he has a very famous father, warren buffett. had you ever heard of him? > oh, i'm impressed. >> as we reported, howard buffett doesn't always agree with bill gates on the best ways to help farm development in africa. but that doesn't mean they can't work together. towards the end of 2011, the howard buffett foundation announced it was joining with the gates foundation to support the work of n2africa, a dutch-led initiative to improve soil quality and increase agricultural productivity in eight african countries. the $2 million donation from the buffett foundation will support work in sierra leone and liberia. [ticking] coming up: making money faster than you can blink... are humans ever involved in the trading? >> humans are not involved in the trading because humans are way too slow. >> when 60 minutes on cnbc returns. an unprecedented program arting busithat partners businesses with universities across the state. for better access to talent, cutting edge research, and state of the art facilities. and you pay no taxes for ten years. from biotech in brookl

warren buffett being for something he's against.he story. >> one of the things that takes the juice out of this story is that washington isn't going to do anything about this. the democrats want to close this loophole in tems terms of companies reincorporating abroad. and the republicans say we need to lower corporate taxes. they both may be right, but no prospect of compromise. >> no prospect of compromise, but the president through some sort of executive action could go out there and impose a penalty as jack lew has threatened. but the fact that warren buffett is involved is going to make it that much more harder for jack lew and president obama to do that. >> thank you so much for the weighing in. >>> come up, our fox news focus groups deliver a verdict on media credibility and it isn't pretty. >>> and later, we'll call foul on espn's reporting on the showering habits of the nfl's first openly gay draft pick. people. what about excess? i think about the coverage of ferguson as the latest example. it seems to me that cable tv in p

buffett. you pay $650,000. he paid a good chunk of that in order to have lunch with warren charity auction he runs. hat with what? ? buffett is a smart guy. i will never be as smart as he was, but that is ok. a certain way, it released me and i was no longer trying to be warren buffett and i had to hang out with people better than me. he said that many times at lunch. it goes straight back to my original job. i determined that at that point, i would be careful to hang out with people that i respected and admired and that would make me into a better person and request you move from new york to switzerland because you said, i want to just enjoy my life here it is buffett can live in omaha and enjoyed his life, why can i live in switzerland and enjoy mine? >> he gave me his blessing to do that. >> that is good. have you invited him out there? >> i issued many invitations. he is rather busy. >> great to see you. we have seen each other for many years. you have been going 17 years, i believe. the ceo of aquamarine's capital management and the author of a new book, the education of a value investor. comin

warren buffett says detroit is going to be fine.loyd blankfein, ceo of goldman sachs, says if he could, now detroit the time to buy futures, so these guys are really optimistic about the prospects for the city. they say that the best analogy to draw is between detroit today and new york city of the 1970's. remember the headline -- dropdead? new york was on the verge of bankrupt the itself, and look where it is now. >> hold on, though, you are in detroit. do you believe that? what to do the streets look like? >> i want to believe that, and that is important. he wants to believe, the hope, the optimism is what is going to carry detroit future. detroit forward. if everyone had given up on new york city, it would not be where it is. whether it is the small businesses, whether it is the kind of philanthropy that mike bloomberg doesn't cities, or whether it is the take charge, let's forget about the federal government attitude that the governor rick snyder has come of a share that optimism, and i have to say being here -- it is not hard t

wait until you hear what bob benmosche says about his contentious relationship with billionaire warren buffette product warned buffett likes -- yes, he likes his coke. that company and pepsi co. fighting sunday to agree on -- americans are consuming too many calories from the sugary soft drinks and they are pledging to slim down below. we will be back. ♪ >> and mice close of interview with former aig ceo but benmosche, we spoke about his contentious relationship with billionaire warren buffett. last year, berkshire hathaway hired away several key aig employees to start its own insurance business. the competition was so fierce that the two companies brokered a cease-fire of sorts. be called in to ink a one-year deal to stop stealing employees. there was an agreement between afterire hathaway and aig several left. there was basically an agreement, rights, that we were not going to recruit each other's executives, right? >> for one year. the issue was there are things that were done wrong by them, and to settle the issue -- you have done something's wrong, we will look the other way, but you need

