yesterday. this morning you see green arrows across the board. the dow indicated to open up by about 63 points. s&p futures are 8.5 points above fair value and the nasdaq up by more than 22 points. the bond market, the ten-year note is yielding 2.722%. and check out the dow utilities. that index closing at a record high for the first time in six years. it added three points to close at 554. yes. we'll see what happens today. let's get over to andrew right now. he has more of today's top corporate stories. andrew, good morning. >> good morning to you, becky. that whole net neutrality issue may be over. netflix will pay verizon to deliver faster service for delivery of its movies. netflix struck a deal with comcast to pay for faster delivery over the internet through a practice known as interconnection. weeks later, reed hastings came out, saying he reluctantly agreed to pay the fees so his customers would get better service. now it's a trend. prices of netflix may be going up as well. that's the word. take a look at shares of netflix, however, trading right now about $314 a share. staying connected at 35,000 feet. this is good news for those of you who take a lot of airplane flights. the road warriors, at&t planning to launch a high-speed lte based flight, inflight connectivity service. at&t says it will build an air-to-ground network in the continental u.s. to provide speed and unitalization. this will be a competitor to gogo. for those of us who spend time on planes, i am a gogo subscriber, i'm happy to go, go and go, go to at&t, because it is so slow. >> gogo is slow. >> i'm happy somebody will get into this game and compete with them. continental united is apparently building a system of its own sort that is supposed to be fast. right now, remember when you have a 9600 baud modem? >> i'm go going to at&t or whoever else can do better. >> when you say going connected at 35,000 feet, it means something totally different. >> where are you going with that this? >> i know how you stay connected. connected to somebody. disney striking a deal. you wish. that never happen, though, did it? >> no. >> that is on your -- what's that called. >> that was in your -- you have a wish. >> a bucket list. >> that's with on your bucket list. here you are. >> here i am. nothing to check off the list. >> nothing. >> how about that. >> disney -- with a partner anyway. >> oh! it's early. >> what time is it? 6:03. disney striking a deal with its chinese partner to speed up plans for shanghai disney, the magic kingdom increasing its investment in the upcoming resort and theme park by an additional $850 million. the increase investment will be used primarily to fund additional attractions to increase capacity at the park. most targeted to be completed by opening day, our brian sullivan caught up with bob iger at the millican conference. >> we decided with our partners in the shanghai government to accelerate, essentially the expansion of the park that we figured would be expanded. >> moving along. >> we've been so impressed with these developments that i just cited, we thought it would be smarter to expand faster. the intention is for this additional $800 million investment to be ready for the most part when opening in late 2015. >> mr. iger also commented on a story running in "fortune" that disney was arrested in acquiring buzz feed. they are said to have been looking for a billion dollars. here's what iger had to say about that. >> we had conversations months ago. there's nothing active with buzz feed right now. i love that media space. we ended up buying maker studios. not quite the same but some similarities, short form video, viral video. i think we're probably -- at this point we have a full hand in that space. >> if you're wondering, buzzfeed's last capital funding in january of 2013 was $19.3 million. and at that time it put a $200 million valuation on the company. >> that's incredible. >> buzz feed -- it's gone up -- it's quintupled. bu buzzfeed could have been a good fit for john steinberg and his satchel, because disney owns the indiana jones franchise. there's also an attraction at disney theme parks about that. >> you'll be participating, too? >> there i am. joe jones. very joe jones. philly joe jones was a great jazz player. played with miles in fact. >> you know today is duke ellington's berth dirthday? 115th birthday. >> i'm sweating. i have something. >> does that explain what's going on? >> what do you mean? why i'm sweating or why i'm with your mile high club already? no, that's me every day. nothing smells. it's the calm before the storm, i think. >> you both had it, right? >> i had something. >> i had something, yes. >> we both had something earlier. >> they try to -- >> i think i had the flu, too. >> they tried to trip me up in the teleprompter about ackman and icahn. >> you said they kissed an made up. i say burr rid the hatchet. >> i think it has something to do with native americans. >> really? >> doesn't it? remember the seinfeld where you can't use -- buy tickets -- >> i can't keep up with everything we're not allowed to say. >> there's a story coming up that we have to be careful. these people do not think -- we're out here on the front lines. >> we're on the front lines. joe johns is on the front lines. >> when you gave me what? >> i don't remember already. >> all right. you better rest for a second. >> i'm glad jeff is here today. i'll hand it off to him. i'm handing it off to jeff. >> we have a lot to talk about. jeff seinfeld is here, jeff steiger is here. >> the biggest names. >> tyler mathisen will be joining us. >> we have a lot to talk about. >> debate. >> i heard you heckling. >> we agree on some of these things. >> yes. we're in cahoots. >> you're heckling somebody. >> i'm heckling other people. that's why we did this list. >> it makes you think. the idea of trying to come up with the 25 most important global business leaders over the last 25 years. >> if you are a really important global business leader, normally there's a political aspect to it and we sort of said no political people can be in here. sort of. >> but we did put -- >> pseudo political people are in here like bloomberg. >> we're not supposed to talk about it. >> i thought we did a big story about him yesterday. >> there's a tease. >> i'm going to blow the lid off of this thing. steve jobs is in there. >> it's 7:00. >> you know steve jobs will be there. bill gates better be there. >> why? >> if not, we'll have a lot to argue about. in the meantime, let's get a check on the global markets report. ross westgate is standing by in london. good morning. give us an update on what's been happening right now. a lot of green behind you. >> becky, very good morning to you. can wait for the list. who knows who will be in there. if would be hard if steve wasn't. three hours into the trading day in europe, certainly weighted to the upside, advancers currently outpacing decliners. helped by and large a pretty good graph of earnings. the ftse 100 was up 0.2% yesterday, higher today by 0.66. the extra dax is up around 0.75%. the ftse 100, focused on the gdp numbers, first print of gdp in the uk coming in at 0.8%. some thought it would be 0.90 annualized rate. 3.2%, the strongest since the fourth quarter of 2009. german market heads up a percent today. consumer confidence, up near a seven-year high, despite what's going on in ukraine. the cac current is up 0.4%. in russia, up 1.2% as well. more on that in a second. earnings higher today. nokia leading the european indices after unveiling plans to return more than $3 billion to shareholders in buy backs and extra dividends. the stock today up nearly 8%. this is despite a slip in the company's first quarter revenue. although investors also appear to be welcoming the firm's new ceo. good moves higher from deutsche bank, up 2.6%. it also announced a bond issue to increase the strength of its balance sheet. no news about a capital hike. we did get more announcements today on the methodology for the european banking association's stress test which are coming out for the eu today. it will include fx an a spike higher in sovereign bond yield as well. we're focused on bp, the stock up not quite a percent in london. the oil giant saying earnings at its russian partner, rosneft, have been hit by a weaker ruble. that firm's ceo has been hit by u.s. sanctions. talking about the sanctions being announced by the u.s. and the europe, the kremlin has denounced the decisions to ramp up on sanctions on al lies of vladimir putin. they say it's cold war tactics. the most high profile name on list of seven individuals. here they are. igor sechin is the ceo. that's where we stand right now as far as europe is concerned. they are targeting the deputy prime minister dmitri kozak. >> is that the top 25 list? no. i'm sorry. >> just here. >> that's not them. those are not -- what's your tax rate, ross, for corporations? we have a big drug company that used to have a $400 billion market cap. we really don't care that much about it anymore. we're more focused on raising the minimum wage and keeping pfizer here. you may get pfizer as domiciled in the uk. you have a 21% tax rate and we have a 35 here. you're welcome. >> you're happy that pfizer beat retailers over here? >> no. i'm furious. in this country when states do this, illinois or some state, we understand. the companies may exit and wealthy people may exit and go to texas. they may go to florida. in the halls of power in washington, we don't seem to understand that tax policy has an effect on the entire country. we could lose pfizer. ge wants to invest abroad in france because they want to leave their cash over there. valeant is able to give a better bid than anyone else. >> it's happened with a lot of companies. activist when it bought warner chilco chilcoat. you're looking at chiquita brands. >> the french, thinkio pla thin. >> it will affect 2% of the work force and instead -- i wasn't going to get started on this. i'm feeling a little under the weather anyway so i'm even madder about things. >> we'll continue that conversation. >> you want to? are you unhappy about this? >> i'm as unhappy as you are. >> you certainly aren't showing it. >> i'm legitimately livid about it. i think you have to change the tax code as a result of it. there, okay? >> in my case i think we should lower it. >> i don't want to raise it. >> you want to raise it 100%, make it not for profit. >> the question is what is the number? to me that's the question. how do you do it? to me what's fascinating on pfizer is it's the distinction between who do they pay, 27%. it's basically a 5% or 6% spread. they've decided -- >> it's $200 million. >> you also have to believe -- they have to believe that by doing this in the uk, the uk number is not going to go up. somehow their government is so much better than ours. to me is an indictment. >> there's research and development tax advantages you get in the uk, credits that you aren't getting here. >> what i'm arguing is the longer term, the board has to be deciding -- i'm saying it's an indictment of our system, that the uk system for only what i would argue is a 5% spread, which i know is a lot of money, that spread will remain. >> it's possibly going to get worse here. >> president obama gave cursory lip service to wanting to do something with the tax code and left it there, left simpson bowles there and has moved on to wedge issues to help win the 2014 election that don't structurally help anything. we have no leadership to do anything like this. five years you might look back and there may be five, six, seven pfizers, not domiciled in the united states because of this. >> the question is -- >> you'll have people with second jobs, rich college kids getting 10.10 an hour. >> enough said. let's talk about herbalife for a second. they are reporting a 9% increase in global sales volumes for the first quarter. the dividend suspension prompting praise from investor carl icahn on twitter. he calls it a great move, confirming confidence in the future. that's what