warren buffett was once an owner. he is now think it will happen. warren buffett was once an owner.le. how much freedom does he give you as the ceo of the company? there is no daily involvement, so the sake, but he is clear. customer and was satisfied, and had the opportunity, an opportunity we don't have, that i don't have, at least, to buy the company. so he decided to buy. he is a wonderful, awesome ambassador. there are also many people that in dorset personally, they could be our customers. he is an ambassador that truly believes that he is sharing and advertising something that is really powerful and strong. that is the boss of netjets flying around london with our very own victoria fritz. now let's brief you on some of the other business stories. the bbc has made headlines. the governor of the bank of england has said told the bbc an interest rate rise is "likely" this year, but any increases will be gradual. mark carney said major decisions had to be taken on brexit — which would weigh on how fast rate rises would occur. the pound fell by nearly a cent against the dollar fol

no one likes trouble quite like warren buffett. he brought net debfs warren buffett.pany saw demanded by 7% —— netjet. booklets on how they are doing in europe, we hopped on to one of their private flights. this is a report. i could get used to this. it might have been a little tricky getting in on crutches, but this is how the other half live. no queues, all the mod cons, if you are running late, the plane waits for you. why? because you own it when you are a member of this club. but it comes at a price. the new boss took me for a spin to give me the sales pitch. how much does it cost? are we talking hundreds of thousands of dollars? we can say that you will pay 6000 per hour. what are the most popular routes? for europe, london is really centric. the top ten destination, london. london is a key financial hub. a key destination for you. our worried about you and your clients about the brexit effect and the open skies agreement? we saw, especially at the beginning when there was the vote for brexit, that there was an emotional reaction. we saw that in some companies,

warren buffett simply blew it on the stock. he was not watching the company closely.the people he had entrusted to give him information were not looking at it closely and therefore some grievous errors were being made on a constant basis and they never caught him. now, the question is more important, which is what should you do with the stock at the present time. i think tim sloan will have books written about him because he's doing a miraculous turnaround in this company at the present time. i really think it's going in the right direction, i really think it will be a very successful company for decades to come. >> so he didn't really blow it. he blew it on believing there would be no more problems after the one and a half million phony account scandals they set up that were uncovered by the l.a. times. it was cheating. people's credit was ruined because they weren't paying interest or whatever fees they owed on these accounts they didn't know they had. look at this stock since the scandal. it's up 5%. it has taken a dip over the past three months but you're saying t

gaetz tdone, fell billionaire buddy, warren buffett, has offered similar ideas. but the social security established by people like this is far from the mainstream americans and what they earn themselves. before they had amassed their current fortunes, where they as considerably outspoken for the need of progressive taxation, long before establishing them 70's as some of the richest men in the world? i don't think so. indeed, these days, much of their funds are stashed away in foundations and not voluntarily paid forward to taxes to the u.s. government. find that interesting. in short, no amount of taxation would truly impact their lives as it would for mainstream middle income americans. it does impact everyone else. what's more, i do hear some people in the mainstream saying they wouldn't mind paying more in taxes for this, for that. what i don't get is why do they demand that their neighbor does so, too? ? america, many middle income families enjoy lower rates and do question how well their government is spending and managing what they tax from them now. for th

warren buffett had an important one. a decade ago and people keep coming back to that idea. it is basically import certificates. if you want to import something, you need a piece of paper saying that you have exported something and if you have and it will number of import, export its advocates, you should have a trade balance. >> it is interesting, for the first time in a decade we're looking at global central banks tapping into currency. >> a lot of people on wall street are making the case for the euro. >> the euro hasn't gotten a lot of love from central banks in the last decade. that is going to change. we talked with some foreign exchange strategist who talk legally with managers who are in charge of the allocation for reserved. it was like a tipping point may be this fear of trump starting a trade war with china. people give the euro another look. and theentioned trump public statement about the dollar have also been kind of confusing, how much did that play into the relative strength? has brokenstration with a lon

one-on-one with warren buffett himself and vice chair charlie munger.is a tradition fox business began exclusively 10 years ago, everybody has copied us since then. now the only ones to nabt interview as the berkshire board of director's meeting wraps up. you've got to stay tuned. promoting it all week. connect with me on facebook also twitter@liz claman. we'll put the big interviews. let us know your thoughts when and what you'd like to hear from warren buffett next weekend. >>> amazon prime for a record finish after hitting all-time high today. right now up 3.5%, off the highs of the session, but why? stronger than expected first quarter results along with plans to raise the price of prime service by 20% and nobody's flipping out about that? to adam shapiro on the floor of the new york stock exchange for the fox business brief. >> revenues helping the tech giant beat on the top and bottom line. microsoft is on track for a record close as well. to a long-awaited deal may be about to happen. according to reuters, t-mobile and sprint are making progress

carol: warren buffett has talked about it.ll about auctioning off access to countries' domestic markets. here's peter. peter: right now, we have 4% unemployment, which is about as low as it ever gets. and so it would seem, on the surface, that the trade deficit is a less serious problem for the u.s. then you have a president who has made this one of his signature campaign issue. carol: you're going to have trade deficits, trade surpluses, with different countries. that is kind of the way it works. but the u.s. has had a trade deficit year after year -- you hope it balances out, but if you look at the u.s., they have had a trade deficit ongoing year after year. maybe it is worth taking a look at. peter: it 100% is worth paying attention to. i am with the president on that top to bottom. the question is what do you do? that is where the division comes. so trump's approach is about tariffs and about calling out cheaters. that is the word he uses again and again. in his mind, you have problem -- trade deficit. solution -- get the

