Bloomberg

<!DOCTYPE html> <html xmlns:og="http://ogp.me/ns#" lang="en" data-view-uid="0"><head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("https://www.bloomberg.com/news/audio/2020-12-18/value-in-a-frothy-market-podcast","20210902053531","https://web.archive.org/","web","/_static/", "1630560931"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <base href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/"> <meta charset="utf-8"> <title>Bloomberg</title> <meta http-equiv="X-UA-Compatible" content="IE=11,10,9"> <script type="text/javascript"> /* GDPR Stub file */ !function () { var e = function () { var e, t = "__tcfapiLocator", a = [], n = window; for (; n;) { try { if (n.frames[t]) { e = n; break } } catch (e) { } if (n === window.top) break; n = n.parent } e || (!function e() { var a = n.document, r = !!n.frames[t]; if (!r) if (a.body) { var i = a.createElement("iframe"); i.style.cssText = "display:none", i.name = t, a.body.appendChild(i) } else setTimeout(e, 5); return !r }(), n.__tcfapi = function () { for (var e, t = arguments.length, n = new Array(t), r = 0; r < t; r++)n[r] = arguments[r]; if (!n.length) return a; if ("setGdprApplies" === n[0]) n.length > 3 && 2 === parseInt(n[1], 10) && "boolean" == typeof n[3] && (e = n[3], "function" == typeof n[2] && n[2]("set", !0)); else if ("ping" === n[0]) { var i = { gdprApplies: e, cmpLoaded: !1, cmpStatus: "stub" }; "function" == typeof n[2] && n[2](i) } else a.push(n) }, n.addEventListener("message", (function (e) { var t = "string" == typeof e.data, a = {}; try { a = t ? JSON.parse(e.data) : e.data } catch (e) { } var n = a.__tcfapiCall; n && window.__tcfapi(n.command, n.version, (function (a, r) { var i = { __tcfapiReturn: { returnValue: a, success: r, callId: n.callId } }; t && (i = JSON.stringify(i)), e.source.postMessage(i, "*") }), n.parameter) }), !1)) }; "undefined" != typeof module ? module.exports = e : e() }(); </script> <script type="text/javascript"> /* CCPA Stub file */ (function () { var e = false; var c = window; var t = document; function r() { if (!c.frames["__uspapiLocator"]) { if (t.body) { var a = t.body; var e = t.createElement("iframe"); e.style.cssText = "display:none"; e.name = "__uspapiLocator"; a.appendChild(e) } else { setTimeout(r, 5) } } } r(); function p() { var a = arguments; __uspapi.a = __uspapi.a || []; if (!a.length) { return __uspapi.a } else if (a[0] === "ping") { a[2]({ gdprAppliesGlobally: e, cmpLoaded: false }, true) } else { __uspapi.a.push([].slice.apply(a)) } } function l(t) { var r = typeof t.data === "string"; try { var a = r ? JSON.parse(t.data) : t.data; if (a.__cmpCall) { var n = a.__cmpCall; c.__uspapi(n.command, n.parameter, function (a, e) { var c = { __cmpReturn: { returnValue: a, success: e, callId: n.callId } }; t.source.postMessage(r ? JSON.stringify(c) : c, "*") }) } } catch (a) { } } if (typeof __uspapi !== "function") { c.__uspapi = p; __uspapi.msgHandler = l; c.addEventListener("message", l, false) } })(); </script> <script> window._sp_ = { config: { accountId: 1425, baseEndpoint: "https://web.archive.org/web/20210902053531/https://sourcepointcmp.bloomberg.com", targetingParams: { type: "GDPR", view: window.isTerminal ? "terminal" : "web" } } }; window._sp_ccpa = { config: { accountId: 1425, baseEndpoint: "https://web.archive.org/web/20210902053531/https://sourcepointcmp.bloomberg.com", getDnsMsgMms: true, alwaysDisplayDns: false, targetingParams: { type: "CCPA", view: window.isTerminal ? "terminal" : "web" } } }; </script> <script async="" src="https://web.archive.org/web/20210902053531js_/https://sourcepointcmp.bloomberg.com/wrapperMessagingWithoutDetection.js"></script> <script async="" src="https://web.archive.org/web/20210902053531js_/https://sourcepointcmp.bloomberg.com/ccpa.js"></script><script> window.__bloomberg__ = window.__bloomberg__ || {}; window.__bloomberg__.cmp = { init: function initCMP() { var CCPA_FOOTER_LABELS = { ja: "私の個人情報を販売しない(カリフォルニア州消費者プライバシー法)", en: "Do Not Sell My Info (California)" }; var GDPR_FOOTER_LABELS = { ja: "クッキーを管理する", en: "Manage Cookies" }; if (!window.__tcfapi) { console.warn("[navi/cmp] CMP required stub missing, exiting `initCMP`"); return; } var bbgConsentReadyFlag = false; var sourcepointCMPLoaded = false; var SOURCEPOINT_GDPR_PRIVACY_MANAGER_ID = 192913; var SOURCEPOINT_CCPA_PRIVACY_MANAGER_ID = "5f07906b43304a114d911db3"; var trackerTimeStart = Date.now(); /* https://support.google.com/analytics/answer/10022331?hl=en */ window["gtag_enable_tcf_support"] = true; /* Listens for GDPR/CCPA consent events, converts it to bbg consent string, and stores it in a cookie */ waitForConsent({ onGDPR: function (tcData) { if (tcData.eventStatus !== "tcloaded" && tcData.eventStatus !== "useractioncomplete") { console.warn("[navi/cmp] CMP UI is shown, waiting for user consent"); return; } window.__tcfapi("getCustomVendorConsents", 2, function (customConsents, success) { if (!success) { console.error("[navi/cmp] Failed to `getCustomVendorConsents` with __tcfapi"); return; } var bbgConsentString = convertFromGDPRData(customConsents); setCookie("bbgconsentstring", bbgConsentString, 365); fireBBGConsentReadyGTMEventOnce(); console.log("[navi/cmp] GDPR applies, custom consent string", bbgConsentString); }); }, onCCPA: function (uspData) { var bbgConsentString = convertFromCCPAData(uspData); setCookie("bbgconsentstring", bbgConsentString, 365); fireBBGConsentReadyGTMEventOnce(); console.log("[navi/cmp] CCPA applies, custom consent string", bbgConsentString); }, onError: function (error) { console.warn("[navi/cmp]", error); if (!navigator.sendBeacon) return; navigator.sendBeacon("/javelin/api/cmp_tracker", new Blob([JSON.stringify({ url: window.location.href, event: "sourcepoint_cmp_error", message: error.message, userAgent: navigator.userAgent, timeElapsed: (Date.now() - trackerTimeStart) / 1000 })], { type: "application/json" })); } }); /* Listens for GDPR/CCPA consent events and injects proper footer link */ waitForConsent({ onGDPR: function () { waitForDOM(function () { injectCmpLink(GDPR_FOOTER_LABELS, function () { window._sp_.loadPrivacyManagerModal(SOURCEPOINT_GDPR_PRIVACY_MANAGER_ID); }); }); }, onCCPA: function () { waitForDOM(function () { injectCmpLink(CCPA_FOOTER_LABELS, function () { window._sp_ccpa.loadPrivacyManagerModal(null, SOURCEPOINT_CCPA_PRIVACY_MANAGER_ID); }); }); }, once: true }); window.addEventListener("beforeunload", function () { if (!navigator.sendBeacon) return; if (!sourcepointCMPLoaded || !wasGtmDomEventPushed() || !didGoogletagLoadStart()) { navigator.sendBeacon("/javelin/api/cmp_tracker", new Blob([JSON.stringify({ url: window.location.href, event: "integration_load_anomaly", userAgent: navigator.userAgent, sourcepointCMPLoaded: sourcepointCMPLoaded, gtmDom: wasGtmDomEventPushed(), gtmLoad: wasGtmLoadEventPushed(), googletagLoadStart: didGoogletagLoadStart(), message: "See attached metadata", timeElapsed: (Date.now() - trackerTimeStart) / 1000 })], { type: "application/json" })); } if (sourcepointCMPLoaded && !bbgConsentReadyFlag) { navigator.sendBeacon("/javelin/api/cmp_tracker", new Blob([JSON.stringify({ url: window.location.href, event: "bbg_consent_ready", userAgent: navigator.userAgent, message: "User left the page before CMP was submitted", timeElapsed: (Date.now() - trackerTimeStart) / 1000 })], { type: "application/json" })); } }); function waitForConsent(options) { window.__tcfapi("addEventListener", 2, function (tcData, success) { options.onError = options.onError || function () { }; if (!success) { options.onError(new Error("[navi/cmp] Failure received from __tcfapi `addEventListener`")); return; } /* https://github.com/InteractiveAdvertisingBureau/GDPR-Transparency-and-Consent-Framework/blob/master/TCFv2/IAB%20Tech%20Lab%20-%20CMP%20API%20v2.md#what-does-the-gdprapplies-value-mean */ if (tcData.gdprApplies === undefined) { options.onError(new Error("[navi/cmp] Received `gdprApplies` as undefined")); return; } sourcepointCMPLoaded = true; if (tcData.gdprApplies) { options.onGDPR(tcData); } else { window.__uspapi("getUSPData", 1, function (uspData, success) { if (!success) { options.onError(new Error("[navi/cmp] Failed to `getUSPData` with __uspapi")); return; } options.onCCPA(uspData); }); } if (options.once) { window.__tcfapi("removeEventListener", 2, function (success) { if (!success) { options.onError(new Error("[navi/cmp] Failed to remove __tcfapi event listener with id: " + tcData.listenerId)); } }, tcData.listenerId); } }); } function waitForDOM(fn) { document.readyState === "loading" ? document.addEventListener("DOMContentLoaded", fn) : fn(); window.addEventListener("load", fn); } function injectCmpLink(labels, triggerCmpModal) { var cmpLink = document.querySelector("#cmp-footer-link"); if (cmpLink && cmpLink.getAttribute("data-status") !== "injected") { cmpLink.textContent = labels[cmpLink.getAttribute("data-lang") || "en"]; cmpLink.addEventListener("click", triggerCmpModal); cmpLink.setAttribute("data-status", "injected"); console.log("[navi/cmp] Successfully injected footer link", cmpLink); return; } console.warn("[navi/cmp] Footer link was not found or was already injected", cmpLink); } function convertFromCCPAData(uspData) { return uspData.uspString.charAt(2) === "N" ? "req1fun1pad1" : "req1fun0pad0"; } function convertFromGDPRData(consents) { var funId = "5f29641df70e58290010d5aa"; var padId = "5f2c366203c8584077858803"; var grantedConsents = consents.consentedPurposes.concat(consents.legIntPurposes); var reqFlag = "req1", funFlag = "fun0", padFlag = "pad0"; grantedConsents.forEach(function (purpose) { if (purpose._id === funId) { funFlag = "fun1"; Object.keys(consents.grants).forEach(function (vendorId) { var grant = consents.grants[vendorId].purposeGrants; if (funId in grant && !grant[funId]) { funFlag = "fun0"; } }); } if (purpose._id === padId) { padFlag = "pad1"; Object.keys(consents.grants).forEach(function (vendorId) { var grant = consents.grants[vendorId].purposeGrants; if (padId in grant && !grant[padId]) { padFlag = "pad0"; } }); } }); return [reqFlag, funFlag, padFlag].join(""); } function setCookie(name, value, days) { var d = new Date; d.setTime(d.getTime() + 24 * 60 * 60 * 1000 * days); document.cookie = name + "=" + value + ";path=/;expires=" + d.toUTCString(); } function fireBBGConsentReadyGTMEventOnce() { if (!bbgConsentReadyFlag) { window.dataLayer = window.dataLayer || []; window.dataLayer.push({ event: "bbg_consent_ready" }); // add support for liveblog-frontend, which uses a different data layer array if (/^\/?news\/live-blog/.test(window.location.pathname)) { window.dataLayerMNTH5N = window.dataLayerMNTH5N || []; window.dataLayerMNTH5N.push({ event: "bbg_consent_ready" }); } /* Needed to guarantee that we fire GTM `bbg_consent_ready` event only once */ bbgConsentReadyFlag = true; } } function wasGtmDomEventPushed() { try { return Boolean(window.dataLayer.find(function (command) { return command.event === "gtm.dom"; })); } catch (e) { return null; } } function wasGtmLoadEventPushed() { try { return Boolean(window.dataLayer.find(function (command) { return command.event === "gtm.load"; })); } catch (e) { return null; } } function didGoogletagLoadStart() { try { return Boolean(window.googletag._loadStarted_); } catch (e) { return null; } } } }; window.__bloomberg__.cmp.init(); </script> <script type="text/javascript">!function(e,t){function u(){return t.getElementById("bb-nav")}function M(){return document.querySelector(".bb-unsupported-message__text")}function L(){var e=document.getElementById("bb_unsupported_custom_message");if(e)return JSON.parse(e.innerHTML).message}function o(){var o='body.bb-unsupported-browser .bb-nav-placeholder{height:auto}body.bb-unsupported-browser #bb-that,body.bb-unsupported-browser .bb-nav-root{display:none;height:auto}body.bb-unsupported-browser .bb-nav-root{display:block}.bb-unsupported-message{background-color:#000;padding:20px 0}@media screen and (max-width: 63.6875rem){.bb-unsupported-message__logo-box{padding-bottom:10px}.bb-unsupported-message__copy{margin:0}}@media screen and (min-width: 63.75rem){.bb-unsupported-message__content{font-size:12px;display:table-cell;padding-left:50px}.bb-unsupported-message__logo-box{display:table-cell;vertical-align:middle}.bb-unsupported-message__copy{margin:1em 0}}.bb-unsupported-message__logo-box{padding-bottom:10px}.bb-unsupported-message__copy{margin:0}.bb-unsupported-message__message{width:70%;margin:0 auto;color:#fff}.bb-unsupported-message__content{font-size:12px}.bb-unsupported-message__logo:before{content:"";display:block;background:url("data:image/svg+xml;base64,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") no-repeat;width:7.8125rem;height:1.5rem}.bb-unsupported-message__copy-link{color:#fff;text-decoration:underline}.bb-unsupported-message a:hover{color:#eee}',s=t.head||t.getElementsByTagName("head")[0],a=t.createElement("style"),n=L();s.appendChild(a),a.styleSheet?a.styleSheet.cssText=o:a.innerHTML=o,t.body.className+=" bb-unsupported-browser",u().outerHTML='<div class="bb-unsupported-message"> <div class="bb-unsupported-message__message"> <div class="bb-unsupported-message__logo-box"> <a href="/" class="bb-unsupported-message__logo"></a> </div> <div class="bb-unsupported-message__content"> <p class="bb-unsupported-message__copy"> <span class="bb-unsupported-message__text"> <strong>Your browser is no longer supported.</strong> You can still use the site, but some features may not work as expected. Please consider upgrading to one of the following browsers. </span> <a href="https://web.archive.org/web/20210902053531/http://www.google.com/chrome?hl=en" class="bb-unsupported-message__copy-link">Chrome</a>, <a href="https://web.archive.org/web/20210902053531/http://www.mozilla.com/firefox/" class="bb-unsupported-message__copy-link">Firefox</a>, <a href="https://web.archive.org/web/20210902053531/https://itunes.apple.com//app/os-x-mavericks/id675248567?mt=12&uo=4" class="bb-unsupported-message__copy-link">Safari</a>, <a href="https://web.archive.org/web/20210902053531/http://www.opera.com/browser/" class="bb-unsupported-message__copy-link">Opera</a> or <a href="https://web.archive.org/web/20210902053531/http://windows.microsoft.com/en-us/internet-explorer/download-ie" class="bb-unsupported-message__copy-link">Edge / Internet Explorer</a>. </p> </div> </div> </div>',e["bb-unsupported-browser"]=!0,e.dispatchEvent(new e.CustomEvent("bb-unsupported-browser")),n&&(M().innerHTML=n)}!function(){try{new e.CustomEvent("test")}catch(M){var u=function(e,u){u=u||{bubbles:!1,cancelable:!1,detail:void 0};var M=t.createEvent("CustomEvent");return M.initCustomEvent(e,u.bubbles,u.cancelable,u.detail),M};u.prototype=e.Event.prototype,e.CustomEvent=u}}();var s=e.navigator.userAgent;if(9===t.documentMode||10===t.documentMode||!e.CSSMediaRule&&!e.matchMedia&&!e.msMatchMedia||s.indexOf("BB10")!==-1){if("interactive"===t.readyState||"complete"===t.readyState)return void o();t.addEventListener?t.addEventListener("DOMContentLoaded",o):e.attachEvent("onload",o)}}(window,document);</script> <script type="text/javascript"> (function(_document, _window) {var EXPERIENCE_MAPPING = { "EUR": "/europe", "APAC": "/asia", "MIDEAST": "/middleeast", "AMER": "/", "AFRICA": "/africa", "CANADA": "/canada" };var REGION_MAPPING = { "Asia": "/asia", "Europe": "/europe", "MidEast": "/middleeast", "Africa": "/africa" };var COUNTRY_MAPPING = { "CA": "/canada" };function getCookieValue(key) { var matched = _document.cookie.match(new RegExp(key + "=([^;]+);"));return matched && matched[1] || null; }function stopDownloadingThings() { if (_window.stop) { _window.stop(); } else if (_document.execCommand) { _document.execCommand("Stop", false); } }function redirectTo(destination) {if (_document.location.pathname === destination) { return; }_document.documentElement.style.display = "none"; stopDownloadingThings(); _document.location.replace(destination); }function redirectToAppropriateRegion() { if (_document.location.pathname !