Down days for the markets. Right now s p down by about 11, dow by 96, nasdaq off by about 47 we were so close to you dow 30,000 earlier in the week, but that seems to be slipping away a little bit 29,400 and change is where the dow is right now and again, down two days in a row, down again this morning and after yesterdays declines, all three of the major averages are in negative territory for the week a lot of things happening with covid and well talk more about that in a moment, but some of those concerns creeping back into what you see in the markets. If you are looking at the treasury market, the yield on the ten year right now is sitting just at about 0. 852 and the vix also spiking yesterday, probably a little bit on concerns about what happens as we go back into some of the lockdowns. The seesaw of good and bad news on covid. And well give you a bit of good news that happened overnight in the vaccine wars developed by the university of oxford and astrazeneca found to be safe. And the good news is it triggers immune response from all adults according to preliminary findings of a peer he reviewed phase two trial. Phase three trials are already under way. That news coming a day after the u. S. Reached a total though, this is the other part of it, 250,000 covid deaths and trying to make sense of that it is funny, i dont want to say funny, but typically when weve had great news about the vaccine, the markets have moved. But the question is whether all of that is thouf built into all the good possible news is already built in i dont know we got close to 30,000, so well see. Hell s well see what we can hold we did the pfizer news yesterday and, you know, in thinking about it, it is like we have to go through the advisory panel, they have to schedule that, and then they have to vote on that pd and then the full fda. But you read the journal and it is like they are doing it within days so it might be available in an expedited manner, you know, by the end of this year, which for frontline workers and w40e6r there is enough supply for right at the very beginning, that is near term. That is near term. And i think that there has been a shift a little bit just in the last couple weeks about and there was an election about whether it is being rushed, whether you would feel safe, whether there is political pressure, whether this is a good vaccine. Yesterday, andrew, we were saying i dont know, a lot of people were tweeting that they are readied to take the Pfizer Vaccine on the 737 max so they are ready to a lot of people, we were looking at both those stories and both of those things were feeling better and obviously the 737 max going to be a lot of flights before all of us and the whole country feels like, yeah, im putting my family on there. But you get a couple thousand flights under your belt or six months or a year, and i think that it is similar with we dont trust regulators, the faa, we dont know if they are in bed with boeing, the pressure about the vk vaccine but hopefully it will be done in a good manner and there will be a good outcome im hopeful that by the summer that were all happy again im hopeful too but i want to tell you, the one thing that struck me during all these conversations during the deal book thing the past two days is the comment that dr. Fauci made about requiring really an uptick of 75 of the country to have taken the vaccine before you would stop masking and social distancing. Meaning that even those who are vaccinated from a pin health perspective, because testimony still circulate until you get to that 75 threshold or higher, which i thought was actually a high higher threshold that i had even thought, and if that is the threshold, given some of the numbers that you see, one in three saying that they wont be take positioning the vaccine, sometimes it is even more than that, it becomes much more complicated. And well probably be at 30 already though you heard that weve been 15 effective i heard that. And then i think that consumer behavior, you wont have to mandate masks or social distancing that is going to be hard to overcome just in general in some places. Ill still feel weird not every country has learn the same lesson we have. Im be drinking at home, i wont be saddling up to a bar anytime soon some of us have gotten used to that and like it. I think in other parts of the world, people wear masks long after they needed them so theyre not that bad. You get a nice one at least a path toward normal life the concern now kind of sterns turns to the shutdowns and new york city becoming the latest in this, shutting down inperson education starting today. This is a huge issue people stuck at home with their kids people not able to go to work if you dont have child care. Right and that is a very big economic issue. Again, new york city shut down inperson education starting today. [ abo oh, my turn and it was closed after a 3 Positivity Rate. Schools had been open, but now roughly 300,000 students will have to remote Learn Private schools werent included in this order, but the private schools have kind of taken their own measures and steps, been heavily testing there. This is met by backlash by some parents and City Council Members that argue that schools shouldnt be closed while Indoor Dining and gyms remain open. And that is echoed by Scott Gottlieb be. This is an economic issue because of the number of parenty on this for being able to go to work, this is the only way that they can do that and in the meantime Kentucky Governor beshear became the first governor to announce a statewide School Closure he ordered all public and private schools to close starting monday with most staying closed until january getting through theholidays. Thanksgiving and christmas, all of the end of the year holidays, it is a big concern because if people go out and celebrate are, the officials know what happens in those scenarios that is where this is continuing to spread. Coronavirus cases at gatherings and homes. The states Positivity Rate in kentucky topping 9 using a seven day average and these