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Bloomberg Michael Wilson joins us right now.

Mike Wilson, US Equity Strategist at Morgan Stanley,

do you share your colleagues discontent

this about the equity markets? Well, good morning, good morning all.

The discontent in the economy may not necessarily mean discontent in the markets.

As you know, markets trade differently from the economy and then look we are looking at a slowdown

for sure as the case counts rise, potential lockdowns and all that good stuff.

Look there's a there is a you, while the S&P 500 is basically flat since early September, there's a raging bull market going on under the surface.

This is the point we've been really trying to emphasize that as a

if we look forward to next year there's still a lot of undervalued assets within the

equity market that hadn't hadn't participated yet and that's what does that's the big story that's really

going on in the equity market is it absolute a relative do you unload your

tech to go over to material cyclicals banks and the rest or do they

participate as well?

Well, we did that. I mean, that was the strategy. I mean, you guys are talking about, you know, stepping

into the fray back in March, being difficult. I think it was even more difficult

to kind of move away from the former leaders

...