play into territory already explored by the likes of nike >>> and later a cnbc exclusive with christopher ailman, he runs the world's largest educator only pension fund and is worried about much more than omicron a very busy hour still ahead when we return to be on autopilot. and to be prepared if anything changes. with ibm, you can do both. your business can bring data together across your clouds, from suppliers to shippers, to the factory floor. so whatever comes your way, the wheels keep moving. seamlessly modernizing your operations, that's why so many businesses work with ibm. small businesses like yours make gift-giving possible. now, comcast business has an exclusive gift for you. introducing the gift of savings sale. for a limited time, ask how to get a great deal for your business. and get up to a $500 prepaid card with select bundles when you switch to the network that can deliver gig speeds to the most businesses. or get started with internet and voice for $64.99 per month with a 2-year price guarantee. give your business the gift of savings today. comcast business. powering possibili

stocks and esg with christopher ailman.ay it's ed morse, thursday jim owe 'neil, and fri joyce chang. >>> one of israel's top hospitals will start administering a fourth covid vaccine shot to a group of employees today. it's part of a trial to determine whether a booster is necessary for the generation israel has reported more than 1,100 cases with the omicron variant with the number of infections doubling every two days the health panel advisory board has recommended a fourth shot of the vaccine to adults 60 and over >>> microsoft is canceling its in-person presence in las vegas next week on worries of the spread of the omicron variant. microsoft did say on friday it will take part remotely. general motors, twitter, google and amazon and others have also cancelled their presence at the show the event will still be held with strong safety measures in place. >>> and dutch antitrust regulators say apple violated the company's laws they were to change payments in the app store. the investigation, which began in 2019 was reduce

i wonder if that surprised our next guest, christopher ailman. he's a big friend of the show.ristopher is top-notch. he is the chief investment officer at calstrs. he manages a team of a couple hundred people, more than $300 billion of assets. chris, give us your take as to what this year was like for you. >> it was a crazy year, obviously because of fighting covid, what the stellar returns, 25% returns in the broad market, driven by the fed. it might surprise me the s&p might have outperformed, no, if you look at small-cap value of all things growth, value across the board, small-cap value did ok and that is not in the nasdaq. i think that is why part of the performed ok. what i'm surprised about is how the u.s.a.'s stood out from the west of the world. you have the markets really being only up about 10%. japan was actually negative on the year. emerging markets were negative on the year. for a diversified investor it's going to be a trophy or to make a return. tim: the question is -- where do you go for yield and 2022? >> it's going to be a challenging year. i think that if