are the huge questions that were faced with once again, how do you control the vie rurks try to contain it until we get to those advantage cincinnasi vaccinations, without doing incredible economic damage and this is where once again it is time for the congress to step up and deal with the responsibilities that they should be dealing with this is like abdication of duty at this point. Right now the nation needs a bridge to get through to the time when the track svaccinatioe readily available, you need to be helping the Small Businesses and the schools and americans unemployed and right now there is crickets. A lot of argue, about votes and transitions and Everything Else and looking towards georgia and in terms of school, my kids used to like a snow day, it would be the great either thing in the world but theyare so tired of this it is weird to see, how much they have want to go back to school when the weatherman would be wrong and it would be a couple flakes, i want to say you said that we would have a snow day. But now youd give anything to never have another snow day. So it is very tough. Take your pick on who is affected stop negative things about this. Didfood lines in texas just miamis and miles and miles. And think about who it will look like two or three months from how make it stop. This is 23406. Feels like march still anyway, ill move on here. The nfl has ordered all of its teams to operate under stricter level of protocols beginning saturday that means mandatory masks at all times in Team Facilities meetings held virtually. No group dining. And capacity limits in locker rooms. At times, most teams had to adopt the stricter protocols in response to outbreaks that individually weve seen the teams have and speaking of outbreaks, the nfl Network Reports that much of the raiders starting defense was placed on the covid19 quarantine list because of high risk close contacts. Players who test negative can play against the chiefs on nbc got to figure out who is playing and who is not thald normal that would normally be a real big rivalry obviously. Anyway coming up on the other side of this break, Jpmorgans Jamie Dimon making news at the deal book conference, well show you what he said about Business Travel and bringing other highlights from the headlines. He echoed some of beckys thoughts about what needs to happen in washington and well talk about all of that as we head to a break though, check out shares of sonos, soaring after the companys earnings of up 33 cents beating estimates. Revenue also beat expectations and the companys forecast for growth in 2021 better than expected i feel like were forgetting something. Let me check. Xfinity home gives you peace of mind from anywhere with professionally monitored Home Security built around you. No, i think were good. Good. So when youre away, you dont have to worry. The tent. We forgot. The tent. Except about that. Xfinity home. Simple. Easy. Awesome. Hey look, i found the tent get xfinity home with no Term Contract required. Click or call today. This years dealbook conference, i spoke to Business Leaders across the industries. So many about how they think about remote work and what the future of work might look like beyond this pandemic as we menktsze ementioned, bill predinktsed that 50 of Business Travel could go away. But jamie dimon shared a different viewpoint. There is nothing like personal relationships and seeing people and sharing ideas. I do think that 30 is probably a good number of less seats that you will need in Office Buildings because people will be rotating, working from home, fulltime, parttime okay, that is fine that is an adjustment. Not definivastatingdevastating business Business Travel will be less, but it will drop and then people start to grow again but like me, i have to go into see my clients and my leadership, everywhere around the world, im going to travel just as much i also spoke about this same issue with alphabet and google chief financial office, google told employees they are not required to return to a google campus until next summer we havent changed the june 2021 date. And as i said, it is voluntary work from home through that period of time from all of the internal work weve done, there is a range of what people are hoping for in this new normal. And our expectation on return to office, which is frankly substantially more complicated than moving everyone to home is thathe wiwell end up in a hybrd Work Environment and many of us know the notion of stooczoom fatigue and i spoke with epic games founder, creator of fortnite and asked him about how he thinks about the way people are lifing their lives and how it may yi involve in an almost simulated world. It is okay to not travel and spend a lot of time talking to people on zoom or communicating with them on fortnite. And it is not like you playing this game is a solitary experience, it is you and your friends doing something together like my generation would go in the worlds building real fort forts and now it is virtual. And i was joined by we call him the king, lebron james, founder of more than a vote, recruiting tens of thousands of volunteers to be poll workers. And ultimately getting a lot more people to vote who never voted before in that election. By the way, including his mother who at 52 years old voted for the very first time and i asked what it was like to put himself out there. Youve seen with a lot of my mantra, im more than an athlete. But that is something that true to where i am. It wasnt that we made it up and i started to live behind it. I was that person way before we started to talk about more than an athlete were all more than what the title that were given with our job space. It was an eyeopening couple of days with some really, really interesting people you can watch replays of this stuff online and hopefully well get to do it next year but all in person. That is all we got, becks. Andrew, i love lebron james and i love what he has done from a charitable perspective he has i believe know straighted inthough straighted for where he is giving