john: good morning, good morning, a longtime tom keene and lisa abramowicz, i'm jonathan ferro. we can talk about the 1.7 trillion dollar name the just delivered in the denver -- double digit growth or a $10

casino. take your pick. tom: i can do both, thank you, john. more of that response later today. always fascinating, but i knew that you were sitting on the couch going gam a, gema, gam a. jonathan: long game, is that what you are accusing me of? [laughter] tom: i know we have to dive into this today, it's not the same discussion on radio and tv that it was with francine lacqua 19 minutes ago. the story is changed. lisa: the big question here is whether this is an indios socratic issue. gamestop, starting the year with a market capitalization of about $1 billion and is now worth more than 10%. yes, it's casino, yes it's a specific story.

pushing out hedge funds closing out bets, we had the biggest reduction in gross leverage on hedge funds on monday since august of 2019. how much is this something that could have fraud or consequences? it is emblematic of the froth we are seeing in the market and that is the key debate. a lot of people are wondering how much you can blow up a specific name without it affecting the rest of the market. jonathan: is this an example of what we saw in late august with the broader market, the big tech players, retail buying in, forcing market makers to buy the underlying? how much of that story is playing out here? is this a small example of something we could see on a broader scale? or is this just a $10 billion casino for a couple of days? tom: no, it's bigger than that. jonathan: what is it? tom: dennis carver was brilliant

on this, take it back to every american crisis. i know you studied every british crisis. it's about leveraging derivative transactions and at some point you get caught. what's so important, melvin or cnbc were covering the short, reporting the short, at the end of -- reporting the short, at the end of every debacle someone has a liquidity event to cover the loss. jonathan: is that what you are getting at? small symptom of a wider story? lisa: that is the concern that people have. citadel has the investment in the hedge funds that are short, yet they are also questioning those retail investors being brought in and blown out and at a bought -- broader level, how much are we seeing the tale wagging the dog, as you say. we are going to have black rock,

larry fink, hank paulson, expect them to really deal with the consequences of ultra low rate policies and a question of whether this gamestop issue is it eoc and craddick or emblematic of a broader problem. 2:00 p.m., the fed reserve delivers the rate decision from jay powell with more color around that. expecting it to be a snooze fast -- festival except for one thing, what does he have to say about the froth that we are seeing in the markets? jonathan: lovely promo of the tom keene special. [laughter] jonathan: just killed it. [laughter] lisa: come on. after, fourth-quarter earnings from apple, facebook, and tesla. to your point about the microsoft earnings yesterday, it was important to show the stay-at-home stock, big tech behemoth in the privacy of the markets and the economy with

respect to the hardware on the apple side as well as the software. jonathan: getting to the price action this morning, it's the promo for the tom keene special, caroline hyde. can't wait, can't wait. 29 on the s&p 500, nasdaq futures checking in their. tom, we were nicely outperforming and turning negative even with that huge move down 1/10 of 1%. jonathan: there it is and there will be a lot of market punditry about whether it is linked to gamestop or the rest of it. i don't know where we are but we have a really important snapshot of pandemic winners this afternoon. jonathan: tell us who did this to romaine bostick. tom: he's the only one that is betting against continuing. romain: i'm rich. [laughter] they brought me on to talk about microsoft, walgreens, and a

bunch of other stocks no one really cares about. we talk about not only the moves in gamestop, but the after our moves. i was on air when elon musk had the one line tweet about gamestop and it took off. about doubled in premarket trading. there is a bigger story here. it's not just about pajama traders and the folks on reddit duking it out, this is about big dogs duking it out with big dogs. melvin capital, sure, yeah, there was a group of individual retail traders who went after melvin capital when they needed help getting bailed out, but there were a lot of big players, people who were long on gamestop and they were long on it because of fundamentals. did the fundamentals get you $200 to $300 a share? probably not. tom: looking at the premarket,

it's all the same. gema, delta, theta, whatever they taught us years ago. when you end up losing short, money has to appear to cover the trade. are we had a moment in this day where money is going to appear on losses? romaine: it's starting to look that way. you talk about the greek letters and the speed you need to put on the dealers to drive the stock up, if you are on the short side of that trade, you are velvet capital where you have to close out the position. if it's not already on your balance sheet there. what you are seeing now is this play out in options and these charts here are showing the interest on the price of the intraday stock but pay attention to the volume out there in the options market. record volume on friday, i think it was $1.5 billion yesterday on gamestop. when you put the depaul ratio

