ed hyman is next from evercore isi.s is bloomberg. ♪ mark: i'm mark crumpton with bloomberg first word news. texas attorney general ken paxson is hoping to take the election fight to the u.s. supreme court. him and outspoken advocate of president trump says he is suing georgia, michigan, pennsylvania, and wisconsin. swing statesg the of exploding the coronavirus pandemic to sidestep federal and state election laws and pass last-minute changes to mail-in voting. the coronavirus pandemic is making hunger a reality or more americans. illness, job losses, and business closures have forced millions more americans to worry about putting food on the table. nation'smerica, the largest antihunger organization, says it has never handed out so much food so fast. to billion meals from march october. the organization says four out of 10 are turned into food banks for the first time. hong kong is implementing some of its strictest social distancing measures since the pandemic began. the city is cutting off in person dining at restaur

david: let's turn from your role as economic statesman to your role as head and founder of evercore. give us a sense of how the c-suite is reacting to the biden transition. the senate and the c-suite, are they in a panic about possible taxes? are they looking forward to more stability? what is their attitude. to onelet's step back month ago today. we were within a day or two of the election. today, a month later, the reaction of the large-scale business community in this country is one of giant relief. there is no doubt about that. the business community is looking forward to a period of greater predictability, ability -- a more thoughtful approach to governing and the like. the answer is lots and lots of relief. you have different views as to whether they think divided government with the sentence republican hands and the white house in republican hands is a good or bad thing. some people would think is good because it imposes limits, but some think it is bad because of gridlock. generally speaking, the business community is welcoming this new administration. no doubt about it. thed

he was counting hominy days evercore had cash on hand if their clients paid them nothing.rch, when you are wondering whether you are going to make much money at all, to having one of your best years on from where far cry we thought we could end up at the beginning of the year. by the way he also said a lot of this is because of the monetary and fiscal stimulus. alix: if that goes away, does it change their game? sonali: the one thing that helps these banks when there wasn't a lot of m and a activity was the debt financing. a need to restructure their balance sheet. the first nine months of the year, goldman made almost $7 billion even though m&a was down. what is going to be interesting is that bank earnings season we 3 -- we will see three weeks from now and just how much money these banks made. alix: also reporting and a fun conversation. happy new year, by the way. this is bloomberg. ♪ ritika: it is time for the bloomberg business flash. i am ritika gupta. gold is heading for its best year in a decade, up more than 24%. gold has benefited from the weaker u.s. dollar and

molis up, evercore, all up more than 40% this year it has been one of the stronger parts of then s of the financi sector it is a sweet spot for the business and sophisticated seller and buyer in this instance, just seems like the more efficient mechanism to get to a public listing. >> yeah. and -- >> you pointed that out, yeah. sorry, morgan. in terms of the performance of some of those boutiques, whether it is evercore or pjt, it is interesting. we're talking here as much as perhaps 16 times net income, the margins are quite high at these firms. they're not huge taxpayers as well and you base it off of revenue multiples and high margins and potentially, morgan, good proxy for economic activity. everything indicates it will be a fairly strong m&a environment so far as we head into next year. >> yeah. i also think it is going to be interesting to see how this trades, how this performs as well versus the other high flying spacs that we have seen this year. it is has become -- the vehicle has become, i guess, a preferred mode, i guess if you will, for as you mentioned ev and some of thes

david: roger altman of evercore. >> we could see an extremely strong second half of 2021.orke markets.

therapies that drive our business on a precovid basis >> you did drop the word al alzheimer's in the evercore and maybe having some success, sir >> they are. one of the neat things of these novel technologies that's being developed, it is enabling to treat diseases and indications that we never had solutions for. that's the power of these biological solutions you see it comes to bear here and even on the vaccine for example. 95% of efficacy of the vaccine, if you compare that to other vaccines like the flu using older technology, that vaccine is 50% or 60% effective at best. and so these new novel technologies that are personalized in nature certainly really enabling and cures on a lot of diseases. >> you did say at one point companies may be a little aggressive given where they are in terms of the numbers of vaccines i think if j&j works or moderna, we can have a vaccine glut by april. bring it in a little >> when you look at when this is publicly announced, moderna anticipation, and getting their approval this week they said they can produce 500 million those and pfizer saying they're can p

