,ood morning on Bloomberg Radio good morning on Bloomberg Television as well. Interesting markets as well. We will talk about the market in a moment, whether you need to climb back on board. Lets get right to the yields right now. Yields a little bit higher here. That has proven to be lower prices, stronger yield just in the last hour. Jonathan yields up about a basis point on the 10 year, but yields have been all over the place. They havent really gone anywhere in the last week. Weve been in and around 70 basis points on the 10 year, and that is about where we are this morning. Tom we got a weve got to touch on tiffany. I know youve wondered over in london, and you need the tiffany china mugs for 200 pounds large. But they are not going to do it with lvmh. Jonathan i will take a pass on that. I will be spending less time there, thats for sure. The reason they are giving and the reason people are suggesting is around tariffs on french goods. It is not for me to say whether that has been a reason whether that is a reason or an excuse, but this is been on the radar all summer. This deal was closed most 12 months ago. Then we had the pandemic, and then everyone thought they would reassess the deal and walk away, and this morning they have finally done this. Tom everything gets recalibrated. Give us an update. You nailed that threeyear auction yesterday. You know i think they were boring. This one was not. Lisa there never that boring. Perhaps it didnt go all that well if you look at some of the internal technicals. Still an alltime record low yield of 0. 17 . But to this larger point, i want to touch on tiffany, not because i enjoy shopping there. This idea the lvmh is using the terms using the tariffs as an excuse. Is 2021 going to be the time of conscious uncoupling . The french government is said to have been involved at some degree to give lvmh to walk away. At what point are these cross continental deals going to fall apart in a protected way . Was that gwyneth paltrow, conscious uncoupling . Lisa yes, good job. Jonathan thanks. Love the celeb love stories. [laughter] lisa tom, carry on. Tom is she sell side or buy side . Lisa moving right along, it does raise a question about how you operate in an era where you have growing tensions on all sides. Stagger to our guest, if we can. , Charles Schwab cio. Mr. Aguilar will give us some brilliance right now. What is the character of this pullback . You have the advantage to give perspective as well. What is the nature of the pullback we have seen . Omar good morning. Definitely out of my range of understanding, a lot of the discussion about celebrities. [laughter] but i can tell you that being part of what the market is what that a big part of the market a big part of what the market is going through right now shouldnt be a surprise. Expected what if a could look like. If you look at the cap between the market on the economy getting bigger and bigger, that all of a sudden created that environment for potential volatility. What we are observing right here, you put it into the context of the size of the rally we have seen since april, we are just seeing volatility. The size of the correction, even though it is the nasdaq, is significant. It is still very small compared to the bull market we saw earlier this year. Tom i dont want you to speak for the executives at schwab. Schwab and others in retail, electronic brokerage have been pinatas about the sizable retail trading we are seeing. You buy that idea that there is something ill about all of that retail trading . Schwab isjob at always to guide Retail Investors to find their best way to trade. In many cases, to find the opportunities they find in the markets so that they can use the capital in a wise way. Of course, theres a lot of players in the market. The size of the retail trading, especially in highfrequency retail trading, has had an impact in the market, no question about it. I think a big part of the discussion of what we do at the Investment Management part of schwab also involves trying to guide through the behavioral aspects of the market. You actually see a lot of the retail activity that usually intends to be very shortterm in nature, and in many cases tends to be fairly related to behavioral economics. Adviceide a lot of our to retail clients to try and understand what is really the motivation behind a lot of the trading. Is it more of a shortterm trade . . Is a more consistent with their investment objectives . Volume clearly increased on the retail side. The other is the character of the trading. Can you talk about the shift to more shortterm than perhaps 12 months ago, where you have seen the shift in the last week or so . Can you give us some kind of clarity there . Market think the environment has put clients and investors into two camps. You can clearly see through the activity that we see in the market. On one hand, we have what is. Alled the overconfident crowd biasis a cognitive that feels shortterm trading is the place to go, most to because Central Banks provide that extra liquidity and backdrop for the markets. You can actually see that maureen options that more and options and momentum trades. You can think about all of the different participants trading on and off regarding those shortterm components. On the other hand, and we see that more and more often, we actually see more of the other side of the trade, which is some of those