warren buffett's belcher hathaway -- warren buffett's berkshire hathaway selling shares of bank of americashire still owns almost $40 billion of the bank. katherine doherty has been looking into this. . is this a surprise? a year ago he was saying he wanted to stay put in bank of america. catherine: it is his biggest pullback of his investment that he originally made. it was back in 2011 when he was saying bank of america and ceo brian moynihan, i believe in their ability to turn this business around. coming out of the financial crisis they were dealing with billions of dollars of liabilities they had to clean up from countrywide. a lot of these mortgages they had been inherited. along the way, berkshire has continued to build his stake in bank of america. he has signaled his support of the bank, of moynahan. these recent sales, yes. the surprise is the fact it is happening. it has been that many years since 2011 he has built. he has not been selling. now he is selling. the question is when did those sales stop and how big does it get? scarlet: warren buffett /berkshire hathaway is still t

for warren buffett it's not too old. he may be too old for me but it's not too old for him. part of the hardship of democracy is we have to decide and sometimes these decisions are difficult. they are not easy to make but we have to make it right now for a variety of reasons in the presidential contest try consider to be in my lifetime at least as important as 1968 which is an election that sent me to vietnam. >> this is max, an independent good morning. max, you are going in and out, give us a call back we will try to fix that line in the meantime -- guest: i can answer a question that i didn't even hear. host: i'll let you have that one next time. in california, republican, good morning. caller: good morning, how are you. good. i often say the same thing over and over but i would like to ask senator kerry what do you feel about the let's see first of all -- the native american people who were slaughtered and mistreated and taken their land away. do you feel like any of our money should go to repair that wound or if unfinished, un-taking care of thing that we did? and then

. >> the one from merrill a noted value on the board of birch shire hathaway and warren buffett thinker choices is mercedes-benz and she thinks the german carmaker is very inexpensive trading for six times earnings of 8% dividend yield and she thinks it's worth 50% more than where it's trading right now it trades mostly in germany but you can buy the shares on the stock. jack: a lot cheaper than tesla. let's talk about scott blackwood of our favorite he looks for the funky tech values on the corridor now is looking at something in the energy sector. >> he's a meticulous embedded again for decades in the like the oil service company which is slb. he sees the company's been very good because they think they could be a long duration for oil and gas in the stock is trading historically cheaper around 13 times earnings in the 40s right now so he thinks is pretty attractive. jack: he likes the european oils which are cheaper than the big u.s. companies chevron and exxon and he like shell as well as total, shall in particular has been doing well lately a very strong position in liquefied nat

thanks for having me. >> last year becky quick went to japan and talked to warren buffett.i ouper outperforming s&p. where do you see opportunities in the japanese markets? >> sure. i think you're right to point out that japanese equities have performed quite well, but actually on a u.s. dollar basis, perhaps it has more legs to go. in our review actually, a lot of the rally that we've been seeing so far has been sort of concentrated in the large cap names, and, of course, in the earlier segment we heard the semiconductor names doing well. it's going to be a more broad-based rally as we see more of the smaller companies do quite well. we started to see signs of that in the june month as more and more global investors are anticipating a lower rate. there are high-quality names that are really in our view some hidden gems in this market. >> okay. so you're saying you're seeing some hidden gems in the mid caps and small caps. that sounds very similar to what people are saying here in the u.s. that thesis when it comes to the small and mid caps is generally based on idea we're

. >>> and warren buffett's berkshire is slashing its stake in one u.s. banking giant taking massive profits. >>> politics and protests in venezuela to challenge the country's recent presidential election results. >>> later, delta takes action against crowdstrike over the outage and the thousands of flights canceled in its wake. it's tuesday, july 30th, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ >>> good morning and welcome to "worldwide exchange." thank you so much for being here with us. let's get you ready for the trading day ahead. we kickoff the hour with the u.s. stock futures with the s&p and nasdaq coming off back-to-back winning sessions. futures in the green across the board. the dow would open up 50 points higher as the nasdaq is moving 40 points higher. we will continue to watch these throughout the show. we are watching the bond market. look at yields here in the u.s. look at the benchmark 4.18. that is the money set up for the u.s. we have turn attention over to london with the breaking news in the eurozone. carolin rot

