President biden, if he does become president , can be. Can he reach across the isle . Aisle he reach across the . He spoke and talked about the need to unite america at this moment. Oflor i think thats one the key points coming out of this election. Its clear that perhaps maybe by popular vote or electoral vote, there is a clear winner, but it is deeply divided, and there is not a clear mandate and we are seeing that in the house and senate, that there was not a sweep. There was a much less strong mandate that we saw coming in through the polls. Can we at least find something we can agree on in terms of stimulus and pass that . Theine lets bring into conversation our reporter who covers a lot of what is going on in washington with our Bloomberg Government product. This message we heard from the former Vice President , joe biden biden, a few minutes ago that basically, the government is not your enemy. The idea that he, if elected president , will represent all people. The idea that he ran as a democrat but will govern as an american president is this a message that is going to resonate in this political environment . Greg i just saw the Vice President speak as well, and he just stopped short of declaring victory, but he sort of gave this speech like a person who was about to take over the presidency. I think he is trying to calm the showed isich election very divided along partisan lines. Caroline what is the shell shock you are hearing at the moment . The market was baking in a blue wave. The polls was baking the polls were breaking in a blue wave. It was really only the betting that seem to get it right. Greg i think there will be a reexamination of the Polling Industry again in the united states. Four years ago, donald trump was more likely than not to lose the presidency. He lost the popular vote by about two percentage points, but college,e electoral which is what matters. He has a much tougher path to hold onto the presidency, than joe biden, who has a clearer path to the presidency, but, really, you are right. Republicans definitely over performed compared to expectations. Republicans are probably going to hold the majority of the senate by a very narrow margin. They may gain in the house of representatives when nonpartisan prognosticators predicted the republicans would lose seats. Taylor what is the mandate . The senate, at least, by now seeming to stay red. Pelosi losing some of her majority. the senate will almost certainly stay in republican hands by a very narrow margin, and the house will be in democratic by a narrower margin than ever, at least in recent memory. Watch is joehip to biden, if he does when the presidency, and Mitch Mcconnell, who would retain his title as Senate Majority leader. Have knowncconnell each other for decades through their work in the senate and when biden was Vice President , he would work with mcconnell. That will be a relationship to watch closely when there is gridlock and when the parties are at loggerheads. Taylor thank you, as always. Is after the good news that ison few days, done for me. Have much more on all things elections and some of that reaction. All set to join. This is bloomberg. Caroline a historic day another great unwind. Bluetors positioning for wave, instead reacting to more gridlock. The drip feed continues. Biden now winning the Battle Ground state of michigan. Investors see it as fuel for the bull market that they hope will remain intact for years to come. You saw that evident in particular with what comes in big tech versus small tech. Have this big, we move across the board, but it big tech stocks having an absolutely massive day at one point, gaining around 5 . Looks like it actually finished right near the highs, but small caps much worse, and that is very consistent, i think, with expectations of mediocre growth, no stimulus, and people piling back in to those secular growers as opposed to small caps. Movement across the board, but not exactly exuberance for growth. Saw a lot oflso movement in the currency space as well as treasury. You also take a look at what happened with the benchmark treasury yield, also having a monster day. You put those together on the same chart, and you get the little alligator mouth thing there. What does that tell you . It tells you people were betting that any result of this election was going to be favorable andntially to mexico potentially to the peso even more. Caroline people had to unwind that blue wave trade which would have helped areas of the market. We have seen massive run ups in the areas where we might see a significant approach for a cemented congress, not a divided one means we get a slight pop in this grieve this wave, but we the Senate Looks Like it might be divided. Down goes that etf that tracks those cannabis stocks. Down goes the portfolio etfs as well, and down goes the kbw as we see a divided congress. Joe for more on the markets and in election, i want to bring our Bloomberg Opinion columnist. Thank you for joining us. We have just gone through the market reaction. Very clear narrative of secular growth. Stimulus of banks down, tech up. Is it going to be that easy to say this is what we are getting . Connor i think as caroline said, today was about unwinding the trade we already had put on. Rather than unwinding what we think the future will look like. In 2016, we saw stocks go up immediately, immediate kneejerk reaction, but over time, the economy will do what it does, and i would not redo much into what happened tonight. Thisne we have seen before in past elections, and of intoe, once you dig deeper december, january, and beyond, the market can change directions. What are you expecting investors to be looking for out of the next administration, if it is a Second Trump Administration or a new Biden Administration . Conor i think people are going to wonder if this is what it was republicans in 2010 one republicans won and Mitch Mcconnell was going to block any kind of legislation. I think that is going to set the table for what it will look like. Caroline why do markets like gridlock so much . A narrativeheres that markets like gridlock based on the 1990s when republicans held the house and bill clinton thepresident and we had dotcom boom. Joe youre down there in atlanta, georgia. What are you watching tonight as the votes come in . Conor Fulton County is supposed to release a bunch of votes by 9 00, and i think that will show if biden can cut the deficit he is facing in georgia. These boats still out in georgia are predominantly male and votes that are very democratic. Predominantly malein predominantly mailin votes. Romaine when you go county by county, there still seems to be a pretty stark divide in this country about the direction of politics and political ideology. Do you think there is a way forward where that either gets rectified or maybe gets amplified . Conor what is interesting to me is we have had this narrative of growing divides for race and gender and rural and urban and we are starting to see those compressed somewhat. We saw the weakness for democrats in latino voters in south florida and south texas. I saw a republicans picked up about a dozen women members of the house. After having very few women after 2018, they are kind of filling their female bench up. We are starting to see some of these things narrow a little bit. Caroline anything take you by surprise in terms of the positioning that went on today . Conor at least having a modest Democratic Senate was a base case for a lot of people. I thought maybe not only the reflation blue wave trade, but tech, and now that were hearing something about malfeasance out of facebook and