for went to work in texas the halliburton corporation and he was out of politics. talking to dick cheney, he emphasize the halliburton years as pivotal or informing the way kind of vice president that he became. what it did do is put him in texas. and being in texas, george w. the who was governor at time quite naturally came to him finding someone to be vice president on his ticket when he ran for president. would say, both george w. bush and vice president dick heney that almost from the beginning, george w. bush was looking at him as a potential vice presidential candidate. he was saying, no, i'm not interested. eventually, they went through they looked at any number of potential vice candidates. and it came back to one of these meetings where president bush looks at him and says it really you. to be at some point after talking to his family, he said okay. bush and laura, thank you so much for asking us this effort and thank you for giving me the chance to introduce my husband, wyoming's own dick cheney as the next vice president of the united states. >> one of

dick cheney is ceo of the oil services firm halliburton. speaking at the institute of petroleum's fall conference in london. he says, for your over 100 years, we as an industry have had to deal with a pesky problem that once you find oil and pump it out of the ground, you have to turn around and find more or go out of business." looking ahead to 2010, by which time he says the world's energy needs will have increased by millions of barrels of oil per day, cheney asks, "where is the oil going to come from?" "the middle east with 2/3 of the world's oil and the lowest cost, it's still where the prize ultimately lies." arguing that oil is the fundamental building block of the world's economy, the future vice president says, "governments and the national oil companies are obviously controlling about 90% of the assets." "companies are anxious for greater access there" he says, "but progress continues to be slow." >> they saw oil that was not accessible because of political circumstances. oil that if it could be accessible was abundant and easy to

halliburton, hal, up 42% over the past year. it's already doing well, and i get nervous when people come on and say buy. it's very close to the top. you feel there's an opportunity to scratch out even more gains here. why? >> i think so, liz, it's not as cheap as it was a year ago clearly, but the energy renaissance story we are very bullish on we think has a long runway. and halliburton has a global footprint but principlely disposed to north america energy assets and being an operator and oil manager particularly growing fields of energy in the united states, we think positions it well for continued growth, and so we like halliburton at today's valuation. liz: tough to have a good, solid rally without the financials playing along. financial pick is pnc, more of a regional but gotten huge, hasn't it. >> sneakily through riggs bank, national citibank in cleveland, it's a footprint that transcends the entire east coast and so it's in fast going markets in the southeast. a superregional if you will, improving domestic conditions n

test for neither halliburton or bechtel came up in my research on the web. could it be expelled into the water? i don't think that's been an idea that has been planned for them. >> host: ronald oceanside california independent call. >> caller: this is constantly frustrating and wisely known by people that studied this issue that there was a chemical weapon being funneled into serious to the al qaeda fighters from turkey sponsored and funded by obama and you don't even mention it is not serious using the weapons. it's the freedom fighters using the weapons weapons and anybody that does research already knows this. >> host: told the viewers but your piece is about in case they missed it at the top. >> guest: i'm perfectly familiar with, certainly not completely familiar but the conspiracy theory needs to be found online and the use of the word alleged i think there is a lot that is not known and may never be known. >> host: talk about the crew that is aboard the ship dealing with the description of the chemical weapons. who are they? >> guest: it's pretty uniq

dierdre: mark as dave just mentioned, you like halliburton. is there anything else in the energy space whether it is a subsector or another stock pick you think it worth our viewers time and attention? >> well, certainly conocophillips is another name we own in that space. it is a company primarily, north american presence. benefiting from exploration and production activities here in the u.s., but what's different from that of halliburton, while it is an energy company, it pays handsome dividend yield, well over 3%. as consequence nice income provider for those looking for surrogate to traditional income sources like fixed income or bond which obviously have marginal yields at this juncture. david: anthony, there is more interested in bonds now. a lost high-yield bond, people are running away from, saying there is too much fear there of what might happen if the collapse of some of companies underneath them. is that fear well-positioned, or is it overdone? >> oh, i think it is overdone. i think it is misplaced. i think credit quality fundament

