a lot >> for warren buffett, talking about it not being attractive.t least for his elephant hunter >> i just think it is a question of personality, chevron goes to 125. >> we are going to keep our eyes on all of this rapidly developing story this morning. other news today general electric shares are popping. stronger cash production while reaffirming the guidance for the year larry larry culp david is going to talk to ge's board member, ed gardner the company is way out there, the timing there are clients paying a little bit faster and pull through orders don't get too excited. people get very excited. i think you can argue are not perfect. aerospace is really great. the idea of paying up because you think wow, it is over. i think larry culp, i am getting my arms around power you see culping faze out eventually you well see a path something that's worth for powell to put money into >> david, what question for gardner? >> listen, it is the first time i met him and spoken for quite some time, we certainly detailed for years now, looking forward to getti

. >>> plus, is it buffett or the man who would be buffett behind the oracle of omaha's latest megadeal? where the china trade talks stand now and charlie's in beverly hills digging up the story of a possible second marriage between cbs and viacom. less than an hour to the closing bell. let's start the "countdown." liz: so we need to tell you the white house national security adviser john bolton just now weighed in on the situation in venezuela, which we have in the screen on your left right now. by the way, that is a live helicopter shot in venezuela, as opposition leader juan guaido makes a huge appeal for the country's military to help him oust president nicholas maduro. bolton said the u.s. wants a peaceful transfer of power, and all options are on the table, and we just saw a tweet from the president who also said his thoughts are with the venezuelan people. violent protests are breaking out in the streets and you can see this tends to happen where large groups of people gather against a government and then you start to see, of course, tear gas and possible weaponry here. but you c

businesses around the world it is warren buffett come it is health care, 1960 corporate taxes were 4% of gdp and today it is about 2% of gdp. health care was about 5% of gdp in the 1960's and now it is 17.6% of gdp. as warren buffett says, it is not taxes, that are in entitlement, it is a distraction, but it is health care costs as we spent $3.6 trillion per year and one trillion of that is wasted, we should have more money and we should not be cutting taxes for the wealthy. it is insanity to cut these taxes. trust but verify these numbers. host: josh? guest: there is a lot of truth to that. on the first point, u.s. corporate tax rate before the police 17 law was not an impediment to u.s. corporations doing business, i agree.

classic buffett. giving $10 billion when it comes to the bid for anadarko. this later inbout the program. chevron higher, anadarko lower. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson. vonnie: and vonnie quinn. this is "bloomberg markets." talk with stepping up doolittle. -- let's speak with abigail doolittle. abigail: the s&p 500 down a quarter of a percent and the nasdaq down .6% come on pace for downorth day -- nasdaq 16%, on pace for its worst day in more than a month. the last day of the trading month of april is having a risk off tone confirmed by bonds. we look at the intraday chart. seeing it go up and down. we had the 10 year yield up more than one basis point. right around the start of trading for stocks, which is to the downside, it moved down one basis point sang bonds -- saying bonds are rallying. as for some of the earnings movers, let's look at ge that is down. industrial cash flow was better than expected with a burn of $1.22 billion. still, a turnaround year. quarter witha their consumer health care unit helping out. this is the b

are you familiar with jimmy buffett's work? >> i'm a jimmy buffett fan, man.mmy have the greatest time in the world. when we got on the set, we had so much in common. we had a hell of a scene we got in there with me and him and jimmy in the shakuzzi. you understand me? we chopping up game in the shakuzzi. it's so flavorful. it's not even scripted. it's just so natural. you get the vibe of jimmy and snoop dogg being together before. it was beautiful. >> jimmy: i can definitely see that. >> jimmy: do you know jimmy buffett's music? >> why you ask me [ bleep ] like that. [ laughter ] >> jimmy: it's bigger than the music. what were you rapping for snoop? >> you got to ask him. i don't remember. >> jimmy: is it something you could lay some tracks down? >> we made about seven songs that was for real, right? he was so high like for the whole rest of the movie we kept touching back on those songs. we would be chillin' and he would be bringing this song up and this song up. and i was like, cool. we got the groove, everything is beautiful. but at the same time, he didn'

buffett. winner can invite up to seven friends. >>> coming up, chris paul is fine for bumping an official, but did he avoid suspicion? >>> tune in tonight for an all- new episode of the resident and i want one beginning at 8. following that is the 10:00 news and the 11:00 news all right and the 11:00 news all right here on ♪ [ crying ] ♪ you protect them at home. we help protect them online. this is beyond wifi. this is xfi. simple. easy. awesome. xfinity. the future of awesome. >>> and lots of people are talking about the games. my goodness. >> is one of those things were a great game comes down to the final minute of the game. all we are talking about again is officiating. today, the nba announced that the officials yesterday made to correct calls in calling no call . chris paul is ejected in the final minutes for his second technical. you will see him right here come in contact with the official. he immediately earned an ejection for his second technical. chris paul was not only injected bu