down it still at something like two .2. do the math, whatever you learn 50 years ago, he tells you right now there are more clips -- more puts in the market than calls. [laughter] romaine: for every person out there that is betting on the stock to go higher, you have just as many people on the short side. lisa: closing it out -- romaine: that was a compliment, by the way. lisa: i'm sure it was. [laughter] how much of it was idiosyncratic and how much had a broader impact on the market? technical factors here, how much are we seeing the favorites of hedge funds, the long stocks, the long positions getting sold off to cover the shorts? romaine: there are two parts of this and i have been asking that question of everyone and it seems the systemic risk to the market is not there and this is really can -- can find to a few of the other short stocks that have short squeezes out there.

as far as taking money away from microsoft, some of the other stocks that might be getting bids, there seems to be evidence that that's the case. remember it may not be the case so much with a microsoft but the next year down looking at peloton and zoom, which had been bid up relatively decently, there's a sense that those stocks are not getting the attention because retail traders are focused on what seems like easy money at the moment. tom: i have trouble aggregating all these, it's just a short trade in a derivative build up to me, but i could be wrong. romaine bostick, here with us many times this morning to discuss gamestop. let's promote the close. 2 p.m. to 5 p.m.. for all of you on radio, i want to point out that i took the cfa so long ago, i used a 1947 slide

rule to get through it. just barely got through it. right now someone who knows a slight rule, -- slide rule, he's been courageous since december of 2018. you have got to be in the market and then has been right, right, right. i'm not going to waste your time with gamestop. microsoft, can they persist with revenue excellence after the pandemic? >> i think so. i think the significance of microsoft and netflix for what they are worth, we forgot about them for a couple of months when we were looking at cyclical value rotation, which i know i still think is going to lead, but i would call that a cyclical value catch up, not a rotation.

it's a big reminder of the earnings power and flat -- financial flexibility these companies have. it's nearly 20% put line growth. you've got dividends every year with valuations that may not be as expensive as they look when you adjust to huge cap balances these companies have. i would definitely be leaning in that cyclical value direction. you know, don't forget, tech and communications days, the reminder is what we are getting here running that barbell. jonathan: speaking to what they said a couple of days ago, the reminder of where the anti-struggle is coming from. talking about catch up, the durability of the rotation that we started to see last year, what is going to support that? what makes you see that the earnings are coming from netflix, apple, microsoft?

>> the relative supply -- surprise is still coming out of industrials. this sort of 20% plus beat on another quarter is coming from the cyclical names. the other one is the broader growth surprise, which we still have building behind the scenes here. 10% plus on fiscal stimulus, we are not going to get all of that. it's huge and u.s. specific. the u.s. leads. no one else is even close to the 25 million doses that have been rolled out. potentially it's more good news coming. we are manufacturing pmi data at 60 with a 14 year high and you put all of that together and there's a lot of tailwind here.

it's a way of saying where do i get the biggest bang for my buck for that growth surprise out of these depressed small-cap industrial type segments. lisa: what would you have to see in terms of the vaccination schedule or hiccups in the supply chain to reassess the cyclical call? >> i honestly, saying the u.s. has got -- twice as many doses as any other country in the world. it's coming next weekend i think the story here is how we begin to sort of work out the kinks in terms of distribution. we've got more companies, more vaccines, bigger supply chains working. as long as we are making incremental progress, the market is just sort of going to keep focusing down the pipe on that sort of reopening trade. i don't see that changing. jonathan: great to catch up,

ben. fantastic as always. this is turning into an absolute circus. a high-stakes circus in europe over the astrazeneca vaccine. eu said that astrazeneca would not be on a call with them. they confirmed the crunch call over vaccines was going ahead and here's what's getting missed every time we have this conversation. the eu still hasn't approved the astrazeneca vaccine. tom: out there in arkansas, they are frankly sitting at their desks, what is that crunch call? jonathan: no idea. what's a crunch call in europe? let's be clear, this is a crisis in europe right now. they made big bets on the vaccine providers that turned sour pretty quickly. you have to go through the facts pretty quickly with a contract for months.