warren buffett and bill gates.d paper routes as kids and still compete annually in the fame brookshire hathaway newspaper toss which warren buffett usually wins by the way. he is selling for 679 million worth of brookshire hathaway. that might be a negative sign for the stock. was certainly made to limit that. both a and b shares moving higher today. meanwhile we had been waiting since the top of the hour to commerce secretary wilbor ross to take the stage at the heritage foundation event. he has apparently just started. we are going to monitor his remarks bring you anything and that he mentions on trade. this is a white house attempt to soften the tone on the trade dispute. it's impossible to negotiate under current circumstances with the united states. president obama and the former undersecretary. joints mean that when you had one thing in common with present trump. he have said this is not a trade war most recently you have said it's not trade war. is it now a trade war. or they backing down. i would say the qu

american corporations the scourge that within the country is not being addressed the heroes like a warren buffett or other investors are lauded as archetypes for all children to aspire to be and yet they are investing in wholesale slaughter. to deflect attention of course there is an existential threat coming from another place another country and. and the forest goes on the pantomime continues and shakespeare said america is doomed well that's going to do it for this edition of the kaiser report with me mess guys are safe here but like i guess they see herbert going to catch us on twitter at kaiser reports next time you know. the sony of luxury and fame but also an alarming number of people living in the streets. simple fact in l.a. he's just not in a shelter even if people on the streets right now decided to come in there's nowhere to come in it's been a struggle. this man's boners own response to the problem and construct dozens of tiny homes for people in need of shelter when you have nothing in order to go. you know having something like this may as well be a castle do the authorities accept

they think about warren buffett and a next generation, are you ready for a more prominent role?ard: there is no reason for me to take a promise role until my that is not there. the prepared to do whatever board asked me to do, and if they asked me to take that role i will step into it willingly and with plenty of energy. betty: how do you see issues that you are passionate about fitting into your role? howard: i have to make a change. that is pretty evident. there are things i could not do for a short period of time. stepping into that role -- you're going to have a ceo running the business and my role will be in a short transition and doing what i can do to support the ceo and what the board directs. i have to give everything up because it is not a full-time job. betty: in many ways in respect to carry on the culture as well. howard: that would be the single biggest factor. is always a pleasure to see you, i wish it was more often. howard: you can ride along in illinois. i want to rescue. [laughter] don't worry. betty: howard, thank you so much. be sure to check out his book. c

all of the reasons that he outlined yes, you are buying something, you're buying just to the warren buffett comments that he closed with, judge, when there's blood on the streets that's what you were doing when you were buy diagnose below 1.52 and when you bought it at 1.49 when you talked about it two weeks before that it was a slam down there it was a flush and i said just the opposite, you buy it now, i'm still in it, but i've overwritten it with a ton of calls i still like it, even at this level. i still think it's cheap and i can't hear anything from congress that implied to me that anything is changing about their business model for better or worse. i didn't hear that from -- >> sounds like zuckerberg and the company itself weathered -- >> he did a fantastic job just deflecting he rarely answered he deflected a lot >> so what about jpmorgan? what about jpmorgan, bill n nagrein says it's not that cheap, i'm out >> i think it's the highest of all of the financials. i want high quality and then i also want my real value opportunity as well. i think you don't want stock-specific risks to

i am going to talk to a local sheriff who happens to be a son of warren buffett about how that borderall is fueling the opioid epidemic. i feel chronic, widespread pain. fibromyalgia may be invisible to others, but my pain is real. fibromyalgia is thought to be caused by overactive nerves. lyrica is believed to calm these nerves. i'm glad my doctor prescribed lyrica. for some, lyrica delivers effective relief for moderate to even severe fibromyalgia pain. and improves function. lyrica may cause serious allergic reactions, suicidal thoughts or actions. tell your doctor right away if you have these, new or worse depression, unusual changes in mood or behavior, swelling, trouble breathing, rash, hives, blisters, muscle pain with fever, tired feeling, or blurry vision. common side effects: dizziness, sleepiness, weight gain, swelling of hands, legs and feet. don't drink alcohol while taking lyrica. don't drive or use machinery until you know how lyrica affects you. those who've had a drug or alcohol problem may be more likely to misuse lyrica. with less pain, i can do more with my family.

