joining us now is mark lehmann of jmp securities.tion is outperformance in the textile continue in the second quarter? think tech as an asset class will outperform over time, whether we could say that about the third quarter, i'm not sure, but over time, more assets towards thoseflow asset classes. it is much broader than it used to be. we used to talk about retail. amazon is a tech company, but it is really a consumer company, and there is lots of ways to talk about that. is uber transportation company or a tech company? intact will continue -- health care and tech will continue to help form -- will continue to outperform over time? guy: are we in the right place, mark? will there be a better entry point for that long-term story? mark: my guess is you are going to get to entry points over time because the news will be very, very choppy over the course of the year. we will have bad news in terms of people, who are getting sick. is a lagging indicator, so more infections we are noting in more deaths over time. in the fall, it will pro

and i have one good reason jim i don't ever going to scores about how did they decide to choose lehmann brothers vs bears aren't they both are in my house of trouble but it does i got a flush lehman why is that. the connections between lehman and the policymakers were different than the connections between the other banks and they're the only policy maker of would do the right thing and thought of always the manipulative thing and continued to play when we wouldn't have these problems that we see now because you've got these guys that make decisions they make right elections they do things that put certain banks better than others they put some out of business and that's a destroyer all the squall regional community bankers have to ok but then i'm going to agree with both of you so let me see if i understand this all right and you know speak slowly so i can understand so we have an economy that exists to support these banks that's what this economy is about what about everybody else ok actually that's the problem we have an economy that is now so structured so pyramid dies with the with

cologne set the spoils with the same scoreline and lehmann a last home to evolve sport. in a game a few chances the business made the breakthrough with 8 minutes to go dutch striker this last had it in after him and gave the ball away in midfield to keep leaves off and sont 6 points from guaranteed safety with only 4 games to go if not one at home since september. on saturday league. it's by munich one the liver who's in the blue 2 points against pot a ball and drew from ford were defeated at home by months to sort of draw with hoffman a hot dog to 2nd place with that winner gets out of a lean and on friday fribourg beats. that's it from me on the news team for now living for how much fun we'll have an update for you at the top of the off thanks very much for watching t w news. my 1st by saying most sewing machine. where i come from women are bound by this ocean to live in something as simple as learning how to ride a bicycle it isn't. since i recently got i wanted to have a bicycle of my own and it took me mr van.

mark lehmann of jmp securities on big tech and silicon valley. arrogance and silicon valley? i think if you looked at apple, you might conclude no. if you look at facebook, you might have a different conclusion. companyis remarkable, to company and person-to-person, what that is like. i had the great privilege for years of being out at stanford for their annual tech soiree with economists, and table to table, each industrial leader out there is different. to make generalizations about it is just flat out wrong. jonathan: equity futures this morning down 21 on the s&p 500, -0.7%. coming up, we will catch up with credit suisse's global head of fx strategy. on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪ >> what we need to realize is we will be in a slow growth world for a very long period of time. >> how do we think about getting back to central-bank independence? >> the markets don't seem to have noticed that the number of new covid-19 cases in the u.s. have gone up by 65% in the past week. >> this is "bloomberg surve

japanese now the chinese are injury and so on how do you let the american banks collapse all out the lehmann brothers failure you would have not thought that was your intent but you would have given them an warmest competitive advantage to naani you'll s. banks that are global and that we're not at that time threatened with such an option in washington where the american big banks have a lot of influence you can be sure that argument was made over and over again in the not you know you said to be moral hazard or that's moral hazard ok that's blackmail or actually are the limits i'm sorry leverage you're going to have no matter who actually has a minister absolutely it is blackmail you're absolutely right but that doesn't mean that it isn't correct you have to understand for me it's a sign that capitalism not only disorganized is the world into a minority of rich and a mass of. sure and all the other criticisms but that it creates this kind of competition among a handful of monster banks that then handcuffs every society every government into having to be the handmaid or else presided over th