you're probably only going to live once. shirley maclaine may differ with that, or a few people, but you do not want to go sleepwalking through life. and you really -- whether you make x or 120% of x, it really isn't remotely as important as to whether in most cases you marry the right person and you also find something that you would do if you did not need the money. i have had that job for, you know, 50 or more years. and i was lucky in that i sort of found early on what turned me on that way, but don't settle for something if you can possibly -- don't worry about making the most money thi

berkshire hathaway another big investor in the company.ichael, it's kind of hard to make the case that this isn't political if qatar is coming in to buy when their stock price is so high. michael: yeah. well, although qatar has made some similar moves. it could be seen as operational. they've made an investment in latam airways which is a big airline in south america. they have a 20% stake of i.a.g. which is the owner of british airways. so they have a history of making investments. and they could be seen as -- could be beneficial to them in terms of getting an ally. also, they -- as you said it -- there may be some politics at stake. they've got some issues with their neighbors and again, the united arab emirates and such. and they may feel like cozying up to the u.s. government, cozying up to a u.s. airline is in their interests. geo politically at the moment. julia: good luck with that. they can make a passive stance initially. they a acquire what 4.75% of the shares without actually having to get board approval. so if they want to star

how did this deal with warren baoust and berkshire hathaway come about?well, we've had a process undergoing for about six weeks. and we've been out there. we announced that we were seeking strategic alternatives. and that process has been pretty robust. both in terms of strategic partners as well as financing alternatives and asset sale alternatives. so berkshire hathaway emerged out of that process. and that's how we got together. joe: did the provincial government play any role in bringing you together or was this purely in the private sector realm? >> this was 100% in the private sector. the gofments of any stripe had nothing to do with it. joe: let's talk about some of the aspects of the deal itself. these are better terms than the company previously had from the hoop line of credit. how does this -- how does the ultimate numbers compare to what you're ultimately going for here? >> well, when we entered into the agreement with berkshire hathaway, we were really focused on what would be the stand-by fee here as you're aware in the hoop facility, there

of berkshire hathaway, which owns b.n.s.f. railway, one of the funders of the newshour. >> woodruff: now, a sexual assault scandal that has rocked baylor university, and ignited questions over whether the university ignored the complaints of victims. the school confirmed in recent days that it is also the subject of an ongoing n.c.a.a. investigation. that's the focus of our weekly segment, "making the grade." john yang has the latest. >> yang: more than a dozen women have filed lawsuits against baylor, the country's largest baptist university, saying the school ignored or mishandled their claims going back several years. the school's board of regents has acknowledged that 19 football players were accused of criminal, sexual or physical assault. one of them, tevin elliot, was convicted and sentenced to 20 years in prison. the head football coach, art briles, was fired, and the president, ken starr, quit after he was demoted. paula lavigne is a reporter with espn, investigating these allegations. she's the co-author of a forthco

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i think berkshire hathaway should be consider the first.realized in terms of financial investments he is sitting here, if you had to guess? scarlet: billions and billions. julia: any more specific? joe: i can't guess because i know the answer. julia: you know the answer. $40 billion. joe: there are two extraordinary things, 2011, we think of the financial crisis as 2008 to 2009. deal well in the his bathtub. he was in his bathtub and he said maybe i will invest in bfa -- b of a. scarlet: that adds to his legend. he comes up with his brilliant idea. as if anyone could do that. >> i'm interested in home capital. inspiredd be another investment. we shall see. saying he doesn't think it is on the same scale of returning. a look at have berkshire hathaway's holdings overall. kraft heinz the number one investment. wells fargo prominent as well. there are a number of names that are not banks. american express. moody's. we didn't mention goldman sachs. plenty of banks. u.s. bancorp. a pretty long line of financials. coming up next, the country's bi

but what i can tell you is even before we did the deal with berkshire hathaway, we were seeing a veryturn to our deposit flows. and we expect that with this stamp on us, that that should improve dramatically from there. in the long run, are we going to be an h.c.g. brand? i can't speculate on that. but for now, it seems to be working. vonnie: joining us from seattle now is bloomberg's warren buffett reporter, we have -- always does a fantastic job. why would warren buffett be taking a stake in this mortgage lender? such a large one. >> yeah. well, i think the simple answer is that he got a price that he was interested in. this is straight out of buffett's playbook. he said a couple of years ago that berkshire hathaway has become -- his firm has become the 1-800 number in a market crisis. what we're seeing is really just an example of that strategy. he's done it time and again. he really likes doing it with financial firms. he did it with bank of america. he did it with goldman sachs and with g.e. during the financial crisis. vonnie: that's right. >> these deals are structured in a way