warren buffett, if you are listening. >> warren buffett signed my motorcycle. >> [laughter] there youarolina treasurer. joe: coming up, what you need to know for tomorrow's trading day. this is bloomberg. ♪ "what'd you miss?" we saw a selloff in stocks. also a little bit of recovery. after the bell earnings. texas instruments with the standout, a after-hours >> you are watching "bloomberg technology>" here is a check of your first word news. president trump says it is up to his nominee to lead the veterans department, if he still wants to win senate confirmation. president trump: i would let it be his choice. he is a man who has just been an extraordinary person. his family -- extraordinary success -- great dr., great everything, and he has to listen to the abuse? i wouldn't. >> jackson's hearing is delayed after allegations regarding inappropriate behavior on the job. senate minority leader chuck will oppose mike pompeo's nomination as secretary of state. he said today, peyote not answer questions from the top diplomat o did not answer questions from a top diplomat satisfactorily. pr

pete, where do you go on airlines >> warren buffett is in several airlines i think the one that is mostnteresting to me is the one that kind of gets thrown off none of those charts showed southwest in there we saw alaska. well see delta we see united, all this different stuff. well see the bad end as well. >> do you mention that because you think warren buffett might acquire southwest? >> yes, i actually do. >> okay. >> he has put out there that's even a possibility. >> as a stock or the company >> as a company. no he has already positioned in multiple airlines right now. i love delta still i still think they're well run i think they miss richard anderson, but i think southwest is a pretty interesting play. >> are you still fully in airlines >> i'm in delta and i'm in american i switched out of united i mean it's interesting. when you think about it, they fly half a million passengers a day, right, delta. so you get eight complaints, that sounds like a lot >> pretty incredible >> if you don't come off the plane cruised, you're going to tell the survey 10, 10, 10. >> pretty good >> the b

he is not warren buffett yet.focus your energy on the capital vehicle, not set for redemption, the only way you can get out of pershing square holdings is if you sell the stock, all he has to worry about his performance. if he can focus on performance, maybe the returns will be better. if returns don't materialize as quickly as he would like and people sell stock, that creates an opportunity for him to buy the stock at a discount for what he believes the intrinsic value is. he is already doing that with pershing square holdings' offer for 10% of its outstanding shares, and he will put up $300 million of his own money into pershing square holdings. vonnie: thank you for joining us there on pershing square. still ahead, sheryl sandberg. this is bloomberg. >> it 2 p.m. in new york, allow the pm in san francisco, and at 7 p.m. in london. >> welcome to "bloomberg markets." ♪ julia: we are live from the bloomberg world headquarters in new york over the next hour. here are the top stories we are covering. stocks bounce b

we're building a business is to kind of copy the best investors in the world and that would be warren buffett monger and they are looking at specific things when they want to buy a business, so build your business that would match those things. because those guys might buy it some day if it is big enough or somebody else will. and the main thing is there is ann annin -- intrinsic for your business and protecting it from the need to change rapidly. i remember buffet was talking about not investing with bill gates who is his friend. and preferring to just invest in chewing gum. because it doesn't change very quickly. so the thing you have to look for in building your company, what characteristic can i put into this company that nobody could copy or take away from me and copy exactly. so what happens with most enterprepures is they start to compete on price. i'll do a house cleaning company and have a lower price than everybody and compete that way and it is a disaster. >> it is not sustainable and then someone undercuts you and it is horrible. thanks so much. good to see you both. >>> this week

american corporations the scourge within the country is not being addressed they heroes like a warren buffett or other investors are lauded as archetypes for our all children to aspire to be and yet they are investing in wholesale slaughter. to deflect attention of course there's a mega-star actual threat coming from another place that other countries and. and the farce goes on the pantomime continues and shakespeare said america is doomed well that's going to do it for this edition of the kaiser both the mass guys are safe here but like i guess they see herbert going to catch us on twitter at kaiser reports next time you all. go to war zone you on the idea that dropping bombs brings you to the chicken hawks forcing you to fight the battles that are going. to do so for the tell you that will be gossip to the public by. telling you. all the hall along the border with one. welcome to worlds apart twenty years after the broad bishan of chemical weapons was introduced as an international norm sara and cloran are back as a means of warfare actual warfare on the battlefield if you believe the west

american corporations the scourge within the country is not being addressed they heroes like a warren buffettor other investors are lauded as archetypes for all children to aspire to be and yet they are investing in wholesale slaughter. to deflect attention of course there's a mega-star actual threat coming from another place another country if and. and the farce goes on the pantomime continues and shakespeare said america is doomed well that's going to do it for this edition of the kaiser both me mass geysers days are about life i guess they say herbert going to catch us on twitter at kaiser reports next time you all. this is the city of angeles when the u.s. military moved to six to respond to. ration of fatherless children. they like it. so. sorry it isn't the first time the t.v. crew to see you and takes you were no don't answer is no better now and that it's real or. that's it that you want my god dang it. they. can take the gil is that you can't take the little girl. you know woman you know. oh i love you like that. did you. i. i was. just days after slamming syria's one hellbent says p

american corporations the scourge that within the country is not being addressed they heroes like a warren buffettor other investors are lauded as archetypes for all children to aspire to be and yet they are investing in wholesale slaughter so it's it to deflect attention of course there's a mega-star actual threat coming from another place another country if and. and the farce goes on the path of mine continues and shakespeare said america is doomed well that's going to do it for this edition of the kaiser report with a mass geyser as they hear about life i guess they aren't going to catch it on twitter it's guys reports and i thought you know. sitting in a car when the get shot in the head. for different versions of what. one of them does on the death row there's no way he could have done it there's no possible way because the us did not shoot around a corner. with a new factor consent to the public will. when the ruling says protect themselves. with the fine clear you're a. sick . well the march to go was on me over the office among them to plant the seeds and all the other books say of the eur

