, is down about 15% over the last 52 weeks. and ibm is another stock that he's come under pressure for his relentless commitment to this stock. ibm, he owns about an 8.5% stake in the company. he did that at an average cost basis at just under $170 a share. rit new trading at $145 a share but buffet is standing by ibm. >> well, we feel fine or we wouldn't own it. we've never sold a share of b m. periodically we buy a little more, up to 10%. we've not been an aggressive pyre but we've been a buyer, we've never sold a share. we'd be more likely to buy more in the next 12 or 24 months than we would be to sell shares. but we we'll make that call as time goes along. >> i wonder what you think about american express, if you still have the same level of confidence in it. >> i do, but there's no question that the whole area of payments is subject to attack by all kinds of people. and they're very smart people. they're high-tech people. and they're trying to figure out faster, cheaper, better ways of handling payments and losing the costco account was a significant item. but ken schnall made th

call it dark data. 80% is invisible to most businesses. the ibm cloud has tools that can help see dark data and put it to work. hello, my name is watson. working with watson in the ibm cloud, we can help an energy company predict pipeline corrosion. and help a start-up to use social data to predict market trends. now businesses can get more out of their data. that's what the ibm cloud is built for. >>> welcome back to "fast money." berkshire hathaway vice chairman piling on to the business strategy earlier today. take a listen. >> they raised a heart drug. he said, i'm correcting underpricing. you raise the price, is it absolutely necessary, 500%, and say you're correcting on it. underpricing, he's like the joan of arc. i would call that demented. >> munger calling valeant a sewer. bill ackman joins me in a rare and exclusive interview and said this. >> company's made some mistakes. i think where munger is wrong, it's wrong to indict an entire company on the basis of a few mistakes, and a leader that is no longer with the business now. >> so who is right on valeant and can that co

stocks. one key exception to that rule was ibm, a stock he started investing in about four and a half years ago now. he bought into ibm at an average cost basis of about $170. that stock is now today trading at about $145. buffett owns about 8.5% of the company's shares outstanding. that's a reason a lot of people have been questioning that call. when earnings come in, it's been said they are ritrying to get r of empty calorie revenue. he talked about that stock, too, saying he's still standing by that stock, still believes in it and think it's undervalued. i did talk about some of the legacy stocks like ibm, coca cola, american express, wells fargo, the four biggest investments of berkshire hathaway. buffett talked about how he thinks about these stocks, believes in all of them, but i asked him if the two lieutenants who he's tapped to take over all of berkshire's investments when he's not here at the company, those guys are both running about $9 billion each in funds, i asked if todd and ted felt the same way about the legacy companies. here's what he had to say. >> we don't talk --

at this point, but it's going to become ever greater. >> talked about koch, talked about ibm, talked about jeff bezos, called him a genius. and pushing back on that warning we got from icahn last week. >> i think one of the things he does is make you realize longer term if you decide to own companies, stocks of good companies that are undervalued are going to do well. and i think it's really important for people at home to recognize this is how they should be thinking about their portfolio. now, i know he also favors index funds, and that's absolutely fine, but there's nothing the matter with being a little self-directed and having an index fund, staying in. what i loved about what he thinks is he just recalls the really bad times. this is not a bad time. he puts bad times into perspective, but now, remember we're average up 25% on this day because of that -- >> that's right. you talked about the buffett bias. of course they're going to have results on friday. and they talked about over the weekend operating net over at burlington northern, it's going to be hit. >> yeah, i me

!? we are talking about warren buffett. ellen: he always said he didn't want to invest in ibm, said i do not want to get involved in tech companies. he stayed away. david: the deviled with ibm for a while. ellen: he finally did invest in ibm. mostly he stayed away from tech. this looks like it's an exception. what we say is it is a really. if you look at yahoo! in certain ways, it's really a media company. carol: and he likes media properties. david: and he is the savior of some newspapers not long ago. stan gilbert. a lot of bids for this company. anybody gaming out how likely he is to go get it? ellen: he is against verizon so you don't know. buffett is a next project getting in there and figure out ways where he can profit because of the size of the d can muster. he has a lot of money to put the work. david: cover story this week, so much about the price of pharmaceuticals. you look at charities that help people pay for co-pays and how a lot of pharmaceuticals are working with them. ellen: drug prices having going up for a while. there are charities that been developed that can help p

