i take it off with i think the people need to take responsibility into their own and be prepared if those kind of weapons were less available. we wouldn't have a lot of the shootings that we certainly wouldn't have the number of deaths. ah, ah, you leaders join nato in promising tough sanctions against russia and a quote high price for any escalation of tensions in the break away don boss, region of eastern ukraine. cnn fires a producer after he's charged with sexually abusing children. questions are now asked as to why it took 18 months for police to make an arrest after a criminal complaint was filed last year. a new study finds that divisions in u. s. society could be reaching a tipping point with sociologists concluding that republicans and democrats may not

be able to unite, even in the face of war. and as global concerns spread over the alma chronic cove at variance, the w h o europe director tells r t. it's vital to the liver vaccines where they're needed, including brushes, food make these shop houses, including vaccines. go beyond politics, and we should never take into account the origin. those, your world news headlines for the sour sticker on, for more in just about 60 minutes with them to. so think of visionaries may so k shevardnadze as 2021 jurors to a close fisheries. political scientists, economists,

they're all competing and well guessing about what next tier has in store for us today at talk to steve jacobson, chief investment officer at sax, a bank steve jacobson, chief investment officer at sax, so bank, great. have you with us? how are you doing? all right, thank you. thanks for having me on. as our pleasure. so seen every turn of the or you come up with what you call outrages predictions for the ear to come. first of all, tell me why make outrageous predictions? what's to it, is it purely in mind exercise or there is more to it? well, it all started 20 years ago and you have to remember 20 years ago we didn't have a smartphone. we didn't have social media. so at the time the time around christmas was very slow from major and margot's. so we had a lot of time. oh i had a reset. hang on a minute. why don't we do an exercise? we're just, you say, is a mind game or way to look at the future,

where we really try to provoke thinking with the reader. in the sense that everything we do as human being is finding patterns and thinking in lena terms, this exercise about being not leaner, but look at the exponential risks, games for exponential offsite. so over the last 20 years, this has become, by far, our most sought after publication. it's become sort of a, a global brand. and i know, but from, from going to russia a lot is very much inside the russian nature as well too. while in russia, you always look for the downside best just the way you are like me almost but, but it's, it's a good exercise to think about small probabilities that if they do happen has a high impact on markets. so no, no, 2021 predictions came true. but then again, that's why they're outrageous, right? these are things that are likely to happen even though they could. you tell me when i read about this, you know, potential black swan events and at the end of the day,

there are so far out that there aren't likely to happen. why would i worry about the scenarios? and there's plenty to worry about this, these. why put more strain on my nerve assistance? because the way we operate in markets is that the market changed in a certain direct his direction until the for some are some or the reason the direction is change. so disruption happens. and historically, although of course, as you said last year, we didn't hit anything on the nail. if you allow us to extend the window by which we have to be right to 36 months, on average, we have 2 calls, right? you know, if we wanted to be right, of course, we will just make prediction 5 to 10 percent of the market for every single product . and that would in itself make sure that by just green students will get there. that is not the exercise. so this year we talk about you living 25 years longer. we talk about a space rate on hypersonic weapons. we talk about the fact that will be arranged on

fossil energy. we talk about a democrat democracy crisis in the us. so if you don't think that rages enough, you know, it's only because today the everyday life seems to me as some we've been doing this for 30 years. it's very difficult actually, to make our read a prediction compete with the reality of the rages day by day life that we see. so, in 2020 predictions a possible pandemic wasn't in mentions even though the virus was already with us. what in the late 2019? so in a sea of global trends, how do you choose which ones are worth highlighting and which aren't? but again, the exercise is not to be precise. so you have to remember, this is really about provoking people into thinking about different themes. so if i am allowed to rephrase your question so, so to say that if you reach the 10 rages production this year, what can i take away from it? well,

