When Market Ebullience Meets A Left Hook: DB- Dec21, 2020

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 21 December 2020

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Peter Boockvar, CIO of Bleakley Advisory Group, joins Real Vision editor Jack Farley to break down his market outlook as stimulus talks draw to a close and an alarming new strain of COVID-19 spreads throughout the United Kingdom. Boockvar makes his case for why inflation will continue to rise alongside nominal yields in 2021, and he explains why this macro outlook leads him to look favorably upon commodities and value stocks that trade at significantly low price/earnings multiples since he expects multiples to compress across the equity landscape as nominal yields rise. Boockvar gives a strategic update on the state of the Fed's QE programs and argues that the expiration of the Fed's emergency lending programs is not unwelcome and, in fact, is overdue. Lastly, Boockvar shares with Farley several stocks on his radar, such as CVS Health Corp ($CVS) and Walgreens Boots Alliance Inc ($WBA) as well as evaluates their future business prospect. In the intro, Real Vision’s Haley Draznin monitors the markets as stimulus relief package passes in the US and a new strain of the coronavirus emerged in England, prompting fresh travel restrictions across Europe. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Whether it's an under the radar genre or a proper out there podcast, sometimes it's better when you get weird, especially when it comes to switching up your soft drink, introducing new Dr Pepper Zero
0:12.6	with the same blend of 23 unique flavors,
0:15.4	it tastes just as weird as regular Dr Pepper,
0:18.9	but with zero sugar and zero calories.
0:21.7	It's a taste you can't quite put your finger on.
0:24.1	Weird. But in a surprisingly good way, try more weird with Dr Pepper Zero. Welcome to the daily briefing. I'm your host Jack Farley. It's Monday, December 21st.
0:47.0	I'm going to be joined shortly by Peter Bookvar from Bleakley Advisory Group.
0:51.0	But first with the day's stories, Haley Drasmin.
0:54.0	Hey Jack, markets wavered Monday as a new strain of the coronavirus emerged in England and
1:00.0	prompted fresh travel restrictions across Europe. The worsening cases served as a wake-up call after
1:06.4	enthusiasm about COVID-19 vaccines has pushed stocks to record highs in recent weeks. The Dow did
1:13.7	ench higher Monday afternoon, but the Nasdack and the S&P 500
1:18.1	were both down. Oil producers, airlines, and cruise lines were all hit by the resurgence of COVID-19 fears.
1:25.4	Shares of Tesla even fell in their S&P 500 debut on Monday.
1:30.1	10 of the S&P 500's 11 sectors were actually in negative territory on Monday.
1:36.4	The only sector to post-gains was financials, which got a boost after the Fed said on Friday that it would allow banks to resume
1:45.0	share-by-backs. Some investors saw today's markets as a buying opportunity
1:49.9	also because of the big support around the 900 billion stimulus bill that's expected to pass in Congress on Monday,
1:57.0	Americans could start receiving checks as early as next week.
2:01.0	That's direct payments of $600 to most Americans and $300 per week for
2:06.9	those enhanced unemployment benefits. It also includes $284 billion for the Paycheck Protection Program,
2:14.6	which provides those forgivable loans to small businesses,
	...

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