tech, saying he doesn't understand it. in late 2011, buffett acquired a 5% stake in ibm. shares are down some 20%. apple shares popped on news of buffett's buy, but the road ahead for apple isn't shiny. carl icahn just disclosed he no longer has a stake in the company. joining us to discuss, shira ovide from new york as well as reporter noah bureau how. i will start with you. what buffett has said is one of his two investment managers made this investment and didn't consult him on it. what do you read into this big bet on apple? noah: there is nothing nefarious going on. buffett has two deputy investment managers. he in trusts of them with $9 billion each of berkshire's capital that they go out and get to invest in a way they see fit. what we have seen is one of these guys, they happen to be younger than buffett who is 85 -- of these deputies is in his 40's, another in his 50's -- one of those guys liked what he saw and put $1 billion to work for apple in the first quarter. i spoke with a lot of investors today, and some of the themes they were hitting on is that apple has a ton of

technology companies. the notable exception was that ibm stock that was definitely a personal pick from buffett himself. but even there, he said he's considered it more of a services company investment not as much of that technology investment. also remember that his top lieutenants made a big bet, at least maybe not as big as buffett himself, but a bet on intel shares between 2011 and 2012 during that time when they opened it it's estimated they made north of 20% return on their investment. now, the question is whether or not apple and that stake becomes more of a trade to manage around, or more of a core long-term holding. we know that ibm hasn't been performing all that well since buffett's investment and apple stock took a hit after earnings. only time will tell melissa. if you want to know more about the berkshire portfolio, go to buffettwatch.cnbc.com. we've got more detailed stories. also portfolio breakdowns over there as well. back over to you guys melissa. >> thank you dominic chu. berkshire's bet on apple more of a trade line intel, or long-term investment like ibm? >> i

managers took a new stake in apple and boosted shares of ibm and lowered the walmart stake and dissolved the at&t stake completely. two guests made the invest. s, a signal of a changing of the guard at berkshire hathaway. welcome, guys to "power lunch." i'm going to start off with you. you know, berkshire hathaway famously does not invest in tech stocks. it's a last tech investment was ibm. increased the stake once again. some may say this investment, if they were a hedge fund, some would say it's a strategy drift wlachlt is your take on this new investment? >> i think this is an xameexampf how there say transition going on at berkshire hathaway. for years they've been run by buffet. they're getting into the mid to late 80s. and we've known for some time now that there's going to be a transition taking place. so i think what's going on, especially with the apple investment today is that wes willer and combs are taking over the investmen tlt decision make making process. ibm was the first company that berkshire hathaway invested n you have to take a look at what tech companies they're not

seeing a lot of companies turning to software to grow their bottom line. apple and ibm are making a huge push into the enterprise. how do you compete with that and what are you doing in the software portfolio at hp? meg: well, ours is more, if you will, system software, software that helps run your data center. emily: you do not see them -- apple and ibm as a competitor? meg: ibm, yes, in many cases. apple a little bit different. apple is more about the devices in the enterprise, and they would very much like to go into the enterprise, and we obviously need to defend. more on the hp inc. side, but we need to defend. let me give you the perfect example. as you migrate -- say you are a cio. as you migrate infrastructure into the next generation that will be required for you to be cheaper and faster and more nimble, the ability to write applications in a new environment, cloud dative and mobile, it is going to be important for you to have orchestration, monitoring software. everything has to be automated today. and so we have those kinds of opportunities in our software portfolio. so w

project away from ibm and found 66% more bugs than the ibm team for a fortune 500 financial services company. some have our team have the exact profile we're looking for to do software testing. and have the raw talent but also the perseverance, the ability to work with teams and we have managers that work with our teams who are veteran technologies that join our company to be part off a company that has purpose and emissions. so, we're able attract fantastic talent. >> in your testimony, you had mentioned what a great employee mike is and works hard and comes on time and everything else. but moste interestingly, it's hd a positive impact on other employees and made them better employees. and keeping ever abody employed and hiring more people. so, how has that been the case? are there stories or examples where the quality of mike has m improved the quality of the other employees? >> i have brought with me some stories that several have written. >> go ahead. >> they're all amazing. and this one is very interesting to me because it has the perspective of someone who didn't know