you are asking about warren buffett.g champion as you know of the small investor and the small business environment as well am a so he's talked about how do we get the rest of the country back on the economic track. it is no surprise that he would join lloyd blankfein and the governor of michigan to talk about how to bring jobs back to detroit. bring us back to detroit and the auto parts industry. the model t and the big ship -- >> you have got a global marketplace. the united states consumer will buy 17 million cars. that is peeking out. -- peaking out. the united states and the rest of the world next year produced 91 million cars. if you're a parts producer and have technology that can go -- and you will benefit locate facilities outside of the united states. those companies are out there as well. thesee companies like that have a story. >> a reality check on detroit. it is doing great right now in detroit but i went there a few months ago with steve case. he was talking about how do we get cities back on track. it isa

where do you and warren buffett agree on evaluations? >> i think both warren buffett and i would agree there are a few other places to put cash. when you have such low yields on bonds, where you going to go? i think he builds his cash and holds it short-term and waits for places to put it. i would say the same thing. the market might be choppy, but i say, where else do you go? >> you write in your book, what is it like from zÜrich really versus new york and london? can afford anything. can you afford a number two value meal? he getsy away where really expensive. >> $12 for number two value meal. i've heard yelling and screaming to feed the children. >> it is very expensive country. just consider, there are a lot of multinationals who go there. just think about walgreens who wanted to go there as well. they go there because the infrastructure is extraordinary. it is a great place to live. the amazing thing about the world today, i can sit in zÜrich and analyze american companies almost as well or just as well as many american sitting here

no love lost between bob benmosche, the former head and warren buffett. e got recruited. i asked bob benmosche how he felt about this recruitment by buffett. >> they took their bitterness out on aig and wanted to make a big show, we are going to work for warren buffett, and we are above it all and we will really show you boys. and they went over there and, boy, they are really not showing us anything at all. they are competing and they are getting some business. they are putting pricing pressure on some of the industry . but in the end for my disgruntled employees do not like where they are working, we want to make sure they have the freedom to move on someplace else. they chose to exercise that freedom. we do not charge them a huge amount of penalties in the conversation program. i think it's the way the employees did it that was a bit distasteful. >> you mean, calling up berkshire hathaway? >> no, the comments to the press. which would've ended it. i cannot say whether any of them did it. but you don't burn your bridges. >> you will hear more on this in

that's the point that warren buffett makes.says all the time that the greatest piece of his success was he was born in the united states. >> absolutely. >> you can't take credit for that. he happened to be born in the united states. >> he won the lottery of birth. i think we think of poverty too often in terms of income, and it's not. you can have a low-income family where a kid has a terrific opportunity, but i think a much better predictor of a child's success is not the family income, it's the number of children's books in that house. whether that child is read to. whether that child is getting that kind of emotional support. and there are a lot of kids that don't get that investment. we can help those parents do that. >> what do we do when philanthropy goes wrong? i had a guest on this program, you've written about this, there are individuals and organizations who are well intentioned but the way they're spending their money, the kind of politics connected to the money that they spend in this country, and certainly in afric

i'll tell you just a quick story because i could tell stories all day on warren buffett. so i got to know warren just a little bit before i became coo because i play online bridge and any time i need a good sclaking, i play with him. he's a very accomplished player. sharon osberg is his partner and they're tough at the table. but once i became ceo, we started doing a home in home dinner or lunch. so, my first time to omaha to have dinner with him, we went to -- i can't remember if it was pizza or garages and warren eats a full meal. let me tell you, he has a the-bone steak medium rare, mash potatoes, side of chicken parmesan, cherry coke. and when the food comes, warren grabs a salt shaker in his left hand and one in his right hand and it's a snowstorm. i know a snowstorm when i see one because i'm from minnesota. i said, warren, what does your doctor say about all your sodium. he looks at me like, doctor, really? no doctor and no directions. i said, warren, seriously, this is not good. i said, is health, you know, a strength in your family? what's your geanology like? he