global health care controlled by just three trustees gate his wife melinda and billionaire warren buffett. the foundation's being credited with helping to save the lives of more than one hundred million children through increasing access to essential vaccines. but it's not without controversy. critics say as excessive influence in the health care policy in the developing world some argue it's lost resources but now rank focus on health care provides a bandaid to health crises that it cools to point deep to political problems in many of the world's poorest countries many of the people exposed to the diseases that the foundation aims to eradicate it in sub-saharan africa and that's where much of its work is focused but a recent african union summit in ethiopia has capital that it's about gates came to meet with heads of state to talk about health care. almost as many children will be born in africa specifically what was he trying to accomplish and. to those who say he's. wanted to so problems that some of those same heads of state willing to address them so. we'll discuss this with bill gat

could buffett's arrow help seal the deal for occidental? us to discuss is tim razan from oppenheimer thanks for joining us. is extra funding crucial to who's going to win out >> we believe it is. it's a really interesting lever to gives a lot of flexibility to oxy because right now they can use that money in lieu of the 19 billion of debt they need to raise or there's the option that that could add to the cash component of the offer and lower the shares issued. and if they can lower shares issued below roughly 150 million they won't need to seek a shareholder vote >> is that part of this as well? why are they doing this if their shareholders are potentially going to be against it >> it's possible they're doing this because the anadarko board may want that security because shareholder vote risk is out there right now. and i think if nothing else the stamp of approval from warren buffett plus $10 billion gives you a lot more flexibility >> does it make it less risky for shareholders from occidental who were worried about the stretch on the ba

what warren buffett's pledge means for the fate of the

. >> $10 billion and a very big presence with warren buffett. occidental could use that additional $10 billion and reduce the need for a shareholder vote, which would be one of the reasons anadarko said earlier there was uncertainty around oxy's ability to consummate the deal. the question then would be, do they take the remaining stock that they would put into the deal, almost 20%, and try to put a collar on it? if you do that, you give uncertainty to shareholders in anadarko about what they will be getting. we won't know the answers to those questions until we see what chevron does. chevronctation is that would come back with a counter bid, but that was before but that showed up in the fight. at this point, for them to come back, it will be difficult. they will need to go 20% or more above were the last bid. [no audio] the m&a market has really been on an uptick for quite some time now. ,ou look at the u.s. market obviously, as in valuations are very high. we looked at our survey and we are seeing levels of optimism in terms of pursuing deals.

hours before the announcement, buffett said he backed sloan 100%.rysler is teaming up with tesla to comply with eu emissions rules. the company is using the option which allows automakers to meet carbon dioxide targets. the financial times reports the company is paying tesla hundreds of millions of euros for the deal. restructuringsays u.s. investment bank isn't part of merger talks with commerzbank. top executives have told employees the lender is committed to the u.s. outpost. the banks are close to an outline for a potential tie up. the rival german lender started negotiations last month. that's your bloomberg business flash. thank you. now to focus on the u.k. and prime minister theresa may will meet eu leaders to make the case for an extension. a member of may's top team has announced a long but flexible extension as like purgatory. thecomments were made as u.k. pm issued a video statement appealing to lawmakers to get the deal over the line. neeraj patel is still with us. we are seeing pound is one of the best-performing g10 currencies so far

>> the couple venturi buffett perhaps -- the complementary buffett perhaps.it is on the premise thatatility is not just a source of risk, it is also a source of return if you harness it correctly. paul: as we were discussing a moment ago, volatility missing in action. i want to show you this chart that we have on the terminal at the moment. it shows volatility very much at an all-time low, a historic low. is this normal and that has been affected what you do in your day-to-day? adrian: it is a family interesting. the last four or five years have been characterized in global equity markets by a continuation of the long-running bull market. with these sort of episodes, punctuation if you will, of drawdowns and spikes in volatility that have nonetheless been fairly quickly closed up. we lived through one of those. the s&p is at an all-time high again. it didn't look that way at the end of last year, of course. selina: where did you see the greatest sources of volatility in the coming years? trade tensions, trump, brexit? where does the opportunity lie given what your firm does? adrian:

they forecasted this a while ago. >>> still ahead, warren buffett has some surprising ceo advice -- >ichael avenatti releasing documents he shows nike bribed players to attend colleges that wear i gr.tsea woman: my reputation was trashed online, i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you're under attack, i recommend calling reputation defender. and consider joining their groundbreaking campaign to give every american the right to remove old, inaccurate search results by going to righttobeforgotten.org. vo: if you have search results that are wrong or unfair, call reputation defender at 1-877-492-6705. >>> the ceo's of the nation's biggest banks are heads to capitol hill this week what can you tell us about what to expect? >> the ceo's of 7 of the nation's biggest banks will attend in attendance will be the ceo's of jpmorgan, bank of america, goldman sachs and state street the hearing is title d holding mega banks accountable it suggests a broad range of possible topics. the ab

