how warren buffett added almost $12 billion to the net worth.ng rose by the most since june. americans income gained less than what economists had forecast it. developers getting ready for their black friday. christmas the biggest day for downloading apps. stores are cutting prices by as much as $.75. you may be by hitting some of its coin.ucts with matt miller and adam johnson learned a little lesson about bitcoin security when miller gave johnson a little bitcoin for christmas. add unwittingly showed his private key. here you go. you will find a private key on that you can access and load onto your wallet. >> this is what i put on my phone so that when i want to go buy or sell or whatever, i put this up on the computer. is my account. >> that is right. mistake.as a huge matt is here to explain. in thenteresting lesson security or lack there of of the bitcoin world. is ifof all, what happens someone has access to your private key, that person is then able to access your wallet. each one of the little christmas cards had about $20 on it. that, t

that's according to a new book by billionaire warren buffett's son and grandson. s: forty chances: finding hope in a hungry world. we are so pleased to have howard g buffett and howard w buffett on set with us this morning. good morning. so what about the name of this book---forty chances? > >it's about more than philanthropy actually because it's about how you take your forty chances, forty years that we kind of all have and do the best with it. so it involves everything from philanthropy to business to whatever you can do as an individual to help. > >we only get forty chances? > >he keeps telling me he's gonna get sixty. if you think about it, when you get out of school and you get a little experience you really have about forty prime years to reach your goals, to build a legacy---whatever it is you really want to focus on. so it's trying to create a mindset and it's true, some people get a little more than forty chances but it's a number that we could make sense out of. > >what is the takeaway from this book? just give us a little nip. > >i think the takeaway is

warren buffett is expanding his bet on oil transportation.hire hathaway is swapping about $1.5 billion in shares in phillips 66. it is worth full ownership of the company. the deal is expected to be completed in the first half of 2014. home prices in 20 u.s. cities ,ose in october from a year ago values jumping by the most in more than seven years. this is according to the case schiller index. the real estate market will probably get it next boost from gained -- gains in employment. netflix is testing new prices, based on the number of people who use one single account. the plan provides access on as many as four screens, letting household members watch different shows at the same time, but it could cost you more. netflix says it is just in testing phases and the price --ges could rise from 699 six dollars 90 nine cents to $11.99. we turn now to the trends for the new year. we turn to bob rice. from theickards, both same company. with blackstone. jonathan gray was there. blackstone is the biggest landlord in the u.s. and hilton is the biggest

cheryl: joe, really quick, staying with warren buffett and his strategy, investors like warren buffett always looking for value. is that going to be a win in 2014? >> i think so. what you've seen when you have a low-growth environment you go to growth stocks. i was on your show several months ago and suggested that it was a move to growth stocks which turned out to be reasonably accurate. i think now, when you have broader growth you go to more industrial names. and more value-based names. so i think it coo be a very good period for that. i just share with you, when people should be most concerned when everyone is leased concerned about risk. right now, i'm kind of concerned that we're due for a little bit of a shake-up that will rattle some cages. david: beware of too much optimism. it is new year's' eve. we'll be optimistic anyway. wonderful, wonderful segment. happy new year's eve everybody. cheryl: thank you. larry shover, we'll come back o you in a few minutes for s&p close. david: see you around guys. cheryl: oil hovering near $100. we have your 2014 outlook and our guest best wa

david: phillips 66, warren buffett wants to buy a piece of it. >> maybe this is warren buffett's wayying in the future the moneymaker will be oil moving through pipelines, right? cheryl: let our viewers know, twitter's stock is actually doing better right now. [closing bell ringing] david: the bells are ringing. is that the real confetti. i think that is the artificial -- no. they can do anything with smoke and mirrors on wall street. cheryl: the dow is up 26% david, year-to-date. david: what a year. depending on how you judge these things, whether it is by dollar amount, inflation adjusted percentage, this is the best year either since 1995, 1996. you have to go back a long time to get a year like that. cheryl: we were there. david: the question whether you can sustain it into the year to come. we'll have a lot of best bets coming up from our investment analysts throughout the hour including about stocks, bonds, commodities, a special segment on oil. we have a lot of fun coming. fun on wall street, not a bad way to end a great year. cheryl: nice numbers.

