he is buying portfolio data for 30 grand and in three months making 90 grams. he realizes he has found this amazing little niche of the finance world and the key to much of this is he got the supplier who's supplying him with this paper at a really great price that's really lucrative. the weird thing about the supplier is brandon is this former armed robber who spent 10 years in prison and visit debt broker who has a genius for finding paper that pays, it's very collectible and isn't that expensive to buy. even though aaron comes from this more rarified world penthouses thinking past the understands in the center of economy it's not unusual to have shadier connections with guys that are rough around the edges so he and brandon form this unlikely partnership and that's the starting point for the book in the story. >> host: you talk about how when they are looking for this paper, looking for it for granted he offers a portfolio from his old firm bank of america but you talk about. that's a great portfolio for other reasons than it's been sold as a portfolio. >> g

this debt belongs to the portfolio that is purchased in the data broker in florida that was double sold and a lot of the numbers have been manipulated but his attitude wasn't shock that this is the business you are just purchasing data and you never know what you are purchasing. it was a kind of chilling end to the whole thing because of course you're not just purchasing the data. you are purchasing the right to collect on pupils dead in a profoundly affect their lives. somehow or another, whoever stole it from aaron must have sold it to someone else as well. and to this day, teresa's -- it's just floating around in cyberspace and someone else will buy it and then try to collect on it. and somehow, that's more than anything else just seemed to speak to the chaos and the dysfunctionality of this industry. >> host: if you have to get something to the consumers and regulators to fix this, what is the take away? >> guest: you have to be skeptical of who is calling you on the phone and you cannot assume blindly that they have a legitimate claim because the amount they are asking for is in fa

the russell 2000, small cap widely held stock markets in some of your portfolios, accused of misleading consumers about unlimited data plans. the finger-pointing made this afternoon by the federal trade commission that it is suing at&t for allegedly slowing down or so-called throttling internet speeds for customers who paid for unlimited plans. some cases slowing it down by pore than 90%. let's take a look at shares of at&t, not budging on the news so far. they were up slightly more than this earlier. took an initial dip just after 1:00. you can see when the news broke, up a third of a percent. for more on the government suit, it may affect you if you have at&t. the response by the company, they are fighting back. peter barnes in washington. this is dramatic. >> the ftc lawsuit charges at&t slowed data speeds for customers who were told they were buying unlimited data plans and used large amounts mainly on iphones. the practice known as throttling is not necessarily illegal but the ftc says at&t broke the law failing to disclose the practice to those customers who bought these unlimited data plans from 2007 to 2010 w

>> i think we will see a continuation of the inflation data coming out stronger. we will see the portfolioance effects kick in with real estate prices and equity prices rising. we will see those animal spirits, which have been question japan for 20 years -- >> we have to leave it there. david zervos of jefferies. ♪ this is "market makers." >> you are watching "market makers." i am at schatzker. >> i'm stephanie ruhle. julian robertson is investing icon and most people would say one hell of a guy. doesn't give many interviews, but he did come on bloomberg surveillance this morning with the one and only tom keene. also a hell of a guy. here he is talking about his bullish bet on the far east. >> the golden place for hedge funds to be is in asia. asiave two hedge funds in -- well, three, actually, but two and of all of our 30 hedge funds, they are 1, 2 in terms of performance. in excess of 20% this year. have a great field to play in. >> here to tell us why asia is the place to be for hedge funds is the one and only tom keene. nice orange. >> thank you. , but going to go with elsa it didn't w

portfolio tore for that. >> we talked about this before. the fed is data dependent. rather than guess where they will be we'll tell them by virtue how the markets are, whether they should be raising rates or holding off their repurchase program ceasing. i think what we're looking at. we've had five straight years of going up. we wrote in january, boy, if we had a six or eight, god willing, a 10% gain after 32% gain last year, we should all be overjoyed. if we get 3, 4, even if we're flat, i things are fine. u.s. is not an island. we can't, can be successful but we need europe and asia to be a little bit okay. they don't have to be great okay. they have to be a little okay and u.s. is the place to be. and i think we'll end up positive at the end of the year. david: ron weiner, a positive guy if there ever was one. scott wren, thank you very much. todd horowitz, see you in a couple minutes when s&p 500 futures close. >> thanks, guys. liz: we want to hear from all of you. will the canadian shootings keep the market on edge. send us a on facebook or tweet us @fbnatb. dav

portfolio management experts that's when expertise happens. mfs. because there is no expertise without collaboration. t-mobile's network has more dataacity than verizon or at&t. it's a network designed data strong. >> stunds have been ordered to clear the way to government buildings by the morning. looks like you still have a lot of people behind you. >> it doesn't look like any of the people here are leaving any time soon. you have had thousands of demonstrators sleeping there on the pavement night after night for eight nights. the government has made numerous appeals for the people to dispurse, to leave. it seems that the point in question here is whether or not government workers can get into the government buildings. some of the student leaders have said yes, we're going to let that happen, but we have also learned that sometimes what the student leaders say isn't really implemented on the ground by some of the rank and file protesters. so that will be a question to watch as daybreak approaches and the opening hour for offices comes. for the time being things do look rather stat tiic here. some of the kids kind of tired after a

