it shows you the main character who played oppenheimer. looking quite distressed. i think he felt the same way in reality. he almost resigned in the summer of 1944 because they could not figure out how to make a bomb that worked with plutonium. success was not inevitable. next slide. when i arrived at the department of energy in 1993, they were indeed the stewards of the manhattan project because after the manhattan project ended, the atomic energy commission was created, and that segued into eventually the department of energy. so, the properties at oak ridge and hannaford and los alamos were owned and managed by the department of energy. but they had a new mandate. 1992 federal facilities cleanup act or compliance act, the department of energy was required to clean up the contamination that occurred over 40 years of work in developing and its other responsibilities. so, next slide. a billions of dollars effort. $6 billion.ut by the time i got there it was headed towards 8 billion to clean up the department sites. it was a huge, huge undertaking. in fact, with hun

well, that is andy oppenheimer, who lives outside london. and he is a distant, distant relation, he claims, of robert and is kind of a look-alike of sorts. and he certainly plays that up with this pork pie hat. new slide. so, this is a wonderful moment from the shambles that you saw that this building was in, in the initial slide. it was restored beautifully. the laboratory won an award for its exactitude. they had timbers that were structurally important holding back an earthen berm that had been sawned by the sawyer's mill back in the manhattan project days, and they tracked down the same millner, and their descendants created the timbers, the replacement timbers for the house. pretty amazing. so, it's a wonderful, wonderful restoration. they even went on ebay to get replacement asbestos shingles. they're not manufactured, haven't been manufactured for three decades, and they were able to find some on ebay. so, i mean, the back stories are wonderful. they're still -- they left graffiti, graffiti from the -- i don't know, maybe they're just

oppenheimer, which says it seems vulnerable >> i think the important thing is to what's going to happen here over the coming quarter, what time of opportunity is going to be provided i think overall you have to look at any dips in the mark, i agree with liz, as an opportunity if there is a correction in fact. i think today gives ed to thavio that, scott. you have a tape today that is trying to understand the new variant of the virus and suggest a significant rebalance. there is no flight to safety today. the ten-year treasury is selling off. this morning it was 88 basis points, now up to about 93 basis points when you're looking at the still society high beta names, whether that's docusigndocusign, pelotod zoom, they're still high today yes, it's right to be concerned, it's right to have caution but let's not step away from being allocated. i think ultimately the real question becomes how exactly do we want to do that scott, i've been emphasizing over the last couple of weeks i don't want to go all in in the cyclical oriented economic recovery type of allocation. i don't want to own cru

i find that to be unethical. >> was and oppenheimer as you know.that was oppenheimer's desire for his announced desire after the fact that they should have dropped it on at least on an uninhabited area. shipyard work a purely text zone. >> had pressed some kids at bikini. it could have international restaurants dropped it on an uninhabited area but one of the arguments that the government made in the retort actually to hershey was they had assembled the world in light of the same, it was the one that didn't work. was usually discredited so therefore they had to drop onto city with a large civilian population . >> i guess you mentioned this to and it's one of the reasons to be resolutely antiwar as much as we can be. the logic of warfare and brutality of where fair made it seem if not palatable at least inevitable. after all as you point out the bombing, the firebombing of tokyo as you are talking about was actually more disruptive in terms of lives and property lost the bombing of hiroshima. people get caught up in the insidious logic of destructio

joining us now, oppenheimer asset management chief investment strategiy john stol 16789. was trying to show that there is asset inflation out there if not straight up inflation coming moisture do you watch other parts of the market as any kind of a tell for what the equity markets may do >> when you look at the commodity prices, we think commodities are reflating. if you look at a chart that takes you back to 2007, 2008 as we entered the crisis, the crb index from the levels that it was at that point was about 19 different commodities, everything essentially from aluminum to zink including oil and gold, the whole bit. you will find that that is significantly off about 40% from its highs. but now you have reflation occurring when we were looking at the potential of a depression in march, being portrayed by some groups in the market. and now with the vaccines coming out, we have a real opportunity to see a recovery in the u.s. and around the world and we think order books are filling up for commodities. of course there is always speculation that you have with it but once we