== "/" || _document.location.search.indexOf("inPreview=true") >= 0) { return; }var experience = getCookieValue("exp_pref"); var region = getCookieValue("ak_rg"); var country = getCookieValue("ak_co");var destination = EXPERIENCE_MAPPING[experience] || COUNTRY_MAPPING[country] || REGION_MAPPING[region];if (!destination) { return; }redirectTo(destination); }redirectToAppropriateRegion(); })(document, window); </script> <meta name="viewport" content="width=device-width, initial-scale=1"> <meta name="format-detection" content="telephone=no"> <meta name="msapplication-TileColor" content="#ff0000"> <meta name="msapplication-TileImage" content="https://assets.bwbx.io/s3/bbiz/images/favicons/mstile-144x144-bbd2101292.png"> <meta name="apple-mobile-web-app-capable" content="no"> <meta name="apple-mobile-web-app-status-bar-style" content="black"> <meta name="referrer" content="unsafe-url"> <meta name="referrer" content="always"><link rel="manifest" href="/web/20210902053531/https://www.bloomberg.com/manifest.json"> <link rel="apple-touch-icon" sizes="57x57" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-57x57-b572ef8093.png"> <link rel="apple-touch-icon" sizes="114x114" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-114x114-b5fb8b8c07.png"> <link rel="apple-touch-icon" sizes="72x72" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-72x72-a5bfb2afba.png"> <link rel="apple-touch-icon" sizes="144x144" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-144x144-3c26d576a9.png"> <link rel="apple-touch-icon" sizes="60x60" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-60x60-b0d19bb405.png"> <link rel="apple-touch-icon" sizes="120x120" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-120x120-ef3226f2bd.png"> <link rel="apple-touch-icon" sizes="76x76" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-76x76-6ed14bcfc8.png"> <link rel="apple-touch-icon" sizes="152x152" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-152x152-5ccd0ec96e.png"> <link rel="apple-touch-icon" sizes="180x180" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/apple-touch-icon-180x180-c1a237984e.png"> <link rel="icon" type="image/png" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/favicon-192x192-3621dae772.png" sizes="192x192"> <link rel="icon" type="image/png" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/favicon-160x160-16c867e67a.png" sizes="160x160"> <link rel="icon" type="image/png" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/favicon-96x96-4333659912.png" sizes="96x96"> <link rel="icon" type="image/png" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/favicon-16x16-cc2a6c3317.png" sizes="16x16"> <link rel="icon" type="image/png" href="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/favicons/favicon-32x32-d2b81a9373.png" sizes="32x32"><link rel="stylesheet" type="text/css" href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/font-service/css/AvenirNext-Demi,BWHaasText-55Roman,BWHaasText-56Italic,BWHaasText-75Bold,BWHaasHead-95Black,BWHaasHead-75Bold,Bloomberg/font-face.css"> <link rel="stylesheet" type="text/css" href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/font-service/css/AvenirNext-Regular,TiemposTextWeb-Regular,TiemposTextWeb-RegularItalic,TiemposHeadlineWeb-Bold,TiemposTextWeb-Semibold,MetricWeb-Semibold/font-face.css"> <link rel="stylesheet" media="all" type="text/css" href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/font-service/css/AvenirNextPForBBG:400,600/styled-font-face.css"> <link rel="stylesheet" media="all" type="text/css" href="https://web.archive.org/web/20210902053531cs_/https://www.bbthat.com/assets/v2.6.2/that.css"> <link href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/s3/bbiz/stylesheets/application-bc6674d85f.css" media="all" rel="stylesheet" type="text/css"><link href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/font-service/css/Bloomberg%20Logotypes-Medium,BWHaasGrotesk-75Bold-Web,BWHaasGrotesk-95Black-Web,BWHaasGrotesk-55Roman-Web/font-face.css" rel="stylesheet"><link href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/s3/navi/css/components/en/bar/bar-37d993f76f.css" rel="stylesheet"><link href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/s3/navi/vendor/css/reg-ui-client-2ea8d36ebb.css" rel="stylesheet"><noscript><style>.noscript-hide{display:none;}.navi-bar__button--subscribe{margin-right:20px;}</style></noscript> <link href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/s3/navi/css/components/en/footer/footer-54521df512.css" rel="stylesheet"> <script> if(!(self === top || /^https?:\/\/(([^.]+)\.)*(bloomberg)\.com\//.test(document.referrer))) { top.location.replace(self.location); } </script><meta property="og:site_name" content="Bloomberg.com"> <meta property="og:type" content="website"><noscript> <link href="https://web.archive.org/web/20210902053531cs_/https://assets.bwbx.io/s3/bbiz/stylesheets/noscript-ade96dc3e1.css" media="all" rel="stylesheet" type="text/css"> </noscript><script type="text/javascript">!function(e,n){if("function"==typeof define&&define.amd)define(["exports","module"],n);else if("undefined"!=typeof exports&&"undefined"!=typeof module)n(exports,module);else{var t={exports:{}};n(t.exports,t),e.bbLoader=t.exports}}(this,function(e,n){"use strict";function t(){return Boolean(u[r.document.readyState])}function o(e){return r.window&&r.window.bbLoader?r.window.bbLoader[e]:{}}var u={complete:!0,interactive:!0},d={load:"load",DOMContentLoaded:"DOMContentLoaded"},i={load:"load"},r={document:"undefined"!=typeof document?document:null,window:"undefined"!=typeof window?window:null},a={loaded:o("loaded")||{},queue:o("queue")||{},clearQueue:function(e){this.queue[e]=[]},enqueue:function(e,n){return this.loaded[e]?void n():(this.queue[e]=this.queue[e]||[],void this.queue[e].push(n))},load:function(e){var n=arguments.length<=1||void 0===arguments[1]?{}:arguments[1],o=arguments.length<=2||void 0===arguments[2]?null:arguments[2],u=arguments.length<=3||void 0===arguments[3]?"load":arguments[3];if(!d[u])throw new Error("Unsupported timing specified: "+u+" Choose from the following: "+Object.keys(d));if(!this.loaded[e]){var i=this.loadImmediately.bind(this,e,n,o);return t()?void i():void r.window.addEventListener(d[u],i,!1)}},loadImmediately:function(e){var n=this,t=arguments.length<=1||void 0===arguments[1]?{}:arguments[1],o=arguments.length<=2||void 0===arguments[2]?null:arguments[2],u=(o?r.document.getElementById(o):null)||r.document.head,d=r.document.createElement("script");Object.keys(t).forEach(function(e){d.setAttribute(e,t[e])});var a=function t(){n.loaded[e]=!0;var o=n.queue[e]||[];o.forEach(function(e){e()}),o.length=0,d.removeEventListener(i.load,t,!1),d=null};d.addEventListener(i.load,a),u.appendChild(d),u=null},reset:function(){this.loaded={},this.queue={}},stub:function(){var e=arguments.length<=0||void 0===arguments[0]?{}:arguments[0];Object.keys(e).forEach(function(n){return r[n]=e[n]})}};n.exports=a});</script><script type="text/javascript"> (function() { var data = {"publishedAt":"2020-12-18T21:31:46.197Z","storyId":"QLK14YDWLU6901","attributor":"bn","headline":"Value in a Frothy Market (Podcast)","slug":"2020-12-18/value-in-a-frothy-market-podcast","adcode":"business/general","refresh":"false","pageType":"content","contentType":"content-episode","template":"bbiz-episode-html","transporter":"false"}; if (/(^|(; ))is-auto-refresh=Y($|;)/.test(document.cookie)) { data.refresh = "true"; } window.dataLayer = window.dataLayer || []; window.dataLayer.push(data); })(); </script> <script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://web.archive.org/web/20210902053531/https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-MNTH5N');</script>   <script type="module" src="https://web.archive.org/web/20210902053531jm_/https://assets.bwbx.io/s3/spritz/v1/spritz.mjs"></script> <script nomodule="" src="https://web.archive.org/web/20210902053531js_/https://assets.bwbx.io/s3/spritz/v1/spritz.js" async=""></script> <script> (function(w, n) { w[n] = w[n] || {}; w[n].cmd = w[n].cmd || []; })(window, "Spritz"); </script>   <script type="module" src="https://web.archive.org/web/20210902053531jm_/https://assets.bwbx.io/s3/sparkle/v6/sparkle.mjs"></script> <script nomodule="" src="https://web.archive.org/web/20210902053531js_/https://assets.bwbx.io/s3/sparkle/v6/sparkle.js" async=""></script> <script> (function(w, n) { w[n] = w[n] || {}; w[n].cmd = w[n].cmd || []; })(window, "Sparkle"); </script>  <meta name="description" content="Source: Bloomberg, 31:34" data-ephemeral="true"><meta name="twitter:card" content="summary" data-ephemeral="true"><meta name="twitter:site" content="@business" data-ephemeral="true"><meta name="twitter:description" content="Source: Bloomberg, 31:34" data-ephemeral="true"><meta name="twitter:title" content="Value in a Frothy Market (Podcast)" data-ephemeral="true"><meta name="twitter:url" content="https://web.archive.org/web/20210902053531im_/https://www.bloomberg.com/news/audio/2020-12-18/value-in-a-frothy-market-podcast" data-ephemeral="true"><meta name="twitter:image" content="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/social_fallbacks/bloomberg_default-a4f15fa7ee.jpg" data-ephemeral="true"><meta name="fb:status" content="Source: Bloomberg, 31:34" data-ephemeral="true"><meta property="og:title" content="Value in a Frothy Market (Podcast)" data-ephemeral="true"><meta property="og:description" content="Source: Bloomberg, 31:34" data-ephemeral="true"><meta property="og:image" content="https://web.archive.org/web/20210902053531im_/https://assets.bwbx.io/s3/bbiz/images/social_fallbacks/bloomberg_default-a4f15fa7ee.jpg" data-ephemeral="true"><meta property="og:url" content="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/news/audio/2020-12-18/value-in-a-frothy-market-podcast" data-ephemeral="true"><link rel="canonical" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/news/audio/2020-12-18/value-in-a-frothy-market-podcast" data-ephemeral="true"><meta name="news_keywords" content="" data-ephemeral="true"><meta name="parsely-title" content="Value in a Frothy Market (Podcast)" data-ephemeral="true"><meta name="parsely-link" content="https://www.bloomberg.com/news/audio/2020-12-18/value-in-a-frothy-market-podcast" data-ephemeral="true"><meta name="parsely-type" content="post" data-ephemeral="true"><meta name="parsely-image-url" content="https://assets.bwbx.io/s3/bbiz/images/social_fallbacks/bloomberg_default-a4f15fa7ee.jpg" data-ephemeral="true"><meta name="parsely-pub-date" content="2020-12-18T21:31:46.197Z" data-ephemeral="true"><meta name="parsely-section" content="" data-ephemeral="true"><meta name="parsely-tags" content="Region: Global,Page: audio" data-ephemeral="true"><meta name="parsely-post-id" content="QLK14YDWLU6901" data-ephemeral="true"><meta name="keywords" content="" data-ephemeral="true"><meta name="sailthru.author" content="" data-ephemeral="true"><meta name="date" content="2020-12-18T21:31:46.197Z" data-ephemeral="true"><meta name="epoch-publish-date" content="1608327106197" data-ephemeral="true"><meta name="epoch-publish-date-seconds" content="1608327106" data-ephemeral="true"><meta name="iso-8601-publish-date" content="2020-12-18T21:31:46.197Z" data-ephemeral="true"><meta name="pubdate" content="Fri Dec 18 2020 21:31:46 GMT+0000" data-ephemeral="true"></head> <body class="default-layout middle-east" data-tracker-events="click,pageview"> <a href="#skip-to-main-content" class="skiplink__hide-until-focus">Skip to content</a> <noscript><iframe src="https://web.archive.org/web/20210902053531if_/https://www.googletagmanager.com/ns.html?id=GTM-MNTH5N" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>  <style> .india-banner { display:none; } </style><div class="india-banner" data-tracker-events="click" data-tracker-category="nav" data-tracker-label="india-banner"> <div class="india-banner__content"> <div class="india-banner__text"> <a class="india-banner__link" href="https://web.archive.org/web/20210902053531/http://www.bloombergquint.com/" data-track-label="link" data-track-action="click"> For more local news from India, visit Bloombergquint.com </a> </div> </div> <div class="india-banner__close-button" data-track-label="close" data-track-action="click"></div> </div> <div class="header-ad-container"> <div class="header-ad"><div data-view-uid="0_1"><div id="0_1" class="ad-v2 on-large-desktop on-small-desktop on-tablet constrained-width" data-position="leaderboard1"> <script type="text/javascript"> (function(global) { global.bbLoader.enqueue("critical", function() { global.Sparkle.cmd.push(()=> { global.Sparkle.createAd({ adCode: "business/general/article", dimensions: {"large_desktop":[[728,90],[970,250]],"small_desktop":[[728,90],[970,250]],"tablet":[[728,90]]}, id: "0_1", strategy: "", targeting: {"suid":"QLK14YDWLU6901","page":"audio","currentResource":null,"ni":["ATTACHMENT","AUDIO","BGOVBILLGO","BGOVCODES","BNPODCAST","BONDWIRES","CORONAVIR","GENHEA","ILLNESS","INFECT","MAJOR","MARKETSPOD","MISC","ONWEB","ORIGINAL","PODCAST","SRCRANK1","VIRALILL"],"tickers":[],"tagr":[],"kwl":["biz_cartier","biz_ishares","biz_googlelisttwo","biz_ibm3","biz_microsoft","biz_BMW","biz_facebook1","biz_jpmorgan","biz_mobkoivca","biz_optum","biz_mobkoirichemont19","biz_porsche","biz_mobkoipublisher","biz_msft2020","biz_JH_APAC_2020","biz_burberryhk","biz_mobkoicartier","biz_ukdit","biz_coronavirus","biz_porsche2020","biz_mobkoifacebookpolicyaffairs","biz_comcast","biz_ptarmiganapac2020","biz_mstouts2020","biz_barc1","biz_westpac","biz_signet","biz_gsmarcus","biz_cartier3","biz_diageo","biz_mobkoiaudermars","biz_signet2","biz_mobkoiintel","biz_xaxiscartierhk","biz_sabic2020","biz_mobkoiveuve","biz_vbcbreezethmobkoi","biz_microsoftnov","biz_mobkoibulgari","biz_microsoftjan2021","biz_vca","biz_mobkoiintel2","biz_ibm2","biz_ford","biz_amazon"],"position":"leaderboard1","url":"/news/audio/2020-12-18/value-in-a-frothy-market-podcast"}, targetingModifiers: [ global.__bloomberg__.byzantium.getTags, global.__bloomberg__.byzantium.getAdRecommendations ] }); }); }); })(window); </script> </div></div></div> </div><div class="top-hat"> <style>#bb-that a{text-decoration:none}#bb-that .bb-that__sitemap{overflow:hidden;position:relative;max-height:0;visibility:hidden;-webkit-transition:max-height 0.6s ease-in-out,visibility 0.6s ease-in-out;-o-transition:max-height 0.6s ease-in-out,visibility 0.6s ease-in-out;transition:max-height 0.6s ease-in-out,visibility 0.6s ease-in-out}#bb-that{font-family:AvenirNextPForBBG,"Helvetica Neue",Helvetica,Arial,sans-serif;background:#000;position:relative}@media (max-width: 759px){#bb-that .bb-that{display:none}}#bb-that *{font-family:AvenirNextPForBBG,"Helvetica Neue",Helvetica,Arial,sans-serif !important}#bb-that .bb-that--container{margin:0 auto;padding:0 30px;box-sizing:content-box}@media (min-width: 1020px){#bb-that .bb-that--container{padding:0}}#bb-that .bb-that--container:before,#bb-that .bb-that--container:after{content:" ";display:table}#bb-that .bb-that--container:after{clear:both}@media (min-width: 760px){#bb-that .bb-that--container{width:700px}}@media (min-width: 1020px){#bb-that .bb-that--container{width:980px}}@media (min-width: 1280px){#bb-that .bb-that--container{width:1160px}}#bb-that .bb-that-header{font-weight:600;font-size:15px;line-height:30px;padding:15px}@media (min-width: 760px){#bb-that .bb-that-header{font-size:12px;height:30px;padding:0}}#bb-that .bb-that-header__link{position:relative;display:block;outline-offset:2px}@media (min-width: 760px){#bb-that .bb-that-header__link{display:inline-block;padding:0 10px}}#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{color:#f3f4ef;font-family:inherit;font-size:inherit;line-height:inherit}@media (min-width: 760px){#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{line-height:1;-webkit-font-smoothing:subpixel-antialiased;-moz-osx-font-smoothing:auto}}@media (max-width: 1019px){#bb-that .bb-that-header__link,#bb-that .bb-that-header__link>span{font-size:11px}}#bb-that .bb-that-header__link[href*="bba.bloomberg.net"]:before{display:inline-block;content:url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 25.32 19'%3E%3Cdefs%3E%3Cstyle%3E.cls-1%7Bfill:%23fff;stroke:%23fff;stroke-miterlimit:10;stroke-width:.5px%7D%3C/style%3E%3C/defs%3E%3Cpath d='M0 0h25.32v19H0z'/%3E%3Crect class='cls-1' x='.32' y='1.81' width='11.74' height='9.39' rx='.47' ry='.47'/%3E%3Crect class='cls-1' x='13.23' y='1.8' width='11.74' height='9.39' rx='.47' ry='.47'/%3E%3Cpath class='cls-1' d='M11.4 13.75v.8c0 .29.53.53 1.18.53s1.17-.24 1.17-.53v-.8h.06c1.83.2 3.11.87 3.11 1.68 0 1-1.93 1.76-4.31 1.76s-4.32-.79-4.32-1.76c0-.8 1.3-1.47 3.09-1.69z'/%3E%3C/svg%3E");height:16px;width:16px;line-height:initial;right:3px;top:2px;position:relative}#bb-that .bb-that-header__link[href*="bba.bloomberg.net"],#bb-that .bb-that-header__link[href*="bba.bloomberg.net"]>span{color:#FFA028}#bb-that .bb-that-header__link[href*="/service"]:before{display:inline-block;content:url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 25 25'%3E%3Cpath fill='%23231f20' d='M0 0h25v25H0z'/%3E%3Crect x='1.53' y='1.33' width='21.91' height='21.91' rx='2.63' ry='2.63' fill='%231bbc3c'/%3E%3Ctext transform='translate(1.53 19.79)' style='isolation:isolate' font-size='10.19' font-family='AvenirNextPForBBG-Medium,Avenir Next P for BBG' letter-spacing='-.02em' fill='%23231f20'%3EHelp%3C/text%3E%3C/svg%3E");height:16px;width:16px;line-height:initial;right:3px;top:2px;position:relative}#bb-that .bb-that-header__link:first-child{padding-left:0}#bb-that .bb-that-header__link:after{font-size:9px;position:absolute}@media (min-width: 760px){#bb-that .bb-that-header__link+.bb-that-header__link{border-left:1px solid #b3b3b3}#bb-that .bb-that-header__link+.bb-that-header__link:after{top:-3px}}#bb-that .bb-that-header__link>span{pointer-events:none}#bb-that .bb-that-header__link>span:first-of-type{display:inline}#bb-that .bb-that-header__link>span:first-of-type+span{display:none}@media (max-width: 1019px){#bb-that .bb-that-header__link>span:first-of-type{display:none}#bb-that .bb-that-header__link>span:first-of-type+span{display:inline}}#bb-that .bb-that-header--sitemap-trigger{padding:0 27px 0 10px}#bb-that .bb-that-header--sitemap-trigger:after{display:inline-block;content:url("data:image/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20viewBox%3D%270%200%2015%2015%27%3E%3Cpath%20d%3D%27M0,2.5l7.5,10l7.5-10H0z%27%20fill%3D%27%23fff%27%2F%3E%3C%2Fsvg%3E");height:9px;width:9px;line-height:initial;opacity:0.7;-webkit-transition:opacity 0.1s ease-out;-o-transition:opacity 0.1s ease-out;transition:opacity 0.1s ease-out}#bb-that .bb-that-header--sitemap-trigger:hover:after{opacity:1}#bb-that .bb-that-header--sitemap-trigger:after{height:9px;width:9px;-webkit-transform:rotate(0);-ms-transform:rotate(0);-o-transform:rotate(0);transform:rotate(0);-webkit-transition:transform 0.35s ease;-o-transition:transform 0.35s ease;transition:transform 0.35s ease}@media (min-width: 760px){#bb-that .bb-that-header--sitemap-trigger:after{right:12px;top:2px;line-height:1}}@media (min-width: 1020px){#bb-that .bb-that--open{border-bottom:1px solid #474747}}#bb-that .bb-that--open .bb-that-header--sitemap-trigger:after{-webkit-transform:rotate(180deg);-ms-transform:rotate(180deg);-o-transform:rotate(180deg);transform:rotate(180deg)} </style> <div id="bb-that" data-spotlight-service="https://www.bbthat.com/api/spotlights?site=bcom"> <nav class="bb-that"> <a href="#that-jump-content--default" class="bb-that__skip-to-content" aria-label="Skip to content" role="button" tabindex="0">Skip to content</a> <div class="bb-that-header bb-that--container"> <a class="bb-that-header__link bb-that-header--sitemap-trigger" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bcom" role="button" aria-controls="bb-that--container" aria-expanded="false" data-element="tophat-link" data-description="Bloomberg the Company & Its Products" data-label="bcom"><span>Bloomberg the Company & Its Products</span><span>The Company & its Products</span></a><a class="bb-that-header__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/contact-menu/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-DEMO-bbgmenu" data-element="tophat-link" data-description="Bloomberg Terminal Demo Request" data-label="bcom">Bloomberg Terminal Demo Request</a><a class="bb-that-header__link" href="https://web.archive.org/web/20210902053531/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Anywhere Remote Login" data-label="bcom"><span>Bloomberg Anywhere Remote Login</span><span>Bloomberg Anywhere Login</span></a><a class="bb-that-header__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/support/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Customer Support" data-label="bcom"><span>Bloomberg Customer Support</span><span>Customer Support</span></a> </div> <div id="bb-that--container" class="bb-that__sitemap bb-that--container" tabindex="-1" role="dialog"> <ul class="bb-that__sitemap-sections bb-that--visible-md bb-that--visible-lg"> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--bloomberg--1" class="bb-that-category__title">Bloomberg</h3><div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section> <section class="bb-that-category"> <h3 id="that-list--for_customers--2" class="bb-that-category__title">For Customers</h3><ul class="bb-that-category__content" aria-labelledby="that-list--for_customers--2"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Anywhere Remote Login" data-label="bcom" tabindex="0">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Software Updates" data-label="bcom" tabindex="0">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Manage Products and Account Information" data-label="bcom" tabindex="0">Manage Products and Account Information</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--support--3" class="bb-that-category__title">Support</h3><div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--company--4" class="bb-that-category__title">Company</h3><ul class="bb-that-category__content" aria-labelledby="that-list--company--4"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="About" data-label="bcom" tabindex="0">About</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/what-we-do/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Careers" data-label="bcom" tabindex="0">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Diversity and Inclusion" data-label="bcom" tabindex="0">Diversity and Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/innovation/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Innovation" data-label="bcom" tabindex="0">Innovation</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/philanthropy/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Philanthropy" data-label="bcom" tabindex="0">Philanthropy</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/sustainability/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Sustainability" data-label="bcom" tabindex="0">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/london/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg London" data-label="bcom" tabindex="0">Bloomberg London</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/beta/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Beta" data-label="bcom" tabindex="0">Bloomberg Beta</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/gei?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Gender-Equality Index" data-label="bcom" tabindex="0">Gender-Equality Index</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--communications--5" class="bb-that-category__title">Communications</h3><ul class="bb-that-category__content" aria-labelledby="that-list--communications--5"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Press Announcements" data-label="bcom" tabindex="0">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Press Contacts" data-label="bcom" tabindex="0">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--follow--6" class="bb-that-category__title">Follow</h3><ul class="bb-that-category__content" aria-labelledby="that-list--follow--6"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210902053531/https://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" data-element="tophat-link" data-description="Facebook" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210902053531/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" data-element="tophat-link" data-description="Twitter" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210902053531/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" data-element="tophat-link" data-description="LinkedIn" data-label="bcom" target="_blank" rel="noopener" tabindex="0">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210902053531/https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" data-element="tophat-link" data-description="Instagram" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Instagram</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--products--7" class="bb-that-category__title">Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--products--7"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-TERMINAL-bbgmenu" data-element="tophat-link" data-description="Bloomberg Terminal" data-label="bcom" tabindex="0">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu" data-element="tophat-link" data-description="Execution and Order Management" data-label="bcom" tabindex="0">Execution and Order Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/data-and-content/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-DATACONT-bbgmenu" data-element="tophat-link" data-description="Content and Data" data-label="bcom" tabindex="0">Content and Data</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/financial-data-management/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-FINDATA-bbgmenu" data-element="tophat-link" data-description="Financial Data Management" data-label="bcom" tabindex="0">Financial Data Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/integration-and-distribution/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-INTEGDIST-bbgmenu" data-element="tophat-link" data-description="Integration and Distribution" data-label="bcom" tabindex="0">Integration and Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/tradebook/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-TBOOK-bbgmenu" data-element="tophat-link" data-description="Bloomberg Tradebook" data-label="bcom" tabindex="0">Bloomberg Tradebook</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--industry_products--8" class="bb-that-category__title">Industry Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--industry_products--8"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://pro.bloomberglaw.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Law" data-label="bcom" tabindex="0">Bloomberg Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://pro.bloombergtax.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Tax" data-label="bcom" tabindex="0">Bloomberg Tax</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Government" data-label="bcom" tabindex="0">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="BloombergNEF" data-label="bcom" tabindex="0">BloombergNEF</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--md"> <section class="bb-that-category"> <h3 id="that-list--media--9" class="bb-that-category__title">Media</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media--9"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Markets" data-label="bcom" tabindex="0">Bloomberg Markets</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Technology" data-label="bcom" tabindex="0">Bloomberg Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Pursuits" data-label="bcom" tabindex="0">Bloomberg Pursuits</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Politics" data-label="bcom" tabindex="0">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Opinion" data-label="bcom" tabindex="0">Bloomberg Opinion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Businessweek" data-label="bcom" tabindex="0">Bloomberg Businessweek</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Live Conferences" data-label="bcom" tabindex="0">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloombergapps.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Apps" data-label="bcom" tabindex="0">Bloomberg Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Radio" data-label="bcom" tabindex="0">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Television" data-label="bcom" tabindex="0">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="News Bureaus" data-label="bcom" tabindex="0">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--media_services--10" class="bb-that-category__title">Media Services</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media_services--10"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Media Distribution" data-label="bcom" tabindex="0">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Advertising" data-label="bcom" tabindex="0">Advertising</a></li></ul></section> </li> </ul> <ul class="bb-that__sitemap-sections bb-that--visible-sm"> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--company--11" class="bb-that-category__title">Company</h3><ul class="bb-that-category__content" aria-labelledby="that-list--company--11"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="About" data-label="bcom" tabindex="0">About</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/what-we-do/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Careers" data-label="bcom" tabindex="0">Careers</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/diversity-inclusion/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Diversity and Inclusion" data-label="bcom" tabindex="0">Diversity and Inclusion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/innovation/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Innovation" data-label="bcom" tabindex="0">Innovation</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/philanthropy/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Philanthropy" data-label="bcom" tabindex="0">Philanthropy</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/sustainability/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Sustainability" data-label="bcom" tabindex="0">Sustainability</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/london/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg London" data-label="bcom" tabindex="0">Bloomberg London</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/beta/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Beta" data-label="bcom" tabindex="0">Bloomberg Beta</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/gei?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Gender-Equality Index" data-label="bcom" tabindex="0">Gender-Equality Index</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--communications--12" class="bb-that-category__title">Communications</h3><ul class="bb-that-category__content" aria-labelledby="that-list--communications--12"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/announcements/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Press Announcements" data-label="bcom" tabindex="0">Press Announcements</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/press-contacts/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Press Contacts" data-label="bcom" tabindex="0">Press Contacts</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--follow--13" class="bb-that-category__title">Follow</h3><ul class="bb-that-category__content" aria-labelledby="that-list--follow--13"><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210902053531/https://www.facebook.com/Bloomberglp" class="bb-that-category__social-link bb-that--icon-facebook" data-element="tophat-link" data-description="Facebook" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Facebook</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210902053531/https://twitter.com/bloomberg" class="bb-that-category__social-link bb-that--icon-twitter" data-element="tophat-link" data-description="Twitter" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Twitter</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210902053531/https://www.linkedin.com/company/2494" class="bb-that-category__social-link bb-that--icon-linkedin" data-element="tophat-link" data-description="LinkedIn" data-label="bcom" target="_blank" rel="noopener" tabindex="0">LinkedIn</a></li><li class="bb-that-category__item"><a href="https://web.archive.org/web/20210902053531/https://www.instagram.com/bloomberg/" class="bb-that-category__social-link bb-that--icon-instagram" data-element="tophat-link" data-description="Instagram" data-label="bcom" target="_blank" rel="noopener" tabindex="0">Instagram</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--products--14" class="bb-that-category__title">Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--products--14"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/bloomberg-terminal/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-TERMINAL-bbgmenu" data-element="tophat-link" data-description="Bloomberg Terminal" data-label="bcom" tabindex="0">Bloomberg Terminal</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/execution-order-management/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-EXORDMGMT-bbgmenu" data-element="tophat-link" data-description="Execution and[br] Order Management" data-label="bcom" tabindex="0">Execution and<br> Order Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/data-and-content/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-DATACONT-bbgmenu" data-element="tophat-link" data-description="Content and Data" data-label="bcom" tabindex="0">Content and Data</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/financial-data-management/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-FINDATA-bbgmenu" data-element="tophat-link" data-description="Financial Data[br] Management" data-label="bcom" tabindex="0">Financial Data<br> Management</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/integration-and-distribution/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-INTEGDIST-bbgmenu" data-element="tophat-link" data-description="Integration and[br] Distribution" data-label="bcom" tabindex="0">Integration and<br> Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/solution/tradebook/?utm_source=bloomberg-menu&utm_medium=bcom&bbgsum=DG-WS-PROF-SOLU-TBOOK-bbgmenu" data-element="tophat-link" data-description="Bloomberg[br] Tradebook" data-label="bcom" tabindex="0">Bloomberg<br> Tradebook</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--industry_products--15" class="bb-that-category__title">Industry Products</h3><ul class="bb-that-category__content" aria-labelledby="that-list--industry_products--15"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://pro.bloomberglaw.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Law" data-label="bcom" tabindex="0">Bloomberg Law</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://pro.bloombergtax.