To april done to taxes and the market becky joins us from omaha to wrap up in case you missed some of it. Hey, beck. Hey, carl good to see you again. I have a question for you. If there was one question that you think sent in more than any other in terms of question thats viewers get to pose to Warren Buffett, what is it one question that gets sent in to ask warren if you get one question, yeah, if you get one question, if you get one shot of asking warren a question, what do you think by far the most commonly asked question is . I have to believe its a single stock kind of question, what stock do you wish you owned more of . Bingo i knew you would know the answer youre right that is the number one question that gets asked time and time again. What is your favorite stock . What one stock should i be buying its a question he hates weve come at this about 50 different ways, tried to get him to the answer the questions. Its such a common theme that shows up in the boxes. So we came at it different this time this time around we tried to get him talking about what his favorite stock might be. And we keyed it up i cued it up saying in 2009, you told people that if you had to put all your money in one stock that, stock would be wells fargo. Lets fast forward to today, what would that one stock be Warren Buffett said, that stock is Berkshire Hathaway. I know, of course. Because that is where he has all of his money he has 99. 8 of his fortune tied up in shares of Berkshire Hathaway we didnt end it there we dug a little deeper if you look at our holdings, you would assume that we like them in the order in which they rank by dollar value holdings. But if you look at them in terms of recent purchases, you know, over the last year we bought more apple than anything else. Can i take it and run with that as a headline apple is your favorite stock i havent told you what i might have been buying the last week or month okay. He hasnt told us what hes been buying in the last week. Lets take a look at the chart that shows you as of their most recent filings what the Biggest Holdings are and run down the line on. That now he mentioned wells fargo. That is number one theyve been holding that for a very long time 29. 3 billion in that. But there is apple at number two with 28. 2 billion that theyve accumulated. But then again that, is a relatively recent purchase he built up a large stake in that company rapidly you can extrapolate what you want from that bank of america, cocacola, american express, round out the top five in terms of berkshires htop holdings one stock you dont see on that list is amazon but that is not because hes not impressed by amazons ceo jeff bezos. Ive been a constant fan since he started and then the more i see of him, the more impressed ive been with what hes accomplished. But ive blown it in terms of making any money out of it so youre not invest right now . No. But i would never bet against it wouldnt bet against it in fact, in a case that we know of very publicly, he teamed up with jeff bezos and jamie dimon are trying to bring down Health Care Costs for employees in ways that could be copied broadly across the nation and potentially bring down that rapid spiral of Health Care Costs which are approaching 18 or just about 18 or just over that in terms of the gdp of the nation so thats another huge conversation we got into some of the specifics on what is happening there still very early days but buffet told us they are on a search for a ceo for that company or group whatever its going to be. And that the things that happened there, hes very hopeful over the long haul they label find ways to bend that cost curve down. Carl, ill send it back to you becky, if you wrap a few things thoogt you talked to warren about here between not having really any compelling deals to where he can deploy that 100 plus billion in cash and amazon being too expensive right now and not really feeling that there are any other stocks that he feels are worth buying he wont just say, look, the kind of returns i demand to own a business in full are just not available in a market thats been in a bull market for nine years. Does is that the general tone you took away from him i think so. But i think theres a big distinction there, mike. I think youre right in terms of finding a big business that he wants to buy that business in its entirety, he said that he struggled. He cant find anything that fits that valuation but thats because if he was buying the business as a whole, hed be hed have to pay a premium on top of what youre already seeing in terms of stock market prices. Now i push back at that too. I thought that maybe he was making a call. The stock market was overvalued here that is not what hes saying hes saying if youre an investor and looking alt businesses right now, you can still buy pieces of those businesses in other words, stock in those businesses at very reasonable prices maybe not very reasonable. Burt decent prices still to be buying and in fact he made the point that Berkshire Hathaway is a net buyer of securities in the open market over the beginning of this year from january 1st to now. And thats even with the idea that they sold 3. 