what dissysco, microsoft, oracle and intel have in common? are buying stocks at very high levels because that had so much cash on their books. you heard people say this or that stock has so much in kark and it's cheap. must be bought. as if cash per se is somehow a bullish thing. maybe in a high interest rate environment it might be good because companies get extra income, but unless rates are high, cash by itself actually means very little. what really matters is how companies put that cash to work. sure they can give you nice dividends but those yields haven't met much in terms of a floor. these titans have bought back a lot of stock and bought it back badly. you can buy stock badly, often too high. they buy their own stock at any height, at any time. in short, sysco, microsoft, oracle and intel may have a lot of cash but that's been wasted on undisciplined buy backs and when you see a company doing that, time to walk away. here's what you might not know, it's called windham worldwide run by one of the most shareholder friendly people today

i really think the old guys, it's microsoft, it's apple, it's companies like qualcomms and intel, oracle as well in the software space. those type of companies. and then in europe, we're betting on european banks as moving out of the dark ages now and beginning to see the earnings recover. so we're bullish in that and also european stocks. >> now greek equities very expensive. it's interesting. so your big call is russia is a screaming buy. greece, get out of? >> exactly. we're almost 200% now from the bottom since we had really the low point. if you look at the valuations, greek equities are valued at higher multiples than south korean stocks. to be frank, if you look at south korean economy and the government structure, the companies that you can really buy in south korea, they're so, so superior to the ones you can buy in greece. i think it's a very easy choice here. it doesn't make sense for greece. i don't think that's where you get the value. >> good to speak to you. thanks for that. have a good day there in copenhagen. he joins us from saxo bank. >> greece's returned to the bond m

companies like microsoft or arele or intel or oracle bringing people in and transitioning to green cards. there are companies that are called nondependent companies and most of their workforce is u.s. e we these individual companies like ibm, mostly american workforce and do the1b outsourcing were talking about. then there are companies that are mostly what we call dependent companies. these are large outsourcing firms that are primarily comprised of h1b, up to 80%. it is a major source of controversy over the visa. host: pat, good morning. washington, d.c. ayller: i wanted to s something. are you a millennial? guest: no. i was born in the 1970's. as you know, back in the 1970's, that is when the computer age really started to be introduced. it didn't take off but it was just being introduced. basically, around the world, we had to explain and make a rough draft of what it was that we saw. that was wha wind the vision was born. they had to train millennial's and we had to do it in steps. that the government -- they had to put down what we were doing. what our vision was, set an agenda. t

companies like microsoft or arele or intel or oracle bringing people in and transitioning to green cards. there are companies that are called nondependent companies and most of their workforce is u.s. e we these individual companies like ibm, mostly american workforce and do the1b outsourcing were talking about. then there are companies that are mostly what we call dependent companies. these are large outsourcing firms that are primarily comprised of h1b, up to 80%. it is a major source of controversy over the visa. host: pat, good morning. washington, d.c. ayller: i wanted to s something. are you a millennial? guest: no. i was born in the 1970's. as you know, back in the 1970's, that is when the computer age really started to be introduced. it didn't take off but it was just being introduced. basically, around the world, we had to explain and make a rough draft of what it was that we saw. that was wha wind the vision was born. they had to train millennial's and we had to do it in steps. that the government -- they had to put down what we were doing. what our vision was, set an agenda. t