vinnie: a pretty phenomenal payday for berkshire hathaway and warren buffett, $12 million.t was a great trade. >> a pretty sizable sum radio was symbolically a vote of confidence, wasn't it? from warren buffett in the banking sector. and the banking sector really needs it. vinnie: you look back and say, of course the banks are going to be ok, but it wasn't so clear at the time on the day. it's a very cleverly arranged a deal with convertibles, to hit the dividend, at a certain number. he's keeping his wells fargo shares. he's not doing anything with goldman yet. this is interesting. >> he tells you, only invest in the things you really understand. it's also through the post stress test liberation for the banks. them a chance to just take off the mantle of financial crisis. >> and that page. rallying the most in two years after the athletic brand delivered a rosy forecast. the company announced it would for a relationship with choppers, a move that would let mx -- amazon an instrument users by its sneakers directly. joining me now is matt townsend. what is a game changer her

berkshire hathaway took a 38.4% stake and about a $1.5 billion u.s. dollars credit line.ld warren buffett taking a stake in this mortgage lender? such a large one? >> the simple answer, you get a price he was interested in. this is out of buffett's playbook. he said a couple of years ago that berkshire hathaway has become his firm, the 1-800 number in a market crisis. what we are seeing is an example of that strategy. you have seen it time and again. these deals are structured in a way that berkshire hathaway not only earns a high yield on the debt part of the transaction, but often get some sort of equity in the mix as well, which serves as a kicker. you know, if buffett is right and these embattled firms return to investors' greases, they make a lot of money in the process. jonathan: 34 of the largest banks cleared the first round of the federal reserve stress tests, examining their ability to withstand economic shock. tests come next week when the fed will release findings from its competence of capital analysis and review. those test will be watched by investors as th

berkshire hathaway emerged out of that process. we got together.the government play any together orging you was it purely in the private sector realm? >> this was 100% in the private sector. the government had nothing to do this. joe: let's talk about some of the aspects of the deal itself. are better terms than the company previously had from the of credit. how does the ultimate numbers compare to what you're ultimately going for here? entered into the agreement with berkshire were focused what will be the stand by theme. facility there was a stand by fee of 2.5% and drawn interest rates of 10%. in this facility, after we the first -- if will be 9%. fee.1% stand by that was particularly important as we expect to be able to pay to zero overlity the course of the next 45 days. joe: let's talk about the brand now. hathaway, warren buffett specifically talk about the brand and how you can spend years building it up and destroy it. hcg is the brand value of given the recent trouble? >> i think there's no question that the brand value of hcg has byn neg

. >> caller: my question to you is berkshire hathaway, i'm wondering, it's been a lot of volume, it went$4 in the last six days and also i heard rumors that warren buffett is thinking of giving dividends to the stock. >> i think we buy the stock because warren buffett is a good management we all agree this would be a fabulous stock to own, i can't own individual stocks, but berkshire hathaway is right and i think he's doing a great job let's go to mike in arizona. >> caller: cramer, love your show my stock is quarry infrastructure corp, mic >> i'm going to have to do some more work on this, because all the other infrastructure stocks are doing bad by so i have to do more work. >> caller: jim, send us some texas aggies some better football players >> i'll get to that. >> caller: eight-time season record for three years, and we paid for a half billion stadium, which is reprehensible, if it's not questionable target, tgt. >> i put that the oklahoma stadium is so beautiful. okay, i think that target is okay, i do prefer tgx that has come down is a bye-by a buy, buy and that ladies and gentle

, taking a 9% stake in the company , issuing 18.6 million shares to berkshire hathaway at a discount are trading today. are seeing others, particularly those in the retail .ndustry, rising cb richard ellis is on the rise. then there are some headlines that have been crossing about the right eight pending acquisition by walgreens, sending others in particular up i-24 percent. ,his was a report by see tfn speculating that it was more likely than not that they will approve this acquisition, the story exciting various antitrust lawyers. bloomberg reported earlier in june that this deal was not likely to be approved, so there has been a lot of back-and-forth about it in some degree of pessimism surrounding it. interestedhe other already here, it is set to acquire a number of locations from rite aid as a condition of the deal. that's -- david: that's julie hyman, appreciate it. steve bannon is the white house strategist, barry cohen, steve powell, bill, and is a bloomberg tv exhibiting editor and has written an --bill cohan has written an article. it's a great title. noting the strongly an

