What do you see . How do you see it playing out . I do think that basically the fed has conditioned investors in terms of what to expect. Theyve been on the same page in saying tapering is not tightening. You know, those thresholds you mentioned, 6 1 2 unemployment and 2 inflation target. Those are the thresholds for the fed to actually lift Interest Rates. They keep wanting to distinguish between the amount of bonds theyre buying every month and the ultimate increase in shortterm rates which is way, way, way off. I do think the markets kind of gotten this message that the fed wants to remain accomodative. I think a lot hinges on augusts unemployment number obviously. Even with what president fisher said in that interview was assuming the economic numbers continue to go the way they are. Were still dependent on that. Bank of maryland tried to pocket paper in terms of cash, research and development in the u. S. Compared to the rest of the world. The u. S. Spends more on r d than all of europe and asia combined. Thats quack. Months ago the media was saying it was losing its advance in innovation. We looked at fundamental factors of what is innovation and looked at r d spending as well. Companies that invest in r d, their stocks outperform. If you break it down into technology, those companies that are spending on r d versus not actually outperform the ones that dont by 10 . Is this part of the reason youre still bullish on stocks . Part of the reason. The market is not that expensive. In fact, earnings actually hit a record high in 2010. We think the market is just starting to catch up to the fundamentals. When you study market history, it takes investors a long time after youve been in a range bound market to gain confidence. And were just, at Merrill Lynch, starting to see the individual investor come back to the market. And were talking about the great rotation. Getting the back up in the Interest Rates over a period of time. And trying to find areas where we can build wealth for our clients. And we dont feel that thats going to happen in the fixed income component. Certainly not earning anything in cash. So we see the longterm bullish story really being in the equity market. Its interesting because you had so much money, tense of billions coming into the bond market but it has yet to find its home in stocks. Were waiting for this great rotation. Are you expecting that to take place . I do expect it. But its grudging. Not something thats being pursued with aggression or enthusiasm. A natural reaction that people see the market at alltime highs and the psychological of do you want to put money to work fresh at alltime highs. It happens. I agree with mary ann this recognition phase is what were in right now. You dont think the market has seen its best days for 2013 at this point . In, were still forecasting a yearend target at 1755. On the s p 500 . That is correct. But what investors need to start thinking about is the equity market. What that means is the rise in stocks will happen over a number of years. Were arguing at Merrill Lynch that were in a new market. When you go into a new sectorable market. It can last for 15 years. You get corrtions, of course, but a meaningful correction in the market is a buy opportunity. Good to have you both on the program. Thank you so much. Mary ann bartels, mike santoli. What is the new hobby of the superrich . Newspapers it appears. While its Headline News today, does it make sense for tomorrow . Well find out. Ashton kutcher dropped in. The actor and prolific Angel Investor offering his take on portraying the founder of one of the worlds most valuable companies. It terrified me. Steve job sass pretty complicated character. S sass pr complicated character. Sass pre complicated character. I sass pr complicated character. S sass pr complicated character. Sass pre complicated character. A sass pr complicated character. Sass pret complicated character. Ass prett complicated character. Ss pretty complicated character. Prett complicated character. Pretty complicated character. Welcome back. It is making front page news, one of technologys best is getting into the newspaper business. Amazon founder and Ceo Jeff Bezos acquired the Washington Post this week for 250 million at a time when newspaper revenues have hit a 50year low. What is bezos saying that other publishers may not be . Kara swisher is coexecutive etd eter of all thins ding ittal and veteran of the Washington Post. Good to see you. Hows it going . Good. Why do you think jeff bezos was interested in the post especially when he acquired it as an individual rather than having amazon buy it . It would have been very difficult for the company to buy it. Theyre already doing so many different experiments that are costly. Jeff is someone who is putting off profits for a lot of growth. I think that would have pushed investors over the edge if the company itself bought it. That makes sense. But about do you think with his ecommerce experience he can reinvent the newspaper the way he reinvented retail and publishing . Im not so sure. I dont think theyre going to start selling kindles from the Washington Post. I dont know what that means. He has ideas probably about circulation and distributing the paper that he knows about very well. You know whats interesting to me is five or six years ago Rupert Murdoch acquired the wall street journal for 5 billion. And here we are five years later and bezos is paying 250 million for the Washington Post. Thats a real fire sale. Well, yeah, or else Rupert Murdoch paid too much. What happened in the past five years, you think about it, the value of a print publication has gone down precipitously as Online Publications have risen, but the prices are still kind of skewed because the money coming in to Online Publications isnt quite the same as is going out of newspapers. So you actually started out in the mailroom at the Washington Post. I did. And you worked your way up at a time when the tech scene was just beginning with aol. Yeah. I was very good at it, i just want to say. What did you see at the Washington Post . Did you see missteps . You mentioned in a recent