joining us also, michael holland. michael, let's get started on the equity markets and the battle that is going on out there. i want you to read justify why i am a bull. it has not happened, has it? >> the big thing that people has been talking about for most of the past five years, the big correction has not occurred. we had valuations that were screamingly attractive five years ago. we called him ludicrously attractive. -- them ludicrously attractive. these things normally do not end until we get overvalued and we are not there he is. >> you are a well read man. you to explain to our audience have you as an equity guy with responsibility to create wealth use the research of someone like dr. croft. about of the fun things being in this business over a lifetime is that everything that happens in the world has to do with your business. putin today is more important than any ceo in terms of this. would you agree? >> oh, yeah. you are using this as a template to make decisions on how long to hold jpmorgan. jpmorgan?old an

all-time high, 5 year bull market is far from ended, fed is a big reason why, joining us now, michael hollandpresident of holland balance fund, great to have you here, idea this market is tired is hard to make a percent waysive -- case when we watch the triple digit rallies and a follow on like this, but we had little of that. >> right, let me thank you for coming on yellow tie day. i have to say, this tired markets, to me in past, we have been around, they come when people are very involved. most people are not involved. a lot of people sold their stocks 5 and 6 years ago. we have a few people in market who talk about we're in a bubble. well we're at a valuation that is at any historical measure are reasonable. it is now a fairly value the stock market, before this thing is over, i think we end up with an overvalued market. lou: not a retail market. who among professionals in this market, trading it, where are they going with their money? what is driving their confidence right now? in the heels of you know, the idea that this is a rigged market. 60 minutes, i thought it was the funny, talkin

. -- michael holland will join us. liz and saunders, as well.liers are coming back to earth and the blue-chip stocks doing better than good. we will also look at the medicare debate. senator grassley will join us, the senator from iowa. we will join us -- talk about any number of things going on in washington. the percolation about how doctors are being compensated on medicare. >> i brushed up on the movements of baby george, the royal baby george. i know you like to know his whereabouts. thiswas briefed on this morning. do you see the distance that she is holding a be george so as not to get baby george on the missoni, whatever the beautiful dress is? she has the baby of a strategic distance. >> she has nailed it. maybe george looks quite regal. he is checking them out. this is a king in the making. think they will sell a few of those outfits this morning, no question about that. really, really cool. i don't know how new zealand likes it, but it is wonderful to see them out and about. >> i think new zealand is loving it. tom keene with "bloombe

michael holland were way in front of what they would do next. firepower, they generate a lot of cash flow. they do not have the mindset. >> the mindset is a blue-chipization of stocks. >> in the case of google, the companies continue to grow at a high rate and they do not feel compelled to return cash to shareholders. they are very inquisitive and using cash and other means. that is the good news. the bad news is the shareholder does not get immediate cash. >> in 2014 we will see less buybacks across america then p1013? >> yes, some of that money is going to be spent on capex. you cannot avoid capex. you can do for it or postpone it. companies have done that, that money has got to -- it has got to buy equipment and increased plants. >> what is the pharmaceutical m&a binge of this week signaling? >> the government is a big buyer, sellers need to bind together to get more leverage against the government. >> howard ward with gamco. the president continues his tour of asia. he is in korea and he missed to malaysia and the philippines. this is "bloom

joining me tonight in our rapid response panel, holland cook, talk radio consultant and michael ericpolitical analyst. dr. dyson, you first. there are right wing talkers who are tout there defending cliven bundy. and they're all over the country. that was just one example. does that empower these people to act the way they are acting in their opinion. >> of course. >> we shouldn't scapegoat cliven bundy as he's an exception to the rule. he's a symptom of the deeper disease. he's a symptom of the profound preoccupation with blaming black people and other minorities for the failures of the dominant culture to come to grips with its own sense of privilege. who is a bigger welfare person than clive opinion bundy? they are working with the biography of their lives and you don't do seriously participant observer. you look at them and make conclusions based on what you see, and yet you are the biggest welfare recipient for 20 years. wesley snipes is? jail. at least he gave us tremendous years of acting. and because he failed to pay his taxes and what you give us is a poor sub "b" acting job