american corporations the scourge within the country is not being addressed they heroes like a warren buffett or other investors are lauded as archetypes for our all children to aspire to be and yet they are investing in wholesale slaughter so it's it to deflect attention of course there's a mega-star actual threat coming from another place another country if and. and the forest goes on the pantomime continues and shakespeare said america is doomed well that's going to do it for this edition of the kaiser both the mass geyser as they say about life i guess they say herbert don't i just on twitter at kaiser report i thought you know all. four men are sitting in a car when the fifth gets shot in the head. for a different version of what. one of them is on the death row there's no way he could have done it there's no possible way because the list did not shoot around a corner. this is a piece. of the tree. the six to. the fatherless children. that. they might. that isn't the first time the t.v. crew you see or in takes you for you know don't answer is a little bit now and that it's who you are.

are american corporations discouraged within the country is not being addressed here as like a warren buffettor other investors are lauded as archetypes far all children to aspire to be and yet they are investing in wholesale slaughter. that's it to deflect attention of course there's a mega-star actual threat coming from another place another country if and. and the farce goes on the pantomime continues and shakespeare said america is doomed well that's going to do it for this edition of the kaiser both the mass geyser as they are about life i guess they are but going to catch us on twitter at kaiser reports next time you know. four men are sitting in a car when the fifth gets shot in the head. four different versions of what happened one of them is on the death row there's no way he could have done it there's no possible way because the oldest did not shoot around a corner. i think obama drew a red line never fulfilled his his threats i suppose are predictions. on the other hand i also don't support trump president trumps you know unilateral actions either but i'm in favor of multilateral r

think about when we're building a business is to kind of copy the best investors in the world, warren buffett. they are looking at specific things when they want to buy a business. why not build your business that would match those things. those guys might buy it if it's big enough. or of course somebody else will. they are looking for an intrinsic is characteristic that protects it from competition. almost protects it from the need to change rapidly in a sense. it would be ideal. i remember buffett was talking about not investing with bill gates and in srft in chewing gum. it doesn't change very quickly. the thing you have to look for is to say what characteristic can i put into this company that nobody can copy, that they can't take away from me and just copy exactly. what happens with most entrepreneurs is they start to compete on price. okay. i'm going to do a house cleaning company. i'm going to have a lower price and i'm going to compete that way. it's a disaster. >> it is is not sustainable. >> it's horrible. >> thanks so much. good to see you both. >>> this week's your biz selfie is f

benefits, i get to have lunch with warren buffett. >> one of your favorite songs? >> born to run. >> generational. this is a question that will lostyou make up for credit. what was your favorite team growing up? >> other than the michigan wolverines, detroit tigers. >> your best for? >> none of the above. in cap, some of my classmates are here and they will recall my lack of prowess in every sport. on thed really good bench for the basketball and soccer team. book you read? by -- like an book by true now. >> favorite movie? analysts? -- favorite movie? >> animal house. >> favorite website? espn. >> what advice would you give your 25-year-old self? >> don't take yourself so seriously. >> thank you. >> ladies and gentlemen, tim sloan. cases, aht on landmark connecting law banning the use of birth control. the supreme court eventually rolled it was unconstitutional and established a right to privacy that is still evolving today. are a -- antonin scalia

a measure of valuation that warren buffett has talked about, the ratio of total market capitalizationo gdp, he says it is the single best measure to estimate the over under valuation of the stock market. as you can see, earlier this year we saw stress levels but it has come down with gdp numbers today showing 2.3% in the first quarter. i want to see what kind of reaction we are seeing. it is trading lower tiered -- lower. the market not looking overvalued by this buffet yardstick. mark: u.k. gdp numbers maybe giving mark carney some pause, .9% in the first quarter, below estimates and it means for britain and the boe, let's bring in a u.k. economist for bloomberg. is made dead? y dead?de dead -- ma >> we think it is. if you look at the boa in history, what gdp growth has been, back in november it was the weakest number they had. .1 we think is too weak for them. there was -- people said there was not much snow effect, a lot to do with construction but even so, the uncertainty about underlying demand, whether demand will continue to grow this year, there is no rush. mark: mark carney p

liz: that is what warren buffett does, he has his discipline and sticks to it. thanks to art, oliver, ashley, todd, phil, all of our traders, all of our guests. we have shaved, what is it 300 points off the losses. more than 300 points off the losses of dow jones industrials. you can see how bad it must have been because we're still down 450 points. still major indices falling 2% on this first trading day or the month. [closing bell rings] no april fool's, i wish it were. that will do it for the "claman countdown." much more ahead for "after the bell." david: it was another wild ride on wall street, first trading day of the week, month and quarter, stocks fighting for gains into the close. coming well off the lows, that is good news. after getting slammed with a one-two punch much fierces of a trade war with china sending shockwaves through the market. negative headlines playing the tech sector. look at the dow closed down, about 463 points to the negative t could settle lower. it had been down over 750 points. earlier the s&p dropping more than 2% as well. drop