investors that tend to be more riskaverse, or loss aversion, which is more of a emotional bias, that tend to drop back more to be more safe. Looking for protection, when you think about options, it is both ways. At allows you to put money to work in the market, but also try to seek protection. We basically see a bifurcation in terms of the way that activity goes. One is more shortterm in nature. The government tends to be more longterm in nature. Lisa does this keep the rotation into cyclicals intact despite the tech selloff . Is tech going to regain the helm, and everything kind of along for a while . Kind of limp along for a while . Look at theou history of recessions, normally the market takes off before the recession is completed. But one thing, and of prior recessions, the source gets resolved. Market can the compete, you see the rotation into value from growth, and that is very typical. What is unique about this one is that this looks more at the recession that comes from a Natural Disaster more than an economic driven recession. The reality is the majority of the Natural Disaster recessions are actually solved because the Natural Disaster is gone. In this particular one, we have not solved the source of the recession. We are still trying to figure it out. Therefore it is going to be very hard to think about a theory of rotation until we actually have a source for that solution. Jonathan omar, just a quick one for me. Clearly theres many people who still havent gone back to the office. Have you got any basic assumptions of what happens to volume with guys like yourself once you start going back to the office again . Omar it is actually quite interesting because what we actually think is there is a significant amount of people that are more comfortable trading from home. A lot of the activity in terms of daytrading tends to be more often of people that now have more time to actually be trading at home. So we dont necessarily anticipate to see any significant change in terms of how the different activities within trading will actually happen. Of course, it is all speculation. When i think about the bigger onyers, people like to leave the Asset Management side, and that is not going to make any difference in terms of how we operate. In terms of retail clients and others, clearly the advantage they have in terms of their fit knology provided by different providers is there. It is unclear to me that there will be a significant change. We see a significant pick up in volume already. Jonathan omar aguilar from schwab, thank you. Do you know how many beatty comedy people messaged me, asking if i had been daytrading in tuscany . [laughter] tom i am just shocked. Jonathan nothing to do with you . Lisa i am shocked. Tom but the daytrading thing, theres a lot of research on this. I am sure there is someone out there as out there that has made a billion dollars on it. Jonathan equity futures up 0. 9 . On the s p 500, from london and new york, alongside Lisa Abramowicz and tom keene, im jonathan ferro. This is bloomberg surveillance with the. Ritika this is bloomberg surveillance this is bloomberg surveillance. Ritika senator Mitch Mcconnell is setting up a vote on the republican relief bill. Billet cost up to seven up to 700 billion, a far cry democrats wanted to trillion dollar relief bill. Pushed back on a statement from President Trump that a vaccine will be available by election day. In the u. K. , Prime MinisterBoris Johnson will ban all gatherings of six or more people. There will be exceptions for organized sports, plus people getting together for work, weddings and funerals. Bond market guru Jeffrey Gundlach says highyield default rates may double. Thedouble right total double high total reflects broad skepticism about the markets connection to economic realities. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Relative to the rally we have seen, the pullback is in the large. But people get used to seeing the nasdaq up five weeks in a row and this becomes much more emotionally painful. Jonathan of Equity Derivatives Research and the last one he four hours. Fascinating conversation. We will catch up with Julian Emanuel of btig and mike wilson of Morgan Stanley on bloomberg tv a little bit later. A look at the price action this morning right in front of us. Equities up higher on the s p 500 by 1 . Treasury yields up about a basis point on the 10 year to 0. 69 . One thing that hasnt disrupted this market, and it has been fascinating over the last several months, a clear breakdown in relations once again on several fronts between china and the United States, and no clear read across in financial markets. No real disruption right now. Certainly not the same with her was in 2018, 2019 the same was in 2018, 2019. Tom you wonder, the day after the election, what will that be like . We talk about the special relationship with the United Kingdom and the United States. Maybe there is a special relationship with the United States and china. Ilas is with the London School of economics, and we are thrilled he could do enough. Given the bipartisan tone in congress, what will be that special relationship postelection . Jacob there certainly is a largely bipartisan perspective on china that maybe what there 10 years ago maybe wasnt there 10 years ago. Have seen more conservative lines in u. S. Policy. Rs, whatlude the uighu theened in hong kong, and evidence of