state, from university of california, from stanford who really wanted to work as an assistant to carl anthony who was then president of and chair of the urban habitat which was the oldest environmental justice organization in the country. i was honored and excited, and carl and i looked at each other, and we said, this young woman hands down. so, i have known her for the last 17 years. i have been proud to claim her as one of my mentees and somebody that i've mentored. i have listened to her talk about the challenges of working in the public sector. i have -- i have -- i mean, it's ironic that she's not here, because where is she?

state, from university of california, from stanford who really wanted to work as an assistant to carl anthony who was then president of and chair of the urban habitat which was the oldest environmental justice organization in the country. i was honored and excited, and carl and i looked at each other, and we said, this young woman hands down. so, i have known her for the last 17 years. i have been proud to claim her as one of my mentees and somebody that i've mentored. i have listened to her talk about the challenges of working in the public sector. i have -- i have -- i mean, it's ironic that she's not here, because where is she? she's in portland addressing a university that is excited about what's happening in california and the work that she's doing. where was she last week? she was invited to cornell university to the african-american studies program to talk to them about public utilities because there ain't no black people. and, so, to see on the web these young african-american and asian and latino women that she spoke to that then felt like there was a place for them in public utiliti

anthony? carl makes a good point. >> he's making a seasoned value investor point. you've got to have a warning sign up there but we're also in a little bit of a different territory that we have to examine. the fed is a very lax monetary policy. we heard this morning on "squawk box," continued laxity. the market is going to trade higher as a result of this. we have to live in an is-based world. what carl is suggesting is an ought-based world. it ought not be the way it is but certainly is the way it is. >> pete, it raises the concern on where we are in the market. how we got here doesn't matter so much for this conversation. but where we go from here everything t matters in this conversation. >> which i think is exactly why and i know you see a little bit of this, anthony. everything is short term. people are not looking on the five-year patterns. you're seeing long-term value investors now becoming more and more traders. we see that almost each and every day. guys like carl icahn used to hold stocks five years. now he's holding them six months and taking some of it

anthony just mentioned carl icahn. he's actually gone the other way.very successful in the short run. the stock has had a nice bounce. i think investors are looking aç the company in a different light. i think he's also learning it's really hard to move one of the largest market cap companies around in the world. i would just take one issue with what anthony said. those guys are very smart investors. they're going where the money is going. i think there's only a handful of activists out there that are probably worth following. he mentioned nelson peltz. the guy has been doing it for a long time. look at dan low, who's had a really hot hand. let me tell you something. they all don't go to the moon. you can just look at sotherby's, for instance. underlying following some of these activists, i think you have to follow good companies that are going to do well, whether the activist is there or not. >> that's exactly the point bob olstein was making. michelle caruso-cabrera joins us now. why aren't we talking more? we have crimea as a region being seeded, i