berkshire hathaway will exercise warren's options to own bank of america.ar remember buffett will buy 700 million shares. >> that's how many of the warns he held. he was saying at within point he would exercise them if the price was at a certain amount. bank of america just doubled the dividend for the common share. he's probably getting a better deal on the dividend, i would guess. >> and he becomes the largest shareholder in bank of america >> he's been breaking out the warrants in the annual report for several years. just talking about how -- why this is such an important stake for berkshire hathaway, i bet it's because bnk ank of america doubled ets d ed its dividend >> he owns a 6%, converting that to 700 common shares would you view this as a sign of confidence >> are you ready for this? as of wednesday's closing price, he has a paper profit of 11$11. billion. >> wow on that transaction. >> he's not bad at investing >> no. i heard he's pretty good at that >> think about this, you wake up, it's friday morning, 6:04 in the morning. warren buffett buying

the critics are saying yes, you call them out but berkshire hathaway still owns a big chunk. >> yes usedwood the. >> woodruff: is there a double standard. >> it's a terrible mistake. they incentivized bad behavior. it works. but you increment vised bad behavior. the big problem is you can design an incentive system that is incentivizing the wrong things. you have to end it fast and decisive that's where they made a big mistake. >> woodruff: is there a clear mind that behavior becomes so unacceptable you don't want to have anything to do with that company. >> it's a very interesting question. i would not want to manufacture cigarettes. but if i owned, we do own costco. do they sell them? yes. so i don't have a problem owning stock in that. i wouldn't want to do it myself. i basically think if anything is anti-social, society should do something about it. that's a separate question. i don't the there's any company i've seen that's a hundred% pure. in terms of what i'll call them out for, i'll call individuals out but generally not a private corporation. >> woodruff: something that affects

. >>> real estate investment trust store capital said berkshire hathaway took a nearly 10% stake in theompany, worth almost worth $400 million. store said the new investment positions it for growth. shares r1 1% on the news. the pan dora ceo may step away from the company he founded. according to recode, westergram plans to leave the music streaming giant but will likely remain in his role until a replacecement is found. pandora shares up 2% to $8.46. >>> it's been three years since seattle approved raising its minimum wage to $15 an hour for lower paid workers but a new report out today from the universi says the increased minimum wage is having an opposite effect and is actually hurting workers. mark long is one of the co-authors of the study and professor of public policy and governance at the university of washington. and he joins us to talk more about that. welcome. it's a pleasure to have you here, mark. >> thank you for having me. >> this has been called a very credible study and it has not yet undergone pure review. however, i'm interested in the fact that it seems to contradict

berkshire hathaway will buy 700 million shares of bank of america. the prices over seven dollars a share. will convert that into common stock. bloomberg this this flash. they are 1% higher on that news. since they raise the dividend yesterday, it is higher than buffets payout. berkshire will make money on common. it's kind of a no-brainer. that gives bigger dividends. what we sawe yesterday, a big selloff in the tech industry. there was money in financials on that. take a look at the value versus growth index. it underperformed so far this year. the financial. in the back half of the year? is tech leading the way? alberto: it's going to be financials we think there is we are coming out of the zero rate balance. price goes to infinity. that's what happens with tech stocks. , youterest rates normalize go back to a value in the market. you go back to insurance and other sectors which benefit interest rates. when you look at the sector heavytion, we are still on the tech sector and utilities. dividends are stable. what we need to go into is things that a

your take of spain of zara the retail company was talking about is in there warren buffett of berkshire hathaway and mark zuckerberg of facebook those five guys have accumulated as much wealth as half of the world's population three point seven billion people they have those five guys have around four hundred billion dollars of wealth three point seven billion have a population has four hundred billion so these five hundred has four hundred ten billion so these five people are catching up to these to half of our population last year was eight guys now it's down to almost five so the wealth inequality is growing and you know i think it's a good thing because it means pretty soon someone's going to have everything and some guy's going to win capitalism that there's a kind of we get in the owners and they're like you said this whole thing and now you go to a more reasonable democratic socialism and how long this is going to have. not only damages were not and then people just wouldn't have staggered it's part of that like wrap your head i just realized you know hope the i guess my inherent peacenik