industrial espionage. So i think the Broad Strokes of u. S. Foreign policy, in attempts to compete on china and prevent them from overtaking the u. S. In key military, strategic, and economic regions is largely settled. I think there would be a fairly front approach toward u. S. Allies who might reinforce american policy toward china were biden to win in november over trump. Biden has a more conciliatory to brk, where trump tries againsts, sometimes others. Tom is there any room for President Biden to go to a multilateral approach . I think despite the tenor of the 2016 elections, the polling suggests theres a pretty broad american openness to reviving Something Like tpp. If biden, lets assume for the sake of argument that biden wins and has a democratic senate, he bringstill need to somewhere between 15 to 17 senators on board to ratify Something Like tpp. It would open up the possibility that with the jcpoa, the next Republican Administration could simply walk away from it. I think biden wants to reassure allies that the u. S. Has moved out of this kind of ratcheting back and forth between extreme democratic and republican division, and moving more towards consensus position on arguably the biggest Foreign Policy issue of the day. Jonathan it all comes back to one question. What is the best way to try to influence the behavior of the Chinese Communist party . Have we learned any lessons in the last 20 years . What is the best way . Jacob i dont know that there is a best way. There have been things that have been modestly effective at certain times, but the fundamental problem for the u. S. Is chinas more powerful than it was 20 years ago. Increasingly, they are willing to take sides in disputes. Even that is a greater degree than it was 20 years ago. Relationships have been severely , butned the last few years i think reinforcing that is probably the best the u. S. Can hope for. Jonathan jacob, great to catch up. Parakilas is a london associate. Conomics it is not just the administrations approach, it is the comfort ability with the csuite in america with china. That is why disney is absolutely fascinating. You have the administration trying to clamp down on authorities in a very concerning story in xinjiang, china, and the alleged human rights abuses taking place, and of the same time you have a u. S. Company, a symbol of corporate america, thanking the authorities for allowing them to film there to mulan. How on earth do you make change when these huge symbols, he will disney company, apple, want to be close and present in that country . Tom it is a mix of politics and capitalism. It is everything including the various disneylands across the pacific. It is overt in the credits, as we saw in mulan. I would suggest it is not just about the visibility of disney. It is about those that are invisible, and there is a huge relationship going on. Theres no question about that. Jonathan i would go further. It is a collision between communist Central Planning in china and freemarket capitalism in the United States. The United States is not in the tradition of telling their companies what they can and cannot do, and i think that tradition is changing before our eyes. Lisa there was recently a survey done by the American Chamber of commerce of manufacturers in shanghai, and only 4 of them were thinking of shifting production out of that region back to the u. S. , despite President Trump. You can ask for a lot of things, but how do you intend five businesses how do you incentivize businesses . Right now, very hard to see that. Jonathan equity futures up 30 on the s p 500, around 0. 9 . The fx market doing better than yesterday. 1. 1669. Ar, the bond market a bit of a snoozer all day. 0. 69 on the u. S. Tenyear. On Bloomberg Radio, on bloomberg tv, this is bloomberg surveillance. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. If i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Jonathan from new york and london, this is bloomberg surveillance live on bloomberg tv and radio. Here is the price action this wednesday. Shaping up for the equity bulls. The nasdaq down 11 over the last three days. The s p 500 doing nicely. Aroundo settling in 1. 1775. Crude bouncing back. Crude up 2 after yesterdays rout. 37 is where we trade on wti. The only thing you need to know is this coming weekend, north and, deep dell stadium, that is where will get you at some point. At some point this year. Road trip. You could do a nice quarantine for 14 days in blackpool, that would suit you, then well watch a game together with john ryding. Tom we welcome all of you on Bloomberg Television and Bloomberg Radio. Lets stop because i think it is important. Rip up the script. We have john ryding with us as well. Jonathan ferro, no one has done sports in this pandemic as well as english soccer. Does that surprise you . Jonathan i was surprised we do not have one team at least get something come down with covid and start to get messed up. It did not happen. Maybe that was luck, maybe that was by design. I wish them the best of luck for the season as it begins. We are lucky we have john ryding with us because he is close to preston north end and there is a big push to get the fans back in the stadium. Tom get them back in. John ryding, good morning with brean capital. Society infidence of getting us back to normal, can you envision Sports Events like end are preston north people before