With Bloomberg you get the story behind the story, the story behind the global birth rate,

behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context.

And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene always with Michael McKee.

Daily, we bring you insight from the best in economics finance investment and

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Joe Quinlan with this Bank of America and U.S.

Trust.

Joe, the basic idea here, correct me if I'm wrong, is Google and Facebook crushed Yahoo.

Can you set up a portfolio where you own number one and number two, you own Hertz and you own Avis in every sector that you're in?

I mean you could, Tom, but I'd be very careful in that because you have to overlay, if you're going to do automobiles,

you have to overlay some Japanese companies, German companies, same with capital goods.

You have to start sprinkling in when it comes to technology some of the Chinese internet

stocks because they're doing pretty well in terms of capability. So you can do that but you know you're looking

large cap you might you know buying more value than growth. If you want the growth

you got to go small mid cap. Well the other thing too is if you're buying those

companies you're talking about the biggest

companies so you're not going to necessarily get much return because of the law of large numbers

I mean their share prices aren't going to move dramatically.

Not dramatically but and you could also, you know, I mean,

Microsoft, I mean, they're back, but there was a time

when they were, they were quite the lager for relative

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