stuart: berkshire hathaway, i don't have the numbers, i'm sure berkshire hathaway his investment vehicleone up a lot. liz: and his net worth has gone up, up $12 billion due to the trump rally. buffett's own. stuart: i suppose i can understand it. i think he's a brilliant investor the greatest of the last two generations, the first person to make a billion dollars in the stock market, why like his politics, i don't like it. >> you're right, credit where it's due. he's clearly a market wizard, but politically, i disagree with him almost always. stuart: he doesn't think we're going to get to 3% growth. no, we won't go to 3% growth unless we cut taxes! don't get me started. and we'll be down maybe 20-odd points, not a huge loss, around the 21,400 mark. pay close attention to the five technology companies, as things stand they'll all be down again at the opening bell. we'll take you to wall street, take you to the opening bell and see how things are going in the early going. we'll be back after this. [vo] when it comes to investing, looking from a fresh perspective can make all the difference

it wants to buy 10%, which would put it on par with berkshire hathaway as a shareholder.is a dramatic move. the rivals are accused of government subsidies. they comes weeks after president trump accused bill hall of supporting terrorism. the indian government expected to discuss its flag carriers policy. they will decide if a stake in air india should be sold at other potential strategies for the latest airline. on wednesday, the toss of group said it may be interested -- the tato group said it may be interested. >> coming up, investors see takata speeding towards a brick wall. the implications after the stop plunged to a record yesterday. this is bloomberg. this is bloomberg. -- the this is bloomberg. -- the so new touch screens... and biometrics. in 574 branches. all done by... yesterday. ♪ ♪ banks aren't just undergoing a face lift. they're undergoing a transformation. a data fueled, security driven shift in applications and customer experience. which is why comcast business delivers consistent network performance and speed across all your locations. hello, mr. deets.

remember, berkshire hathaway is the largest stakeholder in that company, rising after cutter airwaysaid they were seeking to acquire a stake that would equal his. intending to invest $800 million. those shares up almost 2%. rent: i want to talk about . we are back about $45 per barrel, up 1% on crude, but it is the bear market in wti and brent that has been dominating all markets for the past couple of days. the stoxx 600 is weaker on the third day, heading for the worst three-day drop in a month. in terms of the worst performers earlier it was the energy stocks. they have been the worst performing this year, financials performing down 8/10 of 1%, utilities falling behind. heading higher, up 1.5%. what's interesting is comparing oil against metals prices. this chart is normalized in the red line there, where you can see the normalization, showing that you could ask whether the aboutin oil is also concerns in an economic slump, but metals prices would suggest not. you are seeing a lot of gains in industrial metals, with losses for crude. i also wanted to show ,ou their norwegian kroge

berkshire hathaway taking a 9.8% stake in that. as result of that, ripple effect.ook at the bloomberg here. an unusual trade in gold this morning. the past several days of trading and goal here. there was an enormous spike in gold, after which we saw a steep drop in gold. it looks like there was a fat finger, according to traders in new york, because there was a spike in volume he and trades -- in volume. gold is now a little lower on the day, even though it is higher over the past several days. vonnie: thank you. breaking news now on health care. the senate gop is said to have -- to be releasing a revised health care bill this morning. this would include continuous coverage provision, because it was among the issues gop leadership had been wrestling with in trying to find a compromise. loseop can only afford to twoenate votes here -- senate votes here. to release ap said revised health care bill which would include continuous coverage provisions which would replace the mandate, allowing 30% charge charge a are people who did not sign up for insurance last year. ma

berkshire hathaway energy. do with our technology is they are able to better service those machines, and also better focus on productivity. for every 1% of time of energy produced by a turbine, you have less dependency on other ve energy sources. this is about optimizing what is already in the world, about being more productive and responsible, and differentiating one company from another through insight. reporter: can you give me an update on where uptake is? you started in 2014. you have 800 employees? >> we do. reporter: what is the next step? >> this is one of the fastest-growing companies that i've heard of. in three years, having the impact we have, over 90 countries, being active in so many industries, the next phase for us is execution. more companies, mark opportunities -- more opportunities coming our way. by having more technology, we are able to be responsive. reporter: are you profitable yet? >> we don't like losing money, so this is a company that grows on its own funding, which means we are not a

