This rally but also this volatility. Taylor you have been nailing this because we should have had a clue. Gold has been higher all day long and you were on top of that in the past few weeks. Romaine base metals up, too. Copper up 2. 5 in london earlier today. With regards to some of the positive stories. Pepsi did manage to finish the day higher, largely i presume on the back of that she does mac cheese. s mac cheese. Senior, avoid a Portfolio Manager and Asset Allocation head. Apologies for some of the technical difficulties. Lets talk about the earnings season, your general expectations, and whether valuations are in sync with that. Earningsms of startingons, you are to see revisions start to climb. The market is really looking towards 2021. On isg thing to focus central bank liquidity. That drives asset prices. When the economy is acting below potential and the quiddity is being pumped in, it tends to drive up asset prices. One thing we are watching very carefully is the growth rate of new cases, measured by the weekly change and the seven day moving average. It was a very clear leading indicator for us that cases were starting to peak. Thate that data shows cases are slowing in 44 states over the past two weeks but the absolute numbers everywhere remain very, very high. To combat thehow transmission of it. People have to social distance, wear masks. The bad news is that the that peak where it is just starting to slide down to the other side. Caroline when you are looking at allocating assets, looking at the health data you know have to be an expert on, what about the retail versus institutional buying. At one point. 4 how much does that change the perspective of where you want to be putting money . Barbara broadly, when we look at the equity market, there continues to be a buyers strike. I would say that there is probably also a sellers strike in highyield credit and credit overall. And certainly tech. For us, what we think is very important, a lot of institutions missed the big rally in the second quarter. At us, when we are looking our positioning data, Hedge Fund Positioning is relatively low, institutional positioning is relatively low as well. It can be very unnerving for investors. Of way we think in terms allocating our portfolio, we think the u. S. Will continue to outpace the rest of the world. You were citing data out of china. While that may be the case, tensions between the u. S. And china are likely to flareup going into the election. It is a very big point for the trump base to get rallied up over. There is broad support for continued keeping some pressure on china. The other thing i think the market is very worried about today is that there has been looming fiscal cliff on july 31, that congress has to pass legislation to continue to support unemployed workers. That is another big one. March,can see, back in that was also pointing us to days that congress was kind of gathering to pass legislation. This might be very similar to it. Romaine there are a lot of events coming up. We also get the Economic Data in the u. S. We get china gdp this thursday overnight. It will be interesting to see how the second largest economy is holding up as well. At the end of the day, there are a lot of folks who want to stay invested in the market. They want to be exposed to equities. How can they do that in a way where you can be a little more defensive and hedge your bets . Ofbara the best way is kind hedging your positions in terms of owning some equities and fixed income as well. I know you had cited that you dont think bond yields can go much lower. That probably is true. But november, bonds can be a very good hedge against equity volatility. We are focusing our portfolios much more on the u. S. Do believe that the u. S. Dollar is likely to take a respite from recent declines. And there is no country in the world that has as much fiscal and monetary support as the u. S. U. S. Iswe think the probably going to be the longerterm winner over the next couple of years. It does not help of course that the u. S. Is also the focal point of the rate of infection. We do know that the authorities have decked so many resources against it. The fed has told us they are not even thinking about thinking about raising Interest Rates for quite some time, we know it would come down to the fiscal support we believe would be passed. 11. 5 of American Workers out of work. You have to give them support. Caroline barbara, thank you again. That does it for the closing bell. Whatd you miss . Is next where we will hear from carlisle cofounder David Rubenstein with doug mcmillon. This is bloomberg. Taylor from bloomberg World Headquarters in new york, i am taylor riggs. Caroline you missed a sharp turnaround, from 200 points higher to 200 points lower on the nasdaq to close down across the two major benchmarks. Concerns about covid, concerns about the u. S. And china. Nfl team istons undergoing a revamp. Leadership live. Mcmillon joinsg David Rubenstein on the retailer s reaction to the virus. Romaine we are going to talk about what actually happened in washington today. The professional Football Team down there said it will retire the teams name and logo. Financialnd other partners were potentially pulling out of deals with the team. Joining us, from the navajo nation, the lead plaintiff in blackhorse versus pro football inc. Which sucked to remove trademark for that which sought to remove trademark for that name of the team. This is a name that has been around for decades, was trademarked i believe back in the 1960s, and was almost immediately contested. Why did it take 50plus years for this thing to finally be retired . I think this has to do with invisibility of natives today. We have done everything in our power to try to get the Washington Team to change. I think just recently, the