back and creating a community, it reminds me a lot of what they have done in harlem with making sure that it is not about having a school where you have kid, it is making sure that you have an entire community to suchlt t support the families, bikes and different things, to make sure that you are giving these kids a reeld chan real chance and he does it because of where he came from. So i think it is an amazing story. He is i think of him as an amazing stoir andry and i think more than a vote program, hundreds of thousands of people have had an opportunity to vote for the very first time this year, he did make news yesterday, they are moving their effort to georgia right now. And will be trying to open up as many sports arenas and plays, recruit poll workers and the like so that as many people in the state of georgia during the very Important Senate runoff come january can participant in our democracy. So it is an important effort across the board kudos on an amazing lineup. We missed you, but it was for a good cause and it was great watching the headlines condition grat lagscongratulati. Thank you and when we come back, a new report from carla harris, she will give us a view of what is happening on the front lines right now as we head to a break, here is a look at the premarket gainers in the s p 500. L brands surge iing. It saw significant improvement in sales at victoria secret. Before we talk about taxsmart investing, whats new . Audreys expecting. Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Morgan stanley out with its survey and report this morning and it high lights the funding gap for female and multicultural entrepreneurs. And also offers pathways to try to diversify and max gimize portfolios dollar are clara harris is joining us. Good to see you. Obviously a lot has happened over this last year. When you think of 2020 and all of the issues that have been thrown our way, everything from the pandemic to black lives matter to, you know, people kind of getting out there and seeing a very different world. How has that played out in the vc world good morning, becky great to see you ill tell you, despite how difficult this year has been, there are a few bright spots and i would say one of the biggest ones that we talk about in the report is that because of the black lives matter movement, 61 of the vmptcs have said tha they are more aware of the funding gap and it has motivated them to think more critically about it and 75 have now said that it is possible to have a portfolio that promotes female entrepreneurs. And if you go back 10 or 15 years ago in the esg space, the big debate is can you really do well and do good at the same time and it took us a decade before people now realize that that is a great space to invest in and you can do quite well by doing good and here it is the same thing this sta that started to happen and so a lot of bright spots out of the survey for sure and it is one thing to say that you think that this is something to be done, but another to put your money where the mouth is have the vc funds started putting more money in those directions fair point. Weve started to see a slight increase of the number of folks that said that they have hired more people of color and women on their team which you know was part of our prescriptive advice. And there is also a slight increase in the folks that have actually invested in the multi cultural and female entrepreneurs but more importantly, there is a more significant jump from 43 to 59 that say that they are looking at the performance of those companies that are founded by multicultural or females and they have found that they have returned better performance or at a minimum are on par with the rest of their portfolio. Because i said if you can see the data and tuck about it, thont w those who dont get it about hang the data. And so it is clearly outscoring. And what ive heard is that Small Businesses, entrepreneurs who are either run by women or minority based founded, have actually struggle the quite a bit more during this pandemic. Is that what you have seen request with the firms you have helped get funding it has been a very different story with most of the firms that we have funded through the mult multicultur multicultural. And there is carrage is carnage Small Business community and they depend on foot traffic and consumers. And when you have a shelter in place protocol, people cant get out, that does put a lot of pressure on these businesses and many will close, no yquestion about that but the companies that we are focused on are those that are tech enabled and we have seen the resilience of the entrepreneurs and many of these companies have piflted von benefited, especially in the ed tech space, 000 those in the health care space, so i would say that we have again seen the theme underscored about the resilience of the multi cultural and female entrepreneurs they have had to work harder to get there and i would add that the resiltience muscle is quite strong how dire are things in terms of what you have seen in the Small Business world is this i know you have access to a lot of these people we made it through one wave in the pandemic were facing a pretty steep wave right now. And this time there is not ppe funding at least not at the ready. Youre right. And i was listen ing to your conversation earlier no question that if we dont get some kind of help to Small Businesses over the next couple businesses, it will be tough you saw a number make it through because of the stimulus package before and we finally started opening, but in ynow given what happening the last few weeks, if there is not some kind of rescue, it will be quite difficult. And i see it as i go around new york city and montclair, new jersey there are a lot of businesses boarded up and there are a lot of businesses reaching out to consumers saying anything that you can do to help us. And many of us have done our part during this pandemic to try to actually go by the bagel shop or the peelt pizza place to try to support them as they hold on carla, tha