a long time, but i like it now. >> how much is the movement upward is because of the rumor that halliburtonht acquire it. charles: well. >> i like they are getting ahead of the russian stkuf, they sold stuff, the they sold their land out there. >> they never cutback on their r&d. they did great. charles: you know, we talk about solar and winds, it is sexy and fun, but oil will rule the world for a at least 30 more years. >> i think so. charles: when we come back. forget about mickey d's, talking about russia. they may go after one of our richest targets, details for you, when we come back. it can bring out the worst in people. but the m-class scans for danger, corrects for lane drifting, and if necessary, it will even brake all by itself. it is a luxury suv engineered to get you there and back safely. for tomorrow is another fight. the 2015 m-class. see your authorized dealer for exceptional offers through mercedes-benz financial services. when folks think about wthey think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineeri

look at halliburton, schlumberger, halliburton down 3.5%. schlumberger down nearly 2%.ime.inging you over to baker as we talk about inventory and oil available, that's why we're seeing energy pulling back. and watching the geopolitics of everything, and at the same time, we've been -- here's a look at baker hughes, right now down 3%. we've taken a little breather, talking about isis, talking about russia and ukraine, pakistan, israel and gaza. and this week these things are still very much on our minds but this week is driven by economic data, also earnings and less so by some of the headlines. so energy is the one sector, liz, today, that has a down arrow. liz: a name like neighbors up 70% over the past year. one bad day. right? i want you to watch the next segment it has very much to do with the energy world. continuing our special report. "mid cap marvels." we're bringing you the top performers we found in the s&p 400 of mid cap stocks. may not be a group of stocks you, you necessarily look at but you should. as you see on the one year chart. we're focusing on patter

look at a name like halliburton. energy is the biggest losing sector.ll 10 sectors we follow by the way are all red. energy, look at intraday of halliburton or any of them see them dropping. health care, aetna would be a great example of that. tossing it back to you, with the s&p 500. 461 names, melissa, out of 500 are red. melissa: nicole petallides, thank you so much. i want to go to jason rotman, he is on the phone. with a big drop like this you want to get as much perspective as we possibly can. jason, we fell off a cliff at top of the hour. in your mind what cued it? >> as i've been saying past couple weeks ago, melissa, i really believe the reason why we're entering simply the normal market much the market is looking major, at major company earnings. if earnings aren't good, there will not be anymore buyers, he especially with the tapering in full effect. motorola solutions, target is down 4%, so on and so forth. we're not seeing positive earnings. that really what started the whole downfall last week. ups, kraft, whole foods. so if earnings aren'

there are bigger players and medium players, baker hughes, halliburton, schlumberger. what makes you different and the choice you believe when it comes to oil services? >> you mentioned our largest competitors with baker hughes, halliburton and schlumberger. what we've seen in the energy business is an overall significant growth that's taken place as a result of the expansion of unconventional resources, and so we do feel like there's room for another alp player at some point in time and see ourselves being the diversified company that's got the opportunity to get there. those companies are technology oriented, value driven technology companies. we're trying to focus on some of the more bread and butter type of services such as hydraulic fracturing and service rigs and rental tools to create a better execution model for customers, and so far working great. liz: 5.2 billion market cap, you are growing. great to see you, david. >> thank you. liz: he's got his petroleum engineering degree from texas a&m. now what are we looking at? take a look, in just a minute, quite an

first of all, what do you think of halliburton as a catch-up trade? >> to me this is a stock at the end of january was trading 47 $48 and traded up to 70. there is no major catchup. if ari is referring to this stock essentially hitting all-time highs, great. i think the entire space is very interesting. i wouldn't characterize that as catching up. the all services space is on fire and has been and will continue to be. >> on the flipside, we want to know what you guys cap the trades are. what do you say? >> general electric, he's a great ceo with a stock that has not perform now for many years, unfortunately many years. they lump ge capital with ge. you see the deal. they've spun off crony financials. so i think they're getting to be where honeywell is already. it trades at a very reasonable valuation. the stock has not performed last quarter wasn't great. if you look at their growth areas, there are tremendous opportunities for them. to ge has not participated enough. they have been long for a long time. i think they will catch up and do it quickly. >