you can take away from it that we are saying that there's probably going to be a reclassification of nuclear and natural gas. the fastest moving market in terms of new investment will be next gen medicine. there will be a military ramp up globally, not only in russia, but globally, which will benefit a lot of technology companies and companies that the space we will probably have during the year a crisis in terms of funding as her. so i figured it's super relevant for people to think in this sort of way because, you know, let's just talk about the federal reserve. what they done over the last month. they have pivoted 180 degrees from saying that inflation is transitory. to now following a script, which is that inflation is dangerous for the work of population to us. so these changes happens all the sudden out of the blue, and that's why we're trying to prepare people for say, the same of this year's predictions as revolution and disruption. well,

how are lucian? are we talking about here? is it supposed to be more of an art spring type or 6 days culture type revolution? belinda, i mean we, we, i think you chose a great day denominator here, the 1960 to 900 service revolution. so, you know, if you look at the world from a political standpoint right now, we have to most recommended political system ever globally. we have probably the single biggest divide in the world to day is not between the rich and the poor. it's still big and it needs to be closed but is really between the youth and the baby boomer generation, there is a funding need. there is a practical need. there is an ambition need. there is a hope need to create more future for, for the young generation. and that is underlying this in such a small revolution. so when we talk about revolution is in the sense that something is being regenerated, re found, of redefine, not as, as, as we're used to,

the 1789 french revolution, or even the context of the russian is not a weapon. so to say, going to arm, so revolution, but it's certainly a disconnect off the way we do business today. and i think that's very much in line with what we're trying to talk about her. so rates prediction. so, a revolution is always a result of festering wound revolution, same fast sat in, but there are, you know, and coins of grown up processes which one of the processes that you observe now can lead to relation of some sort our days in the political space, the lack of face in constitutions, we see the tag on the constitution in the u. s. receipt in the even a my own country, then my good, the prime minister here has been, or least right now, is partly being tried on, on having violate the constitution during the coven, 1000 crisis. so there is, and to me personally, this is a massive risk because i think in democracies and in countries that has done

exterior wells over the last 100 years, a countries that have a vague strong constitution, a very, a law abiding way of conducting business on a daily basis, when that's under the tack, the fabric of life is under attack and the ability and the ignorance off, like the cost system. remember in sort of in philosophical terms, a cost system is entirely built on the belief that it's fair. if the core system is seen not to be fair, then the faith in the system breaks down because you cannot enforce on people something if they don't believe in a system that is sort of the psychological, philosophical way of doing. if you look at then the practical market terms, we at the end of the road in terms of the ability to ignore inflation. we at the end of the road in terms of the ability to for that finance everything. and we are probably also at an end road in terms of continuing to do fiscal support. so what the role needs right now is another way of increasing productivity. which by the

way, have a very positive derivative story because productivity, as we know it today, and the way you get productivity is to invest in people. it is to invest in basic research. and it is in the faith that we could build something better in the future . the other state is happening to the market. so you are extremely right. and a great question in pointing out that a revolution comes at an end point of something that doesn't work. this when system breaks down or gets disrupted by something that either is just a platform and a time span before you get to a to a new model. so i think as firmly and, and not outrageously, i think the next 5 to 10 years we'll see the biggest macro changes that we've seen in history since the 19 sixty's spinning into the 19 seventy's. i think we are following the same script, different actor stephan sort of relative that power struggle is going on. but the story is still the same. there's not enough hope for the youth. and there is too much money as cumulated in one side of the economy,

which is the financial markets. and inside that people who have 3 to state and equity portfolios. university i think of michigan, i think is to conducting a story where basically over the last i think, 40 years devoss people under the age of 40, relative to the people above 40. how do you feel about the future? historically, the under 40 years old have always been more positive about the future than the over 40 years. oh, yeah, of course. now as you can imagine, the stories is the opposite. the youth is actually more negative. if we look at the recent data out of the u. s. were seen, then despite the fact we have very low on employment, we have big and negotiable or the labor work market. the low income are getting to you as can negotiate very good terms to get a job. despite that, the economic condition, they economic affordability off to child indicate that they are looking at is getting smaller. and i thing, of course i'm using us because i have been a day that there, but when i try around the world, the story sale does,

it's still the same. i just came back from paris last night. you know, you have to sure invest that. you, you, you, every time there's a little increase in price is little lil inconvenience in terms of higher your contribution to society. society immediately rises to the occasion. and special interest group immediately come on to the full and then try to negotiate sort of as to ability. continuation of the already established maxime, those in place think there is more far more fragmentation far more under the surface tension that, that is building. say we're gonna take a short break right now. we're back. will continue talking to steve jacobson, chief investment officer at sacks of mine talking about trends and predictions of next year. stay with us.

