michael lipper michael, good morning. i want to talk about growth, what is a growth stock even meec mean how do you expect growth at a time when stocks are at these kinds of highs you say there are certain secular trends that matter no matter want. >> that's right, growth and stock prices are two different things, right? big secular trends that we see in society in the last ten years that have really picked up because of the unfortunate situation because of the covid pandemic that is everything going digital and they have proven resilient we need software and communications to work from home people have more time on their hands, they're spending more time on video games. and so you know you have a lot of confidence in where the growth will come from. and that growth is going to come from things like ecommerce it's going to come from things like e software, security, coming from home that's why i think those areas of the market have done very, very well. >> in the top ten holdings are micro soft, tesla, alphabet, i see you initiated positions in facebook and snap in the volatile quarter that we had maybe it was the first quarter what is the case for digital media advertising stocks in this time when you see a lot of their core customers, small businesses, in a real estate of uncertainty. >> it's the different between short-term and long term we're long-term investors and when you see stocks suffer like they did in the march and april time period, investors really had a good opportunity what will we look like when we're through covid. digital media is a massive trend, facebook has more people on their platform than anyone in the world. over two billion people on the facebook platform. snap which is large but dominates the 18 to 35-year-old age group. which is really, really hard for advertisers to engage with snap is also doing very positive things in terms of not just communications, which your kids might use, but entertainment, premium content on their platform with advertisers are more comfortable putting your adds against so we just thought there was a fantastic opportunity where snap got down to for long-term investors. that's why we added to that one much more significantly than facebook >> you added to snap and trade desks being your digital media advertising. i know you spoke more about facebook now, but are they taking share from facebook and google, the dominant players, and what do you think the regulatory risk is when we go into a few months where scrutiny s ra is ramping up. >> let me take on regulatory risk first it has been around for a long time it feels like it is picking up right now. a lot of that in the united states is particularly due to the media and election season. when there is one thing that both sides agree on like the tech companies we make an assessment of what businesses we think are more at risk and certainly of those three, the biggest waiting in my portfolio is amazon. i think the value of the parts is greater than the whole in the market right now we have done lots of analysis on some of the parts there. your other question was on things like trades their ceo is talking about massive change in the way we watch tv, right? tv moving from the old legacy tv where you watch a certain show at a certain time and they put commercials hoping you will watch them, not having recorded and zoomed through to what is called connected tv or over the top. the netflix, the hulu, et cetera you can have on tv what you had on the internet for 10 or 15 years, highly personalized and targeted ads i think covid is only accelerating that transition and that opportunity is massive if a company like trade desk. >> what is the consequences of the spike we're seeing in covid-19 whether or not it is creating discount prices for certain stocks or perhaps revealing some things that change your bullishness around certain names. >> listen, we watch covid very, very carefully a fantastic health care team we tried to avoid the politics of this. there is no doubt that because of the covid pandemic, how long it will last when they will come up with a secure or a vaccine, what impact it will have on the impact, we're in a period of massive uncertain uncertainty. sow what the market will do in the short term, i don't know, but we're long term investors and we really try to focus on long-term themes that we think are indisputable some of the themes that we're talking about are indisputable they're not new. they have been going on for a decade they have accelerated, right they talked about how digital transformation has been accelerated by three months. in the short term anything can happen, certainly small businesses and their advertising, anything they suffered in the short term, but i think they're only more eng g engrained in our society now once you change and you realize that something is better, work from home or going on net flick, orders from aamazon, these thing are engrained and they will continue >> that is the challenge for investors. thank you, michael >> thank you very much >> speaking in large structural changes in the way we all behave, uber up 5% 2.65 billion in stock. consolidation in meal delivery but it is really not enough to get the stock from moving out of a range that it chopped around for two months >> yeah, i think you saw more of a response they were going after grub hub but everyone knows this is a industry, a landscape, that needs consolidation, right remember the uber eats in their last reported quart eer lost the million if will be interesting to see where uber takes this the investor call this morning they said that uber is profitable on an adjusted even up basis in a few markets but it still has a long way to go they have been focusing, they consider themselves a logistics company. uber only considered themselves a food company in the last few months so they still have a long way to go if. >> yeah, tony, i'm watching him now. suddenly we're talking a lot about uber and air bnb suddenly door dash is a really inter