jeff bezos takes $81,000 a year?uge difference there. >> obviously, he is the founder and his pay structure is more in line with what you saw for steve ballmer and bill gates. they have such a big stake in the company that the incentive for them is driving the stock price. >> he's got a founder's pay package, but the other guys, the guy that runs amazon web services, his pay package is $160,000 a year. the amazon culture is a cheap culture. >> the amazon executives, their salaries are generally low. there are other executives and they do get equity and they do have a certain stake there. going back to the satya nadella situation, he did not have as big a stake as steve ballmer. but what they gave him was a big stake with a lot of incentive to really drive performance. he won't receive a majority of it unless they outperform the s&p 500. again, on an annual basis, it's something where the equity package is going to be heavily influenced by the amount of stock he's getting that will of course be driven by the value you

jeff bezos. >> we're trying to learn from someone, learn from competition, and on a global basis be able to be the very best as we try to bring it all together. to me, that is what is most exciting about being at walmart. i am confident that the things that we have done that bill this business still large -- built this business still largely apply in the future. there are other things that will make us more successful. >> but that is e-commerce? >> it is the marriage of both. if you look around the store, we edit assortments. we have a great team of merchants that take the category and really understands it, works with the suppliers to come with the best items. that duration process or editing process will still apply online. will still apply at some point online. today, everybody is talking about access to tens of millions of items and how broad it is. definitely, in the future, customers will have access to more than they would have years ago. but the ability to be a merchant and show customers what they want next before they might even know they wanted, is still going to matter -

always a getting exposure to simulate jeff bezos was amazingly rewarding.ave been able to keep up with him as a large investor. he is one of the smartest, quickest thinkers i have ever been exposed to. >> what has surprised you most about amazon and jeff bezos 20 years later? has convinced wall street that he is plain the super-long-term game. and they let him forgo profits for what is now 20 years. [laughter] a kind of goes back to what we were talking about with those startups. he gets to play a different game because he has invested. and he has said it is ok. >> is it ok? were multiple periods in amazon's life where people doubted that it had a long-term life, and they forced him to show more profitability. matter if amazon does not turn a significant profit. >> it only matters if wall street comes to doubt that they can. i bet that they will for a long time. iagine when we did the ipo, have been fortunate enough to work with a number of companies that have made it past just being successful, where they just had more than an ipo. it is remarkable. very -

obviously getting exposure to someone like jeff bezos was amazingly rewarding.ave been able to keep up with him. he is a large investor in our fund and one of the smartest quickest thinkers i have ever , been exposed to. >> what has surprised you most about amazon and jeff bezos 20 years later? >> he has convinced wall street that he is playing the super long-term game. and they let him forgo profits for what is now 20 years. [laughter] it kind of goes back to what we were talking about with those overfunded startups. he gets to play a different game he convinced them it is ok. >> is it ok? >> i think it were multiple periods in amazon's life where people doubted that it had a long-term life, and they forced him to show more profitability. which he did. >> it doesn't matter if amazon and then backed off. does not turn a significant profit? >> it only matters if wall street comes to doubt that they can. >> will amazon have the confidence of wall street indefinitely? >> i bet they will for a long time. when they did the ipo they were only selling books. i have bee

getting exposure to somebody like jeff bezos at that moment in time and seeing what is accomplished was amazingly rewarding. i am been able to keep up with him. he is one of the smartest, quickest thinkers i've been exposed to. >> what has surprised you most about amazon and jeff bezos, now almost 20 years later? >> he has convinced wall street that he is playing this super long-term game, and they let him forgo profits for what is now 20 years. a kind of goes back to what we were talking about with the overfunded startups. he gets to play a different game because he has convinced them it is ok. >> is it ok? >> every investor gets to decide that on a daily basis. i think there were multiple times in amazon's life where people doubt it whether the model had long-term legs and they forced him to show more profitability, which she did, and then backed off of. >> does it matter if amazon never turns a significant profit? >> it only matters if wall street doubts they can. >> will amazon have the confidence of wall street indefinitely? >> boy, i bet they will for a long time. imagine when we

liz: all right. >> we all agree. >> coming up, jeff bezos, is he wrong or is he right? not sweat the billions in failed amazon experiment money. should investors believe bezos and pile into the stock? >>> as pay tv loses bundles of subscribers who are the big winners? dave, this one may surprise you. david: it may. i'm hoping they're right on oil. i hope it stays low. meanwhile a stronger economy and markets hitting all-time highs. reince for optimism, right? not so fast. one top economist is warning after new threat to growth. martin feldstein, harvard university professor of economics is here in a moment. new developments on the hack attack on sony pictures. sony says they know who is behind the attack. could it be north korea? we have details. >>> aol, ceo tim armstrong sharing his strategy on future acquisition. we got it all covered. ♪ e want to know how hard it can be... ...to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled... ...copd maintenance treatment... ...that helps open my airways fo