piece that don graham bought personal shareses of facebook in 2005 but not on behalf of the company. He got them as a director, actually. And theyre going to charity. So lets be fair to him. But the Washington Post had a deal to buy in one of the early rounds of facebook, and Mark Zuckerberg asked him to give it to excel partners. He was honorable and did what mark wanted. But the wp if they were very aggressive had an opportunity to be in early in facebook and those shares would have been worth billions. You have another billionaire red sox other than john henry paid 70 million for the boston globe. People like him, bezos, warren buffett. Are newspapers the playthings for the very rich . Or are they taking them on as a serious investment or content is king . I think that content is king what you can do with these brand names. The Washington Post is a tremendous brand name. You know, john henry actually got it for not even 70 million because there were 110 million pension fund. So it was worth 40 million in losses for the New York Times to move it along, which is kind of interesting if you think about it. The delivery of content is an important area. If they can manage to keep these loss ors make them you know, the cash flow is positive. Some of these Companies Make money, not very much, but the cash flow is positive. They can do something interesting. Fewer and fewer are actually reading the actual newspaper. We know that printing is expensive. Right. How come newspapers dont just go all digital . Are there other issues were not seeing . I dont know. I said in the piece they might as well just do that. It doesnt mean you have to get rid of print products. Theres good opportunities for print products, do them. You dont have to be religious about this. But the question is do the new consumers especially young people, they love news, people love news. News has not gone out of style. Online News Consumption has exploded. Its they dont like the delivery medium. If they dont like print, why force it down their throats and kind innovative ways given that theres tablets and cell phones and ways to get this stuff and televisions, why not try to focus on that . What would your advice be to bezos and henry to turn around their papers . I would stop the presses, i got to tell you. I know i put in it that piece. I would try to hire people that like the internet. A lot of people in print publications still really despise the internet. Even though they embrace it, they tweet, they try to like get around it. They put out digital versions. Its always the second part. The fact that you use the word blog any more, theres some really Good Journalism going on online. Its the they have to think of it as a living news organization. And youve got to bring in people that know how to do that, that are native to this. And it doesnt have to be young people, by the way. It has to be people that understand the change thats being made. And its akin to me its like the people that just didnt like them cars. If Anyone Around then, there was probably a lot of argument about cars, like i like my horse. You just have to say this is the future and this is the way we have to be. You have to get people in there that are creative and interested and also still love ethic, fairness, accuracy and things like that. Absolutely. Keep journalism at the top but the distribution is clearly changing. Kara, good to have you on the program. Thanks so much. See you soon. Kara swisher. Up next qon the money from dude, wheres my car Ashton Kutcher is playing steve jobs. Nobody wants to buy a computer nobody how does numbsomebody know w they want if theyve never even seen it . Piece of mind is important when youre running a successful business, so we provide i. T. Services you can rely on. With century link as your trusted i. T. Partner, youll experience reliable up time from the network and services you depend on. Multilayered Security Solutions keep your Information Safe and secure. And responsive, dedicated support meets your needs and eases your mind. Century link. Your link to whats next. Well, actor Ashton Kutcher has made headlines for his film career and celebrity, but now hes all business. With a new role as the late apple founder steve jobs. Kutchers no stranger to risk in the hope of reward. Hes a Venture Capital fund and has invested in more than two dozen Startup Companies making his portrayal of one of the leaders of the digital era the role of a lifetime. Apple. Excuse me . Apple like the fruit . The fruit of creation. It terrified me. And im usually found the greatest rewards in my life come from taking up something thats a little bit scary. What this film is about is the notion that life isnt just something that you live in, its something that you build. The user can move an arrow around on the screen and simply point to english words. How do you prepare for such a role . Steve jobs is a pretty complicated character, and somewhat a psychologically complicated guy. People already have a preconceived notion as to who he was and how he was. Its usually the guys wearing the blue jeans and the black turtle neck with the round glasses and the shaved head. But understand that steve jobs wasnt always that guy. He became that guy. Were constantly refining ourselves and other personas through our life. I thought it was important to live in his shoes. I read that you made a tenhour file of his voice. Sound cloud creates index of steve jobs content over the year. The first story is about connecting the dots. And i just compiled them and listened to them while i was sleeping and driving in my car and 24 hours a day. There were certain things that i was able to find that were patterns that he repeated again and again and again. And if he said it publicly again and again, he was probably saying it privately ten times as much. And he had a brutal, blunt honesty that a lot of people i think are afraid to have. And i think it was his strength but it was at some points it was also his thought. Weve got to make the small thins unforgettable. I think it isnt a pressing issue. Get out. When he gave feedback the people he didnt care whether they