Period, the nasdaq has more than doubled, up 115 in that time, carl, and it really tells you how important technology, and particularly those large caps, have become to this market and just how much they have surged this year as we see a Digital Transformation amid the pandemic. Thats a great point. And jon, were going to continue to look for names that are going to perform well, no matter what kind of reopening or reclosing environment were in amazon, one of the top leaders, but so is zoom on teleconferencing and in tuit on payments and those are the markets well be paying attention to. Tech investors have a lot to be thankful for this year in a tough year overall for the world. Lets talk more about the need em Portfolio Manager and chief investment strategist. Guys, good morning brian, where are we now with kind of rationalizing and strategizing around the tech trade, given how far so many of these trends have run . I think some of these trends existed before the pandemic and have been exacerbated by this, so the trend toward just greater localization, digitization, i think those were with us before hand 2020 is this big downturn and 2021 we hope is a great normalization. After that were back in an environment where were 2 gdp growth, for the s p maybe 7 or 8 these names are still going to stand out. It may be an underperformer as we cycle back up, but where we end up is still going to be good for tech. So, chris, it really is the big names that the dow represents, but theres a lot more to the market than that you watched the small caps as we head into 2021 with president elect joe biden, with kind of a balance of power in congress thats not yet clear, but also vaccines on the horizon, what are good bets . Look, i think a significant theme we need to find in companies is sustainability and to exactly what you were talking about, what were the trends in place before the pandemic, what are the trends after the pandemic and theres volatility in there, but for longterm investors, i think theres still a lot of opportunity. One major play weve talked about for over a year is the 5g rollout, both with the devices, with the infrastructure. Thats not going away. Thats moving ahead very quickly on a global basis. We think its going to accelerate in 2021 here domestically but you also have an increased need for broadband, for communication. How do you move all this information around how do you process it . How do you store it . How do you make the experience that good with downloading over the top content. So we still think theres a lot of opportunity in the small cap tech names small caps in value have been doing well recently. But thats probably more from the rebound in energy and other places where we think are probably more troubled longterm. So technology, small cap, we still think theres some great opportunities and were deploying capital. Chris and brian, you agree theres more opportunity ahead brian, the shift that weve seen into value from growth over the last few months has been about that question of sustainability and i wonder when you say that theres still opportunity for these tech stocks, which ones are you talking about or which sectors . Some of the numbers that we have seen put up this year, im thinking of zoom, that incredible Revenue Growth over 300 , is that sustainable . Probably not if we go back to some kind of normalization but i think some of these trends are here to stay so we may have people working from home more often, we may have people shopping online more often who werent doing so before so that shift has been brought forward. In fact, our Real Estate Team that looks at this for the purposes of Industrial Real Estate where theres a lot of growth due to warehousing, shipping, storage, logistics, thats an area thats had tremendous growth because weve seen basically our forecast for Online Shopping pulled forward five years where we thought we would be in 2025, we are this year so theres areas with a lot of opportunity. Its the entire infrastructure that the country has to build around this shift to an online, commerce Online Shopping world chris, i wonder, we got the transition now apparently under way, theres reports today that the president elect is getting a look at the president ial Daily Briefing and theres more discussion that theyre going to face, obviously early tests, whether thats about stimulus or in the middle east theres commentary that maybe thats a play on oil i just wonder if youre on guard for any kind of surprises, downside surprises in q1 that are related to the tribulations of any new administration. Look, transition always has the risk of volatility, but i think you have a lot of folks that are lining up to come back in that have been in government before i think theres a lot of hype around the transition, but it will be methodical if it ultimately occurs. But i think that there are some opportunities here that, again, are long lasting and broadband is one of them that i think that theres bipartisan support to grow i hope that infrastructure is one thats bipartisan because we certainly have a lot of failing bridges and roads and tunnels that need some work on so i think that at some point theyre going to come to some agreement. I just think its going to take a little bit more time here in the end of the year. Yes, we are indeed in that season of looking forward to the end of the year. Chris, brian, thank you. Happy thanksgiving. Happy thanksgiving. Thank you the Holiday Shopping season weve been talking about it all week, finally kicking off as retailers prepare for a surge in online sales bertha has more details for us its not really a day tomorrow, but more like a cyber month or two months. When you say finally kicking off, its been going on for a while. Black friday sales have been like fast and furious sequels, they just keep coming. Amazon, walmart, target and best buy all launched online deals in midoctober. In thefirst three weeks of november, americans have already spent 58 billion online on holiday deals, an average of 2 billion a day according to Adobe Analytics and this week that spending is expected to ramp up 50 to an average of 3 billion a day. More than half of millennials surveyed plan to shop in store on friday morning, amid covid, three out of four consumers are worried about crowds ive maybe gone out for a doorbuster on black friday or late thanksgiving night if something was really enticing, like maybe i should try and grab that, thats a great price but theres no way this year i would go near the stores yeah, and so as a result, its expected to be a weekend online adobe estimates well spend a record 10 billion on black friday and another 12. 