Coming off the joint news conference. That inches up toward the top of the page. And the president is likely to address greece when he was asked a question about it. Well get into this with bill miller. Find out why he remains bullish on the u. S. Stock market even though he thinks the fed will raise rates as early as june. Hell name the stocks hes looking at right now. Dont miss that exclusive interview coming up. All right. This man was named ronald lee. He recently died at the age of 92 after decades working as a janitor andq gas station attendant. So how did he amass an 8 million fortune in the stock market that no one knew about . Youll hear this mans entire amazing story. Find out how he did it. I love this story. I cannot wait for that. Here is where we stand. In the markets the dow having a tough session. Just above 17,700. The nasdaq off by 19. Joining our the Closing Bell Exchange is aaron gibbs bill from jpmorgan asset management. Jason pride from glen meade and our own rick santelli. Erin, you first. Coming off this big week the dow is off by 700 points. What should we be feeling about today . Im a little concerned going into this. Just looking at earnings for the calendar year 15. Were looking at less than 2 growth right now. Revenue growth is actually expected to outpace earnings growth. A lot of it is all about the energy story. We take energy out and were looking at 7 earnings growth. So it really is a stock pickers market. Big diversifications between different people are still trying to look at the bright side of earnings. You know, even today get passed around notes, 72 of s p 500 companies have beat expectations. Yippee. Fourth quarter is looking great. Were about twothirds through Fourth Quarters earning season. Looking for 7. 5 . Its all about 2015 that is really starting to look dismal. Are you getting more selective specific or are you looking at areas like the u. S. Stock market writ large that you think will have value . There are two boxes to check. The first is the Federal Reserve that will be completely accommodative. Dont fear the fed. Theyre data dependent. If the data is strong, theyre going to be moving rates and thats fine. Were at emergency levels but the second box is fundamental growth. 3 growth rate is a nice spot for quality large cap corporations. Japan and europe are a part of our package, too in terms of the Market Equities we like. They look good. Speaking of moving and rates rick, i guess were going to be looking at 2 again in the very near future, at least it seems that way. You know, it does seem that way despite the fact that ill go back to my three turn stilesstilesturnstiles. You have the state of the economy, europe, and then of course, whats going on relative to the entire world, turnstiles of buyers with regard to the stock market. So we have the stock market back in play. It was one of the main drivers last january and this january for big outperformance. But it doesnt seem as though youre getting paid for that dynamic. Were only down a couple basis points in yield and a quiet market in treasuries as the stock market makes new lows for the session. Many traders in fixed income paying close attention to make sure there isnt something theyre missing. Rates seem to be a little more stubborn so youre correct. Do you think the conversation about greece and the possibility that it could get a little more messy heats up . Im sure you listened to the president today and chancellor merkel. I thought she gave greece a talk to the hand big time saying the onus is on you here, not us. I wouldnt disagree with that, although i think when you of that market until it resolves . We dont think at this point yet that you want to be panicking in the greece situation, but were kind of taking a long term approach here. When we think about it, we think were in the middle of a longer term Global Economic expansion, one that really hasnt reached the last stages. When you look at europe, europe is still in the early stages. They havent even recovered from the financial recession that we had in 2009. They havent really pulled themselves out of that yet. Theyve just been starting to get it going. If they can get anything in place to try to bring about some economic growth, then theres a lot of upside there. Theres a lot of businesses that have just under levered and not delivered as much and the valuation, when you look at the u. S. , u. S. Is sitting perhaps a little bit expensive relative to the broad markets. Perhaps deservedly so but europe and japan and much of the International Markets are just downright cheap. I will say the one problem with the International Markets this happens a lot in our international fund, weve had some good ticks and in local currency terms the stocks are up, but the u. S. Dollar, once you translate it into u. S. Dollar returns, you get killed. Until we see a switch from the euro and right now the dollar is still appreciating, so its a tough hill to go up. Do you expect there will be any change in the momentum of that currency change which has certainly seemed to go one way . Still weakness on the currency side for sure. We would also agree and hedge a lot of that exposure but theres more going for europe than just qe. Weaker euro credit creation. You have Lower Oil Prices which japan im sorry, germany is really going to like. Theres more than qe going on. Do you think the situation with greece, we have an emergency meeting coming up the language has been pretty shocking. If this had all taken place a couple years ago, the market might be down worse. Would you give it a month or two . Were legging into the trade. Not all our eggs in one basket. Whether its an asset lock out or a government