they still haven't approved the drug that the u.k. did a month ago. tom: i've got an opinion on this and what we do. jonathan: we can do it sometimes. maybe later on the program. larry fink speaking at the bloomberg year ahead conference right now. it's got a highlight there in the next hour. this is bloomberg. >> former president trump appears headed for acquittal in his second impeachment trial. only five senate republicans voted with democrats against the mood to declare it unconstitutional, serving as a rough proxy that is short of the two thirds majority that would be needed for conviction. chuck schumer says he's ready to move on a democrat only stimulus

plan next week if republicans continue to reject the $1.9 trillion proposal. the alternative backed by both parties means the deal isn't dead yet. jerome powell is expected to maintain the central bank aggressive support of the economy despite seeing what he called light at the end of the tunnel from the coronavirus pandemic and policymakers are certain to hold interest rates near zero when they wrap up the two day meeting today. the u.k. is facing painful lessons after 100,000 deaths from coronavirus. prime minister boris johnson said that he was deeply sorry for every life lost, but offered few answers to the question of what went so wrong over the past year, having the world's fifth highest death toll for the virus.

global news -- global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta, this is bloomberg. ♪ jonathan: you wonder how long before this brakes. from new york city this morning, i'm jonathan ferro. down 37, tom, by 8% as we make

our way to the opening bell. lisa: let's -- tom: let's point out that the vix at 27 level it's my attention in this earnings season. emily wilkins is with us as we look at the majority leader of new york on what to do today, what to do to get into the weekend and move into february. sorry, emily, it comes back to the democrat in a republican state, the gentleman from west virginia. how good of a week is joe mansion having? >> he's said to have a pretty good week, pretty good two years coming up. this discussion that has come up, this potential of having a stimulus package passed with only democrats, not something set in stone, but something to look into, it means a lot of people will be looking to joe

mansion to see what he will and will not support. tom: we've got to remember that he didn't even get 50% of the vote the last time he voted. he's in a state where it's a tough battle for him every time, isn't it? emily: he is a known quantity in west virginia and is probably the only democrat that would be able to win the state at this point. that is why democrats know they have to make sure they are not forcing him to take tough votes that will costs him his seat the next time he runs. lisa: given that he is getting a lot of dominance in terms of influence, what's his view on stimulus? how much is he setting the agenda on price tag? emily: he has weighed in a little bit on stimulus and like other democrats he's worry -- o'leary about the high price tag and he is also supportive of more targeted aid. one thing we are seeing from democrats and republicans are individuals making hundreds of

thousands of dollars per year and still in line to get funding through stimulus. something lawmakers want to make sure isn't happening with future funding bills, making sure that if americans receive direct payments that it is americans in need of it. jonathan: most people seem to assume that if they can't make these bipartisan talks fruitful that the democrats can go their own way, but going solo, as you point out, is more complex. emily: it definitely is, any senators or house members banding together can gum up the gears if they decided they wanted to push for something specific to be or not be in this particular bill. it is not something where democrats can snap their fingers and get this past. -- passed. a number of senators are still really hoping that they can find a bipartisan solution here. jonathan: not a big fan of

artificial deadlines, but is there a line in the sand? emily: negotiations have already begun. we are obviously coming up on the february 9 date for the start of the second impeachment trial for trump. we are hearing that it will be shorter than the last one that went on for several weeks, though after yesterday's vote we are hearing some democrats saying we really need to lay out the evidence. last time it took half a year. i don't think many people would place bets on when this would be done. tom: you have been back in the capital a couple of days know, a new field for the new washington. jonathan ferro is a foreigner and has been wonderful in his shock about how we provide aid in america. it's radically different from the continent of europe and i would suggest even different from london. is there a change in tone in washington towards a jonathan ferro washington versus the

stridency we saw in the trump administration? emily: we are definitely seeing lawmakers come together in terms of vaccines. that's been one of the big things where they do think there is a bipartisan path forward, funding for vaccines. more lawmakers are being vaccinated, there's definitely that. the partisan tensions here in the trump era are here in the biden era, to and in some ways you have seen them get worse because some lawmakers are at either extreme of their party and the extremes are growing and there is a russian about what is going to happen with the more centrist lawmakers in the middle , like rob portman of ohio, who announced he would retire at the end of his term. lisa: you said everyone wants to get these vaccinations rolled out in a timely manner. you can put in as much aid to the economy as you want, but meanwhile it's plugging an endless whole but the president has come out to say that the