. >>> plus we'll go over warren buffett's largest contribution ever as he continues with his philanthropye'll be ri. i know you love your dadda. of course he loves you. he just doesn't show it on his face... or with his body language. come on. oh, junior! haha! good job junior. way to go. [ minion language ] hi, i'm sally. i'm from phoenix, arizona. i'm a flight nurse on a helicopter that specializes in trauma. i've been doing flight nursing for 24 years. i had a fear that i wouldn't be able to keep up. i wanted all the boost i could get! i heard about prevagen from a friend. i read the clinical study on it and it had good reviews. i've been taking prevagen now for five years and it's really helped me stay sharp and present. it's really worked for me. prevagen. at stores everywhere without a prescription. >>> time now for business, and let's bring in cnbc's cilia amaro. what should we expect today? >> that's right. good morning. we're seeing futures suggesting it could be ahere start to the trading session on wall street today, however, we are expecting this could be a bit of a quiet week

>> i am no warren buffett. the tv guy who tries to do his best to teach you.hink you for that. here is what i have to say. i think it depends on your time and predilection. you put away your first 10,000 in an index fund. if you like picking stocks, let's do it together. join the cnbc investing club. if you don't like picking stocks, let's do it for you. if you want to be involved, i will help teach you to be a good investor. i can do it. i have done it for a very long time and i have been very successful. let's go to and in indiana. >> hi, jim. thanks for taking my call. >> what's up? >> i am a club member. i've been thinking about this lately, and wondered if you could talk more about suspending our judgment and letting the market take its stock up even when a ceo is something they said they are not going to do, or company makes a bunch of mistakes, they have very low competition, or a ceo makes mistakes that take a long time to fix? >> well, this is a tough one. because i have made this mistake. i have stuck with people for too long. i keep thinking i'll gi

he mentions or quotes, henry kissinger, cicero, warren buffett and homer just to name a few.rants interest rate observer, jim grant. jim, my favorite line in there, there are a lot of great ones in there, but my favorite is assumptions are harmless as long al as assuming party doesn't confuse them with foreknowledge. the future is fa234078 none both strange and won dangerous, doesn't exist it must be reckoned with. walk the audience through that. i think that is the theme of this entire piece. >> we're all in the future business in investing, right? we must somehow envision the thing that does not exist and you know, if you get a couple of calls right, walking down the street you're feeling pretty good, you're likely thinking you're getting the word from on high. if this happened to every successful investor. contrary wise you miss a few as wont to happen, you feel as if you're shut out from that same source of few turety. the future doesn't exist, it don't. charles: right. >> and, it is important to recognize that as humbling as that realization is, and yet we must grope aro

because you are a wholly-owned subsidiary, is warren buffett in charge at all of interviewing you beforehe job or are you dealing specifically with greg gabel, his replacement, eventual replacement? >> yeah, you know, i've been fortunate over the years to have conversations with warren and obviously greg, and so this transition that went on is one that we've been working on for a couple years so it wasn't a surprise to anyone, and i have the support of greg. greg and i had great conversations and how fortunate am i to work for a subsidiary of berkshire hathaway and the wisdom of warren. liz: he had enough wisdom to break out brooks from its parent company that berkshire acquired because he saw you as a cash machine. great to see you. thank you very much, dan. >> thanks, liz. liz: we're rooting for your runners in the olympics. dan sheridan of brooks running. there is a glimmer of hope in the housing sector. new data show builders scaled up new projects last month. billionaire real estate entrepreneur jeff green is here in a fox business exclusive to tell us where he sees more hammers swi

texting people and redistributing walls without marriage, that he encourages lazy that forced warren buffett to work hard with forced this guy to work hard, not handling them a check. you can not appreciate something fundamentally that you get for free. the next you might, this trust is providing a guaranteed income to low income african american women and their families. so the men know you must trust. it's doing this in the form of a $1000.00 a month for 12 months. i am so excited. it's like my 2nd child in the matter a month. so i have 2 kids and 2018 and they know you mothers trust is one of the it is taking a population that works so hard to be seen on a daily basis. and really saying we see, we honor your stories, we believe in you and we trust that you know what it is that you need for your family. now that will lead us from industry for gay is so support my kids tell me pay bills and have enough to stretch from month to month when my mom was in abusive relationships. my dad was very, very so when i got this in my relationship model as she was abusive and i was like, when never ever p