the reality is our annualized return was just shy of 25%, and actually beat warren buffett berkshire hathaway over the last two decades so that's pretty good. [applause] that's very kind. having said that, i think it's very important to share with you why we won here and our core strength has been a willingness to discover today what will matter tomorrow and then to transform our company into that future as it unfolds. that's the key. that's what we want from leaders and from our business institution. that's what we need. that's been the key to our success, our ability to execute this transformation. i called him smart bets, every five to ten years to prepare us for the future. as you heard, this company was formed as a single store in boston in the '80s. and the first major translation for us was to recognize that the product we were selling, which was croissant bread, wasn't what people want to. as we listen to customers we quickly understood what they wanted was to use the croissant and bread to make a sandwich. we quickly moved into the sandwich business. it took off and it took

solicit from other people this is taking the success that warren buffett had at berkshire and the success i had at microsoft in applying those resources in. the premarket system. you know people can take their wealth and you know spend it on. consumption or pass along to their kids you know what we've chosen to do is focus on the diseases of the poor and make sure that the best scientists in the world are working on hiv and malaria and malnutrition and prematurity things where the understanding is still not there and. it be great if that had been done before we came along. actually in help the the amount of controversy is less than you'd expect because the idea of saving children's lives is just not that controversial and so taking and we built the infrastructure that can measure. these deaths in the malnutrition through what's called the international health metrics and evaluation which is funded by us now we know the various causes of death that's called the global burden of disease it's a brilliant website lets you see over time by country by age by disease what's going on and it's cle

now we haven't worked a day in his life yeah i mean one of the solutions that he offer is warren buffett offers a bill gates offers that jeff bezos offers every single billionaire america says what we need is more education better education. but what is education really when you have china you know with one point four billion people or india with one point three billion people and india they all speak english fluently so they can do any job that we can do for much less right. here and he's again here's what he identifies as the actual problems the numbers that if you look at it these are the problems he says dahlia listed reasons why capitalism isn't working as it should in the u.s. one there's been no real wage growth adjusted for inflation for the majority of americans since one thousand nine hundred eighty eight the income gap is high as it's ever been and the wealth gap is this high as it was in the late one nine hundred thirty s. ahead of world war two three two thirds of the bottom sixty percent have no savings and economic mobility has been declining for forty years and for about

solicit from other people this is taking the success that warren buffett had at berkshire and the success i had at microsoft in applying those resources in. the premarket system. you know people can take their wealth and you know spend it on. consumption or pass along to their kids you know what we've chosen to do is focus on the diseases of the poor and make sure that the best scientists in the world are working on each idea and malaria and malnutrition and prematurity things where the understanding is still not there and. it be great if that had been done before we came along. actually unhealthy the amount of controversy is less than you'd expect because the idea of saving children's lives is just not that controversy all and so taking and we built the infrastructure that can measure. these deaths in the malnutrition through what's called the international health metrics and evaluation which is funded by us now we know the various causes of death that's called the global burden of disease it's a brilliant website let's see over time by country by age by disease what's going on and it's

solicit from other people this is taking the success that warren buffett had at berkshire and the success i had at microsoft in applying those resources in. the premarket system. you know people can take their wealth and you know spend it on. consumption or pass along to their kids you know what we've chosen to do is focus on the diseases of the poor and make sure that the best scientists in the world are working on hiv and malaria and malnutrition and prematurity things where the understanding is still not there and. it be great if that had been done before we came along. actually in help the the amount of controversy is less than you'd expect because the idea of saving children's lives is just not that controversial and so taking and we built the infrastructure that can measure. these deaths in the malnutrition through what's called the international health metrics and evaluation which is funded by us now we know the various causes of death that's called the global burden of disease it's a brilliant website lets you see over time by country by age by disease what's going on and it's cle

and it's as close as we get to having a warren buffett of technology >> glen, let me just say, i can'tet you off without asking the question, do you have any, you know, does the fact that they are taking the bulk of their capital from the saudis, does that cause you any concern? >> well, look. their capital, they have tons of their own capital. >> correct >> i think there are many other sovereign wealth funds that would be happy to be a part and have him who is one ofthe sharpest investors in the world making investments for them. and, look, this is a guy who bet on bill gates nearly his career. made his first fortune then bet on jerry yang and helping him create yahoo! japan and then steve jobs and this thing called the iphone before it existed then doubled his fortune again and then bet on jack ma and tripled his fortune. this is the guy you can invest with >> they are transforming the value which we'll get into later with pat grady as well i want to tee up a little bit of a debate because i think we should have one about facebook, which you sold you no longer have a position at all.

