he's the director of pharma research at morningstar. welcome good to see you. what is the name of the drug? who is it for? and what did the trial show? >> the drug is palbociclib and i think it's pfizer's most important product in their pipeline. and it's targeting a special subset of the breast cancer population. and right now the subset really doesn't have a lot of good treatment options. and what this drug showed was almost a double the benefit in progression-free survival. now that's an important end point that is a positive for the drug. however, expectations for this drug were much, much higher, hence that's why we saw the major pullback today with pfizer. >> all right. i understand, damian, that novartis and eli lilly are also working on some kind of similar breast cancer drug so it seems like between these three companies the race is on. what does this mean for breast cancer patients? how soon can they expect one of these drugs or pills to be on the market? >> i think it means a lot for breast cancer patients to have more treatment options. when you thi

damion conover at morningstar. >>> and chairman of the global and merger acquisition unit of the law firm jones day. good to have you with us, what are the conversations going on inside the corporate board rooms these days? just a year ago, the ceos were sitting on a pile of cash. they were sitting on their hands and had no plans of buying any companies no matter how much the price. how has the conversation changed. >> well, i think we've finally gotten rid of the fear that was in executive suites and the board rooms and investment committees and major private equity firms. the financial crisis, it seems like it was forever ago. it really was not. and we had for the longest time all the aftershocks. it disrupted everything and made major commitments hard to come to term with, because of uncertainty. are we entering the animal instincts? sure, there is the possibility of interest rates going up but companies haven't had much to do with their money except buy back their stock. >> there have been a lot of deals, many of them in the pharmaceutical business, also the big cable business. a

christine benz, morningstar's director of personal finance and got a lot of input from morningstar.com readers on this question. so, when should you retire? >>one of our users put it really well. when you've had enough and when you have enough. so when you're maybe fed up with work and the quality of life isn't as great as it once was and when you're financially ready. those are really the 2 sets of considerations that you have to balance. >>fed upthat's not always a choice. sometimes people find that they have to keep working or suddenly they are out of a job and so the options are very limited. >>that's right. that was something we saw during the recent recession where people over 50 were forced out of a job. they were actually forced out at a lower rate than the general population. but what they found was that it took them a longer time on average to replace the jobs that they lost. >>so you say when you're financially readyhow do you know when you're financially ready? >>it's such an inportant decision that you need some help. if you have been a dedicated do it yourself investor it

here's damien conover of morningstar. "i think it highlights one of the key themes that we are seeing the pharmaceutical space which is...there is a bit of a lack of innovation in bringing out new products to the market. that combined with more aggressive price negotions by peer groups have really forced pharmaceutical groups to look at ways to maximize value with the assets that they have." conover adds that when activists such as bill ackman get involved in companies... investors start to see more potential. chuck coppola takes it from here with another big pharma deal. chuck coppola takes it from here with another big pharma deal. bill... big pharma works together, separately. stocks moved yesterday on what's being called a major 3-part transaction in the drug industry. glaxosmith kline is selling its cancer products business to novartis for the price tag of 14 and a half billion dollars. novartis will turn over its animal health division to u.s. firm eli lilly for 5 billion dollars. and glaxo will buy the vaccine divi

let's bring in revenue shares' vince lowrey increased his gm stake since march as well as morningstarnalyst dave winston. vince, you own stock, about 340,000 shares of gm according to our notes. are you going to sell or hoping to buy more based on what she says? what do you want her to say? >> well, we just got our shares about two weeks ago so we have no intention of selling. i think mary's in a position where there is a couple aspects to this. there's the moral aspect of the whole issue but there is also the legal aspect of it all. for us shareholders, we want to know what she's taking responsibility for. everything we have looked at, i'm not sure anybody knows who is responsible for what. but what she should focus on is we are going to find out what happened, we are going to do the best we can do and will have transparency here, and we are going to lay blame where it is. remember, this is a new general motors. under the law, because i think the courts are going to end up going after this all of a sudden. she was in a meeting last night or the other night with senator blumenthal, i

. >> all right, thank you very much, r.j., analyst, with morningstar. >>> and home prices rising, manyeople are not buying, and focusing instead on their own houses and sending big money to change things up. >>> the initial public stock offering of alibaba, the internet behemoth known as china's google and internet combined could be the biggest ever, wall street says the interest in owning the piece of the e-commerce site is so high bankers say it could push the amount of money raised to more than $20 billion, possibly eclipsing the record of $22 billion in the agricultural bank of china's ipo back in 2010. >>> and colgate reporting a 16% drop in profits, we begin there, the consumer products maker was forced to take a charge because of the fall in venezuela's currency, latin america is colgate's biggest market in terms of sales, shares fell slightly to $66.24. burger king serving up a higher than estimated profit. new restaurant openings overseas and cost-cutting efforts helped the chain to offset weak sales in the u.s. shares rose to $26.35. >>> and netflix signed a deal with three c