as i said last week, the idea that he's interested and they'll be interested in the term that warren buffettay offer them would not make sense. mr. buffett may have some interest and the financial assets remain at the company but i think the focus for investors in ge has got to be on what is going to be the strategy for the parts of this company and whether or not as i reported a number of time is largely thought to be the expectations here that they do make moves to separate some of those businesses overtime. not going to happen over night >> facebook by the way is trending lower in today's session, down by a quarter of a percent. it is still a concern here, fang is not as strong as you may think in today's session we do have some gangs. we got alphabet up by less of a percent.net fli percent. netflix and amazon is bouncing nicely >> yes, along with some retailers and to phil's point of some of these autosales coming in we were looking for 16 in change maybe there is an argument that the consumer and we know what consumption did in q-4 maybe people are looking past some of the seasonal buys

patrick: warren buffett always talks about -- it is not timing the market -- it is time in the marketit is about good value equities that usually do quite well. i think what you have to be careful of, we are in the latter stages of a bull market. cheapenugh multiples and are off 10 or 50% off recent ties, they can get a lot cheaper if there is a recession around the corner, and there will be a recession coming. i can't say when, i am not that clever, but certainly in the next couple of years. you willt that point, see a reasonable correction. but it is the rate of change -- i don't see a dramatic recession where you see the market off 30 or 50%. i see a change of earnings falling but still growing, but not at the same rate. that is where the market will punish the underlying stocks, especially the growth stocks. i do feel that there is a correction coming, but not this year. mark: patrick spencer, thank you. andie: the white house talks of a trade war, larry today that bloomberg policy has been connected by the u.s. or china. justth countries have proposed tariffs. there is nothing en

even warren buffett.it's sad to say, that they are just not in any of the areas where it's important to see growth for business. it's not financial which is important. it's a tech company, but not an important one. not the one driving the market. cheryl: like a little nostalgic about ibm for just a second. we will see how the rest of these guys do. especially goldman sachs. thank you for getting up early. we really appreciate it. lauren: he laughs like it was early. cheryl: president will hold a working summit with the prime minister against global trade tensions in the nuclear threat from north korea. the panel with what is at stake for the world's largest and third-largest economy. as we head into the midterm elections coming surprisingly: just how popular the trump tax cuts really are. we will show was better at handling the economy. republicans or democrats. the dow yesterday followed through this morning. gaining 125 points. we will be right back. this is your new name. this is your new house. and a

>> wait for warren buffett i wait for the washout and warren to to in. >> dow down 6% following earningsupport we'll hear what went wrong and what the company is saying about blockchain it's weed week on "fast money" your very own marijuana master, stocks -- pot stocks -- about to light up he'll give us the names when "fast money" returns cfa institute. with a $500,000 life insurance policy. how much do you think it cost him? $100 a month? $75? $50? actually,duncan got his $500,000 for under $28 a month. less than a dollar a day. his secret? selectquote. in just minutes, a selectquote agent will comparison shop nearly a dozen highly-rated life insurance companies, and give you a choice of your five best rates. duncans wife cassie got a $750,000 policy for under $22 a month. give your family the security it needs at a price you can afford. cfa charterholders have proven themselves by passing one of the most rigorous exams in the world. demand the best. demand a cfa charterholder. cfa institute. let's measure up. >>> welcome back to "fast money," pot stock gw -- actually pharma lighting u

it harkens back to the warren buffett letters of another time and place.gan. what stood out this year for you? foremost, comments on trade and isolation. he made recommendations on the actionable -- from china and making sure we have right information at those needs are not that. says the u.s. has legitimate grievances with china. he takes a risk balance tone. the letter itself was quite colorful. help me with alan goldstein's work. why is he the only guy who can write this letter? we don't get a letter like this from brian moynahan, mr. staley in london. what is unique about james dimon? >> he is using this letter to talk on a bigger platform. last night, i was reading through warren buffett's letters. he talks about jamie dimon's letter. the subsequent day, he went on to say jamie thinks more about ans letter and he uses it as opportunity to talk about everything from his share price to succession, to management issues, one of my favorite part of the letters. is: what is interesting maybe amazon is not the place to be. he still sees a ton of opportunitie

don't think there is anyone out there who would honestly tell you they want to give more money, warren buffett aside, maybe, they want to give more money to the government and keep less. trish: let them, by the way. warren said this. war en, give all you want, i'm all for it. anyone wants to give more of their paycheck to the government to have the government spend, have at it. >> have at it. trish: i welcome you have the opportunity to do that. but to turn around it say to every other person working out there you need to give more so that your government officials can spend more, often quite needlessly, it just doesn't make any sense. michael, great to see you. great to have you on the show. >> great to be here. trish: we have a huge rally. on the heels of the president's tax cut remarks, of course the rally started earlier on, in part because people are saying you know, maybe this whole trade war rhetoric is little out of hand, maybe its about time how we trade with china. you can get rid of all the tariffs and talk about more on the show, if we can get rid of tariffs they're putting on our