health care that controlled by just three trustees gates his wife melinda and billionaire warren buffett. the foundation's being credited with helping to save the lives of more than one hundred million children through increasing access to essential vaccines. but it's not without controversy as critics say as excessive influence in the health care policy in the developing world some argue it's lost resources but now in focus on health care provides a band-aid to health crises that it calls plague deeper political problems in many of the world's poorest countries many of the people exposed to the diseases that the. foundation aims to eradicate it in sub-saharan africa and that's where much of its work is focused at a recent african union summit in ethiopia's capital addis ababa gates came to meet with heads of state to talk about health care. almost as many children will be born in africa specifically what was he trying to accomplish and how does elance that to those who say he's. wanted to so problems that some of those same heads of state willing to address them so. we'll discuss this w

is a muc lower stock. >> buffett's presence doesn't steer any of you to want to get into that stock. >> he lost on -- he's not perfect. >> you don't even know who the ceo is going to be here. you know one of the biggest growth areas -- >> if he's going to have a say, you better believe it. >> you just don't know do you really think that given the valuation wells fargo is going to outperform the better run banks? take a look at their growth businesses wealth management. you've seen it there if you are a wealthy person, who wants to -- >> they sold their 401(k) business, and wells fargo has the same problem that i think all of the banks have already run into you might have seen the peak in multiples for bank stocks that you'll ever see a decade ago, and people are like, oh, it's nine times earnings, ten times that's what they should trade at these are the most disrupted companies, of all the large cap stocks -- >> let me throw out this one thought. we have to wrap it up in a second this sector is more identified with the chief executives probably than any other sector out there as a gr

warren buffett's berkshire hathaway has committed to invest $10 billion in berkshire hathaway to buy anadarko. in return for the investment, brookshire would receive a stock -- along with shares of occidental. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am kailey leinz. this is bloomberg. vonnie: thank you. let's check those markets. a down day in spite of some earnings beats. not in earning beat from alphabet and that is dragging on the nasdaq. .6% and theis down dow jones industrial is down .5% right now. this is bloomberg. ♪ vonnie: from new york, i'm vonnie quinn. guy: in london, i'm guy johnson. close" onhe european bloomberg markets. vonnie: let's get a look at the health of those markets. here's abigail doolittle. abigial: definitely looking at a down day. the nasdaq on pace for its worst a in more than a month, down 1.3%. you're the big culprits on both of these indexes dragging alphabet down 8.5%, the worst day since 2012. this after they missed sales estimates on advertisement growth.

as warren buffett says, it is not taxes, that are in entitlement, it is a distraction, but it is health care costs as we spent $3.6 trillion per year and one trillion of that is wasted, we should have more money and we should not be cutting taxes for the wealthy. it is insanity to cut these taxes. trust but verify these numbers. host: josh? guest: there is a lot of truth to that. on the first point, u.s. corporate tax rate before the police 17 law was not an impediment to u.s. corporations doing business, i agree. there are claims the u.s. corporate tax rate was hurting our competitiveness in the global economy but that is not true because 35% of statutory rate, most corporations after they got their accountants involved, paid less than that. he raises a good point, there are other pressures on american working families in this economy, health care, low wages, why do we spent all these times fixing profitability through the tax code. it is longing -- looking at the wrong price. -- callersolors talked about the rich not paying their fair share, frustrations the pew research center found

went through in his late 30s, early 40s when he shut down berkshire -- buffett partnership to start berkshire i've decided that i have enough capital where i think i'd rather make fewer more concentrated bets and try to own businesses over the next 20 or 30 years than piecemeal out capital and try to invest in hundreds of businesses hoping to win a lottery ticket >> were you deciding whether you even wanted to do this anymore some of the accounts that have come out about you at social is not showing up for investor meetings anymore, he seems to be disengaged, and when he is engaged, he's ruling like a dictator is that true >> well, i think it's probably true in the eyes of the people that felt maligned or blindsided by the changes that i made and i think it's their right to sort of feel that way now, at the end of the day, i, as the majority of the capital and the ultimate decision maker, which i have been since day one, have the right to make the decisions the way i choose, and people can walk with their money, people can also walk with their careers to the extent that i transition

planplan for -- succession for buffett.le with the 737 max jet that was not initially reported, that filtered through in trading. , a saudi oil company likely to pay $450 million close to its middle eastern drilling site. at the bloomberg, gtv, you can see the bottom line on gdp, real final sales -- inventories and trade droves or helped boost gdp far beyond the expectation. when you strip out inventory which acts as an investment to push the number higher, you get silent sales. those are lower than the reported number. that is what some of the market will focus on monday as they digest the full details. names lastd some big weekend and more this week. the -- what is on the ticket? su: apple is the marquee report. let's look at the list of names. there is quite a few good apple, google, ge, qualcomm in terms of the numbers, the way these stocks have closed, apple, google, ge, qualcomm, hsbc, gm, spotify and mcdonald's. this one will be in focus. general motors, oil pumping the most in two months. president trump are missing