he's saying about it. shares of herbalife, 58.50, down slightly in after hours. this is just weird. herbalife, the company that led to one of the biggest public feuds in wall street history right here on cnbc, activist investor bill ackman bet against the stock while icahn took the other side. that happened a year ago here on cnbc. >> this is not an honest guy, not a guy who keeps his word and he takes advantage of little people. >> he's a quintessential example, on wall street if you want a friend, get a dog. >> fast forward today, "the wall street journal" reporting, icahn reporting, too. icahn and ackman have buried the hatchet, they kissed and made up if you can believe that, after a 30-minute conversation last week, icahn and ackman forgiving each other. apparently ackman says i want to forgive you, icahn calls him back, says it's a blessing to forgive. >> he called him up and says i want to forgive you. not i'm sorry. i want to forgive you for being a jerk. >> everybody is in a jerk in this. everyone is calling the other dishonest. >> ackman told you what he did was called him up and said -- >> i'm reading right here. it says -- >> we do did a re-enactment. i'm calling to forgive carl, he says, to carl's assist and the. who might be his wife. and then -- >> don't go there again. >> he calls back and says it is a blessing to forgive. i forgive you. you're sick. i don't want to kiss and make up right now. >> it's not surprising. it's all business. anyone who has seen g1 or g2 knows it happens this way. they tried to bump off someone and went to his son. it's business, sonny. business. >> if you look at the godfather, what happened to his brother out on the lake. >> he betrayed them. >> can we talk about, how is it possible -- >> listen, didn't this just happen with ebay? you see how it happens. they don't mean this stuff. it's all theater. >> they don't mean the insults or they don't mean the forgiveness? >> both. >> i get it. >> it's pathetic. you can't walk around and call people dishonest and tell everybody they're horrible and miserable. >> why, when obviously you do. >> you do. they're dishonest to begin with. >> go on. >> you're saying that's okay. >> go on. >> i guess this is the way of the world. >> in business, so nieve. >> all is fair in love and war. >> pollyanna. >> even the deal with comcast and time warner. they hated each other, now they're the best of buddies. >> make up your mind, are you irate? >> get a spine, people, get a spine. >> that's what i have to say this morning. coming up, corporations picking tax-friendly countries. part of pfizer's proposed deal for astrazeneca -- part of it -- would have it calling the uk home. it's good news if you don't like corporations. this is a big day for cnbc. we're about to reveal the first 25 list of rebels, icons and leaders who have transformed the world of business. we'll couldn't the them down at 7:00 eastern time. more "squawk" in a moment. pfizer could avoid u.s. corporate taxes by buying astrazeneca. we talked about this yesterday before it was really clear. the company said if the deal goes through, it will be domiciled in the uk instead of the u.s. this is the latest in a string of proposed deals that would shift u.s. assets abroad to avoid payer higher corporate tax rates. i'd like to get mad at ian reed, who i think is uk. i know him. >> he's complained about the u.s. before. >> i don't blame him. >> since he took over as ceo p. i don't blame him. i would say this brit is working his own hand, bringing it back to his own company. that's not what it is. he's entitled to this because of the way it is here. joining us now, jordan kaplan, partner in private equity practice at wilkie, farr and gallagher. i don't like this. in staying at 35%, can't we learn this, if you get zero because the company moves, then maybe you should have come down and tried to get 25%? >> again, thanks for having me joe. two issues, one is the tax rate. 35% is higher than most industrialized countries. and higher than the uk which is 22% currently. >> doing down. >> possibly. the other aspect, which i think is a bigger aspect, somewhat underreported -- >> is this not going to play into our narrative. >> it will play into your narrative. >> go ahead. >> the second aspect is that the u.s., unlike most industrialized countries, taxes worldwide earnings. >> this is the repatriation issue. >> it's exactly the repatriation issue. >> something that needs to be fixed. >> it's the two issues that creates an incentive to keep or push assets overseas. the latest proposal in the 2014 uj aboutette proposes to change the inversion rules, as long as u.s. shareholders own less than 20%, they want to change that to 50% so it will make this harder if it passes. >> what do you think the chances are that it passes? >> i think it has a good chance. >> will it be a race to the gate. >> instead of trying to fix the tax code and make companies stay here -- >> they're making it harder for them to go overseas. >> that's exactly correct. >> do you think there's a race to do this? >> there is very arguably a race to do this. >> you're in the boardroom of these companies. what's happening? >> it's being discussed. some of this is getting overstated. most of these deals -- i talk to clients all day long. we don't talk about deals being forced by tax rates. we talk about deals being led by strategy, valuation -- >> ian is talking mostly about the tax rates. >> i don't think he's talking mostly about it. it's worth mentioning. >> it's a big component. >> i'm not saying it's a big component. is it the primary component? if you talk to any of the ceos, the most critical factor is, is it a good business decision in then tax is a very important secondary issue. secondary. it's nice to have. it goes straight to the bottom line and the ceos have an obligation to do the best for their shareholders. if you're looking at a taxed arbitrage, a lot of industrialized countries purposely lower tax rates to encourage outside investment. this will continue to happen. >> for the u.s., you have to deal with repatriation and change the rate. on a competitive land escape, talk about the race to zero globally, if 21%, is that the number? >> 22%. >> what does the number have to be? how high can the number be in the u.s. without forcing numbers overseas? that's the game you're playing if you're in washington. >> it's part of the game. the second issue is the more important one. where earnings are taxed. more important than the exact rate. because the effective tax rate matters more than the actual stated tax rate. >> do you think philosophically, we know with intra-united states, we see companies moving around, away from high tax states. >> that's right. >> but the people in washington, the leaders, the obama administration doesn't seem to be able to extrapolate that that can happen intercountries, not just intra. they see the disincentive for a company to stay in illinois but they can't understand the disincentive to stay in a high-tax country? they can't connect those dots, seriously? >> as a corporate lawyer, i don't know that i'm supposed to think fithat way. they're doing it this way than dealing with the fundamental issue in. >> why would they do it? >> it's the philosophy of the administration to increase rates and not necessarily overall the entire tax code. >> that answers it. man, you can say things without alienating anyone. that's good. you have clients on both sides of the aisle, i guess. >> i guess that's why i'm here. >> i love it. >> thank you. >> thank you very much for having me. >> when we come back, several big events that will keep the markets very busy this week. we are about to unveil the cnbc first 25 list of rebels, icons and leaders that have transformed the world of business. we also have a sneak peek at number 15 on the list. as we head to the break, take a lack at yesterday's winners and losers ♪ you've got a friend in me true business-grade internet comes with secure wifi for your business. it also comes with public wifi for your customers. not so with internet from the phone company. i would email the phone company to inquire as to why they have shortchanged these customers. but that would require wifi. switch to comcast business internet and get two wifi networks included. comcast business built for business. 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[ female announcer ] some questions take more than a bank. they take a banker. make a my financial priorities appointment today. because when people talk, great things happen. make a my financial priorities appointment today. if yand you're talking toevere rheuyour rheumatologistike me, about a biologic... this is humira. this is humira helping to relieve my pain. this is humira helping me lay the groundwork. this is humira helping to protect my joints from further damage. doctors have been prescribing humira for ten years. humira works by targeting and helping to block a specific source of inflammation that contributes to ra symptoms. humira is proven to help relieve pain and stop further joint damage in many adults. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal events, such as infections, lymphoma, or other types of cancer, have happened. blood, liver and nervous system problems, serious allergic reactions, and new or worsening heart failure have occurred. before starting humira, your doctor should test you for tb. ask your doctor if you live in or have been to a region where certain fungal infections are common. tell your doctor if you have had tb, hepatitis b, are prone to infections, or have symptoms such as fever, fatigue, cough, or sores. you should not start humira if you have any kind of infection. take the next step. talk to your doctor. this is humira at work. good morning and welcome back to "squawk box" here on cnbc. i'm joe kernen along with becky quick and andrew ross sorkin. it's another busy day for earnings led by dow component merck, which is currently a u.s. company. the drugmaker will issue its quarterly numbers in about a half an hour. merck is expected to report first quarter profit of 79 cents a share and revenue of $10.44 billion. in following yesterday's better-than-expected jump in spendi pending home sales, we get the case-schiller home price index, that's expected at 9:00 a.m. also today, federal reserve policymakers will begin a two-day meeting with a statement to be issued tomorrow afternoon. one of today's early winners, nokia. the company reported better-than-expected earnings for its first quarter, it announced plans to return $3.1 billion to shareholders through buybacks and extra dividends. it also named the head of its business networks business as its new chief executive, andrew. >> surrey. you just did the syllables. >> we know suri. because tom cruise has a daughter named suri. >> check out your script. >> i thought this was unscripted. the dow and s&p finished higher, reversing losses, following a volatile trading day on monday. joining us is eric davidson, deputy chief investment officer at wells fargo private bank. and dean zaed who is co-founder and ceo of brookstone capital management in chicago. let's talk about this. we've been waiting for a correction. people keep thinking as soon as it's 10% i'm going to jump in. they haven't gotten that opportunity yet. >> no. this has been a correctionalist market. the question for investors is what do i do? >> do you think that at this point you should go ahead and wait? or could we go an even longer period of time before we see that? >> the metaphor i like to use, the average auto accident is 15 years. when you get to year 16, do you park it in the garage never to drive it again? of course not. you want to have a long-term investment strategy. international stocks, commodities, real estate, that is not at an all-time high. still, if you have long-term investment goals you want to have a long-term strategy. >> let's talk about some of things coming up this week. the fomc meeting will be a big one that investors are focused on. we're