vaccine program is in worse shape than expected. what are the steps on a structural level that he is taking to organize federally or create more consistency to get the schedule ramped up? emily: biden is trying to make sure that there are testing sites across the united states, working with private companies on this, local drugstores, cvs, walmart, they will have the ability to provide the vaccines and they are trying to make sure that states have a good idea how many vaccination doses they will be able to get so they can better plan how to get them out, distribute them, make sure that there are fewer wasted doses. under the trump administration vaccine distribution is very much handled at the state and local level and biden is trying to bring it up to the federal level to have more of a federal government role. jonathan: emily wilkins, bloomberg, down in washington, d.c., thank you. changing from the session lows,

negative 43 points on the s&p 500. we have hardly mentioned the federal reserve, tom keene. chairman howell has a news conference coming up, too. tom: it will be interesting to see, i was kidding michael mckee about it, who asks questions for bloomberg and some of our other team. it's just a total nonevent and sometimes that's when a bombshell drops. jonathan: he's just trying to build it up a bit. tom: i mean you called it a news fast and you were accurate. the goal is to get through two hours and moveon for any number of reasons, including a new relationship with secretary yellen. lisa: my question is who has more influence over who at this point, the market or the fed? at this point the fed is scared of creating another taper tantrum and the markets expect them to not rock the boat. jonathan: the market is hardly

pushing for anything at 1% on a 10 year. tom: we are missing the main story other than gamestop foolishness. what a good day to talk to robert prince of bridgewater and for you and i to recapitulate what we did in davos. jonathan: 12 months ago. the bridgewater cio, looking forward to that. alongside tom keene and lisa abramowicz. where does that come from? that foreigner. think i will let that slide? tom: john, you have a totally different view on income replacement and the american zeitgeist of the 1980's. jonathan: i'm not advocating for a certain position, and i do wonder coming out of this crisis how much of a permanent shift we start to see in d.c. on the side of assistance provided. i thing we have already seen that adjustment. tom: allocation of stimulus. jonathan: from new york city

this morning, good morning, bob prince of bridgewater is coming up next. looking forward to that live on bloomberg tv and radio. this is "bloomberg surveillance ." ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

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jonathan: from new york city, this is "bloomberg surveillance ." i don't know about you, but i'm excited for that snooze festival a little bit later with tom keene. lisa is excited. yesterday, microsoft, 14 straight quarters of double-digit pregnant -- revenue growth on the s&p 500 with the other coming in later. coming in this morning you would expect the outperformance but on the upside down side it was an outperformance still where we were down on futures in the nasdaq. the s&p 500 is down by one percentage point. the bottom market, paper talk, no questions are coming right

now where the 10 year yield comes in at the basis point and your 30 year yield right now is 178. this is still a well behaved treasury market and i understand you want to hear a bit of direction with guidance from the federal reserve on the asset purchase program in providing the spark that's coming later. tom, euro-dollar, set up quickly, single currency being negative by 4/10 of 1% in this morning francine lacqua cut up with officials talking up the prospect with more interest rates. tom: you've got one more board there. we've got to do gamestop, it's all gamestop day. you don't have a gamestop board? there it is. thank you so much. it says it's not like it was two hours ago.

for radio, it's real simple. k down on headlines from funds that covered shorts. meaning that it is good to have our conversation of the day for alternative investment. robert prince has been bashed been at bridgewater since 1986, including the joy of august of 1988. two things to talk about, including how outfront he was talking about life at the zero bound. bob, i must ask you not about the specifics of melvin, citroen, or the others, but bob, you and i know that when we are short and there is a trade going against you with derivative instruments involved, cash must be involved to cover the pain. are we had a point this morning where a lot of cash is going to be moved to cover up this hedge fund screwup? >> well, the reason that this is