3 billion in stock back to philip 66. Now again, not because hes getting out of philip 66 but because they were going over that threshold of 10 where he likes to stay in companies so they sold back 3. 3 billion and even with that, theyve been a net buyer of stocks, meaning, they spent at least 3. 5 billion on stocks over the beginning of the year yeah, thats an important distinction. We learned so much today from you guys were always grateful. Great show once again. Becky quick joining us from omaha. Thanks, carl. Lets bring in david i knew you would know that question a long time berkshire share holder is joining us Kevin Delaney is the cofounder of courts guys is there a difference between buffet sitting on a bunch of cash because hes hunting for elephants and investors wondering what to do with cash and whose choice is to buy equities yeah. I mean, you know, buffet has been hes very careful when he is giving advice about the stock market but what i thought was very interesting, perhaps more interesting than some of the parts of the chairmans letter, beckys interview with buffet this morning, again, he chooses words very carefully when he talked about maybe raising the metric to buy back berkshires shares himself, he mentioned maybe 1. 2, 1. 27 price to book up from 1. 2 that, is my big question his previous metric was so creative, so cheap, its almost like free money. But as this cash is just ballooning, i would not be surprised if the annual meeting that we get an evolving figure from mr. Buffet and outside of other investments if the markets are still really high he cant buy any private businesses, i wouldnt be surprised if that metric for berkshires shareholders goes higher and i think to give him more leeway that if he doesnt have any other opportunities and were sitting at 120, 130 billion in cash, then hes going to start hoovering up some of the berkshire shares and i hope thats the case. I would really applaud that. Quickly to follow up on that, david. Were still a long way away from that level of cheapness though in terms of where berkshire is trading right now, right were above 1. 5. Right right. I think also when we factor in the big gain from the tax cut bill that he mentioned, you know, the 29 billion increase in book value, and also one thing that he didnt talk about was in the letter this new tax bill is going to increase the earning power of the overall conglomerate now is that 3 billion 4 billion the point being is that if berkshires stock is flat just for a couple more quarters, we may be getting closer to an area that maybe he does start to pull the trigger. Again, its, you know, that previous metric is so cheap. It really he hasnt been able to pull the trigger. So again, if he doesnt have cash, keep it there. But when youre talking 120, 150 billion in cash, i think that metric needs to move. If we get a little bit of a down turn in the stock market, of course, we havent had much of that in the last nine years, hell get his opportunity. But youre right its not there right now as 2018 clicks along, we may get there. Kevin, taking a look at shares of apple right now, theyre 1. 5 , one of the top performers buffet saying hes ee emassing what do you think about his opinions i think hes really relatively late to investing in apple. It seems like hes made a good profit on it in the interview he said hes buying around 105 a share shares are now around 180 so its been a good Financial Investment what is interesting to hear buffet talk about apple is that he thinks about it as a consumer company. So he thinks about it like a brand like cocacola i think thats actually not a bad way to look at apple they are like buffet himself, like representative of the consumer market. Theyre probably somewhat sensitive. We havent seen this to the up and downs of the economy as they reach the scale and depend on consumers around the world he might be a little bit ahead of the market in that. He probably thinks thats how it should be viewed more. Yet here we are every couple of years. Wondering if its going to be a blockbuster upgrade cycle for the iphone or not. I think history shows with Consumer Products that there is some moment of time where incumbents have an advantage you know, you look at the internet and you look at aol and msn and yahoo and other brands and shown there is some staying value, the iphone in the latest quarter represented 70 of apples revenue. And, you know, weve seen with samsung last year where they had the problem with their batteries exploding, there is some risk there. 70 of apples value is a Global Consumer brand samsung perhaps shows you can actually rebound from that sort of con taatastrophe but that is a lot of eggs in a single consumer product. Im wondering, david, i want to preface this by saying that buffet looks great hes as energetic as ever. The guy is 87. Its amazing his capacity to retain and express knowledge at this age he did say a couple times during the show this morning that hes trying to curtail his travel i dont know what that means i wonder, is there any how does the stock react once we get a better picture over time that his involvement will drop . Well, again, i would agree with those statements. I hope im half as energetic as he seems to be when im 67 much less 87. But certainly i think whats going to be key when we finally get to that point where he announces that hes stepping down, its going to matter where the valuation is if the stock is 1. 