. >> the morningstar teahouse where i've come for several years, the must-have bone deep, la pet tuk.aves, i know, it doesn't sound good, but you would be wrong to think that. take the fermented tea leaves, add cabbage, tomatoes and lots of crunchy bits, season with lime and fish sauce. this is absolutely delicious. >> you like it? >> oh, yes. >> yes, yes, fantastic. >> simple, delicious, things not to be taken for granted if you've been out of joint like this guy, zanzi. >> this happens again and again for us in myanmar. >> almost six years? >> nearly six years. all the judgments are made by the kangaroo court and the army, and the three officers sitting together, they read off, this is your sentence. it happens only minutes, like that. >> what is life like inside prison. >> nice, nice, very nice. >> i have a hard time believing that. >> we can talk to each other, say manage, use a mirror to look at each other? >> books? >> no books, no writing things, no paper. no, nothing at all. a mat and a blanket and a plate and a bowl. >> right. >> only things are the things that we possess. >>

. >> the morningstar teahouse where i've come for several reasons, the must have bone deep la pet tuked leaves, i know, it doesn't sound good, but you would be wrong to think that. take the fermented tea leaves, add cabbage, tomatoes and lots of crunchy bits, season with lime and fish sauce. this is absolutely delicious. >> you like it? >> oh, yes. >> yes, yes, fantastic. >> simple, delicious, things not to be taken for granted if you've been out of joint like this guy, zanzi. activist, astrologer and three times convict. >> everyone i has met has been to prison. >> this happens again and again for us in myanmar. >> almost six years? >> nearly six years. all the judgments are made by the kangaroo court and the army, and the three officers sitting together, they read off, this is your sentence. it happens only minutes, like that. >> what is life like inside prison. >> nice, nice, very nice. >> i have a hard time believing that. >> we can talk to each other, say manage, use a mirror to look at each other? >> books? >> no books, no writing things, no paper. no, nothing at all. a mat and

joining me now, morningstar director of energy research and senior tech analyst. christina, he would be in some interesting company, so to speak when you look at those giants, the giants of the industry, he is taking on just about everything of what he wants to do. >> amazon is an infrastructure company, a cloud company. we talk about they havent. they have the cloud services that powers not just themselves, but their competitors. liz: here it is. it is very thin, squared, here is the remote. bluetooth remote. this is $99. and it has the gaming handset. i don't even know if you would call it that. they gaming controller. suddenly i'm thinking ex-wife, sony might be concerned. what do you think? >> i think it is a great price, great offering. it will be very competitive with players like roku and apple tv. xbox and playstation more than 50% of the people who buy those devices by them primarily to watch content like movies and tv shows, so if they play casual games can do that on a device like this for $100. liz: the stock is not doing much, but netflix is down. goo

ranked number three by morningstar with a return of 19.7% last year, the nevada legislators' fund wasourth with a return of 19.4, and the nevada public employees came in in eighth with a return of 18.1%. joining us is steve edmundson, the chief office of nevada pers. i gather you achieved those returns largely by putting money in no-fuss, no muss index funds, why? >> that 100% correct. we are really what carried the short answer was we have a relative overweight to u.s. stocks, so -- but that's really a byproduct of the fact that we have the simple approach, traditional focused asset allocation. basically we have an overweight to s&p 500, relative to our peer group. as you know, u.s. stocks have really been the cease class of choice over the last. >> 42% in domestic stocks, 18% international exclusively large developed markets. 30% domestic bonds. private markets 10%. that will include real estate and private equity. when you go into an index fund what you doble on your manager buy? are you buying a spdr? what do you do? >> we're is 00% large cap, u.s. companies, and then on the inter

it's number 7 on morningstar's list of the top performing state and city pension funds with a returnf 18.3%. bahdi is the chief investment officer. nice to have you here. appreciate it. >> appreciate the visit. >> you're based in nashville, but you're here in new york city looking for fund managers, which i find kind of curious, because i'm sure there are a lot of capable fund managers closer to home for you. what brings you to new york? >> we do have institutional managers in nashville. one comes to mind, courage capital, but for the most part, new york has hundreds and hundreds of managers. so this week i'm up here for the annual conference, a day meeting, and so around that i scheduled about 12 with potential manager and some existing managers to review strategies. >> you have some interesting strategies. you moved out of fixed income several years before some other fund managers did you see moved into edgeities. what made you make that early move? >> it was clear in '09 that fixed income was going to do well. we wrote that for about three years. we realize quantitative easing eve

get stewardship downgrade from "morningstar" and heaven for bid -- liz: he is writing about his cat, named bob. listen, no one loves cats more than i do. when my cat died i was devastated but i didn't spend five minutes on the air talking about her. this is serious stuff. tim, is he losing it? >> liz, i think what we are seeing here that is something emblematic of what we've known for bill gross for a long time. he has outsized ego. none of us were shocked that a bigwig on wall street making $200 million a year has a big ego. one of the more recent articles came out of "wall street journal" dug into the depths of how significant it is. i think we're seeing more hubris. he decides it is worthy to spend three paragraphs on fuzzy leaving this earth. liz: we bring in mat reiner. who was an investor. you had money in there. you have stopped. have you removed money from pimco fund that you had. >> no. so we haven't removed our funds. we wanted to let the dust settle. tim makes a good point. there is a lot of negative evidence lines out there with pimco and bill and he will airy yen leaving