not getting a news conference this time around. we will be getting the statement from the fed. is there anything they could say that will worry or spook the markets? >> i don't think so. this will be a nonevent, frankly. they'll throw in something about housing being sluggish. there's not much coming out of this meeting. my take would be this, if you look at the correlation between the fed's balance sheet between 2009 and the s&p 500, it's been about 93% correlated. there's not much more you needed to do since the bull market began. i think we're in the middle of a transition. i think transitions are clunky. we're going from a market driven by monetary policy that will transition into fundamentals. earnings matter. last year was an anomaly. the clunkyness will continue. these things are never easy. >> you agree with that? i hear you ascenting here. >> the balance sheet of the fed is $4 billion, it's quadrupled. quantitative easing, you have to say the fed has done a fine job getting to point we are. but now what? what happens when tapering ends? do we start calling it quantitative tightening? when the bond starts to mature and they don't re-invest those? we're going where no man has gone before. if you're less than 50 years old in your adult lifetime, you've not seen interest rates go up. the last time we had a blip in interest rates we lost peabody in orange county. >> that's an argument for getting concerned and waiting for a correction. or is that an explanation? >> what it means in relationship to bonds, we've had a 33-year bull mark net interest rates, investors need to think differently. they're not ready -- more than 40% of investors don't real ides when interest rates go up, bond prices go down. >> what does that mean, they should be in bonds right now? they should be putting money into bonds as the situation changes? >> a well diversified portfolio has to have bonds as part of a ba ballist for the portfolio. we probably in our lifetimes have seen the lower interest rates we'll ever see. what happens with this irrational complacency that's been built into the markets? the in the financial crisis, there was unknown leverage. what happens when we find unknown duration that's out there? >> dean, what's your answer to that? what would you be telling investors to do right now? >> here are two huge things happening as we speak. number one, huge sector rotation, growth-to-value, just in the last few months here. this is one of the largest rotations we've seen, looking, for example, the dollars leaving health care and going into a place like energy. you've got to be active and nimble. i think buy and hold and being passive is not going to work in this environment. to that point in fact, you look at the correlations among stocks, they're going down. normally correlations are very high among stocks in the early parts of a bull or bear market. guys, we're in year six of this bull market. i think it's getting a little tired. core layings are coming down, which means it's going to be a little more difficult to make money being passive. you have to be active, concentrated. those stock pickers will do well in this type of environment. >> dean -- >> not a time to be on the sidelines. >> dean and erik, thank you both for joining us this morning. >> thank you. a cnbc first 25 sneak peek. we get a look at the influential leader at number 15, his name, bernard arnoux, the man behind the empire that includes louis vis vuitton. that's next. we needed 30 new hires for our call center. i'm spending too much time hiring and not enough time in my kitchen. 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[ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter.com/offer2. welcome back to "squawk box." the celebration is on in celebration of our 25th anniversary. the cnbc has created a list of the 25 most influential and transformative people in business in the last quarter century. in about an hour we'll be revealing the entirety of the list and how they ranked. right now we hand it over to cnbc's tyler mathisen. he has a sneak peek at who is on that list. >> you'll hate this list or love this list. a sneak peek, a guy whose name is synonymous with the good life. he's made a fortune selling us things we probably don't need but really want. he's number 15 on cnbc's first 25. >> reporter: louis vuitton, f d fendi, a few of the companies that are part of lvmh, the world's pioneering and almost indisputably luxury conglomerate. >> he is able to understand the importance of creativity but longevity and a heritage of a brand. that's sort of the cornerstone of luxury. >> reporter: arnault got his start in luxury goods in 1984. he paid $15 million to are a textile business that included christian dior. >> he started it by re-inventing and re-invigorating christian dior. >> reporter: it gave him the platform and financial power to go after bigger prey. in the late 1980s through a series of shrewd investments and boardroom maneuvers he captured lvmh. he became its ceo in 1989, three months before cnbc's debut. >> luxury goods is fiercely competitive globally. if you want to be a big player, you've got to amass a huge portfolio of brands and products that people really want and are willing to pay a huge price for. >> reporter: arnault understood that better than anyone. tomming apink, amelia puche, sephora, all part of an empire painstaking l painstakingly, assembled and led by arnault. >> he has the ability to create a design from scratch or recognize a designer that has the ability to make long-lasting creations. things that we're going to want to buy for years to come. what's interesting about luxury and particularly lvmh and the companies and brands that arnault has built, these are all things we don't need but we really want. >> reporter: he understands, too, that fashion must change to stay relevant. and so he hires big-name designers like mark jacobs to be the creative force behind louis vuitton and lower than expected mcqueen to create for givenchy. >> it's hard to be creative and run a business efficiently. he's able to separate himself enough from the process that he stays in his lane. >> whenever he sees one of brands under his stable that wasn't perhaps growing as strong as one of others, he'd using the stronger brand to finance it. it's been a strategy that's been a winning strategy to build this empire. he continues to build that empire today. >> now 65 and the richest man in france, arnault is grooming two of his children, delphine and antoine are actively involved. >> a lot of these luxury brands are run by families, a model that happens to work well in luxury, perhaps more so than in other companies. >> reporter: bernard arnault, a business builder whose name is synonymous with the good life. >> we call it the first 25 rebels, icons and leaders. the entire list will be revealed at the top of the 7:00 a.m. hour. that is in 12 minutes from now. tonight at 7:00 p.m., a special reveal of the top five. up close and personal. that's tonight at 7:00. >> there will be fisticuffs when this goes down. >> i think sorkin is synonymous with the good life. >> what was the name of the place in cabo? there's only one place like that. >> where i was staying? >> he had to unveil everything. >> i had to have a credit card is what i had to have. i showed a credit card. >> the chopper. >> you couldn't take the chopper there. >> no, that you take to work every morning. >> i think i saw you arriving with seconds to spare this morning. >> you probably did. >> i'm definitely going to argue some of these. >> blame me. >> you can't argue yet because we haven't unveiled yet who's on the list and who's not. >> we can't say anything. we have ten minutes to go. >> this is like trying to decide who are the best quarterbacks of all time in the nfl. >> there are a lot of rules, the no government official types but then some guys are quasi guys. >> we ruled out heads of state. people who were appointees. >> carefully figuring out what you can see. >> nonelected appointees. you rule out merkel or clinton. >> you rule out, obviously, people who changed the world. steve jobs. i let that out of the bag. >> you think he'll be on the list. >> yes. >> there's no way i wouldn't put bill -- why are they we'll find minutes from now. >> 10. >> the producers think it's inside information. they're yelling. can you make money? are there futures on this? >> they are yelling us because it's time for commercial. thank you. see you again in a moment. >> a name also synonymous with luxury, good charm along with the first 25, we had the first on cnbc with the ceo of forest labs. the company joining the battle. yesterday it's making a deal before itself is acquired for tax reasons for $25 billion. brett saunders will join us 7:30 eastern. tdd#: 1-800-345-2550 trading inspires your life. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 of your trading. welcome back to "squawk box". new nba commissioner adam silver holding a news conference at 2:00 p.m. eastern to discuss what the league will be doing with the los angeles clippers owner donald sterling. we talked a little bit about it yesterday. sponsorships are leaving the court in a big way. state farm, yokohama, kia, sprint are some of the companies suspending their contracts. they play the golden state warriors tonight. game five at home in the staples center. he won't be there. >> he will not be there. >> mark cuban came out yesterday. michael jordan came out. >> mark cuban said there was no room for talks. >> he owns the mavericks. >> he said he was offended by it but said it was a slippery slope to control what people say and how people say it as an owner. >> there are questions as to what the nba can do. they can do a suspension, fine. the biggest will come from the fans not coming up and punishing them. >> the players -- why would they play for him? they put out -- you have to follow the team. do it for the team. do it for the players. come as a fan. >> mayor of sacramento, let the players figure this out. and see what you can do under nba rules. but i don't need mike lubica, the smuggest -- the daily news doesn't dictate how i feel. neither does the smug -- >> when we return, the moment you've all been waiting for. the unveiling of the cnbc first 25 rebels, icons and leaders. ♪ here's a good one seattle... what did geico say to the mariner? we could save you a boatload! ♪ foghorn sounds loudly ♪ what's seattle's favorite noise? the puget sound! ♪ foghorn sounds loudly ♪ all right, never mind doesn't matter. this is a classic. what does an alien seamstress sew with? a space needle! ♪ foghorn sounds loudly continuously ♪ oh come off it captain! geico. fifteen minutes could save you fifteen percent or more on car insurance. what is this place? where are we? this is where we bring together reliably fast internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system. only from xfinity. tv and internet together like never before. welcome to the special edition of "squawk box". the moment has arrived. cnbc's first 25 list about to be revealed. rebels, icons and leaders that changed the world. from the technology rf illusion to surviving the financial crisis. who made the top five? who is number one? you'll have to hang on for just a bit longer. "squawk box" begins right now. good morning, everybody. welcome back to "squawk box" here on cnbc. we are unavailable the cnbc first 25 list in just a moment. we'll wake you wait a couple minutes longer. the futures this morning are indicated higher. yesterday the dow closed by more than 80 points. s&p was higher too. nasdaq closed lower. dow 60 points above fair value. s&p up by eight and a half. nasdaq by 20. we have been keeping an eye on the bottom market. 