paul christopher joining us now to talk more about what russia's ruble collapse means for you and your money. chief international investment stra advisors. paul, good to have you with you. in 1988, russia had a financial crisis that almost crashed the world's economy. is this anything like that >> well, you've got some similar external conditions with the u.s. being the strongest and the leader in the world. you've got falling oil prices and you've got a falling ruble and rising interest rates in rouge. a lot of concern there. but there are things that isolate russia more than 1958. the russian foreign currency concerns are much larger. russian official debt, government debt which was the source of the trigger of the problem is much, much lower. russian corporations do have some debt overseas but low by international standards and really not enough to really tank or cause a big disruptio the western financial systems. and finally, most importantly, russia's economy is really quite isolated. aside from one product that it sells to one part of the world, it really doesn't have a lot of t

paul christopher is chief international strategist. i want to turn you to oil if you could. you put out a paper entitled reduce crude oil target. it sounds as though you think we are close to some significant support in oil at this point. is that a correct reading? >> i believe we could be close but there is very likely to be more volatility, more crazy days, as you put it a few minutes ago, before we get to that stable point. >> you say people should not be basically holding dedicated stand alone shares of energy and instead move into a broadly diversified commodity position. what commodities do you think look attractive at this point given the risks out there? we just finished talking about russia. >> we have seen pullbacks in base metal prices. i think a lot of that has been spill overaffect from energy. base metals would be one place to get back up to neutral and back to even weight and back up to the long-term desired allocation and potentially next year we will have to see as the planting season gets closer. i think the grains could be interesting as we get closer to s

paul christopher, what about this?f these margin loans are outstanding based on assets dropping in value, we know how that story ends. >> well, that's right. that's why the chinese government wants to try to stop this to put an end being able to use collateral for margin borrowing. they're in a very delicate balancing act. chinese authorities, reformsers are trying to squeeze out of business the unproductive, unprofitable firms. they know that will slow the economy. with the other hand they inject additional stimulus with lower rates w a third hand they have to keep investors from borrowing too much money at those lower rates and driving credit prices or amounts even higher. david: robert, there is kind of an irony here. wasn't the chinese government pumping up the stock market? >> they are pumping up the stock market. the chinese securities journal, which is the wealthy journal of china if you want to call it, they said this is not a speculative market this is confidence market. confidence in the great leadership. con

squadron, and they were all over the south, was really led by a greenville native, a man named paul christopher. histhen i discovered that real name was paul rivera christopher, and i thought how could you not use that name. -- he went to her high school, dropped out when he was 14, and at that time you start working. -- he went toy clemson for a couple semesters. then he went to north carolina, and he led a flying squadron of 2000 in shelby. i think that's cleveland, some of you know. he shut down all 22 of the plants in that county. ways,s was in some initially a very effective strike rate governor blackwood of south carolina called out the national guard here in south carolina to put an end to what he called the ruthless and insulin invasion, suggesting this was an invasion. there was somehow a northern influence in this area i suppose if you want to consider workers from spartanburg a northern vision and a greenville, then i think he had a point there. carolinarg in south was a real center of prounion activity and greenville was not. and why that was so, i have some insights on. looking at

for that, we're joined by two smart investor, paul christopher and shri kumar. here is the global setup. china and greece looking bad. biggest drop in 27 years for the athens index. oil is tanking. but the american stock market is still up nicely in the past three months and our all-american survey shows people are the most optimistic they have been in years. how do we square this information? >> we had too much optimism last year at this time. that gradually turned to pessimism and now we have too much pessimism. i'd focus on the last part. the u.s. economy is the most reliable we think heading into the next year and we think further up side to u.s. stocks here, so we would certainly be buyers. >> i wouldn't agree. i think what we have seen is the fact that the u.s. historically has been a major portion of the world stock market, major portion of the world gdp. that is no longer the case. and especially in the last four to five years, the chinese economy has surpassed in terms of importance and the contribution to global growth. european union is how a bigger e

paul's cathedral. christopher wren being augmented by that tree. autiful scenes on the other side of the river. st. paul's facing the river. it is kind of drizzling outside in london to be honest. doesn't feel that christmasy. fairly warm. a bit of drizzle. not exactly the white christmas that some were hoping for. standard and poor's has delivered a fresh blow to russia's currency and the crisis that the country is facing. it is warned of cutting the country's credit rating to junk. to find out what the details are, ryan chilcote is here. >> i brought the holiday cheer. >> is that your christmas jumper? >> it is. i'm trying to assimilate into british society. the christmas jumper. the christmas sweater. it doesn't have crazy drawings on it but it is red. >> next year. >> ryan bringing some christmas cheer. >> step by step. > squash that christmas cheer. there is more than a 50% chance that russia will be downgraded to junk. you look at the yield now on russian bonds, north of 6%. funny thing was it was about 7.5% on the 10-year dollar denominated b