liked him, he cared whether what they were doing was making his product better. Youre also a real technologist yourself. Your venture fund has invested upwards of it is 230 million . Collective portfolio, 100 million. Had you come to know about tech so much to be able to pick out winners . How do you do it . The first thing we look for is the density of the problem that theyre solving. So were not looking for companies, you know, off the bat that we go that companys going to make x amount of money and it has x market cap. The second thing we look for are extraordinary entrepreneurs. You know, a lot of these companies that we invest in, they are two guys in a garage with a powerpoint and a dog. And do they have passion for the problem theyre trying to solve . Do they have the kind of willpower thats going to take them through the challenges . And you found that in Companies Like ab b and uber and spotify. Every once in a while you hear that idea and thats obvious. Eb b being one of them. Because we have this layer of trust being built by social networks, you have implicit trust because you know someones a friend of a friend of a friend. So theres product that can sold on that network to a willing buyer. How much of your life is investing and how much is it, you know, your acting career . It feels like you are very, very knee deep in investing and and actually finding these new ideas. Is that taking a shift in the way you spend your days . In essence theyre very similar processes. Most of the investing i do is in consumer and technologies and most of the advising i do on behalf of those companies is around a Consumer Product and the way people would relate to a product. Thats really similar to acting in so much as you have to understand the psychology and the wants of a character. I dont really think that theres a bifurcation between technology and art. I think steve jobs was probably the greatest example of that. Steve jobs was an artist, but he was also a technologist. People who werent only great engineer, but they were also poets or painters, and they had a sense of artistic design. When can you get your hands on this . Today. So you like him, after learning all about him, do you like him . Do you feel that hes that complicated really . I love him. You know, while he was this great guy, this extreme leader and achieved a level of genius and greatness that a lot of people try to attain to, he was still a person. And what makes people beautiful is their flaws. My thanks to Ashton Kutcher. Jobs is in theaters august 16th. Up next a look at the news this upcoming week that will have an impact on your money. Then sharks in the limelight this shark week and summer. One business shoeping to ride on their fins. For more on our show, check out the website, otm cnbc. Com. Look for maria bartiromo. A look at the stories in the week ahead. More Quarterly Earnings or on deck with cisco, macies nordstrom and kooulss. On tuesday, retail sales for the month of july will be out. Also on tuesday, Warren BuffettsCharity Buzz Auction comes to an end. The highest bidder will meet with buff et with proceeds going to schools in los angeles. Wednesday we get an idea of inflation when the Producer Price index for the month of july comes out followed by the Consumer Price index on thursday. On friday, the very latest Housing Starts will be released. Finally today from sharknado to shark week, we simply cant get enough of our favorite sea predator. One company is set to cash in on that popularity. In honor of discovery channels hit shark week, narrangansett beer is reintroducing a 1970s can design featured in the movie jaws. At one point in the film captain sam quint played by the late robert shaw, crushes a beer can with one hand. Narrangansett is the 45th largest Overall Brewing Company in america. Well see if customers take the bait. That will do it for us for today. Thanks so much for joining me. Next week the american dream. Is it packed up in a moving truck . Ill tell you where its headed. Keep it right where we are on the money. Ill see you next weekend. apolo im sara gore and this is open house. This week were all about Luxury Living in the hamptons. Were taking you inside the annual hampton designer show house, plus George Hirsch shares tips for creating the perfect space for outdoor entertaining. And first were getting a private tour of awardwinning designer marquettes estate. This bank of windows in the bedroom has such wonderful Morning Light that it just ininvites you to go outside. Right now im coming to you from one of new york city trendiest neighborhoods. Nolita. This he went penthouse has views of the city from every year. Over 4,000 square feet of indoor living space and an additional 4,000 square feet of outdoor terrace. Youll still get that resort style living here if you cant get to the hamptons. Lets start in east hampton with a 12,000square foot estate. Another master peels from jeffrey colet. He combined old world crafertmanship with state of the art modern amend amenities. Take a look. Hi, im susan and this is my son matt. Welcome to this beautiful jeffrey colet estate in east hampton, new york. Its set on two acres with a pond. Its stunning and theres a lot to see, so lets go take a look. This 12,000 square foot resident was originally designed by Sanford White and was totally redone and rebuilt with the highest possible cafertsmanship. The home takes you back in time. You feel its almost a gatsby eratype home. Its truly magnificent. Now this is a great room. It has deeply coffered triple ceilings. Handmade par quay floors, antique fireplaces and floor to ceiling french doors. It is the perfect space for entertaining. Just off the great room you come into this dramatic kitchenfamily roombreakfast room area. A lot of natural light. French doors lining the exterior and this beautiful 18th century fireplace. The kitchen is dramatic. Gour may. You can have a professional chef here. Here is my favorite spot. You can overlook the pond. You truly get a sense of why stanford built the place here. On the way to the master bathroom youre greeted by this beautiful sundrenched space. It has tiled l