american express, ibm, coca-cola. we'll get into those things. coming up at 8:00 a.m., charl monger and bill gates. >> thank you. we'll continue in just a minute. but when we come back, we have the top stories, including the look of a man who is claiming to be creator of bitcoin. before we head to a break, let's take a look at currency markets. we're not going to know you the price of bitcoin just yet. "skauk box returns in just a moment show me top new artist. ah, ha ha. show me top male artist. my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments, simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. >> welcome back to "squawk box." puerto rico will not make a debt payment today. the move comes after island officials were unable to negotiate a settlement that would have avoided the default. puerto rico's governor says his government couldn't make today's payment without sacrificing basic necessities like keeping schools open and publi

had to short apple because he's so bad on ibm and in five minutes we decided apple was the greatest short ever and the iphone 7 doesn't work and now i'm waiting for a chapter 11 file. there you go. there's the life cycle of a company that made $10 billion this quarter. >> that's the way this world works now. >> todd and ted bought it. interesting apple adventure, this stuff i'm hearing it's like i want to leave. i want to leave and go do something productive. >> unfortunately we're not going to let you do that. >> honestly the value, i look at tjx, an amazing quarter, okay. and home goods plus 9, now that's incredible. it's just not as important until the basket so maybe it has a shot. pandora, corvex, well big deal, let's call tim cook and see if we can buy it. >> do you want to do more stories we're talking about coming up, you want to get deeper? we're going to talk about youtube later too. >> i was going through it and perrigo's down it. didn't seem important to me at all but i'm making it important because perrigo's down. i'm reacting to the tape. i'm just saying what's moving

if i would like to see something change, it's more about pace. from my days at ibm, we never seem to be running fast snap. that is always the case with an established enterprise. while you believe you are moving fast, you are not moving as fast as the start of who wants to eat your lunch. emily: how aggressive would you want to see the company be in terms of monetizing the cloud, which seems to be the future? john: it's not common to have something of that size and scale in triple digits, but it could grow it twice that rate. it's possible, given there seems to be a titanic shift going on in the industry were everyone is moving to the cloud. so why should we not capture more of that? if we invested more, how much more would our revenue growth be? that is a topic of discussion we are always going to have. are we moving fast enough to take advantage of this incredible opportunity that's ahead of us. emily: how do you see the cloud war playing out? >> if you look at history, what you see is that in a category typically there are two or three leaders in that category. theind ourselves in

apple. >> if you look at berkshire's purchases, bought ibm, am-ex, there is deep value stuff there. we own am-ex. this is a long trend. if he's buying a billion now, he will buy a billion later. >> david tepper got out of apple, correct? so david tepper is someone everyone on this desk really appreciates as a phenomenal investor. why not pay attention to what he's doing? carl icahn got out of apple. you have famed investors getting out and a famed investor getting in. >> i'm just saying how the market seems to be perceiving the berkshire news because again, this wasn't buffett himself per se, but the two associates who run the portfolio. >> maybe. maybe it is. you know, they have complete autonomy with air quotes, right, because -- >> they don't have any autonomy. >> it's a billion dollars and they run 20% of the portfolio into one stock? i don't know if that's all them. >> the market is bidding oil up 3.5% because it deems the berkshire position to be an overall bullish sign for the stock. no? >> note where the rally stopped. 92 with support for apple going back a long time, now it's

"fast money" returns. we call it dark data. 80% is invisible to most businesses. the ibm cloud has tools that can help see dark data and put it to work. hello, my name is watson. working with watson in the ibm cloud, we can help an energy company predict pipeline corrosion. and help a start-up to use social data to predict market trends. now businesses can get more out of their data. that's what the ibm cloud is built for. now it's more than aet mnit's reliable uptime. and multi-layered security. it's how you stay connected to each other and to your customers. with centurylink you get advanced technology solutions, including an industry leading broadband network, and cloud and hosting services - all with dedicated, responsive support. with centurylink as your trusted technology partner, you're free to focus on growing your business. centurylink. your link to what's next. >>> news of a spin-off and merger, could the move signal bigger isn't necessarily better when it comes to meg whitman's company. david faber has all the details back at headquarters. >> melissa, that's right. hewle