oppenheimer initiated today with a buy.rles: the other hot area, another sizzling area is electric vehicles. we saw baidu get an upgrade. not an upgrade but a lot of speculation they will get in the game. plug power got an upgrade. michael lee, this area, the individual investor loves it. i don't hear enough on wall street about it. is this space you're in whether tesla or any of these other emerging names? >> no i am not. i would say this plug power is interesting with the fuel cell deal. they just put together with walmart and will you see more of that kind of clean energy move towards upss, fedexes, amazons? that is real opportunity for growth. i say with tesla this is the most overvalued stock i ever seen in my life that really doesn't mean it necessarily will go down. charles: right. >> when it is at peak valuation it is getting added to s&p 500. when you get to that level of speculation i would rather buy bitcoin on the back of mass mutual putting some in their general account than tesla. charles: okay. >> if you get

in the past hour we got a statement from the oakland police department's interim chief, suzanne oppenheimerys, although these cuts will have painful and unavoidable impacts to our proactive crime prevention, we are committed to using the resources and officers we do have to keep our community safe and will do our best to respond when you need us. >>> the food and safety organization is cracking down on whole foods. michael is here with that and some other consumer news as well. michael? >> dan, a lot going on today. the fda has ordered the grocery chain to detail the steps it would take to address a pattern of product recalls. it says whole foods repeatedly failed to label foods including major foods in the bakery and deli sections. whole foods has 15 days to respond to the fda's request. >>> task rabbit is resetting customer passwords after finding suspicious activity on its network. the online marketplace has an an abundance many that's where they're matched against different web sites to access accounts. there is no sword which were actually compromised. >>> joe biden will have to start

at this new hampshire home, martin oppenheimer is among at least 15 residents to lose his life. >> i was married to him for 66 1/2 years i wasn't there at the end. i couldn't hold him. i couldn't say good-bye. >> reporter: tonight for far too many families, the holidays will be filled with heartbreak miguel almaguer, nbc news. >>> i'm meagan fitzgerald in arizona for a first look at how one major medical center is preparing to administer the vaccine. >> our hope is that this is the beginning of the end of the covid. >> reporter: dr. tiffany pankow is one of honor health's 15,000 medical workers in the first round of distribution >> it's a chance to vaccinate and protect our health care workers and our first responders. >> reporter: dozens of volunteers in phoenix today taking part in a practice drill in this parking lot. this is where it starts cars will start here they'll advance on t registration where volunteers will confirm their identity and make sure that they have an appointment. this is where the vaccinations take place. the cars would pull up the windows will go down and the

he is an oppenheimer company. tesla just goes and goes, confounding those that are negative.e next hurdle for tesla? are a few hurdles given where we are at. they have a couple of factories they need to wrap. the quote you were talking thet, it hits the heart of matter. the company is going to have one million vehicles on the road collecting data for their ai system. taking that data and turn it into products that consumers could use, we think the company can use that for a fleet. tesla joining the s&p 500, what tesla does, is an unusual to you? is it business as usual as a fly sign -- highflying stock? clearly, with this, investors are trying to come to the right exposure on this transformation. tesla has exposure on each of those elements. this is where you get exposure on a lot of disruption. lisa: this has been an incredibly difficult company to map out in terms of its trajectory. people call it a faith-based stock. we were talking about data and artificial intelligence, electric vehicles. you are talking about carbon credits. -- peter atwater said this could be a trojan

cross from the flying daniel jury won one with 4 goals caligiuri is outskirts top marks now from oppenheim entered the 2nd half on the warpath making it to 130 seconds after the break thankfully and village once again . 14 minutes later the hospital who faced little resistance to finish the scoring at 41 it was hoffenheim 1st win some septembers memorable for one victory over by. playing florida and braman haven't once it's just like pedigree know much about says she spoke with both sides desperate visiting still got through the 1st punch winning a penalty which was tucked away by silas one minute and. not much else happened until the 1st minute when she got had another bit of luck he took of the fastest man on the pitch his league seligson punished right and missed it was that on the postman line or just to defending. the cell cause that he was no similes by the ship and ship responded with the goal of his own in the ninety's that minutes. it wasn't the cofan it's as much about the football dogs on his back to winning ways. of freiburg where the livelier of the 2 sides as they posted. sti

