like lebron james does, like warren buffett does.hey work incredibly hard because work is where they get to be a superstar. my argument is that with prosperity, the range of ways in which people are working explodes and as a result people show up feeling like warren buffett. they get to specialize. and the end of work is not working. it is people not showing grid. it is people not showing up doing something they hate and doing it because they have to. they are working incredibly hard because they are hardly working. this will be where they showcase and basically show off to everyone look at how good i am at what i'm doing. >> in this world you people doing stuff 11 everyone is benefiting. you have a lot of income inequality. >> massive!let's not hide from what is true. capitalism is all about free economy is all about inequality. thank goodness. but has anyone been hurt because lebron james is the best basketball player on earth? let's ask a basic question. do you know anyone who is harmed by steve jobs? or by jeff bezos? >> a lot of

please we are the richest country on earth precisely because we avoid grit warren buffett decided notto get into sports and focus on what he does best with capital allocation lebron james avoided what he was not good at to focus on basketball because he is the most intelligent basketball player on earth in addition to being a great athlete. he avoided grit lindsey buckingham of fleetwood mac avoided grit by focusing on music that is what elevates his unique skills of intelligence people who pursue grit do something they are not good at and work anyway but we work incredibly hard for the work ethic because we get to do what we love the work is that easy part. >> if i had to become a farmer if i was bad at it to feed my family i would have to use rich you get through it but now running a nonprofit grassroots organization. >> if you are a farmer if i was a farmer i would be viewed as a pathetic lazy unintelligent joke and i would probably starve to death and this is important because 150 years ago when you were born the land of opportunity for people around the world realistically your o

warren buffett can write you and me checks that would save us from working for the rest of our lives but could not give us happiness. this government can write us checks but cannot give us happiness. happiness comes from hard work but it's impossible to work hard if you're doing something you can't stand on a daily basis. >> pow mentioned hard work. sometimes say some provocative things around the office and one day your were trashing the concept of grit. grit -- >> grit is the biggest lie ever foisted on the worker in the united states or anywhere else. this notion that grit is the path to success and happiness. oh, please. we are the richest country on earth precisely because we avoid grit. warren buffett decided not to get into sports where he would have been a flop and focused on what he does best, capital allocation. lebron james avoided what he was not good at and focused on basketball because he is the most intelligent basketball player on earth in addition to being a great athlete. he avoided great. lindsey buckingham of fleetwood mac avoided grit by focusing on music. people

you have good sponsorship, warren buffett owns about 10% of the company. i don't expect him to buy united airlines, though he said on one of your programs that he wouldn't rule out buying an airline. you know, maybe i'll get lucky there. so you know with the last year, was first data shire, united airlines, hess was up 55%. wpx was up 88% and i look at my picks if you ask me, this time around, just looking at a sheet ore paper here, amc networks, trading at seven types this year's earnings. six times next year's. growing 10% a year, but what's the interesting element about it 17% of the economic interest of the economy is owned by the dolan family they because it's class a and b stock, own 60% of the vote so anything they do in the area of capital magt is is not motivated be i the desire to entrench themselves. they're already entrenched by an a and b stock. i believe you've got to pay attention. 17% owner is aggressively buying back stock every quarter. 50 to $100 million they're telling you they think the stock is significantly undervalued. the industry

warren buffett has given away a lot of shares.ay about $50 billion worth. scarlet: of you count all of the stuff that he hadn't given away, you would be much higher up. joe: and bill gates has given away tons of money. scarlet: so we are talking about and bezos as the richest bill gates is second, and mark zuckerberg is third. remind us how we calculate that. we are looking at the stock value, but what else are we considering? anne: we are considering assets we are holding, but one thing we track in real time to look at is the value of the stock. that is what allows you to see who is up and down. that is day-to-day for the most part. theyet: all right, anne, do so much. mark zuckerberg passing warren buffett as the third richest person. joe: good news for mark zuckerberg. scarlet: and his foundation. "what'd you miss?" jobs friday. the unemployment rate also bumped up. more than 600,000 people enter the workforce. joining us now is the chief economist, bill lee. joe: bill, thank you so much for joining us. what does this jobs repo