ceo at wells fargo is i get to have lunch with our largest shareholder once a quarter, which is warren buffett. that's a lot of fun. >> one of your favorite songs? >> "born to run." >> generational. >> yeah. [ laughter ] >> it's coming back. >> this is a question that will allow you to make up for some lost credit. what was your favorite team growing up? >> other than the michigan wolverines? >> ding ding ding! >> thank you. detroit tigers. >> your best sport. >> none of the above. in fact, some of my high school classmates are here. they'll recall my lack of prowess in almost every sport that i played. but i looked really good on the bench of the basketball team and the soccer team. >> last book you read? >> the new lincoln biography. it's a tome. it's a thousand pages. but if you want some leadership lessons, read that book. >> your favorite movie? >> i'm going to embarrass myself. "animal house." [ applause ] >> your favorite character was dean wormer? >> no. >> your go-to website? >> espn. other than wells fargo.com. >> favorite vacation spot? >> oh gosh. probably northern scotland. >> wow

and warren buffett had around $387,000 a huge gap google doesn't list costs for security for larry pageso spent $1.5 million on private jets, up 75% from 2016, and sheryl sandberg spent $2.2 million on security, or facebook did. that's believed to be the second highest among fortune 100 companies for 2017 why these big increases? well, in its filing, facebook had it was necessary to address safety concerns due to specific threats and they installed security systems at zuckerberg's farious homes. they don't list the security guards who protect him, but he has a team of 16 guards working in various shifts at his home. so many of those guards have shown up every day that local residents are complaining about taking up too many parking spaces another reason we may have had an increase last year, mark zuckerberg took that famous road trip across america to learn more about how the rest of the country lives. that required a lot of security. back to you. >> robert, thanks. interesting, i think part of the reason for these security expenses is this tradition of silicon valley ceos trying to liv

. >> i think the sort of everyone went toward the well, this is what warren buffett does >> microsoft gives me a dividend apple does >> how do you feel about your portion of the profits in the mlbs wait a second. these are two different issues mlps are cash flow machines. you have to decide look at the performance. tell me why the qulour a sharehold shareholder. >> you don't deserve a dime of cash profits >> why >> because thii want them to reinvest >> how's that been work frg you the last three weeks >> three weeks this is a pimple on time. >> if you want volatile till, don't give back your share of the profits. >> all right, we haven't even gotten b to -- >> google over the last ten years! you're making a point there, too, but maturity is what we're talking about. >> real companies. >> yes real companies >> we haven't even got ben -- >> hey, i get a dividend from apple. >> so, just -- >> it just became real company two years ago. >> speaking of apple. >> didn't make your point. >> we haven't even gotten to the barbs being thrown by tim cook and mark zuckerberg or the drop in tesla s

but none other than warren buffett, one of the most famous investors in the world and a democrat, disagrees. he and others understand that it is oftentimes irresponsible to sit on large amounts of cash. they need to put to work for their shareholders, grow the business, improve stock values. if companies buy back stock, shareholders can then go and invest the mey in another company that migave had something better to do with it, a company that has something greater to build or innovate and needs money toest go the project off the ground -- to get the project off the ground. as one economist has said, when it comes to buybacks, the money doesn't go into a black hole. it goes into a financial market somewhere and then a chain of events leads to higher wages and higher productivity. so as we hear and continue to spread the stories about tax reform, the true stories, let's remember men and women like donnie connell for whom the savings are literal a huge deal and let's ignore the delusional, ideological arguments which have already been disproven and let's keep finding ways to make the economy

well the same reason bloomberg reports traders are talking about warren buffett helping bail out ge. charlie: but these types of sources often do have an insight into what's going on. i will tell you this liz, 2012 you and i were here, different time different place but it was right after super superstorm sandy and the same sources were telling me the new york marathon was canceled and they turned out to be 100% right ultimately and we look a lot of flack for reporting it but when it did come true it's obvious why. these traders often have access to information in washington about what's going on to setup their trades, and again, speculation not saying it's going to happen and even if trump wants to do it maybe general kelly is telling them not to for a lot of reasons including this could be a real issue but as traders why do theophano care about this? well the markets have been trading off on mueller news as if it's particularly if it's negative involving the president . that's why the traders care about this and i will say this if he does something like this that would be an issue,

features is me driving to a friend's wedding for over the weekend and a source called saying that warren buffett was buying this $37 billion deal, a company called precision and it takes you through the weekend of me trying to break it pi. so i'm at the rehearsal dinner and my phone's running out of battery and i'm plugging it into the bathroom making phone calls and we finally break the story before the wedding and have a glass of champagne -- >> how did they know to follow you that weekend? how did the camera -- >> this was an animation. >> oh. >> it was an animation with a voiceover. they told me to pick a memorable news-breaking experience. you should watch the whole series. the last one they did was on my mentor, joy, who's been at the "journal" for 47 years and it follows her career. and it just shows what goes into bringing you these stories, and like, the diligence and the sourcing and the mechanics of how a story comes together, and it shows that this is not, you know, us just taking a random phone call or trusting in a source that we shouldn't be trusting. it's a really methodical way

does it make sense then, too, not that anyone would usually tech, but hiding in do you take the warren buffettach? where you look for something that is just a good investment over the longer term and that is where you concentrate your i think that's: a good philosophy, but you have to be willing to enter drawdowns and volatility. people think they are a bad thing, but over the course of time in investments, it's a normal practice that i think that people need to get accustomed to after the long bull market of low val. joe: one thing i find interesting about the volatility pickup we have seen is the sheer multitude of narratives. in early february it was inflation. then it's like the 210 spread is flattening again. is there a recession worry that has to do with trade? facebook, is this killing the hotomtum tech trade? is there a grained unified theory that you have that says enough with this noise? it's very exhausting to try to figure out the narrative and ascribe it to whatever's happening that day. there's not a lot of value to that. focusing on the longer term valuations and risk reward obj