is involved. >> warren buffett is president obama's chief tax man. d an interesting conversation with howie kurtz, he said how do you expect mr. buffett, i basically called him a hypocrite. why should he unilaterally disarm. why should he not follow the rules until they change? with buffett's involvement, there's lots of things mr. buffett is invest in. he does not have to be involved in the one deal. neil: he does like food-related deals, right? >> if this notion of corporate inversion -- >> then you avoid it like the plague. >> yeah. neil: what do you think? >> if the tax code requires patriotism to collect, they can legally do something to lower the rate, they have to fix the code that makes the incentive to move or change it now. i would go to a flatter corporate tax rate. neil: you are on the same page. >> it's got to come back to the treasury, in the sales tax. >> you do something paul ryan wanted to do or something that erskine bowles wanted to do and that's reform the tax code, plug up the loopholes. neil: but it never happens. >> never happen

there is no warren buffett etf. >> maybe you should come up with one. >> there is a bill gross etf. me that get tagged as buffett-esque. buffett has used the term wide load for companies he likes. this etf has a process where they looked through major companies and tag 10% as having a wide load -- wide moat. then you get 20 companies that are wide moat, relatively good pricing and that is like a buffet-esque kind of play. this one has a lot of turnover. every quarter, it looks at these in the 20 always very. it's like trying to hit a are on the-- these dart, but not right in the middle. >> let's talk about another one. the ishares etf. basically the etf's trying to capture factor. value and growth was popular in the 1990's. now, it's factors. this one is an etf that looks for characteristics and stocks, return on equity, earnings growth and low debt. things that buffett likes. these factors etf's are pretty popular. sque.ts tagged buffett-e it is a buffett philosophy, but not exactly buffett. --there is dei billionaire the eye billionaire index. >> the top 10 billionaire investors. i

co-chair of the 10,000 small business advisory council chairman and ceo of berkshire hathaway, warren buffettyor, michael bloomberg. good to have you all on board. >> great to have you guys here. >> warren i'll be asking you at some point about burger king. tim horton i still don't get it. that's a deep tease. >> i want to talk to you lloyd because this obviously was an idea of your company a long time ago. we've been going from town to town, done this in quite a few different places. but how exciting a place like detroit where economic revival is starting, that we see behind us the american dream. >> yes. >> they are fired up. >> detroit is the perfect place to do it. you know, we see this all over america. very entrepreneurial people who are just at the tipping point of success. we're not -- we're finding people who are already terrific who have ongoing businesses and with a little education, teaching some skills, get them over the tipping point and unleashes a lot of energy. >> warren you obviously have been talking about what needs to be done to make sure we regrow the middle class and an

[laughter] isr here to my right, betty, warren buffett.ext to him, lloyd blankfein, the chief executive of goldman sachs. next to him, a man whom i know recognize, our boss, mike bloomberg. and we are delighted to have the governor of michigan, rick snyder here with us as well. congratulations, by the way, 10,000 small businesses, another graduation here in detroit. governor, given everything that detroit has been through, that the state of michigan has been a role, how important can programs like 10,000 small businesses play here? >> they absolutely play an important role. it is really an accelerator if you look at it. one of the big questions -- and i started small businesses. i am from a family of small businesses. the challenges you faced to get to the next level, and that is why i love this program. it has been excited to see. it gives him the resources, the mentorship, potentially the capital support to say take off, and from a perspective as a governor, more and better jobs is my top priority, and our role is not to create those job