david: warren buffett still uses that flip phone.im: i told him i will personally come to omaha to do tech support for him. david: you exposed your own personal life a bit. tim: i thought i was making the wrong call. david: why is it called the apple watch? and not the iwatch? tim: i like apple watch. david: well, you are the ceo, so. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job running a private equity firm. how do you define leadership? what is it that makes somebody tick? [applause] david: quite a reception you got here. tim: i thought it was you. david: no, it is for you. you have now been the ceo of apple since july 2011. the earnings are up 80%. have you ever thought you can't do better than this and maybe you should just say, well, i have done a g

david: warren buffett still uses that flip phone. him i will personally come to omaha to do tech support for him. david: you exposed your

warren buffett did not get to be what he is worth by playing an index. playing behind hedge fund was not the right vehicle. today, is the liquidity that you have to give your investors the right way to invest, wouldn't you be better off with some kind of drawdown fund that would allow you to invest over a longer period of time? >> you are better off if you have better capital. i don't have to worry about quarterly redemptions. there is no question it affects my thinking. aggressive.rly having permanent capital is a plus. market,nine year bull economic expansion going on in equal duration, is now the time i want to be the only unmanaged vehicle? i think not, but that is my bias. there is a reward for stock selection and intelligent investing. about a year ago, i looked at delivering how fun. i recommended the five stocks. in that period, the s&p is up 12%. united up 32%. 88%. up you have to be patient. is a reward for active management. once upon a time it was 2 and 20. what is an appropriate reward today? what should a hedge fund manager charge? for the

best regards, warren we thank mr. buffett for letting us share that with all of you of course it was lee cooperman who said the following yesterday. he said i told warren i'm asking for half is not enough i intend to give it all away and to several organizations in which lee has been especially philanthropic over the years that was a neat little bow to put on the story that we did yesterday in our visit with lee. rob, you know lee well may have invested with him in the past. >> i have. successfully. >> but i know he means an awful lot to you as well. >> he's a long-time friend, partner, mentor. he's a world class guy in every way. he stands for everything that is right about this business and this industry. he deserves to go out on top, and he is absolutely doing that. even though i promise you i know how hard he works, he's going to be working every single day diligently with a family office. you know, i love him and he knows it. >> i don't think any of us doubt that he's still going to be getting after it let's do final tra

that's almost twice as rich as number two, warren buffett. how does he get by?erican tech correspondent dave lee reports. there was a time when amazon was just an online store, but now it is more accurate to call it an empire. some estimates suggest half of all sales online in the us go via amazon. any physical world, they make $4.3 billion, thanks mostly to its ownership of whole foods. but if there is one thing is that —— if there is one thing is that —— if there is one thing that can stop it, it is washington. some have raised concerns about its thomas —— dominance and power. —— whole foods. donald trump has asked for enquiries. but some have suggested this could be because the beatles also owes the washington buys. —— steve bezos. hedley aylott is ceo of online retail consultants summit —— summit. they competing services seems to be where they do pretty well. yes, very clever. in 2006, they entered into the market before anyone thought of it. they now own 50% of that market. the important part is that it is highly profitable for them with massive margins. ve

more important time for broadcasters to do something unique to be local for years we have seen warren buffett buying up small town newspapers a lot of that's driven by high school sports he has content you can't get anywhere else i'd be lieve that as these big companies begin to deal lever they're going to sell the smallest markets first and things have a way of working out and that there will be a new generation of mom and pop independent broadcasters who resumed the local programming that made am f.m. radio so special i sort of hope that happens i mean i love free enterprise but i sort of. it happens and hala just real quick we've only got a little bit of time but sinclair broadcasting group which operates the neighborhood two hundred t.v. station the u.s. is still smarting from that embarrassing script where they asked the anchors to all say a certain thing but they're trying to buy tribune media but the f.c.c. chairman pai is sort of throwing up roadblocks what's going on with that well that viral video of all the local anchors parroting the same script from headquarters really was an emb