what do you think warren buffett is doing right now? given that famous quote?when others are fearful. investorsnk value -- the kindbuffett of just, you know, rubbing their hands and hoping for another 10% to 20% retraction, right? i am not saying this is necessarily on buffett's plate. the blue-chip, i do not know where we have closed yesterday on ge. easily down 60% over the last year has had a kind of confluence of different kind of events. there will be companies like those out there that will have private equity and value guides potentially looking to pounce if we get more weakness. rishaad: ge down 2.7%. kay, thanks a lot for that. he is joining us from singapore. let's get to the first word news. paul allen in sydney. paul: thanks. at amanufacturing expanded robust yet slightly slower pace in march, and tariffs drive a measure of run material prices to a near seven-year high. the factory index eased to 59.3 from 60.8 in february, just below forecast. orders slipped to the lowest since august. the index rose for a sixth straight month. directorslaced three

and tomorrow on "daybreak australia," we are going to speak with warren buffett's son, howard, on hisew book on failing order policies. what does he have to say on the border? that is at 6:00 a.m. hong kong time. it :00 a.m. if you're watching in sydney. this is bloomberg. ♪ yvonne: a quick check of the latest business flash headlines. snapchat parent sank. users do not like its redesign. middle and high school students and college graduates all complained about the way contacts are ordered, stories losing their page, and the rising number of alerts. snapchat is dominant with middle school schoolers but instagram is becoming a contender. betty: they sell the most -- 2009.he most since india's enforcement directorate looking into a $.5 billion loan to videocon group. they claimed a relationship. yvonne: carrying supplies to the international space station. the falcon nine lifted off from cape canaveral with its dragging caps off pact with nearly three tons of equipment. 30 launches this year, up from a record 18 last year. this latest mission takes the 2018 tally to seven following fri

david: at the same time, you have heard warren buffett say one of his biggest regrets was not puttingon because they were not making money at the time. how do you know this is not amazon? mike: it may well be. the difference is if they are in an effervescent visit -- business which is streaming. is this -- i presume they have to reinvent themselves because the technology will change. is that likely? drew: it is going to be interesting to watch where this goes because people don't know what direction spotify is going to head in. are they going to try to take more control over the own content and pricing or are they going anymore like a pandora. mike: you had a whole different thing. how do you listen to music? mike: on pandora. alix: interesting. david: mike holland of holland and company will stick with us. coming up, the mexican peso rebounded off news that the white house is pushing for a nafta resolution. this is bloomberg. ♪ david: yesterday, we heard that the administration is pushing hard to come up with a nafta deal. that all moved the pay so strongly higher against the u.s. do

it is like taking a page from warren buffett. a lot of philosophy. who are we and where do we go? important. exceeded post-launch, 100 million prime members globally. more than 5pping billion items worldwide and more new members joined time than any previous year." they keep adding members at a faster rate than before. alix: 5 billion was so striking. worldwide. if europe is going to be expansion for them, europe does not necessarily like our big tech companies. curb that? david: china, forget about it. they have alibaba. how do you keep going globally. europe has shown a surprising ability to deter. alix: margins below 2% since 2011. no one cares. a lot of large numbers come in and you can expand and margins begin to matter. david: not just to you sell to but where you get stuff. more than half their stuff is from third parties. alix: they have to pay third-party so less for them. coming up, kathy jones, will be joining us. we continue to monitor flattening yield curves and commodities. this is bloomberg. ♪ this wi-fi is fast. i know! i know! i know! i know! when did brian move b

tim cook had security expenses of just $224,000 last year and warren buffett only costs $387,000 to protectoogle even cheaper doesn't list any costs facebook also spent $1.5 million on private jets for mark zuckerberg and sheryl sandberg spent $2.2 million on security. that is believed to be the second highest among all fortune 100 companies for 2017 so why these big increases well, facebook said the costs were necessary to address, quote, safety concerns due to specific threats facebook paid to install a security system at zuckerberg's various homes. they don't list the number of security guards that protect him and his family but media has reported he has a team of 16 guards working in various shifts at his home so many, in fact, local residents have complained about the parking spots they take up he took his road trip across america last year to learn about the rest of the country which turned out to be very expensive. >> do they have to file numbers? can we assume sergei doesn't have security? and if they do, they pay for it themselves >> they pay for it themselves to avoid this scrutin

a source called and said warren buffett was buying a company and it takes you to the weekend of me tryingto break it. i am making phone calls and i am up early the next morning, and we finally break the story before the wedding. and i have a glass of champagne. prof. hall: how did they know to follow you? how did the camera crew know to follow you? dana: they told me to pick a memorable newsmaking experience. you should watch the whole series. one was on my mentor following her career at "the journal" for 37 years, and it shows what goes into bringing you the stories. and the diligence and the sourcing and the mechanics of how a story comes together. it shows this is not us picking a random phone call or trusting a source we should not be trusting, that we have a really methodical way of going about reporting. prof. hall: what has the reaction been? dana: it has been great. people did not realize the amount of work in a story. to your point, it is the crux of what we do. prof. hall: what do you mean by source out? dana: to meet the right people on your beat and to develop the trust and ge