>> i think ultimately as long as the data is moving in the right direction this is a time to go and look for quality stocks to put in the portfolio. >> thank you so much for coming by. have a great weekend. kevin jooirn and still ahead. the iphone 6 made the debut in china, does the device wow consumers in one of the most important markets? >>> china's economy is still growing but at a slower pace than official there is would like. so now, china's central bank is planning to inreject up to $33 billion in national and regional banks to boost lending in the world's second largest economy. >>> apple's all-new iphone 6 finally went on sale in china today. so what was the reaction in the world's largest smartphone market? eunice yoon has more from beijing. >> reporter: the lines outside the apple stores in china were orderly and calm for the official debut of the iphone 6 but that doesn't mean people were not excited about the phone. the launch was delayed about a month because of the licensing issue, creating a flourishing market. however, people here can now get the iphone 6 and 6-plus for more reasonable prices only a couple more $

like complex security attacks, lte and mobile data, we feel pretty good about the way things are moving in terms of fitting our roadmap and product portfolio>> out of the realm of how that slow down effects f5 you do count as customers, a whose who of the biggest companies in technology. i'm wondering what observations you are making about the patterns of spending, whether it actually is in fact slowing down or maybe whether there are some other trends afoot that we should be paying attention to. >> i think it depend. security in particular is one area where we are seeing the budgets being increased. for obvious reasons. all the attacks going on are very complex. so security is one big area. the other big area is mobile traffic. and i don't just mean mobile traffic from smart phones. i'm including that. that is one of the big drivers but vehicle traffic, signals coming from vehicles going across the internet. machine to machine. they are the two big areas that we see where there is more and more spending going on. and i don't see that slowing down to any tremendous amount over the next year. >> john, service provider is an area you called

portfolio. our goal is to move the standard of care in the various diseases. thismedicine is excited in space. immuno therapy. we have trials ongoing in lung cancer and bladder cancer. we presented combination datain renal cancer. if the data is confirmed in late stage pivotal trials, that has the potential to move the standard of care. commercial potential for us as we go forward. >> let's talk about the recent acquisition. you paid north of $8 million. .he premium over 30% have you overpaid? how much does that drug need to sell to justify the deal? excited about the opportunity it offers to patients on the opportunity it offers from a commercial point of view to our company. theme remind you that deadly lung disease with a median survival of two to three years after diagnosis and for the first time ever, we have treatment for this terrible disease. this is fantastic news for patients. we are not eager to bring this medicine to patients as soon as possible. we do not communicate potential peak sales. a shift in thes standard of care. as such, i am very confident that this will also be a big commercial success. eventually, we will be able to recover the investment. >> quickly, a lot of concern i

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data is there. we're just not accessing it in an intelligent fashion? >> correct. >> it's working with onc and with rhode island, promulgated electronic health record integration programs have got small portfolio. we work with the department of justice which has the lion's share or the primary focus. but we have been working with rhode island to improve access to data for healthcare providers by integrating rhode island's functions into electronic software used by hospital and physician office and by integrating the functions in the pharmacy dispensing software of of a pharmacy and sharing data with other states, including two geographically bordering states, this has to be to make this effective with new technology you don't necessarily get greater efficiency unless you iron out the bugs. we're working with rhode island health department to address this so we can establish models that we can share. >> i think mike fine, director of health, is probably the best person in the country on this. thank you for nodding your head. i'm glad to hear rhode island get some cheers here. let me wrap up by thanking -- phoenix house has an important role in rhode island. to urge that as we -- particularly as

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there's been a lot of things that as portfolio managers, as human beings we have trouble processing. from a market perspective, the economic dataquite conflicting while empire manufacturing this morning was pretty weak as well as retail sales, it was down to a level we saw consistently throughout 2013, when was a very good year for the markets. our own checks with companies indicate that the economy is doing reasonably well in the u.s. clearly some challenges overseas. so we don't believe that this is a change in tone in the market that's likely to be here to stay. we believe this is a transitory risk bubble that whether it lasts another day, another week, or another month, we're not smart enough to figure out. >> transitory risk with oil falls as much as it has, perhaps a reflection of a global glut and then a reflection of of course perhaps weaker economic growth than anticipated. a ten-year that falls to 1.9 something this morning. i'm not sure i can explain that one. >> obviously an extraordinary move and speak es to the liquidy in the market. it's just simply a huge move. but if we think about the fact that a month ago, on