this includes peter oppenheimer. do see some progress towards a deal against these hard deadlines of december 31, upside of 1.5% to do percent in the pound against the euro. they are saying the best case scenario is you will see some kind of a thin free-trade agreement. the pound could also rise on the avoidance of a no deal outcome. they are saying any kind of deal could reduce risk in u.k. assets which would benefit the ftse 100. we had goldman sachs strategists once again reiterating their call that they are overweight the ftse 100, particularly when it comes to versus the stoxx 600 . there's a lot of compelling valuation in u.k. stocks but in no deal was returned and could ring the you are rate to one and trigger an 8% fall in domestic stocks. that is there worst case scenario. they are not expecting that, reiterating the call that they will see some finch free-trade agreement and that could see sterling rise against the euro. manus? manus: some interesting calls from goldman. thank you very much, juliette saly w

from goldman sachs, peter oppenheimer. this is bloomberg.ood morning. ♪ everyone.morning, francine lacqua in london, tom keene in new york. futures in the doldrums. i want to point out one important issue. excuse me. we'll yield staggers to new low -- real yield staggers to new low levels. -.98% is a big deal as well. richard lacaille with us right now. state street global advisors. you are going to take on new duties for state street in march, focusing in on esg. it sounds like a wonderful challenge for you. there are so many people who say it is great, it is a fed. do you see a proven track record that you can create alpha with e, with s, and with g? rick: absolutely. there is a great successor in lori heinel, who will be a terrific ceo. what i have seen in the less years and what academics have shown is market efficiency in esg. it won't last forever, but there is the potential there. we certainly will exploit that. in my new role, i want to help out clients, asset managers, and state street exploiting those opportunities. there is a worl

. $11.00 with 4 goals caligiuri is outskirts top marks and oppenheimer entered the 2nd half on the warpath making it to 130 seconds after the break. goalie in greenwich once again. 14 minutes later faced little resistance to finish the scoring at 31 it was hoffenheim 1st win some septembers memorable for one victory over by. florian greyman have a one time but just how much of that set is she took out with both sides desperate visiting still got through the 1st punch winning a penalty which was tucked away by silas one minute and. not much else happened until the 1st minute when she had another bit of luck and he took up the fastest man on the pitch to just leave the punishment and smith. was nuts on the postman like oh just terrible defending. j.t. sell cars that he was no sim used by the championship responded with a goal of his own in the ninety's that maybe. it wasn't enough to colfax as much about the football goldstone his son and go back to winning ways. freiburg were the livelier of the 2 sides as they fostered. still the visitors open the scoring with a bolo on the end of a lovely

joining us on this story, peter oppenheimer of goldman sachs, the chief global equity strategist. the u.k. beginning a huge vaccination program that is going to grip this country, and the world i hope, and the coming months. buy the ftse. why? peter: very exciting news about , but separately, i think the u.k. economy has been one of the worst hit from this pandemic come up partially because of the makeup of the economy very deal -- very geared towards services. it will be the worst annual the 1700s.nce but we are asked putting a strong rebound in the economy next year, over 7%, and 6% or so in 2022. alongside that, which get quite a strong rebound in earnings. it is a very cheap market. it trades now at a discount to the u.s. market on a 24 month forward basis of about 35%. with a strong cyclical recovery and a market heavily geared towards commodities and other cyclicals, and we are bullish commodities, we think it should rebound. tom: i noted today off the wei screen the difference between s&p and the ftse. you and i know that phrase. where are the straw hats in asia? where is t

getting a bit weary of it because we keep on tuning in to hear general leslie groves and robert oppenheimerhow we're going to win the war on fascism. instead we're hearing about supply chain management issues between hanford and los alamos and oak ridge, and that's not what the american people want to hear at this point. >> durability right now, cdc is talking about three months, but that's just because that's what they've been able to determine from testing. it could be longer than that. >> that's right. this is a brand-new technology. we just don't know. and it may not be the same for the pfizer vaccine and the moderna vaccine. and the next wave of vaccines is going to be the two adenovirus vaccines from astrazeneca/oxford and j&j. we don't know the durability of that either. so there's going to have to be a lot of conversations with the american people and a lot of monitoring to follow this. the hope is that it is fairly long-lasting and it might last for a period of years. but we don't know. is it 3 months, 30 years we're going to have wait and see. >> dr. peter hotez the codirector. th