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Tax" data-label="bcom" tabindex="0">Bloomberg Tax</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://about.bgov.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Government" data-label="bcom" tabindex="0">Bloomberg Government</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://pro.bloombergenvironment.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Environment" data-label="bcom" tabindex="0">Bloomberg Environment</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://about.bnef.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="BloombergNEF" data-label="bcom" tabindex="0">BloombergNEF</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--media--16" class="bb-that-category__title">Media</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media--16"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/markets/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Markets" data-label="bcom" tabindex="0">Bloomberg Markets</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/technology/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg[br] Technology" data-label="bcom" tabindex="0">Bloomberg<br> Technology</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/pursuits/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Pursuits" data-label="bcom" tabindex="0">Bloomberg Pursuits</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/politics/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Politics" data-label="bcom" tabindex="0">Bloomberg Politics</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/opinion/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Opinion" data-label="bcom" tabindex="0">Bloomberg Opinion</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/businessweek/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg[br] Businessweek" data-label="bcom" tabindex="0">Bloomberg<br> Businessweek</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberglive.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Live Conferences" data-label="bcom" tabindex="0">Bloomberg Live Conferences</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloombergapps.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Apps" data-label="bcom" tabindex="0">Bloomberg Apps</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloombergradio.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Radio" data-label="bcom" tabindex="0">Bloomberg Radio</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/live?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Television" data-label="bcom" tabindex="0">Bloomberg Television</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/company/news-bureaus/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="News Bureaus" data-label="bcom" tabindex="0">News Bureaus</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--media_services--17" class="bb-that-category__title">Media Services</h3><ul class="bb-that-category__content" aria-labelledby="that-list--media_services--17"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/distribution?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Media Distribution" data-label="bcom" tabindex="0">Bloomberg Media Distribution</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloombergmedia.com/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Advertising" data-label="bcom" tabindex="0">Advertising</a></li></ul></section> </li> <li class="bb-that__col bb-that__col--sm"> <section class="bb-that-category"> <h3 id="that-list--bloomberg--18" class="bb-that-category__title">Bloomberg</h3><div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section> <section class="bb-that-category"> <h3 id="that-list--for_customers--19" class="bb-that-category__title">For Customers</h3><ul class="bb-that-category__content" aria-labelledby="that-list--for_customers--19"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://bba.bloomberg.net/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Bloomberg Anywhere Remote Login" data-label="bcom" tabindex="0">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Software Updates" data-label="bcom" tabindex="0">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://web.archive.org/web/20210902053531/https://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&utm_medium=bcom" data-element="tophat-link" data-description="Manage Contracts and Orders" data-label="bcom" tabindex="0">Manage Contracts and Orders</a></li></ul></section> <section class="bb-that-category"> <h3 id="that-list--support--20" class="bb-that-category__title">Support</h3><div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section> </li> </ul> <button class="bb-that__close" aria-label="Close" tabindex="0"></button> </div> </nav> </div> <div id="that-jump-content--default" tabindex="-1"></div> </div><div class="navi"> <nav id="navi" class="navi navi-sub-menu-container" data-sticky="true" data-link-type="relative" data-reg-env="production" data-reg-url="https://www.bloomberg.com/account/signup?in_source=login_direct" style="z-index:2"> <div class="navi-bar"> <div class="navi-bar__left"><a tabindex="0" href="/web/20210902053531/https://www.bloomberg.com/sitemap" class="navi-bar__button navi-bar__button--menu" title="Toggle menu" aria-label="Toggle menu" aria-haspopup="menu" role="button">Menu</a><a href="/web/20210902053531/https://www.bloomberg.com/search" class="navi-bar__button navi-bar__button--search" id="nav-bar-search-button" tabindex="0" aria-haspopup="true" role="button">Search</a></div> <div class="navi-bar__middle"> <a href="/web/20210902053531/https://www.bloomberg.com/" class="navi-bar__logo"> <div class="navi-bar__logo--text"><span class="navi-bar__logo--title">Bloomberg</span></div> </a> </div> <div class="navi-bar__right"><a href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/signup?in_source=login_direct" class="navi-bar__button navi-bar__button--sign-in navi-sign-in-link noscript-hide">Sign In</a><button class="navi-bar__button navi-bar__button--sign-out navi-sign-out-link noscript-hide">Sign Out</button><a href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/subscriptions?in_source=fs-nav" class="navi-bar__button navi-bar__button--subscribe navi-subscribe-link">Subscribe</a><div class="navi-referrals-opt-in-tout" data-breaking-news-state="present" data-push-notification-prompt-state="present" data-loading="true"></div></div> </div> <div class="navi-menu" aria-expanded="false"> <div class="navi-menu__inner"> <div class="navi-sections"> <ul class="navi-sections__list" role="menu"> <li data-section="business" data-submenu="true" class="navi-sections__item navi-sections__item--business navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-business"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/" tabindex="-1">Home</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="markets" data-submenu="true" class="navi-sections__item navi-sections__item--markets navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-markets"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/markets" tabindex="-1">Markets</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="technology" data-submenu="true" class="navi-sections__item navi-sections__item--technology navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-technology"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/technology" tabindex="-1">Technology</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="politics" data-submenu="true" class="navi-sections__item navi-sections__item--politics navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-politics"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/politics" tabindex="-1">Politics</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="wealth" data-submenu="true" class="navi-sections__item navi-sections__item--wealth navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-wealth"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/wealth" tabindex="-1">Wealth</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="pursuits" data-submenu="true" class="navi-sections__item navi-sections__item--pursuits navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-pursuits"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/pursuits" tabindex="-1">Pursuits</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="opinion" data-submenu="true" class="navi-sections__item navi-sections__item--opinion navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-opinion"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/opinion" tabindex="-1">Opinion</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="businessweek" data-submenu="true" class="navi-sections__item navi-sections__item--businessweek navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-businessweek"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/businessweek" tabindex="-1">Businessweek</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="neweconomy" data-submenu="true" class="navi-sections__item navi-sections__item--neweconomy navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-neweconomy"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/new-economy-forum" tabindex="-1">New Economy</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="equality" data-submenu="true" class="navi-sections__item navi-sections__item--equality navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-equality"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/equality" tabindex="-1">Equality</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="green" data-submenu="true" class="navi-sections__item navi-sections__item--green navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-green"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/green" tabindex="-1">Green</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="citylab" data-submenu="true" class="navi-sections__item navi-sections__item--citylab navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-citylab"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/citylab" tabindex="-1">CityLab</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> </ul> <hr class="navi-sections__divider"> <ul class="navi-sections__list" role="menu"> <li data-section="quicktake" data-submenu="true" class="navi-sections__item navi-sections__item--quicktake navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-quicktake"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/qt" tabindex="-1">Quicktake</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="video" data-submenu="true" class="navi-sections__item navi-sections__item--video navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-video"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/live" tabindex="-1">Bloomberg TV+</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="podcasts" data-submenu="true" class="navi-sections__item navi-sections__item--podcasts navi-sections__item--has-submenu" role="menuitem" tabindex="-1" aria-haspopup="menu" aria-owns="navi-submenu-podcasts"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/podcasts" tabindex="-1">Podcasts</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="radio" data-submenu="false" class="navi-sections__item navi-sections__item--radio " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/audio" tabindex="-1">Radio</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="live" data-submenu="false" class="navi-sections__item navi-sections__item--live " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="https://web.archive.org/web/20210902053531/https://www.bloomberglive.com/" tabindex="-1">Bloomberg Live</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> </ul> <hr class="navi-sections__divider"> <ul class="navi-sections__list" role="menu"> <li data-section="newsletters" data-submenu="false" class="navi-sections__item navi-sections__item--newsletters " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters?source=site_nav" tabindex="-1">Newsletters</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="watchlist" data-submenu="false" class="navi-sections__item navi-sections__item--watchlist " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/markets/watchlist" tabindex="-1">Watchlist</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="subscribe" data-submenu="false" class="navi-sections__item navi-sections__item--subscribe " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link navi-subscribe-link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/subscriptions?in_source=menu" tabindex="-1">Subscribe</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="sign-in" data-submenu="false" class="navi-sections__item navi-sections__item--sign-in " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link navi-sign-in-link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/signup?in_source=login_direct" tabindex="-1">Sign in</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> </ul> <hr class="navi-sections__divider"> <ul class="navi-sections__list" role="menu"> <li data-section="tips" data-submenu="false" class="navi-sections__item navi-sections__item--tips " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/tips" tabindex="-1">Submit a Tip</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="help" data-submenu="false" class="navi-sections__item navi-sections__item--help " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/help?in_source=help-nav" tabindex="-1">Help Center</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> <li data-section="license" data-submenu="false" class="navi-sections__item navi-sections__item--license " role="menuitem" tabindex="-1"> <h2 class="navi-sections__head"> <a class="navi-sections__link " href="/web/20210902053531/https://www.bloomberg.com/distribution" tabindex="-1">License</a> </h2> <span class="navi-sections__tab" title="Jump to submenu" aria-label="Jump to submenu"></span> </li> </ul> </div> <div id="navi-submenu-business" class="navi-submenu navi-submenu--business" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/new-economy-forum">Bloomberg New Economy</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/future-of-finance">Future Finance</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/wealth/">Wealth</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/next-china/">Next China</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/crypto">Crypto</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/checkout">Checkout</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/hyperdrive">Hyperdrive</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/well-spent">Well Spent</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/prognosis">Prognosis</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/good-business">Good Business</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/billionaires/">Billionaires</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/graphics">Graphics</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/sponsor/partnerships/">Sponsored Content</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/screentime">Screentime</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Watch</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/features/peer-to-peer/">The David Rubenstein Show</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/btv/series/david-rubenstein-wealth-show">The David Rubenstein Wealth Show</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/ad/hyundai/artandtechnology">Art + Technology</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/btv/series/future-go">Future GO</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Special Reports</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/graphics/covid-vaccine-tracker-global-distribution/">Covid-19 Vaccine Tracker </a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/graphics/2021-investment-outlooks/?sref=kKj7hWAI">What Wall Street Expects for 2021</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/features/2016-how-to-invest-10k">Where to Invest $10,000</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/features/companies-to-watch-2021/">50 Companies to Watch</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/features/how-to-invest-a-million-dollars/">Where to Invest $1 Million</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/bloombergbusiness">Facebook</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/business">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/bloombergbusiness/">Instagram</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.linkedin.com/company/bloomberg/">LinkedIn</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-markets" class="navi-submenu navi-submenu--markets" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/economics">Economics</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/deals">Deals</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/oddlots">Odd Lots</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/fixed-income">The FIX | Fixed Income</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/etfs">ETFs</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/fx-center">FX</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/factor-investing">Factor Investing</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/alternative-investments">Alternative Investing</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/markets-magazine">Markets Magazine</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Watch</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/daybreak-americas">Daybreak</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/bloomberg-surveillance">Surveillance</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/bloomberg-markets">Markets</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/whatd-you-miss">What'd You Miss</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/real-yield?sref=E9HdhEsW">Real Yield</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/charting-futures">Charting Futures</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/futures-in-focus">Futures in Focus</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/markets">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/bloombergmarkets/">Facebook</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Data</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/stocks">Stocks</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/currencies">Currencies</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/commodities">Commodities</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/rates-bonds">Rates & Bonds</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/sectors">Sectors</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/markets/economic-calendar">Economic Calendar</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">SUBSCRIBE</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/account/newsletters/markets">Five Things: U.S.