. >> one of the shareholders who services having but 75 million additional shares is warren buffett. are you pleased to have him as your shareholder? tim: i am thrilled. warren is focused on the long term. we are in sync. we run the company to why he invests. i could not be happier. >> have you thought about this, warren uses an old flip phone? he has no smart phone. have you thought how much more your stock could go up if you use the product? tim: i am working on him. i told him personally, do tech support. you are now in a building that was designed and expired -- inspired by steve jobs. you have moved in recently. steve had the vision that the workplace should facilitate people working together. having the common areas that people can work together. and run into each other without planning on doing it heard the level of ideas and creativity and innovation, would be phenomenal. we are seeing that. up working is better than sitting down. we have given all of our employees standing desks. if you can stand for a while, this is much better. >> we could stand up for a while. --: >> let m

august 30th, i will interview warren buffett one-on-one in new york. we'll talk about that.lit the stock. the a-shares are 300 grand. they're certainly in the stellar stars up there. but do you ever think about life after warren buffett when he is no longer running the company? does that concern you as a shareholder? >> i think it does. that limited valuation to some degree. buffett turns 88. charlie monger is 94. there is rick of passing on. i don't think anyone can replace investment acumen and ability. we think discounted intrinsic value is quite strong. liz: lots of cash being made at company. lovely to have you, mark. good ideas all around. we'll put emup on facebook.com/lizclaman. dow industrials closing at highest level since february. [closing bell rings] amazon earnings straight ahead. that will do it for the "claman countdown." don't go way. cheryl: liz, we have another action-packed hour for you. president trump set to make new comments on trade from newly opened steel mill in grand sit city, illinois. we'll bring you the comments live. the dow closing higher for

what other curses see what's directly in front of your face that's a good way to put it what warren buffett is courageous in that he he's willing to invest in the blindingly obvious reinvest what we try to do is like this is blindingly obvious just state what's there well at that time when we did this report and it was two experts on both halves we had liam how again and who had lived in moscow for a long time and he was he's an economist and he speaks on economic matters for the telegraph and we had constantine going to have another economist he was at trinity . college dublin at that point now he's teaching out in california and we were i was open to hearing whatever was going to happen you know we asked them newsnight is saying there's going to be a current account crisis occur in a balance of payments crisis what's going to happen and they disagreed based on what their understanding of classical liberal economics and here the i.m.f. guy who went through the ninety eight he is the one in charge of the i.m.f. who dealt with the debt crisis of ninety eight and he was saying here he also sa

it is wonderful that folks like you and warren buffett and others are out there being evangelists forthis is. one thing we have to do is ensure that our society is a just a society. our society has the ability to cure its own problems. and you know, while we accumulate wealth on the one hand, we need to also solve the problems that are facing us today while we are alive. part of what i think about is i know today the problems that are facing the communities i care about. and if i have the capacity to do something about them, it is on me to do something. and the giving pledge is a good way to put a signal out there to say, listen, this is the right thing for anyone who accumulates wealth of any size, irrespective of whether you sign the pledge, to actually care about the community in meaningful ways. david: you have another very interesting philanthropic project. you have a ranch that you have converted. robert: yeah. it is called lincoln hill. it is actually the oldest african-american resort community founded by african americans. and it was founded as a place where african-americans

that could be one year, three years, just like warren buffett says the ideal holding period is forever. although we know that's not realistic. more of a buy in monitor type of thing. we have stocks that we've held for years. and we htoes that something complainings in the underlying business, we end up selling that stock as well. no clean answer, but it differs. ideally the meerd is at least longer than one year. >> jason wear. thanks for joining us tonight 37. > it is another big week for earnings, another major focus will be on trade. caterpillar recorded a record quarter. the dow easily topped analyst estimates and raised its outlooks for a yearng stachinery sales allowed that company to recover any increase in costs. the stock was volatile early in the session, to close lower by 2%. dominick chu has more on caterpillar's quarter. >> the company benefited worlf ide. it's onee reasons why they made extra revenues than. expect >> they had the highest revenue growth. it looks like it's going to continue this quarter. >> caterpillar is seen as an indicator forhe global company. the comp

>> warren buffett still uses a flip phone.