7 billion on cyber monday, still the biggest shopping event of the holiday, up more than 35 year over year. And that online shift is not necessarily a bad thing for retailers. Consumers surveyed by deloitte are planning to spend 229 in their Online Shopping this weekend compared to 149 for instore shoppers. And people just dont go in and browse anymore when theyre in store, but theres nothing to keep you from browsing when youre online. Yeah, provided that the platform has a good discovery option bertha, certainly not a bad thing but youve got to hope that all of these retailers can deliver on the ecommerce logistics and deliveries frank has had me worried about procrastinating. That does set us up perfectly for our next guest, ubs retail analyst. Michael, i know all week weve been talking about how big this Holiday Season is going to be for online sales, but when you look at q3 Digital Sales the rate of growth has come down a little bit part of that may be reopenings, stimulus running out, less need, perhaps, for repeat purchases. Do you think that we will see sort of a return to that double, triple digit growth from the big box retailers given this Holiday Season i think the most likely case is that we see steady online growth over the course of this Holiday Season because of the same factors that have been driving it over the last couple of quarters like the need to social distance, thE Convenience of it, the repetitive behavior of buying online now, it will become important to have this presence as we move throughout the Holiday Season because there are some bottlenecks in the logistics chains in this country and so by the time we get to middle of december, being able to fulfill from stores and have buy online, pick up in store, will be a Real Advantage for the traditional retailers and thats going to further facilitate demand for Online Shopping right, so michael, who is best positioned for the omni channel sales . I think amazon recently said that theyre encouraging some of their users to go to bookstores to pick up goods but thats not that many amazon bookstores is it walmart or target . Who is best positioned if we see some of the log jams in the logistical processes closer to christmas . Its the winners who keep on winning, the big, large, traditional players like walmart, like target, like home depot, like lowes, who have done a fabulous job at pivoting and serving customers in a variety of channels and being able to get not amazon, michael i notice that you didnt include them yeah, amazon is covered by my partner, eric, and he is a big fan, a big bull on amazon. He thinks that not only is it going to be a winner in the near term, but the long run we think the important point over the Holiday Season will be having this multichannel approach and thats going to put more of the volume, more of the share to the large players like walmart, target and others. Michael, good morning what do we learn from gap . Because thats a company that should be in a great position with omni channel, having a bunch of physical locations, some of them not even in malls its a name that people know apparel isnt doing that badly but, you know, they didnt really seem to do that great apparel is a very occasionbased purchase and the fact that Consumer Behavior has changed significant ly over the last six months, going to less E Convenience and going to work less has really put a damper on overall apparel sales. At the same time, theres been market share shift to players like target that have been really winning within the apparel sector so i think what were seeing across that space is some of the challenges within the sector, but also a share shift and thats influenced the outcomes for different retailers. Finally, michael, im thinking back to some of the concerns of the week so far. No guide from best buy and no margin blowout, despite those incredible comps on appliances, and then this operating expense number out of gap, obviously shipping goods around the country is getting more expensive. How much do you think those play in the larger sense of the sector so there are a couple of important points thus far from reporting season number one, trends have strengthened early thus far into the Holiday Season for those retailers that have been doing particularly well two, some of the change in channel mix has had an impact on profitability. Players like best buy, dicks sporting goods, target, walmart and lowes, theyve done a nice job at shifting and dealing with the channel mix and the profitability pressures that come along with it some of the conversation around the trends have been a little conservative, but its just keeping the expectations low because there is a lot of the season left and theres still time to go out and get your presents if you havent gotten them already a lot of season left, but quickly shrinking. Michael, thanks so much for being with us. Michael lasser at ubs. Deirdre, nikola shares plunging 12 this morning, losing twothirds of their value since hitting highs of the year. Hat is behind the stocks latest drop is next. Stay with us pair the path forward is sponsored by adyen business, not boundaries music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. 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Thats mark russell last night on mad money with jim cramer investors would have liked to have gotten a more definitive view, but that said, so much news regarding evs today citi initiates fisker with a buy and youve got Morgan Stanley cutting ford on some of the headwinds that come along with transitioning to ev. So a lot of chop in the marketplace. Yeah, and, you know, as an investor, youve got to consider do you look at this sort of in the shortterm or longterm. Going back to nikola, shares have still tripled year to date and the loop capital analyst says the deal falling through is a shortterm risk, but in the longterm they still have the advantage, and if you believe that its a matter of when, not if, heavy duty trucks are powered by batteries and fuel cells, nikola could still be a bet. Its hard to see this when you have all the noise coming through in the shortterm. Elon musk and tesla might make this ev stuff look easy its not easy. You get the sense some investors were looking at nikola as the next tesla if you take a look at how each has performed since march, tesla beats it tesla is the next tesla. Tesla beats everything. Its having quite a year while the rest of the world struggles. Coming up next, vm wears ceo on the performance and sft t bakk. It aerhere dont go away. L im sure. Why dont you call Td Ameritrade for a strategy gut check . Whats that . You run it by an expert, you talk about the risk and potential profit and loss. Couldve used that before i hired my interior decorator. Voila maybe a couple throw pillows would help. Get a strategy gut check from our trade desk. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. 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Great to see you happy thanksgiving it seems to be the guidance here thats giving investors i mean your Gross Margins were strong overall, but the projections for the next year, particularly it seems because of some onpremise stuff, not what the street was looking for i think first to you, jon, carl, deirdre, great to be with you. Also happy thanksgiving to you and all of your listeners, despite the tumult of the year, we do have so much to be thankful for it has been a blessed year for all of us. Were happy with our performance and beat and the raise, but the guidance as we look into next year, i think customers you know, the market is saying whats happening with the onpremise business, help us understand that, even as our subscription business again showed very good growth, a large portion of our business is onpremise and how is that being affected by this environment and then the lowering of the margin and growth rate versus where some were expecting it to be next year we are leaning into what we call the sas smile and were going to accelerate that portion of our business and it does have some pressure on the growth rate and the margins as we lean into the migration. We also take a more modest view of the economi