warren buffett is asking wells fargo to look beyond wall street for a new ceo.s largest shareholder, and he told the to" it would not be "smart" pull someone from the tightknit business community in new york. wells this variance a range of scandals. he supported it 100%. haidi: shareholders are prepared to remove him from the board as accusations of financial misconduct. the vicee replaced by chairman. an extraordinary shareholders meeting on monday is expected to overwhelmingly approve him off of the board. shery: indonesia's top ride-hailing service is hitting the super highway. by a u.s. market intelligent company that would fourth indonesia's startup to hit the $10 billion club in only the second. -jek says an ipo is definitely a long-term plan but will not be likely soon. whole anxiety to the new level. our next guest has written all over all in an electric car. you wrapped up your car yesterday. you must be tired. >> at the moment, i am still full of energy, like yesterday. i tried to reach sydney. i did not know when i would reach, like yesterday, i think

and today [ inaudible ] decided to accept $10 million of warren buffett's money to make it work. i'm not a fan. ox dental pays 5% and they have paying buffet 8% on the money invested i love being affiliated with warren buffett and i don't love owning companies that think they need to pay him way too much interest if i were ox dental i would borrow from the market and cheaper and no category of preferred stock that is more preferred than you are my view, i don't need anadarko for my trust which you could follow by joining the dotcom club but it is time for anadarko and oxidental. and 18 million in one instagram. thank you, heather she's valuable today i bet it would have. bottom line here, look, when this stock market does something stupid, that is your opportunity to take the other side of the trade and do something smart but i can't say i like it when the action is this foolish because it creates outrageous opportunities. well let's just say i don't like it because i don't like the market to denigrate itself i do like it because it gave you a chance to buy apple. henry in georgi

buffett is the bank's largest shareholder and he told "the ft" that the next chief shouldn't come fromlls and probably shouldn't come from jpmorgan or goldman sachs. former ceo tim sloan stepped down at the end of march after lots of pressure coming from politicians and from regulators. >> what do you think, by the way, we were going over names before -- deep bench and american express, would that count in the context of wall street, you think? >> probably not. probably not. >> there's a lot of people, a lot of very talented people -- >> -- from the banks that the regulators are. >> we were tossing out names last hour, potential people. >> one of the people mentioned in that "ft" article, which is interesting, is the head of pnc bank, came from jpmorgan before, but pnc more of a regional bank and not under the same pressure as the big banks >>> all right, billionaire hedge fund manager ray dalio out with a grim outlook for the american dream. here's what the founder of bridgewater associates told "60 minutes" last night. >> i think the american dream is lost i think, for the most part,

warren buffett telling me that is 100% not true "and i would know."wn quickly and guys, you made the point earlier, this is an area that is rife for rumors like these to be circulating, given the troubles pg&e is facing right now. >> just a difficult situation for the market to digest and figure out exactly what the implications are. >> trouble >> you have bankruptcy, you have liability, the state involved. >> and people hoping to hear any sort of thing -- >> hoping there's a reason to value it to continue for shareholders we'll see. >>> it is a big day for tech earnings after the bell tonight, we'll get facebook, microsoft, also tesla on the way since january 1st, facebook and microsoft both up big with market caps rising over $100 billion each tesla, on the other hand, has struggled in 2019, losing a fifth of its stock value my next guest may be best known for managing the biggest tech fund from merrill lynch from 1988 to 2002 he is paul meeks, now lead portfolio manager at the wireless fund. paul, good to see you this morning. interesting moment he

the warren buffett backed company has even bigger ambitions.joins us from washington with more on this story. bydmericans might best no as the electric car company that warren buffett back, but what else do we need to know about byd and how it came pairs -- compares to tesla? >> byd is an enormous company, something like a quarter million employees based in southern china. fews really a month mong a really driving forces behind this electric revolution underway in china. that is the revolution that is happening far faster than just about anywhere else in the world. north of half of the eb sales worldwide happen in china. cities like shanghai have more ev's sold every year than are sold and entire countries like france and germany. byd is at the heart of what is happening in the world's second-largest economy and potentially right at the heart of the broader electorate transition which is coming to all of us eventually. emily: talk to us about scale. how much bigger is byd than tesla? matt: in terms of sales of passenger vehicles, the companies

one person quit, they have experienced a range of scandals, but buffett backs slowed. -- slaon.a stake in this struggling airline are delaying any moves as they wait for clarity on the state of its finances. india's central bank and supreme court's are weighing the legality of a restructuring plan designed to kickstart jet's recovery. haidi: indonesia's top rate healing -- ride-hailing service is going ipo. it indonesia's first started to join the $10 billion costs and only the second in southeast asia after the rival. they said an ipo is a long-term plan, but it won't happen anytime soon. fighting flares again in libya as rebels move on the capital. we will look at implications for the oil market. this is bloomberg. ♪ this is bloomberg. ♪ this is daybreak asia. president trump's top aides say the u.s. and china are close to a trade deal and communications will continue via telecom -- telephone conference. resolve kudlow wants to this trade war. china said progress is being made, but a state run news agency said the outstanding issues are tough nuts to crack. >> on the negotiati