6 or 1. 7 times book that, is a very different reaction if its trading as cheap as 1. 3 or 1. 4. But that said, i think that there are going to be some shareholders that say, hey, at the Capital Allocation level, he is irreplaceable and were moving on. Hopefully theyll have a lot of cash on hand to buy the shares if there is an overreaction to the down side. Fascinating morning with the oracle kevin, david, thanks guys g to see you. Great we were just talking about the smart phone business samsung unveiling the brand new smart phone at the mobile World Congress jon fortt is there with more hey, jon yeah, im here with the s9 and its important to put this in historical perspective, guys. Samsung launching a phone at mobile World Congress. It was something we kind of took for granted. But its important to note this is the first new premium phone that samsung is launching at mobile World Congress in barcelona sti barcelona since that battery gate thing you with were talking about. There was concern that samsung left the door open for others to eat its lunch, take share. That really didnt happen. So the s9 is here cameras are the battle ground. Again, its available on march 16th at 720 and 890 for the higher end one for the s9 plus. And the premium tier at this point for apple and samsung in particular theyre the only ones that can sell really expensive phones in volume it has become really important because there is no more growth overall in the smart phone market the way these guys are using these phones appears to be to get higher margin, to get more revenue from the same number of units or even a little fewer and beyond that, the two of them are also trying to use a push to other arenas look back at the past year, there were actually more cars added to Wireless Networks than there were phones for the first time so watch apple and samsung using their installed bases to expand into smart speakers, watches, cars and we have car play and, of course, samsung with Harmon Cardon that has new card systems. That is the new battleground and all of those things are enabled and super charged by 5g networks we expect to see tend of this year and really start to ramp in 2019 and 2020. Back to you. Jon, when you throw that stat out there about more cars getting plugged in than smart phones, it is eye popping when you stop to think about it, especially given the fact that weve been having this discussion about buffet he massing a bigger stake in apple. Given that fact, what are some of the other Product Launch thats youre keeping an eye out for in spain this week are they also smart phones or it is other types of devices . Well, its always interesting to see what competitors like lg, like nokia are doing nokia launched 1,000 phone. But if you look at the market share, these things are a blip and dont even really show up competition wis versus the likes of samsung its more what carmakers like daimler are trying to do in the arena of technology and connectivity even though more cars are connecting now than phones, its not as if everybody is demanding the connection its more about enabling things like autonomous driving. 5g is really going to drive forward. There have to be services, pieces of software that people find must haves and that is what the industry is searching for now. Got it. And i want to ask you so many more questions about 5g. I think well be talking to you a few more times in this hour. Thank you, jon fortt well see you shortly. Great stuff so far still ahead, much more from jon in barcelona his interview with a man that runs a 100 vision fund. And a former facebook insidelininsider, how he thinks they can fix the fake news problem and backlash against the nra is falling why are you so good at this . Had a coach in high school. Really helped me up my game. I had a coach. Math. Ooh. So, why dont traders have coaches . Who says they dont . Coach mcadoo you know, at td ameritrade, we offer free access to coaches and a full education curriculum just to help you improve your skills. Boom thats lesson one. Education to take your trading to the next level. Only with td ameritrade. At holiday inn express, we cant guarantee that youll be able to contain yourself at our breakfast bar. Morning, egg white omelet. Sup lady bacon fruit, there it is but we can guarantee that youll get the best price when you book with us. Holiday inn express. Be the readiest. In light of the extreme market volatility, Warren Buffett has advice on what investors should do now. Heres what he told our becky quick this morning the stock market relative to the long term bond market, if people have three choices pretty much if theyre going to be in marketable securities. They can own reasonably