cheryl: legendary investor warren buffett said to his son, if you have the resources to accomplish somethingyou do? well today, howard buffett has given himself a deadline of 40 years to put more than $3 billion to work on easing lives of people who don't have enough to eat. so where has the journey taken him? joining us now, howard buffett, howard g. buffett chairman and foundation ceo and author of finding hope in a hungry world. great to have you in the studios. >> thank you very much. cheryl: the book, 40 chances it's a farming saying that you've got 40 years, 40 crops to make your mark. >> it was, i went to this planters school they call it to improve your planting for a farmer at the local john deere dealer. this guy says to us, you think about one season goes and next season. you have only 40 seasons or 40 years to do the best job you can do. especially made me think about how we do things at the foundation differently. cheryl: what has your father taught you about giving back? the charitable arm has been important to you, but how do you bring the business lessons back from him in try

you had an ibm breakdown that is shaking even warren buffett lovers to their core., open table, groupon, trulia, and some goldman downgrades. yelp, linkedin, zillow, they all got whacked. so why am i not sweating the program more? the transports and financials failed to give up the ghost. i think they may be the two most important groups in the market. first, the financials act amazing. there is a simple reason for that. the banks won't raise their cd rates an inch. even as interest rates creep higher. it's so far behind the market that people are grasping at anything financial, anything bank. and the sell-off didn't dim things. keep your eye on goldman sachs. in the midst of the breakdown today, goldman hit a 52-week high. that's a sign of strength, people, not weakness. i think these stocks are saying that higher rates are here to stay, and this is one of the very few days the fed didn't try or couldn't bring rates down. that's okay. it's time they caught up with the rest of the market and they go higher when rates go higher. the other prop, it's the transports. t

warren buffett, look at his portfolio. does ibm fit the pattern? no. exxon? they're both very expensive. amazon is not growing at all which makes it incredibly rich. that doesn't mean -- i have no interest in owning ibm because it has no growth. but exxon just had a terrific quarter and right now it is the best in the group, a total irony. more on those two later. as for amazon, it's rivaled only by elon musk duo, solar city and tesla. we do see stretch valuations everywhere. a whole list of analysts brought out twitter and a bunch wanted to buy it on a reasonable valuation in the out years if everything goes right. merrill lynch launched the stock with a sale. merrill chose to use traditional security analysis and found the stock wanting. the others didn't, though. and we have a real case being made for the stock that i think is incredibly expensive by any stretch of the imagination and should be sold. but that's the kind of launching that propelled amazon to nearly four po hundred dollars this morning. again, logic, compelling. if you're a growth manager, a

but what is the warren buffett strategy here?ng on moving stuff around, oil and gas with increased production that all analysts are looking forward to. at the end of the day, it is a toll roads that, basically charging customers to move oil and gas around, and for this company it makes an additive mode --es the company oil move faster to the pipeline so as pipelines reach their capacity, they are looking for ways to boost productivity. this fits nicely with two other bets, one in pipelines, and another in railroads. >> part of this is a bet that u.s. join will continue, so i assume you expect to see more deals like this in the new year. >> even though oil and gas is pretty quiet this year, we did see a few deals, and it was one of the industries that saw a relatively healthy amount of looking, but people are to see more activity precisely because of what you said, production will continue. there are no signs of stopping on that front, so you have to move it around, and this is a way to do it. let's not forget infrastructure inves

warren buffett is everywhere in your life from your kitchen to your office."in the loop here: -- stay in the loop." "in the loop." known asthe economist dr. doom for his nightmarish scenario for the housing collapse that played out in 2008. if you did not listen to him and you were invested in stocks, you lost a lot of money. now you have another shot. we asked him how he would invest $1000. here is what he said. every day you have to wake up and make sense of this complicated world. i prefer to be called dr. real list and not even a pessimist or an optimist. i predicted the global meltdown would occur in 2008 or 2009 and i got that nickname. there are risky assets like global equities. a 50% or 60% correction occurred and we had a two thirds drop in global equities. a global, there is economic recovery. we have to be realistic about what can go right and what can go wrong. you do not want to listen to only people who agree with you. make a special effort to listen to people. that pushes me to think harder about whether my views are correct. you have to be di