had the opportunity in halliburton. the opportunity in av. of these names, i think you take that opportunity and you pounce on it. i think they all go higher into the fall and through into the winter, judge. >> the domestic names i like that's been sold off. i think there's still an opportunity, devin energy. a lot of us loved it. liked it when it was higher and like it now, it's lower. moments, saying, hey what are the opportunities? that's one. still love the rails because of the energy component as well. sitting just off the highs and actually performed nicely along with allianz with -- i think they are fairly valued. >> josh, you onboard with this? energy has a potential if not to retake that leadership role to at least resume some sort of positive momentum for the rest of the year? >> certainly could. you look at the ts and p sectors, reasonably priced equities and decent earnings growth, at least on the rise, energy shirns. rises above almost every other sector in that regard. it shines. ieo i mentioned. a core hold in my firm. recommen

went to work in texas for the howl of burton corporation, and he was out of politics -- .or the halliburton corporation he does not emphasize those years as pivotal, key, or in some way informing the kind of vice president that he became. what it did do was put him in texas, and being in texas, george w. bush, governor at the time, quite naturally came to in findinge help somebody to be vice president on his ticket when he ran for president. bothof them will say -- president george w. bush and vice president dick cheney -- that almost from the beginning, george w. bush was looking at a potential vice presidential candidate, and he was saying that he was not interested. eventually, they went through this process. they looked at any number of potential vice presidential candidates, and it came back to one of these meetings where president bush looks at him and says, "it really ought to be you." at some point after talking to his family, he says ok. >> governor bush and laura, thank you so much for asking us to join you in this effort, and thank you for giving me the chance to introduce my hus

. >> you've come up with ideas tonight, let's start with halliburton. why do you like it? >> it's a group we like. it's a stock that continues to grow at double digits on the top and bottom line. you can buy the growth at what we believe are reasonable values. so they are coming off a solid quarter, and given this latest downturn, that stock is trading in a discount of 8% to the 52-week high. from the standpoint this is a bull market. we think stocks will resume the upward trend. this is a quality stock that you can get at a discount and got to take advantage. >> a lot of people like you like that sector. let's move to amerprize financial. >> you got continuing ageing of america and requirement and investing. there is a nice position in the space. i like the dividend yield which is 1.9%. i can buy the stock around 14 times at 2014 estimates. the story with double digit top and bottom growth and not over paying for it, getting a yield. those stocks i think will do well when this upward trend resumes. >> finally, in another sector, comcast. >> yeah, it's a cash machine. i li

into one side in the shade congress turns the crank and then out the other side pops money with halliburton or blackwater stamped on the face the only difference between the two machines is that the one of the rest up rarely kills hundreds of thousands of people sure there was a one time in utah where the kid got his head caught in there but. that's rare and in a darwinian sense he deserved it. as howard zinn once said america does not have democracy when it comes to foreign policy the majority of americans are against these wars we don't want them we don't vote for him we don't want to see kids die for them but congress predictably turns that crank like the good little organ grinder monkeys they are in place of our vote on war we the people are handed a little yellow ribbon when we take that ribbon we tie it around our eyes it should come with a ball gag a support the troops ball get it all right and if you take it out people go you don't suppose the. point is ninety percent of the people of this world are wonderful human beings who want peace nine point nine percent are douchebags and the

it is not stupid to do what they did if you are giving the money to halliburton and lockheed martin.hat's what they did. billions of dollars were transferred, taxpayer dollars, were transferred to those operations by these very manipulative, lying -- one of the things we should congratulate ourselves for is the u.s. always lies us into war. it was true in vietnam, it was true in iraq. the reason is we like to think , of ourselves as a peaceloving people. if they said, we are going in for the oil, we would say don't do it. instead, they say we are doing , it for democracy. --k at what we have in a have now in iraq. we were nationbuilding, freeing women, right? and in afghanistan, iraq, over and over. this is the nature of empire today. it is about resources. that is what you see the wars and the invasions and the military bases, hundreds of military bases all over the world, american military bases mostly guarding the sector of oil. >> the u.s. military bases keep open all the u.s. traffic in the world. -- all the commercial traffic in the world. the reason that stuff comes over here