</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/account/newsletters/markets-europe">Five Things: Europe</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/account/newsletters/markets-asia">Five Things: Asia</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/account/newsletters/evening-briefing">Evening Briefing</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Listen</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/what_goes_up">What Goes Up</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/stephanomics">Stephanomics</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/odd_lots">Odd Lots</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/surveillance">Surveillance</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/taking_stock">P&L</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/decrypted1">Trillions</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-technology" class="navi-submenu navi-submenu--technology" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/future-of-work">Work Shifting</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/code-wars">Code Wars</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/topics/5g-network">5G Network</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Special Reports</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/features/elon-musk-goals/">The Elon Musk Tracker</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/graphics/2018-tesla-tracker/">Tesla Model 3 Tracker</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Watch</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/bloomberg-technology">Bloomberg Technology TV</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/studio-1">Studio 1.0</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Subscribe</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters/technology">Fully Charged</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters/power-on">Power On</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters/game-on">Game On</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Listen</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/decrypted">Decrypted</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/technology">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/BloombergTechnology/">Facebook</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-politics" class="navi-submenu navi-submenu--politics" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/election-2020">Election 2020</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/graphics/global-trade-indicators/">Global Trade Tracker</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Listen</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/sound_on">Sound On</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/law">Bloomberg Law</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Watch</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/balance-of-power">Balance of Power</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Subscribe</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/http://link.mail.bloombergbusiness.com/join/4wm/politics-brief-signup&hash=b9b2681361bede0e1069ca238efb1ec2">Balance of Power</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/bpolitics">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/BloombergPolitics/">Facebook</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-wealth" class="navi-submenu navi-submenu--wealth" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/wealth/investing">Investing</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/wealth/living">Living</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/wealth/opinion-and-advice">Opinion & Advice</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/wealth/savings-and-retirement">Savings & Retirement</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/wealth/taxes">Taxes</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/wealth/reinvention">Reinvention</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Watch</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/good-money">Good Money</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/btv/series/david-rubenstein-wealth-show">The David Rubenstein Wealth Show</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Listen</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/the-paycheck">The Paycheck</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/wealth">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/http://facebook.com/bloombergbusiness">Facebook</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/bloombergbusiness">Instagram</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-pursuits" class="navi-submenu navi-submenu--pursuits" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/pursuits/travel">Travel</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/pursuits/autos">Autos</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/pursuits/real-estate">Homes</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/pursuits/living">Living</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/pursuits/culture">Culture</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/pursuits/style">Style</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Special Reports</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/features/best-places-to-travel-2021/">Where to Go in 2021</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/pursuits/property-listings">Property Listings</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/graphics/property-prices/london/">London Property Prices</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/graphics/property-prices/nyc/">New York Property Prices</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Watch</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/made">Made</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/traveler">Traveler</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/invitation-only">Invitation Only</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/luxury">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/bloombergpursuits/">Facebook</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/bloombergpursuits/">Instagram</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-opinion" class="navi-submenu navi-submenu--opinion" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/authors/ASB62QVt-d0/the-editors">Editorials</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/letters">Letters</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/bopinion">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/bloombergopinion">Facebook</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/bloombergopinion/">Instagram</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Listen</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/masters_in_business">Masters in Business</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Subscribe</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/http://link.mail.bloombergbusiness.com/join/4wm/opinion-signup&hash=b9b2681361bede0e1069ca238efb1ec2">Bloomberg Opinion Today</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/http://link.mail.bloombergbusiness.com/join/4wm/moneystuff-signup&hash=b9b2681361bede0e1069ca238efb1ec2">Money Stuff</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/http://link.mail.bloombergbusiness.com/join/4wm/ritholtz-reads-signup&hash=54223001ca3ffcf40f2629c25acea67a">Ritholtz's Reads</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/http://link.mail.bloombergbusiness.com/join/4wm/early-returns-signup&hash=54223001ca3ffcf40f2629c25acea67a">Early Returns</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/http://link.mail.bloombergbusiness.com/join/4wm/sparklines-signup&hash=b9b2681361bede0e1069ca238efb1ec2">Sparklines</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-businessweek" class="navi-submenu navi-submenu--businessweek" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Special Reports</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/business-of-equality">Business of Equality</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/features/2020-bloomberg-50/?sref=kKj7hWAI">The Bloomberg 50</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/business-schools/">Best B-Schools</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/small-business-survival">Small Business Survival Guide</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/work-from-home-tips">Working From Home</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/features/companies-to-watch-2021/">50 Companies to Watch</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">The Magazine</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/http://businessweekmag.com/bwhomepagesubscribe">Subscribe</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://login.bloomberg.com/magazines">Manage</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/BW">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/bloombergbusinessweek/">Facebook</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/businessweek/?hl=en">Instagram</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-neweconomy" class="navi-submenu navi-submenu--neweconomy" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Watch</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.neweconomyforum.com/events/">New Economy Conversation Series</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.neweconomyforum.com/">2020 Digital Program Highlights</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Subscribe</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters/nef">Turning Points</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Listen</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/stephanomics">Stephanomics</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/neweconforum">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/neweconforum/">Facebook</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.linkedin.com/showcase/bloomberg-new-economy-forum/">LinkedIn</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://assets.bbhub.io/media/sites/22/2020/04/New-Economy-Forum-Wechat-QR-Code.jpg">WeChat</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-equality" class="navi-submenu navi-submenu--equality" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/equality/corporate-leadership">Corporate Leadership</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/equality/capital">Capital</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/equality/society">Society</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/equality/solutions">Solutions</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/bbgequality">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/bloombergequality">Instagram</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-green" class="navi-submenu navi-submenu--green" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/green-energy-science">Science & Energy</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/green-climate-adaptation">Climate Adaptation</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/green-finance">Finance</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/green-politics">Politics</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/green-culture-design">Culture & Design</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Special Reports</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/graphics/climate-change-data-green/">Data Dash</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Subscribe</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters/green">Green Daily</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/climate">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/bloomberggreen">Facebook</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/bloomberggreen/">Instagram</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-citylab" class="navi-submenu navi-submenu--citylab" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Read</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/citylab/design">Design</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/citylab/culture">Culture</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/citylab/transportation">Transportation</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/citylab/economy">Economy</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/citylab/environment">Environment</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/citylab/housing">Housing</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/citylab/justice">Justice</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/citylab/government">Government</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Subscribe</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters/citylab-daily">CityLab Daily</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters/citylab-maplab">MapLab</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.bloomberg.com/account/newsletters/citylab-most-popular">Most Popular</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/CityLab">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/thisiscitylab">Facebook</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/citylab">Instagram</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.linkedin.com/company/citylab-com">LinkedIn</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-quicktake" class="navi-submenu navi-submenu--quicktake" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Live</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/live">Watch Live TV</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Original Series</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/storylines">Storylines</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/moonshot">Moonshot</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/hello-world">Hello World</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/good-money">Good Money</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/game-changers">Game Changers</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/citylab">CityLab Solutions</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/accelerate">Accelerate</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt">See all series...