reason why it happened is just because of the unrest in this country and people understanding more about what Racial Injustice is. I am talking about after the murder of george floyd and the black lives matter movement, i think that is a surge that really pushed it over the edge. Caroline it helped push the sponsors over the money talks in many ways. I am interested whether you think the same sort of change will be enacted whether companies and teams lead the charge or are responding once again to sponsors like cleveland and the atlanta baseball teams. Amanda we have been very focused on the Washington Team for many years. I think that the other teams like kansas city, atlanta, and chicago, think they are going to just fly under the radar and we are not going to notice them. But they are groups that we are going to push. This Investor Campaign that happened was not just something that happened out of the blue pepsico, fedex. They have been pushed for a very long time by a group called Indigenous Peoples working group. They have been asking for this for many years. The i said, i think it was unrest in this country that really pushed it over the edge. Taylor it is interesting that you mention the panthers, the chiefs. Where do you see further pressure on everyone to relook at their mascots, their names . How much mass how much more pressure do they now feel in washington . Amanda the panthers are not on our list. We are more concerned with the chiefs, the braves. I am using quotation marks here. The braves and the chicago team. We never thought this day would come with the Washington Team. At least i did not. In all of the years i had been involved in this. Think at this point, it is the native appropriation, the billion dollars industry that profits off of these people. I think at this point, they should be feeling the pressure. I know that the cleveland team, they retired their logo a couple of years ago and now i think they said they are reconsidering changing the name but it sounds like they are backing off that a little bit more. But definitely we will put the pressure on and they should be feeling this as well. Romaine you mentioned how, lets say with regards to some of the sponsorships and other business interests tied to the Washington Team and other nfl teams, that there has been a lot of pressure on some of those companies to distance themselves from this. You go back to the Supreme Court case that was decided in 2017 where the Supreme Court did not necessarily give you a victory but it did effectively say it was a derogatory name. You go back to other court cases that seemed to have nudged the conversation a little bit deeper. Thatu think the activism you do, going through the court system, are there other ways that you think the change could be brought more quickly . Ofnda i think the idea going for the trademark of the Washington Team was to get rid of their trademark and registration, and they would essentially not be able to make any money. What really speaks the loudest here is money. Push,k, with the investor they were speaking the language of money. Native people have been asking for this for decades. Says one day they should change the name, the next day they are doing a thorough review. It really shows you that money is the real motivation here. Even after everything we have , nothas Indigenous People to say that our work was done for nothing. We have definitely changed a lot of opinions, we have won in the court of public opinion. Caroline is there anything other than the world of sport that we currently talk of . Where else do you focus your attention . Where else have you been having to deal with the ramifications of this current tide turning . Andda definitely mascots racial names in schools. From elementary education, high school, colleges, professional sports, that is really on focus here. Not in it has not been an easy task at all. Ou recently had land o lakes the Cultural Appropriation of Indigenous People. We have also targeted local companies here in phoenix called yandy, and got them to retire their entire native american costume line. I think it is a very Broad Spectrum when we talk about Cultural Appropriation of native people. Caroline we thank you so much for your time. Amanda blackhorse. Coming up, teaming up. Wolf research and nomura discuss a strategic alliance. The future of research. This is bloomberg. Romaine Wolf Research and nomura announcing a strategic agreement for a u. S. And canadian alliance. Wolf Research Founder and managing member ed wolf joins us now to discuss. Congratulations on this deal. I am curious as to what Wolf Research got out of this deal. Thanks. It is great to be here. Wolf got out of this is the ability to get into different parts of the market that we are not in right now in a big way. So, over time, while we have built a Research Powerhouse with content that is unique on the street, we need to improve our ability globally to distribute our work and execute it in a fashion that is as strong as our content. Nemora has the intranet. They also have a really high end derivatives and options business that will allow us to take our content to new levels. We have 100 control over our content and we will continue to have our independent research. Nd Research First tech my experience has been impossible to do at the large banks in the right way. Caroline i am interested in what the marketplace looks like right now and how Many Research houses each investor can have at the moment. How are you finding the landscape for yourself and how are you ensuring that you win out in such a tough landscape . What we have done since the beginning is to try to be the best at what we do, which is equity research. I was an analyst for over 20 years. I was the number one analyst prior to starting Wolf Research, at their sterns. We