it is not stupid to do what they did if you are giving the money to halliburton and lockheed martin.hat's what they did. billions of dollars were transferred, taxpayer dollars, were transferred to those operations by these very manipulative, lying -- one of the things we should congratulate ourselves for is the u.s. always lies us into war. it was true in vietnam, it was true in iraq. the reason is we like to think , of ourselves as a peaceloving people. if they said, we are going in for the oil, we would say don't do it. instead, they say we are doing , it for democracy. --k at what we have in a have now in iraq. we were nationbuilding, freeing women, right? and in afghanistan, iraq, over and over. this is the nature of empire today. it is about resources. that is what you see the wars and the invasions and the military bases, hundreds of military bases all over the world, american military bases mostly guarding the sector of oil. >> the u.s. military bases keep open all the u.s. traffic in the world. -- all the commercial traffic in the world. the reason that stuff comes over here

mckesson and halliburton, they have a yield, it's not significant enough to say i bought these stocks for the dividend. you bought them because they're fantastic companies that happen to have a dividend. is that not true? >> no, grasshopper, no, there is increasing cash flow every single quarter. i know with certainty, their board and shareholders will increase the cash payout in the quarters ahead. i don't buy dead companies, guys, you know this with certainty the only thing with certainty is free cash flow, you know what it is. >> fair enough. >> cash matters. >> and this got started just so we can help the viewers a little bit. i was talking about bond yields the first time we had this discussion. i was under the impression. i am still of the belief that yields are going lower. i think one of the things you said is why would you want to be in a ten-year treasury, we can be in stocks that have yield my point to you then was i think the bond market is trying to tell us something. yields have gone lower, ail be it the markets have gone up as well. >> if we can find the conversation to

with a company like eog, halliburton, they'll benefit from a much faster growth rain in shade that most people today appreciate. apple and oracle in the tech space. they're either attractively priced or still see lots of growth ahead of them. the package of those names, the very similar to mr. sloan's, that's the place where i believe the market is yet to discount what we see is a very stable and persistent growth over the next two to three years, and for that matter, you could see this cycle even go further into the decade. >> ron, you touched a bit on the geopolitical jitters that are out there, but it doesn't seem to be dissueding you from putting money into the market longer term. >> no, and i think, yes, in the short run we could have a trading move, and it could be largely impacted by the geopolitics that's going on, but i think that if we're talking about everybody, putin included, is very focused on economic growth. and so as long as people are focused on that, there's nobody that wants to take the world back into the dark ages of recessions and depressions and those kinds of th

i think you have to go with halliburton, hugh, weatherford, they have tremendous russian exposure. >> guy simple question what's up with cbi? >> huge stock into the spring. we talked about it for a while. all of a sudden people talked ability accounting regularties, nobody has been able to put their finger out there. you look at the last quarter, it was good. it isn't the matter, hopefully you watch. we said it needed to hold 75 on the way down for to you buy it. it held there for a while. broke. you have seen what's happened since now it feels it's a no touch so you have a capitulation there which you haven't had in a while. >> we are awaiting president obama's news conference. we will bring you the comments live when we come back. [bel . >>> we are awaiting president obama's news conference, he is set to speak in a a matter of minutes. eamon javers, any indication as to what he might say? >> we don't know. they have set up the presidential podium. we are awaiting the president to come out and give us what's happening so far today. we can expect he will deliver a short statement and