like warren buffett after the 2008 collapse, warren buffett said, only a fool would bet against the united states of america. i believed that then. i believed it my entire life. i believe it now. you're the one talking about revolution. why are you so angry, kevin? why are you losing your mind? america is great. we're strong militarily, strong economically, we're strong culturally. we're strong more culturally than ever before. there are some things we need to improve on. we need to do a better job building community. be great, kevin, if you'd focus on that, building community and not trying to divide people but unite people, bring them together. i'd love to see the church pews filled back up. that would provide some community, as well. this whole idea that we need a new revolution. i mean, i know it is great fundraising, but it is just b.s. as far as people on mississippi -- msnbc freaking out, i'm not freak out. it's not because we're losing. let me get some iced tea here, kevin. i'm going to drink to you. ah, man, i'll have to give up sweet tea one day, but that day is not today. kevin,

. >> what we have seen with warren buffett talking about moving downhill. >> alan, you broke up just bit there. we want to move on to one more topic before we let you go. i want to ask about small caps. up just 1%. are we worried that maybe this may be a sign of other deeper problems within this market? btig out with a note over the weekend saying small caps may be turning from an opportunity to a canary in the coal mine, because you basically. >> we feel it is between a rock and a hard place. it will be a challenge. we would rather be in large cap with little growth rather than the value names through the small cap. >> alan mcknight, thank you. for more on the trading day head, go to cnbc.com/pro for the insights and analysis. >>> we turn attention to the 2024 presidential race and the fallout over president biden's debate performance. the biden campaign raised $33 million from thursday through saturday with more than $20 million of that coming from grassroots donors. this as the biden campaign works through mixed messages from party officials and some of the president's closest all

one of warren buffett's favorite trading houses says a weaker currency has upside for the company butrrisome for the future of japan. we spoke exclusively with the sumitomo ceo about the firm's expansion plans amid yen weakness. >> last three years, we have been working for the structural reform. now it has changed the mood. i would like to change the mood from defense to offense. in other words, you know, we will have to make -- realize dramatic growth the next two years. that's why i try to change our company's mindset. the main thing is number one in each business line. that is a kind of mindset, but at the same time, i would like to accelerate the reallocation of our management resources into the forecast area. >> tell us about those focus areas. you have somebody different business lines. >> that's right. especially, there are eight business lines. real estate, steel businesses, health care, agriculture, so many things. i picked up three examples. agriculture, agribusinesses. we are doing biochemical. in addition to that, the other type of agricultural products we are not selling

. >>> and warren buffett's berkshire is slashing its stake in one u.s.g massive profits. >>> politics and protests in venezuela to challenge the country's recent

the journal painted the picture of ackman and wants to be like the next warren buffett everybody goesd listens to him he posted 500 times in the last month, 500 times he's got 1.4 million followers i don't know if that will turn into an ipo for him successfully or not but we will see. >> it's interesting he said for getting your news from the mainstream media you have the wrong picture president trump, i have to give them credit for being honest in that regard. >> very skewed. he did not plan to endorse anybody until after the ipo hit but the day the assassination attempt and he said in the tw tweet. >> i don't know what the ipo has to do the endorsement for president. >> seemingly he was concerned about regulatory issues under the biden administration coming out and endorsing i think he was worried about putting the i of somebody on him. >> if he wants to solidify his status as a social media maven he should send everybody $10, am i wrong? half a wrap on it. >> so generous. >> it needs to be $30, not ten. maria: will get a check of your forecast. "fox weather" meteorologist bob the a