-- remember the day starbucks reported, microsoft, ibm, apple. what did it mean for the broader market? absolutely nothing. the s&p has looked past every single piece of potentially bad news and ratcheted forward. can the s&p trade lower tomorrow? perhaps. but this is not the reason to sell the broader market in my opinion. going back to disney, it comes down to this, do they deserve a premium multiple over cbs? i say yes. is 16 the right number? i don't know if it's the right number. >> i say yes, too. because of the studio. when we look at the studio and look at the success they've had, i think that's something they can hang their hat on. and i think that continues. with espn, we'll know on the conference call. it's important to look at the fact that this stock like ibm had a 15% run in the last three months to where it is today and now pulled back 6%. the names that have run into these earnings and skyrocketed in, they're the names that seem to be able to not hold, unless they beat in a big way which they obviously missed tonight. i'm long. right around here. this will probab

. >> you have to admit it doesn't sound like his normal -- ibm was as techy as he gets. and that is not techy. >> it has to be yahoo!'s bankers looking for higher bids. >> i am a little tired of andrew's negativity on yahoo!. if i were watching and worked at yahoo! i would be mad at you, over time. you know what i moo open? >> if i was a shareholder at yahoo! i would be mad at them over time. >> that's what i mean. >> what is fascinating -- >> you always say it is not worth as much as they get. >> when there was an article they were throwing out the number of $8 to $10 billion, yes. >> shareholders would like to get that. >> yes. >> when you say 3 -- that makes people upset. >> 6.5 if you are delusional. and there are delusional people out there. >> this is what i am talking about. i rest my case. >> there are people -- what is interesting about the process, there are so many former yahoo! people around the table trying advise dan gilbert. the former coo, ross levinson who was at yahoo! he's advising another team. you know. >> it is probably tim armstrong with aol, they might be able to

companies like ibm and sun trust are forming millennial affinity groups to really have millennials that work for those companies be advisers to the, on how to design products and services to meet the needs of their customers. >> and are they getting what they want? because they're the largest group now. they outnumber the baby boomers. and i may go to my boss and say, i want flexibility, i want work at home, i want whatever. i'm probably, i'm guessing, less apt to get it than the millennial who will be spending more time working for that compan >> yeah. and millennials are forcing companies to adapt to a new workplace that is definitely more open and transparent and a work from anywhere place. so they're really forcing changes in the workplace because they're the dominant generation today as of 2015. >> is money or promotions as important to millennials as they were to other generations? >> right now when you look at the research, you find that millennials are more purpose-driven. it could be their age. i mean, they don't necessarily have a family where money is a big issue. what i

ibm had. at the next stop, we built the world's largest digital data storage system. then on to precision instruments where we built an even larger storage system, this time using lasers. i was the vice president in charge of software development. it was all very cutting edge and challenging and cool. i liked my work most of the time but i did not love it. i searched and i searched but i just could not find a software engineering job that i loved as much as i loved sailing. so i tried to create one. i put together a plan to start my own company. that way, i could completely control my work environment. i would hire the most talented programmers i knew and we would all work together. on the most interesting and challenging software projects. my goal was to create the perfect job for me, a job i truly loved. i never expected the company to grow beyond 50 people. maybe i really did lack ambition or vision. i don't know. it was a long time ago and i was very young. anyway, today oracle employees around 50,000 people. when i started, it was not my intention to build a big company. wh