and the kid who may become the next warren buffett. all of that and more over the next hour.irst, let's go to the headlines from our radio cohost carol massar. a five-&p 500 snapping day slide, gaining more than one percent, after better than expected u.s. jobs reports. dropped toyment rate a five-year low, payroll with 203,000 jobs added. sears is looking to spin off its lands end unit which has remained profitable despite the company struggles. and there was much glitz and glamour for today's world cup draw. rizzo will faced mexico, -- brazil will face mexico, cameroon, and portugal. those are some of the top headlines. massar. you, carol the world mourns the loss of one of its great leaders. nelson mandela emerged from 27 years in prison to become south africa's first elected black president, dying yesterday at the age of 95. the comments of about mandela from former u.s. vice president al gore, the democratic alliance leader, and chris williams. is probablyndela the preeminent global leader for his life of courage and commitment, and inspires me. >> nelson mandela is our

>> warren buffett has a awful lot of money. one of the problems is specifically small business owners. if you're worth, for a moment, 7 or $8 million you may not have the liquid capital to pay that estate tax bill. what happens your heir or partner has to or sell the business to come up with the tax liability. this is way people can dissy pate value of estate to lower estate taxes. this where they start to bring down the ultimate value of their estate. dennis: this is talking morbid area when you die. should i start gifting money to my daughter now, she is 13? if i want her to have a war chest to start with when she is out of college. i want to giver $200,000 if i made enough money here to do that. i have to trust here at 18 not to take it and spend it. >> you're absolutely right. we get that question a lot because ultimately when an individual turns 18 if they want they can take possession of the money to do whatever they want with it. however, there are a few capacities you can give things like for education like the 529 moon

>> probably fair to say warren buffett is talking his books. stuart: had the new year to you.ater. to lauren, we have a rally. give me the best stocks of the year on the dow. >> boeing, the top performer, better than 80%. 57, 58. disney down today but certainly up yesterday big time. and 53% from the year. the s&p 500 crossed is new, interday all-time highs. stuart: keeps on rolling. look at the dow. we have gone a little bit more. 36 points on this, the last trading day of the year. what your has been. obamacare officially going into effect first thing tomorrow morning, 12:01 a m, despite a myriad of problems. others don't know if the applications for the plans they chose would be processed so what happens if you get hurt or sick or needed dr.? as of 12:01. the author of beating obamacare for more. beating obamacare the 2014 edition. i am in the acknowledgements. >> you off because you did wonderful job informing the public about obamacare. stuart: what happens now? >> this lot is responsible for the fact millions more people lost coverage and actually gained coverage. on the

of course, oil rebounded and of course the blessing of warren buffett does magic. >>it never hurts. of these would you add to positions here? >>i would. because for 2014, the main thing i want investors out there to look for are blue chip companies with above average dividend yields. those are gonna do well even if interest rates rise and of course we expect economic growth to still be very good. >>matt thanks as always for coming on our show. >>you're welcome. that does it for today. coming up tomorrow... 5 star etf-s. a morning star analyst will be here with strategy tips for investing in exchange traded funds. sometimes refered to as baskets of stocks. we hope you will join us. from all of us at first business, have a great tuesday. ♪ >> now a paid presentation for meaningful beauty advanced by cindy crawford. >> with special appearances by debra messing. >> valere bertinelli. >> christa miller. >> and stars from tv's royal pains and the mentalist. >> hosted by network tv correspondent katrina szish. >> brought to you by guthy-renker. >> hi, everyone, i'm beauty and style journal