oppenheimer is organizing a series of conference calls thesecing later today on five years senior unsecuredmark offerings. that is something we may well follow. former goldman sachs president saying they are misaligned with economic reality, saying the pandemic benefited u.s. inc. but failed small businesses. we have a complete disconnect between the largest companies in america. talked abouties we everyday when we are talking about a stock market, and what's going on in the real economy. when we look back at what happened during covid in 2020, 1 of the big takeaways should be, and i pray this is one of the big takeaways, is that when we made a decision, and i'm not criticizing this decision, to shut down the u.s. economy and deem certain businesses as essential, and other businesses as non-essential, we deemed the largest companies in america as essential. so we allowed the big companies to stay in business. but unfortunately, the local date -- the local neighborhood business that sold the identical products, we deemed to be non-essential. what ends up happening is the largest companies in

singh from oppenheimer how prepared is moderna for the next steps i think they are very prepared theyeloping mrna vaccines for a while covid-19 is not their first dance with mrna vaccines they have five or ten others that they brought into the clinic their ability to manufacture and deliver these i think is well validated. >> what will you be looking for in terms of the fda discussion that you are following, and some of the commentary assume thalg we to get that emergency use authorization go ahead, and tow potentially, the fda approval. >> yeah, sara, the fda discussion really is first you know centered around safety and efficacy of the vaccines they have to do their job, which they are doing, both for the pfizer/biontech and this one tflt second part of the discussion is not as obvious but it is really to make sure that they poke at the data enough and give enough feedback to moderna, to pfizer/biontech to say look you have got to gather this date and do these discoveries the main consumer of these vaccines are going to be the american public. we need to make sure they are delivered

. >> joining us now, biotech analysis at oppenheimer.hank you for joining us why don't we start with the astrazen he cana vaccine approved in the uk today do you expect that and the j & j vaccine to ultimately get approval here in the u.s.? and given the relative cost difference between that and pfizer and moderna, is that something that could damage those stocks in the future as we get into next year, if they are approved, astrazeneca and j & j? >> thank you for having me glat you showed that clip earlier. we can speculate all we want a better way to maybe think about this is look at the vaccines approved and in the markets already. you look at the flu vaccines, there's 20 manufactures that make them. range of prices are as little as $5 to and as high as $75 when i went to get my flu vaccine, my parents got the higher version, i got the cheapo version, excuse my language, about $5 that's the risk benefit profile of the vaccine and where you are as an individual are you an adult, healthy, immuno-compromised, your child so, the more vacci

this new hampshire home has lost at least 15 residents including ellen oppenheimer's husband martin. >> i was married to him for 66 1/2 years and i was not there at the end. i couldn't hold him, and i couldn't say good-bye. >> reporter: in the midst of so much loss, the promise of a vaccine offering hope, but the roll out is going to present its own challenges. pfizer which had hoped to ship 100 million doses of the vaccine by the end of the year is now aiming for 50 million worldwide because of the issues of raw materials in the supply chain. >> this is where the product will go. >> reporter: and with the first round of vaccines possibly rolling out as early as december 15th, the hospitals are doing the trial runs to make sure that everything is ready on day one. >> the biggest challenge that we have is that we don't know what we don't know. >> reporter: uncertainty and anticipation as the nation struggles to survive the winter surge. the hospital here has set up a drive-through location where they can vaccinate 1,000 people a day, but part of the challenge they tell us is finding t

let's bring in oppenheimer analyst hartaj singh they figured it out and the stocks have been rewardedstribution part. how do you expect that to impact the way these shares trade >> you know, the issue right now is essentially, you know, the issue between expectations and delivery, right? so, i think the government, the cdc, operation warp speed laid out very aggressive agendas prior to these -- the vaccines being approved and now may not be able to hit some much their own targets, right? the expectations are already elevated the 20 million number by the end of this year was really, really aggressive as you said, the cdc has gotten us to 1 million and they'll keep that moving along. but in the short term, we do expect volatility. we upgraded our price target to moderna to 178 after the approval but we noted to investors that after such a big move in the stock this year, we could expect some near-term profit taking, some volatility in the shares. moderna has acted that way previously the shares tend to move up upon a catalyst and then give some of that back. >> just to be clear, the dis