that's why i'm adamant you always have some cash in your portfolio.etter the market is doing, the bigger your cash position should be. the better the bigger. that way when things go wrong, you'll be able to use the weakness to buy the stocks of companies you like at bargain basement prices. when you approach the stock market with a long-term time horiz horizon, big bear declines can turn out to be excellent buying opportunities as we've seen since we started the show as long as you only purchase high quality merchandise in small increments on way down stick with cramer. why did i want a crest 3d white smile? dinner date...meeting his parents dinner date. so i used crest. crest 3d white removes... ...95% of surface stains in just 3 days... ...for a whiter smile... that will win them over. crest. healthy, beautiful smiles for life. ♪ all night i've been at thing you about the best way to approach investing from a long life, long generational perspective how to manage your money when you're young, when you're middle aged, hey, haven't you heard 60 is the

they're an important piece of our portfolio construction. addressing the board's concerns about cartica's performance relative to their index, they're quite different relative to their index. cartica tends to focus on small and midcap companies. 75% of their portfolio is invested in such companies, while 80% of their benchmark are in large cap companies. the notice, cartica has not invested as much if any in i.t. companies, yes 30% of our benchmark is in -- yet 30% of our benchmark is in i.t. companies. as i noted before, this is true relative to the index, cartica has not invested at the moment in china. china has been, at least up until recently, one of the best performing e.m. indexes, e.m. markets. they haven't invested in south korea, which represents 16% of the index. and it's not because there aren't good investment opportunities. remember cartica is an active investor, and the ability to apply activism or the ability to apply engagement with management in china or korea has been limited. cartica is starting to do some things here, bu

or not it should be in the portfolio.onnie: it is a pleasure to have you. thank you. looking forward to many more appearances, michelle mccloskey of man group. this is bloomberg. ♪ taylor: this is bloomberg markets. i went to bring you the wells fargo asset management head of global fixed income and municipal fixed income. lyle, great to have you. we have talked about how high-yield has high performed investment grade credits. increasingking on the quality of your portfolio or does the strong economy make the case high-yield credits should be something we still look at? lyle: i think high-yield credits can still perform ok in the next six months to 12 months but you have to start the process of upgrading your portfolio. spreads right now, if you look at where high-yield is in many sectors to investment grade, you are at historically tight levels. we have been gradually looking to upgrade the quality of our portfolio, going from aa or aaa rated issues, extend the duration, and prepare for what we think will be eventually a

than that mad money portfolio.o please, get to know yourself before you jump down the rabbit hole of getting to know individual companies bottom line, trust me, i get it. when you get excited about a particular stock, you often want to dive right. in i've been there before. first, though, you need to consider what you're trying get out of the market. the answer to that question is not going to be the same for everyone, but everything else stems from it. you can't make judgments about stocks until you know what characteristics you actually value. let's go the paul in texas paul >> caller: boo-yah, jim. >> boo-yah, paul >> caller: i've noticed companies, a lot of them will exceed on one and miss on the other in reference to revenue and earnings per share so as a shareholder in the companies i'm looking for, if they're going to exceed one and miss one, would bit more important for them to exceed on revenue or would it be more important for them to exceed on earnings per share >> holy cow, what a great question, becaus

most of what we have in our portfolio is very benchmark-like exposures, okay? >> and essentially what they're doing, what they often are doing is they're finding small companies, dominated, run by families, that own a large share of the company that have a dominance in a small niche area. so it's something that's profitable and has reason to continue to be profitable in the future, then, they provide advice either to how to potentially improve their business or how to better communicate the virtues of this company to better investors. >> dan brings up a great point. >> did you check that thoroughly of how much value they add in that? >> well, that's what they do. that's what they do. and dan brings up a great point about this strategy, because oligopolies and monarchies in these types of country are allowed to thrive. they can be great business managers, but they're lousy in terms of investor relations, you know, things like that. [inaudible] >> yeah. >> what investors need. and that's why a manager -- that's why we at u.c. were early investors in this strategy