warren buffett's berkshire way ash berkshire hathaway looking good.n your life in ways you may not even realize. from the heinz ketchup to the geico insurance protecting your motorcycle. >> i deeply regret totaling that bike in 2013 but do not worry, i got a new one. love them or hate them, there is no escaping the selfie. they are everywhere. who can we blame for the rise of it? >> i do not have a problem with the selfie. it is a natural human instinct to capture your self. this is how artists use to survive. coatedls of the met our with self east. -- selfies. it is possible. but if we're going to indict ourselves for that, we have to remember the role of the industry. twitter makes to post a selfie when you sign up. if you do not have one on facebook, it will remind you until you post one. these are not social clubs, they are companies and need you to post one so they can make money. was taken at my wedding. ways to just selfie imply that i am too cool. you cannot be a part of twitter or facebook without making some kind of a decision about what you

. >> coming up, we will show you how warren buffett's berkshire hathaway rules everything from your car to medicine cabinet. plus, pop the bubbly. ringing in the new year with the ultimate party drink, champagne. >> happy new year australia. one of the first cities to ring in the new year. war than one million people crammed around the harbor. unlike here the city rang in the new year and balmy 70 degrees. >> as 2013 draws to a close we are taking a look back at the favorite highlights of the year. first up, bloomberg -- bloomberg businessweek corner dan aykroyd to find out why trading places is the greatest is this movie of all time. >> everybody knows that trading places, which turned 30 this year is the classic american comedy. i would say it is one of the best movies american made about american business. >> i cannot think of comedies about american business that have been successful. fax when you first got the script on the did you know what was happening at a financial level. >> i lived downtown and near the world trade center. i understood enough about it. >> what i did not under

make exxon one of his biggest buys ever, the anointing of a stock by warren buffett is still one of e single biggest spurs to buying out there. right or wrong, buffett's buying causes a change in mindset. so i've been searching for an example, some sort of analog, especially for younger people, you know, little culture stuff. here's what it is. it's kind of like "the hunger games," the first of the trilogy. buffett buying. now we're in the "catching fire" stage. within that "catching fire" comes goldman sachs's huge upgrade of the stock, signaling it's back and bigger than ever, the essence of the upgrade. is it exxon's got more growth and cheaper historical price. higher growth, lower price. now, you might think that an upgrade this friday, a tad prosaic, i might add, wouldn't have that much impact, but you'd be wrong. and exxon has retired a gigantic amount of stock in the last few years. in 2008, people don't talk about the stuff anymore. in 2008, they had 5.22 billion shares outstanding. now it has 4.33 billion shares outstanding. think about all the stock taken out. that's a col

the most closely followed trail is the one by the greatest investor of our time, warren buffett. a mug's game. you should never dump a stock you have conviction in simply because you found out some famous money manager is selling. >> sell, sell, sell! >> how do i know this? first of all, selling is not like buying. we have no idea why some hedge fund might be selling something. maybe the portfolio manager who specifically followed that stock has left the firm. maybe the stock is in a sector of the economy that's fallen out of favor with the money manager in question, at least short term. maybe some hotshot investor thought he had insight or bought the stock for a trade and turned around and sold it when the insight proved wrong. maybe the money manager is trying to free up cash for an even better investment that he's got up his sleeve or maybe he does have real reasons for selling that we'll never know, we're never going to learn about. the point, though, is that you don't know. you can't know, and basing your investment decisions on something so unknowable is always a bad idea,

. $430 a month, when warren buffett is made in 2013 $37 million a day. and i love warren buffett and i'm not against him making a lot of money. but what i'm saying, there is a huge disparity in america when we don't have the wherewithal to say hey, these people should get 430 bucks a month to be able to make ends meet when they're looking for work or gotten locked out of their job while warren buffett is making $37 million a day, something is wrong with that picture. so the unions, i'm proud of them for stepping up and making this an issue. >> congressman, the president held his year-end press conference today before he took off on holiday vacation to hawaii. and this was one of the questions that caught my attention. i want to play this. here it is. >> has this been the worst year of your presidency? >> what i've been focused on each and every day is, are we moving the ball and helping the american people, families, have more opportunity, have a little more security, to feel as if they work hard they can get ahead. >> mr. president, let me answer that q