and warren buffett said i'll take the 42 but usg itself said no thank you take a look at the backgroundey put a proxy out in terms of the meetings that have taken place since late november where they started around $40. they said they can say they want to meet with us. they can say they're happy to discuss but many of the attempts that we've at least made at this point, or they've made an engagement have been light hearted. that's what i've heard from people close to the usg. excuse me, kanoff -- they say we've changed the underlying business we've got a lot more technologies involved. a lot more higher margin. >> that's true they've done very well during the floods it's a great play every time those are moved. >> right. >> usg is a very good company. i think it's undervalued. >> they own 10%. buffett owns 30. will see if they withhold. there aren't a lot of effective weapons beyond making the board uncomfortable. >> your world is a strange deal, david. the deals take forever. >> yes. >> you can find something out. >> you sound like your world frightens and confuses. >> it does. >> my w

warren buffett was always somewhat hesitant into technology because he wasn't sure who it would render obsolete, because who is changes. peter, said buy what you know. if you're particular user after cell phone, or technology around the technology around the household others like you, investigate, do a little homework up front. neil: i'm here in washington where they love to regulate things and they have been kicking that around ever since mark zuckerberg was here from facebook. i know when i talked to steve balmer, the former microsoft ceo he was aware of that storm brewing and, you know, he didn't judge it one way or the other, but it is just, you know, something you have to take into account when you look at these issues because uncle sam will be looking at them too? >> i think you're right. and at the same time i think these businesses, while perhaps not so much like a boeing that has a pretty wide moat, do have a moat, what else will you use in lieu of facebook if you chose to avoid that to come into another social media platform. there isn't really anything. facebook is making mo

i would reach out to those who are benefiting the most from this, and many of them, warren buffett and others, bill fwates have addressed this issue. but we need them to lead us. to lead us to a conversation this if this is right, if historical record and the economic historians are right, how do we correct this? how do we correct it in such a way that it's constructive and use these institutions to make sure that we improve upon this and really make america as great as it can be? so in my opening, i talked about the christian admonition from the bible about, to those who are given much, much is expect. required. this has been through our political liturgy such as it is in this room and others, that there's a social obligation and social contract. we have an obligation to protect individual hard work and merit. those two things are things that americans belief in. when they work together, they work for everyone. the other thing that has come from our spiritual, many of our spiritual background, is something that john winthrop talked about when he left england and blouth those puritans

but warren buffett, he owns four biggies and i love southwest i'm in that name right now >> delta reportsi'll say this. these stocks are down significantly over the last couple of weeks. i think the move to the downside far outweighs the risks or the head winds that they're facing from the oil price i would be prized if delta didn't report a strong quarter tomorrow out of all of them that valuationwise i think makes the most sense southwest air at these levels especially if mr. buffett is going to get in is interesting >> i know. that kind of specter remains over the name. pete, at what point does oil get high enough that it really makes a difference to these companies? i can't imagine we're there yet. >> we're not there quite yet, but we're on our way if this continues and you brought up the geopolitical. that's a huge factor especially for those that's why southwest is a little more interesting the others we talk about, the big three, international exposure that's a bigger head wind. >> i was at kennedy airport saturday night at 8:00 don't ask me why place was hopping. hopping. >> packe

there's another big reason warren buffett refers to a phenomenon called conquest by purchase what itficits year in, year out and foreigners accumulate trillions of dollars of our wealth essentially, they come back, and they buy our assets here and basically over time it's like a reverse mortgage in which eventually we have to turn over the keys both to our house and our cars and our factories. so we need to get to a world where we have not these massive trade imbalances, rick, that are driven by unfair trade practices but to fair, reciprocal, and balanced trade that's going to be great for the stock market it's going to be great for corporate america. >> real quickly, natural gas -- let me interrupt you we're almost out of time, peter. natural gas has always been a favorite of mine years ago i did a conversion of a truck to natural gas we have a lot of lng i would suspect as wilbur ross pointed out with one of our very own reporters that one of the ways to get this trade imbalance more under control would be to arrange to have more lng exports to china your final thoughts on energy,

accounting for this problem with the individual market and by the way, this all started with warren buffett. remember berkshire he was the first guy who said i don't need to split the stock and i don't understand why people need to do that and we're essentially living with the legacy of that. >> we are, bob it's a great point thank you so much. let's bring in mike santoli along with ken calipari. kenny, i'm glad bob made this point. we talk about how much volumes are down and what that means in dollar terms, is everything kind of normal or does it matter that those prices are so high and that the share -- >> no. i think there's a couple of reasons for that i think a lot of the issue about companies deciding not to split stocks anymore really go back to when the whole high frequency thing started and there was all that issue about who these people were and they're getting in the middle of it and creating noise. those high frequency guys aren't going to play in it because it's more difficult quite honestly on the one hand, they have succeeded in that because those are high priced. >> it's als