as a good america raises its dividends, that could result in payouts for berkshire hathaway in addition to the $1.5 billion from the preferred stake. not much of change at the moment, but there was talk it was going to happen as bank of america was raising its dividends. two companies going in opposite directions today, wells fargo and -- it's a movement that continues and treasury. you can take a look at it here, the four sessions in particular is where we have seen the yields on rising up 14 basis points in that period of time. quite a run for treasury yields over the past few days. however, yields on another kind of debt not looking so great. the puerto rican governor has asked the oversight board to file for bankruptcy protection for the ailing electric utility from puerto rico. the bond insurers are seeing losses today. the builders today, home builders rising. the companies are in a unique spot to capitalize tight home inventory. president trump making some comments on trade. trump is saying the u.s. cannot allow trade deficits to continue. he says he and south korean president mo

hard for hathaway is the highest growth -- berkshire hathaway is the highest profile.conversation we had those investors is different than we have with our investors in the past. they are much more interested in where we will be in three to five years now instead of next month's revenue. we have always thought that way or tried to. it is encouraging. -- it shows we believe we are on the right track. vonnie: we have to leave it there. what is your favorite airport to travel in and out of? doug: dallas-fort worth. parker, thank you for joining us. mark: we are awaiting comments from president trump at the white house on the apprenticeship and workforce of tomorrow initiative. will bring you his comments live. this is bloomberg. ♪ >> he continues his brave fight. it has been much more difficult than people even thought of the time. heis in some trouble, played is a great fighter and will be ok, we hope. i visited steve and his family the hospital last night. i reassured them the entire country is pulling for them, praying for them, and that we are here for them every sing

here in light of what amazon had with half a trillion and followed by facebook and berkshire hathawayants not just in terms of tech market cap overall. vonnie: abigail doolittle, thank you for that breakdown. amazon'swith tech, proposed 13 point seven billion dollars takeover of whole foods has some investors scratching their heads about what is amazon's an and game. global share some of that doubt. alex, let's first start with you because you can give us some perspective. learned that goldman sachs advised but not just on the deal itself but also financing. alex: we knew there were a couple of companies late in the game that financed the steel. some of what i picked up this morning indicates that goldman's relationship with amazon actually does not just have to do with the financing. they in fact where the soul m&a advisor on the steel. that's a little interesting because it indicates that there were at least some bankers working on this prior to late stage when the steel came to -- this deal can together. much of this deal was negotiated with principle. so think jeff bezos and his t

could help you make money i'll tell you what's behind the change it works with marriott, and berkshire hathawaystick with cramer! >>> could the stock of the stack food giant that has been in the 40s for the last few years ready to break out from this range you've all chowed down on their wares here nabisco, oreos, cadbury, so many other great ones stock has been trading sideways. they're trying to come up with terrific new growth strategies it's starting to work. costs have come down mightily. i think it's being ignored since the last quarterly report which was quite good there could be consolidation in the industry that might boost things further nestle announced it's putting up the u.s. confectionary business for sale is it finally time for this company stock to take off? let's check in with the chairman and ceo of the company, how her company is doing welcome to "mad money. great to see you you have put it together over the last five years. you've cut costs remarkably. top line growth. are people going to start recognizing the breakout of the pack which does not have that kind of growth >> i

it wants to buy 10%, putting it on par with berkshire hathaway.f rivals were accused of enjoying unfair government subsidies and comes weeks after president trump accused doha of supporting terrorism. rishaad: theresa may has taken a big step towards brexit as she presented a step to protect the rights of eu citizens living in the u.k., but european union leaders in brussels gave it a mixed response. kathleen hays has more now. what has theresa may proposed here? what has been the mixed response so far? >> so far what she has done is take an important step, because there are nearly 3 million citizens of the eu living in the u.k., and there is another 1.5 million or 2 million brits they are the eu, so wondering how this will be resolved. whatts to the heart of people call divorce issues, divide the kids, who gets what, so this is something that has to be tackled before they move on to bigger issues. it is not clear on a cut off date. it is all about how long you have lived in the u.k. the cutoff date for determining whether you are eligible to stay

he said a couple of years ago that berkshire hathaway has become his firm, the one 800 number in a market what we are seeing is an example of that strategy. you have seen it time and again. a wayare structured in that burger happily not only earns a high yield on the debt part of the transaction, but often get some sort of equity in the mix as well, which serves as a kicker. you know, if buffett is right and these embattled firms return greases, they make a lot of money in the process. largest: 34 of the banks cleared the first round of federal reserve stress tests examining their ability for , economic shock. t-tests come next week when the fed will release findings from its competence of capital analysis and review. those test will be watched by investors as they determine when lenders can increase in turn back stocks. >> the numbers look good. calculation and looking at the 34 banks covered. they have according to the fed, 500 of access capital above stress levels. keepare required to severely adverse scenarios. the big bank side, jpmorgan's and regional banks, have about 360 billion o