shutdown. Give me your comment quickly on the dollar and where you think the momentum, if it still has a lot more to go to the upside, the strength of the dollar . Well, my take is that the dollar most likely will be heading higher but not nearly at the pace we saw in the fall of last year. All right. Lets shift gears to another issue that has the potential to rattle our markets. That is the debt struggle in puerto rico. A federal judge ruled late friday and most people overlooked it that the islands debt restructuring law is illegal and it must conform to u. S. Laws on bankruptcy. We have fundamental adviser ceo lauren gottlieb. We wanted you to come on for a lot of people who have been focused elsewhere suddenly puerto rico is now back in the mix. What are the possible ways that could be resolved and how is it affecting the muni market . The muni market took some comfort initially in what seemed like puerto ricos responsible action to put forth legislation to deal with what was a vacuum. Chapter 9 does not apply in puerto rico, and so the gdd initiated action to legislate and offered act two and act three, the recovery act, as a sol louis. Ution solution. The saw the court not surprisingly say that title 11 was the law of the land. That no puerto rican effort to legislate in that area would be permitted, and struck down the law on friday night in what we think was a very important ruling. Something of a victory for the rule of law, but leaves something of a vacuum here. We need to understand and have predictable body of law to have a harmonious and synchronous adjudication of the claims of different bondholders through the 70 million cap as you well know, kelly. Lauren, i dont think people fully understand how big an issue it is. I think puerto rico is maybe second to new york. And secondly given the judges ruling, doesnt this though make for the possibility of a much longer and messier affair Going Forward . Of course, thats the fear. Going to your first point, 70 billion issuer the likes of which only new york and california issue at those levels, and yet puerto ricos an island of 3. 5 Million People with a gdp that looks more like kansas or mississippis. Its an interesting situation to say the least. The concern to your second question is that, yes, it does. It leaves this vacuum and the past path to restructuring is unknown. We dont have chapter 9 available. Weve been allowed to advocate in public for the application of chapter 9. Also, you should know that other markets will look to the United States and the adjudication of puerto rico and take some leadership. We have tested chapter 9 in jefferson county, alabama, more recently in detroit and some smaller places and so i think this is a tremendous issue to the markets. Is it still analogous to whats happening in greece . We still have a country with a huge debt load that needs help servicing it. The u. S. Might ultimately have to decide whether congress is going to come together, allow them to file for bankruptcy or become a 51st state. Theres not a lot of motivation for congress to do that. Do you have a thought on this point as well, jason . So this is an interesting scenario. Its not just a government story in how it relates to greece. Its also a Market Infrastructure story. When you think about Municipal Bonds, this market used to be an almost fully insured it used to be a business where you basically came in and you bought whatever had high Credit Ratings after theyd been insured by the mortgage insurers and now its a credit market. People have doto do their Credit Research to buy particular names. Its a different game than it was before and still just as strk toured as it was before with a lot of little pieces and little ponds everywhere. But now people are having to do their work on all those little pieces. Lauren, what do you recommend for investors who might have exposure as part of their Municipal Bond portfolios . As always, those investing in single bond issuances to the point earlier should always do their credit homework. We at fundamental, if nothing else we are a credit shop as are some of the others in the marketplace. I would say to investors, the most important thing in the muni market so remember is that still 95, 96 97 of the market is stable. So its only a small bit of risk, but there are those who do specialize in these special situations and one ought to be completely cognizant of where they are in the marketplace. Not to mention for a space or an asset class that has been much talked about over the last few years with some dire predictions that did not in fact, come true, the muni trade over the last at least 12 months has been a bigtime winner. Yeah. Theres been quite a lot of beta in the marketplace. We go back to being pretty focused on the credit work underlying the different securities. Rick do you have a thought on this before we let everyone go . I think just because things are messy doesnt mean it isnt the correct way to proceed so i agree with both guests. To me the judge said something important and that is it most conform to u. S. Laws on bankruptcy. I wish all federal judge would say have said that sentence over the last seven years. Well leave it there. Thank you. Appreciate it. We have 45 minutes to go into the close. Stocks are down 130 a moment ago. Now the dow is off still 118. Well see what happens heading into the close. We still have declines across the s p and 19 across the nasdaq. What happens in washington may not stay there. Up next, president obama german chancellor Angela Merkel facing the media. Well find out what they said and how it could affect wall street and your money. Also coming up our exclusive interview with investing titan bill miller. Well talk markets and if he still likes apple and amazon. Stay tuned. Welcome back. Dow is off 127 points today. A lot of cross currents in the market. Only one sector is in the green and thats energy. We saw oil close up about 2. 