the end of the year . John they are planning a restart, and what they have done for season Ticket Holders and my mom is the season Ticket Holder at 91, they are not giving them their seats, they will sell at large capacity and spread people out. Then when we have a vaccine and it is safe to go back they will move back to how the stadium was. , under capacity constraints. A team like liverpool it will be difficult because the stadium is sold of every day, but for other teams i think they will be able to spread people out and distance. I certainly hope we will get that vaccine soon. Ryding, you are special with your service to the bank of england and your work at bear stearns over the years. What you make about the United Kingdom economy . There are whispers of austerity. There is the new brexit diversion. How fragile is United Kingdom economy . I think most global economies have one major risk. That is the virus. The u. K. Has two. It has brexit negotiations and it has been ongoing for a long time. Brexit for real hits at the end of the year. We are in the critical phase of the negotiations. Timeof us are spending our looking at the coronavirus numbers pu. Jonathan lets talk about what is happening in brexit before we turn to the Economic Data in the u. S. We mentioned where cable is. , 1. 2932 onows starling versus dollar. What on earth is going on . John to be honest, i do not know we have had the realism in the negotiations that we need to have. Thee has been a feeling on part of the u. K. Administration that they can somehow push relationship with the eu. It is a negotiation. Issues that need to be resolved. I suspect they will be resolved because it is in everyones selfinterest. I do not see the path to Debt Resolution at this point. Lisa the backdrop has changed dramatically since the beginning of these negotiations. To get to the economy, in particular the reading we will be getting on the u. S. Economy, and it is representative of what we are seeing in many developed markets, we will get the jolt survey at 10 00. What will be the structural Unemployment Rate when the pandemic is over . How much higher will it be in the United States than it was pretty pandemic in 2019 . John first of all, i think it is encouraging talking about the 10 00 number, that weve been seeing the pickup in job openings. That tells us labor market is trying to come back as to the gains we have seen in the employment numbers last friday and in recent months. , the structural Unemployment Rate depends critically on whether you have a vaccine. If you have a vaccine and people can become comfortable getting socially together, we can have a surveillance night out at a bar in new york city and have a few beers or whatever tom wants to drink, then the structural Unemployment Rate should be not much different than it was prior to the pandemic. Yes, it will be difficult for a number of companies to come back, but we have seen very high levels of business creation. We will have to have a repricing of commercial rents. All of those things need to happen. I do not see any reason for the structural Unemployment Rate to be significant hotly higher than it was pretty pandemic significantly higher than it was pretty pandemic. It may take us longer to get that right, but i think we need get down to 4 Unemployment Rate once we have a vaccine. If we do not have a vaccine, the last mile will be different. We will have 7 8 of a pie and the Service Sector will be the slice in things like leisure and hospitality that will be difficult to bring back. I am hopeful these trials will go through. How long it will take, i do not know. We will have a vaccine. I am hopeful it will be effective and if it is there is no reason for the Unemployment Rate to be higher in the future that was pretty pandemic. That may be a couple of years out. Lisa if we get the same low Unemployment Rate, will salary stay the same or will they be coming down. In addition to people getting jobs, they are getting paid less . John we are not seeing that in the data. Average Hourly Earnings have been higher. This is a challenge for business because lower wage individuals have been disproportionately hit by this pandemic. They have suffered a greater portion of the job losses. I think what we need to see is Company Focus on productivity gain. If that happens, there is no reason for the real wages to be lower than they were before. It is an obstacle. We are seeing strong gains in real wages for those currently unemployed, not weaker. That represents an obstacle to , and profitability after the virus represents an obstacle to return to full levels of economic activity. Tom what does the employment rate do in the coming weeks and months . Give us a dynamic of what we should see for unemployed americans . John i think it continues to grind lower. We had a surprising drop last friday and we did not have a drop for bad reasons, people dropping out of labor force. In fact you saw people returning to the labor force and participation rising. That is good. There is another measure of unemployment which in some ways is difficult to understand, which is large number of people, the much higher number of people unemployed and the higher number of people who have lost their jobs who are still on unemployment benefits. There are two measures of unemployment. In terms of the employment rate, i think that comes down probably by the end of the