. >>> finally warren buffett betting $1 billion. quicken loans is offering a billion dollar prize to the fan who submits a perfect bracket. if there is one it will be paid out by buffett's company. the odds are slim because there are more than 9 million trillion ways to fill out the bracket. good luck. >> remember you can always follow what is going on in the situation room on twitter. tweet the show. "crossfire" starts right now. >>> tonight on "crossfire," chris christie starts his second term under a cloud. >> all of us may be one yes away from our miracle. >> will it end in the white house or in trouble? >> he is one e-mail away from a disaster. >>> on the left van jones. on the right newt gingrich in the "crossfire" brad woodhouse and republican ken cuccinelli. chris christie's political future unlimited or road blocked? tonight on "crossfire." >>> welcome to "crossfire" i'm van jones on the left. >> i'm newt gingrich on the right. in the "crossfire" guests with different opinions of chris christie. first we have breaking news

. >>> finally warren buffett betting $1 billion.llion dollar prize to the fan who submits a perfect bracket. if there is one it will be paid out by buffett's company. the odds are slim because there are more than 9 million trillion ways to fill out the bracket. good luck. >> remember you can always follow what is going on in the situation room on twitter. tweet the show. "crossfire" starts right now. >>> tonight on "crossfire," chris christie starts his second term under a

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i say that's a pretty strong bet for warren buffett that he's not going to have to dole that out.art" continues right now. >>> the northeast buried this morning, more than a foot of snow falling in some places. this brutal winter storm shutting down schools, offices, roads, grounding thousands of planes. indra petersons is outside tracking the storm in boston. rene marsh brings us the latest on the thousands of flight cancellations, she is in washington, d.c. and i am live out on the told streets of new york, where the snow is blowing around from side to side. it is very, very cold this morning. good morning, everyone. welcome to "early start." i'm john berman. >> and i'm christine romans. it is wednesday, january 22nd. and it is exactly 5:00 a.m. in the east. >> so, if you are watching this at 5:00 a.m., the good news is, you made it. you haven't lost power or maybe on the flip side, you're stuck in an airport. whatever the option, we hope you are warm. it did snow here in new york for more than 15 hours. right now, it stopped, but the wind keeps pushing it around every now and t

warren buffett's berkshire hathaway. he is leading the world know he is betting on crude oil ports. they are swapping shares of phillips 66 for full stock. this helps the product flow through pipelines more quickly. this only the latest of buffett's investments. it accumulated more than $4 billion stake in exxon mobil and berkshire hathaway added holdings and the national oil embargo and suncor energy. if warren buffett is right, one of north america's a gift and most controversial could play right into his hand. the keystone pipeline might as well be a line in the sand. environmentalists and lawmakers. >> teh keystone xl pipline is a 2000 mile funnel. if the $5.3 billion pipeline is approved, what does that mean for jobs? it will create 42,000 jobs during the two-year building phase. almost 4000 are pipeline construction jobs. the pipeline only expected to create 35 permanent jobs. a recent report forecasts a thin profit for oil companies. the recent shale boom created a glut of oil in the united states, dragging down prices. if oil can make it to the gulf coast through the pipelin

over time, smarter bets will give you the kinds of results warren buffett has shown.we bring up, for example, the sharpe ratio -- >> which you sent us this morning. i am sure we have it. the arrow. line with >> here is the information ratio. a little different than sharp. we will show you that in a second. the ratio is the amount of risk you take to generate your alpha. where buffett is, way over there all by himself on the right hand of the chart, as opposed to all of the stocks that have been around for 30 years. he is off the chart in terms of alpha for the amount of risk he is taking. if you look at the simple sharp ratio, you will see something similar. you will see he is outperforming the market almost by to ask. of 76. ratio all stocks, sharp or nine. -- 49. he has outperformed every mutual fund on the basis that has existed over the last 30 years. that is how remarkable his performance has really been. >> how does this fit in with some of the other themes and theories we have talked about? the people you all talking about efficient markets and active managemen

be awesome what the bet is taking an extra hard look at not the banking institutions they believe to be irreplaceable and systemic for the world's economic help this puts warren buffett now in the fed's crosshairs we'll tell you all about it and in today's big deal ed harris and i discussed the goings on at davos this week and we asked all the pope and asking does the financial glamour fast even really not result not talk about it all coming up and it all starts right now. first up you're wrong president hassan rouhani takes center stage at davos is the world economic forum on thursday he's attempting to stir up investment for his country's economy as iran attempts to come back from the diplomatic oblivion if you will now rouhani views jobs as an important opportunity for iran he says quote both for economic reasons as well as explaining our political now the focus of the summit shifts to the middle east on thursday with israeli prime minister benjamin netanyahu. scheduled to address delegates just hours after rouhani is address now a meeting between the pair has been played down by officials but stranger things have happened in the cushy borderers of davos where wor

. >> well, if you go back, the world's smartest guy warren buffett in 2008 said i'm going to make a ten-year betght. >> wise bet. >> we actually just plagiarized his bet and it worked. the one thing has is happening now, brazil is having lots of challenges. in fact, the world's richest guy in the country, most of his businesses just went broke and china's growth has slowed significantly. russia and india also slower. the resilience of the american economy is never to be underestimated and the resourcefulness of the american people. growth is actually picking up, funny enough. you know, look at the market. the market, you know, with the s&p was supp. up 26%. we are trading on a ten-year high on a multiple base and trading 16 times, steve? >> yeah, a little bit more. >> and expecting $117 on s&p. they are talking about the industrial part of america which is very important. we are not talking about the technological development of america. there is an incredible resourcefulness in the tech field for american corporations. think about the most exciting emerging technologies in media and mobile is c

warren buffett, but i would assume he just rubs his shoulders. >> he is the kind of guy that declares evil of derivatives and then makes huge bets on derivatives,ight. >> matt, weight -- >> he is glad to take -- >> hate on, they are not huge bets. >> $1 billion on the bracket? >> you're talking about two separate things. >> they're both derivatives -- >> you are talking but ensuring be quick and long bed and then saying that derivatives are weapons of mass destruction and he has been a part of underwriting those derivatives, they are very small, though, in proportion to the balance sheet. price right like -- >> like jimmy dimon's portion compared to carl icahn's. >> bill, do i've also been having a, starbucks said on digital. we will is when the next. ♪ >> welcome back to "in the loop" live on bloomberg television in streaming on your phone and bloomberg.com. i am matt miller. take a look 26 minute after the hour, bloomberg television always on the markets, and futures coming down today, continuing the negative trend from yesterday, so the s&p futures down about .5% as our dow jones and nasdaq futures, concerns -- concerns about the chinese eco