would like to see something change, it is about pace. from my days at ibm, we never seem to be moving fast enough. and i think that is the case when you are established. while you believe you are moving fast, in fact, you are not moving as fast as a startup. emily: how aggressive would you want to see the company being in monetizing the cloud, which seems to be the future? john: business as triple digit growth, and it is not common to have something that size still growing at triple digits. but could it grow twice that rate? it is possible. given that there seems to be a titanic, tectonic shift going on in the industry, where everyone is moving to the cloud, why shouldn't we capture more of that? should we invest more of that? if we invest more, how much more would revenue growth be? that's a possibility we will always have. re: moving fast enough to take advantage of the incredible front of us?n emily: how do you see the cloud wars playing out? history, whatat you see in a category is that there are two or three lite eaders in the category. we find ourselves in the lofty position of

invisible to most businesses. the ibm cloud has tools that can help see dark data and put it to work. hello, my name is watson. working with watson in the ibm cloud, we can help an energy company predict pipeline corrosion. and help a start-up to use social data to predict market trends. now businesses can get more out of their data. that's what the ibm cloud is built for. >>> the big focus for markets, janet yellen's speech. we asked what you expected. joining us from minneapolis is jim cahn at the wealth enhancement view. >> if you look at the data, you have to believe that there is going to be a rate hike between now and tend of the year. right now market is pricing at 30% chance of a rate hike in june. we think that is probably a little higher and the market is discounting some positive news we've seen south out of the economy which may lead the fed to believe things are closer at hand. >> do you think we stall out here? >> it is possible. i do think there is going to be more volatility. the market is under pricing we believe this the probability of increase in interest rates. in

ibm, we never seemed to be running and i think that is the case when you are established. while you believe you are moving fast, in fact, you are not moving us last as a startup. emily: how aggressive would you want to see the company being in monetizing the cloud, which seems to be the future? john: i business has triple digit growth and it is not common to have something that size still growing to triple digits, but couldn't it grow it twice that rate? it is possible. given that there seems to be a titanic or titanic shift going on in the industry, where everyone is moving to the cloud, so why shouldn't we capture more of that? should we invest more? how much more would are revenue be if we invested more? that is the topic of discussion we will always have -- are we moving fast enough to take advantage of this incredible opportunity? emily: have you see the cloud war is playing out, whether microsoft, amazon, google or startup? john: if you look at history, what you see is the category where there are typically two or three liters in the category. we find ourselves in the lofty po

exchange" continues after this. the thing is, most businesses aren't getting the most out of it. the ibm cloud is uniquely designed for all kinds of data. like data from the weather company for 2.2 billion locations. or billions of health-related data points. even social sentiment in real time from hundreds of millions of people. it's all in the ibm cloud. if you combine that with the data your business already has- then things get interesting. so right now we're working with a retailer to blend social and inventory data to help predict demand. we can help a hotel chain match weather and local event data so they can adjust room prices from minute to minute. and another company we work with can apply analytics to sensor data to save millions in energy cost. today, every business runs on data. that's exactly why we built the ibm cloud. >>> disappeared from radar this morning over the mediterranean. flighting at an altitude of 37,000 feet when it disappeared. the last reported position was 165 miles from the egyptian coastline. >>> let's get up to speed on the early market action. global ma

earnings. that's what matters. this merger makes me think ibm stock may be much too cheap. and then microsoft could be under valued. meanwhile one of the hewlett-packard, it hit a brand new all time high today again. nay sayers. the stock everyone claim to hate. the one backed by the so call poorly run company that lacks innovation with its best days behind it. apple. roared higher again. what's the 1.75 gain among friends? i guess the nay sayers don't mind the 6 points that were picked up after watching tim cook was on the show. when you get this kind of unexpected rally with no real visible or obvious catalysts, when you build on a rally in the huge cohort that is tech. it makes you wonder. why is everybody so darn negative? and how high will this market be? when they change their minds. andrew in new york. >> caller: the sox got off 6, 10% the last few days. not so hot. what's driving the stock? i got burned. >> what's driving it? sports authority decided to cease to exist. it was like here today and gone tomorrow. and that's why. barry in florida. barry. >> caller: hey, professo

