Investments, as well great to have you all here get to you in a second but i want to start with you, lee, if i could. Why are you speaking out its a good question. I dont have any dog in this fight. I retired from the board five years ago. I made a mistake i gave all my stock to charity i should have given cash, because the stock has almost tripled in the five years that im off the board. But i feel and i have, like i said, in dog in the fight. And i know and respect bill ackman so its difficult for me but notwithstanding, i consider his behavior to be, in this instance, somewhere between foolish, inappropriate, and irresponsible. And i feel its my job to speak out and speak my view. What was your reaction, though, when you sort of first found out that he was i was somewhat incredulous. Let me explain, basically. Ben graham wrote a book, i think in the mid50s called the Intelligent Investor and he pottsized in that book that an an analyst evaluates management twice in the decisionmakin
Will have the looming brexit vote on the hill, and other events to influence the outcome of where the major averages head from here. And steve weiss, the stocks had started to sell off a little bit into the program, and what are you making it, amid the bullard comments that it is a full capitulation . Yes, the second capitulation that we have had, and first yellen came out and had the press conference, and before in the fed note that came out with the meeting basically said, hold on. We are not ready. The economy is weakening and that put the market back on its heels after the jobs number of course that we saw. All bets are off. What is stark is that there is no playbook for anything that is happening. We have had jer areman 10year bunds at zero, and now back to two basis points, and the brexit is hanging over everything. So, as i said, no playbook, and no way to hedge the brexit whatsoever, because it is a true binary event, and if you are going to be taking the risk off and go negati
Fading a built. We begin with our s who is inside her Federal Reserve in washington. Steve steve, set the scene for us. Rates will rise on a gradual path, and yellen might imply that its one and at least pause for a little while. If its neutral, the path would be set to be entirely data dependent, depending on the economic data, and, finally, if its august, the statement could mention normalization as in more rate rises and drop the issue of being below normal rates after theyre done hiking. That would be very hawkish. In fact, one of the best brom meters for how the market sees what the fed put out is the twoyear wreeld, and i think it looks very closely at that. You can see its gone up since the idea of a rate hike has become more built in or bake the into the market. Well see if the three rate hikes is really part of what the market is expecting. Theres that 1 or, say, 110 would be a limit where it might internalize more rate hikes. Also, look for the fed to lower their own the soca
We are set up what may be a slightly lower open. Lets get to the road map. It starts with phone. Wallets, watches, apples event kicks off in just a few hours. Full coverage of what we will see, what it means for apple stock price hovering just shy of 100 a share. Buy organic. General mills buy annies for about 800 a share. Mcdonalds sales down almost 4 worldwide. Shares continue to struggle. Lets get to carl who 0 is in california awaiting that apple event. David, thanks a lot. You guys and me, weve been through a lot of apple launches together. There are a couple of Different Things about this one today. First one is the i watch has been relatively leakproof by most apple standards. The other difference is the venue. This is where steve jobs unveiled the mac 30 years ago. A watch would be tim cooks new product category as ceo. Apple clearly believes there is something historic about todays event. What do we expect . Lets go through the usual suspect. Iphone 6 in a couple of sizes. The
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