not running a balanced portfolio. long only portfolio where i have to have this >> most people are, right? most people don't have your abilities to concentrate they're not capable of what you were doing >> let's move on oil lower. oil is lower in saudi arabia and russia russian output rises this coming after president trump tweeted over the weekend he spoke to the king of saudi arabia king agreed to increase production it also comes into tougher talk against iran as that county tri is in the new round of protests about islamics hand of the economy. on the one hand, increased production while that was the president's point. hets to replace what we're losing from iran and >> and you can't just make the call now that oil stays where it is. maybe goes higher, but it doesn't go down. if you're going to say that saudi arabia is going to increase production by two million barrels a day r which is what the president was saying, couple of thing, one, saudi arabia is at 10.8 million barrels day. two, if they went two million ba

bonds can punch your portfolio in the face if you aren't paying attention. lot of people don't pay attention, because as i said, bonds are boring that's why i say don't forget bonds. always keep those bond price and interest rates right in front of you. when i was coming up at goldman sachs, i was trained to focus on bonds because bonds are the true competition to stocks, the competition i most feared. when short-term interest rates, the one set by the fed goes sky-high you have to expect that dividend stocks, the stocks of companies with high yields like american electric and power, they'll sell off when long-term interest rates rise, the one to watch is the yield on the ten-year u.s. treasury then you have to be wary that all stocks might suddenly be wto less it's simple. the bond market get morse attractive, the stock market gets less attractive thchlts is indeed a zero sum game you should be especially worried about rising long-term rates caused by a pickup in inflation. [ booing ] that's a toxic view. inflation eats away at the value of long-term values

has not increased in novartis' portfolio. given the structure of the markets and the rebates we have to pay, net prices have been flat to declining. >>> ericsson jumps towards the top of the stoxx 600 after a surprise profit in the second quarter boosted by positive momentum in north america. i'll speak to the ceo in about 20 minutes time. >>> shares in the assassins creed videomaker hit a high thanks to a strong first quarter sales. >>> and jay powell says countries that embrace protectionism fair worse >> for now the best way forward is to keep gradually raising the federal funds rate on the one hand raising interest rates too slowly may lead to high inflation or financial market excesses. if we raise rates too rapidly, the economy could weaken and the economy could run below our projecti projection >>> good morning as you can see, it's been a positive start to the day's trading here in europe with the stoxx 600 up almost a half percent at this stage. a lot of those numbers coming in in terms of earnings seeming to help tha

one of the most active portfolio thegers today, we have super simple portfolio.ctricity to any block in the automated -- industry. we continue to shape our portfolio. we have a set of investments. made a couple of robotics investments and we are driving the portfolio evolution. we have the discussion with them and direct the portfolio in a way in the future that we continuously shape as we have done in the past. we will continue to shape it i adding and by divesting. the was a great step in right direction. we wish you well, a good set of results. let's see what happens next with the activists on board. the ceo of abb. the studio. in you have had volvo, sap, we have had abb, all these numbers are higher but markets do not seem to be taking them on board. what do you make of the season? guest: it is kind of fascinating, as ned? you have this pessimism about europe and you are seeing that in terms of the share price movement but when you look at the comments in the earnings numbers, they are quite good and abb is the perfect example. if you look at the business mix

we have a portfolio across categories.t a brand, one that has been a stunning success in at brandswe looked that moved across europe really fast, which has been doing exceedingly well. tequilaa superpremium in america. trends do not change overnight. we are in a position to have the portfolio and innovation and new product development capability driveure that we attractive and sustainable growth. matt: how do you prepare for different trade restrictions? the difficulties of your business is you have to produce certain it drinks in certain places. bourbon has to be made in kentucky. if you have problems like what you have to do before these restrictions come into play? do you have to raise prices and hope consumers are willing to pay? >> we are watching developments closely. 118 markets around the world. johnny walker will be 200 years old in about 18 months. a lot has happened in the past two centuries. we will be able to handle this volatility as we go through them. we want to track what is happening and create the plans