all happening is because there is a lot of cash moving out there. it's been the printing of money by the central bank and the distribution by the government that is financing a lot of the activity. you know, when you look at, when you look at, i can't comment on this, the game is going to be played except markets are exciting these days. our clients want diversification, boring, and up. that's somebody else's world. tom: bob, i take your point, but you have been in the game too long and i take your idea that there is new viscosity in the system, but the last time that this happened and 98, you and i know it rebounded over into major banks and major systems. are we at risk here with this foolishness that this will be something that pulls over into global wall street and into the

government institutions? bob: i don't think so, i don't think self. i think what you have are isolated cases happening. the financial system itself is not overleveraged like these prior cases you referred to, so the knock on effects are likely to be much more limited to the system. you will have big impacts on individual players and markets, but the system is very, very liquid. plenty of capital in the banking system and not nearly as susceptible. clearly the pandemic was a bigger risk to the system than, you know, leveraged trade in the options markets. the system has come through that really, really well. jonathan: there has been so much discussion over the proliferation of commission free platforms offering short data options to retail investors and

whether the tail is wagging the dog, so to sleep -- so to speak. what is your assessment of that at the moment? bob: it reflects the liquidity of the new players in the markets, historically indicative of a bubble environment. but when you look at the underlying root causes, it really is the transition of monetary policy to the printing of money, from interest rates to monetary policy calls, the printing of money to purchase government bonds to be distributed by helicopter and because they are not spending it on goods and services, i think from a from a, from the client base it's an institutional sovereign wealth fund and i think that the lesson to be learned here, the thing to think about is you really have to question the idea of holding assets based on their market cap.

and that whole cap based investment process, just because the central bank goes out and prints money to drive the yield to zero and drive the price lay up, does that mean they hold more bonds? or just because you have a certain set of stocks in the flow of money coming in one way or the other and now they are asked times higher than they were. should you hold five times more of it? it doesn't make sense from an investment standpoint. the way that we see it, we have a big question around the world of how you manage money. do you start with market cap portfolio with index in question ? when you are an index or, you automatically get that -- indexer you get that portfolio with the narrow section of the market from these cash flows saying that you ought to hold more of that.

it's changing the diversification in the portfolio , where we are moving into a world with security selection and fundamental analysis coming with wealth preservation over time being a much more rewarding process. jonathan: there are two things that you painted there, how the cycle changed and what it means for the divisions. lisa will want to jump in for a moment but can we sit on that for a brief second? 12 months ago we sat down in davos together with tom, myself, and you. you talked about how the nature of the cycle changed and they said the cycle was over and done, but it's more than that. can you walk me through how the character of the cycle has changed and what it means for the regime we are in now?

bob: the boom bust cycle that we know is over, right? what i meant is yes, we know that things are important because the world that we all grew up in was a world of booms and busts. heightening monetary policy with interest rate changes by the central bank. because of the debt levels and where we are. the ability to raise interest rates without causing problems is severely limited and the ability to create a boom and cut interest rates is severely limited. the management of the economy through interest rate changes and monetary policy is over and we have transitioned into a world where the levers that can be pulled are what we are seeing now, the printing of money and the combined efforts of the fiscal government, fiscal action with monetary action, the printing of money, issuing of

bonds with the government distributing the money through the economy as they choose. not based on free markets where the interest rate changes based on the economics with the flow of credit. big change that came upon us much faster than we expected, but we are in it right now, that's the world that we are in. lisa: i know that right now your colleague a year ago said that cash's trash in the us -- in this environment. what is the trigger for that to actually be borne out? bob: it's been borne out. there's massive wealth rebalancing going on in the world. there's a rebalancing between the western hemisphere and the eastern hemisphere in asia and there is a rebounding between asset holders and debtors and a part of that is what we are talking about, but when you look at the return of cash, we have

massive wealth instruction going on right now for asset holders and it is to the benefit of debtors to relieve the pressures on the debt side. we have already had a 15%, if you were a holder of cash of any kind, we have already had a 15% decline on your assets and counting, right? another 10 years and it will be 35%. look back through the industry and cash is the riskiest asset you can hold in environments like this. 1930's and before, 50 percent to 80% drawdown for the in person power on cash, it has now spread to bonds, locking it in. the most expensive assets are cash and bonds with destroyed wealth through real returns fueling a movement of all of that liquidity into these other assets. it's also fueling and will be