ah ah ah ah ah, should be noted that we also see the us dollar going up at the same time and other currencies around the world falling and entering into hyde park in the place during collapse. that's by design to us by supporting bankrupt companies like brooks can buy, supporting stock by bags and gloves like warren buffet. they are driving the world

t global complex, which is unconscionable because you know, just because bill gates wants to make a few more $1000000.00, we're going to go to war. the rest of the world is so sad. this is america today. and we're back with stain jacobs inches investment officer at sax, a bank stain. so your team predicts that the fight against fossil fuels will be put on hold. and that's happening already. i mean, just looking at the g 20 or the cop 26. some is where our leader is agreed that they initially set green energy transition goes, we're wired to emissions. is it looking like we haven't really afford the bright,

green future that we need to survive on this planet? all we can, we can afford it, but the way we are executing on the plan to get to that point is not done correctly . i think if, if you wanna, you know, sort of make it very simplistic, you can argue the least the rest and well thinks that if you increase the amount of electric vehicles on the roads, you have a good way of actually getting to a c o 2 emission standard, which of course is not true, but what we're doing right now with the way we are executing is that we are h accusing on getting more money, more flow at taxonomy in terms of the u, which is entirely built and green transformation and investments. but when you are d cup and icing you are major licensed economy. and then on top of that, which is the single most i outstanding issue and the biggest risk full any of beslee, including the russians. we are under investing into the mining and into the energy sector. the cape x, the capital expend,

the used into that sector is closed 0. and this is at a time where electricity consumption globally is still growing at 6 to 7 percent with the global economy only growing at $3.00 to $4.00. in other words, the electricity consumption is accelerating relatively to the old growth of society . meaning people are using more electricity, the ability to do a base load energy generation in europe is of all time low. this week alone we had the highest energy prices ever in france. $205.00 euros per kil, yvette. we have a deficient cheese in terms of the energy, which means basically for the european sector right now, we have more dependent on the flow from russia than ever before. while we at the same time across still have discussion whether no stream should be implemented here . now i in the future, and for god's sake stop me from, from being involved that i have no opinion that, but that, that's definitely just the practical case. and you know, the way this, there's, when the looks, it's going to be colder. and the storage of energy is low again,

also which may instead the inflationary pressure. the energy crisis as a concept is already there. the you have to, to give us a little bit of an excuse in terms of the fossil energy. coal, remember we wrote this before the cop $26.00, but you actually do right? if you look at evolution boss going on politically globally, japan has pivoted towards small nuclear power. felon is now trying to get you to accept nuclear, paula and reclassifying it. we seen a utilities in the u. k. is coal burning, decommission atomic plants in the u. s. is being reopened. so clearly, you know, at the end of the day, the green transformation is a political agenda. getting electricity coming out though those switches that is right behind you. that is a political need that needs to be filled on a daily basis. now that politician feels his, hence we will see this reef classification and have read definition off the move

towards a, a very good objective fall self in society. but something that needs to be done in a, an, a political and accountable way. so you also look at major cultural shifts, not only economic or political, and you predict the more nish internet revolution on facebook that will see a mass exodus of young people from that platform. or you think facebook will dine? 2020. no. what will we saying is that the youth again, once, don't want to be defined by a commercial algorithm, ada major platform. they, i increasingly moving away. we see that some of the fastest growing apps in the world today is apps which is using the same sort of connectivity and being on that old times, the fastest rising as far as i know, social media platform, right. i was a french app, which is using the concept of instagram. well, way i used to gram account than everybody else is,