geraldine sundstrom, dir/portfolio manager, pimco europe.s checked the markets. the one market i want to highlight is what is happening in italy. we have political tension being ratcheted up in italy. not only ing a move -- i have at also decent yield to pick up. a selloff is coming through in italian assets. some investors are starting to worry there will not be enough bond market with no place to hide. this is bloomberg. ♪ guy: welcome back. you are watching the market open. we are 21 minutes into the session. europe is not going anywhere in a hurry. the italian markets are worth paying attention to. that in a fewbout minutes and give you the details about what is going on. some credit investors are wearing there will not be enough liquidity in the next downturn. bigger steps are being taken with harder trade corporate bonds. this get the details on what is going on. investors are worried about liquidity in the credit market. you can see that easily on volume on credit default swaps. they skyrocketed this year. 1.6 trillion in the first ha

. >> portfolio protection.prices rise, which stocks will get hit and which can weather the storm? >> ten years later indymac collapsed a decade ago, shocking the system and giving wayo the worst financial crisis in a generation. those stories and more tonight on "nightly business report" foe esday, july 11th. >>> and we bid you good evening, everybody. the rumblings of a trade war are growing louder. the u.s. is nowte thrng new tariffs on $200 billion worth of chinese goods. china pushed back immediately and stocks fell sharplytoday. the industrial average dropp 219 points to 27,400, snapping a four-day win streak expect nasdaq was down 42 and the s&p lost 19. oil was down 5% on the potential of weaker demand tied to the u.s. trade dispute wit china. kay kay kay kayla tausche has more on the super powers? handbag, sporting equipment and building materials among the new items in the crosshairs of the u.s./c the trump administration could slap tariffs on $200 billion on chinese goods on top of 0 billion already t

beyond that, remember that when you're young, you can afford to take a lot more risks in your portfolioever too soon to start contributing to your 401(k) or ira especially if that ira is a roth let's go to mike in tennessee. mike, mike, mike >> caller: hey, jim. how are you doing? love your show. >> thank you. >> caller: we watch it all the time >> thank you. >> caller: my question is a few episodes ago you said that you did not like buying a stock if the peg ratio got above 2. >> right. >> i'm wondering whether or not you use peg ratios as a sell signal, and if you do, how high will you let it go before you pull the trigger and sell a stock? >> when it's more than two times the growth rate, i do get nervous. now, there are some stocks that don't trade on earnings, and you've got to be careful like a cold stocks, there is a bunch of cold stocks i talk about all the time but the typical stock, if it trades lower than two times that rate of growth, i'm fine wit but it is a red flag once it gets higher. a penny saved is a penny earned? investing is a great way to trick yourself into saving

now you have to look at your portfolio to broaden out the portfolio. people have been concentrated in securities >> so where else energy, financials >> energy is up. financials i'm cautious on here. i still like small caps because they have insulation from trade wars and they will be less vulnerable to big international stocks just having a good broad based portfolio, maybe some cyclicals, staples, names in sectors that people have built long-term portfolios on make sense to me >> can we look at the macro side of thing we have comments from jay powell, trade wars president trump perhaps saying russia did not meddle in our elections. all of these things are working around is that the kind of environment where investors should still feel like they should be invested or is this a time to rethink about putting more in cash >> it's hard to be anti-market now when the economy is thrusting on all cylinders i think there's a chance that we'll started hearing the fed back off of the idea of another two rate hikes this year maybe they won't want to invert the yi

would yolude those right now in a portfolio stock you think are gng to grorom here? >> fair enough. and i will address that di bctly. they'vn lagging as of late. extrapolate ves to short term moves into longer term trends. look at amazon, it's up 50 something percent year to date. apple is doing fi. alphabet is doing fine. we have a couple day decline here, let's keep that in context. google is trading at a asonable price. apple is trading at a reasonable price. amazon by our measures i trading at a reasonable price despite the fact that most say it's overvalued. we continue to hold those for our clients. >> when you say long rm, it differs for everybody certainly, what your time frame is, as you'reanaging your client's for , what is long term you? >> once again, just like everything it depends on a client's horizon. if you have a long time horizon, we're comfortable holding these growth stocks at a reasonable price, so much as the business fundamentals don't change. that could be one year, three years, just like warren buffett says the ideal holding period is forever. although we k

