patrick armstrong's chief of --ive markets are wobbling a little bit. e they worried about valuations? is there just too much good news priced in? patrick: well, markets have gone very far very quickly. the pullback we are seeing today at a fraction of a percent is inconsequential versus how things have rallied. i do think valuation will matter at some point. it is not something that matters right now. it is liquidity, central banks, reopening of the economy and the vaccine pushing risk assets, in particular, cyclical assets, the reopening of the economy. the pullback today makes sense, given how far things have come. i still think there is headwinds for some of the cyclical sectors in the near term. francine: where do you see value? if you were to pick a part of the market that can still arise, you know, given where we are, where is that? patrick: well, our most recent additions have been in some of the hard-hit value stocks recently. it comes from that i believe that there will be the growth, reopening of the economy. i had a very big position in quali

patrick armstrong of plurimi wealth, thank you.if we keep this surface level, if you managed to get in there when credit was following and got high yield with an 11% yield , you've got some pretty nice income over the next five years. what you do with that? you could cash in a massive capital return right now, or just sit on it. that is the decision people like africa -- like patrick have got to make. the people got it really right where the people who bought credit in march. what he would do now i think is an interesting call. tom: i thought your question was actually a really serious question. my experience on this is getting out of a successful parade is .eally easy it is a four step process, not out of bonds and into oil lightly lisa did with two oil drums in her living room years ago. it is out of bonds, into cash, , andn cash and then what that is the then what that is so brutal. jonathan: many people saying we can chip away at that. that money needs to be deployed. where are we now? we: we still have -- lisa: still have that

coming up, patrick armstrong, chiefi wealth investment officer. bloomberg. ♪ ♪ businesses today are looking to tomorrow. adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. >> the nightmare scenario for markets would be if the unemployment rate went even higher. >> equity volatility and uncertainty still remains elevated. >> i think we will have weathered the storm, and i do hope the worst will be over by next summer. >> we may experience a bit of a dip economically. >> it isn't as much a risk of a double-dip. it is a risk that we extend the rebound. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. good morning, everyone. lisa