fueling the money out of dollars that has already begun into different areas, right? gold is up, the dollar is down against 12% and the rmb. money is moving and imprinted in the country and initially it stays in the country to drive the local assets up and then it goes out of the country at some point because the yields and currency are unattractive. when you look at the sovereign wealth funds around the world, where are they located? located in asia, china, korea, hong kong, australia. that's where the money holders are and for them to hold dollar assets is a risky position. there may be 1500 basis points on the bonds and they are taking a 6% loss to 12% loss on the currency. will you keep buying the bonds as the treasury issues them? it keeps putting treasure on --

pressure on the fed to buy the bonds and as we have a pop in inflation with a bond rate rising, that's a dangerous situation for the dollar. lisa: a pop in inflation, you are talking about dramatic asset price inflation without goods and services as commensurate with that. how long can that divergence happen? at one point does one check the other? bob: it's simply a matter of where the money goes, right? so far the money that has been printed has been used to augment incomes that were lost. but the money that was distributed, not all of it was spent. a lot of it was just socked away and bank accounts, so there has been an explosion of bank deposits around the world with zero at real returns and as a result because the money is not

moving into goods and services, goods and services are not going up with money moving into financial assets and you get inflation with asset prices on where the money goes but it doesn't go into all of them, it just goes into particular areas with asset inflation in those particular markets. so, the transition to inflation really is very simple. it has to be that the money that has been printed or is sitting in bank accounts has to get redirected by goods and services because when it does it's just a matter of mechanics if they outpace supply. >> let's put about one it. the conversation between ourselves, the nature of the cycle has changed, in a new policy regime, the approach of the investor has got to change away from passing investment -- passive investment. let's talk about core conviction trades in the market. what do you make of it?

>> a lot of things are cheaper around the world. and then you have got your strategic news, right? the most important strategic thing is what's well-balanced where people are, they don't have nearly enough geographic diversification. we are very big on balancing the portfolio between the particulars needs of the east and west, asia, u.s., europe, spreading it out. that's the first thing. from a tactical standpoint, like i said, you got wealth destruction in currency cash and bonds. and then you have got a number of assets that are very cheap where basically we had an environment of extreme economics with extreme liquidity produced, giving us stretching divergence of assets. you will get something in that and we think that we favor asian assets a lot. you know, the assets, the currency, the bonds, the stocks

generally. the rebalancing in the world goes in that direction, but the pricing is in the other direction. look at the other price on r&b versus dollar, discounted to the fall by 25%, 30%, even with chinese growth likely to be much stronger and relative earnings growth is discounted weaker. that's not a matter of efficient market pricing, it's a matter of where liquidity went, and went into u.s. assets, driving liquidity down. a lot of emerging economies with a contraction in the ditty has driven the currency down, driven the foreign currency down because of the interest rate differentials widening, driving the equity down relative to the bond.

if you take the value of let's say the brazilian riau, the mexican peso, pick your country. one year of earnings priced in dollars is the cheapest in 30 years. those are the kinds of things that we see in terms of the stretching of the pricing moving in one direction while the fundamentals move in another direction. jonathan: bob prince, bridgewater, come back soon. always good to catch up. thank you. the nuance is sinking over at bridgewater in the moment, a trade not delivering quick returns, maybe for a little while longer. tom: you are dealing with the artificiality of the market from a natural disaster and, frankly, from before the natural disaster, from the decisions of before. the theories of prince started and lived, prospering on.

not in crisis, they just changed until we get back to some normality. john, we are not there and you haven't given me a gamestop quote in ages. jonathan: you are in charge. tom: two dollars 47 cents on gamestop. jonathan: from new york, this is bloomberg. ♪ romaine: --ritika: federal law enforcement officials defending the pace of the investigation into the riot at the capital, saying they have charged 200 people so far into more charges are expected with rewards for information responsible for those who placed type of bombs near the democratic and republican headquarters in washington. losing a battle, they may have lost the war, the bid to question the constitutionality of the impeachment trial, losing

on a vote of 65 to 45 and says it's a rough proxy for the eventual verdict, falling short of the majority needed for conviction. president biden will order another 200 million doses of vaccine and freeze distributions to states, increasing orders to 600 million shots. meanwhile, a larger share of the american public wants to get a shot as soon as possible surveyed were enthusiastic -- a shot as soon as possible. half of the adults surveyed were enthusiastic. the walgreens boost alliance has named a starbucks awesome -- operating chief to be there next ceo. they have struggled to adapt to

