mr. buffett also told becky that he purchased more shares of ibm in the third quarter but didn't specify the size of the investment. on bank of america, buffett reiterated his support for the ceo, brian moynihan, saying he opposes the split of the title. >> today the world bank said they should not raise interest rates until the global economy stabilizes. the chief economist said the fed risks triggering, quote, panic and turmoil, end quote, in emerging markets if it opts to hike interest rates at its next meeting next week. with today's move higher, is it possible that most of the selling is behind us? joining us, good friend and author, ron insana. good to see you, ron. thanks for coming in. >> thanks for having me. >> you make the point that this market is oversold for several reasons. mr. buffett talked a little bit about the fed and you talked about the fed as well in your article. >> yeah. so i think the fed may very well delay height rake beyond september because of what we've seen in china and even in europe. having said that, you know, i still think what happened in the last seve

mr. buffett is highly respected in china and is very famous. is opportunity to have lunch with him is a great opportunity for us. we want to take this opportunity to see him. warren buffett's annual auction benefits the glide foundation in san francisco. coming up on the bloomberg market day. apple will unveil its latest iphone tomorrow. we have some hints about what it will all look like. ♪ pimm: the apple iphone will be in the spotlight wednesday when apple hosts its annual product launch event. cory johnson joins us from san francisco with a preview of what is in store for all of those lucky people who will be attending. what will be getting in terms of hardware, the iphone? you just answered the question. pimm: what is going to be better about this iphone? expectation is that they will announce probably to new iphones, to upgrade the 6 and 6 plus. maybe they will be adding an s. we can expect a better camera, and the ability to record even more video, front facing camera making high quality video. that is a bigger deal for this company becau

mr. buffett: this country has gone through a couple of world wars in the 20th century, a civil war. a lot of ups and downs, but we keep moving forward and china will be the same way. go.a has a long way to there is a little bit of investing. we are open to ideas. there are a number of factories there, but, you know, capital travels. [laughter] >> beyond china, to what extent are you concerned there may be indications of a global slowdown? you have china slowing down. we are not sure about the numbers. brazil is in and out and it looks like it will be there for a while. u.s. numbers are middling. range around -- europe is -- us buffett: when i look at 5, 10 years out, there is no way america is not going to make progress, china will not make progress. i cannot predict the ups and downs in between, but i know how to do it. i do know that the tide is really with humans. we learn more and more about how to unleash human potential. we are the same people we were 200 years ago but look at how we are living. it is all inside, but the rule of law, the market system, none of which are perfec

mr. buffett is a buyer or whatever, i don't see it, we have tons of oil, more coming and it's good for everybody for oil to go lower. i want to reiterate that point. it's not a stock. it's a commodity, you want to buy it cheap. liz: i agree, i think low gasoline is great for us, terrible for the refineries, there is so much oil when it comes to the economy. ben, scott, elliott, good to see you. with the market mayhem, triple digit moves up, triple digit moves down, causing mass anxiety, we've all been talking about it. imagine if you had a stock portfolio worth 107 billion dollars. that is the current value of warren buffett's portfolio? the oracle of omaha jetted into new york city to make good on his lunch with the charity auction he does every year. the luncheon benefits the glide foundation, a san francisco homeless shelter near and dear to buffett's first wife susan. the company berkshire hathaway sought 10 billion dollars lopped off market cap in august. let's looked at lucky guy that won the steak luncheon. in the hallway, he's andy ye, a ceo of dalian zeus entertainment. he and his famil

mr. buffett and he took the golly gee whiz, but he did say maybe now is not the right time.be it's time to chill out a little bit of wait till december. >> road and comes out and pushes back with christy and the guard at the imf also has been more named. be careful, don't raise rates than what the u.s. is sort of getting traction. what do you think? >> on wall street recalled that talking his oath. >> raising rates. that is a problem. let's just say it's not 2008 and at the end of the day if they did it in september the markets might actually rally. maria: that is true. it is not too bad to me. economic data is better and better. even if we are not where we should be at this point in the recovery. dagen: to your points again, it's about credibility that it also will send a signal to the market. if they don't sometime between now and the end of the year, says the economy is in much worse shape than any of you people think. we are confident enough we can hike a quarter of a point in the u.s. economy can withstand it. >> i think stanley fischer, bought the people he's smart eno

mr. buffett who owns a good amount of shares too, which i guess he'll vote on keeping them together.s very favorable towards moynihan, do you? >> if you think the board is incompetent on this thing, sell it. i think -- most of these banks are -- he's a survivor money and i'm not going to nail him and tell him he has to split it. and the former ceo of wells fargo said this shouldn't necessarily be voted on by the public. >> i don't know what the stats would tell us about companies that were separated as opposed together. i can think of citi group where the is a separate ceo and chairman. i'm sure there are those who tried. >> in the end, the stock -- and they're been buying it just because it's way behind the rest of the market. i don't care. >> been a lot of management changes in the circles outside of the ceo's office and we remember the high profile calculation errors when dealing with the fed. have they demonstrated to you that he deserves to have this additional roll? >> i think -- well, no, wells fargo did not commit these errors. he's righted the ship and i think this is rear g

