mr. buffett and mr. dimon are proposing.now, i think it goes really to both sides of the street though, brian. i think when i'm -- you know, i glance at the article, i know you have read it and i have listened to you on the squawk box here, but you have to go back to the mid '70s look at the '60s and '70s the turnover rate was 20 or 30% a year we dropped commission rates to make them almost free on, you know, may 1, 1975. now the typical fund manager has you know over 100% turnover. so you've got a lot of churning and activity that's probably not in my view as good -- going to create long term in value as not. mr. buffett talk about the ideal holding period is forever. you and i both know that private businesses in our community, gosh, i'd like to own a share of that you buy a share of that private business you won't turn around every other day and buy it or sell it. that's how that value is created. i think that's why a lot of people prefer to be taken private so they don't have to go through that silly dance. >> we have se

mr. buffett's comments, i think warren buffett is the problem. specifically, investors are the problem.very ceo i work with would love to invest in the long term and be more focused on strategy. miss your earnings by one cent and see what happens in terms of mr. buffett and the rest of the investment community a small number of companies have been able to bust out of this downward spiral of quarterly earnings and they have access to cheaper capital because of their vision the majority of companies are painted in a box by investors. and that is investors say think for the long term. be innovative. but don't mess with my earnings. >> it's not just investors, is it, scott? it's also boards, to some extent look at amazon amazon gives guidance. they give a wide range they set up front. hey, look, we invest for the long term. there will be ups and downs. sometimes there will be a profit sometimes there won't. perhaps they get that leeway because jeff bezos, the ounder is still at the helm that tends to go away when you bring in a second, third ceo is that the issue? because boards don't give

the international monetary fund which jordanians accuse of interference at the start of the one mr buffett you know we support our brothers that are going down to the street to protest against new taxes because the people are going through a very tough economic days the problem is not just the tax more the jordanian citizen right now. his pockets are empty are completely empty. saw the government has to listen. to the sound of the people ask for more beloved how local citizens now have no power the searching for food put the children daily women are looking in the rubbish for food and every day we are surprised by rising prices and new taxes. on saturday jordan's king abdullah discuss the protests with these government he says people shouldn't have to bear the burden of financial reforms alone he intervened to freeze an increase in fuel prices on friday the prime minister had elmo to says ministers must decide whether or not to ditch the tax bill. the deputy prime minister of qatar says it's stronger than it was a year ago when neighboring countries imposed their blockade saudi arabia unit

mr. buffett? >> no. weighing in on what he thinks warren buffett should buy, namely disney. do you agree >> as a kind of business it makes all kinds of sense. a $200 billion bite. almost half of berkshire's market cap what do you think? >> no. >> you don't have a thought on or you don't think it's a good idea >> i don't think there's a lot of value in it it's like the ideas of warren buffett is supposed to be buying cheap undervalue there's nothing he knows about or is insight into disney. >> all right. >> he has a lot of money to put to work. he could buy 20%. >> maybe he should buy beats from apple you thought it was a great deal. >>> other names that the millers mentioned they like are moving higher after hours 82 is up nearly 4% at one point. 3% now thank you. happy father's day to you! that does it for "the closing bell" "fast money" begins now. >>> "fast money" starts now. i'm melissa lee. your traders on the desk -- tonight it was a crazy week for kr crypto and our crypto said something just happe

mr. buffett to say look long-term and complain about the volatility on a quarterly bayless because it really shouldn't make a difference. >> -- they had visibility. years out. because they had a huge recurring revenue stream was a big part of their revenue. they don't have that anymore so they don't necessarily -- they shouldn't get the same valuation. unless you have clarity in terms of recurring revenue i don't think you should have to necessarily give ford -- >> ibm and ge might be the greatest examples of companies that somehow always manage to beat by a penny. and what's that tell you investors should be able to see the business think about the airline and auto sectors. you get operational updates all the time and then the quarterly guide you have this mismatch and it is a great opportunity. i think some of the sectors -- >> that is a great opportunity for the buffetts of the world. you mention that they get this volatility and if it is a big push to the downside that is a great opportunity for them so if that is -- everybody wanted transparency and now it feels like we're come back in

mr. buffett and jamie diamond urging companies to do this.one out of five do it anyway is that going to make your job a lot harder sns going to make it a lot easier as a portfolio manager. we're long-term investors. we do follow the trend of not only earnings growth but cash flow growth. but to get ultramyopic about a quarter by quarter number for me is absolutely insane >> and it's a number that -- not the estimates. >> it's the numbers that count over a longer period of time and what we're looking for are companies that actually are going to invest in their business and get a high return on that investment and actually create sbriintrinsic value. what happens today is that companies get penalized for actually investing in productive projects that perhaps will take three to four years to pay off, and that's hence the reason why you're seeing this outcry. >> let me get a quick thought from barry on that same subject. is this going to make your job easier or harder or no different. >> it makes it easier in a lot of ways. we don't use those pro

mr. buffett. in the idea that a lot of companies are more short-term focused. eliminating or encouraging the elimination of quarterly guidance is the answer i cover 22 companies 17 of which already don't give quarterly guidance the better message to the companies is to do beater job articulating to your investments that we're making long-term investments. my concern would be. i'm interested to see what my colleague says if we go to less and lez quarterly guidance, that will lead to much more volatility in the stocks >> translate to less information coming from the company, less transparency >> correct that's correct again, it's -- i hear what they're saying that you don't want a company limiting long-term investments to make the numbers. >> right >> but even without guidance, there are still quarterly expectations for all my cankane companies, ie quarterly earnings estimates my competitors have estimates out there. the companies are still managing toward those >> i have seen ceos talking about investments near term. they tell you exactly what they're going spen

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warren buffett owns justin boot company. he published it in 2001 when mr. justin junior became ill. fortunate to have a wonderful legacy all of these years. we have factories in missouri and el paso. our boots are made there. we have a warehouse in lancaster and wheat ship the boots up from lancaster, texas. theboots really complement cowboy, and justin boots has been a legend for so many years. it just goes with cap town and cowboys and fort worth. it is a standard of the west. the cowtown coliseum in fort worth posts i weekly wild west show and rodeo. we talk about this venue and how the cowboy culture is still prevalent today. we are standing on the bricks of the fort worth stock yard in fort worth, texas in front of the cowtown coliseum, home of the world's first indoor rodeo constructed in 1908, over 100 years of indoor rodeo taking place in this building behind me. the ft. worth stockyards was in utter ruins of to the late 1970's and 1980's when a couple of businessmen decided to try to save the stockyard and they brought it back. this was a rough part of town and with a lot o