next, it's 1977, you have $100 bucks and a choice lit get you a share of index or a share of berkshire hathaway they explained it to mike >> it's going up to 100 peak down back to 100 in may of '77 at the same time a stock got there for the first fund, though berkshire hathaway, that was the big one. way before the split that's a $250,000 stock. that was 100 all parody with the s&p 500. 250. >> thousand. dollars per share. >> per share. >> apples to apples, berkshire's been to 250,000 t. s&p has done well, people are buying the wrong index it's amazing i think one of the real things for me here is it shows that the out performance of berkshire was mostly in 1980s and into the mid-90s. a lot of people think of warren buffet being active since the 19 victims think it was in the primordial days, mid-20ing century. actually, no, it was about multiple expansions and getting the great brand fames. he started the s&p in may of 1977. >> that bull talk is on cnbc pro? >> by the way, if i had $500 in 1977, i would have bought 50 packs of baseball. >> next i love this story out of australia. it's trying t

. >> you may have heard berkshire hathaway is now the largest share holder in bank of america. that's not the only company where warren buffet is the top shareholder. i love that story, he bought the preferred. they raised the dividend he converted and now he made $12 billion in the process. >> you have to hand it to hill when everyone was panicking, he stepped in and made so many deals. >> buy low that's how that works. let's get to the market. so far the nasdaq is up more than 14% while both the dow and the s&p are up roughlile%. but that's starting to show signs of changing here let's get to the closing bell he can change for strategies for the second half of the year. chris care daro is next to peter costa from empire executions and rick santelli checks in from the cme in chicago peter, you famously exited the market before the beginning of this year. i don't think you have gotten back in. you have been shorting this market >> i'm going to tell you i'm almost thinking about doubling down because i really think we are getting to a point where you have valuations -- you know

sinceock has soared berkshire hathaway agreed to a 38% stake in the company last week.ear, beating last year's total, and we are not at the end of june. the falcon craft is carrying 10 satellites for iridium communications and took off from vandenberg air base in california. there was another launch on friday. it is the first time space x has sent to rockets into orbit in such a short period. coming up, out with the old, thai airways plans a major fleet revamp. we will hear from its chairman. that is next. this is bloomberg. ♪ rishaad: this is "bloomberg markets: asia." i am rishaad salamat in hong kong. thai airways revamping its fleet. says that will mean 100 new planes from airbus and boeing, including 30 in the next five years. atright now we are looking replacement of the old aircraft. we have 100 aircraft right now. we are looking in the next five years to replace the old ones, almost 30 aircraft. that is in the next five years. the portfolio us, of our airline means we will have new aircraft must 100%. there is sotime, much competition in the world, now.e are ver

. >>> billionaire warren buffett, his company, berkshire hathaway, making a quick $12 billion. why?5 billion in bank of america during the financial collapse. those shares now worth $17 billion. buffett converting the investment into common stock. he will become -- rather, the company will become bank of america's largest shareholder. >>> next up, democrat senator elizabeth warren now saying that she is opposing the gop health care reform bill say, you know what? it's not enough. democrats out there, you have got to start running on a socialized, single-payer health solution. my next guest wonders what would reagan do? you know what? he knows. he was his campaign manager: he's ed rollins. he joins me next. ♪ [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can hel

i want everyone to watch that and watch what he says about where the s&p was and berkshire hathaway what he started 40 years ago. that's a big tease for you. in any case, michael, thank you very much. >> that does it for us on "closing bell." "fast money" begins right now. >> "fast money" starts right now! luveng from the nasdaq market overlooking new york city's times a square. kim seymour, karen finerman and guy adami. tonight on "fast" shareholder meeting moments away, we will bring you more must haves on the break and morgan stanley analyst adam jonas has an interesting call. who might be the winner? it's not tesla. plus, safety trades are surging as bonds and golds continue to drive t. strategist says fear not, stocks are still a buy. we'll tell him what has him so bullish. later, karen will tell you the one bank stocks that she says is a screaming buy. and jamie dimon, it's not your stock. >> oh, wow, man. >> we start off what it looks like for a retail armageddon once again. now covering your year-to-date lows t. main calls were, once again, department stores. macy's yeting crushe