is, if people pay their fair share, if corporations and the ultra wealthy -- for example, as warren buffetth as his secretary pays, 15% tax rate, if corporations paid -- if we reverse the tax bill, raise our corporate tax rate to 28%, which is not even as high as it was before, if we do those two things and close some of those loopholes, that's $2 trillion right there. that's $2 trillion in ten years, and it's one of the wide estimates is that it's going to take $3 trillion to $4 trillion to transition us to 100% renewable economy. so we have $2 trillion from folks paying their fair share which they weren't paying before the trump tax bill. they weren't paying that before the trump tax bill. if we get people to pay their fair share, that's $2 trillion in ten years. if we implement a carbon tax on top of that to transition and incentivize people away from fossil fuels, the we implement a carb tax, an additional amount, a large amount of revenue that we can have. then the last key, which is extremely important is riprioritization. just last year we gave the military a $700 billion budget incr

taylor: warren buffett has donated $3 billion to charity.iving way all of his berkshire hathaway shares. this is 17 million shares. they went to the bill and melinda gates foundation, one named after his first wife, and each of his children's foundations. $31 billioned about to the foundation. resigned chairman has in the engineering conglomerate. afterecided to leave realizing they did not have the confidence of the majority of shareholders or the supervisory board. this asked to a leadership vacuum after someone else quit earlier this month. distributed money to its teams, up 5% from 2016. best according to financial disclosure by the green bay packers. consequencesancial to the turmoil of the last season, which included public criticism from president trump. the senate polarized fans across america. that is your bloomberg business flash. netflix shares plunged after disappointing subscriber growth for the second quarter. the largest paid online tv network added 5.2 million users. that was about one million fewer than predicted. alex joins

have it high priced because it discourages day trading that introduces volatility and that's warren buffett'stality and he said for years he has no problems with the company's stock price going up and doesn't care about stock splits for him it's more about the dollar value of what's being bought for example, if he wants $1.8 million in exposure to amazon's stock he's perfectly happy to own $1,000 shares of $1800 as he owns $10 those shares and it makes no difference to him. another point, the number of what i call super-priced stocks. those over $300 is still relatively small there's only 23 of those in the s&p 500. that's about 4% including well-known names like alphabet, autozone, and stock splits, apple split 7 for 1 in 2014 and it's up over 100% since then and netflix split 7 for 1 and it's up over 300% and it begs the question, will amazon be next? back to you. >> thank you so much, bob pisani so should amazon split tim? >> this whole concept of the guy can only buy two shares and not three shares from amazon is the one by not being involved is ludicrous. it's about price weightings, and

they are somewhat modeled on warren buffett's empire.injury in space and well within. thatss the logic would be these kind of deals can be approved even though, they are overseas. a lot of are overseas deals of the blocked in china. another point is that this is a company that has been getting overseas since 2016. they have a lot of assets overseas and they have a lot of capital that they are generating overseas to help pay for these deals. they will not be shipping a lot of money out of china to pay for this. this is potentially, a $10 billion deal. it will require some sort of financing and could actually result in some chinese money going overseas. we will have to see how this all pans out as the company confirms if this feels online. yvonne: we will see how the regulators do it. joining us from tokyo. become thelooking to dominant player in china's e-sports arena. they are have about $150 billion a year into the lane dollar industry. going back to beijing this morning. we know that useful it is really a new hot thing now. what does t

that's almost twice as rich as number two, warren buffett.ematic research at global data. it does not surprise you, the latest results, because you have said for awhile, amazon is the one to watch. do you expect the growth to continue and do you think regulatory hurdles could be put in its path? these are conflicting themes in the big tech companies and amazon in particular. amazon has reached the $900 billion mark because it is investing in the right technology, artificial intelligence, internet tv, augmented reality, block chain. especially cloud, the operating system for the next generation of technology but some people are concerned the company is getting too big. president trump is concerned it is getting too big but the traditional anti—competitive regulators, they are using historical remedies for a next—generation company and the traditional remedy is to break up amazon but what makes them strong is the day to day hold on customers. will we see change with the data? that is where it could benefit possible newcomers? at the moment it i