paul christopher joins uses from wells fargo.ennifer veil is head of fixed income at bank wealth management. welcome to the show. >> thank you. >> thank you. >> let me first of all talk about these bond-like stocks that have been the clear outperformers this year. massive performance. what happens to those in the new year? because a lot of things happened this year that made a lot of hedge fund managers lose a lot of money, the unexpected. what happens in 2015? >> they were rather flat to lower, actually. we think that next year the long end of the curve could be on the flatter side. so those stocks might not do quite as well as they did this year. but they could hold in better than many people think. >> jennifer let's just highlight where we went on the ten year. that -- i mean sarah yesterday had a chart of the dollar. many people would say it is the ten-year yield, which went from about 3% this time last year right the way down to 2.2 against most big bets in the market. what happens next year? >> yeah exactly. so at the end o

joining us to discuss this is paul christopher who covers this for wells pargo advisers. good to have you here. >> thank you very much. >> is boone pickens right? >> i don't think so. i think, though, that oil prices will be very volatile next year. our target is $60 to $70 a barrel. texas brent, a few dollars higher than that. but i think investors have to watch out for big swings in prices next year. >> a lot of volatility. why do you think that is? >> well, what saudi arabia especially and opec more generally have done is to leave open the question of how quickly and how sharply this market might rebalance. obviously, by refusing to move their targets last month, they were challenging the market. a lot of people have interpreted that challenge as being directed as u.s. production, the frackers. but i think that challenge is more directly aimed at opec's own members who are overproducing by about a million barrels a day and very close to their own capacity. opec is saying, high, guys, let's reign it in by about a million dollars a day. that could rebalance this market.

palmer, see did >> that's you. >> i'm christopher paul and he's paul edward.-- >> oh, this poor guy, always felt he got ship tripped on christmas, two days before. so my mom god bless her would always do a big christmas party on december 23rd, so today, happy birthday to him. >> see, everybody lovers their parents. >> yes. >> thanks foreign tumbling. >> holiday memory. >> yes, truly today is more fun tan christmas day for us, it always was. >> that's your holiday memories. love when you share and talk with us, we have the whole connection. >> families what connected people. >> all right, well, santa allowing us to tag along this morning for his pre christmas routine. so, quincy, i thought all along, he would be so stressed out getting last minute things together, but not so. >> not any more. >> no, i mean, he has the elves, he has me, all helping out. it is a family affair here with santa. frank, how are you doing, sir? >> good, how are you? >> we've been in here all morning long. >> it is jumping now, very early now, everybody getting in, sitting down, having

paul butterfield blues band. ringo starr will be given the award for music excellence award. >>> coming up on "cbs this morning" "enter teller director christophers... take a closer look at charmin ultra soft and you'll love what you see. not only can you use less, but you can actually see the softness in our comfort cushions. we all go. why not enjoy the go with charmin ultra soft? [ female announcer ] holiday cookies are a big job. everything has to be just right. perfection is in the details. ♪ pillsbury cookie dough. make the holidays pop! >>> two professors are new recordholders this morning. they spent ten weeks under water. david sutta of our miami station wfor was there yesterday when they were served yesterday in key largo. >> reporter: after 73 days living under water roane state professors jessica fain and bruce cantrell surfaced as new recordholders. it's a remarkable feat for a lawn landlocked 6200 student college in merriman, tennessee, the two dropped down october 3rd when the weather was 20 degrees warmer. over ten weeks they celebrated halloween and thanksgiving 25 feet below. the living quarters just 300 square feet came with w

paul huble believes her. he was working for a local tv station when christopher milky was killed and interviewed debra a couplefter detective saldate did. >> did you tell the police you had anything to do with the death of your son. she glared at me, her eyes got big and she said "that's crazy, who told you that, i had nothing to do with the death of my son." >> this is probably my favorite. >> reporter: but her ex-husband, christopher's father, disagrees. he always has. do you believe your ex-wife killed your son? >> i know she did. i don't believe it. i mow she did. >> reporter: so that's where things stood until march of this year as debra milky sat on death row. where they stood until a stunning turn of events. a panel of judges from the ninth circuit court of appeals decided debra milky should get a new trial. in a scathing opinion, federal judge alex kosinski tossed out her conviction, suggesting her confession had been illegally obtained adding "it probably never occurred." court documents show saldate didn't trord alleged confession or his interrogation of debra milky. there were no other officers pres