long term bonds this he can own equities or they can keep it in short term cash he quif lentz. If you had to choose between buying long term bonds or equities, i would choose equities in a minute that doesnt mean i think the stock market is going to go up or anything else but if i were to own a 30year Government Bond or own equity for 30 years, i think equity is a little considerably outperformed that 30 year bond over the 30 years. Joining us with some insight on that and a lot more, professor of finance at nyus stern school of business professor, good to have you back its good to be back. What did you make of buffets comments not that theyre owl of school for what he said historically but the way he framed it this time i think true to buffet, i think hes boiled it down to basics if youre not a market timer, the answer to that question is a nobrainer if you have a long time horizon, of course you should invest in stocks in account fa, it was a bit of a copout to give a three year time horizon or three month horizon or three day and if youre not a market timer, youll pick stocks or bids because that is the essence of not trying to time markets. What about within the market . I know that youve taken a look and a stab at, for example, some of the leading Tech Companies. Its very note worthy, i think, that before this Market Correction and after the Market Correction, the very large powerful Top Companies in tech have led the way amazons been a little bit of a white whale for you. What does that tell new terms of the markets message about the enduring value potentially of these businesses right now i think the pricing these companies for global domination. And in a sense, who can blame them i think that these companies if you look at them on a year to year basis, they seem to get stronger as they get larger. Unlike prior businesses whereas you got larger, got more difficult to get larger. These companies seem to find it easier to get larger as they get larger and i think the market is building it in so do you actually see these based on your own personal investment thesis as value plays given the growth there i think of the four big players apple, alphabet, facebook, and amazon apple is the best value play and in that sense, i agree with buffet it is a cash machine i never seen a company generate as much cash as apple has over the last six or seven years. That said though, this is what makes it different from a cocacola. Apple has to reinvent itself every two years. Thats the problem of being an iphone company which is what apple has become is cocacola never had to reinvent itself. Its a trickier play than cocacola even though its an incredible cash machine. But then you have cover the New York Times magazine over the weekend where in the case of google youre so large that you are arguably inhibiting competition or squelching competitors at an early age. How much is our system equipped to tolerate that i think the problem is unlike prior episodes where competition is suppressed, consumers are benefiting from the competition being suppressed so its going to be much more difficult to bring in antitrust laws against these companies because consumers dont seem to mind but would the antitrust laws potentially be rewritten or interpreted differently within the courtsystem . I mean were seeing that sort of i realize their laws are different. Were seeing that play out in terms of a potential precedent in europe right now. Its happening. But at the same time, i think europe is the worst example to follow here. Because theyre still following the old rule book which is there is competition, you know, we have to induce competition even if it hurts the consumers. I think that in a sense we got to rethink what we mean by monopoly power as we look at the companies. Theyre in a sense redefining what they do with that monopoly power. But somebody who was looking to make a case that in fact maybe they should be restrained in some way, maybe could take your quote that as they get bigger they find it easier to get still bigger i mean isnt that perhaps a difference between these massive tech platforms and prior types of business . I think the test is whether were going to use market share as our basis for monopoly power. That is historically how we looked at market you know, if you get a high market share, youre going to get Pricing Power and then youre going price the competitors out of the market and push up prices. But you havent seen the pushing up prices part of this business yet. Maybe when that comes youll see a push back against these companies. We havent seen that yet were looking at bullet stuff, bullet points about what you believe is important in the markets. And we are going to hear from the fed chair tomorrow on the hill how do Central Bank Balance sheets, low rates over time now deficit spending, how are they coloring your view on valuation . I think were heading were heading back to a more normal period of time. I think the last ten years in a sense were an aberration inflation had gone close to zero real growth was low. Interest rates were 2 i think were going to revert back to a more what i think is a more normal time period of, you know, youre going see inflation and growth youre going to see rates go up. Its not a question of whether, its a question of when. And the real test for markets is how they adjust to 3. 