. >> the people in halliburton made gazallions of money. >> that's not responsive. america on balance lost. >> at the end of the cold war all eastern europe is prerussia has a noncommune iist government are they better or worse off because we won the cold war? >> i think you are dreaming about that. >> was it a good thing? >> i think the end of authoritarian government is always a good thing. i think this notion we go out in our beneficence spend a trillion dollars a year on military budgets have 150 military bases those are not for ben nef sent purposes. >> for the rest of that debate go to facebook.com/the kelly files. like the page we have a comment to tell us what you think. we will be right back. in new york state, we're changing the way we do business, with startup ny. we've created tax free zones throughout the state. and startup ny companies will be investing hundreds of millions of dollars in jobs and infrastructure. thanks to startup ny, businesses can operate tax free for 10 years. no property tax. no business tax. and no sales tax. which means more growt

halliburton, those are the stocks we own that are benefiting worldwide, and u.s. boom in energy. prices have not gone up in the face of all the crises in the middle east. >> they went up initially, but then came all the way down. >> came down. we're around $100 a barrel, despite all the frenzy in the middle east. of course, borders. and it's because there's more energy production and also demand is suppressed. because of more efficient use of energy. >> the president can make a powerful message by signing the pipeline. >> instead, he delayed the decision. >> he's not going to do anything. >> which is unfortunate. still to come, the one thing to watch for the week ahead on "sunday >>> we're back the our panel. what's the wug bin thing to watch or the upcoming week or weeks? ed rollins? >> i'm watching the president on immigration. what is he going to do? if he basically steps over the bounds, it will basically turn this election into a route for republicans. >> immigration, run what that means to me? jobs. the loss of jobs. too many people. kt? >> islamic jihad. there are over 7,

maybe halliburton didn't have anything to do with it. but it's interesting to think about. an interlocking communication system of signals, roads, wagon parts, store houses, arsenals where i work was the ole washington arsenal that figured prominently in this story. but why do we consider this symbol, sword and shield, symbol of the union, washington, d.c., the shield, the protected the fortifications that protected the city and the sword, the union armies in the field that were supposed to work together with the fortifications as important in our particular story. by 1864, these forts and heavy armament down at fort foot which you must visit because it's a preserved with heavy ordinance of the period. by 1864, we had an episode that is as the duke of willington would have declared if he had been here instead of about waterloo, he would have said about fort stevens, it was a despite lessons learned, despite all the fortifications, despite the thousands of public dollars expended on this fortification of 1864, a critical month of july. ten critical days of which right now if

cablevision also expediters international, pioneer natural resources, motorola solutions and halliburtonof course, check out what's happening with the vix. the cboe volatility index, up by about 11%. this index, guys has been up five of the last six days, showing you signs that there is very much roll tilt as part of the picture. >> gold has moved into positive territory. arier today it was moving lower, but now it's a 1293 for one troy ounce, up by about $4 or three-tenth of 1%. whats moving lower is crude oil. we've been talking a lot about that and the impact on big oil companies. for the very first time since march 12th, the national price has dropped below $3.50 per gallon. more picks in our wok we son have to spend. greg lakosky, good to join us today. where do we see gas prices going from here? >> we expect that gasoline prices will continue to decline through august, though not necessarily at the same rate that we saw in july. in july, we had crude prices coming down, wholesale gasoline prices came down tremendously. as a result we also saw the retail prices drop 25, 30 cents a g

i would much rather see you own halliburton or anybody.ig is a company that was downgraded to sell today. i didn't like the downgrade but i recognize the stock could be in for rough sailing. that, ladies and gentlemen, is the conclusion of the lightning round. [ buzzer ] >> announcer: the lightning round is sponsored by td ameritrade. when the world moves, futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with paper money to test-drive the market. all on thinkorswim from td ameritrade. once there was a girl who even in her laundry room.ry. with downy unstoppables, she matched her one of a kind style with one of a kind scents. downy unstoppables in wash scent boosters your studied day and night wash in the wow. for her driver's test. secretly inside, you hoped she wouldn't pass. the thought of your baby girl driving around all by herself was... you just weren't ready. but she did pass. 'cause she's your baby girl. and now you're proud. a bundle of nerves proud. but proud. get a d