2.719%. the fed meeting today could have an impact on stocks and bonds. the latest deal is with verizon. a few months after netflix signed with comcast. check out shares of gogo internet. at&t announces plans to offer fast in-flight internet was. gogo stock down 20%. andrew has been talking about this already this morning. it can sometimes be khrupgy. people are sitting up and taking notice today. closing arguments for the latest patent trial between apple and samsung. apple is accusing samsung of infringing patent for the technology that allows you to turn e-mail addresses into links. >> the top 25 list of rebels, icons and leaders. now to unveil the list is tyler mathisen. >> the time has finally come. after months of research, argument and spirited reargument, the moment is at hand. it began in january with an initial list of 200 business tita titans. we have whittled it down to the top 25 rebels, icons and leaders who left the greatest markets about business, finance, culture over the past quarter century. let the cheers rise and the ripe tomatoes fly. here in reverse ranking from number 25 to number one is the cnbc first 25. 25, carlos slim, the mexican billionaire who's telecom is the big e. 24, martha stewart, domestic god else made home making a legitimate and huge industry. 23 aliko dan goods gote, the richest man in africa who built an empire with cement, sugar, flour. and the taiwanese entrepreneur the richest woman in wireless. 21, sanford weill. he put together the ultimate and ultimately unsuccessful financial supermarket. 20, michael bloomberg. technology, finance, media, finance, a force of nature in all five. 19, ortega. pub blissity shy billionaire with the world's biggest fashion house. 18, meg whitman, the queen of silicon valley. 17, carl icahn. big bark, bigger bite. a pioneering activist investor. 16, a high school dropout whose epic rise matched asia's own. 15, bernard arneault, builder of the biggest luxury conglomerate. 14, howard schultz head bean counter of starbucks. murth, number 13. 12, jack welch, who turned around g.e. and may have been the greatest wealth builder of his era. 11, rupert murdoch. 10, ellison, outspoken bad boy founder of the biggest business software company. 9, jack bogle, gave birth to vanguard and invented the index fund. 10, mark zuckerberg, baby billionaire whose facebook transformed what we do on line. 7, oprah winfrey. media powerhouse who may be the world's most influential woman. 6, warren buffett, the oracle of omaha. business magnate and investor. 5, jeff bezos, retailing disruptor who founded amazon and made e-commerce flow like a mighty river. 4, the google guy. brin page schmidt. can you go a day without google something 3, ben bernanke and alan greenspan. controversial. they were the ultimate central bankers. 2, bill gates. the weightiest man on earth and greatest philanthropist of his age. 1, steve jobs, computing, music, movies, telephones, tablets, retailing. he mastered them all with style. >> well, joining us now to discuss. we have the founder and executive chairman and johnson feld. and tyler mathisen. they all three join us at the table. they were responsible in large part for coming up with this list. it has been long. i would assume there have been many arguments around the table. >> no. not at all. no arguments. >> very contentious. i can't believe they're still letting me sit next to them. >> 200, easy. 100, easy. 25 was really hard. >> and i would assume each of you had to give up someone you thought should be on the list. each of you had to go along with somebody you thought maybe shouldn't have been there. >> jeff wasn't going along with anyone. i fought to the death. i got stampeded. there are a few i'm sorry we couldn't add to the list. i think it was incredibly thorough process. i think people understand we were very much influenced by the viewers ratings. but pulling in an awful lot of data and sources. >> can you free up metrics in terms of how you thought about this? was it impact? is there a singular word? >> there were several things. first of all, the time frame. >> in other words, you had -- millken went off the stage before cnbc. >> i was tire some about it. i became a pest. >> no. >> i thought even though his innovations and his greatest impact came in the 1980s, the tools that he invented have endured in such a way. and his philanthropy and his second act in itself significant. ive thought he probably deserved a role there. >> but then you could henry ford. >> yes, you could. there were others that were close calls in that way. >> bill mcgowan. >> mci. even rupert murdoch who did a lot of his building beginning back in the 1950s. but whose greatest impact. >> it didn't bother you with millken but somebody with some of the others. >> i was just really kidding there. we had to have, for diversity sake, we had to have at least one felon on the list. >> let's talk about similarities. technology had a massive impact. tech titans dominated. you saw four of the top five being filled by the silicone value vision ears. was that an overwhelming theme you kept coming back to again and again? >> happy to avoid it. tech has been the driver, along with finance, health, and media. but tech first among equals in that group. >> it's been transform active. but also life experience. almost every one had profound moments of setback. steve jobs, a lot of people have been fired. >> you separated buffalo versus private. greenspan, bernanke are not business people. i don't understand how that works. >> but they had their hands on the money for the entire time. that was the biggest driver. monetary policy replaced fiscal policy of managing the economy. >> we were persuaded. >> speaking of tech, you could argue on terms of the world wide web. you could argue google obviously changed the world in many respects. but without some of these early pioneers we would have never gotten there. >> true. but part of it is who ends up with a huge market cap. >> so market cap matters to you? >> market cap mattered. >> and founders apart always good ceos. sometimes they are. you threw schmidt in there. why not just sergei and larry? >> because eric was the adult for a significant period of time. it was a trio. i don't think he would have had google without the three. >> stabilizing it brought. we tried to bring somebody who could be an enterprise builder is what made a big difference. it wasn't just a good idea. look how meg whitman had taken a company, $5 million in sales up to $8 billion or so in a decade when she left. >> i think on schmidt, who curiously i sat behind in 11th grade algebra until they realized he could have taught 11th great algebra at that age. here was the executive who hemmed channel the creative energies of those two guys. and the three, in effect were inseparable from one another. and that's why we lump them together. to the point on the bankers, i take your point. it was a spirited discussion whether greenspan and/or bernanke should be on the list. think about the impact they had on markets, on your money. there was not a month over that 25-year period that the chief central bankers of the united states was not influential over the marketplace. i don't think you could possibly say that. >> on greenspan/bernanke, it seems to me, which is what you were just arguing that the person that i would argue is robbed on this list is -- >> paulson. >> -- hank paulson. it baffles me that when history is written and we look back 100 years from now, his name, and bernanke and greenspan will consistently be on a list that i can imagine other people on this list will not be. it's almost not impossible to believe what happened as treasury secretary -- forget about goldman sachs going public, changing the face of wall street. how did he get missed from this list? >> he is an incredibly inspiring person and truly heroic. >> you don't have to decide he's been heroic. just that he was impactful. >> they were better at solving a problem rather than anticipating it, right? >> we could have done another trio. how broad are we going to make it. and that's number one. and number two, the crucial element of the fed with the money spigot was dominant. >> so was the time frame. a longer period. it was still longer. this was a 30-month -- for that reason we would have put him in there. hugely transform active for a lot more than 30 months. we're looking for somebody with a longer record here. >> we're going to return in a minute. we're going to do -- they used to sell advertising. don't look at me like that. sell it. all right. we need to do this. jeff, academics -- >> we take contributions now. 8:00 a.m. eastern, two cnbc first 25 members check anything to "squawk box". jack welch and warren buffett. we always start with legendary investor warren buffett. tech heavy nasdaq. and a programming note tonight at 7:00 p.m. eastern time. cnbc's first 25 special. this is a tyler deal too. >> i'll be there. >> your voice is awesome. profile of the top five tonight at 7:00 p.m. eastern. "squawk box" is coming right back. back. working behind the scenes to provide companies with services... like helping hr departments manage benefits and pensions for over 11 million employees. reducing document costs by up to 30%... and processing $421 billion dollars in accounts payables each year. helping thousands of companies simplify how work gets done. how's that for an encore? with xerox, you're ready for real business. does it end after you've expanded your business??? after your company's gone public? and the capital's been invested? or when your company's bought another? is it over after you've given back? you never stop achieving. that's why, at barclays, our ambition is to always realize yours. welcome back, everybody. dow component merck reporting 88 cents a share. that beat the street expectations by 9 cents. revenue slightly short of consensus. bottom line helped by strategic initiatives that helped cut costs. it did see 4% drop in worldwide sales. it saw a slight unfavorable impact from currency. stock is up by 3%. merck is a dow component. >> joining us here on the "squawk box" set at the table. the last 25 -- the last 25 years have been a wild race for corporate global dominance n. a piece he wrote for cnbc.com, paul makes a point that in 1989, half of the biggest companies in the world were based in japan. today none of the top are japan based. 15 are now based in the u.s. it's been amazing the innovation in the u.s. i would have thought at least sony would have been able to maintain. it was so dominant back then. that's the fastest decline of an entire in the history of the world, isn't it? >> i think part of it is the leverage of market cap, which can bounce around a lot. but i vividly remember lots of people thought we would all be speaking japanese. >> very true. >> when they bought pebble beach, that's when everybody figured out, wow, that's the true -- people say pfizer is a crown jewel. pebble beach is the -- >> remember in the ceo of sony was making fun of us 25 years ago. >> it almost wasn't the corporate leader's fault in jap japan. it was a macro -- >> issue. >> look. it's also true what this brought out was the huge creative energy of the u.s. economy. it's entrepreneurial spirit. it doesn't go along with government, planning of the economy. and that creative energy was unleashed in the '8s and '90s. >> you wonder about china. just pure manpower. makes that a totally different situation. or whether they've got, you know, some tough waters to navigate the next five or 10 years. japan was just a banking issue. it's the entire societal structure in china. is there any way china -- >> it all taps into an interesting, important point here. those societies, japan's most maybe particularly, are more about conformity, and the united states society is all about unconformity and breaking rules. and innovating. that's why we are better at creating asian nations may be better at creating but we're bigger. >> there's a big difference between china and japan. >> absolutely. >> the second thing is china is more diverse. it has a more entrepreneurial spirit. >> absolutely. >> that makes the difference and why this list matters. people might is say we are falling victim to the media, academics and now this personality. no. where your piece takes it, all the system factors is the