roads make money by moving other hard assets like coal corn wheat steel etc so that so warren buffett was getting out of paper money into hard assets when he bought the railroad maybe you know we all can't afford to buy an entire row but we can buy some some gold it's like ravinia believe he was the one who said you know if everything really really turns south by spam you can actually sell any spam you can eat gold just depends on what's necessary at the time but my next question is now a form of bush treasury official. he said that maintaining the dollar is a world reserve currency is a quote national security issue what do you see the u.s. government doing if it looks like the dollars reserve currency status is actually challenged. well by the way coming back to or being he was also the one running around for three years saying the euro was going to fall apart greece was going to get kicked out spain had to quit the euro and the fact the euro is strong and getting stronger new members have been added so just kind of job in terms of being nice forecaster but want is an excellent anal

neil: i hink your friend warren buffett has said that they want to give it all away. with her three children, have you told them this as well and if they are looking at a huge inheritance that it's not coming? >> well, we talk about the vast majority of the wealth going to the foundation. all of his money is spent within 10 years and not quite in the foundations and even their it's our fouation and his children's foundation and its set up after we are gone, our foundation will spend its money within 20 years and, you know, our kids are excited about the foundation and theywill get a great college education and some support as well. they are very lucky. >> i think that giving a kid hundreds of millions or billions of dollars, it's actually not good for the kids or for society. neil: suzÑ@ç@çpçpçpç÷ñoxmhmh (vo) you are a business pro. you caseparate runwayridicu. seeker of the sublime. from fason that flies off the shelves. and you...rent from tional. because only national lets y choose a car in the aisle... and go. you can even take a full-size or above,nd still pa

neil: i think your friend warren buffett has said that they want to give it all away.dering with her three children, have you told them this as well and if they are looking at a huge inritance that it's not coming? >> well, we talk about the vast majority of the wealth going to the foundation. all his mon is spent within 10 years and not quite in the foundations and eventheir its our fondation and his children's foundation and its set up after we are gone, our foundation will spend its money within 20 years and, you know, our kids are excited about the foundation and they will get a great college education and some support as well. they are very lucky. >> i think that giving a kid hundreds of millions or billions of dollars, it's actually not good for the kids or for ociety. neil: suzanne s [man]ask me... [announcer] ...every wish for bed that could feel perfect under every part of your bod.. [man]ask me about our tempur-pedic. [announcer] they're sleeping on the newest tempur-pedic bed... thnew tempur choice... [man]two remotes. [announcer] firmness settings fothe ad,

melissa: coming up next, why investors could soon be ditching warren buffett. ♪ ♪ [ female announceralways wanted to do when he retires -- keep working, but for hself. so as his financial advisor, i took a look atverything he has. the 401(k). insurance pies. even money he's invested elsewhere. we're building a retirement plan to help him launch a second career. dave's flight school. go dave. when people talk, great things can happen. so start a conversation with an advisor who's fully invested in you. wells fargo advisors. together we'll go far. yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. so i kn untilwas full. you'd be crazy not to. is tt nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. just by talking to a helmet. it grabbed the patient's record before we even pied himp. it found out the doctor we needed was at st. anne's. wiggle your toes. [ driver ] and it got his okay on treatment from miles away. it even pulled strings with the stoplights. my ambulance talks with smok

. >> also, the amazing amount billionaire investor warren buffett saw his network soar each day thisk stick -- to the candlestick park with final regular season game at ...are the hands that do good things for the whole community: the environment, seniors, kids, and animals. that's why we created the share the love event. by the end of this year, the total donated by subaru could reach 35 million dollars. you get a great deal on a new subaru. we'll donate 250 dollars to a choice of charities that benefit your community. it feels good to be a helping hand. >>> covering los altos, antioch and petaluma and all the bay area this is abc7 news. >> breaking news from london this morning. the prosecution revealed that kate middleton's phone was hacked before she became the duchess part of a phone hacking trial of "news of the world." private voice mails between kate and the prince when they were dating were played in court and one he calls her baby kins and said he nearly got shot in a military training exercise. several on trial for wrongdoing at the murdoch owned newspaper. >> not an overl