unbalanced people like halliburton made gazillions of money -- >> but that's not responsible. >> americae lost. >> okay. let me ask you this. at the end of the cold war all of eastern europe is free, russia now no longer has a communist government. are all those countries better off or worse off because we won the cold war? >> i don't think we won the cold war. i think you're dreaming about that. >> is it a good thing? >> well, i think the end of authoritarian governments is always a good thing. but i also think that this notion that somehow we go out in our beneficence spend a trillion dollars a year on military budget, have 150 military bases, those are not for beneficent purposes. >> for the rest of that debate go to facebook.com/thekellyfile. like the page, leave a comment to tell us what you think. and we will be right back. android plan from tracfon? 7 dollar a month email the school. call the doctor. text the groomer. find gear for soccer. send invites to a party. post karate pics. help sean with history. battle of hastings: 1066. all that with my android from tracfone for as low

halliburton might still be getting the lion's share of the pentagon's no-bid contracts. global cigarette smuggling might in fact be fueling even more terrorism around the world. if chuck hadn't started the center for public integrity there would be no international consortium of investigative journalists. that is icij committee reporting team of 185 journalists in the 65 countries doing cross-border investigations. they are the ones that put global tax havens on the international agenda. if there are no icij, there would be no quotas for fishing in the southern pacific ocean. there would be the quotas in the atlantic would be easily circumvented as they have been by deluding the industry for so long until we reported on it. there would be no 600 alumni of the center for public integrity. those that have spread the high-quality no stone unturned journalism around the world. finally had there been no center for public integrity, there would be no accounting carefully of the 935 times that the top officials of the george w. bush administration said that iraq had weapons of

as far as where the money went to, as far as halliburton and everything like that goes, my question ishy were you not on the front lines going against that? i will tell you a little story about something that i heard from two kids that went and actually served in iraq. one served for three tours, one served for two. the point i'm trying to make is that when you talk to the people on the ground, one of the troops over there fighting, what the people over there want is what we have here, and that is freedom. [applause] that is what they want. they want to be like us. it makes this discussion go way overboard when you put down this country. there are plenty of things wrong with the country, but there is outweighed by what is right with the country including our boys going over there and fighting for those people because those people want what we have. they will always want that. whether they were put down by a tribe over there or not, that is where they are at. [applause] >> mr. d'sousa, your balanced and broad historical perspective shows how important immigration is to this country. peo

management company affiliated manager's group, oil services number nabors, oil and gas, amazon and halliburtonestion, can s&p close above 2,000, first time ever? stay tuned for the day. kayla, back to you. >> watching 17,138 for the record dow close. our eye on both targets for now. thanks, morgan. >>> amazon, meanwhile, confirming it bought the video game streaming site twitch for $970 million. that news coming several months after google was reportedly close to a deal with the company. twitch co-founder justin kahn was on "squawk alley" back in june. here's what he said. >> the reason people are interested in the company now is that they're surprised when they hear that we have so many people, over 1 million people broadcast gaming every month. we have over, every, on average, engagement around that content is extremely high. 45 million tune around the world to the content and that equals about 13 billion minutes of video watched every month. the engagement on a per user basis is high. people are turning in every day for over an hour. >> so how does twitch add value to a company like amazon?

or below my understanding is headquarters too or at least a major office for halliburton exxon mobil and and chevron major players it's the oil sun are there. from the narrative to the involvement of oil your thoughts on this as i'm as a former military person as a person of who understands the military dimensions of this. well between my military background and then my state department background i would say that u.s. policies under two presidents have been singularly unsuccessful and the fact that i resigned eleven years ago over the decision of the bush administration to invade and occupy iraq. was the was the beginning point of my. deep concern about the united states intervention in a country. what they're doing now of course is the three letter word that we all were talking about eleven years ago that the united states was after the oil of iraq and now the protection of the area where oil production is flowing most strongly and where the u.s. companies have their their head. orders was pretty predictable the predictability i think failures and u.s. policies is one of the traged