i am curious, has bill gates or warren buffett picked up the phone and asked you to do what they are, to take their money and give it away? >> the money does not matter -- what is problem important is the job, the creativity, ingenuity and your capacity. if you can improve that, you can add value to what you receive in your life. that is already part of your success in life. >> that was argentine billionaire eduardo eurnekian, and, stephanie, you heard him say there there is a difference, right, between argentine billionaire and the likes of bill gates and warren buffett. he questions -- you can tell when he was talking, he questions the motives behind the commitment warren buffett and bill gates have made to give away half of their wealth, virtually all of their wealth, and mike bloomberg is pledging to do the same thing, but from the perspective of south americans, there might be more to it. >> is there a difference between a argentine billionaire and a brazilian billionaire? a celebrity.s >> and maybe an empty suit. >> that is aggressive. >> it was like castles in the sky. empty s

what is $1.25 billion for warren buffett? he gives $3 billion a year to the gates foundation, on whose board he serves. i've had rich people--very, very rich people--tell me, "we know how to make a lot of money. we do not have a clue what to do with it, and that includes us." so if we want to be very practical about it and speed things up, if we know very rich people--and silicon valley has a few of them--recognize the following: that a lot of them could care less. they want to make more money, or they're into their little gadgets. it's amazing how much brain power is being poured on technical changes and innovations of minimal significance. just look at the apps lately. i mean, they're embarrassing as a culture. [laughter] people can find ways to save millions of lives and not make anywhere near the amount of money that some little quigley app for some idiotic whim that is promoted, ok? but there are people in silicon valley--you should try to bring them together for a dinner. i would be glad to attend--who i can show can le

i'll tell you just a quick story because i could tell stories all day on warren buffett. o i got to know warren just a little bit before i became coo because i play online bridge and any time i need a good sclaking, i play with him. he's a very accomplished player. sharon osberg is his partner and they're tough at the table. but once i became ceo, we started doing a home in home dinner or lunch. so, my first time to omaha to have dinner with him, we went to -- i can't remember if it was pick low pizza or garages and warren eats a full meal. let me tell you, he has a the-bone steak medium rare, mash potatoes, side of chicken parmesan, cherry coke. and when the food comes, warren grabs a salt shaker in his left hand and one in his right hand and it's a snowstorm. i know a snowstorm when i see one because i'm from minnesota. i said, warren, what does your doctor say about all your sodium. he looks at me like, doctor, really? no doctor and no directions. i said, warren, seriously, this is not good. i said, is health, you know, a strength in your fam sfli what's your jeanology

what's fascinating about president obama is his favorite limousine liberal warren buffett supports corporateversions. if romney said i'm for lower taxes and not going to go after the companies that do the corporate inversions where they locate overseas in another country to get a tax benefit, how is obama going to attack or hillary going to attack when warren buffett is doing it? there's a lot of the economic issues that tilt his way right now. the economy is always the number one. the economy is always a big concern for americans. he's been on the right side on a lot of the issues. neil: busy summer for you. you've gotten in a lot of people's faces this summer. my favorite image is -- [ laughter ]. neil: where was this again? is that sun valley. >> sun valley. neil: he didn't want you and you're producer that the? >> his name is brian cogny. he's a new york city cop. i love new york city cops. neil: he didn't like you, he's getting nasty. >> he was very, very, very nasty to my female producer. like to the point where i thought he was not just being disrespectful but overly aggressive and i

hard to make their shareholders rich. >> before we get to those companies, have you heard from warren buffett the -- by the way, those b shares have continued to trade higher since you sold out of that position. >> sure. sure. originally, when this all came out, buffett came on cnbc and was very open that he agreed with our position, that you know, there was a problem at coca-cola. >> and yet, you haven't seen him do anything more, perhaps it's because he and others have often felt as though executive pay isn't the main reason why you should suddenly do a big management change. in other words, that could be more disruptive to a company that's trying to improve shareholder value. >> coca-cola, we think there's change coming to coke. one way or another. >> how big? how much change? >> could be very significant, again, with what's happening now with all the ceo change. they haven't done a good job running the business. they haven't treated their shareholders well, the business is a good business, everybody loves coke around the world. so we think with simple fixing of the underlying business and