report by the institute for policy studies found the three richest americans bezos bill gates and warren buffett were worth two hundred forty eight billion dollars combined that number is equal to the wealth of one hundred sixty million americans who make up the bottom half of the country's population when measured in dollars following the report's release senator sanders in one thousand other members of congress sent a letter to the trumpet ministration urging him to address the growing poverty rates the letter says trump's one point five billion dollars in tax cut signed into law last year quote overwhelmingly benefited the wealthy and worsened inequality and while many headlines concerning the report emphasized the trump administration's role in exacerbating poverty professor alston makes this important note successive administrations including the current one have determinately rejected the idea that economic and social rights are full fledged human rights meaning if you're poor in the united states your government has never seen you as a priority in washington on your part phil r.t. . time

was nuts.thought i david: warren buffett still uses that old flip phone.told him i will personally come to omaha to do tech support for him. david: you exposed your own personal life a bit. tim: i thought, i am making the wrong call. david: why is it called the apple watch and not the iwatch? tim: i kind of like the apple watch. david: well, you are the ceo, so. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way? alright.

draw into obedience are saying we're whatever bankers will do it for a nickel you know warren buffett's not a penny on the street he won't bend over a crack at me for i mean we have covered in many many in the media have covered the negative aspects of it that you're punished if you have a bad social credit score you won't be allowed on the plane they they excluded millions of people from flying home this past holiday season but it's the positive reinforcement that you could see acting through our society's already look at london it's a huge construction zone it's a disaster area i would say but nevertheless a lot of people think it's great because they're being the positive reinforcement is if you're a good citizen if you're a good sort of person then we'll give you say this help to buy we'll give you fifteen percent of credit if you go further into debt because that's the sort of citizen we want one that is in debt and speculating on property markets and here is how they how they control people with positive reinforcement and get them to buy into this system is that citizens with high

david: warren buffett still uses that old flip phone.told him i will personally come to omaha to do tech support for him. david: you exposed your own personal life a bit. tim: i thought, i am making the wrong call. david: why is it called the apple watch and not the iwatch? tim: i kind of like the apple watch. david: well, you are the ceo, so.

it is wonderful that folks like you and warren buffett and others are out there being evangelists forthis is. one thing we have to do is ensure that our society is a just a society. our society has the ability to cure its own problems. and you know, while we accumulate wealth on the one hand, we need to also solve the problems that are facing us today while we are alive. part of what i think about is i know today the problems that are facing the communities i care about. and if i have the capacity to do something about them, it is on me to do something. and the giving pledge is a good way to put a signal out there to say, listen, this is the right thing for anyone who accumulates wealth of any size, irrespective of whether you sign the pledge, to actually care about the community in meaningful ways. david: you have another very interesting philanthropic project. you have a ranch that you have converted. robert: yeah. it is called lincoln hill. it is actually the oldest african-american resort community founded by african americans. and it was founded as a place where african-americans

report by the institute for policy studies found the three richest americans bezos bill gates and warren buffett were worth two hundred forty eight billion dollars combined that number is equal to the wealth of one hundred sixty million americans who make up the bottom half of the.

draw into obedience are saying we're whatever bankers will do it for a nickel you know warren buffett's not a penny on the street he won't bend over a crack at me for i mean we have covered in many many in the media have covered the negative aspects of it that you're punished if you have a bad social credit score you won't be allowed on the plane they they excluded millions of people from flying home this past holiday season but it's the positive reinforcement that you can see acting through our society's already look at london it's a huge construction zone it's a disaster area i would say but nevertheless a lot of people think it's great because they're being the positive reinforcement is if you're a good citizen if you're a good sort of person then we'll give you say this help to buy we'll give you fifteen percent of credit if you go further into debt because that's the sort of citizen we want one that is in debt and speculating on property markets and here is how they how they control people with positive reinforcement and get them to buy into this system is that citizens with high c

report by the institute for policy studies found the three richest americans bezos bill gates and warren buffett were worth two hundred forty eight billion dollars combined that number is equal to the wealth of one hundred sixty million americans who make up the bottom half of the country's population when measured in dollars following the reports released senator sanders the nineteen other members of congress sent a letter to the trumpet ministration urging him to address the growing poverty rates the letter says trump's one point five billion dollars in tax cut signed into law last year quote overwhelmingly benefited the wealthy and worsened inequality and while many headlines concerning the report emphasized the trump administration's role in exacerbating poverty professor alston makes this important note successive administrations including the current one have determinately rejected the idea that economic and social rights are full fledged human rights meaning if you're poor in the united states your government has never seen you as a priority in washington on your part phil r.t. . time now