. >>> we have breaking news from two tech giants, a trial for apple and jeff bezos giving a rare interview. we start with the breaking story unfolding in detroit. >> detroit officials have been dealing with a power outage that began around 10:30 this morning effecting about 100 buildings including courthouses and firehouses. traffic lights stopped working and joe lewis arena plunged into darkness. schools are letting students out early. this is a live picture of the area seen by our affiliate news helicopter. the problem was apparently caused by a major cable failure. officials at dte edison are working on the problem and the power is slowly coming back on. detroit's mayor will give an update later this afternoon. general motors, one of the only big three auto makers located in downtown detroit says there has been no impact at the renaissance center headquarters. >>> now to courtney reagan with breaking news on amazon ceo jeff bezos. >> amazon ceo rarely speaks out not at quarterly earnings calls and conferences except for today. he just wrapped up at the website's ignition conference expe

-- jeff bezos? there is a few names, one of them being jeff wilke, the highest-paid executive at amazon and runs the overall consumer business and has been there a long time. there are other names jumping out including jeff last burden of handles the acquisition side of things. the only thing i would want to 50 andt is bezos is that is below the median age for ceos in the s&p 500, so i was not going to crazy over this nugget of information. this company is so focused on one individual idea. death.he culture of is something he really try to minimize it. showing range and institution. it would carry on without him there. of notthout a chance getting hit by the bus, he talks about how he hates to travel and loves to be at work. younger than the average ceo. exactly. not thing one location all day long. we were talking about pay compensation earlier. $90 million pay package approved at the shareholder meeting today. jeff bezos takes $81,000 per year. huge difference. >> a very different pay structure. o

jeff bezos invested 37 million, it was valued at $300 million.2013 google said we'll give you $25 million at $3.5 billion. earlier this year fidelity gave them 1.4 billion, stuart varney flipped his lid, he said there's no way in the world this taxi thing is worth $18 billion. real soon t. rowe price and others are thinking about invest thing another billion at $40 billion. i mean, just think about that kind of move. jeff bezos isn't doing too bad, is he? this is an absolute wonderful thing. again, it's been an absolute juggernaut. you can see where they're growing like crazy. but the other side of this is i want you to take a look at another chart. these are the taxi medallion companies, these are the major cities through 2013. this is how much medallions have gone up. you thought uber had amazing growth, take a look at philadelphia, the yellow line. in 2005 you could have got a medallion at $65,000, recently going into this year, $545,000. think about that. so tonight what i want to do is look at the different angles here. uber's growth and als

jeff bezos is here to tell you that is sachsly not the case. defending the volatile stock price claiming that amazon is just a startup. do you feel like amazon is startup, james? >> original slogan was world's biggest bookstore. i guess now the slowing ban would be the world's biggest start up. melissa: that makes sense. chris? >> all things they're trying, drone delivery, grocery delivery there is startup component to it. we think of amazon more than books but online shopping destination. melissa: their competition is the monster that strong arms and dominates everyone around them and shovels the little guy out. they're hardly a startup. >> if you talk to target, macy's some of the others, barnes & noble this is big gorilla. this is not a startup. melissa: in every category. >> when i fell for that trap on "imus" got on the cat conversation, my wife is with me, i'm really 18 years old. i'm not 52. i'm 18. i can say that sort of stuff. melissa: on that note, north korea stayed coy about the recent cyberattack on sony pictures with a cryptic quo

amazon's jeff bezos speaking right now. we're going find out what he's up to after the break. and why one trader on the desk says amazon is not a no-brainer play. and then we talk to a guest whose seeing some frothy start-up valuations. and is this the beth of $100/barrel oil? citi's thinks so. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. i'i like to think of myself as more of a control... enthusiast. mmm, a perfect 177-degrees. and that's why this road warrior rents from national. i can bypass the counter and go straight to my car. and i don't have to talk to any humans, unless i want to. and i don't. and national lets me choose any car in the aisle. control. it's so, what's the word?... sexy. go national. go like a pro. it's sleep train'ser: interes