entrepreneurial zeal you talked about. they can provide themselves and new entrepreneurs come around is what matters. individual leaders is why we celebrate on this list. symbolically. >> we talk about one in particular. tomas vickity. they are all zombie. >> because they lived, and that's the thing, all these revived themselves or were created because of that smashing. it mattered. you go around the world, you see a park in every town square. it's a statue. # some bold thinking individuals. >> we have a lot more to talk about here. whether jocks was the right pick or whether gates should have been. >> i want to talk about warren buffett. >> we have much more to come. cnbc, first 25. martha stewart, a wild card on the list. an interview with number 6 and 12 on the list. warren buffett and jack welch will join us on this special edition of "squawk box". tune in tonight at 7:00 p.m. eastern time tonight on cnbc. more "squawk box" right after this. this. e financial noise financial noise financial noise financial noise you want a loan to build you can't do that.ica? nobody builds factories in the us anymore... you can't do that. using american raw materials makes no sense... you can't do that. you want to hire workers here in the states? they're too expensive, you can't do that. fortunately we didn't listen to the experts. at weathertech we built american factories, we use american raw materials and we hire american workers. weathertech.com, proudly made in america. quality like this...you can't do that. when we return this morning, from a cup of coffee in seattle to becoming an iconic global brand, number 14 on the cnbc list, they roll out results. ceo brent saunders. in a world that's changing faster than ever, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. what is this place? where are we? this is where we bring together reliably fast internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system. only from xfinity. tv and internet together like never before. welcome back to "squawk box", everyone. if you missed the top of the hour, we have unveiled the cnbc first 25 list. who made the list and who didn't. in the meantime, take a look at some of the earnings reports. retailer coach earning 68 cents a schaeffhare for the third qua. it was a mixed bag with weakness in the women's bag and accessories business but strong in men's and footwear. a big miss for archers daniels midland. it was 19 cents below what the street was expecting. revenue fell short of forecast as well. and the company is citing weak results in agriculture because of low margins and bad weather. stock isn't down by much. it is only down 19 cents. >> forest labs, 87 cents a share. that was well above estimates. revenue $1.1 billion was $956 million. >> joining us to talk about last quarter is brent saunders of forest labs, ceo. i've followed it for a long time. i think i watched when you introduced your best-selling antidepressant. it finally went off patent. >> lexapro went off patent two years ago. >> how was forest able to -- any drug company has to work completely different than any other company because of these cliffs. what did you replace it with? >> we replaced it with nine new drugs. what's really terrific is in this quart we are this great 34% sales growth in the quarter, those nine new products were up over 70%. >> wow. now we have been talking a lot about what has happened in mergers, acquisitions, the drug group because of tax implications. it plays into the act activity acquisition of force, doesn't it? >> part of it. we are not an aversion. we are being acquired by an irish company. we are being acquired the old-fashioned way by a foreign company. the main the thrust of that deal is strategic. creating a new breed of companies. generic pharmaceuticals and in 60 countries. >> domiciled in ireland? >> yes. >> they can't compete because their taxes are too high. >> taxes -- >> that's why valeant is able to buy allergan. >> we have created a situation where u.s. companies are at competitive disadvantage. >> exactly. that's great. >> we need to solve that. until we solve as a country, companies will look to maximize. >> are you going to be able to bring companies back? >> i'm hopeful that we can. i'll tell you why, it is still the best country to operate in. if given a choice he would rather be here than anywhere else. >> we're working on on that right now. >> you're announcing an acquisition. business as usual? you can't assume it is going to close? did activist tell you to do it? >> no. we are very confident. we're working our way through ftc. everything is on track. this is about running for the long term. i joined the company in october. this is a great wonderful set. it compliments the flip side of the same coin for ibs. >>eer tabl bowel. >>eer tabl bowel syndrome. we have one for constipation. to find a drug with patent protection until the late 2020s. a file going into the fda, unencumbered that we can buy and have global rights to. it fits strategically. the metrics were really, really strong. >> we were talking off camera about what valeant is doing right now. when you look at that, does it make sense to you? do you think this is particularly the hostile nature of it? does that make sense to you too? >> i have deep respect for valeant. i sold bausch & lomb to valeant. their position in ophthalmology and aesthetics is like buying park place and boardwalk on the monopoly board. they're the best. >> could you ever see yourself teaming up with carl to go after another company and effectively allow carl to trade ahead of that? >> i admit that's probably a loophole that may get closed. >> you say may get closed. should it get closed? >> i think it should get closed. it seems a bit on the front running. carl has been a wonderful constructive part of forest over the last couple of years. he's a long-term holder. i could see working with carl again. it's been a very constructive relationship. >> he is pals with ackman. >> that's right. >> he said he thought this was a good way of going after it. >> i think there's ways to work together. >> >> he may be calling you to try to do this. >> i'm not sure this front running situation. >> you called it front running. that's okay. >> but that kind of front running thing seems unusual to me. >> are you staying here? moving to dublin? >> i have agreed to join the board of the new company. i think we're creating something special with the combination. i rarely play golf. >> my wife is a member. >> i played four times in three years. >> you're moving the headquarters or the holding company? >> they are already there. they are acquiring us. it's going to be exciting. >> thank you. >> thank you. >> coming up, we're going to talk with our cnbc first panel about three different approaches to the markets. carl icahn, warren buffett. by the way, warren joining us in the next hour with his thoughts on the past 25 years of investing. "squawk box" right back after this. coming up, he singly is responsible for the world's modern coffee culture. we welcome howard schultz to the cnbc first 25. from the turnaround to innovation and expansion, he has changed the coffee experience. n. beautiful day in baltimore where most people probably know that geico could save them money on car insurance, right? you see the thing is geico, well, could help them save on boat insurance too. hey! okay...i'm ready to come in now. hello? i'm trying my best. seriously, i'm...i'm serious. request to come ashore. geico. saving people money on more than just car insurance. [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ she can print amazing things, right from her computer. 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[ male announcer ] the all new cadillac cts, the 2014 motor trend car of the year. in celebration of our 25th anniversary, cnbc created the 25 most influential and transform active people of business in the last quarter century. we revealed the list and how they ranked. all day to cnbc, we are telling their stories reported by tyler mathisen. >> he grew up in public housing in brooklyn, sales and marketing guy who got us to celebrate coffee and believe a $5 cup of joe can be quite a bargain. he's also number 14 on cnbc's first 25. >> starbucks coffee cup built quintessentially by the experience in our stores. that comes to life by the people who wear the green apron. >> he knew it wasn't about the coffee, it's about the experience. >> a place where we feel comfortable because of what he has done, which is create a $5 cup of coffee that we feel is a bargain. because we love to go there. >> he has made coffee do something that we celebrate. >> and celebrate and celebrate. millions of times a week at 20,000 locations worldwide to the tune of roughly $15 billion a year. arianna huffing ton has known the ceo for longer than she can remember. >> i met him many years ago. and i tremendously admire him. >> howard is hugely disciplined along with big heart. it is hard to get those in the same human being. >> schultz, sales and marketing guy, had gone to work in the early 1980s for a small seattle coffee bean chain, starbucks. he ended up buying it in 1987 for less than $4 million. immediately he began shaking things up. drinks would come first, not beans. employees would become co-owners. >> he created the partnership program that allows employees to have shares in the company and therefore profit and benefit from the company success. he insisted on giving even part-time employees health care coverage. >> when we did that in 1989, the first company in america to provide comprehensive health coverage way before president obama brought reform. >> for schultz, who grew up in public housing in brooklyn, the decision to offer health insurance came from a deeply personal place. >> when he was 7 years old on and his dad broke his hip, could not work, and they did not give him any coverage, any compensation, any insurance. >> i'm never going to cut that benefit. >> unconventional to the core. schultz has always done it his way, right down in the decision in 2000 to step down as ceo just as business was buzzing. >> kitchens became too complex. the lines got too long. took 10 minutes to get your frappuccino made. >> it lost its vision and lost its way. >> in 2008, the boss came back. >> howard called me the day he decided to come back. and he knew i had been a big critic of the stock, the company. he was going to restore literally ground up. >> he once again refocused on how long does it take to make those frappes. the scoop, is it big enough? do you have to go twice? how long is it making the line? he really focused on the customer experience so closely. >> he went back in and brought the company back to its roots. it goes from single digits, back above 50. >> today schultz is thinking beyond food and beverages, adopting the latest, greatest and easiest ways to pay for his products. >> he may be the most advanced company in the country when it comes to using your phone, some kind of electronic payment at the cash register. >> we talk about starbucks as a coffee company. no. it is clear howard schultz is not afraid of the future. he's embracing it. he knows it's coming, and he wants to profit from it. >> and he is. last year, starbucks scored a record profit of $1.7 billion as global sales jumped 12%. that's a lot of beans for the kid from the projects of canarsey. >> being able to take advantage of the great opportunities of this country allow him to move up and become one of the world's great merchants. >> howard schultz, number 14. number 13 coming up in the next hour. 7:00 p.m. tonight, i hope you will join us for a special reveal of the top five and a couple bonus features as well. folks? >> who is reading this? do you want to read it? >> i can do it for him. there is a programming note. he will be on squawk later this morning. >> a programming note, howard schultz will be on "squawk on the street" today at 10:30 a.m. the most beautiful suit i ever saw was sported by howard schultz. >> i get this one. to really