nothing yet from buffett.aid for craft but has not said anything -- they overpaid for craft but has not said anything. vonnie: thank you for that update. let's check in on the bloomberg first word news. courtney donohoe has more. blaming asri lanka is local muslim extremist organization from one of asia's deadliest terror attacks in years. killedt 290 people were and easter sunday bombings at churches and luxury hotels. the attack targeted christians and foreign tourists. the government said some of the attacks involved suicide bombers. two dozen suspects have been arrested. the trump administration has rocked energy markets. it says it will not renew waivers that let countries by iranian oil without facing u.s. sanctions. itsgoal is to deny iran principal source of revenue. democratic leaders are making a concession to progressives who want to impeach president trump. house intelligence committee chairman adam schiff says the democrats will discuss whether to begin impeachment hearings. the robert mueller rep

buffett says the next bank shouldn't come from the likes of j.p.and goldman sachs. isx: joining us now bloomberg's lisa abramowicz. first, this saudi aramco bond deal. this is what the saudi oil minister had to say about the deal. establish all permanent presence in the capital markets that will have both debt and capital instruments, so i can assure you that in a couple of years, you are going to have your choice between investing your big savings from working for bloomberg in either aramco bonds or shares. alix: we are talking about potentially $30 billion worth of interest for $10 billion sales. lisa: this is saudi aramco's biggest sale, and this would become a massive amount of debt in the encz mark -- in the benchmark. there's already a massive amount of demand for this debt. there's also questions about the blick offering that may or may not happen. you have all the banks nasty public offering that may or may not happen -- the public offering that may or may not happen. you have all the banks wanting to be a part of this. that is why you are

guy saying lebron knows more about business than i did when i was his age and that guy is warren buffettt he has done so in such a savvy way that will become a template? >> i think two things especially one, realizing that he was going to have a long career and he made decisions not based on the best deal he could make today, would be the best long-term deal unusual for a teenager his deal being the number one kpafrl of that turned down 30 million extra from reebok because he felt nike was the better company that's a decision many 18 years old won't ake. and captured value off the court. learned people want to be in business with him and give him equity for having his name attached to projects and he's been smart not giving those away he's made a few bad choices here and there. but generally, his look to capture value and one of his worst moments of his career, the decision, you remember >> notorious. >> even though poorly executed, the concept was very smart, capturing the value. >> this is just when everyone knows, when he decided and a reporter really kind of off-handed came up with t

when you talk to the people in charge if you talk to the warren buffetts, they'd say the worst thingear market of course we will. we have a correction every year since 1900 but we come back. a bear market every three to five years it's been ten years, the biggest bull market and people aren't used to volatility i'll give an example in the last 20 years, the s&p is up 8.2%. if you were out of the market because you're trying to time it it's the wrong time. just 10 days the ten best trading days you made 4.5%. out 20 days in 20 years, 2%. 2.1. if you're out 30 days, you lost money. here's the crazy part. 6 of the 10 best trading days in 20 years are within two weeks of the worst trading days when people are saying y would i go in now >> people get so hung up on what will the returns be. the things that people can actually control, they are not controlling. this is your tip number two. eliminate excessive fees and taxes. this is something people can do right now. >> jack vogel was a friend of mine and he used to say the only thing you get in investing is what you don't pay for and he sa

i believe warren buffett said no, he's not buying pg&e. >> absolutely right.51 story crosses wires that berkshire hathaway would buy pg&e with stocks and 60% but the source of this rumor is a high-priced newsletter and i mean high-priced newsletter. they are citing to industry insiders for the story and this deal has been speculated in the past on the wire to people but maybe it was true but warren buffett value investor and shares are down 50% over the last 52 weeks and 16 minutes after this thing first crossed warren buffett himself came out and said no, not you. not happening but as you can see the shares are still hybrid 6.6% so people out there still asking the question will warren buffett by but he says no. stuart: jerry willis, thank you indeed. north korea's kim jung-un is now in russia a summit meeting with vladimir putin and were told that it will be at the top of the list. other things i'm sure, too. president trump a state visit to britain in the first week of june. the brits are not expected to roll out the welcome map for this president but i say