couldn't at all but i think jeff bezos is smartest guy in the room. profit if he wanted to but it's all about reinvestment in the future of his company and that's, you know, a lot of people disagree with that strategy but, you know, so far it's working. >> debate that rages on. >> thank you, courtney. >>> michael lewis' book "flash boys" started a fight on wall wl and now a new battle on the same story. >> for that story and other popular ones, let's check in with allen wastler. good afternoon to you, allen. >> yeah. that's a surprise hit of the way. there's a new research paper out of university of washington and making the rounds and got the high frequency fight going on again and essentially says, hey, high frequency trading is good, provides liquidity and everybody, though, objecting to it saying, no, no, no. it's 5-year-old data and before the flash crash. and it's only from one exchange and not really valid. it is like the two old guys at the bar seeing -- red sox or yankees, they fight again. that's drawing attention. number two, you had an ear

. >> if i looked along a vector, he is most like jeff bezos. the business is most like amazon. s not a facebook, it's an operational intensive business. i find him to be most like jeff. the thing that is least understood about travis is these -- he is an insanely good recruiter. jeff was always going into walmart and getting their cio, just getting the best people he possibly can and that is what travis has done. >> gurley has not commented since allegations of uber targeting journalists surfaced. we did speak about the competition in silicon valley between google, facebook, apple and amazon. who does he think is the most dominant of the four horsemen? >> between google, amazon, apple and facebook, these are companies are referred to as the four horsemen. who has the most to worry about? >> i would say amazon's position with prime is pretty remarkable. i would put them in the safe camp. google, with the profitability of the search is nice and this insane footprint of android, i would put them in the safe camp. on facebook, i think they are working through an interesting challeng

who could replace jeff bezos? who's at the top? few names at the top, including jeff wilke.he highest-paid executive runs the omer all consumer business. including jeff blackburn. there are a few names kicking around but what i want to point out is that bezos is 50. that is below the median age for ceos in the s&p 500. i wasn't going to crazy over this little nugget of information. gets hit by a he bus, life is what life is. you want to know that this company is so focused on one individual idea that it is the culture of jeff. you either love him or you don't work there. >> and that conference, he tried to minimize that. how the culture is so ingrained in the institution that it would carry on without him there. even the chance of him getting hit by a bus, he talks about how much he hates to travel and how much he loves being at work. he is younger than a ceo -- >> exactly. he's not staying in one location all day long. we were thinking about pay compensation. bezos takes $81,000 a year? huge difference there. >> obviously he is the founder and his pay structure is more in l

jeff bezos has never done anything wrong. all of sudden he really stepped in it.nk similar to what james said about google glass. i wouldn't be so quick to completely rule this out even if what they learned about how to do it better next time. i think the big problem was what it said to all of us, this is not a cheap smartphone. this is a way for you to buy stuff from amazon. tracy: bruce i know also on your list was the blackberry rim fail. james, like as of this, from a business angle was just a total disaster. >> a lot of mistakes at blackberry over the last few years. i say i always enjoyed using their products. they obviously had some issues with mark connect. amazon i don't see how any customers can complain. they're subsidizing us to get market share. investors could have a big beef with amazon, but from a customer perspective i think they treat us pretty well. tracy: i thought the amazon fire phone commercials were adorable. let me tell you what i thought first worst one of the years. the walmart fat girl costume. but to put a word fat in print and put a p

elon musk and jeff bezos are cut from the same cloth. they're about building great companies.ouldn't be surprised if tesla were to merge with a spaceex operation or much like amazon, get into a wealth of other projects which has made for a great business but, frankly a lousy stock. i would be away from it, too. >> let's not forget another hot sector, biotech. this trade, this sector really took off this year finishing up about 44% but will investors have the same kind of appetite for risk, david, in 2015 when it comes to biotech? >> i think biotech is very interesting. i think biotech will end up outperforming the s&p but i think there will be some periods that are dislocated. i think the pricing on the drugs is going to become mainstream. a conversation that's going to scare some of the investors that have bought this name. most of the investors, generalists in this stock, when pricing issues come up, which is one of the reasons this group has done so well, it could be a tailspin that could knock the group for a little bit of a loop here. look, i do think that the first two m

i would love to have a conversation with jeff bezos about the self-destructive nature of this particular strategy. >> amazon is arguing that books must be cheaper in this environment where there are so many media distractions. do you have any sympathy for their argument? >> complete sympathy for it. i just don't understand why, in order to get to that preferred outcome, they have chosen to screw over the people who bring revenue to their business and customers to their site. >> do you need a traditional publisher for your next book? is there another way? >> is this an industry that is going to be disrupted, and the answer is absolutely. will i have the same arrangement for my next book that i had for this one? unlikely. but the arrangement i had for david and goliath is better than the arrangment i had for books that came before it. i can imagine a world without traditional publishers, but i can't imagine a world without traditional bookstores. i would like to see a revision of the publishing environment in a way that ensures the continued success of the physical bookstore. >> some write