mr. buffett, the smartest guy in the world, his period of holding is forever and that's a good lesson for: i remember at the time, ben, right after the attacks and obviously the stock market that day didn't open and on the open until the following week. the people were saying and were running with this theme that we were looking at a long economic winter, i think, to quote the financial times. and it didn't happen. now, are there lessons to be learned, then, now, with all the concerns about the hiccups? what do you think. >> you stay home, eat a nice pastrami sandwiches, watch the tennis and just forget about it. you cannot outthink the market day by day. you can time it over very long periods of time, but you can't outthink is day by day. there's no reason to sell at this point and if i may say so the industrial capacity of the u.s., the petroleum capacity, the agricultural capacity, none of that was effective by 9/11. the national mood was effective for -- affected for a short time and this is a resilient optimistic, brave company. neil: there's no accident that new york was a big targe

mr. buffett very shortly, she's going to be handicapping all of that later on in this broadcast. >>> we're also getting word out of the likes of leon who says the bull market is not over. so all the commentary to the contrary is just wrong. anyway, those are two big heavyweights saying now is the time to buy. you add in deals in the energy sector, in the pharmaceutical arena, in the retail arena, adding up to 15 billion dollars just today, and another 15 billion dollars in stock buybacks. we'll get to the details of all of the above when we've got buying that is eclipsing selling for now in the middle of the trading day, and we have four hours to go. jonas max ferris and scott with me, are you a believer on this? >> today i am, tomorrow could be a different story. heavy on the antidepressants i think, one day things are great, the next day they are terrible. reminds me of my ex-relationships. i will protect the guilty. this is an environment that appears to be risk averse. feels like an elephant on the market, i think that is the federal reserve, a tremendous amount of uncertainty, in my o

mr. buffett did for the brazilians and heinz ketchup.e could be talking about a $100 billion deal. tom: let's get to top headlines. vonnie: policymakers begin their beating today, tomorrow afternoon they will announce whether interest rates will be at raised. e.g. because that goldman sachs tells us he would not be surprised if the fed does not take action. financial conditions intensify. case, it will be a reason to push it to 2016, not my baseline but not a crazy outlier scenario. vonnie: more than half of the economist project the fed will leave rates unchanged. the republican candidates get ready to debate tonight, a survey shows the tide turning toward donald trump. a cbs poll shows 39% of republican voters think he is the best chance to win the white house. up 13% in a month. none of the other 15 candidates is close. the top 11 candidates will debate tonight on cnn, viewers will see two changes on the first debate, carly fiorina is taking part and the candidates will be allowed to challenge one another directly instead of just answ

mr. buffett very shortly, she's going to be handicapping all of that later on in this broadcast. >>> we're the likes of leon who says the bull market is not over. so all the commentary to the contrary is ju

mr. rubenstein: i've interviewed warren buffett and bill gates. i have not interviewed barack obama. i have interviewed bill clinton and i will be doing george is soon, so i will enjoy that. we just learned that jimmy carter has announced that he has cancer. what is your relationship with him and what did working with him mean to you? >> i was very young, so it was a while ago. he was an incredible person to work for. he gave young people an opportunity and he was young himself. he was 52 when he became president and let the office at 56. he's now 90 years old. he has done incredible things since he has left office. he has written 26 books and has done incredible things like curing guinea worm and river blindness in africa. foras been a role model other presidents. because of what a former president has done, it used to be that you set on your porch for a few years and died. now we have former presidents with the it ability to influence the world with good things once they leave office. bill clinton has done this and george bush and i suspect barack obama will. president quarter was

buffett more than we are? >> that's the classic professor benjamin graham, his professor taught him that there's a mr. market whose virtual partner in the stock market and he's often time for the retail investor their master as well as the servant as he is for buffet and 95% of the par tips pants in the stock market are selling when mr. market is depressed and 5% like buffet are buying when he's depressed and the opposite when he's manic. >> that runs counter to the way we react in our everyday lives. go to store and buy cars when there's 0% financing and discounts and smart people look for deals with the exception of the stock market often. >> buffet would argue he likes to buy stocks at 50% off and likes to buy his stocks at 50% off and he's just like a retail buyer looking for a sale and just that most people don't know how to value a business and don't know when it's trading on sale. >> there's a difference between values in the market and market traps and i want to ask you about ibm specifically since that's one becky pulled out of him. adding to his position in the third quarter. >> this stock i

buffett and others. way blank stein told us yesterday he is suffering from a curable care of cancer. he will remain mr.undergoes treatment for them all more over the next several months. ♪ happy birthday to you. happy birth day to you. happy for day, dear president. maria: decades of copyright claims have gone out the window as a federal judge rules they never have the right to charge a happy birthday to use on. another company claimed the original disputed copyright. the judge wrote the copyright granted on the race to space if it be an arrangement that the music, not the actual song. in the race for the white house, washington outsiders are very well. bernie sanders adding data to the one of coronation and carly fiorina the latest nontraditional candidate to see a major spike haired new hampshire senator judd gregg. good to see you. thanks for joining us. >> great to be on. maria: how do you see the field and how it has changed with the isolators right now? >> my take is that most people are saying is a tremendous frustration and general disgust with washington relative to its ability to govern and f