here with me now, legendary investigative reporter carl bernstein.nder, looking at the mueller report and looking at what's going to come later this month, what's the biggest lead that's going underreported right now? >> i think we've made a big mistake in the press about how we've covered the mueller report, that we've gotten totally wrapped up in the warfare in the congress between republicans and democrats and is there obstruction of justice or is there not obstruction of justice. in fact there are dozens and dozens of leads in there about trump's business dealings, his having things having to do with women as well that we know about from elsewhere and trying to keep women silent who have been in his past, about his business dealings, about oligarchs, about money laundering, about ponzi schemes. look, biography is everything. let's look at joe biden who has a 30-year record that is under the microscope right now and he's suffering partly because of it. our job in the press is to look at these candidates and that includes donald trump's 30, 35-year

abby phillip, carl bernstein, elie honig. so good to have all of you here in washington.come to the big city. >> i live here. >> i was born here. >> you're like welcome to the big city, don. >> i was born here. >> okay, okay, all right, all right. hello, one and all. abby, i'm going to start with you. millions of people are going to be watching the testimony tomorrow. the stakes are high. do you think the stakes are high for the democrats or is it higher for president trump? >> i think it's higher for the democrats. i mean, they're the ones who wanted this hearing, who have said that there's more to the report than is on paper, and so they have to prove it. they have to ask the right questions. they have to make sure that they're -- that they'r being clear about their questions and not grandstanding because robert mueller is not a novice to this. he knows how to do these hearings. he knows what he wants to say and what he doesn't want to say. and they're going to have to be careful ton make it seem as if they're pressuring him to say things that he doesn't think are neces

we have john dean, former nixon white house counsel and cnn contributor and carl bernstein, journalist author and cnn political analyst. carl, let's start with your top line about this historic day. >> this is very much about the power of television. it's a moment we haven't seen the power to be exercised in a long time. i suppose donald trump in his nervousness understands this is about the power of television and a witness who conceivably could move the needle of the 10%, 15% of the american people who are undecided on these matters. and in addition to that, the difference between this and watergate is. in watergate, you had a witness across the table from me here, john dean, who was witness himself to the president's breaking of the law time and time again. we don't have that here. what we do have, perhaps, is the one person that can convey to the american people if he's willing saying the president has not executed the laws as he's supposed to do under article two of the constitution that he has been citing for so long. so mueller has enormous power here to move the perception of a

. >> rick wilson, it's been months since i quoted carl bernstein. he always says republicans were the heros of water gate. what is the chance we will see one or two profiles encouraged among the republicans on these committees tomorrow? >> there is a chance so vanishingly small that new branches of mathematics would have to be invented to describe it. not one of the republicans is going to be a hero. they're going to go out and do every possible thing they can to feed the box news machine so ha they can go out tomorrow night and scream conspiracy and go into the lurid fantasies that there was some sort of plan to hurt poor old donald trump and to smear him with this russia collusion story when, in fact, it was donald trump having people around him and having people in his campaign giving the russians, in constant communication with them hundreds of times that brought the attention of the fbi and the federal government. they're going to do everything they can to distract and to defend donald trump because they are no longer members of a coherent poli

. >> we all remember carl bernstein, bob woodward excellent reporting during the watergate hearings thath new information that caused then president nixon to resign. do you think there is a make-or-break moment potentially that could occur tomorrow. >> seems unlikely. in the watergate hearings you had the testimony of john dean from the inside turning dramatically on the president of the united states for the minute by minute account of the president's direction of the cover-up. so i i don't think something like that is likely. but one thing that is happening here is that we now have an attorney general of the united states who is put a gag order on the special counsel and the difference between watergate and this is the system worked in watergate because republicans were open to joining democrats in trying to learn the truth rather than suppress it and what we're seeing so far about tomorrow is the attorney general and the republicans want to continue to suppress the truth and are happy that a cover-up may well be -- >> so you don't think we'll get a john dean type bombshell from robert

joining us this morning, bernstein senior tech analyst, toni sacconaghi. good to see you again. >> good morning, carle yet. you still say tech is a market weight, but you've got to be more choosey within the group. what do you mean >> when we look at aggregate multiples for the technology space, on a relative basis, they're at a 15-year high. they're the highest they've been since the bubble tech's trading at about 21.5 times earnings, forward earnings the market's at about 17.5 times. at about a 30% premium, which is rich relative to recent history. so in aggregate, the tech market is relatively expensive. but what we observe is the highest growth, most expensive tech stocks, which we define as the top 20% of tech stocks on a valuation metric, those are particularly expensive relative to history and so we think that there is caution warranted, particularly among expensive stocks tech is more expensive, because investors believe growth will be better returns on capital are very strong, free cash flow is strong so there's so merit to it, but it's always good to look at history. and expectations for th