online competition. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta, this is bloomberg. ♪ jonathan: just yesterday after that outlook for global growth, we had an increased outlook for the united states, cutting that

outlook for europe. good morning. tom keene, we are off by little tom: forget about microsoft -- we are off by a little. tom: forget about microsoft, the microsoft -- the markets are down and the fix is on two big figures, that's what i'd call more mole. on the pandemic, jennifer joins us. what is so important it is her focus. the science, then you get out of the science and you do applied pity me out that's what she's expert at she joins us this morning. jennifer, what are your thoughts on the manufacture and the blue-collar of vaccine.

-- doing vaccines. are we doing the right approach? >> the number state increases, which is encouraging. and i'm urged by the survey saying that more people want to get it now than in the months prior. it's a good approach. obviously there are challenges ahead. we need to continue to control the virus i other knee. and of course there is the global situation. as the virus continues to circulate, even protected by vaccines we have to worry about the for mutating -- potential for mutating. it needs to be wired -- widely available. lisa: a lot of us are sick and tired of social distancing was trending on twitter yesterday, hitting the pandemic wall. at one -- what point will we have rapid testing in the home

to limit spread? jennifer: we should be talking about it right now and i'm quite worried about the testing situation in the u.s. cases are falling, which is great, but the number of tests has stagnated. test positivity is high and it tells us we are likely missing infections out there. even though we are rolling out vaccine: we need to tested. it's very much a priority and it should be pursued with the same vigor that we pursue vaccine. lisa: there was a story out of china and zero-tolerance led to random surprise a no swabs to figure out -- anal swabs to figure out if you had the virus. what's the line in terms of privacy? are we getting close to a

sufficient testing regime without crossing the line into random anal swab testing? jennifer: i'm not sure that testing approaches are our best bet in terms of feasibility. tom: i look at where we are and people are throwing out numbers, 100 million, 200 million and that. don't pros look more at the x-axis? do it day after day, week after week, month after month? where does your x-axis get out to where we have a fair amount of people vaccinated? june? december? june of next year? jennifer: my mental picture has always been the end of the summer and that has always been a hunch based on where i see things going. i heard the president also suggest the end of the summer.

i'm encouraged by that. we don't yet know if vaccine will prevent transmission but we have reason to hope and if they do show themselves capable of that, we will see some big changes in the coming months. jonathan: appreciate your time this morning, thank you there from johns hopkins. i'm not sure how we all have a straight face. lisa, want to talk about what's been happening? [laughter] lisa: i know that it sounds ridiculous but this is one of the most read stories on the terminal. come on, honestly though, this does indicate the chinese zero-tolerance overcontrolling the virus and perhaps it has been effective but at the same time in terms of invasions of privacy and things democracies are not willing to do, it's a hallmark of their method of control. i think it's an important point. jonathan: the router point is that you are much more sophisticated and professional

then i am. lisa: you cannot say anal swab without laughing? [laughter] jonathan: absolutely not. i'm going to pretend you never said it. tom, coming in this morning, the nasdaq numbers from after the close, it was a big afternoon for big tech. pretty interesting. tom: partition in the market, we talk about the pandemic partition and no question you have microsoft with wonderful numbers. i know you are going to tell us about ian in a moment but you have got to believe that it is stress. the lineup of guests this morning was absolutely brilliant on the history, especially mr. prince with his opening comments. i refuse to believe that this doesn't redound on the market emotion. i don't buy it. jonathan: i think that's the point that lisa was making 55 minutes ago.

we'll pick it up from there. coming up, the asset management head of fargo. lisa, keeping it together. i'm not. with tom keene. futures down -107 on the nasdaq 100. from new york city this morning, good morning, this is "bloomberg surveillance." ♪

clicks the world has basically imploded because of the pandemic -- >> the world has basically imploded because of the pandemic. >> is going to be volatile as we look to get things under control. >> the long-term damage will become apparent. >> the public still has money in reserve. >> as long as equities are higher, we cannot do this forever. >> this is "bloomberg surveillance," with tomne