is the game is always telling you, telling people how well you're doing, how the sun is shining, how good the food is, how expensive? because is, this phone is turning things around and saying, this is cindy. you once a day, a 5 minutes span by which you have to upload a picture. so this is showing you the reality of real life, the good side, the bad side, the downside and everything else. on top of that, you can only engage in the social platform if you are a member and contributing yourself. of course, the instagram is little bit like streaming services or tv in the old days. today's it is, it is almost a pay per view sort of the way to seeing. so what we're seeing is that the young people increasingly will claim and want to be on platforms, which is expressing their view, their way of interpretive. well, not a commercial chopped down version of it. i think that is the garage root. going back to what you said earlier, if you use the analogy of to you for evolution, $960.00 s, and every definition off, what is it that we want relatively to what the step isn't want?

because however much opt out up on a beat that, that, that met verse wants to be de, i'll run by people who are, you know, very different in age, in wealth and in political pinion that the management of these companies. and that's going to be increased the an issue not only from facebook, but also from instagram and tick tock and everything else. i think we will have smaller, more agile, more precise expression of people's interest going forward underneath that. also person to think that, you know, private private data, urgency is, is a major issue even for young people today. we also put a woman's crusade on gender and equality and the gender pay gap in particular. so the world economic forum says before the pandemic, it would take 99 years to close this gap. now 136 years. since we don't know how long this to them equal rag and how many more are too com or you know, when it will be other blacks once a man,

it will be possible to fix this gap. what do you think? now we're saying that, listen, maybe the way to get you joel pen e cook penya at santa fe is not to ask for it, but to take it. and the way they can conduct that in the arrays. but if we make is that, you know, if you're ready to use something like a rated or make a women's screw that basically gather together and, and accumulate all of the wells that these women expression and going after what we called to pet yaki of companies. so basically, you know, dissing companies which is not trying to close to pay gap who is not getting the right amount of c suite women of rabbits and say no, certainly on the board as well. and on top of that, you can also find companies. we're just doing the opposite and go off them. i think you underestimate disability, but most importantly, for me actually is the fact that the pers, or the size of the a u. m. sitting where women is, even in the most patriotic societies in world like in the middle east, it is almost always the women that sits on top off the cache. and

d have risk willingness. so i actually think over the next 22 years, you will see the 1st women only bang. you will see the 1st women only broker. i don't honestly understand why no one's ever done that. you know, why isn't there a women's only broker? i mean, if you look at the whole expression off commercials in financial markets is always a male person is always about cause and powerful and, and, and the signal, the college, all that is going on in about making it all women's, all female ah, segregating once again, you know, women alone, men alone, or it's about equality and having as much women and men and maybe working on the same ground. but on equal conditions, i think in, you know, a good philosophical question which has been to try to be addressed for 300 years. is it about equal rights? it's about equality for everyone. noise it about equal rights to everybody. our

push is for equal rice, everybody to have their say, this concept that you can equally treat all people with same is rubbish, made the strongest constitution a world including my own customers. and then mine is based on the principle that everyone should have. the ability to choose themselves, and i'm simply just saying, instead of asking for this stuff, the women could get together and start to put pressure on companies. doesn't mean the company's needs to change what products to sell, how they do it, it only to represent it, not only it is the reputation off that there is nothing on earth physically, practically, that the taste of women should be palest. i don't even understand the argument practically, and i'm at you the wrong person. i'm a 50 year old white male, right? i'm the a typical person you're talking about there's, i'm a should even be allowed to talk about but, but i want this to happen. i don't really care whether it's, it's based on one thing to do, but you're right to point out for this to succeed. it has to be about equal rights to express in that view and that's why something like read it. women's army would

