we're going to talk to richard bernstein at rb advisors.houghts on the wing prospects of fiscal stimulus and what we should be thinking about the omicron variant. this is bloomberg. ♪ ♪ >> what the remain balanced across -- we want to remain balanced across sectors. >> the fed wanted to raise rates slowly. it is long-term ok for risk assets. >> we will get the potential for a serious rate shock, which will i think be in the short term quite damaging. >> it is not so safe to move around the cabin. >> we don't think it is time to give up on equities as a whole. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. >> good morning. this is "bloomberg surveilla

let's do more on all things markets with richard bernstein of rb advisors.hen you are looking ahead to 2022, now that there's a question about the fiscal agenda in the states and a question as to how much of a growth impact we could see from the omicron variant, do you think differently than you did a week ago? richard: i think the markets right now are caught between a rock and a hard place. in the short term, we have a slew of bad news, whether it is build back better or covid or the fed from last week deciding they are going to be tighter. in the short term, you don't have a lot of good news. however, that short-term news could cause better longer-term outlook as we go through 2022 into 2023. i think the short term could be a little rocky, but i think to try and trade that may be full steam. guy: so what do you do? just wait, see what happens into the new year? richard: to some extent, that is absolutely right. it is always cute to say we can trade in, trade out, but very few people can actually do that. it is pretty clear that inflation is probably going

adviser ceo richard bernstein himself thank you so much for being here. >> hi maria, great to be withexpectations, for the macro story let's start there. >> so maria, i think, our baseline obviously, you know, covid omicron everything is forcing to talk about baseline projections our baseline projections right now as we go through 2022, into 2023, that we will see, faster nominal growth in the economy than people expect, nominal growth maintaining real growth plus inflation, that could be a lot of real growth a little inflation a lot of inflation little growth but nominal growth the reason that is important is for the last 20 years, united states nominal growth rate has been basically below 5%. so, if we start seeing nominal growth that is greater than 5%, that means he will investment strategies have to change significantly people are very used to slow growth environment, and if that changes portfolios have to change too i think biggest takeaway, from our view, of what 2022 into 20 if is going to look like. >> okay. so where do you see the growth in 2022 in i mean look, louis face it

be in harm's way >> but not everyone agrees with her conviction there joining us right now is richard bernsteinyou back something tells me, rich, that you do not agree with cathie wood that if we were in a bubble, her high-growth, highly valued stocks would be outperforming. >> um, well, i do, sara, your guess is correct i do disagree with kathie. i've known kathie for many, many, many years she's built herself a great business and i have all the respect for her in the world however, to say that we're not in a bubble i think is really not paying attention to what forms bubbles, what the history of bubbles and everything else there's a difference between mere speculation and a bubble. and people tend to use the two words interchangeably but there's a big difference speculation is actually a healthy part of the financial market to really have a functioning market, you need investors, you need hedgers, you need speculators, you need all those groups to make up a functioning market bubbles are different. bubbles go outside the financial markets, and they pervade society. to say that when we have da