i look at the business behind the stock price like warren buffett and benjamin graham say to do and oneings warren buffett always said always stuck with me, when a good manager are meets a bad business, usually the business wins. marisa mayer is superstar. i don't think she can do much with yahoo! david: scott, when i look at yahoo!, i see part of what brian is saying, wonder if somebody like carl icahn, we mentioned him in the previous segment, bill ackman looking at it, gee an activist shareholder could do a lot with this company. do you sense somebody like one of those or somebody like them to get into the game? >> i don't any reason to get in the case. carl icahn was involved years ago when microsoft was pursuing acquisition of yahoo! and david einhorn was a coupled involved couple years ago. short answer we don't necessarily see that. i honestly don't answer people don't see the fact if you look at the value of publicly-traded shares held of alibaba and yahoo! japan and add the cash you're really almost getting the entire yahoo! business for free. and so that provide a lot of optio

usual suspects, bill gates, warren buffett, larry ellison topping the list.chairman steve forbes was on "varney & company" earlier today, saying growing number of names in the top 400 are self-made. >> most of these people made it on their own. when we opened this list back in 1982, it was filled with rock fellers and duponts. no duponts on it today. the only one on the rockefeller on the list, david rockefeller, the oldest member of the forbes 400. melissa: bruce terkel, charlie gasparino and dominic tavella are here. bruce, let me start with you. what does the list do besides make all the rest of us depressed and jealous? >> "forbes" magazine is the "people" magazine of the business set. you go to the person's name. look at the age. see how much they got. in my case you do the pathetic comparison. melissa: oh. >> it is like watching the car wreck or having to loose tooth you keep sticking your tongue in. we want to suffer. we want to see how much better they're doing than we are, charlie gasparino, you don't strike me as someone who wants to suffer. you loo

and yet he's the person warren buffett wants to succeed him as chairman of berkshire hathaway, the megailt. like his father, howard does not live the high life. in fact, he's a farmer who would rather dig up the ground than sit in a boardroom. are you sure he's your son? >> well, i think that's worth checking out. you'll have a big exclusive. [ticking] [bell ringing] >> for 150 years, the floor of the new york stock exchange was

it's up to warren buffett.e to decide whether they think it it makes the stock more attractive to individuals or it it makes 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 youio snap it in half you don't have two long pence ils. it's cosmetic, but in this market it's working. patrick in arizona, please. patrick? >> hi, jim. >> hi, patrick. >> we've had a stock that's had a good won. we, of course, took some off the table. >> right. >> it's one of the stocks that we really like long term, what is the plan to get back in when there are no pullbacks? >> well, you know, i have an answer for you, patrick, you're not coming to like. that happened and you missed it. one of the great things about the market. >> all aboard! >> it's one of the things people don't want to do, anybody is to say, you know what? i missed that one. or i b

warren buffett hitting it big this weekend in vegas. the mgm grand for the mayweather fight. he bet on the sports book for the first time ever. he went up to the window, put $550 on nebraska. that's how much you needed to put down so you could win $500. turns out about 40 or 50 people saw him make that bet, they immediately went running to the window and said i'll have what he's having. they all went betting on the same thing. nebraska won by a blowout 55-19 more than covering the spread. made warren buffett just a little bit richer and those other guys as well. >> he's lucky. >> i don't know. if you saw him making a bet on a stock, you would follow him. probably here too. >> whatever he tells me to do, i would do it. >> even if it's football. >> pretty much. >>> when we come back, alibaba ready to close its books on investors. we'll look at what it means for the market and investors looking to get into the game. look at the futures this morning. you'll see at this point they're basically flat. dow futures up by two and a half. s&p down