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next 12 monthse they will be assigning their portfolio with a view to that risk.ee the position president trump as he really wants to renegotiate the trade agreement and have more bilateral agreements that are and then tedious -- advantageous. yvonne: the australia super obviously a big player here. what other investment decisions are they making right now? >> pretty well. is the bulkd, which of their funds goes to 11 of percent -- 11%. 9.3% or something like that on average for the last three years. pretty good returns for the australians in their retirement savings into these funds. they are starting to come out of unlisted assets and credit a little. the exposure to those kinds of asset. unlisted asset values are quite high. they will be able to buy them back more reasonably in the years to calm. the main thing the investor market is watching is how quickly they will make this switch out of there portfolio. yesterday there could be different timing on that process. they will sell their equity portfolio more quickly if rates kind of do not rise as much as people

if you look out over 5-10 years you will want 10%, 15% of your equity portfolio in china. maria: david bailin from citi private bank. up next, the ceo of bar stool sports, erika march continuey. -- erika nardini. >> what i love about bar stool is we call it like it is. maria: an eye opening interview maria: an eye opening interview by what many call the boys copd makes it hard to breathe. so to breathe better, i go with anoro. ♪ go your own way copd tries to say, "go this way." i say, "i'll go my own way, with anoro." ♪ go your own way once-daily anoro contains two medicines called bronchodilators that work together to significantly improve lung function all day and all night. anoro is not for asthma. it contains a type of medicine that increases risk of death in people with asthma. the risk is unknown in copd. anoro won't replace rescue inhalers for sudden symptoms and should not be used more than once a day. tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. these may worsen with anoro. call your doctor

we are not seeing it show up in their loan portfolios or on the deposits side. so the question is, how are they profiting going forward? jp morgan is probably the best of the bunch in terms of their performance so far. and you are seeing that they are not even getting a pop out of this. the bank of america numbers coming in this morning are a mixed bag, but there are falling in mortgage lending, but also investment banking. they were ranked sixth among the big banks, and they are not making any progress there, so where's the growth going to come from. alix: that is a good point. marty, that was below what analysts were looking at. how is the economy? bety: the economy seems to doing very well. and jerome powell will only make that point tomorrow or friday. to me, the issue is forward-looking. of trade andmbeat tariffs, the prospect of a full-fledged trade war, you have to wonder when the economy will there areting to that certain size of uncertainty amongst businesses which are going to restrict capital investment, and this is not good for the banks and the econ

it has been one of the largest drives on portfolios.dically, you have had years where not emerging markets have outperformed and the u.s. equity markets have been the dominant assets. based on that valuation gap and a performance gap of u.s. markets, you saw non-emerging u.s. assets drawing a lot of attention, coupled with the global synchronized recovery. in the last two years, you have begun to see those markets taxorm, but with a new bill, you have a decision that u.s. investors are forced with. created tax bill has robust earnings that that valuation gap has been closing, and you look at the cycle -- out cycle, and you have a huge amounts of capital expenditures that should play out over the next few years come a great for domestic, made and small-cap companies, so as a u.s. investor considering investing in u.s. markets where there is a huge amount of noise, there is a valuation gap but it is closing relative to smaller domestic places and that has become a more powerful arguments. simone: we talked a lot about direct investments,