it's up to warren buffett. companies have to decide whether they think it makes their stock more attractive to individuals or does it make it more attractive to hedge funds, which they typically don't want. i am in favor of stock splits because so many of our viewers don't want to buy stocks in the high dollar amount, even as i know the truth which is if you take a pencil and snap it in half, you don't have two long pencils. this is the same thing. it's cosmetic. in this market, it's working. patrick in arizona, please. >> caller: hi, jim. when you have a stock that's had a good run, we of course take some off the table. >> right. >> caller: but if it's one of our stocks we really like long term, what is the plan to get back in when there are no pullbacks? >> i've got an answer you're not going to like. that happens, you missed it. one of the great things about this market is, you always know there is another train coming to the station. one of the things people don't want to do is say, you know what? i missed

are all too out there for you, how about buying the world will's largest oil company, the one warren buffettat refuse to come down even today and i'm talking about exxon mobil and it had the good production growth in ages and things willy only get better in the future and warren buffett, exxon and it's pretty controversial and bp. the oil spill could ultimately bankrupt the company because there seems to be no sensation for the payout, how do i put this to be diplomatic, peripheral victims and it won an important appeal that has been pretty much, i would say put an end to the outsized payments and now will be viewed once again as an oil company and the cheapest of the majors. with oil, you have to buy the stocks when they're cold. these are cold as ice, just the right time to start your picking. stick with cramer. >>> mad about "mad money?" immerse yourself into cramer's world while you watch the she with zeebox, on the phone, tablet or on the web, get sneak peek, go behind the scenes or join the conversation. download the free app today for the ultimate cramerican at venture. venture. d ven

. >>> warren buffett earned $1.5 million per hour in 2013 that works out to $12.7 billion for the year. now it's time for a look at business. we turn to seema mody. >> let's talk about facebook. the founder is cashing in on stocks. he's selling over 41 million shares worth around $2.3 billion. facebook has said most of the net proceeds will go to uncle sam. he may end up paying between $2 to $3 billion in state taxes. he's donating about a billion dollars worth of facebook stock to charity. >>> mcdonald's mighty wings didn't prove to be mighty. they have hundreds of frozen pounds in sorge. they spoke with mcdonald's and confirmed they are bringing back the wings very soon. >> thanks so much. >>> a bipartisan group of senators defying president obama. that's coming up next. stick with innovation. stick with power. stick with technology. get the new flexcare platinum from philips sonicare and save now. philips sonicare. wake it up with olay regenerist. formulated with a skin energizing complex, it penetrates 10 layers of the skin's surface, because energized skin is younger looking skin.

your program, and in recent weeks, you had three prominent guests, very, very smart guests -- warren buffettand carl icahn, negative looking for decline, and david tepper, full speed ahead, and i'm close to warren buffett. we're in the zone of fair evaluation. with profits growing very slowly, in the end, it's really about the multiple you assume for the earnings that we're generating. we have $115 in estimated earnings in the coming year, and i'm thinking 16 times earnings, equals $1,840, and it goes up a rate maybe 6%, 7% per annum, so i think the market is hovering around 1,800, and the own fair evaluation, someone could challenge the assumption of a 16 multiple, with relatively low interest rates, but still an artificial amount of support being injected into the economy, and you should adjust downward the multiple, and we still have the washington circus which i'm uncomfortable with. so i would say constructive but small "p" rather than big "p," and an observation, what number looks out of line? corporate profits this year up five. the cpi rising sub-2%. real gdp rising about two. short