warren buffett, after the 2008 collapse, warren buffett said only a full would bet against the unitedwhy are you so angry, kevin? why are you losing your mind? america is great, we are strong militarily. we are strong economically. we are strong culturally. we are stronger culturally than ever before. there are some things we need to improve on, we need to do a better job building community. it would be great, kevin, if you would focus on that, building community and not trying to divide people, unite people and bring them together. i would love to see the church pews filled back up. that would provide some community, as well. this whole idea that we need a new revolution, i mean, i know it is good for fundraising, but it is just bs. as far as people on msnbc freaking out, i don't do it they are freaking out, i am not freaking out. it is not because we are losing. let me get some iced tea, kevin, i will drink to you. man, i am get have to give up sweet tea one day. that they is not today. kevin, just a little reminder, trump republicans lost in 2017. trump republicans lost in 2018. tr

are selling and they're taking some profits and raising some cash and maybe taking one out of warren buffett'ssitting on more cash than ever in berkshire athletics directorway's -- hathaway's history and the tech stocks are running hot and maybe cooling off. stuart: we have earnings coming up in eight days and final out how they're doing financially and i'm talking big tech now. those earnings reports will be very important. will they stop the rot or where they reinforce the rot and send stocks down further? which way do you see it going? >> we're seeing profitability in the corporations and specifically the largest and that's likely to continue at least for the short term and if we see a pullback here today, i expect that to be short term right now just given the liquidity and what the fed still has the ability to do. but ultimately it comes down to the consumer and if you can see how the con super is doing and see how the economy ends and you happen might not be in step with what we're seeing in prices here. stuart: would you advise your people to do any bottom fishing? dip buying on big tec

warren buffett says whether stocks or stocks would like to buy quality merchandise when is markdown there'snty defined. david: crown castle, i understand is pretty good, tell us about it. >> 6.5% dividend yield 40000 cell phone towers, it's going to trade with interest rates, we believe are to get 1 - 2 cuts the market is pricing that in about 70% chance of a cut in september, 72% chance, 95% of one cup by december that's going to help all they have a fiber business a nacelle often deleverage a balance sheet and a new ceo in a 6.5% dividend 6.5 dividend paid while you wait. david: gxo logistics is a warehouse copy. outsourced logistics it is one of brad jacob's companies, he just wrote a book how to make a few billion dollars he made a few billion with uri if you invested 1 million in united rentals you got 47 million. if you did it with the x pio you made 31 million on 1 million and now gxo logistics plan out and they're estimating they're going to double adjusted ebit by 2027 in the business will grow. david: gxo logistics, great to see you. you are looking at movers, let's look at intel.

liz: chubb is a favorite right now of warren buffett.t? >> he is listening to your broadcast. liz: he is listening to you, jack. you have liked this for a while. let as talk about the atmosphere ahead of the federal reserve meeting. stocks be damned at the moment because yesterday we had such choppy action. i think the dow crossed the unchanged line more than 165 times. today the dow is up, been down. it is certainly having a nice day, gaining triple digits, 242 points, pretty much at the session highs. nasdaq is in trouble. what do you think happens tomorrow and how will the markets absorb it? >> i mean a lot depends on microsoft certainly. you're absolutely right. really investors are looking for two things. how they are competing on cloud, versus, versus amazon and whether or not they're going to start to receive some payback from all this outlay on a.i. i think, alphabet had problems last week on that score. we'll have to see if chatgpt will start to pay dividends for this huge investment that they're making. >> yeah. that's the ques

. >> has warren buffett been selling bank of america. >> there down he sold 39 million shares trimming stake in the bank for the first time in four and a half years. >> about starbucks, there's a report to elliott investment management has built a sizable steak and pushing for changes starbucks is down 70% on the year end doctoring half% today. stuart: starbucks is down 17%. >> year-to-date over the past 52 weeks down 22% and year to date down 17 that hurts. >> now this the white house repeatedly denied reports of biden is in decline, roll tape. >> is the up for a second term. incredibly sharp and credibly probing an incredible demand of the details. >> president biden does more in an hour than most people do in the day in his age for experience and expertise is incredible asset and improves every day. stuart: that's hard to justify a statement. will anyone and biden's candidate be held accountable for covering up the presidents decline. speaker johnson is calling on biden to resign immediately, johnson said it biden can't raise the campaign how can he run the country house ways and me

