they have t had ipo yet so ey d not have .5 blion tohrowround. all of th is aimed at at. micsoftoes not necearily have the best history withese kinds of meers. we all like to think thatill gates isne o the most inteigenmartest sinessmen in america. you inkhat without bill gates mcrost is goi to pull thisff? >> i aually thi they have a better chance ofakinthis wo. of allf the product th they offer, they can do more wh thisthan anybody else can beuse ey are in all of these marks. this willompe against sysco and what is calledysco tell presce. itill cpete o theireless side th is how they canustify the pre, if it wos ou >> and if skype has not been ab to make money doi all of this, that wil microsoft make moy out skyp or will the subsidize it witothepartof the business? >> i ink eywille subsizin thiss re of the densi move tn an offensive move. skyp is a erenched, older technology but it is a stick technology. if ty ca aually leverage the 170 million users an bring themselves int the microso fold, they can dend themsels agast all of these other competitors. thank you. one more

altogether if it were not for a up blion dollars. this the 8 millionth example of where you know people believe in bad ways, but we just ignore the 7sovereignty -- >> and fight the guy whos spsie r eigst- >> i am not against it. >> as david ignatius pointed out in his columnn friday, four two aintrions, we have increasingly warned them that you have to do th more agesve, d i don't understand why they don't. they lost 30,000 people to terrorist attacks and pakistan. they lost 80 police recruits at the end of this week. i don't understand this. i nn furit out. >> i am not going to answer that question. just kidding. >> thank you. [uger >> there is a difference between th government and the military. these countries have a governmentso akha iou no bsurised if they are out of the loop. it is run by the military, essentially, but did the military and isi notno no chance. did the government not now? it is possible. >> 10ears -- he has discovered living in an apartment ith showf e fbi building. there would be an uproar, wouldn't there? >> t

. >> just because exxon bil made $.7 blion -- ihe firsquarr. they gt multibillion-dollar tax eaks. i think that's ue. it will be a great debe on catol hill. e coentional sdoms not ch will happen because it never does. but if theris te some kind of pkaget some point, it ems 's very hard for e litians to say we're going tout bk onmediid and teleams, bute're not going to take away a lite bifrom the oil mpans. i don't think will be bi but they wl ta a little bit. >> you have iestors making mon andhey know it's goin onn the global economy suesting oil prices might ce down. > that ws one bit of od news. this was a 1250nvestors are arnd the globe. about 40% thoug oil prices would come down over the next six months. about a third thght ey would go up, but it's and large good news. >> why - at wilpushhem down? >> i think ty would argu that so it is suppland dand. if the libyan situation, which is a small part oil beces more tranquil, th would help. b basically, there's been o an artificial rise d th feeling ist will come back. gain, only 40% said at. do't want to exagrate it lso interesting

so they'll be reinvesting about $300 blion at an annualized rate. so it's really qe-2 1/2. i suspect going forward the important element to focus on in terms of the fed is how long they continue to extend the period of time at which they hold policy rates at 25 basis points. that really is the key benchmark for investors if they continue to keep it there for the next 6 to 12 months, then it's a relatively all clear sign for borrowing and for economic growth going forward. >> bill, you've gotten rid of all your u.s. government-related holdings from the total return fund, the world's largest bund. are you looking to emerging market debt right now? what kind of risk doeshat carry? what countries are you looking to invest in? >> we are. emerging markets as well as over sovereign markets. obviously there is an element of risk there. but some countries such as brazil, for instance, has a much more pristine balance sheet, much lower debt than the united states. same example in mexico, by the way. so some of these emerging countries have emerged and they hold substantial reserves.