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data is there. we're just not accessing it in an intelligent fashion? >> correct. >> it's working with onc and with rhode island, promulgated electronic health record integration programs have got small portfolio. we work with the department of justice which has the lion's share or the primary focus. but we have been working with rhode island to improve access to data for healthcare providers by integrating rhode island's functions into electronic software used by hospital and physician office and by integrating the functions in the pharmacy dispensing software of of a pharmacy and sharing data with other states, including two geographically bordering states, this has to be to make this effective with new technology you don't necessarily get greater efficiency unless you iron out the bugs. we're working with rhode island health department to address this so we can establish models that we can share. >> i think mike fine, director of health, is probably the best person in the country on this. thank you for nodding your head. i'm glad to hear rhode island get some cheers here. let me wrap up by thanking -- phoenix house has an important role in rhode island. to urge that as we -- particularly as

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portfolios. and the fbi director has a harsh message for the -- to stop encrypting smartphone data.t, he warns that murder cases could be slowed and some suspects could walk away free. all because he says authorities can't get to the information that they need. and check out shares of morgan stanley this morning. that company reporting better than expected earnings at 65 cents a share. not 77 cents a share. that's 11 cents ahead of estimates. revenues excluding dva coming in at $8.7 billion. they beat pretty much across everything. >> yeah. that stock is up sharply. >> up $1.77. there's a tax benefit. so 19 cents total on that 84 cents. >> the investment banking number beating. the equity number beating. wealth management, same in line. >> the income disparity definitely being added here, andrew. >> they missed on investment management. that was their only miss. >> the compensation -- as a percentage of it, it was -- did you do that one? >> i have not done the math on that yet. we have an analyst on to talk about it. not just that. >> what would be okay? 40-what? 40? >> you know me,

portfolio given the rise in volatility? >> we do believe overall i should say that that sell-off was more driven by technicals rather than fundamentals. so we interrogate the data and look for places where we think there is mispricing. this one of those places with high yield. we think the sell-off was driven by retail investors who now are much more present in that asset class than they were a while ago. whereas we think the fundamentals are strong and we added to the position. we see strong global growth, added to high yields and they hedged out the interest rate risks. so you can capture that fed without being exposed to rising rates. >> will you change your strategy going forward? >> i think when you have this divergence of the macro cycle, it is likely to mean markets are going to remain turbulent. so i absolutely believe it's possible there will be consistent volatility. there may be another sell-off here. we're going to obviously continue to be focused on opportunities to use those dislocations to add selectively to positions in our portfolio. >> katie, thank you so much will fred, back over to you. >> thanks very much, seema. we'll be back out with seem

portfolio. we work with the department of justice which has the lion's share or the primary focus. but we have been working with rhode island to improve access to pdmp data for health care providers by integrating rhode island's fugess into electronic software used by hospital and physicians' offices and by integrating the functions in the pharmacy dispensing software of a pharmacy and sharing data with other states, including two geographically bordering states, this has to be to make this effective with new technology you don't necessarily get greater efficiency unless you iron out the bugs. we're working with rhode island health department to address this so we can establish models that we can share. >> i think mike fine, director of health, is probably the best person in the country on this. thank you michael botticelli for nodding your head. and andrew kolodny is nodding your head. i'm glad to hear rhode island get some cheers here. let me wrap up by thanking -- phoenix house has an important role in rhode island. and to urge that as we -- particularly as dea does the enforcement in this area, let's not throw the baby out with the bath water. let's

data is moving in the right direction. this is why we're fundamentally bullish. we're tilted more towards equities. i would look at price and look very closely at quality of the holdings in the portfolio. more investment is coming. that's a very positive thing for the future. >> can i make just one -- quick stock market math real quick. at $120 a share you're at 16 times earnings, all right? that's not ultra cheap but it's not very expensive. at 16 times earnings your forward earnings yield is about 6 1/4%. that's a very hefty premium over other interest rates and so forth. that's why i can't get excited about this. look, markets go up and down, dipsy doodle, dipsy doodle. >> it goes up, larry. we have a long ways to go. >> we have to go in a second. jim lowell, isn't it fair to say that the reason we focus on the market on a day or a week like this, a lot of times when we, the people writing the articles can't figure out what's going on, the information from the market itself tells us something. this is the news, in other words. i guess -- so it's less about sort of is this justified and more about trying to figure out why this is happening and what predictive power it may have. >> f

the portfolio and not an exact comparison but you can see for merrill lynch wealth management, loans up 8% and the source of the loan growth at the banks and the federal reserve has been putting dataeek that's showing since about june 6% growth. very consistently. but the problem is it's coming from one set of consumers. >> her's an interesting question, though. the banks undervalued far long time. relative to how they would normally quote unquote trade. so the selloff this week took people by surprise and does it reflect the concerns in the earnings report or just reflect broader global diseninflation growth scare? >> there is a lot of growth that was baked into the banks and maybe a little bit of that coming off at this point and remember the bulk of the banks reported on tuesday and wednesday of this week which were the worst market days this week and then mixed trades yesterday and today so morgan stanley trading pretty well today given the fact that it happened to come out on friday, a day up triple digits instead of down 470 points. you know? give or take 100 points. >> not really a bank. not really a bank. they're an investment bank. i'm not trying to -- >> biggest brokerag