warren buffett has a handy saying, always take the high road, it is far less crowded there. washington, a politician will sail along for hours not spotting another car. you folks should always remember you are heirs to a crusading tradition that dates back to ida b wells exposing the horrors of lynching. upton sinclair, the scandalous beef packing industry. rachel carson, the dangers of pesticide. exposing watergate. the new york times and the washington post publishing the pentagon papers. is glorious, you folks are part of it, and we can't have politicians trampling on it with impunity. [applause] [cheers and applause] >> thank you. i'm sorry to report i am not finished. once that under the political system that would keep the populace alarmed by menacing it with an endless series of hobgoblins, all of them imaginary. we simply cannot allow the press to become an imaginary hobgoblin exploited for political gain. the thing that troubles they must at the moment is the sustained and cavalier disregard of autocratic regimes abroad. as john adams said, facts are stubborn things

you can go longer term, price to sales, the buffett model it really is a function of what metric you choose to use let's also admit that valuation is as much a sentiment indicator as it is in the roots fundamental indicator. there are times investors are willing to play nosebleed valuations for stocks and times where investors don't want to pay anything for stocks. so this idea that it's sort of this hard and true fundamental number belies the fact it's a sentiment indicator. >> it's josh brown we've had quite a drop in the ten-year quite a drop, not quite as big of a drop in the longer end of the curve but mortgage sub-4%. there was a lot of concern about housing numbers falling off a cliff this winter, allegedly, although we know how cold it was and, whatever. but is that an area of concern that you would say has now been amply addressed by falling rates? >> yeah, i think the prospects look good for housing. remember, though, it's a smaller driver for overall gdp and kind of what's picked up in relative terms is the capital spending side of the equation and the export side of the e

warren buffett says -- always take the high road. it is far less crowded up there. some days in washington, high-minded politician can sail along the upper roadway for hours without spotting another car. you folks should always remember that you are heirs to a grand tradition that dates back to ida b wells exposing the horrors of lynching. ida tarbell, the machinations of standard oil. upton sinclair, the packing industry. woodward and bernstein exposing watergate. and the new york times and washington post publishing the pentagon papers. this is a glorious position. you folks are part of it. and we cannot have politicians trampling upon it with immunity. [applause] i'm sorry to report that i am not finished. [laughter] a mencken warned of hobgoblinsystem -- all of them imaginary. we simply cannot allow the press to become an imaginary hobgoblins exploited for political gains. the thing that troubles me most the disregardis of the truth here and by autocratic regimes abroad. our wishessaid cannot alter facts. facts are the foot soldiers of our profession. they do th

scarlet: that might be why the >> of warren buffett -- the likes of warren buffett consider a value stockr not. before the financial crisis, they were engines of growth, almost growth stocks anyway. -- they, the number were great performers in the 1990's and until the financial crisis. it changed in the financial crisis, which is a good reminder that there are two sides to the equation. are looking at pes and not price-to-book, there is the person earning. what struck me about jamie dimon's reminder, it goes to the earning side. banks were burdened with the financial crisis because of exposure from the leverage and earnings full up at cliff. -- felll off a cliff off a cliff. in the next recession, they are expected to hold better than other sectors. they are a lot cheaper because they have not performed the last 10 years. i think they have both price and earnings in their favor. i think they might hold up a lot better than the rest of the sectors in the next downturn. caroline: potentially looking at outperforming as a value play if they are a bit more cautious going forward. what do we b

our annualized returns actually beat warren buffett and berkshire hathaway's returns over the past two decades. that is pretty good. [applause] ron: thank you. having said that, i think it is important to share with you why we won. our core strength has been discovering what will matter tomorrow today, and transforming the company into the future. that is the key. that is what we want from leaders and from our business institution, and that is what we need. that has been the key to our success. our ability to executive these transformations. i call these transformations smart bets, every five years, to prepare for the future. this company was formed as a single store in boston in the 1980's. the first major transformation for us was to realize that the product we were selling, croissant bread, was not what people wanted. if we listened to our customers, they wanted us to use the croissant bread to make a sandwich. and we quickly moved into the sandwich business. au bon pain took off. it became special and it became the essence of panera. that was the first transformation. the second oc

>> this is warren's buffett big idea, the giving pledge.arren the right thing to do, if you have great wealth, bill and warren are clear they couldn't start the development they have in other countries, we're lucky to be in this country, but philanthropy is not enough. so bill, warren and i all believe you need to tax the wealthy more than you need to tax middle-income people and middle-income people more than you tax low-income people in this country. i think we have to all be cognizant of philanthropy's role. all philanthropy can do is be that catalytic wedge. it can take ideas and experiments you would not want the government to do. >> but it could also disappear. taxes, they don't disappear. >> but it's up to government to scale up those things that work, as warren calls them the gaps in castism that doesn't always serve all low-income people. so philanthropy has to know its role with private sector, with nonprofit, and it's always up to government to scale up health and education, for instance. >> should individuals be able to make --