and second place, warren buffett of berkshire hathaway worth $67 billion. and at number one, the big bill, bill gates, the harvard dropout that founded microsoft is worth $81 billion. >> you have to be worth 1.5 billion dl to get on that list. sorry, tyler. >>> that's "nightly business report" for tonight. i'm suzie gariharigharib. >> i'm tyler mathisen. have a good night. >> this is "bbc world news america." >> funding of this presentation is made possible by the freeman foundation, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, kovler foundation, union bank, and beijing tourism. >> at union bank, our relationship managers work hard to know your business, offering specialized solutions in capital to help you meet your growth objectives. we offer expertise and tailored solutions for small businesses and major corporations. what can we do for you? ♪

and second place, warren buffett of berkshire hathaway worth $67 billion. and at number one, the big bill, bill gates, the harvard dropout that founded microsoft is worth $81 billion. >> you have to be worth 1.5 billion dl to get on that list. sorry, tyler. >>> that's "nightly business report" for tonight. i'm suzie gariharigharib. >> i'm tyler mathisen. have a good night. >> welcome to "film school shorts" -- a showcase of the most exciting new talent from across the country. experience the future of film, next on "film school shorts." "film school shorts" is made possible by a grant from maurice kanbar, celebrating the vitality and power of the moving image, and by the members of kqed. >> [ suspenseful music plays ]

and second place, warren buffett of berkshire hathaway worth $67 billion. and at number one, the big bill, bill gates, the harvard dropout that founded microsoft is worth $81 billion. >> you have to be worth 1.5 billion dl to get on that list. sorry, tyler. >>> that's "nightly business report" for tonight. i'm suzie gariharigharib. >> i'm tyler mathisen. have a good night. ( dance music plays ) ♪ tiney winey ♪ this chick from country ♪ ♪ come for the season ♪ lookin' for fun... okay. ( giggles ) what was in that? trust me, you don't want to know. to the future, and to miami. ah, you know, i'm probably gonna mess it up and be right back here before you know it. no, you won't, you're gonna be a superstar! ( drink splashes ) oh! oh, i'm-- i'm sorry. let me. i'll do it. don't worry. accidents happen, huh? well, maybe it's for the best. don't want your final performance to be a drunken disaster, do we? small boat, big egos. all right, ladies and gentlemen!

today, we are talking to warren buffett. michael bloomberg and the michigan governor. that is coming up. >> good morning. you are watching "the pulse." live from london. i am guy johnson. scotland votes today on a referendum for independence from the u.k. a yes vote would see scotland end the union with the u.k. that has lasted for more than three centuries. into thes campaigned night to win undecided voters. the european central bank has announced the results of its first lending program. below estimates. mario draghi has a long way to ltro. meet t sheetl boost the balance to 3 billion euros. that might be optimistic. the fed chair janet yellen says it could take be fed until the end of the decade to reduce its more than four chilean dollar -- it's more than four chilean itsar -- its moer th -- trillion balance sheet. >> 82.6. so many moving parts to this number. in isolation, what does it mean? does it mean there is not appetite for stimulus. and more targeted lending program. this is the reaction in the markets. not much move in fx, euro-dollar slid lower at 1.28. 8

warren buffett commented -- contacted senator orrin hatch about in versions.l this after secretary jack lew said a change to the rules is coming. >> any action we take will have a strong legal and policy basis, but will not be a substitute for meaningful legislation. it can only affect part of the economics. only a change in the law can shut the door. only tax reform can solve the problem in our tax code that leads to inversions. >> will the law really change and how? with me is steve rosenthal, a senior fellow at the brookings tax policy center who has done a lot of work on inversions. what could change in the tax law coming down from the treasury secretary? >> thank you for including me. everyone agrees corporate inversions are a problem. congress have been on for the last few months, waiting for congress to act. many believe that treasury could act if congress does not do so. we have a couple weeks of congress before they recess, then people will turn their attention to secretary lew to see if he follows through on what he suggested, that treasury might get