5 today. Meanwhile, health care really taking it on the chin. Utilities as well. Its a familiar pattern, one reinforced by the strong jobs report on friday and the sense that perhaps the rate sensitive investments arent the place to be right now. Certainly greece probably hanging over the market is little bit. The china export data was not very good so thats playing a role, too. Mcdonalds, the commentary there out of the dow certainly not great either. Thats an interesting point. It makes me wonder is this a weak macro story kind of outcome or a strong one that involves the fed raising rates or a little of both or neither. I dont know. Wall street keeping an eye on president obamas meeting with Angela Merkel. Michelle obama is there. Michelle carusocabrera is there. Angela merkel said she couldnt sleep at night unless she made one more diplomatic push. Thats why she went to moscow last week and why theyre going to continue meetings this week. Regardless if they had differences closed doors today, in front of the press they gave a show of unity. We continue to encourage a diplomatic resolution to this issue, and as diplomatic efforts continue this week we are in absolute agreement that the 21st century cannot stand idle, have us stand idle and simply allow the borders of europe to be redrawn at the barrel of a gun. During the question and answer session, Angela Merkel was asked about greece in the wake of the new Prime Ministers speech yesterday in parliament in athens where a lot of analysts thought he would take a softer tone. He did anything but. He came at them even stronger. She really didnt play her hand. She stuck to what she said all along, they have to come, present their deal theyll discuss. We want them she implicitly suggested though when she pointed to ireland, spain and portugal saying theyre growing now, they followed reforms. I thought the tone as i have put out on twitter and i love your thought on it that it was almost like talk to the hand greece. We gave you the deal. Now you want to change the terms. And wire justere just not going to do it. Greece and germany come at this so fundamentally different. Greece says if you let greece exit the euro, europe is a house of cards. In germany they think you know what . There are 19 of us climbing up the mountain and weve got somebody really weak at the bottom connected to us. What should we do . Should we all struggle harder and bring that weak person along or should we just let them go . Right . They have fundamentally different views of this situation, and so i think thats to your point, scott. Its the whole game of chicken, right . Thats where the entire negotiating line stands with germany saying, no, youre going to do what we say because thats what we agreed upon and greece saying if we do what you say at this point the whole of europe is going to fall apart. Right. So the key thing to watch and youre absolutely right on that, is every day they watch the markets, and do the markets look extremely frightened of the possibility of greece leaving the euro at this point . Not necessarily. And so every day that that happens, that gives greece less and less leverage. If we saw massive selloffs as we get closer and closer to what looks like could very well be at minimum capital controls for greece, which is then a very close to them just printing their own money, you might see europe buckle, but at this point they feel they have more leverage over greece than greece does over europe. And well leave it there. Michelle, thank you so much. Outside the white house for us as the dow is off 141 points with 40 minutes to go. Mcdonalds is one of the biggest losers on the dow thanks to continuing sliding sales. The pros tell us what incoming Ceo Steve Easterbrook needs to tackle first to win customers back to the fast food chain. Theres nothing more romantic than a spontaneous moment. So why pause to take a pill . And why stop what youre doing to find a bathroom . With cialis for daily use, you dont have to plan around either. Its the only daily tablet approved to treat erectile dysfunction so you can be Ready Anytime the moment is right. Plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. 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Weaker to the tune of around 5 and has been that way all day after a downgrade to neutral from overweight by analysts over at jpmorgan. They also cut their price target to 18. 50 from 20 citing certains concerns in pricing power. Energy stocks are relative stand yous standouts. Transocean, noble corp among the leaders. Were going to end here on mcdonalds. Lower after the biggest Restaurant Company in the world said that Comparable Store sales globally fell more than analyst expectations. Weakness in asia contributed to the sales slowdown. However in the u. S. The sales managed a slight increase. Back over to you guys. Thats a point. Thank you, dominick. Mcdonalds tackling its company turn around from all different angles. From the pay with Lovin Campaign to cutting out menu items. What strategy will forkwork for us. David david katz and scott rothboard. David, to you first, do you think this story is capable of a turnaround . Absolutely. We think its an evolving story. The board new made major problems. Any knew the ceo was not getting the job done. They brought in a new ceo who starts march 1st. We think he has a record of success. He confronted similar problems with mcdonalds out of great britain, was able to turn it around. We