5 bond rates whether they come. Because they will come and when goldman issues a note over the weekend like they did stress testing 4. 5 yield and saying stocks would fall by 20 to 25 zshgs th, does that me i never read what Goldman Sachs says in a sense, why worry about what any Investment Bank says about the future of stock markets . The reality is they have no idea what is going to happen. The 4. 5 t bond rates come because you have real growth at 3 i seriously doubt that stocks will think of that as bad news i think it depends on why rates go up to 4. 5 . If its primarily inflation thats causing it, of course that is bad for stocks but there are good reasons why rates go up and things that can actually benefit stocks. Professor, great insight. Great candor as always thank you for coming by. Joining us to day. Professor at Nyu Stern School of business and still to come, soft bank making a huge splash with multiple billion dollar investments in the u. S. Startups including uber the man who runs that fund joining jon in barcelona and as we head to break, taking a look at the nasdaq. It has officially recovered all of its selloff losses of the past few weeks, 755 points in total. More squawk alley afr isteth mvo youre not doing work to help somebody, youre gaining something from meeting mr. Adderley. Its a calling to not only everybody in this neighborhood in miami, but to the nation how great we are. And how great we can be. Ill stand by you. Ill stand by you. And ill never desert you. Ill stand by you. Todays Senior Living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. And theres never been an easier way to get great advice. A place for mom is a free service that pairs you with a local advisor to help you sort through your options and find a perfect place. A place for mom. You know your family we know Senior Living. Together well make the right choice. Im courtney reagan, here is your update at this hour the Supreme Court dealing a setback to President Trump requiring his administration to maintain protections he sought to end for the socalled dreamer immigrants the justices refusing to hear appeal of an earlier injunction that halted trumps move to end the program. In an exclusive nbc interview, ivanka trump believes her brothers denials of Sexual Misconduct she represented the United States for the closing ceremony at the winter games. I think its an inappropriate question to ask a daughter if she believes the accusers of her father when he is affirmatively stated that there is no truth to it i believe my father. People paying respects to late reverend billy graham who is lying in repose at the Billy Graham Library in North Carolina hell lie in repose at the Capitol Rotunda in washington on wednesday and thursday lets get back over to squawk alley. Courtney, thank you very much lets get back to hq and seema mody is there with the european close mike, european stocks mostly higher led by technology as we enter a week in which politics and Central Banks will take center stage in an address to the european parliament, ecb president mario draghi says they have yet to show signs of upward adjustment with politics, germany reacting to chinas jili buying a 10 stake in daimler recollectors say the deal should not be used as a gateway to advance chinese policy interest. That stock down. 2 . Germany chancellor afrngela merl brought closer to a fourth year term the lowest level in a movement sticking with politics, italys general election less than a week away. The polls show that its unclear who will win the election. Remzi leading the democratic party. He was the former Prime Minister and voters rejected changes to the constitution bett better lus xoeny is back and the youngest of all contenders is di maio the big topic of discussion is immigration and taxation ahead of that vote on sunday back to you. Well be watching that all week thank you very much. When we come back, social media giants still in hot water for fake accounts and fake news. How can the issues be resolved former high level insiders at both facebook and google are with us next stay tuned at fidelity, trades are now just 4. 95. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. Delta and United Airlines the latest to join in against the backlash against nra good morning, carl. Thank you very much. The list of companies severs ties and partnerships with the nra continues to grow and has grown over the weekend behind us here is a list of the companies that used to have some kind of a deal, discount deal whatever with the nra. But no longer do First National bank of omaha was the first one to do that that was on thursday enterprise renta car and alamo national, theyve done it. Competitors avis, hertz, metlife, true car. Delta and united over the weekend as well. These are the companies that have severed most of the deals were semiconductor my if youre an nra member, you get a couple percent off a flight to the nra annual meeting in dallas or a discount on a car rental company. The deals are ending but not every company is ending relationships with the nra there are a number of companies keeping the relationships. Amazon and apple, ill get to that in a second perhaps the biggest name on this list is fedex. Of course, you have ka bellas, omni hotels and resorts. These are companies that have not responded or just chosen to not do something yet by the way, hotel planner, a booking site, the ceo will be a guest on power lunch at 1 45 eastern time hell tell his side of the story. The nra is not taking all this lying down they fired back in a statement, the key part really is this, some corporations have decided to punish nra membership in a shameful display of political and civic coward he is in time, those brands, the ones behind us, will be replaced by others who recognize that patriotism and determined commitment to constitutional freedoms are characteristics of a marketplace they very much want to serve. So one final note, guys. You see on this list here companies maintaining marketing relationships, amazon, okay . You have roku, apple this is not the these are not discounts or partnerships. Rather, some people have called for those companies to end their hosting of nra tv. The tv side of the nra on their streaming services thats the latest, guys. I dont need to tell you, its a Second Amendment issue when we talk about this maybe were getting into First Amendment issues as well brian, thank you for that i have a feeling well be talking about this more as the week unfolds Brian Sullivan back at hq. Sticking with social responsibility, big tech is under pressure for the role in spreading fake news and manipulating User Behavior were joined by two former insiders at Companies Taking center stage in this debate. Facebook and google. A fellow from new America Foundation and former facebook privacy and policy adviser and James Williams is a former google strategist employee and time well spent cofounder james, i want to start with you. First of all, thank you both for joining us james, i want to start with you. Certainly the news, the content consumed on many of these Big Tech Companies platforms including the ones that you worked for coming under fire this idea of whether this news is variable, how to make it so youve been studying this as a doctoral candidate at oxford what can the Tech Companies do to address this issue and do so without completely upending the Business Model well, i think the thing we ought to demand is the upending of the Business Model. What were seeing in this backlash, the pressure against the Tech Companies, is a realization of the way that the Advertising Industry has really tranformed into something unrecognizable in the collision with the infrastructures of Digital Technology and i think the key question i think that we have as a society right now that underlies a lot of this is what forms of psychological manipulation shall we consider acceptable as Business Models . I dont think its productive to kind of keep playing whack a mole with fake news and objectional content. It was said in the 1960s, the medium is the message. If we keep focusing on the message and we dont fix the underlying problem with the medium which is incentives that companies have to put extreme content, to put polarizing content in front of us, i think were going to be just in the same situation moving forward. Are the companies doing enough to address this issue is there going to come a time where regulators have to step in well, i think that companies are doing whatever they can to try to respond to this extremely difficult situation that they found themselves in. I think we have to remember that there is a fund. Al alignment in the interests of internet platforms like facebook and google and twitter and political communicators or advertisers more generally and when those types of advertisers are when they have nefarious intent, whether thats through spreading fake news or hate speech or other kinds of egregious content, these Companies Need to take a stand. And i think increasingly were actually seeing that there are a couple of Near Term Solutions i think or remedies rather that these companies can try to pursue. I think there are longer term ones as well which will require some more political will and james, over the weekend a senator said she believes in imposing finds do you think that is a good idea i think there are certainly a number of bandages question apply to acute problems in the near term like that. But again, i think that unless its part of a broader strategy, a broader societal conversation about the nature and role of advertising in our lives and the way in which it, you know, shapes the character of these platforms, you know, to which we trust so much of our lives, you know, they now shape so much of what we think and do on a daily basis. I think without that broader conversation, again, i think that these kind of bandages, without the surgery, the bandages will not be of