>> laddering portfolios, no further out than 10 years.: okay. >> from sector perspective, style perspective we much prefer value now. there is concentration of performance among growth stocks, "fang" stocks, accounting for 60% of the move in the s&p. companies with strong balance sheets, free cash flow, are areas we're focusing on. liz: energy as well? >> without a doubt. [closing bell rings] two or three times i've been on with you, beat the drum on energy. liz: you've been right. jason katz, very good to see you. here we go, the dow, s&p, completely erasing yesterday's losses. a record for the nasdaq. melissa: back to winning stocks. investors shrugging off trade concerns. the dow ending the day up 223 points there at last trade, near session highs. it is green for the s&p but all about the nasdaq closing at a new record high. this is the 88th one for the nasdaq under president trump. i'm melissa francis. david: take a look at apple, the price of apple or the price of google or the price of amazon. it is extraordinary these levels. i'm

if you look out over 5-10 years you will want 10%, 15% of your equity portfolio in china. maria: david bailin from citi private bank. up next, the ceo of bar stool sports, erika march continuey. -- erika nardini. >> what i love about bar stool is we call it like it is. maria: an eye opening interview maria: an eye opening interview by what many call the boys ♪look into my eyes ♪you will see ♪what you mean to me ♪don't tell me it's not worth trying for♪ ♪you know it's true ♪everything i do ♪i do it for you ♪yeah, i would fight for you♪ ♪i'd lie for you ♪walk the wire for you ♪yeah, i'd die for you ♪you know it's true ♪everything i do ♪i do it for you maria: the media happened scape continues to grow and shift and sport is one of the most of competitive landscapes. our next guest payment ceo of bar stool sports. it's the edgy, controversial guy-centric pop culture. erika nardini says she has embraced the site from the beginning. thank you so many for joining us. congratulations. you and the founder have been on this program before. we note reaction we get from our viewers. c

joe: so the portfolio of ge is not where investors are. are industrial companies with good portfolios in the space is the story? >> exactly. isie: in the ge portfolio not changing that much more, right? they made the major changes and now they're kind of stuck with that stuff. >> they have said it's is what they are doing and that is the end of it. but, they are taking steps -- some investors are speculating that we could see more down the road. do you need aviation to be paired with power? ge is already very strong in terms of synergy between those two businesses. a gas turbine at the end of the day is an engine. there are overlaps in terms of supply chain, basic infrastructure to support given sort given sort of a different market dynamic, how well investors are willing to give -- willing to support those being packaged together, we will see. >> i'm struggling to understand what this means for its $114 billion of debt. this is a debt behemoth. it has been used to pretty high investment-grade rating. and what point, as it continues to res

if you look out over 5-10 years you will want 10%, 15% of your equity portfolio in china. maria: david bailin from citi private bank. up next, the ceo of bar stool sports, erika march continuey. -- erika nardini. >> what i love about bar stool is we call it like it is. maria: an eye opening interview by what many call the boys club she is in charge of. n the way? embrace the chance of 100% clear skin with taltz.? up to 90% of those with moderate to severe psoriasis had a significant improvement of their psoriasis plaques. most people were still clearer after one year. with taltz, 4 out of 10 even achieved completely clear skin. don't use if you're allergic to taltz. before starting, you should be checked for tuberculosis. taltz may increase risk of infections and lower your ability to fight them. tell your doctor if you have an infection, symptoms, or received a vaccine or plan to. inflammatory bowel disease can happen with taltz, including worsening of symptoms. serious allergic reactions can occur. ready for a chance at 100% clear skin? ask your doctor about taltz. after

one of them is in your portfolio. amazon is. what do you make of what we have seen? it has to lead to the rest of the market but it hasn't taken things down. >> i naturally happy about facebook's decline. it wasn't a big position. when it was hit in the spring when zuckerberg was before congress it fell down down and we added the position significantly. then it up -- then it went up. it is above where we were. we took yesterday and today to top it off. it is 17 times next year's earnings. to have a hard time growing 6%. facebook, on conservative numbers, margins down growth rates down, they are doing that deliberately, >> the just is just that it is cheap. ,egardless of may be growth you're getting a deal. interview, the moderator said you have a project. last year it was like learning mandarin. what is it this year? ,f we had known it was coming there have been a lot of issues and they have been struggling to keep up with things. they are going to spend on security and safety. do you think it is easier or harder to find value as the bull market ages? >> it depends.