warren buffett said he was going to hire an analyst whose sole job was to talk him out of buying an airlinedelta's miss wasn't bad. the guidance for the year, as phil lebeau said, is still stable. and yet the stock isdown 6% today. so, if i were going to do it, i would probably do delta. i stay away from every one of them. i would stay away from this one. and i call it a sell. >> all right. that's pretty emphatic. michael farr, thank you. good to see you. michael is hightower -- great to see you -- chief market strategist. morgan? >>> still to come, biden time. the president set to hold a news conference this evening with an eye on proving to supporters and critics why he should remain in the 2024 presidential race. we'll get a temperature check from washington when "power lunch" returns. [♪♪] your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. >>> welcome back. president biden holding a press conference this evening hoping to prove his fitness to run and serve as president, as he seems to be losi

i grew up in that warren buffett world, in a traditional, you know, you buy value stocks. do that thing. i recently rebalanced that. i have a bunch of treasuries, i bought the october low last year, so i rebalanced about 100 points ago. if we get an august-to-november surprise and get a pullback, i'm not saying a 10% correction. just a 5% pullback would be nothing. i'm not going to throw that money back into large value. i may look at utilities, because i think ai will jack up l electricity demand. when you look at the last sen years of fossil fuel juuse, thas going up. i'm looking at the mag seven. you're talking about 20 plus -- you talk about 25%, 20% earnings growth going forward. as much as i hate it and despite tech, because i grew up in the dot com world -- >> this is ironic. rich burnstein told us that the market leadership now is as narrow as it was in march 2000 at the very tippy top before the crash. and burnstein would say, so you think there's no bubble? what do you say about stats like that? but the earnings growth is so different. >> i love reading his stuff

then, the problem though, liz, is that when that happens, people suddenly forget that as warren buffettit rains, meaning there's a correction, you don't stand with an umbrella. you stand with a bucket buying stocks. you're not selling, and it's just so important and the really , the thing about it, and i can be guilty of it myself , just this morning i was saying to myself, well maybe i should buy some stocks and then the little person on my left shoulder said hey, you've been doing this too long. you know better than that, and so people should talk to an advisor. there's a lot of complications. you've got tax implications. you don't want to be selling low -base stock to try to time the market and then buying it back. those are things that a good advisor will help you navigate those terms, and you know what? i'm going to say because you gave me an opportunity so a little self-promotion. our advisors at stifel are happy we're j.d. power number one in employee satisfaction and that's because we allow our advisors the freedom to individually understand what every client wants and needs, co

well, they throw off a beautiful dividend as warren buffett know, but they also are part of that groupet a push up in the late part of the year, stuart. i think as the broadening continues we're going to see not just the rising tide lift all a stocks, but we're going to see these lagging stocks play catch up. that's one of the ones i like. stuart: trouble is we get used to stocks doubling in a year, you know? you come to expect it. why put money in a stock that's not going to double. that that's the way a lot of people think. next one is micron. m if u, is the similar boll -- symbol. nothing boring about that. >> no. it's been one we've talked about before, for sure. the big pullback that slammed a lot of chips over the past few days have given us a great opportunity. if you don't have any money put to work in this chip company that's going to help with further buildout of data centers around the world, then now is a great time to enter at a preferable price. i like them for the long term but especially for the next 12 months. stuart: got it. micron technologies, and you like coca-cola

but when you think about, like, warren buffett selling here and he owns more than, you know, he's obviously number one shareholder, does that -- when you think about that, is that going to be a big overhang for this company, for this stock in particular? >> well, one of the world's most renowned investors selling a big position, i think it's obvious, pause on it. they've sold 70 million shares, still have 960 million shares. that's $40 billion, when you talk about a $14 cost, it's $26 billion of imbedded gains. there's a couple of reasons they may be selling. you know, as the number two position besides apple, it's a big concentration, it's one of warren's particular ones, maybe there's legacy planning in terms of turning it over to his investment managers and their priorities, in terms of the portfolio. number two, they've talked about the apple position, wanting to sell,potentially, of higher corporate tax rates. that may be a move to lower the tax burden by selling this year versus in the future, just given the imbedded gains. and then, you know, it had a terrific run here. and at the --