year, down to around 7 . Once we have a vaccine and can start getting workers in hospitality and travel returning work on a stronger basis we have had some encouraging recovery in that area, then i think the Unemployment Rate can be down to 5 or 6 by the end of 2021. The Unemployment Rate is coming down faster and the recovery is starting to go up faster than it did coming out of the great recession. Jonathan already below where the fit saw it ending the year. They might have to update their forecast. The most important question of the morning. What you think tom keene would think of blackpool tower . It depends how much he had had to imbibe. We might even confuse him and think he is in paris. Jonathan if we blindfold him then released him and blackpool a find a hotel for you tom, the grand hotel in blackpool. You can quarantine there for 14 nights. I think you would do ok. I think we can do this. I will not drink wine. I will drink a north end ipa or Something Like that. Jonathan nice. What should we be drinking and blackpool and preston . About hit it tom on the head. A good point of northern ale would be the way to go. Jonathan there we go. Tom the pints in england are enormous. Ouncese have 20 two it 20 fluid ounces in a pint and 16 in america. Tom that is why he is john ryding. Jonathan great to catch up. John ryding of breen capital. Real conversation. Went as the premier league start . When does the premier league start . Jonathan i think this coming weekend. Cannot wait to get stuck into this. We have to find lisa a team. Tom started with westtown. Lisa all right, all right. Jonathan he did fancy it. He started liking north london and tottenham. Lisa that i will go with wes tam. Westham. Tom lisa is a newcastle type. Lisa i will do research all weekend. Jonathan that is a night out. Have a quick google of nights out in newcastle. That would suit you down to the ground. Rubenstein,avid Carlyle Group and host of peer to peer. This is bloomberg surveillance. Senate majority leader Mitch Mcconnell says the new republican stimulus plan focuses on restoring supplemental jobless benefits and extending help for small business. The senate votes on the measure tomorrow. It will cost as much as 700 billion. That is about a third of what House Democrats want to spend. Astrazeneca has paused its Coronavirus Vaccine after a person taking part got sick. That could delay efforts to speed immunization. The drugmaker says at trial participant has developed an unexplained illness. Researchers will examine safety data and maintain the integrity of the trial. Wildfires are now spreading beyond california. Oregons Portland General Electric turned off power. Drive winds are threatening to take down power lines and start fires. It is said to be the first time such a Public Safety shutoff has happened outside california. President trump plans to announce further reductions to the number of u. S. Troops in iraq. That is according to an administration official. About 5200 troops are still in iraq. Cnn says that will be cut to 3000. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am ritika gupta. This is bloomberg. Time thatthe current got us to make such a substantial and public donation to bring attention to the role like morehouse and spelman and to support their work. Develop thousands and thousands of black leaders throughout this country. Jonathan an important conversation with Reed Hastings, the netflix founder and coceo. The gentleman who recently introduced interviewed Reed Hastings will be joining us shortly. After that will be looking forward to catching up with mike wilson of Morgan Stanley. Tom an exceptionally important conversation. We try to give you perspective on the individual securities, tesla, apple, and the equity markets. To talk of the strategist has been great. Wilson willth mike be a very important conversation. This is the conversation of the day within the election season over what the wealthy are doing with their money, providing leadership on this, including a new book is David Rubenstein of the Carlyle Group and his peertopeer conversations. One of them has been with Reed Hastings. I want to cut to the chase. , in a recent conversation with bloomberg, was scathing about the lack of philanthropy, the clumsiness of the new rich of california, the new rich of technology. Reed hastings seems to be providing real leadership. Is his gift to black universities, is that enough to be a game changer to teach the younger crew how to give away the millions . David it was a 120 million gift and got a lot of attention. When i asked him about it, he said he has made larger gifts that have not been publicized. I think he will have an impact. Mark makes a good point. You have people worth tens and 20s and 30s of billions of dollars, and you wonder what they will do with that money. Tom what you do with it . This is something full disclosure, mr. Bloomberg, the founder of bloomberg lp has faced the same conundrum. ,hy is it so hard for some particularly these Young Technology types, to give money away . David throughout the history of the world people tended to give away money towards the end of their life. Now a lot of people making money in their 20s, 30s, and 40s and theyve not expected to make this much money and it takes a while for them to give it away. Hopefully they will do some things. A number of these people have signed a giving pledge, as Mike