i think overall in a globally diversified portfolio, we are relatively cautious toward high-yield atoment. it has not outperformed eiji's this year. a lot of it is down to supply, more supply in ig and less supply in high-yield. it, marketok at versus subordinated debt of european ig issuers, we have a presence -- a preference for those rather than high-yield. jonathan: it's curious there is a bearish argument for u.s. high-yield, and argument that growth rolls over next year and corporate earnings start to disappoint. we are having that conversation in a quarter where we delivered gdp growth. is that strange to you, marilyn? >> i think all the markets are forward-looking. i think when you look at growth potentially, it is going to be strong, but the fed continuing to hike rates, that has to be a factor that you take into account. jonathan: what about the outperformance we have seen relative to that from the high-yield story? >> there are a couple technical aspects of this. on the triple c side, you recognize a lot of names are falling out, the really bad guys have fallen out last ye

if you look out over 5-10 years you will want 10%, 15% of your equity portfolio in china.ia: david bailin from citi private bank. up next, the ceo of bar stool sports, erika march continuey. -- erika nardini. >> what i love about bar stool is we call it like it is. maria: an eye opening interview by what many call the boys year, i am sorry about that. [music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event. ywhen the guy in front the highway slams on his brakes out of nowhere. you do, too, but not in time. hey, no big deal. you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges. how mature of them! for drivers with accident forgiveness, liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty. ♪ your mornings were made for better things than psoriatic arthritis. as you and your rheumatologist conside

if you look out over 5-10 years you will want 10%, 15% of your equity portfolio in china. maria: david bailin from citi private bank. up next, the ceo of bar stool sports, erika march continuey. -- erika nardini. >> what i love about bar stool is we call it like it is. maria: an eye opening interview maria: an eye opening interview by what many call the boys capital one and hotels.com are giving venture cardholders 10 miles on every dollar they spend at thousands of hotels. brrrr! i have the chills. because of all those miles? and because ice... is cold. what's in your wallet? and because ice... is cold. ♪ experience the versatility of utility at the lexus golden opportunity sales event. get up to $2500 customer cash on select 2018 nx 300 models. experience amazing at your lexus dealer. at crowne plaza, we know business travel isn't just business. there's this. a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. ...ancestrydna can pinpoint where your ancestors are from... crowne

it was exactly the same offer as the last scam offered me for the portfolio.nies, and replace models with the companies. we have all of the big brands on our side and he was just reeling off different types of brands. they showed us them. loads of designer brands, saying that you can get international travel. we will pay for transport. the detail they going to about the job. they said it would be in three orfour to about the job. they said it would be in three or four weeks, to about the job. they said it would be in three orfour weeks, three weeks' time, ringing, and he would be on the shoot. and we are still waiting to hear from be on the shoot. and we are still waiting to hearfrom river be on the shoot. and we are still waiting to hear from river island, they said. did you worry at that point? it wasn't that that point, the next few phone calls they were explaining, yes, it is happening. the next phone call i made, it was ha rd to the next phone call i made, it was hard to understand the person on the phone. he said he was in a call centre in st albans, and

mark: how do you suggest we offer our portfolios?hey are still pricing a rate that is below the fed's target despite the fed being clear that they are not going to preemptively react it. period belowlong the target so will accept a level above before it starts to worry. that feels remarkably complacent given that we have not had such low unemployment for 50 years. that is a crazy start. mark: is the fed going to have to tighten more than we think? john: if they do not get the reaction they want at the long end -- so they are tightening but it has no impact on their own domestic monetary conditions , to get the impact they want, they will either need to do more rate hikes, or they will need to affect the long end. inwe do get the pickup inflation particularly around wages with the populist policies, that combination could end up being toxic. mark: wages pick up elsewhere, yes or no? butn: the u.k. potentially, we have seen concerns. less friendly environments, we have said we do not want them to calm which probably does not make them