</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">News Shows</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/take-charge">Take Charge</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/take-a-break">Take a Break</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/take-the-lead">Take the Lead</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/qt/series/geo">Geo</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.youtube.com/channel/UCUMZ7gohGI9HcU9VNsr2FJQ">YouTube</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/quicktake">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.instagram.com/quicktake/?hl=en">Instagram</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/quicktake">Facebook</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-video" class="navi-submenu navi-submenu--video" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Watch Live TV</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/live/us">US</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/live/europe">Europe</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/live/asia">Asia</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/live/australia">Australia</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/live/schedule-shows">Schedule+Shows</a></li> </ul> </section> <section class="navi-submenu__section"> <header class="navi-submenu__header">Shows</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/bloomberg-surveillance">Surveillance</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/daybreak-americas">Daybreak</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/bloomberg-markets">Markets</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/balance-of-power">Balance of Power</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/bloomberg-technology">Bloomberg Technology</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/peer-to-peer">The David Rubenstein Show</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/series/whatd-you-miss">What'd You Miss?</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/live/shows">All Shows...</a></li> </ul> </section> </div> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Follow</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.youtube.com/channel/UCIALMKvObZNtJ6AmdCLP7Lg">YouTube</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://twitter.com/BloombergTV">Twitter</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="https://web.archive.org/web/20210902053531/https://www.facebook.com/BloombergTelevision/">Facebook</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> <div id="navi-submenu-podcasts" class="navi-submenu navi-submenu--podcasts" role="list"> <div class="navi-submenu__content"> <div class="navi-submenu__column"> <section class="navi-submenu__section"> <header class="navi-submenu__header">Listen</header> <ul class="navi-submenu__list"> <li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/what_goes_up">What Goes Up</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/stephanomics">Stephanomics</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/odd_lots">Odd Lots</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/decrypted">Foundering</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/masters_in_business">Masters in Business</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/surveillance">Surveillance</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/taking_stock">The Tape</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/advantage">Businessweek</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/the-paycheck">The Pay Check</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/prognosis-podcast">Prognosis</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/travel-genius">Travel Genius</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/works-for-me">Works for Me</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts/decrypted1">Trillions</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/podcasts">All Podcasts…</a></li><li class="navi-submenu__item" role="listitem" tabindex="-1"><a tabindex="-1" class="navi-submenu__link" href="/web/20210902053531/https://www.bloomberg.com/audio/shows">All Radio Shows…</a></li> </ul> </section> </div> <div class="navi-submenu__close-column"> <button class="navi-submenu__close" title="Close" aria-label="Close"></button> </div> </div> </div> </div> </div> </nav> <div class="navi-breaking-news" data-regions="global regional" data-show-on-target-page="true"></div> <div class="navi-push-notification-prompt"></div> <script type="application/ld+json">{ "@context": "https://web.archive.org/web/20210902053531/http://schema.org", "@type": "NewsMediaOrganization", "address": { "@type": "PostalAddress", "addressCountry": "USA", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10022", "streetAddress": "731 Lexington Avenue" }, "diversityPolicy": "https://web.archive.org/web/20210902053531/https://www.bloomberg.com/diversity-inclusion", "name": "Bloomberg", "email": "inquiry1@bloomberg.net", "legalName": "Bloomberg Finance L.P.", "leiCode": "5493001KJTIIGC8Y1R12", "telephone": "(212) 318-2000", "url": "https://web.archive.org/web/20210902053531/https://www.bloomberg.com", "logo": "https://web.archive.org/web/20210902053531/https://assets.bwbx.io/s3/navi/images/bloomberg_logo-2556aaa618.svg", "brand": [ { "@type": "Brand", "name": "Bloomberg markets", "url": "https://web.archive.org/web/20210902053531/https://www.bloomberg.com/markets" }, { "@type": "Brand", "name": "Bloomberg technology", "url": "https://web.archive.org/web/20210902053531/https://www.bloomberg.com/technology" }, { "@type": "Brand", "name": "Bloomberg pursuits", "url": "https://web.archive.org/web/20210902053531/https://www.bloomberg.com/pursuits" }, { "@type": "Brand", "name": "Bloomberg politics", "url": "https://web.archive.org/web/20210902053531/https://www.bloomberg.com/politics" }, { "@type": "Brand", "name": "Bloomberg opinion", "url": "https://web.archive.org/web/20210902053531/https://www.bloomberg.com/opinion", "logo": "https://web.archive.org/web/20210902053531/https://assets.bwbx.io/s3/navi/images/bloomberg_opinion_logo-591d28994d.svg" }, { "@type": "Brand", "name": "Bloomberg businessweek", "url": "https://web.archive.org/web/20210902053531/https://www.bloomberg.com/businessweek", "logo": "https://web.archive.org/web/20210902053531/https://assets.bwbx.io/s3/navi/images/bloomberg_businessweek_logo-5e920ae9c4.svg" } ] }</script> </div><div class="container"><div class="facemelter-container"> <div class="facemelter-container__background"></div><div class="breaking-news-placeholder"> </div> </div><div class="right-below-header-ad-placeholder"> </div><div id="divIDrefer"> </div><div id="skip-to-main-content" style="height: 0; width: 0;" tabindex="-1"></div> <main id="content" class="main-content"><div data-view-uid="1|0_2" itemscope="" itemtype="http://schema.org/Article"><meta class="primary-category" content="" data-view-uid="1|0_2_1" itemprop="genre"><article class="bb-article with-standard-lede" data-tracker-events="click" data-tracker-label="article"> <div class="bb-article__content-well article-content-boundary"><div data-view-uid="1|0_2_6"><header class="standard-image-lede standard-lede lede"> <h1 class="lede-headline" itemprop="name headline"> <span class="lede-headline__highlighted">Value in a Frothy Market (Podcast)</span> </h1><div data-view-uid="1|0_2_7"><div class="article-details"><div class="byline-view" data-view-uid="1|0_2_7_1"></div><div class="published-info"> <time class="published-at time-based hide-time-based" datetime="2020-12-18T21:31:46.197Z" itemprop="datePublished"> December 18, 2020 — 9:31 PM UTC </time> </div><div data-view-uid="1|0_2_7_2"><div class="social-share" data-tracker-category="socialshare" data-tracker-label="title" data-tracker-events="click"><div class="bb-social-links" data-view-uid="1|0_2_7_2_1"><a data-view-uid="1|0_2_7_2_1_1" class="bb-social-link bb-social-link--facebook" href="https://web.archive.org/web/20210902053531/http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="facebook" target="bb-social-popup--facebook" data-tracker-label="facebook" data-tracker-action="click">Share on Facebook</a><a data-view-uid="1|0_2_7_2_1_2" class="bb-social-link bb-social-link--twitter" href="https://web.archive.org/web/20210902053531/https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast&text=Value%20in%20a%20Frothy%20Market%20(Podcast)&via=business" rel="nofollow" data-social-network="twitter" target="bb-social-popup--twitter" data-tracker-label="twitter" data-tracker-action="click">Share on Twitter</a></div> <div class="social-share__more"> <div class="social-share__more-icon"></div> <div class="social-share__additional"><div class="bb-social-links" data-view-uid="1|0_2_7_2_2"><a data-view-uid="1|0_2_7_2_2_1" class="bb-social-link bb-social-link--linkedin" href="https://web.archive.org/web/20210902053531/http://www.linkedin.com/shareArticle?title=Value%20in%20a%20Frothy%20Market%20(Podcast)&url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="linkedin" target="bb-social-popup--linkedin" data-tracker-label="linkedin" data-tracker-action="click">Share on LinkedIn</a><a data-view-uid="1|0_2_7_2_2_2" class="bb-social-link bb-social-link--reddit" href="https://web.archive.org/web/20210902053531/http://reddit.com/submit?title=Value%20in%20a%20Frothy%20Market%20(Podcast)&url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="reddit" target="bb-social-popup--reddit" data-tracker-label="reddit" data-tracker-action="click">Share on Reddit</a><a data-view-uid="1|0_2_7_2_2_3" class="bb-social-link bb-social-link--google" href="https://web.archive.org/web/20210902053531/https://plus.google.com/share?url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="google" target="bb-social-popup--google" data-tracker-label="google" data-tracker-action="click">Share on Google+</a><a data-view-uid="1|0_2_7_2_2_4" class="bb-social-link bb-social-link--email" href="https://web.archive.org/web/20210902053531/mailto:/?body=Value%20in%20a%20Frothy%20Market%20(Podcast)%0Ahttps%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast%0ABloomberg&subject=Value%20in%20a%20Frothy%20Market%20(Podcast)" rel="nofollow" data-social-network="email" data-tracker-label="email" data-tracker-action="click">E-mail</a><a data-view-uid="1|0_2_7_2_2_5" class="bb-social-link bb-social-link--twitter" href="https://web.archive.org/web/20210902053531/https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast&text=Value%20in%20a%20Frothy%20Market%20(Podcast)&via=business" rel="nofollow" data-social-network="twitter" target="bb-social-popup--twitter" data-tracker-label="twitter" data-tracker-action="click">Share on Twitter</a><a data-view-uid="1|0_2_7_2_2_6" class="bb-social-link bb-social-link--whatsapp" href="https://web.archive.org/web/20210902053531/whatsapp://send/?text=Value%20in%20a%20Frothy%20Market%20(Podcast)%20https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="whatsapp" target="bb-social-popup--whatsapp" data-action="share/whatsapp/share" data-tracker-label="whatsapp" data-tracker-action="click">Share on WhatsApp</a></div></div> </div> </div></div></div></div></header></div> <aside class="article-rail" data-view-uid="1|0_2_2"><div class="article-rail-module-container" style="z-index: 3;"><div data-view-uid="1|0_2_2_1" class="article-rail-module"><div id="1|0_2_2_1" class="ad-v2 on-large-desktop on-small-desktop" data-position="box1"> <script type="text/javascript"> (function(global) { global.bbLoader.enqueue("critical", function() { global.Sparkle.cmd.push(()=> { global.Sparkle.createAd({ adCode: "business/general/article", dimensions: {"large_desktop":[[300,600],[300,250],[1,1]],"small_desktop":[[300,600],[300,250],[1,1]]}, id: "1|0_2_2_1", strategy: "", targeting: {"suid":"QLK14YDWLU6901","page":"audio","currentResource":null,"ni":["ATTACHMENT","AUDIO","BGOVBILLGO","BGOVCODES","BNPODCAST","BONDWIRES","CORONAVIR","GENHEA","ILLNESS","INFECT","MAJOR","MARKETSPOD","MISC","ONWEB","ORIGINAL","PODCAST","SRCRANK1","VIRALILL"],"tickers":[],"tagr":[],"kwl":["biz_cartier","biz_ishares","biz_googlelisttwo","biz_ibm3","biz_microsoft","biz_BMW","biz_facebook1","biz_jpmorgan","biz_mobkoivca","biz_optum","biz_mobkoirichemont19","biz_porsche","biz_mobkoipublisher","biz_msft2020","biz_JH_APAC_2020","biz_burberryhk","biz_mobkoicartier","biz_ukdit","biz_coronavirus","biz_porsche2020","biz_mobkoifacebookpolicyaffairs","biz_comcast","biz_ptarmiganapac2020","biz_mstouts2020","biz_barc1","biz_westpac","biz_signet","biz_gsmarcus","biz_cartier3","biz_diageo","biz_mobkoiaudermars","biz_signet2","biz_mobkoiintel","biz_xaxiscartierhk","biz_sabic2020","biz_mobkoiveuve","biz_vbcbreezethmobkoi","biz_microsoftnov","biz_mobkoibulgari","biz_microsoftjan2021","biz_vca","biz_mobkoiintel2","biz_ibm2","biz_ford","biz_amazon"],"position":"box1","url":"/news/audio/2020-12-18/value-in-a-frothy-market-podcast"}, targetingModifiers: [ global.__bloomberg__.byzantium.getTags, global.__bloomberg__.byzantium.getAdRecommendations ] }); }); }); })(window); </script> </div></div></div></aside><div data-view-uid="1|0_2_3"></div><div data-view-uid="1|0_2_4"><section class="article-body" itemprop="articleBody" data-tracker-label="body"> <div class="article-body__social-container"> <div class="sticky-social-share" data-tracker-category="socialshare" data-tracker-label="stickybar" data-tracker-events="click"><div data-view-uid="1|0_2_4_1"><div class="social-share"><div class="bb-social-links" data-view-uid="1|0_2_4_1_1"><a data-view-uid="1|0_2_4_1_1_1" class="bb-social-link bb-social-link--facebook" href="https://web.archive.org/web/20210902053531/http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="facebook" target="bb-social-popup--facebook" data-tracker-label="facebook" data-tracker-action="click">Share on Facebook</a><a data-view-uid="1|0_2_4_1_1_2" class="bb-social-link bb-social-link--twitter" href="https://web.archive.org/web/20210902053531/https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast&text=Value%20in%20a%20Frothy%20Market%20(Podcast)&via=business" rel="nofollow" data-social-network="twitter" target="bb-social-popup--twitter" data-tracker-label="twitter" data-tracker-action="click">Share on Twitter</a></div> <div class="social-share__more"> <div class="social-share__more-icon"></div> <div class="social-share__additional"><div class="bb-social-links" data-view-uid="1|0_2_4_1_2"><a data-view-uid="1|0_2_4_1_2_1" class="bb-social-link bb-social-link--linkedin" href="https://web.archive.org/web/20210902053531/http://www.linkedin.com/shareArticle?title=Value%20in%20a%20Frothy%20Market%20(Podcast)&url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="linkedin" target="bb-social-popup--linkedin" data-tracker-label="linkedin" data-tracker-action="click">Share on LinkedIn</a><a data-view-uid="1|0_2_4_1_2_2" class="bb-social-link bb-social-link--reddit" href="https://web.archive.org/web/20210902053531/http://reddit.com/submit?title=Value%20in%20a%20Frothy%20Market%20(Podcast)&url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="reddit" target="bb-social-popup--reddit" data-tracker-label="reddit" data-tracker-action="click">Share on Reddit</a><a data-view-uid="1|0_2_4_1_2_3" class="bb-social-link bb-social-link--google" href="https://web.archive.org/web/20210902053531/https://plus.google.com/share?url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="google" target="bb-social-popup--google" data-tracker-label="google" data-tracker-action="click">Share on Google+</a><a data-view-uid="1|0_2_4_1_2_4" class="bb-social-link bb-social-link--email" href="https://web.archive.org/web/20210902053531/mailto:/?body=Value%20in%20a%20Frothy%20Market%20(Podcast)%0Ahttps%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast%0ABloomberg&subject=Value%20in%20a%20Frothy%20Market%20(Podcast)" rel="nofollow" data-social-network="email" data-tracker-label="email" data-tracker-action="click">E-mail</a><a data-view-uid="1|0_2_4_1_2_5" class="bb-social-link bb-social-link--twitter" href="https://web.archive.org/web/20210902053531/https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast&text=Value%20in%20a%20Frothy%20Market%20(Podcast)&via=business" rel="nofollow" data-social-network="twitter" target="bb-social-popup--twitter" data-tracker-label="twitter" data-tracker-action="click">Share on Twitter</a><a data-view-uid="1|0_2_4_1_2_6" class="bb-social-link bb-social-link--whatsapp" href="https://web.archive.org/web/20210902053531/whatsapp://send/?text=Value%20in%20a%20Frothy%20Market%20(Podcast)%20https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Faudio%2F2020-12-18%2Fvalue-in-a-frothy-market-podcast" rel="nofollow" data-social-network="whatsapp" target="bb-social-popup--whatsapp" data-action="share/whatsapp/share" data-tracker-label="whatsapp" data-tracker-action="click">Share on WhatsApp</a></div></div> </div> </div></div></div> </div><div class="article-body__content"> <figure class="inline-image inline-media center "> <div class="inline-media__unlinked-image"> </div> </figure><p>Danton Goei, who runs global investment strategies at Davis Funds, joins the "What Goes Up" podcast this week to discuss what opportunities he's seeing around the world as the end of the coronavirus pandemic comes into sight. Yes, it’s a frothy market in the U.S., he says, but there are still opportunities in America and abroad.