berkshire hathaway came in second followed by apple exxon mobil on mckiss son.in total fortune 500 companies represent two-thirds of the u.s. gdp. >> cuba unveiling its first luxury hotel. it occupies the top floors of a shopping mall some features include a rooftop infiniti pool, a spa with a steam room and sauna and rooms they start at $360. beautiful. >> ♪ >> all right, mike thomas in, good morning to you. tell us about our z forecast and beyond. >> zip trip looks fantastic and then this weekend looks great to get into one of those infiniti pools because it's going to be hot, it's going to be sunny. definitely get the sunscreen ready. you'll need it this weekend if you're heading outside because u.v. index will be very high. 60 degrees as you start your day in washington on this friday morning. winds starting to come out of the south. that means warmer air will be on the way as we head into the afternoon hours today. satellite and radar showing clouds moved through overnight. they're starting to clear the region. we'll have lots of sunshine today with just a

maria: let me ask you about berkshire hathaway ceo warren buffett weighing in wouldn't on pbinterviewur reaction. >> if the bill passed house 217 votes had been in effect this year i would have said i can give you exact figure i woved saved 679,999 dollars or over 17% of my tax bill there is nothing ambiguous about that i will be given 17% tax cut the people it is directed at are couples with 250,000 or more of income. you can entitle this relief for the rich act. maria: this from the guy doesn't have a salary, he has all this is wealth tied up in microsoft -- in berkshire hathaway stock rather and as a result, he is not paying income tax he is paying -- a tax 20% just you know for the stock that he owns, so it is apples and oranges. >> actually i am glad he said it because hopefully it will cause some people in the news media to focus on the fact that obamacare contained a huge tax increase as warren buffett says, his taxes went up more than 17% because of a hidden income tax medicare tax if you look at numbers 20% tax increase. if you if you take his taxes minus 17%, and then add ba

it's berkshire hathaway. the legality of what his positions are.gest shareholder for his organization and the biggest shareholder in the second and third largest bank in the united states. the significant holdings of the bunch of other things like being blind melon, goldman sachs. quite frankly, a lot of the investors and banks. he stuck with a whole bunch of banks which actually any improvement in earnings. he totally missed what was going on at wells fargo, which is a major error if you are the larger shareholder. we've got to sweetheart deals. a sweetheart deal on goldman sachs. he sweetheart deal and bank of america. he made a fortune, but these companies beg him to. warren buffett has not been a good investor in banks if we try to look at performance. drink a good point out. great to see you. thank you so much. coming up, new security rules taking flight. the department of homeland security announced a new screening measures. what to expect when you head to the airport next. back in a moment. ray's always been different. last year, he said he

first at number 5 is mckeysen. 4 is ex-son mobil, third is apple, fourth is 27b8d is berkshire hathawaygood morning. what have they got? >> they're the next size. they're really a behemoth. they're not punumber one in profits and revenue but clear size. >> they've taken clear aim at amazon. >> yeah, which is really interesting. it's about a third of the size of walmart in terms of revenues but it's more -- far more valued by the market than walmart is. amazon is number two if you look at roy the market thinks. >> a big shout-out to those who made it into the big ranks. >> because of rapid growth. >> activision is a gaming company. 's hit 400% grouk over the last five years so it's really skyrocketing and tesla is amazing. in the 63-year history of the fortune 500 list, this is the first time there has been a new car company come on to the list. we thought with the big three dominating new car companies would never happen, but elon musk made it happen. 383 in terms of revenues, but it's market cap, yes, is high and hassurpassed, you're right, gm and ford. >> how many women made the top f

. >> coming up we'll tell you why warren buffet and berkshire hathaway is now bank of america's biggest shareholder. take another look at futures plus ten minutes to go before the opening bell looks like markets indicated to open higher at least the dow and the s&p still some pressure on the tech heavy nasdaq down four on what is set to be a down week for stocks more squawk on the street straight ahead ...it starts a chain reaction... ...that's heard throughout the connected business world. at&t network security helps protect business, from the largest financial markets to the smallest transactions, by sensing cyber-attacks in near real time and automatically deploying countermeasures. keeping the world of business connected and protected. that's the power of and. so that's the idea. what do you think? hate to play devil's advocate but... i kind of feel like it's a game changer. i wouldn't go that far. are you there? he's probably on mute. yeah... gary won't like it. why? because he's gary. (phone ringing) what? keep going! yeah... (laughs) (voice on phone) it's not millennial enough. t

