patrick armstrong up plurimi wealth stays with us. coming up later in the program, we will be talking to mike wells, the ceo of prudential. we will talk about the company's results and talk about how the business has handled the pandemic. that will be the bigger picture, of course. this is bloomberg. ♪ his is bloomberg. ♪ yousef: economics, finance, politics. this is "bloomberg surveillance." i am yousef gamal el-din here in dubai. speedget you up to with the bloomberg business flash. leigh-ann gerrans has it all. -ann: a result of the court battle in the states, the judge's ruling will not be the last word in the matter as the ridesharing companies are going to appeal. if the companies have to reclassify their drivers, they would be on the hook for overtime, health care, and other costly benefits. , derail its a plan unification plans. italy's the proposal submitted itshe opposition -- proposal submitted by the opposition would oppose plans to unify headquarters here in london. and now, apple is more valuable than ever, and so is ceo

joining us now, patrick armstrong, plurimi wealth chief investment officer. you made the point that right now, apple is worth the same as the entire ftse 100 in london. does this make sense to you? -- and then when you stick-back -- when you step back, it makes a lot of sense. got 3.8% allocated to apple, and 3.6% allocated to the whole of the u.k. it is a function of liking apple and the dynamics, but also the sectors that make up ftse 100. your oil companies are going to be worth significantly less a few years from now. the banking system are being punished by the interest rate policies of central banks. i do think it makes sense. apple is not cheap by any measure you look at, but the fundamentals are going to improve with apple, whereas for the u.k. market as a whole, there's a lot of headwinds. tom: to me it is a proxy for nothing more than revenue growth. people are starving for some form of relative revenue growth. is that correct? patrick: people are starving for growth of any kind. apple, on an earnings basis, is more expensive than it's ever been. th

patrick armstrong saying state defensive. prefer growth over cyclical companies.mpanies have had a big rebound, but i think the long-term winning strategy remains the year to date winners. harvey of wells fargo embracing cyclicality. chris: if you look at a lot of cyclicals they are all too national. if you look at valuation and balance sheets, they are very good. the things that are contrary opportunities, the things that are tied to the economy are the things mispriced at this juncture. jonathan: