whitney, good to see you. what is the hedge fund equivalent these days of putting cash in your mattress? >> well, we're not doing that. we're not buying gold and going into the hills with machine guns to wait out armageddon. but i think we are playing defense. and that means on the long side big cap blue chips, strong balance sheets. and those stocks are probably the only undervalued pocket in the market today. and on the short side we're doing what we always do, and it's a target-rich environment. companies with terrible fundamentals and very high valuations. and we're talking about home builders as sort of our favorite theme right now on the short side. >> in terms of some of those big blue chip names, can you give us a couple? >> sure. we just got back from the berkshire hathaway annual meeting. they just reported great first quarter earnings. i've talked about that many times in the past. we own some microsoft, some kraft, some pfizer. but i'll share with you our latest addition to the portfolio and that t

meetings, when martin luther king, jr., whitney m.registration and citizenship education in the 11 states of the old confederacy. during the most hotly debated moments of the meeting, dorothy height sat with her knitting needles, knitting away, until overcome with impatience and could not take the dictum any longer. dorothy would methodically place the needles on the table, noticing it, the room would get exceedingly quiet. [laughter] >> and then the only woman in the established civil rights leadership group of that era, would have her say, and in doing so, restore unity and purpose to the discourse. not only -- [applause] >> -- not only did her male colleagues stop arguing, they hunted. and listened with an attentive ear. when i succeeded wiley brandons a the head of the w. e. p., dorothy height was my mentor and my friend. during my stewardship at uncf and the national urban league, dorothy height went with me, stood by me, and propped me up on every week i would lean aside. she put her long arms of protection around me and kept me

. >>> whitney houston is coming to town for a big benefit.ls on that coming up. >>> plus, hundreds of fans line up at a bookstore to get the chance to meet former first lady laura bush. >>> alexandria residents will get hit with a double whammy of service reduction and fee increases in the coming year. >>> virginia's aclu delivers a warning to state chaplains about their prayers an the final approval to the science city development plan. these stories and more in the examiner. >>> rocker bret michaels is out of the hospital and expected to make a full recovery. he suffered a brain hemorrhage last month. experts say he is a very lucky man. david admits to his cheating ways when his mitt dress exposed his ways. they say they are working on their marriage. >>> a examiner determined corey hanes died of natural causes and not a drug overdose. the lost boys star who struggled with drug abuse died at his mother's apartment earlier this year. >>> the hill is reported whitney houston will be in dc this weekend to dance not sing. the singer plans to at

if i interviewed oprah or whitney the numbers were much, mu big are. we weren't diversifiedn our communy yet. there are ctain images whether they be inlays or movies or musi that we flock t whether we like to ait it or not. i'm wondering is that just the black middle class saying oh, no, that's not what we want, but a lot of us areanting it? well, i mean, this is a complex subject because each arti should be allowed to pursue their artisc endeor, but i still think that a l of stuf that's on today is coonery buffoonery and i know it's making a lot of money and it's breaking records, but we could do better. that's jt my opinion. i'm a huge basketball fan and when i watch the games on tn it, see these two ads for these two shows and i'm scratching my head. u know, this is -- we have a blackpresident. you know, we're goi back to mad time marli andleep and eat? >> yet, if those films, i mean, wee talking about tyler perry at this point. >> no, no i mean, look. i'm not sayg we're talking -- >> let's not give them fodder for tabloid. i'm not saying we're talk

reporter: it's called the joint strike fighter, the f-35, build by lockheed, powered by pratt and whitneyines. the u.s. war plane of the future. but now, even though the military is perfectly happy with the engines it has, some in congress want another company to keep building a second engine, a pork barrel project the military seeps as a $3 billion boondoggle. >> we have recommended for several years now against funding this engine, considering it a waste of money. >> reporter: but that has not stopped congress. just this week, the house armed services committee voted to put more money in the budget for the second engine. >> mr. smith votes aye. are you saying congress knows better than the military? >> il tell you this money. d.o.d. has been wrong about many programs. >> reporter: the alternative engine would be built by general electric, which lost out in the initial competition and since mounted a million-million dollar lobbying campaign to get a piece of the f-35 action. >> this is a $100 billion business over the next 30-plus years and we plan capturing half of that. >> reporter: as

more scenes from whitney. david cameron going to his count. there is very little to see there. i am joined here by bbc's business editor. 1:00 in the bond markets, what is this about? we never had an election where they suddenly start trading shares and bonds and goodness knows what right in the middle of the election night. >> as you know the biggest challenge for any new government is to persuade investors that the government has a credible plan to reduce the u.k.'s record deficit or record boroing. investors plainly think that the efficacy of any plan to do that will affect the price of sterling and government bonds. as soon as they have the first inkling of what type of government we will see, that is when they want to trade. that is why many banks and dealings rooms are pretty staffed up. >> it hasn't happened in other elections. >> yes, it has happened in other elections. this is on a bigger scale because of what is at stake for the u.k. is greater. we have the exit poll at 10:00. sterling had been weakening against the dollar all day and that continued after the exit pol

maybe a little earlier through eli whitney to thomas edison. has a lot to do with the demand of the patent holders that they can use to create very broad patents. at&t commercializes the first electronic technology to say the first that modifies electric current in conjunction with the trends -- transcontinental telephone which they introduce commercially 1915. here is a perfect example for at&t to boost their inventors demand it comes up with the vacuum tube but the at&t public relations department does not want to they want to focus on the organization of at&t. who do they plots out to put up the two men's new york two san francisco? they bring back alexander graham bell and thomas what sen that have nothing to do with the electronic but they are key figures from the crass. inventors are used for almost manipulated in order to create property rights that can be used. the almost deification of moore's as i read about is absolutely outraged critics and congressmen and other business figures because they recognize to the extent his image was bei

thomas edison and eli whitney and a hundred other people. >> charlie: henry ford. >> very strange to have an agrarian society. then we industrialized. china is on a similar kind of a path. so yes, china is making some very smart investments in long-term energy. now, china is also building more coal plants than anybody else because they also have an immediate need for that energy. >> charlie: maintain a high level of g.d.p. >> they are riding the tiger on a very challenging set of issues. on one hand, they need to continue their economic growth, which is the fountain of all of their prosperity and the only hope they have to keep being prosperous. at the same time, they need to try to transition to some new energy sources. so i think it's great china is making that investment, by the way. there are people who will feel jealous of that -- >> charlie: will they and our friend tom friedman will argue, will that put them in the driver's seat with respect to the development of future technologies? >> it may. if you make lots of long-term investments and some of them come out well, good for

legendary investor whitney tillson joins us. tonight at 5:00 p.m. eastern on cnbc.y, you can take your trading around the world, because now you can trade u.s. and foreign stocks online, in 12 markets, 24 hours a day, all from the same account, and settle in u.s. dollars or the local currency. plus, we'll guide you with international research and realtime quotes, so you can diversify your portfolio, wherever -- whenever. and we'll be on call around the clock, while you trade around the globe. fidelity investments. turn here. >>> welcome back to "fast money halftime" report. we want to clarify something. a conference call happening tomorrow afternoon shall, not this afternoon. still would love to be a fly on the wall today or tomorrow. patty edwards. >> you know, it is down 3%. you are still looking at best in class company. i flow's a little bit of concern about the justice department -- somebody is looking into them. anyway, given that, look at where the support is. i think once you get down to about 250 the stock starts to make a little bit more sense again. i'm c

. >> in 2007, the single largest private gift to the library was made by david whitney packard in therd campus, a more than 100 vicki $5 million audiovisual conservation center -- $155 million audiovisual conservation center. >> it ensures that our cultural heritage tisch and current history will be available for all to study and enjoyed for centuries. future generations will come to know us as intimately as if they were sitting next to you, right here, right now. ♪ >> hello, i am omar epps. >> i am marlon wayans, and this beautiful lady -- >> i am gloria reuben. can you hear me? >> that means applause. >> this is my morning voice. >> and this is my gq voice. >> communication, the ability to talk to each other, not at each other. >> almost 70 years after the invention of morse code, people around the globe could only communicate using dots and dashes. >> that all changed in 1927 when the first trans-atlantic phone conversation occurred. he said "lindberg is on his way across the atlantic. tell him his bags will be there six hours later." we actually have a piece from the first trans-a

david cameron just arriving in whitney having been to the pub and greeting tory friends there with his wife. we have been talking about more than ireland. we have had news from wales. let's talk about scotland. >> to put a map on this modified version, you can see clearly the battle that lies ahead for the conservatives in scotland. dumfries and galloway right next door for the one that have already. they hope to take this from labor. it is a fairly

an amendment being lobbied by pratt whitney to allow their competition. the joint strike fighter is the department of defense's largest procurement program. plans currently call for income requiring nearly 2,500 joint strike fighters, hundreds of additiol 5-35's are predicted to be purchased. is is a major acquisition. the genelady from maine is in enerr -- in error when she says there was competition because in fact, in testiny just last week, both the department of defense and the g.a.o. testified that this engine was never actually subject to competition. the fact is, providing funds for competitive alternate engines will ultimately drive down costs, improve product quality and contractor responsiveness, drive technological innovation and ensure that taxpayer dollars are not wasted. history shows that competing engines can result in significant long-term savings. the great engine wars say that 5-15 program 21% in overall cost including to a 2007 g.a.o. report. this represents $20 billion in savings for the lifetime of the joint strike fighter. just las

. >> michael clegg joins us again from whitney. michael, what's your instinct about what the result will be? >> well, the big problem we have here is there are so many uncertainties, particularly as you saw in my package today from new town and did you doily. the large -- dudley. the large candidates have said they haven't decided yet and of course we don't know the effect of all of these m.p.'s who have stepped down because of the expenses crisis and so on and i think it's going to be a patchy election. i think we're going to find they're really not the uniform swing we've known in other places. we're going to find a lot of surprise results, we're going to say gosh, how did so and so manage to hang on there. cranky, wasn't it surprising that so and so lost their seats. as an example of a possible surprise, i've buckingham palace hearing from both labor and from the conservatives tonight that the government chief whip, for instance, nick brown is under a lot of pressure from the liberal democrats in his new cassel seat, but at the

i knew whitney young who has no peer in this area who worked closely with leaders such as a. phillip randolph and martin luther king. the league assisted in planning the 1963 march on washington and carried on the hard work of advocating for a quality and opportunity in that tumultuous with us -- tumultuous era. the right to an equal education for black americans has developed into a program aimed at helping these students use their education to propel themselves into leadership roles in their respective communities. through workshops, summer programs, hands on learning opportunities, and other endeavors, the league enriches the quality of life of black americans of all ages and by that enriches our country. with over 100 offices around the country, league leaders are pillars of their community helping to organize campaigns to in the league's own words, i quote, enable african-americans to secure economic self-relines -- self reliance, parity, power, and civil rights. under the outstanding guidance of extraordinary leaders and everyday men and women, the national urban league

in 2001, whitney won the award fothe primary engine for the joint strike fighter through a competitive process. this process was set up to save millions in taxpayer dollars. since then, congress has authorized $1.3 billion of unasked for funds. the bush administrationed opposed the program, the obama administration opposes the program, yet if this amendment fails to pass, we will continue to authorize a program that is unnecessary. i couldn't put it better than this, given the needs facing our country, we cannot afford a businesas usual approach to the defense budget. tough choice must be made by both the deparent and congress to ensure that current and future military capabilities can be afforded over time. this means programs with little or no benefit, like the f-136 program, shod be can selled. i yield the remainedmoifer time to mr. larson. the speaker pro tempore: weather, e gentleman from connecticut will control the remainder of the time. >> mr. chairman. i inquire of the air w much time do we have o each side? the speaker pro tempore: the gentleman from connectit has 3 1/2 minut