of richard bernstein associates. good to see both of you. thank you for joining us. what about the record performance? milestones almost every single day. do you think that leads one to believe that we are topsy-turvy, that we're going to turn around and go down soon or would you put new money to work here? >> i would put new money to work, maria. i think we're in the stage of the bull market where people are just beginning to realize that there is actually a bull market going on. when you consider it's more than four years old, and people are still extremely skeptical, that's understandable. but i think we're getting to the point where people are finally accepting that there might actually be a bull market. >> and of course that bull market really fueled initially by the federal reserve. but alison, do you agree with that? and what about the fundamental backdrop? how has earnings season been. >> well, that's my issue which is the market no longer holds the same values to hold and earnings momentum is really slowing

we're talking how to invest with alison deans and richard bernstein of richard bernstein and associates. thanks for joining us. >> thank you. >> what about that performance. mile tones almost every day. do you think that leads one to believe we are topsy-turvy or would you put new money to work? >> i would put new money to work. we're in the stage of the bull market people are just beginning to realize there's a bull market going on. when you consider it's four years old and people are still extremely skeptical. that's understand ab. we're getting to the point people might realize there is a bull market. >> fueled initially by the federal reserve. alison, do you agree with that and what about the fundamental backdrop. how has earning been? >> market has no values to hold and earnings momentum slowing down, pretty tepid and top line growth relatively weak. i look at that and think we've had sup an incredible run in the market. the values aren't there the same as they used to be. we have earnings challenge at least for the next several quarters. i think there's a risk the market could pul

we've got in our "closing bell" exchange, richard bernstein, a cnbc contributor from richard bernstein advisers. quincy crosby from prudential foundation. our friend warren myers trades on the floor here for dme securities. and chris gerch from altimist capital. mr. bernstein, people are waiting for a correction, you still consider that an opportunity here? >> bill, you used the key word and that's uncertainty. uncertainty for an investor is the same name for opportunity. when people are certain, that's when you have to worry. but as long as people believe there's all these uncertainties out there, it means that stocks aren't fully valued. it means there are plenty of opportunities for investors. i love the word "uncertainty." >> you love the word "uncertainty," but it is stopping companies from hiring and actually changing the course of action in terms of an anemic dwro growth story? >> of course it is. think of what's also happening. slow growth, although to a politician or an economist is really not that good. to an investor, slow growth means sure and steady. it means that things d

richard bernstein and political consultant. good to with you on this memorial day saturday. governor jind to focus on big government. do you think this is direction is the right way to go or is the governor himself misguided? >> think the governor is absolutely right, arthel. irs especially but all of government is too big, too costly, too taxing and what we've seen w the irs scandals is too intruce i. my view i wrote this past week we ought to get rid of irs and have a 17% flat tax with few deductions and you take care of that problem right away. constitution, it's like the mississippi river when it overflows, it doesn't do any good to. it's too big and doing things that it shouldn't be doing. despite whatever administration is in power we get scandals. >> arthel: what is your take on his advice to his party? >> i think he is -- he is off regarding so-called scandals being the responsibility of president obama. there has not been a run by a bush appointee and let me ask this question. do we think it's a good thing for political organizations to be getting tax exempt status

cnbc contributor ceo of richard bernstein advisers and head of institutional portfolio strategy withu for joining us. >> let me keck off with you. are the defensive areas of the market now safe? >> no. i don't think so, simon. i think that the defensive side of the market is, as you pointed out, somewhat of a bond proxy. it looks like rates are beginning to go up and they've been going up for a year now or almost a year as the economy continues to heal and continues to strengthen. i think it makes a lot more sense to have a more cyclical bend. on top of that, keep in mind the dollar is getting stronger and as the dollar strengthens, the multinational companies that everybody's wanted to look at. >> so -- >> i'm sorry. for give me. i didn't mean to interrupt you. are people who seek dividend and tonight they have to sit in these defensive areas. i know people -- theree always a happy medium between dividends and capital appreciation and ten years everyone wanted capital a preesh yeahing, and i think they twisted the dial too much with dividends and forgotten the total return is what y

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bernstein and heather mcgee head of deem 0s. and executive editor of msnbc.com and msnbc political analyst, richard wolffe and joining us from washington, is mark mazetti author of "the way of the knife." >> an experiment that's lasted more than a decade, do you think we've learned anything from that experiment? >> we've learned how to use armed drones in hundreds of occasions. i said that a little flippantly. the the experiment has been in manhunting and killing that really from around 2008 on has been a pretty entense campaign. primarily in pakistan, but also in yemen and elsewhere. what the president is apparently going to lay out today. is some sort of framework that he hopes will last through the end of his term. and also, beyond his presidency. the question is this -- what you raise, is one of transparency. by moving drone strikes to this pentagon from the c.i.a., will that really mean far greater transparency that what we see today? >> what does transparency mean when the qualifications for drone strikes include continuing imminent threat to americans? that seems so fungible what does that practically mean? if president obama is

and carl bernstein, of course of watergate fame said this couldn't possibly reach the white house. this is surely a few bad apples at the irs. this is a guy who didn't take richardixon's word for it 40 years ago and rightly so. now president seems sure? advance -- it reminds me a little bit of people saying listen the boston bombers were lone wolves not in touch with anybody, this kind of instant certainty that this didn't go any further than the immediate hop persons are a mystery to tree. alan had it right. it happened two years ago. there is a lot of investigation to go. breitbart news has a story about the i, rs -- the subunit of the irs who was doing the investigating to knock it off. that was in july of 2011. obviously they kept at it and "the new york times" in march of 2012 was praising the irs for being aggressive on this as james ceranto point efld out in the "wall street journal." there is a lot of strings to unravel here. let's hope the president really means what he said in the press conference a moment ago. jon: there is a lot to talk about today. we have to take a quick break. we want to come back with you guys and talk a little bit about what the