much ultimate use and you know, we use the term social media to talk about this stuff a lot. I try not to use that term at the end of the day these are not social Media Companies theyre Advertising Companies with social side effects on that point, in terms of the advertising kind of motivation for obviously a lot of the content out there and what users are seeing, is there a chance that the risk here is not in addition to being potentially regulated, is that users just kind of tune out in general or believe that a lot of content is suspect and therefore they become less attractive to advertisers . Its almost as if when spam took over email and nobody wanted to go to their email anymore yeah. I think that were actually seeing effects like that for example, on platforms like twitter. Twitter is an amazing resource i consume all or much of my news through twitter but were actually seeing a lot of movement away from some platforms because of this kind of thing i think that the companies more generally need to start understanding that they have a greater responsibility to their users. And i think were actually starting to see that these are companies that are neither here nor there they cannot continue to claim that theyre agnostic platforms with no responsibility to their users. But at the same time, theyre not necessarily like tradition alameda o traditional media outlets. Theyre squarely in between. They have to maintain some commitment to free speech and the freedom to political expression but also to the users, to the safety and security of their users. Well, its definitely a very complex issue. Thank you both for coming on thank you. Thank you thank you as we go to break this morning, new fed chairman Jerome Powell will take his first turn testifying before Congress Tomorrow at 10 00 a. M. Eastern time, of course, well have full coverage right here dow up 229 the nasdaq at the highs of the session recovered fully the correction of the first couple weeks of the month Rick Santelli, what are you watching you know, im watching Interest Rates has the ten year peaked . Many are asking th qstn. ldiscuss it after the break. Hi, im bob harper, and i recently had a heart attack. It changed my life. But im a survivor. After my heart attack, my doctor prescribed brilinta. Its for people who have been hospitalized for a heart attack. Brilinta is taken with a lowdose aspirin. No more than 100 milligrams as it affects how well brilinta works. Brilinta helps keep platelets from sticking together and forming a clot. In a clinical study, brilinta worked better than plavix. Brilinta reduced the chance of having another heart attack. Or dying from one. Dont stop taking brilinta without talking to your doctor, since stopping it too soon increases your risk of clots in your stent, heart attack, stroke, and even death. Brilinta may cause bruising or bleeding more easily, or serious, sometimes fatal bleeding. Dont take brilinta if you have bleeding, like stomach ulcers, a history of bleeding in the brain, or severe liver problems. Slow heart rhythm has been reported. Tell your doctor about bleeding new or unexpected shortness of breath any planned surgery, and all medicines you take. If you recently had a heart attack, ask your doctor if brilinta is right for you. My heart is worth brilinta. If you cant afford your medication, astrazeneca may be able to help. Coming up today, a stock surge depend one top technician is now saying about retesting the lows plus, the one stock Warren Buffett is buyingmore than any other. Widely followed Bank Analyst Mike Mayo with us ahead of jp morgan investor meeting. And one of josh browns top picks gets a big downgrade is he ready to sell out of a stock that is almost doubled in two years . Well find out top of the hour mike, well see new about ten minutes. All right see you in a bit, scott. Lets now get out to the cme group in chicago Rick Santelli has his Santelli Exchange everybody, of course, is trying to handy cap exactly what ten year note yields are going to do. And it seems like its still seems like a forgone conclusion. Were going to be testing 3 but do keep in mind our high yield close for the cycle which goes to that last day of 2013 when we actually traded and closed above 3 , well, it was 2. 95 . It was only 3 1 2 sessions ago, wednesday. We had a 2. 95 yield close weve come off since then. Even though equities moved a bit higher and regained their sea legs, normally we tend to correlate in that direction at least from a textbook perspective. So trying to handicap the direction here as weve come off, many say its going to be all about the next employment report it isnt this friday its a week from this friday and i actually happen to agree with it. So lets look at the yield curve as a directional indicator viewing isolated ten year note rates with the context of how things change in the last employment report. So the blue line is the yield curve. Tens minus twos. Black line are ten year note yields what i find fascinating is the yield curve is flat ening dramatically actually. 