. >> rose: the irony of this is that he started sam walton, jeff bezos studied sam walton and you're jeff baker. >> we're trying to learn from sam walton, learn from competition and on a global basis be able to be the very best and we try to bring it altogether. and to me that's what is most exciting about being at wal-mart. i'm confident that the thing that we have done to build the business still largely apply in the future. and yet there are some other things we can put together with this that will make us be even more successful. >> rose: that's e commerce isn't it. >> it's the marriage of both. people can run the store. we edit assortments. we have a great team of merchants not only in the u.s. but argument the world. i takes a category, and really understands it working with our suppliers to come up with the very best items to put into our store. that curation process or editing process will still apply on-line. will still apply at some point on-line. now, todayabout access to tens s of items and how broad it is. well, definitely in the future the customer will have access to mo

. >> did you idolize jeff bezos and the bill gates? >> everybody knew the bill gates story by heart. what's cool about microsoft is that you can actually go and be a product tester. a lot of people from high school would actually go to microsoft and test new products and they would give you a free mouse. >> you met your cofounders in middle school. tell me about that. >> the first cofounder of box, who is now our chief financial officer, we actually played trumpet together in middle school. neither of us were good at that. throughout middle school and high school, i did a lot of stuff on the internet with jeff and later in high school. >> tell me how box began. >> if you go out 10 years ago, there was >> not a lot of innovation happening. it was really hard to do basic things like, how do you share your files and access data from anywhere, and how do you collaborate and work with other people. i was in college at the time. what if you could have these sort of hard drives in the cloud that would let you put all your files in these hard

the alternate model is the amazon model, the jeff bezos model.f you want a desk, it is a recycled door on two sawhorses. go crazy. we are much more on the side of, let's get out the sawhorse desks. let's tamp down on the spending. >> you had a spirited back-and-forth with the activist investor, carl icahn. last week, you called him evil captain kirk. he said some things. i wonder though, do some of these activist investors actually have the same concerns you do? >> i think they are a result, not a cause. they are a consequence of companies being very cheap on the stock market. they are a consequence of companies needing to restructure. or needing to react to market changes. the activist is a little bit of a sideshow to the core question of, how is the company being run. >> is there a disconnect between wall street and silicon valley? is there a fundamental misunderstanding? >> i think in the long run -- i do not think in the long run there is a misunderstanding. >> i'm curious about your thoughts on payments. it is an area that is wide open. now

. >> did you idolize jeff bezos and bill gates?> yeah, everybody knew the bill gates story kind of by heart. what's cool about microsoft is that you can actually go and they let you be a product tester. so a lot of people in high school would actually go to microsoft and test out new products and then they would give you like a free mouse at the end of it. >> ok, you met your co-founders in middle school. tell me about that. >> so, dylan smith, kind of the first co-founder of box who's now our chief financial officer, we actually played trumpet together in middle school. neither of us were any good at that. and then throughout middle school and high school though, i did a lot of stuff on the internet with jeff and later in high school with sam ghods. >> tell me how box began. >> if you go back about ten years ago, not a lot of innovation was happening. so it was really, really hard to do basic things like, how do you share your files, how do you access your data from anywhere, how do you collaborate and work with other people? i wa

from jeff bezos 2-d they founder, several tech entrepreneurs have tried to make their market in an industryt the cross of change. recently at the new republic, the centuries old foundation bought -- there have been a mass exit us by employees citing a cultural disconnect. joining me now is cory johnson. editorial staff have resigned. there have been complaints. in with thiscame tech startup mentality and it just didn't work. in the history of magazine publishing, there is no magazine that has been beloved by a strip -- by subscribers than the new republic. they bought it with an incredible opportunity because subscribers love it. it is enormously influential in washington dc. but the notion that users are consuming information digitally and creating print isn't working for them. these attempts to make a new digital media company really upset a lot of the staffers that are there. of which because of the messaging around it and the way it was communicated. it sounded like it was no different from a buzz feed or gawker or these awards that are so loved i did it all media in right now. >> let's