Tech Companies that got a bad rap, so maybe they are escaping the certainty, but i think after the impact of the election wears off, we covid mode, and a vaccine could come really soon, we could be talking about growth again really soon. Romaine always great to get your perspective. We will continue this conversation as we await the official results of the president ial election. We want to hear what Corporate Leaders are saying and how they will manage going forward. Thats coming up after the break. This is bloomberg. Joe Corporate Leaders reacting to the election and the results. Jp morgan Ceo Jamie Dimon writing, as we await the results of the president ial, congressional and other local elections, we must have faith in our electoral system and have the patience and fortitude to wait. Caroline hard sometimes and something we look to for Corporate Leaders. We talk to a corporate leader of nestle. Board she also is a driving force behind the Board Diversity action alliance. Before i ask about your reaction to todays events, it is great to have you with us. Ont responsibility now Corporate America as we look toward a divided congress, and more uncertainty . Are you hearing me . I am. Caroline talk to us about your reaction and what Corporate America is waiting for now. My reaction to what . Carolyn your reaction caroline your reaction to what now Corporate America needs to do. Corporate Americas Mission and requirements are the same. America has tote devise a plan to be a more inclusive set of organizations. We have to spread the wealth. We have to include more people companiesation of present and future. That means disabled people, people of color, women, gay lesbian people all have to be able to participate in building the Great Companies that today are largely led and governed by white men. Romaine a big part of this election, this election season, to a certain extent, had that idea on the ballot. The idea that the direction of this nation might be in the vision you just laid out. No matter who wins, its going to be close. What does that tell you about if companies are going to be able to take this mental and carry it forward . Independent of the election, if you heard some of the discussions ive been having and fordiscussion as an impetus this diversity action alliance, it was to remove some of the burden from government. We saw that government was not carrying the weight to deliver change. What we had was a pretty continuous exclusion of inclusiveness, right . I think a biden president , trump president , even though i have a preference for one or another, does not change at all the need for companies to take responsibility in the development of a more inclusive world. Im not talking about being social. Im not talking about taking away a meritocracy, but right now, we have literally a hand on the scale approach where if you happen to be from a certain class or certain background, you are past through the system, and everyone else has to climb these massive walls and contort themselves to fit in. And by the way, its not me. Corporate america is asking themselves how do we become . Ore representative the good news is we are doing that without the thumb on our of governments at all. I biden or trump wins, believe corporations are going to continue to push for what they know is a more Sustainable Future. Joe what policywise would accelerate in your view that process towards a more Sustainable Future for companies as you describe it . If there were more legislation, if there were more passage of policies maybe theres not, maybe it will be total gridlock what would help . Im not a fan of government business, onlyin because historically, it has not helped, but we have seen examples of what happens when you legislate in diversity requirements. We have seen it in the u. K. , in california, where we find people we could not find before. We find more women. These kind of things give the ability to ride their own ship, but if they shouldi think the we expect government to get more involved and direct and mandate for legislate toward more diversity. Thats why we have a set of discussions around sustainability. There are places that governments can engage and be helpful, but i believe that if the way that their intellect can lead them to and , theeart can lead them to government does not have to lend a very heavy hand. Companies can do it themselves. Im optimistic but not totally yet convinced. Caroline im glad youre optimistic because i want to get to your intellect and your heart. You moved to london after the last president ial election. How do you feel about america . Leaving out Corporate America, about america. People always ask me if im. N optimist or a pessimist i think im intellectually optimistic but an emotionally pessimistic person. I think thats the best way i can describe it. I think right now i am hopeful that we are on a track that will start to bring us together versus taros apart. , for anyoner years around the world has not been pleasant. Believe there are people sitting here saying we want to repeat of the last four years. We dont want that. We dont feel good about each other. We dont feel good about ourselves. Basically we count on each other to protect each other. You cannot have the division and divisiveness we have. My hope, my expectation is that to leading, that leaders go back to leading. As aust amazed that we are country where we are. We have to figure out a way to have as many people participate and be placated, happy, served, whatever it is, as possible. When you have literally 1 or less who wield everything power, position, privilege and a whole bunch of people who have nothing to lose, it does not work. Not for long. My hope in the next administration, whoever runs it, is we step back for minute and say, is there a way we can have an america where we are not walking down the street, if you are a black man looking over your shoulder, if you are a white man looking over your shoulder because you think a black man is going to take their job can we get back to building a Better Future for each other and for are kids . And for ourother kids . Its not about moving wealth from this part to the other part. That is not what leadership is about. We are here to assure that we are an absolutely upstanding nation. I tell you one thing on the ith that we are currently on, think we can all say for sure i live in london, and i tell you what they tell me you are no longer an outstanding nation. Caroline we thank you for your straight talking always. We thank you for staying up late in london for us and coming back and giving us your thoughts and we thank you for being of thetic on one side equation. Amazing day, joe. What should we be looking for tomorrow . Joe i will wake up and see if i have any alerts on my phone in the morning of any new states called, just like i did in my sleep last night. Bloomberg technology is up next. Have a great evening, everyone. This is bloomberg. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkinbath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkinbath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkinbath provides independence with peace of mind. Emily im emily chang. In san francisco. This is a special edition of Bloomberg Technology ballot breakdown. Coming up in the next hour counting and recounting the votes. Biden has more paths to victory than President Trump at this moment, but with legal challenges to go in various states, the boat is anything but clear. President trump has already declared victory. Facebook and twitter have flagged or hidden multiple
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