have gone out and hired really passionate top differentiated analysts from bank of America Merrill lynch, j. P. Morgan, Barclays Deutsche bank. Timese now done it seven where we have hired the top analysts from these firms. Goodu have really differentiated research, then you can have some pricing power. In a market where our clients have been under pressure so long. As recently as two years ago, some of the large long onlys and hedge funds they have probably dropped still to a way to high number in the hundreds, 150, 200. Over time, we hope that will come down to 25 or 30. We are ranked number seven in the u. S. And in terms of number one analyst, fourth. We feel very good that we are taking a lot of share. We are also investing heavily in research when the larger banks are not stepping up to defend and hired new Research Like we are doing. Covid and this pandemic has created new opportunities and challenges and people are cutting costs. Respond to clients that are continuing to cut costs not only this year but potentially next year as well . Seen is a lotve of volatility in the market we have seen more commissions in the nearterm than we have seen for several years. That being said, we are seeing a lot of uncertain t, a lot of disconnects between what looks like fundamentals. This are keeping our ion for the future. Downusly, our costs are for things like traveling. Our costs are down for things like conferences. We host 11 conferences. Normally, we do these had hotels. One ins year, we had january that we did live. To ourh, we switched fintech conference virtual. The rest through this year we are committed to doing virtually. We are saving a lot of money right now on costs on travel and things like that. But we are seeing opportunities to hire because of the large banks, there is a lot more concern than we have over some of these things. Sort of came shop about, there was this wave of independent Research Companies a decade or so ago when some of the more traditional big wall street banks started to scale back on that front before. I wonder what the General Health of some of those businesses are. Wondering where you see the place of independent research in the current orchid environment, specifically from a profitability perspective. Ed i think there is great place for independent research. When you are one or two analysts, it is really easy to make a lot of money if you are really good and own your sector. We have seen that over the years in macro and more recently in sectorfocused research. Ultimately, the clients want that really highend independent research but they want it through enough set yours that you add value no matter what factors are happening. And also want macro fundamental client work. You have to be able to provide all of that. The people who are struggling right now are either too small or too large and not focused on research. Wolfe, congrats on the deal. This is bloomberg. Forline time now leadership live with David Rubenstein, speaking with Walmart Ceo Doug Mcmillon about how the retailer is managing through the Global Pandemic and its latest ambitions to take on amazon prime. David thank you for coming on the show today. Many companies have been hurt in the covid19 crisis, particularly retailers. But it seems as though walmart has done pretty well. You are hiring more people than you are laying off. Is that correct . Doug in the u. S. Alone since the middle of march, we have hired over 400,000 people. Caroline david why are other retailers unable to get street traffic and you are . Or is it more online sales . Doug in our case, i think it starts with the fact that we sell food and consumables and things that people need during the crisis. We have stayed open mostly throughout the crisis, selling food, consumables, other things people need in stores and online. I think you are alluding to the fact that ecommerce has really grown during this time and that has certainly been the case with us. David how many total stores does walmart have . World, 11,000. E here in the u. S. , around 4700 stores, and another 600 sams clubs. Millionou have 4. 4 employees or associates. Annual revenue is about do you expect to hold onto all these employees or do you think there will be a decline in sales after we get past the covid19 situation . Doug as we started into this period, we created a leave policy for associates who had to stay home if they had a Family Member they needed to take care of for some sort of concern. Hundreds of thousands of our associates who needed to order wanted to stay home have. So we had the need for a lot of serve to run the stores, as it relates to ecommerce, and take care of the demand as it has gone up. 400,000 we have hired since the middle of march are temporary in nature so we will retain a big portion but certainly not all of them. David when you look at your sales for products, what has been the most demand . Of the things that are, lets say, dry goods or other types of things . Hand sanitizers, face masks, things like that . Doug one of the interesting things to watch, and it played out pretty consistently around the world. But if i take the u. S. For an example, americans seem to move together through phases of this experience. From the beginning, people were looking for hand sanitizer, sanitizing wipes, paper goods. It then moved to stocking up and things like shelfstable food really took off. There was a period where there was a lot of pressure on beef and pork and things like that. But then, this realization that they needed to educate and entertain their kids and themselves led to categories like puzzles sellout. Puzzlesot sold out of in a really long time. But we saw that behavior spread into things related to doityourself at home and home categories. You can imagine, if you are in your living room, your home office,