. >>> according to cnbc, warren buffett earned how much? $1.5 million an hour in 2013. that works out to about $12.7 billion for the year. thanks to the soaring stock market. >>> and speaking of lucky ducks, these five pampered birds just finished their careers at the famed peabody memphis hotel. now, they normally retire to the farm they were raised at. but this group will instead go to the jack daniel's distillery where an 80-year legend says they're linked to somehow. either that or i guess sam adams. >>> just ahead, kobe sidelined again. did he return too soon? that and all your sports highlights when we return. >>> a picture of that little tree we've got outside. now to sports. the question on kobe now, out six weeks, a season or even a career? the lakers say kobe bryant suffered a knee fracture tuesday, just six games after returning from an achilles injury. the deal is, the team is 2-4 with kobe. 10-9 without. but hold on a second here. some are saying this is the five-time world champ. an 18-season fighter. bryant, in fact, tweeting #brokennotbeaten. >>> it's go

warren and buffett. warren buffett decided not to split the stock.eople decided he knows more than we do. he knows it is eye candy. believe it or not they say we are not going to split and that stock is up big. sales force.com said we have to make our stock more equitable. i go to john in virginia. what's up? >> caller: i have been very fortunate thanks to you and i have done my research. i'm back to even. i retired at 62. i have a portfolio that i'm really pleased with. and now my question is how do i in retirement, how do i protect it? i don't feel like i need to amass it, i just need to protect it. i have been doing my homework and came up with two options and i wanted to get your read on them. >> sure. >> caller: on these bond funds paying and when you did down into them there is a few bonds in there but a lot of derivatives and a lot of other stuff. that's one option is the bond funds with a monthly payout which will help income flow. and life insurance products that cap the down side and the upside so you really can never lose your portfolio bu

warren buffett revealed his tax rate was within a 10th of a point of what i had predicted it was, 17%. what he does is borrow against his assets. when he has income -- he had $64 million the year he disclosed it, incidents income. he had no choice but to take the money. wealthy people can, in fact, legally live free of the federal income tax, and many do. >> so people pelowest part of the income scale do pay a percentage, as we showed, not as federal income tax but they pay a bunch of other taxes. >> especially state taxes. >> when you earn that little money, you need more of it. >> yes. yes. well, that's the fundamental concept that the athenians brought to us 2500 years ago. the athenians when they decided we were equal, each person, also said why should the rich have more of a voice than other people? and when they thought about that for a while, they came up with the moral basis of progressive taxation. the greater the gain you are able to achieve because you live in athens with its courts and its military and its laws and rules and all of the things that make it possible to becom

as warren buffett is fond of saying, you never know who's swimming naked until the tide goes out.o now they face an internal battle. how to position itself via message, argument and tactics for the most important issue in 2014. health care. rick tyler is a republican strategist. jonathan allen is politico's white house bureau chief. rick, if i were to come to you as a progs prospective republican candidate, now that the affordable care act has been put into effect and people are getting insurance who heretofore couldn't get insurance, would your advice be to argue for repeal or reform? >> well, what i've been saying to all my candidates is the affordable care act, it can't work. it's a lead airplane. though people claim there are good things in it, i don't think it can be reformed. i think it has to be repealed. but what's going to happen is the republicans got ahead of themselves. the country needs to want to repeal it first. and we're getting closer to that. the affordable care act, despite the cold open here is as unpopular as ever. president obama is as unpopular as ever becau

the saying: it takes money to make money has never been more true for billion warren buffett". according to a study-- the oracle of omaha increased his wealth by $37 million dollars per day in 2013.at last check buffet's net worth shot up $12 billion to 59.1 billion dollars. forget ugly sweaters. jpmorgan ceo jamie dimon is "showing the money" in his family christmas cards this year-- and it's going viral. as you can see , dimon and family also used the photo opp -- to show off their tennis skills. still to come: is the worst over for oracle? we'll break it down in chart talk. plus...the movie our critic says is a shoe in for the oscars... and..you can call me "al" ....the grandniece of infamous mobster al capone joins bill moller right here, after the break! i'm going to pass chemistry, and i'll take it from there. i'm going to do what makes me happy. i'm going to work hard. be independent. live large. make the most of every opportunity. i knew i wanted to go to college. but figuring out how to pay for it? i didn't have a clue. the u.s. department of education has over $100 bi