they're going to speak with warren buffett and mike bloomberg about the future of that city. fantastic city right there. when we come back, we're going to huddle around the water cooler together for dan aykroyd's vision for the future of "ghostbusters." he gets on the record for that. we're going to have much more right after this break. stick around. two medium cappuccinos! let's show 'em what a breakfast with whole grain fiber can do. one coffee with room, one large mocha latte, medium macchiato, a light hot chocolate hold the whip, two espressos. make one a double. she's full and focused. [ barista ] i have two cappuccinos, one coffee with room, one large mocha latte, a medium macchiato, a light hot chocolate hold the whip, and two espressos -- one with a double shot. heh, heh. that's not the coffee talkin'. [ female announcer ] start your day with kellogg's frosted mini wheats cereal. with whole wheat goodness on one side and a hint of sweetness on the other, it's a delicious way to get the nutrition you want. when you're away from home.ome, it's a delicious way 12 brands

. >> power players -- from warren buffett to carl icahn. the 50 most influential people in business. >> commissioner on a hot sea. the question about the future of roger goodell after a video sparks debate about domestic abuse. >> much to talk about. let's get the news feed. >> the world. trump entertainment resorts has filed for bankruptcy again. trump owns two atlantic city casinos. neither has anything to do with the donald. americans are not loving mcdonald's. sales fell for the fourth month in a row globally. down almost 4% in august. the rankings of colleges is out. princeton is number one. yale was third. the top school on the list, the university of california at berkeley coming in at 20th. >> we hope tim cook got a good nights sleep. today, it might be the biggest day of his career. he will be unveiling the most important new apple product since he took the helm at l -- to the helm at apple three years ago. we are expecting a bigger iphone, and iwatch, and do some sort of software to revolutionize mobile payments. corey got a good

value investor that's a very popular term and i've heard it applied to to different people like a warren buffett or you know a jeremy grantham but what does that term mean to you it means that we're trying to buy securities for a discount that disco could be twenty five percent off forty percent of fifty percent of the group or the discount rate or margin of safety for us and we look to try to do it under many different conditions such that if there is war if there's panic we're not going to lose so much we like to have the net close below us and by buying at a discount we tend to assure that that's at least for objective doesn't always work though does it work more often than not yes well you know as i understand it you could just love a company its business model that so-called moats and all that built around itself that could be your favorite but if the valuation doesn't present a lot of upside. what should you do as a value investor you should avoid that company i mean there are some very popular companies with with great business models but can they grow into the valuation in question i'll

spears paid a zillion dollars to have lunch with warren buffett.ay remember that from a few years ago. we will talk about how that antieducation did him wrong. >> what do you reckon? -- biggerr the fed event? >> scotland by far. i will feature comments made by neil ferguson. he agrees with paul krugman. scotland is front and center this week. >> we will have a look at that later. thank you. tom keene, joining us from new york. -- leads the world in a number of industries. perhaps the most surprising hold to fame is robotic cleaners. -- pool cleaners. usuallyg dolphins is cruel, but not if they're plastic and eat her. dolphin robot cleaners are the world's number one, by some links. the biggest and baddest is this yellow one. it is the wave 300 xl. it can clean an olympic size swimming: six hours. if you take the plunge, it will set you back around $11,000. owners, they pool have a 40% market share. sales are sure -- soaring and have risen almost threefold over the past two years. there's plenty of room for growth. wholeestimate the the 21s -- out o

a lot of private equity firms and warren buffett will purchase 80% of your business. they want you to stay in control and manage the business through the transition. it becomes a win/win. she gets the cash out while managing the transition beth for herself, employees and clients. >> can you find that for small businesses, though? say you run a toy store, if you're a fast-growing internet company, sure, there will be financial investors looking for this. >> i think it's a tough question. when i thought about her question, i wasn't sure if she men the liquidate. i think she means acquisition. really it comes down to having a good lawyer help you negotiate the deal from the get-go. once you've sold your company or liquidated at sets you don't have any control anymore. you're not going to have say in what happens to anything about the company, including your employees. it comes down to negotiating. it's not out of the box but it's something that can't be ignored. it's a critical thing, especially for a small business that doesn't have access to a big market. >> and findin