partner they were working with. we won a project away from ibm and found 66% more bugs than the ibm team for a fortune 500 -- fortune 100 financial services company. the reason we're able to do that, three-quarters of our company have asperger's syndrome or similar autism spectrum profile and have the exact profile we're looking for to do software testing. and have the raw talent but also the perseverance, the ability to work with teams and we have managers that work with our teams who are veteran technologists that join our company to be part off a company that has purpose and emissions. so, we're able attract fantastic talent. >> in your testimony, you had mentioned what a great employee mike is and works hard and comes on time and everything else. but most interestingly, it's had a positive impact on other employees and made them better employees. and obviously a small business, that's important to being successful, and keeping everybody employed and hiring more people. so how has that been the case? are there stories or examples where the quality of mike has improved the quality

detectives gary had stood him up before, no big deal. so he went back to his office at ibm to do some work. >> there were several things about that story that raised some questions. >> like? >> like why would he wait 45 minutes for someone and not pick up your phone and give them a call and say, hey. >> what's up? >> what's up? did you forget? >> what seemed really strange was that mark porter had just admitted to going to the house the night of the murders with a story that just didn't ring true. why drive across town if he wasn't all that concerned about his friend missing dinner? >> so the drives a few miles across town to go knock on the door when his office is across the street, it doesn't appear gary is showing up. >> he puts himself at the house with a benign explanation? >> yes. >> inside the interview room the detective decided it was time for a break. >> give me a couple seconds, i'll go back there and see if there's anything else. can i get you anything? coke? water? >> trying to make sense of it all, include human being this bit of information, gary's brother had told

aren't getting the most out of it. the ibm cloud is uniquely designed for all kinds of data. like data from the weather company for 2.2 billion locations. or billions of health-related data points. even social sentiment in real time from hundreds of millions of people. it's all in the ibm cloud. if you combine that with the data your business already has- then things get interesting. so right now we're working with a retailer to blend social and inventory data to help predict demand. we can help a hotel chain match weather and local event data so they can adjust room prices from minute to minute. and another company we work with can apply analytics to sensor data to save millions in energy cost. today, every business runs on data. that's exactly why we built the ibm cloud. todaythere's no oness no one surface...e. no one speed... no one way of driving on each and every road. but there is one car that can conquer them all. the mercedes-benz c-class. five driving modes let you customize the steering, shift points, and suspension to fit the mood you're in... and the road you're on. the 20

buffett. part, he has not wanted to get involved in tech companies. he finally did invest in ibm. mostly he stayed away from tech. this looks like it's an exception only we say it's not really because you can look at yahoo! in certain ways and it's really a media company. carol: and he likes media. >> he feels he understands media. david: he is teaming up with dan gilbert. a lot of bids for this company. how likely is it they will get this? >> they are up against verizon. warren buffett is an expert at getting in there and figuring out ways where he can profit because of the size of the capital he can muster. he has a lot of money to put to work. david: the cover story this week -- you look at charities and their co-pays and how pharmaceutical companies are working. >> drug prices have been going up for a while and there are charities that have been developed that will help people who cannot swing the cost of these drug prices with copilot -- co-pays. co-pay and pays the with a lot of these patients, if thee pays the rest drug companies give people the drugs, that's it. if they d

2949. >>> ibm has reportedly laid off more employees as part of its restructuring as it transitions to a predominantly cloud and analytics business. "wall street journal" says ibm declined to say how many jobs would be cut but overall estimates top 14,000. meanwhile the journal says the company could hire 14,000 workers. it has more than 20,000 open positions. shares of big blue down fractionally to 146.77. >>> and freeport mac may ran pulling plans for ipo of its oil and gas business. the company announced last year its intentions to spin off the unit but since then it has been hit hard by falling commodity prices and has cut its workforce. shares of the mining giant up more than 2.5% to 11.38. >>> finance company areas capital buying rival american capital for nearly $3.5 billion. activist investing group elliot management took a large stake in american capital back in the fall and urged the company to take some steps to explore strategic options, including a possible sale. shares of arias down slightly to 14.81. shares of american capital ended up to 15.72. >>> staples is reporte