jeff bezos studied sam walton and you're studying jeff pay zoes. >> we're trying to learn from sam waltonhe very best as we try to bring it all together. >> a key part of mcmillan's plan is happy associates. for years walmart's been criticized for its treatment of its lowest paid workers. out of 1.3 million u.s. employees, around 6,000 make minimum wage. mcmillan told me he's going fix that. >> we're going to make changes in a few months where no walmart associate in the united states will make minimum wage. we'll be ahead of it with our starting wage. >> is this one of those places where you believe it's the perception of walmart and the reality of walmart? >> i do. >> why do you believe it exists? >> in the world there's a debate over inequity, and sometimes we get caught up in that and retail does in general, but we couldn't run a good business if we don't take care of people and have compensation plans that work. >> but for mcmillan, the ultimate proof of change will come in walmart's performance. >> so there was in your career someone who raised this question. we know he loves the co

plus, jeff bezos says don't sweat the small stuff or in this case the billions in failed amazon experiments he right? don't worry about the fact that they're not making profits? we'll take a look "after the bell." stay tuned >> well, a up 36 points is a pretty decent end to narrow trading range but two records. david: it is a broad range. 10% of all the s&p 500 stocks hit record highs today, a huge day for the market. liz: nicole gets to witness it all down on floor of new york stock exchange. as we look at the dow, charging ahead, crashing through another record ceiling, talk about, i don't know, throw out four names that are setting all-time highs. >> all-time highs as we set records into the close. looking at key names including united health, 3m, travelers, visa. you can see they're from different areas, not just one sector. we had a lot of sectors. market breadth was good. we held on. david: overstock, we love patrick byrne. a huge gain. >> 23% growth he year-over-year, four days, black friday into cyber monday. up 5% going into the close. liz: material stocks really led today's gains

jeff bezos saying that he lost the company billions of dollars on some things that have gone bad.are all stars here today are wondering why the president hasn't admitted the same type of blunders? >> the president should have taxpayers in mind and should be ready to apologize. humanizes them to give them a lot of credibility. it doesn't make them look like out of touch technocrats that treat people as like this when they apologize. and it's not just amazon but others that have apologized, the ceo of microsoft that has apologized women saying that it's part of this. so it's a good idea to apologize and instead they double down. what happens if you don't get this back and you need to push your agenda through. >> he runs a public company and you can sell that at anytime you want to sell the stock if you don't like the decision that he makes. but when you pay taxes come you can't decide not to pay taxes. >> i tried that. [laughter] >> he has more responsibility to tell the public what is going on than someone who runs a public company. and the other point is that we can't stop this an

jeff bezos, historically their experience is they're not big on driving margins.y're big on serving customers making sure they stick around on the site, get what they need. i think that's their strategy here. whatever little thing, whatever big thing that they're seeing people want, they want to serve them. they saw more searches, more desires for these types of diapers. >> we've had analysts who have come on quarter after quarter, year after year that said this is the time when amazon is going to buckle down and start turning a profit. we're going to stop at the experiments after the last -- the phone and the rest of the things. are they wrong to think that? >> based on what we've seen recently, it's not the time. i don't think the time's coming any time soon either. jeff bezos is still big on experimenting. he talked about the fire phone that was a flop for them. but they're still going to do it. he said we're going to try the next version and keep doing it until we see something happening with it. so i think that's still their strategy, is to try different thin

it is back notably by jeff bezos, ceo of amazon.bc first is the ceo of juno therapeutics. you are holding out the prospect and holding out for cancer treatment is extremely interesting, very exciting for a lot of people. can you explain in a nutshell what you are trying to do? >> we are trying to develop treatments that offer new hope for patients battling cancer. the way we approach that is to reprogram the patient's immune system so it can see the cancer cells that otherwise it would miss. once the immune system sees the cancer cells, program those immune cells to get rid of the cancer cells. that it's basic idea behind the technology. >> you had a phenomenal road show. you started, recently last week thinking mid point you might be worth as a company $1.4 billion. by my rough calculations where you opened today, you're worth $3.4 billion. what has happened what have you said to the bankers? what is the response you had that boosted expectations here? >> i think this general optimism based on data from a number of different areas