. >> i saw secretary chertoff in my last visit to washington.i asked, what is number one on your wish list to budget, to spend money on within the nation's security. >> he and i have been preoccupied with electronic surveillance. of one form or another. it is a hugely convoluted area and became even more controversial with edward snowden. what we both learned in our experiences is that these techniques of penetrating the private communications of conspiracies are really vital for our ability to learn about them. it turns out in the boston case, that was not the missing ingredient. but it has to be the thing that we talk about most. >> coming up, why cliff asness does not lose sleep over his investment decisions. we will speak with the fabled quant investor. ♪ ♪ >> this is "lunch money" on bloomberg television. we are also streaming online, on your phone, apple tv, and amazon fire tv. it is the world according to cliff asness, the founder and chief investment officer of aqr capital management, which manages $100 billion. that's billion with a "b.

i saw your boss, secretary chertoff in washington. looks like you guys are busy.ne how the phone is ringing off the hook. it is a busy week. that and earnings, this after soggy jpmorgan report. a significant positive the bull market. what have you changed in the last two weeks? >> not so much, tom. over the last 2-3 months, we -- >> what happened? >> it is like a hitter in the major leagues heard now there are two strikes and you're out. you get five balls before you get walked. the rules are harder on the banks. >> sr report that says a game of share buyback is over. do you agree? or will we see the use of cash prop up the buys site? >> i think you will see buyback from jpmorgan wells fargo. and bank ofiti america will struggle. even wells fargo and jpmorgan reported pretty soft numbers. >> what part of that is cyclical versus secular? ina lot of it is cyclical the sense that a year or two for now, if the company keeps doing what they seem to be doing, which is emerged from the mire, i think you'll see the funds do quite well. >> a construct to me, and this is th

he is currently a principal of the chertoff group, a distinguished visiting professor at george mason university. barton gelman is a two-time pulitzer prize winning journalist and lead reporter on disclosuresen's nsa at the washington post. he has actually met snowden several times. >> in person wants. spent 20 one years on the staff of the washington post and has won numerous awards, which i will mention only a few. his first pulitzer was awarded in 2002 for reporting on the september 11 attacks. the second pullets are was awarded to him in 2008 for a series on dick cheney's vice presidency that went on to become the basis of his best-selling book. that book won the los angeles ames book rise and was named new york times best book of 2008. today he is a senior fellow at the century foundation and lecturer and author in residence at princeton's woodrow wilson school. he returned to the post temporarily in 2013 after receiving various nsa documents from edward snowden. with his colleagues he has broken stories about many of the things that we are going to be discussing tonight. you joi