77 it peaked were trading around 65. But the reason its important is it peaked but yet Interest Rates continued to go up so this was the 12th if you look at 2. 95 , that is the 21st the best place to start is our employment report. So the employment report comes in right about there and you can see how it steepened the curve. And it gave us a bit of a jolt to rates but we continue on higher. The point of this is that when you look at tens to twos, in a simple way, what youre doing is balancing between the federal reserves impact on rates and the economy and inflation, all of those issues. The fact that this turned so much leads me to think the next employment report, if we dont see major steepening, you could almost argue it was a bit of an anomaly. If that is the main cause for rates going up, we may have a longer time line for that pest of 3 . Mike, back to you. Rick, thank you very much still ahead, you heard about Softbanks Vision Fund splashing multibillion dollar investmentes in Companies Like uber, we work and nviaid the head of that fund is coming up next. Lets get to jon in barcelona where he talked with a ceo of Softbanks Vision Fund. This is the 800 pound gorilla of tech investing now. Hes the ceo he hasnt sat down and done a lot of broadcast at all. Of course, the fund is known for having taken a huge stake in uber and has stakes in a couple of their global competitors. Grab in Southeast Asia ola in india he was careful to say hes happy with the new ceo the way hes recruiting new front level, front line executives to the company and that hes not trying to tell him what to do take a listen. Its not up to the vision fund we are invested in both. Its up to the management to g figure out what they want to do and how to cooperate and we have made the introductions and theyll figure it out but is there any in europe, australia, u. S. , middle east no he does appear to be holding out some hope that even though they compete uber and grab might cooperate, but not trying to push that. As you mentioned, carl, its a 100 billion fund. Theyve invested about a third in 30 companies. He told us hes looking to invest in 70 to 100 total. He also talked about softbanks four Point Investment philosophy, as far as what theyre investing in and why our capital station, we, when theres an inefficiency in the industry and theres a company that we find thats a Market Leader, and who can scale and compress the inefficiency and provide better value for the consumer, it will succeed by definition so four points. Number one, find that inefficiency find a Market Leader make sure it can scale compress that inefficiency you can do all those things, maybe youve got money coming from softbank. Back to you. Theyve got something to invest, jon m look forward to hearing more dow is hanging into some nice gains here up 221 after friday big rally more squawk alley continues in a moment whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley a tale of two Tech Companies. Warren buffett sitting down with becky quick talking about his previous tech investments as well as his recent increased stake in apple i was wrong on at least i felt i was wrong on ibm. May have been wrong when i sold it, but certainly when i bought it i felt that apple has an extraordinary consumer franchise. Apples a different kind of business than ibm. Theyre both tech obviously in a major way and even have a joint venture, but i think i understand Consumer Behavior perhaps better than i do the tech business. Wouldnt take much apple is now berkshires second Largest Holding not far behind wells bought more of it this year than anything else. Its almost as if theyve learned the lesson a lot have. Its easier to bet on the leader than the incumbent although ibm stock has not been terrible up 9 the most resent earnings gave investors hope he said he was wrong when buying now well see whether he was wrong to sell it so soon i guess. The other big story is buffett and airlines he had a checkered pass going back to the u. S. Air days. Talked about how the industry has changed. Its a business thats always subject to somebody doing something very dumb competitively. And theyve done it a lot in past there was more chance of them doing it when there were seven of them than the big ones than four the industry was suicidely competitive for decades. They net lost money while they were growing like crazy in units and i was on the board of u. S. Air so i saw how it all happe d happened it can turn into fierce competitive battles that wipe out earnings or it can be a business that is more decent but still subject to lot of competition. I covered u. S. Air in the 90s and never thought buffett would have interest again. Lets get to the judge and the half welcome im scott wapner our top trade, the correction and comeback stocks surging again rates dropping and why a wellknown market watcher says we wont retest the february lows with us for the hour today, joe, josh, jim, pete. Another move higher for stock, which have now recovered more than 78 of their correction losses. Nasdaq is more than that got like 90 back. People use that sell off when they wanted to jump back in. Where did that