</p> <div class="article-audio-attachment"> <div class="article-audio-attachment__megaphone-container"> <iframe frameborder="no" height="200" scrolling="no" src="https://web.archive.org/web/20210902053531if_/https://player.bloomberg.fm/BLM1598135180?light=true" width="100%"></iframe> </div> </div> <div class="terminal-tout" data-tracker-events="click" data-tracker-category="Tout" data-tracker-label="terminal"> <span class="terminal-tout__text">Before it's here, it's on the Bloomberg Terminal.</span> <a href="https://web.archive.org/web/20210902053531/http://bloom.bg/dg-ws-core-bcom-a1" class="terminal-tout__link" data-tracker-action="click" data-tracker-label="inline_link.01" data-tracker-category="nav">LEARN MORE</a> </div> <div class="module-view"></div></div> </section></div></div><div data-view-uid="1|0_2_5"><aside class="article-footer article-content-boundary"> <div class="article-footer__modules"><div class="read-this-next-view" data-view-uid="1|0_2_5_1"></div><div data-view-uid="1|0_2_5_2"></div></div> <div class="article-footer__ads"><div data-view-uid="1|0_2_5_3"><div id="1|0_2_5_3" class="ad-v2 on-large-desktop on-small-desktop" data-position="box3"> <script type="text/javascript"> (function(global) { global.bbLoader.enqueue("critical", function() { global.Sparkle.cmd.push(()=> { global.Sparkle.createAd({ adCode: "business/general/article", dimensions: {"large_desktop":[[300,600],[300,250]],"small_desktop":[[300,600],[300,250]]}, id: "1|0_2_5_3", strategy: "", targeting: {"suid":"QLK14YDWLU6901","page":"audio","currentResource":null,"ni":["ATTACHMENT","AUDIO","BGOVBILLGO","BGOVCODES","BNPODCAST","BONDWIRES","CORONAVIR","GENHEA","ILLNESS","INFECT","MAJOR","MARKETSPOD","MISC","ONWEB","ORIGINAL","PODCAST","SRCRANK1","VIRALILL"],"tickers":[],"tagr":[],"kwl":["biz_cartier","biz_ishares","biz_googlelisttwo","biz_ibm3","biz_microsoft","biz_BMW","biz_facebook1","biz_jpmorgan","biz_mobkoivca","biz_optum","biz_mobkoirichemont19","biz_porsche","biz_mobkoipublisher","biz_msft2020","biz_JH_APAC_2020","biz_burberryhk","biz_mobkoicartier","biz_ukdit","biz_coronavirus","biz_porsche2020","biz_mobkoifacebookpolicyaffairs","biz_comcast","biz_ptarmiganapac2020","biz_mstouts2020","biz_barc1","biz_westpac","biz_signet","biz_gsmarcus","biz_cartier3","biz_diageo","biz_mobkoiaudermars","biz_signet2","biz_mobkoiintel","biz_xaxiscartierhk","biz_sabic2020","biz_mobkoiveuve","biz_vbcbreezethmobkoi","biz_microsoftnov","biz_mobkoibulgari","biz_microsoftjan2021","biz_vca","biz_mobkoiintel2","biz_ibm2","biz_ford","biz_amazon"],"position":"box3","url":"/news/audio/2020-12-18/value-in-a-frothy-market-podcast"}, targetingModifiers: [ global.__bloomberg__.byzantium.getTags, global.__bloomberg__.byzantium.getAdRecommendations ] }); }); }); })(window); </script> </div></div><div data-view-uid="1|0_2_5_4"><div id="1|0_2_5_4" class="ad-v2 on-mobile" data-position="box3"> <script type="text/javascript"> (function(global) { global.bbLoader.enqueue("critical", function() { global.Sparkle.cmd.push(()=> { global.Sparkle.createAd({ adCode: "business/general/article", dimensions: {"mobile":[[300,250],[5,5],[1,1]]}, id: "1|0_2_5_4", strategy: "", targeting: {"suid":"QLK14YDWLU6901","page":"audio","currentResource":null,"ni":["ATTACHMENT","AUDIO","BGOVBILLGO","BGOVCODES","BNPODCAST","BONDWIRES","CORONAVIR","GENHEA","ILLNESS","INFECT","MAJOR","MARKETSPOD","MISC","ONWEB","ORIGINAL","PODCAST","SRCRANK1","VIRALILL"],"tickers":[],"tagr":[],"kwl":["biz_cartier","biz_ishares","biz_googlelisttwo","biz_ibm3","biz_microsoft","biz_BMW","biz_facebook1","biz_jpmorgan","biz_mobkoivca","biz_optum","biz_mobkoirichemont19","biz_porsche","biz_mobkoipublisher","biz_msft2020","biz_JH_APAC_2020","biz_burberryhk","biz_mobkoicartier","biz_ukdit","biz_coronavirus","biz_porsche2020","biz_mobkoifacebookpolicyaffairs","biz_comcast","biz_ptarmiganapac2020","biz_mstouts2020","biz_barc1","biz_westpac","biz_signet","biz_gsmarcus","biz_cartier3","biz_diageo","biz_mobkoiaudermars","biz_signet2","biz_mobkoiintel","biz_xaxiscartierhk","biz_sabic2020","biz_mobkoiveuve","biz_vbcbreezethmobkoi","biz_microsoftnov","biz_mobkoibulgari","biz_microsoftjan2021","biz_vca","biz_mobkoiintel2","biz_ibm2","biz_ford","biz_amazon"],"position":"box3","url":"/news/audio/2020-12-18/value-in-a-frothy-market-podcast"}, targetingModifiers: [ global.__bloomberg__.byzantium.getTags, global.__bloomberg__.byzantium.getAdRecommendations ] }); }); }); })(window); </script> </div></div></div> </aside></div><ol class="footnotes"> </ol><div class="bb-article__extra-content"> <div data-view-uid="1|0_2_11"><div id="1|0_2_11" class="ad-v2 on-all-breakpoints" data-position="native1"> <script type="text/javascript"> (function(global) { global.bbLoader.enqueue("critical", function() { global.Sparkle.cmd.push(()=> { global.Sparkle.createAd({ adCode: "business/general/article", dimensions: {"all":[[5,2],[1,1]],"mobile":[[320,560]],"tablet":[[5,5],[760,395]],"small_desktop":[[5,5],[980,500]],"large_desktop":[[5,5],[1160,570]]}, id: "1|0_2_11", strategy: "", targeting: {"suid":"QLK14YDWLU6901","page":"audio","currentResource":null,"ni":["ATTACHMENT","AUDIO","BGOVBILLGO","BGOVCODES","BNPODCAST","BONDWIRES","CORONAVIR","GENHEA","ILLNESS","INFECT","MAJOR","MARKETSPOD","MISC","ONWEB","ORIGINAL","PODCAST","SRCRANK1","VIRALILL"],"tickers":[],"tagr":[],"kwl":["biz_cartier","biz_ishares","biz_googlelisttwo","biz_ibm3","biz_microsoft","biz_BMW","biz_facebook1","biz_jpmorgan","biz_mobkoivca","biz_optum","biz_mobkoirichemont19","biz_porsche","biz_mobkoipublisher","biz_msft2020","biz_JH_APAC_2020","biz_burberryhk","biz_mobkoicartier","biz_ukdit","biz_coronavirus","biz_porsche2020","biz_mobkoifacebookpolicyaffairs","biz_comcast","biz_ptarmiganapac2020","biz_mstouts2020","biz_barc1","biz_westpac","biz_signet","biz_gsmarcus","biz_cartier3","biz_diageo","biz_mobkoiaudermars","biz_signet2","biz_mobkoiintel","biz_xaxiscartierhk","biz_sabic2020","biz_mobkoiveuve","biz_vbcbreezethmobkoi","biz_microsoftnov","biz_mobkoibulgari","biz_microsoftjan2021","biz_vca","biz_mobkoiintel2","biz_ibm2","biz_ford","biz_amazon"],"position":"native1","url":"/news/audio/2020-12-18/value-in-a-frothy-market-podcast"}, targetingModifiers: [ global.__bloomberg__.byzantium.getTags, global.__bloomberg__.byzantium.getAdRecommendations ] }); }); }); })(window); </script> </div></div></div> </article></div></main> <footer class="bb-global-footer"> <div class="bb-global-footer__content"> <div class="bb-global-footer__group"> <a class="bb-global-footer__link" href="/web/20210902053531/https://www.bloomberg.com/tos">Terms of Service</a> <button class="bb-global-footer__link bb-global-footer__cmp-link" id="cmp-footer-link" data-lang="en"></button> <a class="bb-global-footer__link" href="/web/20210902053531/https://www.bloomberg.com/trademarks">Trademarks</a> <a class="bb-global-footer__link" href="/web/20210902053531/https://www.bloomberg.com/privacy">Privacy Policy</a> <small class="bb-global-footer__copyright">©2021 Bloomberg L.P. All Rights Reserved</small> </div> <div class="bb-global-footer__group"> <a class="bb-global-footer__link" href="/web/20210902053531/https://www.bloomberg.com/careers/?utm_source=dotcom&utm_medium=footer">Careers</a> <a class="bb-global-footer__link" href="https://web.archive.org/web/20210902053531/https://nytech.org/made">Made in NYC</a> <a class="bb-global-footer__link" href="https://web.archive.org/web/20210902053531/https://www.bloombergmedia.com/contact">Advertise</a> <a class="bb-global-footer__link bb-global-footer__ad-choices" href="/web/20210902053531/https://www.bloomberg.com/privacy#advertisements">Ad Choices</a> <a class="bb-global-footer__link" href="/web/20210902053531/https://www.bloomberg.com/help">Help</a> </div> </div> </footer> </div><script type="text/javascript"> window.__bloomberg__ = window.__bloomberg__ || {}; </script><script type="text/javascript"> (function(global) { global.bbLoader.loadImmediately("critical", { async: true, src: "https://web.archive.org/web/20210902053531/https://assets.bwbx.io/s3/bbiz/javascripts/critical-8307c8e85a.js", type: "text/javascript" }); })(window); </script> <script type="text/javascript"> window.NREUM||(NREUM={}),__nr_require=function(t,e,n){function r(n){if(!e[n]){var o=e[n]={exports:{}};t[n][0].call(o.exports,function(e){var o=t[n][1][e];return r(o?o:e)},o,o.exports)}return e[n].exports}if("function"==typeof __nr_require)return __nr_require;for(var o=0;o<n.length;o++)r(n[o]);return r}({QJf3ax:[function(t,e){function n(t){function e(e,n,a){t&&t(e,n,a),a||(a={});for(var c=s(e),f=c.length,u=i(a,o,r),d=0;f>d;d++)c[d].apply(u,n);return u}function a(t,e){f[t]=s(t).concat(e)}function s(t){return f[t]||[]}function c(){return n(e)}var f={};return{on:a,emit:e,create:c,listeners:s,_events:f}}function r(){return{}}var o="nr@context",i=t("gos");e.exports=n()},{gos:"7eSDFh"}],ee:[function(t,e){e.exports=t("QJf3ax")},{}],3:[function(t){function e(t,e,n,i,s){try{c?c-=1:r("err",[s||new UncaughtException(t,e,n)])}catch(f){try{r("ierr",[f,(new Date).getTime(),!0])}catch(u){}}return"function"==typeof a?a.apply(this,o(arguments)):!1}function UncaughtException(t,e,n){this.message=t||"Uncaught error with no additional information",this.sourceURL=e,this.line=n}function n(t){r("err",[t,(new Date).getTime()])}var r=t("handle"),o=t(5),i=t("ee"),a=window.onerror,s=!1,c=0;t("loader").features.err=!0,window.onerror=e,NREUM.noticeError=n;try{throw new Error}catch(f){"stack"in f&&(t(1),t(4),"addEventListener"in window&&t(2),window.XMLHttpRequest&&XMLHttpRequest.prototype&&XMLHttpRequest.prototype.addEventListener&&t(3),s=!0)}i.on("fn-start",function(){s&&(c+=1)}),i.on("fn-err",function(t,e,r){s&&(this.thrown=!0,n(r))}),i.on("fn-end",function(){s&&!this.thrown&&c>0&&(c-=1)}),i.on("internal-error",function(t){r("ierr",[t,(new Date).getTime(),!0])})},{1:8,2:5,3:9,4:7,5:20,ee:"QJf3ax",handle:"D5DuLP",loader:"G9z0Bl"}],4:[function(t){function e(){}if(window.performance&&window.performance.timing&&window.performance.getEntriesByType){var n=t("ee"),r=t("handle"),o=t(2);t("loader").features.stn=!0,t(1),n.on("fn-start",function(t){var e=t[0];e instanceof Event&&(this.bstStart=Date.now())}),n.on("fn-end",function(t,e){var n=t[0];n instanceof Event&&r("bst",[n,e,this.bstStart,Date.now()])}),o.on("fn-start",function(t,e,n){this.bstStart=Date.now(),this.bstType=n}),o.on("fn-end",function(t,e){r("bstTimer",[e,this.bstStart,Date.now(),this.bstType])}),n.on("pushState-start",function(){this.time=Date.now(),this.startPath=location.pathname+location.hash}),n.on("pushState-end",function(){r("bstHist",[location.pathname+location.hash,this.startPath,this.time])}),"addEventListener"in window.performance&&(window.performance.addEventListener("webkitresourcetimingbufferfull",function(){r("bstResource",[window.performance.getEntriesByType("resource")]),window.performance.webkitClearResourceTimings()},!1),window.performance.addEventListener("resourcetimingbufferfull",function(){r("bstResource",[window.performance.getEntriesByType("resource")]),window.performance.clearResourceTimings()},!1)),document.addEventListener("scroll",e,!1),document.addEventListener("keypress",e,!1),document.addEventListener("click",e,!1)}},{1:6,2:8,ee:"QJf3ax",handle:"D5DuLP",loader:"G9z0Bl"}],5:[function(t,e){function n(t){i.inPlace(t,["addEventListener","removeEventListener"],"-",r)}function r(t){return t[1]}var o=(t(1),t("ee").create()),i=t(2)(o),a=t("gos");if(e.exports=o,n(window),"getPrototypeOf"in Object){for(var s=document;s&&!s.hasOwnProperty("addEventListener");)s=Object.getPrototypeOf(s);s&&n(s);for(var c=XMLHttpRequest.prototype;c&&!c.hasOwnProperty("addEventListener");)c=Object.getPrototypeOf(c);c&&n(c)}else XMLHttpRequest.prototype.hasOwnProperty("addEventListener")&&n(XMLHttpRequest.prototype);o.on("addEventListener-start",function(t){if(t[1]){var e=t[1];"function"==typeof e?this.wrapped=t[1]=a(e,"nr@wrapped",function(){return i(e,"fn-",null,e.name||"anonymous")}):"function"==typeof e.handleEvent&&i.inPlace(e,["handleEvent"],"fn-")}}),o.on("removeEventListener-start",function(t){var e=this.wrapped;e&&(t[1]=e)})},{1:20,2:21,ee:"QJf3ax",gos:"7eSDFh"}],6:[function(t,e){var n=(t(2),t("ee").create()),r=t(1)(n);e.exports=n,r.inPlace(window.history,["pushState"],"-")},{1:21,2:20,ee:"QJf3ax"}],7:[function(t,e){var n=(t(2),t("ee").create()),r=t(1)(n);e.exports=n,r.inPlace(window,["requestAnimationFrame","mozRequestAnimationFrame","webkitRequestAnimationFrame","msRequestAnimationFrame"],"raf-"),n.on("raf-start",function(t){t[0]=r(t[0],"fn-")})},{1:21,2:20,ee:"QJf3ax"}],8:[function(t,e){function n(t,e,n){var r=t[0];"string"==typeof r&&(r=new Function(r)),t[0]=o(r,"fn-",null,n)}var r=(t(2),t("ee").create()),o=t(1)(r);e.exports=r,o.inPlace(window,["setTimeout","setInterval","setImmediate"],"setTimer-"),r.on("setTimer-start",n)},{1:21,2:20,ee:"QJf3ax"}],9:[function(t,e){function n(){c.inPlace(this,d,"fn-")}function r(t,e){c.inPlace(e,["onreadystatechange"],"fn-")}function o(t,e){return e}var i=t("ee").create(),a=t(1),s=t(2),c=s(i),f=s(a),u=window.XMLHttpRequest,d=["onload","onerror","onabort","onloadstart","onloadend","onprogress","ontimeout"];e.exports=i,window.XMLHttpRequest=function(t){var e=new u(t);try{i.emit("new-xhr",[],e),f.inPlace(e,["addEventListener","removeEventListener"],"-",function(t,e){return e}),e.addEventListener("readystatechange",n,!1)}catch(r){try{i.emit("internal-error",[r])}catch(o){}}return e},window.XMLHttpRequest.prototype=u.prototype,c.inPlace(XMLHttpRequest.prototype,["open","send"],"-xhr-",o),i.on("send-xhr-start",r),i.on("open-xhr-start",r)},{1:5,2:21,ee:"QJf3ax"}],10:[function(t){function e(t){if("string"==typeof t&&t.length)return t.length;if("object"!=typeof t)return void 0;if("undefined"!=typeof ArrayBuffer&&t instanceof ArrayBuffer&&t.byteLength)return t.byteLength;if("undefined"!=typeof Blob&&t instanceof Blob&&t.size)return t.size;if("undefined"!=typeof FormData&&t instanceof FormData)return void 0;try{return JSON.stringify(t).length}catch(e){return void 0}}function n(t){var n=this.params,r=this.metrics;if(!this.ended){this.ended=!0;for(var i=0;c>i;i++)t.removeEventListener(s[i],this.listener,!1);if(!n.aborted){if(r.duration=(new Date).getTime()-this.startTime,4===t.readyState){n.status=t.status;var a=t.responseType,f="arraybuffer"===a||"blob"===a||"json"===a?t.response:t.responseText,u=e(f);if(u&&(r.rxSize=u),this.sameOrigin){var d=t.getResponseHeader("X-NewRelic-App-Data");d&&(n.cat=d.split(", ").pop())}}else n.status=0;r.cbTime=this.cbTime,o("xhr",[n,r,this.startTime])}}}function r(t,e){var n=i(e),r=t.params;r.host=n.hostname+":"+n.port,r.pathname=n.pathname,t.sameOrigin=n.sameOrigin}if(window.XMLHttpRequest&&XMLHttpRequest.prototype&&XMLHttpRequest.prototype.addEventListener&&!/CriOS/.test(navigator.userAgent)){t("loader").features.xhr=!0;var o=t("handle"),i=t(2),a=t("ee"),s=["load","error","abort","timeout"],c=s.length,f=t(1);t(4),t(3),a.on("new-xhr",function(){this.totalCbs=0,this.called=0,this.cbTime=0,this.end=n,this.ended=!1,this.xhrGuids={}}),a.on("open-xhr-start",function(t){this.params={method:t[0]},r(this,t[1]),this.metrics={}}),a.on("open-xhr-end",function(t,e){"loader_config"in NREUM&&"xpid"in NREUM.loader_config&&this.sameOrigin&&e.setRequestHeader("X-NewRelic-ID",NREUM.loader_config.xpid)}),a.on("send-xhr-start",function(t,n){var r=this.metrics,o=t[0],i=this;if(r&&o){var f=e(o);f&&(r.txSize=f)}this.startTime=(new Date).getTime(),this.listener=function(t){try{"abort"===t.type&&(i.params.aborted=!0),("load"!==t.type||i.called===i.totalCbs&&(i.onloadCalled||"function"!=typeof n.onload))&&i.end(n)}catch(e){try{a.emit("internal-error",[e])}catch(r){}}};for(var u=0;c>u;u++)n.addEventListener(s[u],this.listener,!1)}),a.on("xhr-cb-time",function(t,e,n){this.cbTime+=t,e?this.onloadCalled=!0:this.called+=1,this.called!==this.totalCbs||!this.onloadCalled&&"function"==typeof n.onload||this.end(n)}),a.on("xhr-load-added",function(t,e){var n=""+f(t)+!!e;this.xhrGuids&&!this.xhrGuids[n]&&(this.xhrGuids[n]=!0,this.totalCbs+=1)}),a.on("xhr-load-removed",function(t,e){var n=""+f(t)+!!e;this.xhrGuids&&this.xhrGuids[n]&&(delete this.xhrGuids[n],this.totalCbs-=1)}),a.on("addEventListener-end",function(t,e){e instanceof XMLHttpRequest&&"load"===t[0]&&a.emit("xhr-load-added",[t[1],t[2]],e)}),a.on("removeEventListener-end",function(t,e){e instanceof XMLHttpRequest&&"load"===t[0]&&a.emit("xhr-load-removed",[t[1],t[2]],e)}),a.on("fn-start",function(t,e,n){e instanceof XMLHttpRequest&&("onload"===n&&(this.onload=!0),("load"===(t[0]&&t[0].type)||this.onload)&&(this.xhrCbStart=(new Date).getTime()))}),a.on("fn-end",function(t,e){this.xhrCbStart&&a.emit("xhr-cb-time",[(new Date).getTime()-this.xhrCbStart,this.onload,e],e)})}},{1:"XL7HBI",2:11,3:9,4:5,ee:"QJf3ax",handle:"D5DuLP",loader:"G9z0Bl"}],11:[function(t,e){e.exports=function(t){var e=document.createElement("a"),n=window.location,r={};e.href=t,r.port=e.port;var o=e.href.split("://");return!r.port&&o[1]&&(r.port=o[1].split("/")[0].split(":")[1]),r.port&&"0"!==r.port||(r.port="https"===o[0]?"443":"80"),r.hostname=e.hostname||n.hostname,r.pathname=e.pathname,"/"!