be the brains behind it. and then to leave. and then to have to come back again. >> steve jocks will do it. >> michael dell. some of the people came back as generals. they restore the grandeur. sometimes they can challenge what becomes a religion to others. they have the authority to do it. >> so gates or jobs. not that he needed any help. in the case of gates, in the case of sandy weill, in the case of buffett. >> look at jobs coming back, stepping back in as a founder. pixar. all the different industries he touched directly. gates may be more long lived. >> the lives he's touched. >> everyone the idea of malaria potentially being eradicated. >> he came to philanthropy later in his career. ted turner inspired it. >> he's not even 60 yet. >> he started his career at 17. >> steve jobs never did any philanthropy. >> he gave the world a lot. >> ted turner goes back too far. he's crazy as a loon at this point. >> approximate what about robert johnson? >> i would put bob on for sure. >> top 50. certainly in the top 100. we didn't feel -- i think that his lasting impact was as great as some of the others. >> i love robert johnson. but how did he change the world? >> i'm going to go to sleep. i even argued martha should be on. i'll tell you why. i think q rating should have something to do with it. >> what's a q rating. >> in terms of everyone in the united states know who martha stewart is. they may not -- 20 of these guys they may never have heard of. >> great comeback story. >> from the sheer strength of your personality and your will and your talent. i'm arguing she was a good -- >> she learned early on it's not over until it's over. >> i believed in martha even more than they believed in her story. >> that too. willingly went. she was out that night probably. >> beautiful pashmina when she was leaving that airport. >> by other inmates. >> he did it at a time when it was not clear who pays who. like turner, the cable businessment the models were very unfocused. >> one other question that relates to tech. none of the people are about the pipes. how do we get the stuff. jobs created the cell phone. or not the cell phone but the iphone. but we're not talking about mcgraw or anyone at at&t. the way we get all of this stuff over the the air. the fact that you can get cable and broadband in your home and what all that has done. none of all of these. >> it's an interesting question. i don't know the answer. i don't know the answer. but i was thinking about all the people we have been talking about are content companies. none of this could have gotten into any of us -- >> you're right. we focused a lot on the content. but the delivery has been one of the most fluid. net neutrality debate. >> but come on. gates with the software design, operating system. that is all over delivery. >> taking an established company and bringing it to the next level. in general, it's a high bar to take an 80-year-old company and bring it to the next level and make this list. i think you should have more to do with -- >> it was one of the most interesting ones. i don't know if you're looking at nonu.s. people. father who died young. >> high school dropout. >> working in a plastics factory. he is the warren buffett of asia. he's worth $35 billion. he's given away $2 billion. very philanthropic. >> some people on this list who americans would not know. one of our advisory board members, ibarra, pointed out vigorousry that martha stewart would be somebody that virtually nobody in the rest of the world would know. that her stamp, important though it is -- >> as much as anybody she stands for the personalization of a brand. >> what about trump? politically, i just think for you elites, he's too rough around the edges. >> have you ever seen my house? i'm not an elite. >> htc. she's on the list. and i want to talk about that. >> she has a problem with htc right now. >> but that goes to the whole -- >> can we do the next 25 years from now, she probably won't be on the list. >> we have to take a break. you can come back and hear it as soon as we're down. stick around. "squawk box" will be right back. >> still to come, a "squawk box" favorite and member of the cnbc first 25 list. jack welch. his management style cultivated some of the top executives in the world of business today. he's our special guest starting at 8:00 a.m. eastern time. aflac. ♪ aflac, aflac, aflac! ♪ [ both sigh ] ♪ ugh! ♪ you told me he was good, dude. yeah he stinks at golf. but he was great at getting my claim paid fast. how fast? mine got paid in 4 days. wow. that's awesome. is that legal? big fat no. [ male announcer ] find out how fast aflac can pay you at aflac.com. check out cnbc.com/25. with us paul steiger, and tyler mathisen is here as well. on the list you have warren buffett at number 6. jack vbogle at 9. how did you reach those decisions? >> my esteemed board members. >> you could have put any of the names on. buffett and bogle are wonderful bookends. buffett, amazing choosing investor. and bogle saying let's just do it on index funds. >> i'm an admirer of warren. explain how warren changed the world. fundamentally changed the world? great job as an investor. created a great conglomerate. but impacted the world? >> i think that there is real value to society in showing what works and what doesn't. >> peter lynch? >> fine. but he had his way earlier than cnbc. >> i think buffett, wealth creation. he created a lot of weighing the, as did jack welch and others. >> i say other reasons. business values. i think just the way he has spoken about it sort of governs the issues. >> bogle too. >> win of the things i remember buffett saying, and you probably remember when he said it, he was going to tell his wife to leave all the money he leaves to her, to put it in one of jack bogle's index funds. >> the letter to shareholders came out in march. you can do it the way jack bogle has invested. >> sandy weill is more controversial. >> with coke, do as i say, not as a do. has he ever paid a dime in taxes? here's your moral person that says the rich should pay more taxes yet he doesn't pay them himself. >> i think he's a moral guy. we're going to talk to him. >> we can. >> coming up, much more. r the c. the conditions in new york state are great for business. new york is ranked #2 in the nation for new private sector job creation. and now it's even better because they've introduced startup new york - dozens of tax-free zones where businesses pay no taxes for ten years. you'll get a warm welcome in the new new york. see if your business qualifies at startupny.com [ banker ] sydney needed some financial guidance so she could take her dream to the next level. so we talked about her options. her valuable assets were staying. and selling her car wouldn't fly. we helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today...and tomorrow. so let's see what we can do about that... remodel. motorcycle. [ female announcer ] some questions take more than a bank. they take a banker. make a my financial priorities appointment today. because when people talk, great things happen. the list is out. eye conscious, legends eye conscious that changed our world. >> warren buffett rings into the squawk news line as the final hour of "squawk box" begins right now. welcome back to "squawk box" here on cnbc first in business worldwide. i'm joe kernen along with becky quick and andrew ross sorkin. brings us the headlines. >> as we look ahead to tuesday, dow set to get a boost. merck reported first quarter profit beating estimates by 9 cents. another stock we're following this morning, check out coach. beat estimates by 7 cents. 21%. >> just the women. not talking about satchels, man handbags. >> are coach bags cool anymore? >> you know, they've gone mainstream. when you see fourth graders buying it, that probably means there are people at the top -- >> ten years ago i was told huh-uh. no. chanel. michael -- what's the other guy? louis vuitton. >> michael kors? >> no. the shoes. jimmy choo. >> jimmy choo is shoes. >> he makes bags. >> oh, he does? >> yeah. >> i don't know if it's a he actually. 20-year tenure. market value went from 14 billion to more than $410 billion. joining us now is jack welch, former ceo of g.e. strayer university. number 12 on cnbc first 25 list. jack, i think we could have used you as someone to help us pick the 25 too. you would have helped us, wouldn't you? what do you think so far? you have watched the discussion. >> well, i sure agree with number one. >> and number 12 you agree with i'm sure. >> whatever. whatever, joe. but i sure agree with number 1. >> we were just talking about gates versus steve jobs. gates was pretty amazing too. maybe his philanthropic endeavor is following that he was involved with as a young man, maybe that puts him whether you have a discussion to be jobs or gates? >> will, that's an interesting debate. but it's close enough. they are both terrific. they have the right order one way or the other there. >> this is something that andrew and i go back and forth a lot on ceo compensation, what ceos are worth and whether there is a free market for ceos. i usually take the ceo side. i figured if a good lefty with a good curveball can make $300 million a year, then somebody who 338,000 employees can. for you to make this list, you had to do something significant to take it to the next level. what you did with g.e. and then following that in terms of management puts you on the list. but in general i would think founders are more likely to be on the list than guys who come in to establish companies and run them well for whatever their tenure is. would you agree with that? >> well, i think there's no question that break through technologies like steve jobs and bill brought, i clearly put them in another category. there are managers and there are people that have developed great technologies that have changed the world. >> yeah. would you have put yourself on the list, jack? >> would i? of course i would, joe. are you kidding me? >> anyone you have a problem with? anyone that we missed? >> i'm sure you could draw another 25 and have a great list too. but i just sauf this morning, and i have no qualms with what's there. and i love the top two picks. >> some of them -- it's our list. so if we want to put three people like we have put sergei, larry and schmidt together. so it's really like 29 or 30 people? no real public sector figures, but then we put bernanke and greenspan on there too. we can do what we want. but it does allow us -- what do you think, should paulson be on the list, jack? >> well, he certainly was a very pivotal figure in a moment in time where he was -- i think he was a national hero for that period of time. now, whether or not you guys have to decide whether that's 25 years or 25 days. but i'll tell you, for 25 days, hapg paulson was as important as anybody. >> jack, i don't know if it's going to be tough or not. if we do a list in 25 years will jeff immelt be on that list? >> we'll have to see. that's 25 years from now. >> jack, i think the real reason you're on this is what you have done with management and leadership. the the amazing number of leaders who have followed what you've done, what you've taught them. that's been the huge change the last 25 years. i wonder what you think how management styles will change the next 25 years. >> look, becky, there are basic principals of management that i'm going to change. build great teams, take care of on your people, encourage entrepreneurship. you're going to do all of those. those basic principals is not changing. what you're going to change is speed, globalization, information flow is so much greater. information is no longer power. everybody has it. it's a question of galvanizing groups to win. that's what i have been teaching the last 14 years since i retired. i talked to a million people. and my whole game is trying to get more people in the game to make business fun. business is considered a grind now. we had a tough 2008-2013 people. and if you talk to business audiences everywhere, business