i heard it's morningstar, the analyst there. what happened?ave up a week ago from hearing from any credentialed bear that would short the stock so a week ago we were getting close to the annual meeting and we've got a sixth seat down there in terms of questioners, so morningstar had written me previously saying they hoped when a vacancy showed up i wrote them and said come this year. >> there are no bears on berkshire, to understand that no one applied? >> somewhere they probably were and i don't know if we can trace any of those people down. we did not find anybody who had a real bear interest. >> all right. >> probably out there, but maybe they didn't want to surface. >> all right. >> warren, i want to thank you very much for your time today. >> thank you. >> really appreciate it. >> okay, thank you. >> hope to talk to you again soon. >> good, good. >> again, warren buffett and bill and michelle, we'll send it back to you, but the news is that warren buffett abstained berkshire shares, the largest share holdner coca-cola, so that's abstainin

if they were a morningstar rated fund they would be five-star and they would have been above the average back to this looking 2008 and you guys are certainly on an upward track. what is it that you are doing? you're both seniors, looking to work on wall street? >> yes. investmento work in management. i request a rate in june. >> i want to be in equity analyst. i like coming in every day in a dynamic market. >> muni we'll be seeing you here in new york. next, we will have a little bit more after this break. a cards against humanity is party game for horrible people. it is extremely popular. some of bloomberg tv and businessweek bravest decided to give it a try. matt was in there. take a look. click starting and working away. collects the profoundly -- starting and working away. collects the profoundly silly. collects this is for her label people. is for horrible people. collects pic >> picture cards correctly. judge. cards are is the >> this is the person who most recently went to the bathroom. >> i just peed before i came in here. >> why am i sticky? >> is that what actually says? >> you

these are people with morningstar manager of the year awards.his is a different type of , thaty that is inclusive hopefully gross response to in ands of allowing discussion allowing potential this agreement going forward so that when you come up with our famous alpha generation for portfolios going forward. give me one chance here to mention something. we have an ad coming up. it basically talks about the total return plan and says, 25 years, $31 billion. over the last 25 years, the total returns in addition to market rewards has rewarded investors by $31 billion, over $1 billion a year in terms of extra returns. that's the foundation of this company, and that's the foundation of where were going forward. i will be here for a long time. we have a new structure in terms of the investment committee and our deputy cios. we have a new ceo. the company is going forward. >> you want to move forward. i understand. at some point, we all retire. you will retire someday. what happens to pimco, the firm that you started in 1971, the firm that you have buil

if you look at morningstar, they will tell you the average mutualr of long on a equity fund is one yearg they are not that -- that there are not long activists, the survey are. >> had you know when ambitions have grown too large? herbalife reported later today. >> bill ackman, you could have said this about mba -- mbia a long time ago. for most of that time he was underwater, which wound up being great. i don't know how herbalife will end, but it is a one ilya dollar investment for him. >> help us to understand -- what is happening behind the scenes? it seems as though activist investing is becoming the norm. right? every week we hear about something from mr. icon, etc.. what has changed? >> it has become a swore respected amongst institutional investors and has been shown to , whichccessful strategy is making it an even bigger strategy, and more people want to be activists for that reason. would say the boston consulting group and others are driving this dialog. when you see an apple transaction and a follow-on bond theds for buyback, what are consultants like you telling your larger i

right now to give us his action is r.j., senior restaurant and retail analyst at morningstar.ock trading higher? >> the initial reaction is it was down on the earnings miss. if you look at the numbers a little bit closer, there was a one-time close beyond the operating profit line. if you take that out, the numbers are a little bit better than expected. comps had expected to be positive in april. that's getting people excited. even modestly. it is going to be a transition story. they will need to show traffic. >> charles cantor is here. we were just talking a little bit about it. the stock is yielding 3.25% which came as a surprise to me. >> yeah. >> do you think most of the bad news is out there? >> yeah. it's been priced in the stock. the company set the barlow for 2014 saying competition would still be a factor. margins a little bit pressure said up. value platforms out. back of the kitchen investments. so a lot of negative news then. but to charles's point, it is paying a healthy dividend. i don't think this is a completely broken story at this point. i think they have a l

morningstar says investors have pulled out more than $52 billion since last may.ey still have $250 billion or more. >> the bad news is that people pulled $3.1 billion out of the fund. good news is that represented just over 1%. >> right. so just to context yulize the story. also, the obama administration celebrating yesterday as the number of obamacare enrollment came in. the 7-million benchmark. >> last night the first open enrollment period under this law came to an end. and despite several lost weeks out of the gate because of problems with the website, 7.1 million americans have now signed up for private insurance plans through these marketplaces. 7.1. >> the new health care program overcame early technology failures that prevented people from signing up online. the white house numbers did not include information about enroll lees, including the ages of applicants. the first group represents a higher rate of older and of course costlier members than had been hoped. that could mean higher insurance premiums for people in many parts of the country. so time for t