down 7% now on share price >>> shores of store capital are rising berkshire hathaway spending $3.77 millionstate. pandora's founder and ceo time westergren is reportedly going to step down recode reports a replacement has not been selected. he will likely stay on at pandora until a new ceo is in place. pandora is up 3% this morning. >>> in washington, president trump will be meeting with indian prime minister narendra modi at the white house today. immigration and climate change are expected to be among the top issues that the two leaders will talk about yesterday modi sat down with some of america's most high profile ceos including apple's tim cook, amazon's jeff bezos, jpmorgan's jimmy diamond and google's pachai. the congressional budget office is expected to release its score for the senate health care's bill sometime this week, possibly as soon as today. joining us right now is our guest host for the hour, ohio senator rob portman. thanks for being here today. >> thanks for having me back on. >> so all eyes, joe hates when i say all eyes, but all eyes are on the senate -- >> by the way

. >> berkshire hathaway, southwest airlines whether it's carnival cruise line, a number of companies where i think there's moats there and, importantly -- >> it's called the ocean for carnival, right? >> it's also a billion dollars to build a shop. >> how hot is it today in phoenix, nancy >> it's 118. >> 118 okay enjoy. >> oh, yeah. >> it's not the heat it's the humidity. >>> a news alert in the bond market seven-year notes are up for auction. rick santelli is tracking it >> it is a c-minus, similar to yesterday at 34 million. the yield of these 28 billion, seven-year notes lasted 88 in coupon supply. it was 2.056 it was just a whisker above the big side of 2.05 so not perfect in pricing 2.46 bid to cover. it was the lightest since january. not that long ago. long-term average is 2.53. 65.4 is a little light 9.4 on directs was also a little bit light. everything was a little below average, hence the "c" minus sometimes you get a rally. not seeing it today. with supply out of the way, i guess all we have to look forward to is more information from balance sheet controllers around the

i want everyone to watch that and watch what he says about where the s&p was and berkshire hathaway whatse for you. in any case, michael, thank you very much. >> that does it for us on "closing bell." "fast money" begins right now. >> "fast money" starts right now! luveng from the nasdaq market overlooking new york city's times a square. kim seymour, karen finerman and guy adami. tonight on "fast" shareholder meeting moments away, we will bring you more must haves on the break and morgan stanley analyst adam jonas has an interesting call. who might be the winner? it's not tesla. plus, safety trades are surging as bonds and golds continue to drive t. strategist says fear not, stocks are still a buy. we'll tell him what has him so

berkshire hathaway is investing in home capital.alternative lender, they are trying to rebound from near collapse. acquire a 30% stake and is providing a one and a half billion dollar credit facility. -- $1.5 billion credit facility. next hour, mr. schiller of yale university will join us for it there is lots to talk about. let's get a head start on that on the exuberance of the stock market. withloki --rick lacaille francine in london. shared lastchart we week. on radio, it is simple. the line moves from the lower left to the upper right. it is the religion of the use of cash. you happens to be -- thank for that. the idea here on use of cash, do you just assume that is a permanent extra in the equity markets? >> i did not catch the question about the use of cash. -- with dividend growth, do you assume corporations have a new religion where it is about dividend growth and share buyback forever? think it is and there are cross currents with the equity markets. think about investors -- investors think about their role as stewards. we

group, which of course is the embattled canadian alternative, which is actually near flat, berkshire hathawayanadian dollars worth of stocks, 38.4 percent. that is the size of the state, and a $2 billion credit line and canadian dollars as well. pointsentage thereabouts. the market continues. from new york city, you are watching bloomberg tv. ♪ emma: this is "bloomberg daybreak." i am emma chandra. coming up later today, an exclusive interview with the bank of mexico governor. this is bloomberg. ♪ the federal reserve will take the first step in determining what the bank should do in increasing shareholder dividends and buying back stock when it releases findings from its annual stress test today. are anticipated to pass today. earlier, we spoke with the ceo of -- guest: on the quantitative side, i think everyone will pass. the interesting part will be the 13 banks that get a qualitative assessment from the fed, and that is harder to know. us, burnsstill with mckinney of allianz and gina martin adams. is it a story investors wait for? do they go to lunch? is it something people even think abou