isn't as much fun. it isn't silicon valley. but it is an everyday life. what we have to do is bring a lot of the fun back, bring back the basic principals and recognize things have changed. at school we teach about getting everybody in the game, letting everybody know where they stand, where we're going, why we're going there and what's in it for them to go there. and that sort of thinking has to permeate a whole organization. and i just believe in it. i haven't been at g.e. in 13 or 14 years. and the same principals translate to private equity, to small businesses, to iac, they translate to tons of businesses i've been dealing with. getting even in the game, letting everybody know where they stand, being candid, what's in it for them, the employees; a big deal. and if you teach them and you really have everybody on the same page, you have a winning combination. >> hey, jack, i know you watch the show when you get a chance. buff lately we talked about pfizer being domiciled now in the uk. we talked about general electric with having all that money overseas deciding maybe let's leave it over there and buying the energy assets of alstom. activists are based in ireland. the tax rate is lower in ireland. valeant with allergan. it is potentially doing long-lasting damage to great american companies in terms of some of them leaving. have you noticed this? have you connected the dots to this? have you got any ideas? go ahead. >> well, look. i mean, let's take the g.e. deal. i mean, they've got cash overseas, they globalization. it is a great fit for the company. and they can use that money. obviously there are distortions that you apart going to solve at 8:15 in the morning here when we can't get four people in washington to sit down and talk about a rationale tax policy. >> stay with us, jack. we're going to continue our discussion in just a second. we're going to take a break and then we will be back with you, jack, if that's okay. >> i'm just repeating what you said. more from jack welch on corporate taxes, recent search and mergers. take a look at the squawk market indicator. indicator. honestly, i'm pouring everything i have into this place. that's why i got a new windows 2 in 1. it has exactly what i need for half of what i thought i'd pay. and i don't need to be online for it to work. it runs office, so i can do schedules and budgets and even menu changes. but it's fun, too -- with touch, and tons of great apps for stuff like music, 'cause a good playlist is good for business. i need the boss's signature for this. i'm the boss. ♪ honestly ♪ i wanna see you be brave back to our special guest. jack welch, former chairman and ceo of general electric. jack, we have been talking about the last 25 years. we're also trying to figure out the next 25 years. often when you're on set with us, you talked about how energy has been transform active. do you think that is going to be one of the industries we're looking back in 25 years and saying, okay, this was the moment, this was the time? >> oh, without question. i think the energy transformation in this country is truly a revolution. whether the enormous improvement in fossil fuels, fracking and other things, or whether it will a gradual increase in renewables, we will be more competitive country. we won't be at the hands of people not so friendly to us and will be able to do a job competitively. the u.s. is in a much better position vis a vis the rest of the world. >> because of all the troubles we have been through in 2008, if you talk to students in business schools or students who are graduating, probably far fewer would choose wall street, would choose industry as a place he would like to go and be proud of because it doesn't have the same panache it used to. how do we change that and get back to the what businesses are doing and say, hey, this is making the world a better place. >> well, you know, i was at harvard last month talking to first year mba students. and i speak to my own students at jack welch institute every day practically. and there's no question that things have just shifted. it used to be everybody in the class was going to be an investment banker. i shall in the 70s they all wanted to be geologies before the price of oil went crazy. what people want to do is a wonderful thirst for startups. everybody wants to try their own thing. they don't want to get a number in a big corporation. they desperately want to get out and try something, whether it be larry page, steve jobs, bill gates. we celebrate our entrepreneurs in this country can, which is a great thing. today, if you look at the mix of students in either my online school or fancy place like harvard, more and more people desperately, desperately want to be an entrepreneur. they want to try something. even more importantly, people in their 40s and 50s who got disillusioned in the recession, who are surprised when their boss walked down the hall and said, joe, you have to go and joe says why me? well, you weren't very good. why didn't you tell me? i have been there 20 years. and joe says, the hell with that. i'm not going back there again. i'm going to go try something, start up a lawn business, start up something. i'll tell you, entrepreneurship is more alive in this country today than i have ever seen in my life. >> hey, jack, just back on alstom. you remember dealing with -- he wasn't french. mari mario, what was he. >> mario was italian. >> you are watching this play out. it's interesting for so many different reasons. i wonder -- they bring siemens in. that would leave it in europe and be a german-french sort of conglomerate and european nationalism too. how do you think it will play out? have things changed? do you think they have a chance. >> we bought their medical company. we sold them a television business. we have a great relationship and great french workforce. we built over the last 30 years a french relationship that's very deep. and france and ge have had great partnerships. i'm frankly optimistic they will in fact, good well for this. we got caught in the anti-trust thing. this is really a french decision. and i happy that -- and i know jeff is working with them. he has had great relationships with the french. we have a fabulous relationship with the french. it's our biggest country in europe by far. >> okay. >> we're not strangers to france. >> jack, given the m and a renaissance. you see a lot of active i. fism. bill ackman did this unique deal for allergan. what do you think of that? what do you make of that from a policy perspective, perspective of ceo. what should happen there? >> look, i happen to believe, andrew that it is good when you get a ceo sitting on their butt not doing their job. disruption, handing back money, fighting over this is a lot of nonsense. and i think that if you get a ceo, somebody is not doing their job, go after them. but if you're got a company growing, an apple, building a great institution, to be pestering them, banging them around, having them split 7-1, pouring back cash, let him run the company. and if the company doesn't go far with innovation and new products, then go after them. this idea of restructuring. >> what's the right way to do it then? just that democracy is messy? should there be a policy shift? >> why don't you take a look at jc penney and tell me about activism and bill ackman. thousands of employees in the street. >> we talk about hollande and we talk about the other gentleman who said -- i can't do a french accent. you had the gal to talk to this company before consulting with the government. and we laugh about that. when pfizer tries to redomicile in the uk, should we have anything to say about that, the government? >> that's a very tough question. i'm not sure i have the answer. i have to think a little bit more about that. i don't have a trigger answer on that one. >> we have crown jewels too. pfizer is more of a crown jewel thaneo play. it was the biggest market cap. yoplait. as i said, jack, you single handedly keep pfizer in business in a lot of ways. and you always take that wrong. i'm talking lipitor. i don't know what you're thinking. it seems to lose pfizer because of tax structure speaks a shakespeare yann tragedy. >> employees are going to stay. you're giving away money. we don't have a rational tax policy. we said before, joe, these guys can't agree on anything. we have to have a national debate about our tax policy and what corporate tax policies really mean. the consumer, the buyer. >> right. >> people have this terrible feeling, oh, it's just this building with bricks and mortar. back on the old romney fight. corporations sweat, cry, bleed, they do all of these things. the idea that they are they are just bricks and mortar is nonsense. >> right. we would like more jobs here. we would like high paying jobs. we have things like this happening. major corporations. you can leave illinois but at least you go to texas or florida. if you start leaving the country itself, we have a problem. raising the minimum wage is not an answer to what's happening. that was not a question, was it? >> jack, do you think corporations should have the same rights as people on every level? >> corporations should exist for one thing. to flourish, grow, to give people better lives, to give people a future. good corporations create a healthy atmosphere where people can thrive, grow, and benefit their families and have great lives. i believe that to my toes. and i have seen it in 50 private equity companies and a big company like g.e. >> thank you for joining us today. >> we have to have jack back. it's a long conversation. coming up, much more of our list unveiled. the icons, rebels and leaders who made the biggest impact in business and finance the past 25 years. coming up, number 6 on the list, the man himself, berkshire hath oraway ceo warren buffett when "squawk box" returns in just a moment. moment. tdd#: 1-800-345-2550 trading inspires your life. tdd#: 1-800-345-2550 life inspires your trading. tdd#: 1-800-345-2550 where others see fads... tdd#: 1-800-345-2550 ...you see opportunities. tdd#: 1-800-345-2550 at schwab, we're here to help tdd#: 1-800-345-2550 turn inspiration into action. tdd#: 1-800-345-2550 we have intuitive platforms tdd#: 1-800-345-2550 to help you discover what's trending. tdd#: 1-800-345-2550 and seasoned market experts to help sharpen your instincts. tdd#: 1-800-345-2550 so you can take charge tdd#: 1-800-345-2550 of your trading. at your ford dealer think? 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>> almost made the list. we have a feature on martha stewart and another media star, oprah. >> both of them. >> they're beth on the list. not on the top five. >> who is number 2? >> we didn't rank -- my number 26 -- i miss having michael dell having on the list for what he did for manufacturing. i think -- if you think back into the early 90s and the early part of the 2000s. >> you have always had this -- is it a dilution, this journalist thing. you don't roberts that brian roberts should have been one, two, and three. ralph, brian, and steve. are you thick? mcfly! mcfly! >> i suggested it earlier. >> that was a setup. >> softball. he didn't hit it. messed up your hair. >> you did? >> mark hoffman. pat philly. >> cnbc first 25. as we head to break, u.s. equity futures. >> coming up, the greatest investor of our time and member of the cnbc first 25 list, berkshire hathaway chairman and ceo warren buffett joins us to talk about the last 25 years of investing and what is expected for the next 25. that interview and much more is head on cnbc. first in business worldwide. e. financial noise financial noise financial noise with all the opinions about stocks out there, how do you know which ones to follow? 