warren buffett said he is not leaving all his money to his kids. are you at that point yet? >> i still like to have fun. charles: yeah. >> and but i want to balance that out and find that -- charles: that, that is the question, right, when do you start to kind of put it in in a different gear right now? you know there are these old things with the stock market, they say, take your age, minus, minus your age from 100 that should be the balance between stocks and bonds. i think that is an old antiquated formula. when they came up with that people were living to like 50. now people, snowboarding at 70. so you, what you're asking is the right question. just make sure that, that you don't pause too early. that you don't pause too early for your own personal golden retirement in golden years. being able to achieve what you want for your kids. thank you for being here. margo from connecticut on starting on investing. >> my question as young adult in the professional world, what is the first best step to make smarter investments? charles: to start. i know it sounds facetious about i

i ask this question because warren buffett, many people think the greatest investor of all time? i'm sorry? i'm going to thank you both. we're going into the briefing. >> describe the nature of the meeting with the doctor. did he say whether that one meeting is related to care for the president. >> i can say that it was -- >> and why that information released last night, just wasn't said at the briefing yesterday? >> no, actually, a lot of what is in the letter was said at the briefing, to be very, very clear. i said many of the things that were laid out in the letter. was actually repeated here at this podium yesterday. it was -- >> said that -- >> hold on. i said many of the things. we got clarification obviously from dr. o'connor. but it was in line with what i said. i said only three visits that this particular doctor has. a neurologist. who i was not able to confirm is the name and the reason why is because we do not share private information. that is something we respect and we wanted to make sure that we protect our consultants here that work with the white house medical u

is it any different than warren buffett saying what he's buying? it's easy to separate one from the other. i think the interesting part of the story is that it's retail and it's a new approach, you know, using a very different method and vehicle to get there. >> but tom, the distinction i would like to make, and maybe you're telling methat he's made a farce of all of this, which maybe he has, is that the warren buffetts of the world or the bill ackman of the world "a," not only have track records, and i guess now you could argue that roaring kitty has a track record, too, but that the math, if you will, in terms of value, and value creation, and the kinds of investments that they're making look very, very different from a speculative nature than the way that roaring kitty is approaching these things. and most of the movements in gamestop, for example, seem to be based on a euphoria of traders following a certain individual rather than looking at the underlying math of the business and saying, i understand how something could even grow into a valuat

warren buffett has few flops, right? his were magnified by his out-sized persona.n as activist investor. when he went after herbalife, he didn't just short herbalife, he said it was the greatest fraud. built up his short position publicly. when it didn't turn out that way the backlash was interesting. that is where we are right now. i will be probably better able to report this story out for you tomorrow because we're going -- this is right now aside from the election, this is the talk of the market like what the hell happened here because he was very public with this. i mean think about it. he went from 25 billion to pull. i've never seen that before on a deal. liz: yeah, 25 down, and then down to two billion i think -- >> to pull. liz: almost like he was feeling his along very publicly. >> as someone who follows these deals, you generally have these presold. jeffries and city group they know how to pre-sell a deal. what the heck happened here guys? liz: go dig. >> make a few calls. i will go to the gym first then make a few calls. liz: priorities. earnings parade

for warren buffett it's not too old. he may be too old for me but it's not too old for him.he hardship of democracy is we have to decide and sometimes these decisions are difficult. they are not easy to make but we have to make it right now for a variety of reasons in the presidential contest try consider to be in my lifetime at least as important as 1968 which is an election that sent me to vietnam. >> this is max, an independent good morning. max, you are going in and out, give us a call back we will try to fix that line in the meantime -- guest: i can answer a question that i didn't even hear. host: i'll let you have that one next time. in california, republican, good morning. caller: good morning, how are you. good. i often say the same thing over and over but i would like to ask senator kerry what do you feel about the let's see first of all -- the native american people who were slaughtered and mistreated and taken their land away. do you feel like any of our money should go to repair that wound or if unfinished, un-taking care of thing that we did? and then also for t