Bloomberg has and i have. The amount of money people accumulated quickly is unbelievable. The founder of tesla now has a net worth of lets say 100 billion. He made it so quickly. It takes a while to figure out what you want to do with it. More philanthropy should be done for sure by all of the wealthy people that have the money. Lisa there are those looking to give away money and other people counting on continuing to work until they are very old because they need to support themselves. Those individuals, and speaking to your interview with Reed Hastings, can they expect to go back to the office . Can you tell us what the netflix ceo had to say about that . David i think Reed Hastings would like people to come back to the office but they want to make sure it is safe. He has been working remotely from his house in california. Many ceos like Reed Hastings recognize people are not coming back to work until there is a vaccine, until there is safe public transportation, and until there is a lot of childcare for people with young children. I think it will take a while. I think you will not see people back to work in full measure for another six to nine months. Jonathan he did not lisa he did not ask you whether you have a netflix subscription, and we have learned some private information about that which you can or cannot share. It is just us. Blip giving him a boom in the work from home para, or does he see a longerterm establishment of streaming as the entertainment of choice . David when he started netflix, he had a system where you rented a dvd and he mail it to you overnight and you mailed it back to him. He eventually got into the streaming business ahead of Everything Else and pop the rest of hollywood flatfooted. He built the biggest streaming business with a market value of 223 billion, and at one point he wanted to sell the company for 50 million to blockbuster. They said no, they did not want to pay 50 million for it. That is the best thing that ever happened to him financially. Tom how do you parse the netflix, and how did mr. Hasting speak about the idea of spending, spending, spending, not generate profits . How do you partition companies that clearly make an income statement profit and those that are not smoke and mirrors, but a little bit mysterious . David people made fun of jeff bezos for a while, he was just building market share, they said he would never earn money. People made fun of elon musk. People made fun of netflix spending money on original content. It turns out these entrepreneurs have had the last laugh. When you can build market share, you can get a lot of customers and they get addicted to what you are producing and that is what happened with netflix. People are, i would not say addicted, but people love it, and it is unique and nobody can compete with them on the scale they can produce and show their content. Tom one final question. This is over to softbank and the latest derivative uproar. Could softbank do what they did in Investment Management out of abu dhabi with the X Deutsche Bank crew, could they have generated these derivative strategies with call options if they were simply registered in the United States . David i think it would be tougher and a lot of people in the investment world were surprised by this because it is a Staggering Amount of money, about 20 billion of call options. Right now it may be profitable but it is a risky thing to do. Tom lets leave it there. Greatly appreciated. Wonderful. David rubenstein, peertopeer conversations, this with Reed Hastings of netflix. Look for that tonight at 9 00 here on Bloomberg Television. So much to talk about including the advance in the market we see today. We see tiffany and lvmh. We have almost forgotten not routine ecb meeting tomorrow. Lisa and they are looking at a pretty uncertain recovery. Are we getting a strongerthanexpected one. Bloomberg publishing a story about some ecb officials coming out and saying the economic recovery will be stronger than they previously expected, potentially dialing back the need for more monetary stimulus this year. Youre looking at german bonds falling off a little bit, not reacting much. Hard to know how much support those officials will get. Tom was there enough soccer talk today . Should we ramp it up tomorrow further . Lisa i need to do a lot of research. I got a lot of suggestions on twitter for potential teams. It is a contentious issue. Tom we get 10 times the response when you pony up on premier league. People are gaga over this. Lisa im doing research. Extensive research. Tom keep it going. Twitter on fire over Lisa Abramowicz favored premier league team. We thank all of you on Bloomberg Radio and Bloomberg Television. This is bloomberg. Futures up 29. Jonathan from london and new york for our audience worldwide, good morning. The countdown to the open starts right now. 30 minutes until the opening bell. Equity futures this morning up 28. We begin with the big issue. It is the calm after the nasdaq storm. , down in tech stocks something weve been expecting for a while. Shorterterm disruption for the markets. Been annizing there is evaluation problem in that sector. The evaluations are absurd. This is a healthy correction. This is a great buying opportunity. This is a gardenvariety pullback. A lot of these numbers move higher, some by 20 next year. The leaders in big tech we are advising investors to trim that back. The