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[ male announcer ] introducing xfinity my account. available on any device. we've been talking about the top rebels, icons and leaders the past 25 years. joining us on the squawk news line is number 6, warren buffett, chairman and ceo of berkshire hathaway. thank you for calling in today. >> congratulations on cnbc on its 25th birthday. i hope you invite me back for your 50th birthday party. >> you can count on that. we will invite you back for the 50th. the reason you're on this list is because of the amazing investor that you are. people would argue you're the best investor in the world. you have made people look at investing differently. i wonder if you can tell us what you have seen change the last 25 years. has it gotten easier or tougher for an individual investor? >> well, i think it has gotten less expensive in teurpls of the trading costs. commissions are a lot lower than they were 25 years ago. the investor incurs quite little in the way of transaction cost and investing in stocks compared to real estate or other types of investment. it's way less. and compared to 25 years ago it's way less. now, the other side of that is they are paying more, those who are using managers to manage their money. if you look at the fees that are extracted by wall street on balance. they had gotten quite substantial compared to 25 years ago. but the game hasn't quite changed. the whole idea is to buy into the business. you do well if you don't pay too much. it was true 25 years ago and will be true 25 years from now. >> jack bogle is number nine. you said you have been an advocate for telling people they should buy into an guard index fund. you said that in your shareholder letter this year. >> people have done very well in investing. they have in cured very little in the way of management costs. they have in cured nothing in the way of traction costs. the companies over the years in the index have done quite well. i think they will do very well if they invest in one now. >> warren, i've been arguing with andrew about you versus peter lynch. now, peter was smart. but he was a stock picker. he would buy, sell. he was a money manager like that. warren, in your portfolio, what's the oldest asset? the one that you bought longest ago? because you guy things and then you sort of are a business operator. or you put management who knows how to run your businesses. you're not buying and selling stocks with the intention of taking a profit on a stock. that's why i think you are different than peter lynch. >> peter was very, very good at what he did. >> he was a money manager, stock picker. what's your oldest? you had coke for how long? i'm sure you had things longer than coke. >> we have had that for 41 years. and we have had coke since 1988 in 25 years. >> that's buying a collection of businesses and operating them. maybe not operating coke. he bought a lot in. >> i'm putting warren on the list for two reasons. >> that's where i differ with you. >> the buying hope strategy which clearly he represents. and the second piece is the corporate values. you are rolling your eyes. we can talk to warren about that too. i have a different question for warren, which is this. do you think an investor who went to columbia, want an investor could create something in the magnitude of berkshire hath away 25, 350 years from now. >> it is a very long run. we have had about 20% a year. and i certainly think working with small sums of money, some can get 20% a year working with smaller sums of money. it get a lot harder as the sums get larger. but 49 years or so -- well, since i got out of columbia. we're talking 63 years. i have had a very, very long run. with compound interest, big sums started accruing towards the end at the same rate of compounds actually. if you have 50 years you should be able to build a company over that time. >> we will have a lot to talk about on monday. >> we will stick with the 25. who should we -- anyone we left off? anyone who shouldn't be on the list, warren, that you saw? >> well, i haven't seen the whole list. i gather steve jobs was number one and bill was number two? >> that's right. >> and bernanke and greenspan number three. >> number one and two, it deserves to be there. it depends a little bit on your criteria. in 2008 i think our system was saved by a few people. how you rank that versus steve jobs and bill gates delivering wonderful products changing people's lives, i don't know. >> hank paulson is now on the list. i made the argument multiple times i thought he should be. i imagine you're in the same place? >> well, sure. we would be living in a much different country today if it hadn't been for hank and bernanke and geithner too. >> greenspan and bernanke number three because they have been in charge of central bank policy over the entire 25-year span. you're right, i can see paulson and geithner on the list too. >> if you're in charge of the fed during the greatest panic i have ever seen and we come through in reasonably good shape, i would say belong on the list. >> while you're here, a quick question on coke. it's been in the newspapers i figured i should ask. the question i had in all of this is actually about your son howard. because he's on the board. have you had conversations with him and is he an a point gee of berkshire hathaway or separate? >> no. he is there because coke asked him to go on the board. i'm sure the fact that i had been on the board and we own a lot of stock may have entered into that. he is there to remember coca-cola shareholders not berk shire hathaway. i talked to kemp multiple times. i talked to my son howard briefly. muktar is the director. joe was wrong on that. there were multiple conversations. >> we'll talk about this on monday for sure. >> we want to congratulate you on the list. we will see you this weekend. andrew and i will both be in omaha. we'll see you there. >> and you will see me in another 25 years on your next birthday. >> thanks for the book on creighton university. there is not a net jet card in between any of the pages. >> look carefully, joe. >> i'm going to go back and look again. i went through. i used a little x-ray thing. there's nothing there. >> it might have gotten lost in the mail. >> i'll be looking for it. >> that's warren buffet. disney expands to shanghai. why is our arizona-based company relocating manufacturing to upstate new york? i tell people it's for the climate. the conditions in new york state are great for business. new york is ranked #2 in the nation for new private sector job creation. and now it's even better because they've introduced startup new york - dozens of tax-free zones where businesses pay no taxes for ten years. you'll get a warm welcome in the new new york. see if your business qualifies at startupny.com today is tuesday today, we greet you. treat you. care for you. today, you can come to cleveland clinic for anything, everything or just to get that "thing" checked out. big, small, and yes, the best heart care in the nation. it's here everyday, for everyone. that's the power the power, that's the power of today. cleveland clinic. call today, for an appointment today. at your ford dealer think? they think about tires. and what they've been through lately. polar vortexes, road construction, and gaping potholes. so with all that behind you, you might want to make sure you're safe and in control. ford technicians are ready to find the right tires for your vehicle. get up to $120 in mail-in rebates on four select tires when you use the ford service credit card at the big tire event. see what the ford experts think about your tires. at your ford dealer. welcome back. disney striking a deal with its chinese partners to speed up plans for shanghai disney. the magic kingdom increasing its investment in the resort and theme park by $800 million. the increased investment used to fund additional attractions to increase capacity of the park with most targeted to be -- most of the targets to be completed by opening day. our own brian sullivan caught up with the ceo bob iger at the conference. >> we decided with our partners in shanghai government to accelerate the expansion of the park that we always figure would be expanded. >> moving the timetable along. >> so impressed with the developments i cited we thought it would be smarter to expand faster. the intention is for the $800 million investment to be ready for the most path when we open in late 2015. >> iger also commented on a story running in "fortune" disney was interested in acquiring buzz feed but apparently talks broke down over price. buzzfeed has been said looking for $1 billion. here's what iger had to say about that. >> the only thing i'll say we conversation with buzzfeed months ago. nothing active right now. i like buzzfeed a lot, i think they've done a great job. i like that media space. that's truly new media platform in many respects. we ended up buying maker studios not the same but some similarities, viral video, so i think we're probably at this point we probably have a full hand in that space. >> now buzzfeed's last capital funding in january of 2013 was $19.3 million, that put it as a $200 million valuation of the company. billion dollars, that's asking for a lot. arianna got -- arian na got 315, $320 million. >> did she? i don't know. >> didn't get it person sfli right. >> for the whole thing. >> hollywood ceos, they could be -- >> actors. >> moonves was an actor, remember. and then you have bob. >> iger did he start out at one point on television? >> moon vves did. was bob an actor? >> no les was. >> i want to say television news. >> and then mark fields. >> talk to jim and i'll look this up. >> to the new york stock exchange. i don't have to do anything. let me get to jim cramer who joins us now. >> who was a weather man. so was david letterman i think. what's going on? who do you want on and off? >> i thought the jack welch interview was incredible. i have howard schultz later and it's true, you want to be an entrepreneur but what jack said was extraordinary, it's not fun, it's not great anymore. kind of spellbound by jack because jack is inspirational for a lot of us who wanted it to own our own business or work in business and i think that if you look at what's happened over the 25 years i think it's been terrible to go be the president, be a politician, but it's gotten terrible lucrative to be a ceo and i thought what jack was interested, he never talked about the money. the money is great. doesn't seem to mean that much for people in his position because it's not fun. it's just a labor of hate. >> right. >> i thought it was great comments. brilliant comments. >> maybe these things go through the cycles. you know -- >> that's my hope, joe, right, that maybe the country changes and people who make a lot of money for shareholders get to feel less defensive, get to feel proud. that's what i want to hear about howard. >> we have been steered this way to think about -- it's been that way a few years. steered to think this way about business and ceos. i think it matters that we've been. >> matters tremendously. remember, jack has the courage. py mean there's very few people who can come on and just speak their minds and i found that mesmerizing. we got to run. >> and sad. we'll see you in a few. >> we'll be back with more on what you think about cnbc 25 right after this. t after this.e financial noise financial noise financial noise financial noise make it happen with fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today. it is the buzz of the morning. the cnbc first 25 list being released this morning. we've been talking and debating it all morning. >> lot of chatter on twitter and all over about it. >> this was your idea, wasn't it? >> no, no no. it was not my idea. it was actually the idea of our senior vice president nick and others here to come up with a 25 -- yeah, right. >> we'll be watching the rest of it. time for "squawk on the street." ♪ heaven help me ♪ when you call my name it's like a little prayer ♪ >> good morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. what a show we have for you this morning. the ceos of starbucks, of hewlett-packard, of comcast and we'll detail more of the cnbc 25, the most influential business leaders of the past quarter century. futures in the meantime are