. >> people like halliburton made gazillions of money. >> america unbalanced lost. >> okay.e ask you this. at the end of the cold war all of eastern europe is free, russia now no longer has a communist government, are all those countries better off or worse off because we won the cold war? >> i don't think we won the cold war. i think you're dreaming about that. >> was it a good thing? >> well, i think the end of authoritarian government is always a good thing. but i also think that this notion that somehow we go out in our beneficence, spend a trillion dollars a year on military budgets, have 150 military bases circling the globe, those are not for beneficent purposes. >> for the rest of that debate go to facebook.com/thekellyfile. >>> like the page, leave a comment to tell us what you think. and we will be right back. [ female announcer ] we help make secure financial tomorrows a reality for over 19 million people. [ alex ] transamerica helped provide a lifetime of retirement income. so i can focus on what matters most. [ female announcer ] everyone has a moment when tomor

when halliburton gets in trouble in dubai, who is going to bail them out? do they expect the military to save their lives? i want to see one of these loonies take care of them. we have more comments from sherrod brown. guest: he is doing two things. the first thing he is saying is these firms are being unpatriotic and we should boycott them. that may be a little bit too much. of otherng and all invert incorporations are just doing -- minimizing their taxes. that is perfectly legal. how would you stop people from doing this? he is making proposals for legislative change. ofs would reduce the ability tax benefits that go along with this. he is on theay, far end of the clinical spectrum on the left. when youg republicans, get down to doing tax reform and how you would change the law, the chairman of the ways can -- hadmeans committee, he similar proposals to what sharad brown is talking about that would limit corporations to ship profits abroad. there is a realistic tax reform. there would be breaks put on these deals. host: what is the incentive for a company

maybe halliburton didn't have anything to do with it, but anything to think about. arsenals where i work. that figured prominently in this story. but why do we consider this symbol sword and shield symbol of the union, washington, d.c., the shield the protected, the fortifications that protected the city, and the sword the union armies in the field that were supposed to work together as important in our particular story. by 1864 these forts and heavy armament down at ft. foot which you must visit. it's a superb fort restored and preserved with the heavy ordnance of the period. we have an episode that is, as the -- instead of about waterloo. it was a damn close-run thing. despite lessons learned, despite the thousands of public dollars expended on this fortification system, it was the critical summer of 1864, a critical month of july, ten critical days of which roan now -- haven't gotten there yet. give me a chance. if we had been here on july 10th, 1864, we would be panicked in the streets without air conditioning, without refrigeration, because the rebels were clos

maybe halliburton didn't have anything to do with it. but it's interesting to think about.an interlocking communication system of signals, roads, wagon parts, store houses, arsenals where i work was the ole washington arsenal that figured prominently in this story. but why do we consider this symbol, sword and shield, symbol of the union, washington, d.c., the shield, the protected the fortifications that protected the city and the sword, the union armies in the field that were supposed to work together with the fortifications as important in our particular story. by 1864, these forts and heavy armament down at fort foot which you must visit because it's a superb fort restored and preserved with heavy ordinance of the period. by 1864, we had an episode that is as the duke of willington would have declared if he had been here instead of about waterloo, he would have said about fort stevens, it was a damn close run thing. despite lessons learned, despite all the fortifications, despite the thousands of public dollars expended on this fortification system, it was a critical su

and what happens is that we think halliburton will want to own them at a 50%-plus premium from here. a lot of companies like this. >> what are included on this list that people are buying in other acquisition plays or as buyback plays. neither one of those factors are something that long term are a good sign. in other words, it's more of a gamble. it's more of a play. >> turnover in the asset, our first huetual fund at 6%. we love them, we don't leave them. 16 years holding periods. so, over the next five years, even if there is no transaction, you win, it's the same thing with michael roth at interpublic, an advertising agency. we started buying the stock at $6 when he became the ceo and now it's $19. and if he doesn't do a deal, which he may do, the stock will be up 50% in the next three or four years. that's 15%. that is not bad. now, the market will go down, the market will go up. but for taxable accounts, it's not what you make, it's what you keep. so, long-term capital gains as opposed to buying and selling -- we run $50 billion, so we have a lot of companies around the world t