coming up, ed hyman, evercore isi chairman. that is at 1:30 p.m. in new york, 5:30 p.m. in london.loomberg. let's check in on the bloomberg first word news now. i'm ritika gupta. it will be the biggest immunization campaign in the history of the british national health service, and one the world is watching. a 90-year-old woman became the first person in the western world to receive a coronavirus vaccine shot today. people over 80 were first in line for the vaccine from pfizer and value in tech -- and biontech. the british government will drop controversial clauses that would brexitparts of the agreement. it may help ease the situation on trade. on capitol hill, talks over a $908 billion panda mike really plan have slowed down -- $908 billion pandemic relief plan have slowed down. localng points are and state aid and liability protections for businesses. the relief measure would be attached to that. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. guy: l

coming up on bloomberg television and bloomberg radio, roger altman, evercore senior chairman and founderbout the m&a situation, about intern of -- about alternative investments, about banking and everything else going on in the transformative year on wall street. open"ith us at 9:00, "the with jonathan ferro. i am lisa abramowicz, and this is bloomberg. ♪ ♪ from new york and london for our audience worldwide, good morning, good morning. "the countdown to the open" starts right now. we had some weight to the rally through november. up 36 on the s&p. we begin with the big issue. counting down to the main event on capitol hill. steven mnuchin and jay powell testifying before the senate banking committee at 10:00 eastern. chairman powell trying to warn congress about the delicate state of the economy, writing in prepared testimony, "recent news on the vaccine front is positive for the medium-term. for now, challenges and uncertainties remain, including timing, production, distribution , and efficacy across different groups." mike pence moving to ease some of the concerns, indicating the vacc

evercore isi says there's little reason for them to enter the space. as an apple investor, how do you look at this moving forward for a business and a company in need of growth engines into the future beyond the iphone >> i do not want them buying a car. as i said before, the profitability is so much less and i care about profits, especially on a company like apple. i do think -- you have to look at it short term and then long term short term, this is not about a car or anything inside of a car. this is about 5g and the super cycle, about services, expanding margins. it's also about free cash flow of being just enormous the longer term, if they want to get involved in ev, the reason i cited the total addressable market, $800 billion, that's a huge number in my mind so of course they're going to look to try to get involved. but i think they're going to stick to their competency of putting technology inside the car and making the experience for the drivers and the passengers to actually benefit from that. so that's my take longer term. i wouldn't be buyi

. >> the evercore isi chairman is a must listen to whenever he talks but especially at the end of the year looking ahead. here's what he said earlier. >> i think it's going to be a boomer year. it's going to be a boom year for the economy and a good year for the stock market the key issue in my mind is the stimulus in the system >> right so, josh, brad gerstner could be right about everything he said about multiples are stretched, however, you do have all of this stuff in the system from the fed and that with the pent-up demand is going to cause a boom in the market and the economy do you agree >> yeah, because i think people don't focus on like five and ten-year normalized earnings or anything like that i thisnk when people buy stocks so maybe the people are on our panel are smarter than most investors. how do most people make decisions in the markets when they see a comp like we'll see at the bottom of the s&p 500 or the whole rustle 1,000. most american companies, comps are going to be screaming higher in the first two quarters of this coming year because they're comping against li

christmas trees we won't know the real number of trees sold until after christmas but analysts at evercoreimate they are up 30% from last year. apparent lie more of us want a real tree. that means shortages and sticker shock. contessa groou brew ser on the hunt in kingston, new york any trees left up there? >> reporter: we have tree, shep. we have trees. that's the good news but here we are a little more than two weeks to go before christmastime if you haven't bought your tree yet you might be late to the party. if you can find a tree at all because demand for them, the appetite for these trees is kind of like, i don't know, santa's appetite for cookies ♪ from coast to coast to the buyers came out earlier than ever, boosting the bottom line for christmas tree farmers >> it is absolutely the best year i've ever had and maybe not everybody would agree with me but i do think it's the covid. i think that people just needed to do something to be able to go outside and just have fun and enjoy something where they weren't close to one another >> reporter: maybe it's the fragrance of a fir or some

