you just sat down exclusively with one of the biggest in the media business, john malone. he told you. >> so many different things that we've aired today and discussed, of course. malone may be known as a visionary when it comes to the media business, but what has already fueled his approach to investing is a focus on tax-advantaged assets and a mantra that says when the money is cheap, use it. tell me about your approach, given cheap money. where we are right now. >> one way to look at is, it's the present value of future cash flows, discounted by the borrowing rate. and so, things that are trading at seven or eight times post the synergies seem very cheap, if you can borrow money at 3%. so given the super cheap capital, these sustainable cash flow businesses just look very attractive, to me, to be bought with leverage. >> you're comfortable levering up in this environment, i would assume, though, you know, where do you sort of draw the line? >> you wouldn't leverage a manufacturing company to the hilt, because it's too cyclical. >> right. >> maybe a two multiple would be

you open an account. >> all day today we'll be airing a long sitdown interview i conducted with john malone, and prove his control of liberty media and liberty global. the latest company to fall into that category, charter communications, taking malone back to where he started. cable. >> this is a unique opportunity to take this vehicle and grow it through both superior market and promotion and through interior growth, organic growth. >> sure. >> i think we can be exceptionally strong with that company for a number of years and in particular the rate of free cash flow can be very, very strong which allows it then to access the leverage market in order to do rollout transactions, particularly where there's horizontal synergies, okay? that's kind of the old tci formula. >> right. >> and that's the growth scale and then look for opportunities to work with other cable companies to form consortia like we used to in the old days that called us the cable mafia? you want to bring back the cable mafia? come on. >> with the political leadership. >> but yes, we want to bring back the days of at home,

john malone tomorrow.of liberty media says about his company's landscape. we'll be right back. i know what you're thinking... transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so, it's no surprise to you that companies depend on today's xerox for services that simplify how work gets done. which is...pretty much what we've always stood for. with xerox, you're ready for real business. to prove to you that aleve is the better choice for him, he's agreed to give it up. that's today? [ male announcer ] we'll be with him all day as he goes back to taking tylenol. i was okay, but after lunch my knee started to hurt again. and now i've got to take more pills. ♪ yup. another pill stop. can i get my aleve back yet? ♪ for my pain, i want my aleve. ♪ [ male announcer ] look for the easy-open red arthritis cap. the little details. the little

. >> last year john malone's liberty ventures bought out the controlling voting stake in trip advisore's been speculation about what liberty which owned 17% of the shares in expedia, but in which dillard still controls the vote would do with that holding. david faber sat down with john malone who sits on expedia's board and asked about liberty's plans with that investment. >> there's an indication that the company would like to shrink their equity. i don't think barry is that hot for our control. i think it's more of an economic issue. if it can be done in a way that's tax efficient for both companies, yeah, sure. if barry wanted to do another deal like sharp, we would do that too. >> so you would consider going the other way? >> sure. >> is toundz more likely that -- >> i think it's really barry's call. >> barry's call. let's get the trader's call. dr. jay, what do you do with expedia? >> i like it. i like expedia. i love thoor looking for are cheaper ways to travel. you go over there. the airlines are full, and the hotel rooms are filling up, but at lower prices. priceline takes adv

i discussed it last week in my interview with john malone, asking him, what do you think ergen is goingsh he has raised recently. we got to the wireless business and here's what malone had to say about perhaps entry by ergen into that business. >> the u.s. is a wonderful space for verizon and at&t. you go to europe where you've got four and five players, it's terrible. it's terrible business. so why you would want to take a very successful industry and add two or three more quackers and make eight terrible industry and spend a lot of money doing it. >> john malone, carl, but it does appear mr. ergen is going to offer consumers a package of services including a video from differ and very robust wireless services that would service so many of your devices, whether out of the home or in the home, and enable you to download so much of the content that is becoming am. not to compete with that broadband connection in the home but certainly to compete with the likes of verizon and at&t. >> and for all those viewers out there who own some sprint, you believe the ergen bid is credible financing,

but going back to what john malone said, people are willing to pay 20, 30, almost 50% premiums to take over these companies, because the cost of capital is so low right now. so if you have a good cash flow company, they're willing to take a chance. so, basically, i think one thing that the bulls and bears can agree on is that the united states has some of the smartest ceos in the world. our technology is second to none. and if five years ago, you told some of these guys, you were going to give them zero, basically, cost of capital, you would see the improvements ten years hence forward. so we think going forward, the only thing that's going to happen is earnings are going to get better, because the cost of capital is so diminutive. >> yep. that's a good point. all right, everybody. thank you so much. have a great weekend. we'll see you soon, we appreciate it. we've got to get to josh lipton. he's going to give us a wrap-up on this market over the weekend. over to you, josh. >> yeah, your recap for the week here. and the s&p 500, all ten sectors finish in the green. leaders, consumer di