.>> i've always believed that diversified portfolios of u.s. stocks are great investments and will continue to be. as you can see, the market is not efficient. the fact you can have a one-day correction of these magnitudes goes to show you in the short term, the market is not necessarily efficient. i am not concerned about this at all. investors should have diversified portfolios. the tech stocks have had an incredible run. you look at the nasdaq and the snp and the dow jones. the market is always doing very well. >>chris: let's turn to trade. president trump announced what he called a quote, breakthrough agreement on trade with the european union this week but sir, isn't he exaggerating a bit? there were no tariffs removed in his discussions with the european commission. there were few specific commitments. there was one on soybeans and there was no timetable. in fact mr. secretary, all that the president and the president of the european commission agreed on is to start talking. >> that's actually not the case but let me just step back for a

if you look out over 5-10 years you will want 10%, 15% of your equity portfolio in china. maria: david bailin from citi private bank. up next, the ceo of bar stool sports, erika march continuey. -- erika nardini. >> what i love about bar stool is we call it like it is. maria: an eye opening interview by what many call the boys and now for the rings. (♪) i'm a four-year-old ring bearer with a bad habit of swallowing stuff. still won't eat my broccoli, though. and if you don't have the right overage, you could be paying for that pricey love band yourself. so get an allstate agent, and be better protected from mayhem. like me. can a ring bearer get a snack around here? he does the work of two jobs, lebut only gets paid for one. toughest guy on earth... he's tough enough to feed the man that gave him a lifetime of nourishment. he has the crazy strength to lift the man that raised him up, without even flinching. that's right. no employee of the month bonus check here. this guy--no, this warrior will always be by his father's side, even if his dad will hardly remember. good luck

we'll come back and talk about this because the need to improve every piece of the portfolio to include the international, the global and the emerging, that need does not go away. the opportunity is not going to go away. can we do better? >> well, under perfect circumstances if we would have been fully staffed, we could have brought the information earlier, if that's what you mean by improving the process, but once you issue an r.f.p., you know, you have to follow the very specific rules so set out by the city. [inaudible] >> -- joe, and you, jay, are correct. i think there's always room for improving the outcomes in the r.f.p., and that has to do with the predevelopment of what that r.f.p. looks like, different metrics and so forth of different people that are going to be bidding. but like jay is saying, once you get into that, then you have certain restrictions around bidding and certain things that you cannot do based on our city's laws. so yes, there are ways to improve the potential outcome, but it's also true once you start there's limitations. >> you heard me say the phrase earli

well, you've got to have some sleeping well atht n stocks in your portfolio. as you know, we're very actually concerned about this market in the short to intermediate term. i think defense is key. pfizer is a freight defensive play. as with allto of ours tonight, the stock is not expensive. far as the valuation, which is very important, it's irregardless of price, we want to look at valuation. here is what's key about pfizer. with aery, very attractive balance sheet, the company is yielding 3.65% in a dividend and has a very stocked pipeline for future growth. so this is a great defensive name to get good income and u probabide appreciation over time. >> very good. clint, good to see yo have a great weekend. >> you, too. >> to read more about his picks, head to our website at nbr.com. >>> coming up,on ccting the for sale sign to the digital world. >>> one of the oldest staples selling real estate is about to get a major makeover to bring it into the digital age. here is the story from washington. >> reporter: it is the most visible, most effective and most mun

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in terms of acting, he has a liquid portfolio and liquid names. were willing to give investors no lock up, there's a lock up of two, three years. >> 18 months >> only serves him not his investors. if you trade low why does he need to lock the money up for latino long >> he wants to see his ideas play out >> which makes sense >> if he's right he'll keep the money. >> when you make an argument as maybe barron's does and they do with helps publicly traded vehicle he is, himself, at this point an undervalued asset that deserves a look. he's had some, you know, obvious critical errors, i would say the position he's in now, had he not, it's a coin toss. >> you can find examples of that where a manager has just been completely forgotten by people because they had a tough stretch and then they make a big come back and then find examples where they have a tough stretch and never gets better. no way to know >> john merriweather blew three times. do your work have the conversation. see if you can get better terms than the lockup he's giving. bright guy he's