social media. slim it down a bit. you can use products like ibm watson to figure out how it's being received, what grade level it's being written on. >> so tell us about ibm watson. you put your text in there, and then what happens? >> correct. you put your text in, and it gives you some personality insights. it tells you the feelg and emotions around what you're writing, and it's also the grade level. >> what grade level do you want to be? >> you want to be between three and nine. >> wow, i think actually i won't say the grade level for right now, but just the idea of speaking in normal language, it's how we should think about everything, right? if someone comes in and speaks in jargon, i think the world is different now. you're not seen as smarter as maybe perhaps you were many years ago. people are just thinking, i don't understand what you're saying. just speak in english. >> relatable. >> plmake it relatable. >> you can take a complex concept and make it simple, that's a skill now. >> great advice from both of you who have both built successful companies. congratulations on you

set? >> seth has just moved from beijing to rome. >> a lot of fun places. >>> ibm's watson mastered the art of trivitrivia, but can it conquer song? >> so it listens to this piece, and it deconstructs this piece of music, learns from it, and gets inspired by it. >> wow. ahead, is this the future of music? you're watching "cbs this morning." padvil pm gives you the healingu at nsleep you need, it. helping you fall asleep and stay asleep so your body can heal as you rest. advil pm. for a healing night's sleep. poallergies?reather. stuffy nose? can't sleep? take that. a breathe right nasal strip instantly opens your nose up to 38% more than allergy medicine alone. shut your mouth and say goodnight, mouthbreathers. breathe right. brmilk and fresh creama. and only sustainably farmed vanilla. breyers has fresh cream, sugar and milk. breyers. the good vanilla. our milk and cream come from cows not treated with artificial growth hormones. this is so good! new mirafiber from the makers of miralax. fall in love with a new daily fiber. it's the only fiber that supports regularity with dailycom

1/2 years, ibm. right now it looks like a huge loser. he built up an will 8.5% stake in the company itself and he's done that at the average price of 1 p$170 a share. for now, buffet is standing by ibm. >> we feel fine or we wouldn't own it. and we never sold a share of ibm. periodically we buy more. although we're up fairly close to 10%. so we have not been an aggressive buyer. we have been a buyer and we never sold a share and it's a company that has lots of tough competitors, one of them may show up here pretty soon in the studio, and it will always have competitors. we see them doing some interesting things. the competitors are doing interesting things, too. overall, we like it. you know, i think we would -- i think i can safely say we would be much more likely to buy more in the next 12 or 24 months than we would be to sell shares. but we will make that call as the time goes along. >> buffet also defended some of his other core holdings that underperformed over the last year. take a look at shares of american express. that stock down 15% just over the last 52 weeks. now he defe

the ibm cloud. because that's what the ibm cloud is built for. we built our business on the ibm cloud. ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪ >>> welcome back, donald trump laid out what he called an america first foreign policy speech and read from a teleprompter, something he rarely does and designed to make washington approve. though trump promised a new era of consistency and reliability in foreign policy, the speech seemed to offer anything but that. in fact, there were a lot more contradictions. take a look. >> a new foreign policy direction for our country. one that replaces randomness with purpose. we must as a nation be more unpredictable, we're totally predictable. it all began with a dangerous idea that we could make western democracies out of countries that had no experience or interest in becoming a western democracy. i will work with our allies to re invigorainvigorate western v and -- the countries we're defending must pay for the cost of this defense. if not, the u.s. must be prepared to let the

more. liz: okay, let's talk about that. ibm, which you love to take a big position in, lately you've taken a big position, what does it stand out now? >> i think it's about 8% of the company. liz: that's down 15% over the past year. you know, the question is have you overstayed your welcome in some of these stocks that perhaps some of your followers and shareholders feel time to get out of? >> if we like a business and it goes down, we just buy more, and we hope the company buys it in, and our interest goes up. i would just as soon -- well, i would prefer a stock i'm buying to go down. liz: that's crazy, warren. explain why. >> well, it's because if i'm going to eat hamburgers for the rest of my life, i'd rather have them go down in price tomorrow and the next day. if i'm buying a business and i can buy it as a cheaper price, we just bought precision cash parts, i wish we could have bought it cheaper. if we buy ibm, i hope we can buy more cheaper. liz: look, you buy as a long-term investor, you have always said that. so you don't get nervous when something's down 15% over the past ye