be a great way to do it because that's basically just saying you and other women just go on a certain platform. you agree that this, that, and the other companies good and then you support it and you sell the companies you don't like in that way. you can show far more power than you can get by the factors . i agree in the political system. what scientific revolutions, while we worry about, you know, income inequality, climate change, and all that science is making absolute, giant leaps every year. and we have a prediction of the possible massive breakthrough in medicine. we're seeing how medicine is getting all the funding in this pandemic days. is quite likely how would a major breakthrough in, as your prediction says, lind give any impact everything else? well, let's take the negative and then talk a lot about the positive after. but the negative side is that we have difficulties dealing with the world today with 7 to 7000000000 people in it. imagine to be all

the 25 years longer than theoretically, there will be 10 to 11000000000 people totally in the world that will make the metropolitan issues of traffic and pollution bigger. it will make the inequality in a city speaker probably, and he will certainly make the, the ability to, to, to deal with the green transformation slower and more prolonged opposite that says of course, the fact that as we live longer and the way we achieve in that and you're absolutely right, the medical breakthrough in this space is absolutely incredible. so what we figured out scientifically is that there's not a single pill that's not a single way that you improve your longevity. what actually happens is that most people die from lack of what is called resilience. resiliency is the fact you get attacked by a disease. your ability to come back from that at ease they did, they find how long you live. now with this is chris bar, regina editing cell re from again, regeneration cells, splitting organ transplants being possible both artificially and practically. you

can grow it. you can, you have medical platforms. the whole virus, of course, sits on this as well. what we actually doing is that as you go to my age and older, our brazilian will be improved simply because, you know, in 510 years from now we potentially will be able to, to detect early science or cancer. and before it gets into a hospital treatment, we can do precision medicine or gene editing that make sure that this is not evolving into a real attack on your resilience. the upside of that, of course, is that what is the single biggest cost to the russian society as is aging, is the health care cost? imagine we have a whole chemical health care system that just 1st off has 50 percent of medicine and 50 percent treatment. that will come at more than half the price of what it is today and ultimate move to a platform where 80 percent of old deceased is, is treatable or diagnosed before people get into the hospital to that reduced

a massive burden off, you know, the, the, the cost of society and running as society with that as aging. that could be a massive offset, but most importantly, and i and i have to smile when i say that is for me as an investor. i know for a fact when you project what the flow there is into this sector, it will be growing at roughly 25 percent of year for the next 10 years. this is the single biggest ad growth that i've seen in anything in terms of, of markets ever in my life. and i'm pretty sure that the offside of the reduced cost is why society wants it. and as an invest, of course, i want to hang on to this. the problem is that you were well know, you know, you can now ask me, what is the free stock i should buy to represent this? i don't know because he's old very merging. it's very fragmented in terms of the market doctor, but i know for a fact that he's all moving along the same path to watch at grade utility for society and massive return for investors in what you know is being cornered the

next gen medicine. thank you so much for this wonderful insight stain. well, i wish you all the best of luck and i wish all your positive predictions to come true for our sake anyways. i wish all of us to be more aware of everything that is going on. anything that is the only way to go forward, happy holidays and stay safe. and i hope we talk soon, maybe next year to re evaluate next year's predictions. when came true, it didn't absolutely, and best of holidays to all my friends in russia, i may say coming in to moscow to 3 times a year. so i hope 22. the projects of a trends you, i hope will happen is that i'll spend more time in russia with my friends and colleagues and clients and, and it's always a pleasure to talk to you guys, so best wishes to the whole family. are there any station and then everyone who is listening, so best of luck. everybody. thanks, dan. take care. take care bye. ah

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oh right now there are 2000000000 people who are overweight or obese. it's profitable to sell food. this is fatty and sugary and salty and addicted. it's not at the individual level, it's not individual willpower. and if we go on believing that never change is obesity epidemic. that industry has been influencing very deeply. the medical and scientific establishment. mm hm. what's driving the obesity epidemic? it's corporate. ah, hey folks. next up on denise feller plus one chef michael simon. cleveland's finest sounds like they've got a new job. well bobby flay hosted the throw down thing over there for many years. i think bobby's moved dawn.