forecast for the overall market. >> kostin, kostin, i like him. >> no, i know you do. >> but look, you pacific, both down hideously last friday. nothing but defenders. why? because business is so good. so business is so great and everybody wants to see through when it's over and i'm saying it's too early. too early to see through these companies keep delivering and delivering and the analysts keep getting it wrong. i think they will be wrong >> you do? >> kosti in. >> it's like a netflix series. >> they're realistic and maybe saying they're going to take profits and you can't blame, sometimes analysts rarely do that. >> downgrading etsy, why, he's up 800%. i like that. there's a guy who declared victory. but david, for the most part, i don't want sell best buy we could be, i have tractor supply on tonight, david i have tractor supply. >> whoa. >> you're vaccinated. >> i am. >> well tractor supply - >> we're just beginning. we have an oni bl pengelcoming up did you know that geico's whole 15 minutes thing... that came from me. really. my first idea was “in one quarter of an hour, your s

david kostin of goldman sachs, thanks a lot.we had to break, just want to point out that guy is talking to jetblue's coo and president right now. jetblue saying that business travel to return in late 202 pres. biden: into -- late 2021 and into 2022. >> all of the seats are going to be single aisle seats, so you will have access to the aisle individually from your seat. you will have great cushion, and then if you want, you can actually fly in the new seats on our low-density aircraft line to l.a. in june. ritika: it's time for the bloomberg business flash. credit suisse is raising about $2 billion to shore up capital after warning of another financial hit from the archegos capital collapse. $654 million in the second quarter is another blow that has left investors questioning the bank's leadership. meanwhile, the swiss regulator has started enforcement proceedings against credit suisse. the european union's executive arm is preparing a legal case against astrazeneca. bloomberg has learned it has to do with the drugmaker's failur

good morning to david kostin of goldman sachs, among others that work raise enough to reach up to the000 level. the dow up. the vix comes in at 17.92. i believe that is called a bull market. what does curve steepening mean? i've got curve steepening. lisa: curve steepening means inflation. people are allowing the long end to increase. he bore selling a ton of debt, only to accelerate avenue it tries to advance some of its fiscal spending. we are not looking at much in europe because it is closed. a lot of the european region is closed due to the holiday, as well as asia and hong kong. a slow day. nonetheless, gamestop making some news which we will get to in just a bit. at the neck like a.m., we are getting data out of the united states. -- at 10:00 a.m., we are getting data out of the united states. interesting to see how much is coming back online as people start spending again. we will also get durable goods in factory orders for february, really highlighting that we weren't there yet in february. the weather was bad and people weren't really getting out there as muc, so we do expe

tom: david kostin was out of his mind. he was not when he called -- he was nuts when he called. and there's others as well. jonathan: in the bond market, yields are higher by about five basis points on tends to 1.66 74%. we are getting some sad news out of the united kingdom that prince philip has died. that headline just crossing the bloomberg right now. so if you're just tuning in worldwide on tv and radio, we are getting that sad news out of the united kingdom. prince philip, the duke of edinboro, has died -- the duke of edinburgh, has died. tom: i'm honored to be here with you to speak about this. we will get to enter slimming -- to andrew slimmon in a moment. how would you suggest the united kingdom will greet this news so widely anticipated? jonathan: with great sadness because he's been a permanent fixture for so many generations. this gentleman would have turned 100 i believe in june come on june 10. he's been at the side of the queen going back to the days of her being a teenager when they first met, and they carried on corresponding with each other when prince philip w

but if you take a look at history, and david coston -- and david coasted -- and david kostin of goldman sachs put out a note on this, markets are historically higher. this is 1987, 1988, 2013. this is what you get. that's the s&p return. that is the pe change. that's the household allocation. that is the momentum impact. in terms of the return basis, really not much of a impact in terms of what we see here as a result of the change. it will be trysting -- it will be interesting to see whether you want to be short into this trade but long out. alix: the idea is that selling is brought forward, not actually amplified. joining us with more is david left of its, ubs -- david lefkowitz, ubs head of equities. what happens to the market? how do you play it? david: thanks, alix. we don't find much of a relationship between changes in capital gains tax rates and market returns. the simple fact is that there are much more important drivers of markets, whether it be head -- whether fed policy, what is happening with earnings. those are much more important than capital gains. the other really impor

that's ylan mouy down in washington >>> josh, what happens if goldman's david kostin is right and hes it is peak growth and equity often struggles just as growth. that's a longer term market conversation, that's a conversation longer than the next three to six months what if this is as good as it gets we're going to do a massive gdp print. we may do one after that, too. but, you know, if 10% then becomes 8% and becomes 6% and eventually we get back to trend of whatever, you know, 2.5%, what does it mean for equities >> well, the context there is important, right, because we're not going to have more than a couple of quarters where the comps are going against pandemic-related lockdowns so obviously we wouldn't expect cartoonishly outsized gdp reports and gains in employment year over year, et cetera, et cetera so, of course, a lot of that stuff is going to calm down. the comps make everything look ludicrous, but i think the market is smart enough to understand that and to a large extent maybe has front run that. so i don't disagree with austin that there could be some churn in the mar

. >> i was reading the kostin piece.clairvoyant an october piece people realize he puts out a newsletter widely read on wall street i take cues from him it's a blip. you want to buy the blip as i said last night on "mad money," this does not affect the companies. not warren buffett i'm not warren buffett, i never will be. can't pretend. but the companies are what we need to worry about and companies are not impacted by a a raise in capital gains for 0.3% of the people. >> no they're not. they're more focused on raising the corporate tax to 28% >> that does impact. >> and paying for the infrastructure plan that has been put forward but when it comes to capital gains, that's not the issue. the issue becomes, does it in some way put the brakes on people's willingness to invest overall, jim. >> well, look, i mean what are they going to do with it i'm not saying it's devastating. because it's never been this high, but i just think that we have to say, this isn't going to fit. >> we got to remember this is about the house ways

. >> jim, i mean a couple of thoughts on that one is this goldman note this morning out of david kostinnomic growth and in his words since 1980, s&p returns are about half of when data's accelerating and growing and positive, versus positive and decelerating. so there's the peak growth argument there's also what jpmorgan said earlier in the week and that is because there are more hiccups in europe, certainly more hiccups in india, and asia, and that that rolling effect of the reopening around the world is going to keep yields in check. even as the u.s. does pretty well by comparison >> well, look, the stocks that are really move rgt stocks that do well, when the economy is slowing which is always so difficult. the ones i look at, i look at crowdstrike, i look at ring central, i know it's not necessarily a company that's on people's mind but a great indicator, roku, i look at opta and they turn up immediately the moment people think slowdown it's just so hard. david, it's so hard to analyze. >> i know. let's move on to airline, always good to have kelly. >> this is a good example of what