tom: abby joseph cohen of goldman sachs, love doing this. it is the year ahead. ave done this with abby joseph cohen of goldman sachs. we hope all of you a wonderful 2020. i cannot promise you that equity returns of last year but perhaps you get half as much this year. this is "bloomberg surveillance." ♪ when it comes to using data, everyone is different. which is why xfinity mobile is a different kind of wireless network that lets you design your own data. choose unlimited, shared data, or mix lines of each and switch any line, anytime. giving you more choice and control compared to other top wireless carriers. save up to $400 a year when you switch. plus, unwrap $250 off a new samsung phone. click, call or visit a store today. taylor: commodities hit their highest level in more than a year as oil, copper, soybeans, and wheat close out the year on a high note. going back in time we revisit one of the most notable interviews in 2019. . our sit-down in houston with bp cfo brian gilvary. the chemical industry's biggest ever ipo. we talk to one company executive look

we could do no better than abby joseph cohen. she is with goldman sachs and has worked with the cfa institute. an extraordinary year to look forward to. abby, thank you for being with us. much to talk about in the next half-hour. i want to talk about your new effort, thinking about immigration, what it means for the fabric of the nation. we must talk about the central bank. we have to talk out the markets. you have been the gloom crew's great piÑata. they love to go after you in good times or bad times. we cannot possibly go up and once again confounded not only off the gloom of last december but confounded over one year, two years, five years, 10 years to good and substantial equity returns. when does it end? abby: well, tom, first of all thank you for having me here for this discussion. the gloom at year-end 2018 in many ways set us up for a good start into 2019 in the markets. i think what is priced into the market now, is an economic scenario that seems to be the most likely. no recession, the economy perking up a little bit,

tom: abby joseph cohen of goldman sachs, love doing this. it is the year ahead. e have done this with abby joseph cohen of goldman sachs. we hope all of you a wonderful 2020. i cannot promise you that equity returns of last year but perhaps you get half as much this year. this is "bloomberg surveillance." ♪ ♪ lisa: i'm lisa abramowicz. welcome to bloomberg "money undercover," a show that provides valuable insights into alternative investments. we take you inside the world of private debt, equity, and real estate. let's get to the burning issues in private markets. public markets keep shrinking, pushing funds to focus more on private lending. settling down in the luxury property market. global cities looking for a brighter 2020. getting richer, bill gates and other global billionaires adding re

we can do no better than this most interesting 2019 then abby joseph cohen went. e is a senior strategist at goldman sachs. that barely describes her contribution to the u.s.. an extraordinary year to look forward to. abby, thank you for being with us. there is a lot to talk about in the next half-hour. i want to talk about immigration and the central bank. we have to talk about the markets. you have been the gloom cruz great pin yada. they love to go after abby -- great pinata.'s they love to go after abby joseph cohen. when does it end? all forank you first of having me here for this discussion. gloom at year end 2018 in many ways set us up for a great start to 2019 in the markets. one of the things i am concerned about is just how happy everyone is at year end 2019. i think what is priced into the market right now is an economic scenario that seems to be the most likely -- no recession, the economy perking up a little bit, corporate profits in the mid single digits, maybe a little higher. it is priced into the market. when i am worried about is when valuation is

tom: abby joseph cohen of goldman sachs, love doing this. it is the year ahead. we have done this with abby joseph cohen of goldman sachs. we hope all of you a wonderful 2020. i cannot promise you that equity returns of last year but perhaps you get half as much this year. this is bloomberg surveillance. ♪ [ dramatic music ] this holiday... ahhhhh!!! -ahhhhh!!! a distant friend returns... elliott. you came back! and while lots of things have changed... wooooah! -woah! it's called the internet. some things haven't. get ready for a reunion 3 million light years in the making. woohoo! -yeah! into 2020.ling commodities hit their highest level in more than a year as oil, copper, soybeans, and wheat close out the year on a high note. we revisit one of the most notable interviews of 2019, our sit-down in houston with bp cfo brian gilvary. and the chemical industry's biggest ever ipo. we talk to one company executive looking to make sustainability profitable. ♪

we can do no better than this most interesting 2019 then abby joseph cohen went.or strategist at goldman sachs. that barely

we could do no better than abby joseph cohen. she is with goldman sachs and has worked

tom: thank you for the comments on my year-end show with abby joseph cohen when. -- abby joseph cohenertson of sandler o'neill, their chief investment strategist, synthesizing in all of this noise into the market. thrilled you are here. can you stay fully invested? can you be invested with consonants? robert: i don't think so. investments ultimately follow the economy to some extent, and they are also very connected to interest rates. i don't see rates going down anymore, or if they do, very little, and i think the economy is in trouble. i have a unique window into the economy. i talked to the regional bank. tom: what do they say? this is sandler o'neill and --irm desk in a firm, they in a firm, they own small banking. robert: what i hear in first quarter and second quarter was consistent. businesses were concerned but not reacting. third quarter was the watershed where they went from concerned -- it impacts the labor force, the job numbers. we cannot have 180,000 average per month in 2019. the consumption on the retail side will go down, and i see nothing that can hold things togethe