that is according to berkshire ho isway's warren buffett also wells fargo's biggest individual shareholder. thehares add a dime to 48.88. >>> lyft i threatening to sue morgan stanley. the rideng hai firm that recently went public is accusing the bank of market certain products that would help preinvestors bet against the stock and profit if the shares went do morgan stanley has denied those allegations. shares fell 5.5%. morgan stanley rose fractio to 44.98. shares of zogenix lost a quarter of their value late today after the fda rejected a marketing application for one of its dru that treats a specific type of seizure. they makeare disease therapies and will work to respond to the issues raised by the agency. as we mentioned, the stock fell sharply in after hours trading it finishedhe regular session slightly lower. >>> it is cleanse time for those whoe h waited to file their taxes. just one week to make a few last minute moves that could trim your tax bill and save you some money. we calsd in usual our senior personal finance correspondent sharon epperson with some tips, what can people

. >> it's not just young trepreneurs, you had veterans last year, warren buffett and jaime dimo both said that they think that corporate america should do away with forward guidance. there's this balance that to achieve between what the shareholders and public need to know. abou corporations and this short term thinking that goes with having to guide forward guidance. >> no question. eing accountable to analysts calls really puts a huge amount of pressure on these ceo's. at the cost of all else, whether getting rid of all forward guidance is the right path or getting rid of quarterlies to go with twice a year, even once a year, some soror of ition from the companies. these are all reasonable options to figure out -- to make it out to stretch time horizons. and think about innovation, responsibility and long term sustainability of business model. >> is the pendulum about to swing the other direction, have we gone too far expecting too much from public corporations on a short term basis? is it going to start going the other direction do you think? i think two things, we are seeing a lo

the system is not crippling our business around the world said warren buffett. it is health care. corporate taxes -- >> thank you for attending today's capitol hill briefing titled why the government should not regulate content moderation of social media. my

warren buffett has a handy saying -- always take the high road. it's far less crowded there. laughter ] >> charnow's speak was a far cry from the controversy in years wst, especially last year when comedian michellef was ade icized for jokes she about press secretary sarah sanders. >> the annual dinner raises money for student scholarships. >>> there's word that attorney neral william barr is threatening not to testify before the house judiciary committee this week. >> this is the latest development in a contentious battle beten the trump administration and democratic leadership.ac news4's trie potts joins us live this morning with more. >>od morning. reporter: good morning. so here's the latest -- a senior democratic aide is telling nbc that the attorney general may be no show in a dispute over whether democrats are changing the rules for his testimony. here's what they now want. 30 minutes of questioni each instead of five which is traditional. they want to bring in lawyers to indus tver view nation's top law enforcement officer, and they want to go behind closed doors toio

warren buffett is making a bet on dubai, opening an office there.tting its peak more than four years ago. the british medical marijuana company back fight snoop dogg's venture from wants big pharma money. oxford anna benoit technologies cannabinoid technologies -- businesse bloomberg flash. tom: thank you. time for the single best chart which straps across the foreign-exchange world. marc chandler over to david riley. it is a chart we showed last week, the absolute long-term 40 year decline in the real yield of the true benchmark, the 30 year bond, not the 10 year -- sorry, global wall street. event rally, it is a structural decline. what does it mean for jay powell? david: i think what it means for jay powell and the fed is the terminal point for the fed hiking call will be lower than it has been in previous cycles. i think the market got ahead of itself in starting to price in rate cuts by the fed, but it is clear that this secular decline in real yields is one that does mean that the endpoint for the fed will be on a lower level than it was in pr

warren buffett said it best, he shouldn't pay a lower tax rate than his secretary does. that's because of capital gains. it's wrong. i'm going to change that so millions air -- millionaires and billionaires don't pay lower taxes than firefighters, teachers and i go on and on. we need to reward work in this country. not just wealth. [cheers and applause] there's much more we need. there's much more we need to do to build the middle class. in the cupping weeks i'm going to go into detail about this but you've been standing too lofpblgt it starts with access to affordable education. so that everyone can get the skills they need. 12 years of education in the 21st century is not enough. simple. there's got to be affordable. 65 out of 100 jobs today require training beyond high school. 65 out of every 100. but, boy, we have to make it postsecondary education, make training affordable, make sure an employee -- the economy works. not just for the wealthy folks, not just for people who get four-year college degrees, but those who compete for job training and trades and programs.

now we haven't worked a day in his life yeah i mean one of the solutions that he offer is warren buffett offers a bill gates offers that jeff bezos offers every single billionaire america says what we need is more education better education. but it is education really when you have china you know with one point four billion people or india with one point three billion people and india they all speak english fluently so they can do any job that we can do for much less right. here and he's again here's what he identifies as the actual problems the numbers that if you look at it these are the problems he says dahlia listed reasons why capitalism isn't working as it should in the u.s. one there's been no real wage growth adjusted for inflation for the majority of americans since one thousand nine hundred eighty the income gap is high as it's ever been.