john malone, this cop use some leverage. i this we're really moving in the right direction.eaking news and that is apple beat estimates on both the top and the bottom lines. let's stop. we want to let our viewers know, still halted right now. the second it starts trading we will get you that price but john bright is saying he expects it to move higher in the after-market. rob, what do you think? in a way the outlook is a little mixed here? >> i actually expect it to move higher in the after-market as well though i don't think it has hit bottom yet. i think we'll go through a number of cycles as this company proceeds. it will be a upcycle for a while and outlook will take hold as we drop into the next quarter and it will probably drop a little farther. when the market rationalizes through the dividends and the rest i think we'll find a new low. david: let's look back the at key problem here though which is apple used to be able to move markets. it created such a stir when it came out with new product, entire marketplaces were changed upended. companies went out of business as

the european cable/buy baaned provider con fwrield john malone has been no stranger overseas, havinged a deal to buy virgin media and that deal to close in the not too distant future and you see the reports out of germany that they're not done yet at liberty global and they want to move to cable deutschland which is the largest provider in that country. now these reports having been repeated by other news organizations. i can tell you that my checking doesn't indicate there's much to it right now, that, in fact, that there is -- it doesn't appear that there is anything going on at the moment. that being said, this has always been something that liberty global has been potentially interested in doing if it could get the regulatory appeasement it needs in order to do so. i asked john malone who controls liberty global about liberty global's consolidation plans in europe when i interviewed him last week. >> there are two obvious consolidations still ahead for liberty global in its european footprint. one is the rest of holland. >> right. >> you've taken a modest stake. >> yeah. the othe

john malone in an exclusive interview.in two. [ female announcer ] it's time for the annual shareholders meeting. ♪ there'll be the usual presentations on research. and development. some new members of the team will be introduced. the chairman emeritus will distribute his usual wisdom. and you? well, you're the chief life officer. you just need the right professional to help you take charge. ♪ >>> the s&p 500 setting a fresh ridiculous intraday high this morning on the back of the early release, yes, the early release of fed minutes as a result of a leak yesterday afternoon. the authorities are investigating. for more on what is a broad-based rally, let's bring in ubs director of floor operations, art cashin. >> i feel it's my life's work to get you excited about the record high. are you excited this morning. >> >> i'm frustrated more than excited. >> we made a new record high and at some point you would think the market is going to explode and it's going to break out. it's been in a consolidation pattern and it's been mov

you heard it from john malone and the idea that's becoming more expensive and you have more and moreion the internet for video needs and not only do they need the bundle program and via the cable so to speak, and not the broadband. >> no reid hastings giving interview. they're saying this is the wave of the future. i come back to the fact that i want my programming. i want to watch basketball, okay? i have to pay -- look, i'll pay anything to watch these playoffs. i'm not kidding. >> right. >> i watch any play off game and i'm not sensitive for playing for playoffs. >> and it may be that the pricing changes, but that e, is pn continues the incredible lock. in the mean team, this theme park business, and i remember not that long ago felt that that was just a loser. >> six flags back, and think, universal putting up great numbers and disney lagged a little bit. >> so i do think, remember, the star wars deal was good. >> we know that the marvel deal was good. geez, that was terrific. >> it is interesting that they had done all of the deals you would expect and whether it was pixar right

those who are doing deals, it is interesting, are the likes of -- or at least proposing one -- john malonere in control, who see the advantages of cheap money and who are willing to take risk but if you're a ceo of a company with not that much on the line except your job, are you really going to take the risk when you have maybe a seven-year, ten-year ahead of you, maybe even less, that's shrinking. you know some shareholders are going to start yelling and screaming and you know there will be some regulatory concerns. probably surmountable but nonetheless there. it just raises the bar. when they do deals a la thermo -- >> but it is just not working. that group is so in the doghouse. >> so it is harder. but that doesn't mean there isn't going to be m and a. it just means the euphoria created with the likes of heinz and virgin media overseas and dell -- >> it's over. >> it's not over! >> march was bad. march was a bad month. >> it was. but for morgan stanley, m and a, global management is an extremely large part of that company. they'll close soon on the 35% of smith barney. that's an import

john's church. the pastor, dr. luis malone called out some of the religious right. drives me crazy when the captains of the religious right are always calling people back. for gays to be in the closet, for immigrants to be on their side of the border." now the response from rush limbaugh. in reaction to a caller who said president obama inspired a racist attack from that pastor. >> that's an interesting take that the president inspires it, inspires racism. it may well be the case. so obama's presence inspires this guy to go all divisive, all racist and start jamming on the republicans for wanting blacks in the back of the bus and women back in the kitchen. when he can't name a single person who does. but the president of the united states, you may be right, may have inspired that in this preacher. >> actually, rushbo, racism is the belief that one race, whites, should rule all others. get your definitions straight. >>> next, there's, of course, no evidence sharia law is infiltrating the state of florida, but lawmakers are pushing a bill that would prevent islamic la