5% today regardless with its market cap holding in at $550 billion we want to talk about square, evercorepgraded. this reminds me of the tesla call an analyst getting bullish on the cash app, which has been one of the blockbuster offerings this year. square's cash app now has a debit card, digital wallet, bitcoin purchasing, and that could help it become a one-stop disruptive digital spot. they see they climbing to $300 a share, even though it's up more than 200%. again, feels like a little bit of a chase here. >> to your point, there seems to be so much power unlocked with its cash app, which venmo had the first advantage and square came in, able to appeal to the younger audience, not only allowing for bitcoin trading, but they used a targeted giveaway on twitter and tapped into the social media influencer network, which i think we tend to dismiss, but these are folks that carry sway, that have -- that can carry influence with their followers. clearly, it's one of the ways that allowed cash to really tap in to this millennial audience and they're growing. now at a faster pace than venmo.

apple right now, up a half a percent called a top pick by the team at evercore it gets an outperformthey think investors will continue to pay a premium price for earnings next year as services and wearables growth accelerates as well as a strong upgrade cycle for the 5g wireless capable iphone 12 next up, another dow component, nike, which is being called a best idea by analysts at guggenheim, buy rated, $165 price target, they think nike under the new ceo is a company with digital strategies now front and center that will help drive things like consumer engagement, performance. roughly 20,000 shares of volume. finally, there is an old school dow component, chevron, getting called a top pick by analysts at evercore they attach a $98 price target to the stock, saying the value proposition is driven byer retu carbon three dow components on the green. back over to you >> all right, dom, thank you again, we're checking on the markets. as we continue to watch. they have been up all through the morning, joe the dow up by 75 points. yesterday, the dow was down slightly s&p and nasdaq were h

i don't know if you saw the note from evercore isi.got some data here from this trial, 38,000 patients from the trial you're talking about where there was 19 of the 1125 participants in the pfizer trial who had prior covid before entering the study got reinfected and he's talking about sort of wondering about that, and about reinfection rates because we really don't have a lot of data on that. you have any insight at all for us or something we should be aware of >> well, i thought that note was incredibly interesting because one of the things that clinical trials door to us is give us controlled settings of really following what happens with people with covid. and so this wasn't something that was related to the vaccine, but it is a way of trying to better understand the rates of reinfection with this disease. and it showed that, you know, it isn't -- it is rare, but it is not as rare as we might think. we hear about a case here, we hear about a case there. in the trial, we heard about several cases in trial of 44,000 people so trying

evercore seeing upside and significant expansion in apple bank of america's top pick is alphabet morgues its eyes on microsoft citing strong secular positions and valuation. you can go reopen and epicenter and rebuilding of the economy but wall street still loves the marquee tech names into the new year. >> yeah. just to be slightly din cynical about it these are the kinds of favorite stock of the year type pictures that -- nobody ever got fired recommending apple, that kind of rationale. i am not saying there is not any other kind of thesis find it alphabet is an interesting one because that represents a controversial call give the regulatory issues and the fact the company hasn't perfectly executed if you want to raise exposure to the big drivers of the index here is one we like over some of the others it makes some sense. but you are right about wall street still liking these stocks i never viewed it as a zero sum gain that if the mega cap growth stocks work then energies can't work for the most part, bull markets tend to reward the majority of stocks not just the favored few. >> at

boutique sector banks, evercore, hoolihan, pgt. all of them are independent boutique investment banks, advisory services. the strength has to be one reason that perella wineberg has merged with a spac to become publicly listed. it's very much a bull market phenomenon when the small, invested banks will be busy with deals and have a lot to do out there in terms of capital raising as well. mini trend going on, guys. >> definitely speaks to the environment. the line you used in your note today, a lot of the crazy has been skimmed off the top of the market in a relative hurry, with the momentum names selling off was that it? is that enough to take the so-called froth out of the market and make it healthier upswing here >> i don't know in a blasting way, sara, if that's enough t does relieve the pressure a little bit and bleeds away the sense that everything was too easy for a time. i'm talking about not just tiny little stock bus recent ipos, snowflake, palantir, lemonade, the insurance stock. all those things that seemed like they wer