james athey has lived this. he is at aberdeen standard. quoted on linking the markets together. i want to talk about the march conundrum, the great debate of valuation, where we don't know where the risk-free rate is, we really don't know what the sharpe ratio is, we've lost our beta foundations, and blah, blah, blah. how do you create valuation analysis into thickly one -- into 2021? james: i don't think that the tools one should use for that valuation have really changed. i think it is investors' attitud es towards them have changed. i see that as a function of collective mentality. this market has been rewarded for a given set of behaviors regardless of incoming information, regardless of fundamental analysis, either at a macroeconomy level or at an individual company level. for that reason, investors, commentators, strategists seem more prone to creating justifications for a continuation of prevailing market trends, and those are universally risk on. i don't think valuation has changed that much. i think is pretty convincing empirical

athey may be birds, mammals, or fish, but also insects, amphibians, reptiles, and even minute creatures such as plankton in the sea. some species like eels and salmon only migrate twice in their lifetime, once after birth and again for mating. eels from europe meet up east of florida in the sargasso sea to spawn. some of them take up three years to get there. other species take off each year for distant lands, like migratory birds for example. when it gets too cold for them in central europe and food is in short supply, storks head to warmer regions in the south. the drive to embark on a high-risk, energy-draining journey varies greatly from one species to another. monah butterfls achieve amazinfeat, with some of them travelling up to 3600 kilometres. they navigate using the position othe sun anthe earholds the record.ld. it travels between the north and south pole, covering around eighty thousand kilometers a year. most species prefer not to travel alone. before setting off, they gather in huge flocks or herds, that can be up to one million strong. travelling aa group haits adntages. i

athey slightly uncomfortable with that and think the system isn't working at the moment. i've got to say, the vast majority agree with that decision for the simple reason that in every part of london and parts surrounding the capital city, there has been an increase lockdown was lifted.es since the thk there is an acceptance that action was needed pretty quickly. katty: what does this mean for your christmas? reporter: i will not be going back to scotland. but there is a debate or if three households could mix. we have some of the main medical journals in the u.k. saying that decision is wrong and cost lives. we have the labour party saying it should be rethought and it ould be a lot stricter over christs. i don't think the rules are going to change. they have been different parts of the u.k. trying to figure out what they will do given the riing number of cases. i don't think they will change the rules. i think there will be stricter advice urging people not to travel. katty: do you think that there is a risk that because there is a rule that says you can meet up th othe

james athey, investment director at aberdeen standard investments.t his take on what to expect in 2021. what is his outlook for next year? this is bloomberg. ♪ - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) >> i accept this nomination for president of the united states of america. >> my fellow americans, tonight, with a heart full of gratitude and boundless optimism, i profoundly accept this nomination for president of the united states. >> everybody knows he's a liar -- >> but you agree -- >> i want to make sure -- last in yourted class -- >> q are the worst president america has ever had -- mask when i need it. he could b

athey haven't antigovernment, bring about civil war acceleration but not necessarily motivated by white supremacy or speech seeking a white nation afterwards . attitude, looking at other groups. [inaudible] that very clearly their motivation so either way, i believe that by committing acts of violence you can precipitate the unraveling and an outright conflict between society and government or elements of society and government. it's an extreme concern and your right to highlight there's a connection between those goals of ideologies. >> i think the toxicity this election environment has been an accelerant of his own to these types of activities. and just as recently as yesterday, the home of the secretarof state of michigan was surrounded by something armed with signs. this is unacceptable in civil society and we need leaders of both parties at all levels speaking out strongly against this. >> to respond to ms. townsend we should note the proud boys have been showing up in person at a lot of the reopening rallies during the pandemic and protesters at the black lives mattermarches and t

team work, faith, the emotions athey went through, the heroic choices they made.ready. before we go, senator, have to ask you about something very porpoise. that's the upcoming senate runoffs in georgia. you are in the senate. you know what's at stake. tell us how important it is for president trump to be campaigning for both david perdue and kelly loeffler to win on behalf of the republicans and what it means there in the senate, please. >> what it means for the senate is control of the senate, of course. and that is why everyone is so focused on be georgia, will. and i many a just really so pleased that the president is going to be on the ground january 4th in dalton, georgia to campaign for senators loeffler and perdue. because here is one of the things with ralph warnock, who is a radical liberal, a marxist and someone who has called for defunds the police, how can anyone in georgia vote for him if they watch that press conference yesterday? and see what good police work is and why we need to honor these men and women who are that thin whether you line who are