numbers don't tend to have the right number of digits. 3% say if you don't find -- if they did what warren buffett does they would immediately start building up their equity. >> host: what do you mean? >> guest: what i mean is if you take a second mortgage on your house do you change the equity in your house? if you keep investing and her husband goes out and you did not take any money out as a corporation you retain all of your earnings and then you about the equity. banks must borrow because the oral from depositors and part of what they do is to borrow but that's not to say they can't back up their liabilities without the deposit insurance and they can't be more normalized another court rations and can't have the minimum that they would demand from their bar or worse 20 to 30% equity. instead they allow three or four times these numbers. they are so fragile that just a small loss start getting people nervous or getting them to be less able to land. they get into a situation where we see credit crunches and that is when we have to start investing and saving and all that. the reason they don't la

. >>> and here's proof that billionaire warren buffett had a really good year in the stock market. one study says buffet's fortune, at least on paper, climbed to over $59 billion this year alone. that's up $13 billion from last year. >> breaking those numbers down, it means buffet added $37 million a day, or $1.5 million an hour. >> peanuts. >> chump change. chicken feed. >> come on. you can do better. >> we're a tough audience, aren't we? >>> when we come back, courtroom showdown. a multimillion-dollar portrait of the late farrah fawcett in a heated battle. finally, it has a home. >>> and she's got game. a 9-year-old bowler does something that no one her age has ever done before. smoke? no, i'm good. ♪ [ male announcer ] every time you say no to a cigarette, you celebrate a little win. nicorette mini delivers fast craving relief in just 3 minutes. double your chances of quitting with nicorette mini. not anymore. what? my silverware isn't good enough for you? have -- have you seen it? yes, i have seen it, and it looks -- you gotta look better. ladies, breathe. cascade kitchen couns

. >> "breaking bad" i don't know if you are a fan, but warren buffett is dressed like walt. out this year. the series finished in september. home -- our whole team are "breaking bad" fans and i have yet to watch the program. >> can warren buffett get any better? he is about as clever as it gets and then -- >> and then he does something like this on twitter. >> solid. >> we are speaking more about movies. amc is going public. you can get a piece of the action. we will tell you about the plans to offer shares to loyal customers. randi zuckerberg weighs on stealthy etiquette after the president came under fire for at nelson mandela's memorial. stay "in the loop." ♪ is hosting 200 million moviegoers every year. they're going public. blockbuster time to invest in a movie theater with so many on-demand media options? sweeney.s paul the golden globe nominations that we talked about tell a story. cards" fromuse of netflix that is being nominated and topping the charts. had moreers have never choices for high-quality, original programming. they no longer have to depend on the theatri

warren buffett expanding his bets on oil transportation. hurts local holdings, that stock is up better than nine percent. it adopted a poison pill after it saw "unusual and substantial activity in their stock." and there are questions about who might have been pushing for some changes. they are trying to defend themselves. speaking of big ownership in the stock, look at marble technology. the chip maker rising after kkr said it had taken a 6.8% stake in that company. those shares are gaining. now, to our big story. netflix has had a huge year. speaking of more superlatives. quadrupling this year making it the best performing stock in the s&p 500. the streaming service is shaking things up. the company announced that it is setting a new pricing structure and an attempt to provide access on as many as four screens. they will let household members watched it for shows at the same time but it could customers to pay more for official family members. >> it was cheap enough to begin with. two -- range from 699 6.99 to 11.99. can they keep this up?

warren buffett booked 210 flights out of there during the timeframe.appy to get into the market. pushed each to the owner of one of these coveted pieces. >> there is a synonymy of money heading toward the island which is the art world. at the top and there is huge interest from all the new economies that have just come back for russia and new york being in dubai and abu dhabi. the new economies are underinvested in arts. they have zero. is a top and one that did see this. 3 billion.ore them this is an increase. they sold about $200 million worth of contemporary art. they held the largest option ever. including the triptych that became the most expensive art works sold at auction. these are being driven by the allocated money that has very limited demand. they workold days, fine because of collection and passion. now they are just small factors. now it is allocating money from your basket of wealth. allocatingng it about 5% of their words. he wanted to get into the , sotheby's has been having issues of their own. digest recently leave the company. we wi