what other curses see what's directly in front of your face that's a good way to put it what warren buffett is courageous in that he he's willing to invest in the blindingly obvious reinvest what we try to do is like this is blindingly obvious just state what's there well at that time when we did this report and it was two experts on both halves we had liam how again and who had lived in moscow for a long time and he was he's an economist and he's speaks on economic matters for the telegraph and we had constantine going to have another economist he was at trinity college dublin at that point now he's teaching out in california and we were i was open to hearing whatever was going to happen you know we asked them newsnight saying there's going to be a current account crisis at current and a balance of payments crisis what's going to happen and they disagreed based on what their understanding of classical liberal economics and here the i.m.f. guy who went through the ninety eight he is the one in charge of the i.m.f. who dealt with the debt crisis of ninety eight and he was saying here he also

draw into obedience are saying we're whatever bankers will do it for a nickel you know warren buffett's not a penny on the street he won't bend over a crack at me for i mean we have covered in many many in the media have covered the negative aspects of it that you're punished if you have a bad social credit score you won't be allowed on the plane they they excluded millions of people from flying home this past holiday season but it's the positive reinforcement that you can see acting through our society's already look at london it's a huge construction zone it's a disaster area i would say but nevertheless a lot of people think it's great because they're being the positive reinforcement is if you're a good citizen if you're a good sort of person then we'll give you say this help to buy we'll give you fifteen percent of credit if you go further into debt because that's the sort of citizen we want one that is in debt and speculating on property markets and here is how they how they control people with positive reinforcement and get them to buy into this system is that citizens with high c

as doing of goldman deals with warren buffett. this was a big departure for them.he mass public pushback against wall street and wind wall street for what happened in terms of the meltdown. is this their way of approaching the broader public? >> that was a challenge on their mind. of what theat polls public thinks about the companies -- in the last few years, goldman has scored very low. just above bp or volkswagen. it was an opportunity because in the wake of the financial crisis, they have become a bank. they started taking deposits. they built up a lot of deposits. companies were starting to lend money out to consumers. there all of these money clubs that were doing it. they thought that this could have been a way to put some of these deposits to work. carol: you talk about some of the people that goldman is lending to. talk to us about some of the situations. some of them seem a little sketchy. >> i was surprised. the only way to look at who their customers are is to look at who file for bankruptcy and does that money. it worked out. i found more people heavily

more important time for broadcasters to do something unique to be local for years we have seen warren buffett buying up small town newspapers a lot of that's driven by high school sports he has content you can't get anywhere else. i b leave that as these big companies begin to deal lever they're going to sell the smallest markets first and things have a way of working out and that there will be a new generation of mom and pop independent broadcasters who resumed the local programming that made am f.m. radio so special i sort of hope that happens i mean i love free enterprise but i sort of hope it happens and hala just real quick we've only got a little bit of time but sinclair broadcasting group which operates in the neighborhood two hundred t.v. station the us is still smarting from that embarrassing script where they asked the anchors to all say a certain thing but they're trying to buy tribune media but the f.c.c. chairman pai is sort of throwing up roadblocks what's going on with that well that viral video of all the local anchors parroting the same script from headquarters really was an

warren buffett slipped because of donating 71% of his wealth. >>> thank you. more than 100 people are confirmed dead as devastating floods sweep through western japan. >> and video showing the moments after helicopter slams into a home, killing at least one person inside. >> and a live look at 880 in oakland, not looking too bad here. there are some trouble spots, though in the bay area. jaclyn will be back to tell us where they are. stay with us. this isn't just any 80th birthday. this is a birthday that brings the whole family together with the best wifi experience. and this is a birthday where grandma can get all her streaming apps on x1 - even netflix. show me, orange is the new black. this is how xfinity makes life... simple. easy. awesome. learn more about streaming with x1, or get started with xfinity internet and tv at a new low price, just $44.99 a month for 12 months. plus, ask about flexible channel packs. click, call or visit a store today. authorities in virginia say at least one person was killed in a >>> welcome back. take a look to the north, j