>> warren buffett looks for wonderful companies at a fair price.nvestors want fair companies that it wonderful price. >> gotcha. >> tom is busy reading. >> it is superb. >> tobias, thank you. >> it is your autumn-smart read. moore, thank you so much. for ex is front and center today. that is why we do a forex report. mark carney is moving sterling higher. there is dx why, making kate moore's life an entire different world. >> shares of apple moving higher in the premarket. we will discuss apple and alibaba. ♪ . . >> this is "bloomberg surveillance." >> apple fan boys rejoice as tim cook wants you to get out your i wallet. cory johnson is at the battlefront and cupertino. 800 shop at the waldorf astoria for chicken and to listen to the alibaba story. and it is the business of fashion. they shaped the industry to its very foundation. good morning, everyone. this is "bloomberg surveillance." it is tuesday, apple day, september 9. i am tom keene. joining me, scarlet ipad fu and adam iwallet johnson. howard lindzon is chairman and founder of stocktwits.

. >> that was hathaway chairman warm profit -- warren buffett, rick snyder, and michael bloomberg speakingh erik schatzker in detroit. tonight, how china's booming luxury market could mean more business for alibaba. don't miss two special programs, a documentary, "crocodile in the yangtze, the alibaba story." for a bloomberg west special look at alibaba's business only here on bloomberg. bloomberg is on the markets. here's julie hyman. >> let's take a look at where stocks broadly are trading right now. withe seeing a rally financials leading the way after economic data coming putting jobless claims, beat estimates this morning. people looking at the fed yesterday and receiving the commentary as dovish. one individual stock, we are watching ali baba. shares are expected to price after the close today. interest in those shares so high that the company has already raised is price range to $68 a share. depending on where those shares price, it looks like it will be the biggest ipo in history. of course, we do not know what ali baba will do. there is a lot of demand. but we can look at yahoo! w

the warren buffett model? buffett always invested in bricks and mortar. was dealing with pepsi-cola, railroads. they fall in the same investment model. simple tangible businesses. >> how many go and do site visits these days? >> it is hard to say. we exhaust ourselves to go on many site trips as we can to verify the information. we have generated more than 1000 basis points on access returns. our team is very disciplined. we are very detailed. if we cannot forecast the earnings accurately or we think the corporate governance is too high, we simply don't invest. >> like buffett. moment like that? >> we do. over the last 6.5 years, i've been in some province in china. there are those circumstances, very detailed. everything we have is public domain information and reports are starting point. we approach it from a risk point of view. a lot of stories that happened over the years like that when we say, this is too risky for us to invest. >> internet stocks. so much complexity. >> we like very simple businesses that we can understand very easily. i think we ca

stossel: american billionaire warren buffett, bill gates, they say that it's insanity to train intelligentur universities and support them when they graduate. roll out the welcome mat. and in response to that, this clueless republican senator from alabama said this. >> we need to create jobs for americans first before we bring in workers to take those jobs. stossel: thomas, what about that? create jobs for americans. don't bring in few foreigners. >> most of what we are going to make in the u.s., we have done this. so i find it's pretty silly to think that just because a founding member not from the u.s. is just going to hire non-us employees, that's not going to happen. stossel: a lot of countries are much more welcoming to people. in canada they are all these people if you're going to make an investment like you want to do, they let you in. in canada even ran were put up a billboard in san francisco. if you have a problem getting workers, come to canada. >> i think that canada is actually doing pretty well from that and the problem is that we have to be here and it really doesn't make mu