==r.pathname.charAt(0)&&(r.pathname="/"+r.pathname),r.sameOrigin=!e.hostname||e.hostname===document.domain&&e.port===n.port&&e.protocol===n.protocol,r}},{}],gos:[function(t,e){e.exports=t("7eSDFh")},{}],"7eSDFh":[function(t,e){function n(t,e,n){if(r.call(t,e))return t[e];var o=n();if(Object.defineProperty&&Object.keys)try{return Object.defineProperty(t,e,{value:o,writable:!0,enumerable:!1}),o}catch(i){}return t[e]=o,o}var r=Object.prototype.hasOwnProperty;e.exports=n},{}],D5DuLP:[function(t,e){function n(t,e,n){return r.listeners(t).length?r.emit(t,e,n):(o[t]||(o[t]=[]),void o[t].push(e))}var r=t("ee").create(),o={};e.exports=n,n.ee=r,r.q=o},{ee:"QJf3ax"}],handle:[function(t,e){e.exports=t("D5DuLP")},{}],XL7HBI:[function(t,e){function n(t){var e=typeof t;return!t||"object"!==e&&"function"!==e?-1:t===window?0:i(t,o,function(){return r++})}var r=1,o="nr@id",i=t("gos");e.exports=n},{gos:"7eSDFh"}],id:[function(t,e){e.exports=t("XL7HBI")},{}],loader:[function(t,e){e.exports=t("G9z0Bl")},{}],G9z0Bl:[function(t,e){function n(){var t=p.info=NREUM.info;if(t&&t.agent&&t.licenseKey&&t.applicationID&&c&&c.body){p.proto="https"===d.split(":")[0]||t.sslForHttp?"https://":"http://",a("mark",["onload",i()]);var e=c.createElement("script");e.src=p.proto+t.agent,c.body.appendChild(e)}}function r(){"complete"===c.readyState&&o()}function o(){a("mark",["domContent",i()])}function i(){return(new Date).getTime()}var a=t("handle"),s=window,c=s.document,f="addEventListener",u="attachEvent",d=(""+location).split("?")[0],p=e.exports={offset:i(),origin:d,features:{}};c[f]?(c[f]("DOMContentLoaded",o,!1),s[f]("load",n,!1)):(c[u]("onreadystatechange",r),s[u]("onload",n)),a("mark",["firstbyte",i()])},{handle:"D5DuLP"}],20:[function(t,e){function n(t,e,n){e||(e=0),"undefined"==typeof n&&(n=t?t.length:0);for(var r=-1,o=n-e||0,i=Array(0>o?0:o);++r<o;)i[r]=t[e+r];return i}e.exports=n},{}],21:[function(t,e){function n(t){return!(t&&"function"==typeof t&&t.apply&&!t[i])}var r=t("ee"),o=t(1),i="nr@wrapper",a=Object.prototype.hasOwnProperty;e.exports=function(t){function e(t,e,r,a){function nrWrapper(){var n,i,s,f;try{i=this,n=o(arguments),s=r&&r(n,i)||{}}catch(d){u([d,"",[n,i,a],s])}c(e+"start",[n,i,a],s);try{return f=t.apply(i,n)}catch(p){throw c(e+"err",[n,i,p],s),p}finally{c(e+"end",[n,i,f],s)}}return n(t)?t:(e||(e=""),nrWrapper[i]=!0,f(t,nrWrapper),nrWrapper)}function s(t,r,o,i){o||(o="");var a,s,c,f="-"===o.charAt(0);for(c=0;c<r.length;c++)s=r[c],a=t[s],n(a)||(t[s]=e(a,f?s+o:o,i,s,t))}function c(e,n,r){try{t.emit(e,n,r)}catch(o){u([o,e,n,r])}}function f(t,e){if(Object.defineProperty&&Object.keys)try{var n=Object.keys(t);return n.forEach(function(n){Object.defineProperty(e,n,{get:function(){return t[n]},set:function(e){return t[n]=e,e}})}),e}catch(r){u([r])}for(var o in t)a.call(t,o)&&(e[o]=t[o]);return e}function u(e){try{t.emit("internal-error",e)}catch(n){}}return t||(t=r),e.inPlace=s,e.flag=i,e}},{1:20,ee:"QJf3ax"}]},{},["G9z0Bl",3,10,4]); ;NREUM.info={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",licenseKey:"32a39e099b",applicationID:"",sa:1,agent:"js-agent.newrelic.com/nr-476.min.js"}</script><script type="text/javascript"> (function(global) { "use strict"; global.bbLoader.enqueue("taboola", function() { global._taboola = global._taboola || []; }); global.bbLoader.load("taboola", { async: true, src: "https://web.archive.org/web/20210902053531/https://cdn.taboola.com/libtrc/bloomberg/loader.js", type: "text/javascript" }); })(window); </script><script type="text/javascript" src="https://web.archive.org/web/20210902053531js_/https://assets.bwbx.io/s3/bbiz/javascripts/application-f7891d49d0.js" async=""></script> <script>window.Promise || document.write('<script src="https://web.archive.org/web/20210902053531/https://assets.bwbx.io/s3/navi/vendor/js/promise-428cb78159.min.js"><\/script>')</script> <script> window._fence = window._fence || {}; window._fence.q = window._fence.q || []; window._fence.ready = window._fence.ready || function(cb) { window._fence.q.push(cb); }; </script> <script src="https://web.archive.org/web/20210902053531js_/https://assets.bwbx.io/s3/navi/js/header-16b62098337871135b6d.js" async=""></script> <script type="text/javascript"> (function(){ window._pxAppId = 'PX8FCGYgk4'; var p = document.getElementsByTagName('script')[0], s = document.createElement('script'); s.async = 1; s.src = '/8FCGYgk4/init.js'; p.parentNode.insertBefore(s,p); }()); </script> <noscript> <div style="position:fixed; top:0; left:0; display:none" width="1" height="1"> <img src="/web/20210902053531im_/https://www.bloomberg.com/8FCGYgk4/xhr/api/v1/collector/noScript.gif?appId=PX8FCGYgk4" alt="PxPixel"> </div> </noscript> <script type="text/javascript" src="https://web.archive.org/web/20210902053531js_/https://www.bbthat.com/assets/v2.6.2/that.js" async=""></script> <script type="text/javascript"> var b = window.Brisket = window.Brisket || {}; b.version = '1.11.0'; b.startConfig = { environmentConfig: {"searchHost":"https://web.archive.org/web/20210902053531/http://search.bloomberg.com","bplayerJs":"//web.archive.org/web/20210902053531/https://cdn.gotraffic.net/projector/latest/bplayer.js","videoPlayerConfig":{"shareOverlay":"true"},"newRelicLicenseKey":"32a39e099b","newRelicAppId":"","tracking":{"gtm":{"id":"GTM-NV5B7R","schema":{"adCode":"string","authorName":"string","primaryCategory":"string","contentId":"string","feature":"boolean","pageSection":"string","publicationDate":"string","suid":"string","referrer":"string","typeOfContent":"string","pageTemplate":"string"}},"comscore":{"clientId":"3005059","site":"bloomberg","siteIdentifier":"004"},"googleAnalytics":{"gaAccount":"UA-11413116-1"},"personalization":{"site":"bbiz","trackingUrl":"https://web.archive.org/web/20210902053531/https://tracking.bloomberg.com/psz/pixel.gif"},"timeouts":{"iframe":2000,"message":3000,"request":3000},"urls":{"tracking":"https://web.archive.org/web/20210902053531/https://tracking.bloomberg.com/psz/pixel.gif"}},"assetManifest":{"images/500error.gif":"images/500error-8406a10c4c.gif","images/bbiz404.gif":"images/bbiz404-d662b65a97.gif","images/favicons/apple-touch-icon-114x114.png":"images/favicons/apple-touch-icon-114x114-b5fb8b8c07.png","images/favicons/apple-touch-icon-120x120.png":"images/favicons/apple-touch-icon-120x120-ef3226f2bd.png","images/favicons/apple-touch-icon-144x144.png":"images/favicons/apple-touch-icon-144x144-3c26d576a9.png","images/favicons/apple-touch-icon-152x152.png":"images/favicons/apple-touch-icon-152x152-5ccd0ec96e.png","images/favicons/apple-touch-icon-180x180.png":"images/favicons/apple-touch-icon-180x180-c1a237984e.png","images/favicons/apple-touch-icon-57x57.png":"images/favicons/apple-touch-icon-57x57-b572ef8093.png","images/favicons/apple-touch-icon-60x60.png":"images/favicons/apple-touch-icon-60x60-b0d19bb405.png","images/favicons/apple-touch-icon-72x72.png":"images/favicons/apple-touch-icon-72x72-a5bfb2afba.png","images/favicons/apple-touch-icon-76x76.png":"images/favicons/apple-touch-icon-76x76-6ed14bcfc8.png","images/favicons/apple-touch-icon-precomposed.png":"images/favicons/apple-touch-icon-precomposed-638ceb76fa.png","images/favicons/apple-touch-icon.png":"images/favicons/apple-touch-icon-c1a237984e.png","images/favicons/browserconfig.xml":"images/favicons/browserconfig-c4670cd471.xml","images/favicons/favicon-160x160.png":"images/favicons/favicon-160x160-16c867e67a.png","images/favicons/favicon-16x16.png":"images/favicons/favicon-16x16-cc2a6c3317.png","images/favicons/favicon-192x192.png":"images/favicons/favicon-192x192-3621dae772.png","images/favicons/favicon-32x32.png":"images/favicons/favicon-32x32-d2b81a9373.png","images/favicons/favicon-96x96.png":"images/favicons/favicon-96x96-4333659912.png","images/favicons/favicon.ico":"images/favicons/favicon-dc3444013c.ico","images/favicons/mstile-144x144.png":"images/favicons/mstile-144x144-bbd2101292.png","images/favicons/mstile-150x150.png":"images/favicons/mstile-150x150-83a47bb5e2.png","images/favicons/mstile-310x150.png":"images/favicons/mstile-310x150-0a29ef3510.png","images/favicons/mstile-310x310.png":"images/favicons/mstile-310x310-3ce0c0994b.png","images/favicons/mstile-70x70.png":"images/favicons/mstile-70x70-045b2ed354.png","images/logos/BB-Logo-H-SFF.svg":"images/logos/BB-Logo-H-SFF-cfc95f5f08.svg","images/logos/BB-Logo-H.svg":"images/logos/BB-Logo-H-3710909989.svg","images/logos/BB-Logo-H1.svg":"images/logos/BB-Logo-H1-c318357b96.svg","images/logos/BB-Logo-V-HP-TOP.svg":"images/logos/BB-Logo-V-HP-TOP-a851790135.svg","images/logos/BB-Logo-V-SFF.svg":"images/logos/BB-Logo-V-SFF-84957dfc1b.svg","images/logos/BB-Logo-V.svg":"images/logos/BB-Logo-V-313783e5e9.svg","images/logos/benchmark_logo.svg":"images/logos/benchmark_logo-d018c7c585.svg","images/logos/bloomberg_markets_logo.svg":"images/logos/bloomberg_markets_logo-8ebca33e74.svg","images/logos/bloomberg_pursuits_v2_logo.svg":"images/logos/bloomberg_pursuits_v2_logo-a04ebc8595.svg","images/logos/businessweek.svg":"images/logos/businessweek-fca3db900e.svg","images/logos/pursuits_attribution_logo.svg":"images/logos/pursuits_attribution_logo-88906006b2.svg","images/masks/0.svg":"images/masks/0-6673ff5722.svg","images/masks/1.svg":"images/masks/1-878a21c90a.svg","images/masks/2.svg":"images/masks/2-f0f70f59e7.svg","images/masks/3.svg":"images/masks/3-cd142cccb7.svg","images/masks/4.svg":"images/masks/4-fac7b75900.svg","images/masks/5.svg":"images/masks/5-487be3a1b2.svg","images/masks/6.svg":"images/masks/6-831d863f0e.svg","images/masks/7.svg":"images/masks/7-257607a5c7.svg","images/masks/8.svg":"images/masks/8-d7942ba702.svg","images/masks/9.svg":"images/masks/9-4984fa8eb7.svg","images/radio-splash.jpg":"images/radio-splash-9269acddc2.jpg","images/social_fallbacks/bloomberg_default.jpg":"images/social_fallbacks/bloomberg_default-a4f15fa7ee.jpg","images/social_fallbacks/bloomberg_markets_default.jpg":"images/social_fallbacks/bloomberg_markets_default-3d32d2f713.jpg","images/social_fallbacks/bloomberg_politics_default.jpg":"images/social_fallbacks/bloomberg_politics_default-5197cf0f4c.jpg","images/social_fallbacks/bloomberg_pursuits_default.jpg":"images/social_fallbacks/bloomberg_pursuits_default-53a9dda3dd.jpg","images/social_fallbacks/bloomberg_technology_default.jpg":"images/social_fallbacks/bloomberg_technology_default-cd3d145b26.jpg","images/watch-this-arrow.svg":"images/watch-this-arrow-27c6da86d4.svg","javascripts/application.js":"javascripts/application-f7891d49d0.js","javascripts/critical.js":"javascripts/critical-8307c8e85a.js","javascripts/previewModules.js":"javascripts/previewModules-36afc27a1a.js","javascripts/techLiteAds.js":"javascripts/techLiteAds-894b015e66.js","javascripts/techLiteGlobalNews.js":"javascripts/techLiteGlobalNews-2bb64b7d2f.js","javascripts/techLiteNewsletterTout.js":"javascripts/techLiteNewsletterTout-6ebc91cf82.js","stylesheets/application.css":"stylesheets/application-bc6674d85f.css","stylesheets/article.css":"stylesheets/article-64d37813cf.css","stylesheets/livepopout.css":"stylesheets/livepopout-d2537acabe.css","stylesheets/noscript.css":"stylesheets/noscript-ade96dc3e1.css","stylesheets/tech_lite.css":"stylesheets/tech_lite-116b73397f.css"},"assetUrlPrefix":"https://web.archive.org/web/20210902053531/https://assets.bwbx.io/s3/bbiz/","assetHost":"assets.bwbx.io","appRoot":"","videoAppRoot":"https://web.archive.org/web/20210902053531/https://www.bloomberg.com","indiaBannerEnabled":true,"featureFlags":{"marketsV2":true,"middleEastHomepage":true,"inlineSlideshow":true,"pursuitsV2Enabled":false,"trackingV2":false},"markets":{"host":"//web.archive.org/web/20210902053531/https://www.bloomberg.com/markets/api","appHost":"//web.archive.org/web/20210902053531/https://www.bloomberg.com"},"recommendation":{"site":"bbiz","url":"https://web.archive.org/web/20210902053531/https://personalization.bloomberg.com"},"twitterUser":"business","twitterSite":"@business","WSSNewsletterService":{"newsletterSite":"bbiz"},"navi":{"host":"https://web.archive.org/web/20210902053531/http://navi-production-cwbcore.bdns.bloomberg.com:8080/navi/api/v1"},"brisket:wantsCookies":true,"brisket:layoutRedirect":false}, bootstrappedData: {"/api/audio/slug/2020-12-18%2Fvalue-in-a-frothy-market-podcast":{"adIds":[],"abstract":[],"adTargeting":{"suid":"QLK14YDWLU6901","page":"audio","currentResource":null,"ni":["ATTACHMENT","AUDIO","BGOVBILLGO","BGOVCODES","BNPODCAST","BONDWIRES","CORONAVIR","GENHEA","ILLNESS","INFECT","MAJOR","MARKETSPOD","MISC","ONWEB","ORIGINAL","PODCAST","SRCRANK1","VIRALILL"],"tickers":[],"tagr":[],"kwl":["biz_cartier","biz_ishares","biz_googlelisttwo","biz_ibm3","biz_microsoft","biz_BMW","biz_facebook1","biz_jpmorgan","biz_mobkoivca","biz_optum","biz_mobkoirichemont19","biz_porsche","biz_mobkoipublisher","biz_msft2020","biz_JH_APAC_2020","biz_burberryhk","biz_mobkoicartier","biz_ukdit","biz_coronavirus","biz_porsche2020","biz_mobkoifacebookpolicyaffairs","biz_comcast","biz_ptarmiganapac2020","biz_mstouts2020","biz_barc1","biz_westpac","biz_signet","biz_gsmarcus","biz_cartier3","biz_diageo","biz_mobkoiaudermars","biz_signet2","biz_mobkoiintel","biz_xaxiscartierhk","biz_sabic2020","biz_mobkoiveuve","biz_vbcbreezethmobkoi","biz_microsoftnov","biz_mobkoibulgari","biz_microsoftjan2021","biz_vca","biz_mobkoiintel2","biz_ibm2","biz_ford","biz_amazon"]},"attachments":{"all":[{"id":"366824560","type":"videoAudio"}],"image":{},"video":{},"videoAudio":{"366824560":{"title":"Value in a Frothy Market (Podcast)","description":"Danton Goei, who runs global investment strategies at Davis Funds, joins the \"What Goes Up\" podcast this week to discuss what opportunities he's seeing around the world as the end of the coronavirus pandemic comes into sight. Yes, it’s a frothy market in the U.S., he says, but there are still opportunities in America and abroad.","url":"https://web.archive.org/web/20210902053531/https://traffic.megaphone.fm/BLM1598135180.mp3","publishedAt":1608327044,"megaphoneId":"BLM1598135180"},"_expanded":true}},"body":"<figure data-type=\"image\" data-id=\"366824560\" data-image-type=\"audio\" data-image-size=\"full\"><img src=\"http://resource.bloomberg.com/images/366824560\"><figcaption><div class=\"news-figure-caption-text\"><p>Source: Bloomberg, 31:34</p></div><div class=\"news-figure-credit\"></div></figcaption></figure><p>Danton Goei, who runs global investment strategies at Davis Funds, joins the "What Goes Up" podcast this week to discuss what opportunities he's seeing around the world as the end of the coronavirus pandemic comes into sight. Yes, it’s a frothy market in the U.S., he says, but there are still opportunities in America and abroad.</p>","categories":[],"credits":{"author":[],"by":[]},"embeds":{},"footnotes":{},"headline":"Value in a Frothy Market (Podcast)","headlines":{"web":"Value in a Frothy Market (Podcast)"},"id":"QLK14YDWLU6901","metadata":{"magazine":null,"social":{"twitterHandle":null},"adKeywords":["biz_cartier","biz_ishares","biz_googlelisttwo","biz_ibm3","biz_microsoft","biz_BMW","biz_facebook1","biz_jpmorgan","biz_mobkoivca","biz_optum","biz_mobkoirichemont19","biz_porsche","biz_mobkoipublisher","biz_msft2020","biz_JH_APAC_2020","biz_burberryhk","biz_mobkoicartier","biz_ukdit","biz_coronavirus","biz_porsche2020","biz_mobkoifacebookpolicyaffairs","biz_comcast","biz_ptarmiganapac2020","biz_mstouts2020","biz_barc1","biz_westpac","biz_signet","biz_gsmarcus","biz_cartier3","biz_diageo","biz_mobkoiaudermars","biz_signet2","biz_mobkoiintel","biz_xaxiscartierhk","biz_sabic2020","biz_mobkoiveuve","biz_vbcbreezethmobkoi","biz_microsoftnov","biz_mobkoibulgari","biz_microsoftjan2021","biz_vca","biz_mobkoiintel2","biz_ibm2","biz_ford","biz_amazon"]},"minorUpdatedAt":"2021-08-28T02:21:12.808Z","publishedAt":"2020-12-18T21:31:46.197Z","primarySite":"bbiz","primaryCategory":"","quote":{},"relatedStories":{},"revision":"QLK14YDWLU69","slug":"2020-12-18/value-in-a-frothy-market-podcast","summary":"Source: Bloomberg, 31:34","tags":{"editorialTopics":[],"niCodes":[{"id":"ATTACHMENT"},{"id":"AUDIO"},{"id":"BGOVBILLGO"},{"id":"BGOVCODES"},{"id":"BNPODCAST"},{"id":"BONDWIRES"},{"id":"CORONAVIR"},{"id":"GENHEA"},{"id":"ILLNESS"},{"id":"INFECT"},{"id":"MAJOR"},{"id":"MARKETSPOD"},{"id":"MISC"},{"id":"ONWEB"},{"id":"ORIGINAL"},{"id":"PODCAST"},{"id":"SRCRANK1"},{"id":"VIRALILL"}]},"contentTags":[{"id":"coronavirus","type":"Topic","directScore":0.4057971014492754,"derivedScore":0.4057971014492754,"name":"Coronavirus"},{"id":"healthcare","type":"Classification","directScore":0,"derivedScore":0.4057971014492754,"name":"Healthcare"}],"type":"audio","updatedAt":"2020-12-18T21:31:46.197Z","url":"https://web.archive.org/web/20210902053531/https://www.bloomberg.com/news/audio/2020-12-18/value-in-a-frothy-market-podcast","webOriginal":false,"adCode":"business/general"},"/navi/cmp":{"snippets":{"html":"<script type=\"text/javascript\">\n /* GDPR Stub file */\n !function () { var e = function () { var e, t = \"__tcfapiLocator\", a = [], n = window; for (; n;) { try { if (n.frames[t]) { e = n; break } } catch (e) { } if (n === window.top) break; n = n.parent } e || (!function e() { var a = n.document, r = !!n.frames[t]; if (!r) if (a.body) { var i = a.createElement(\"iframe\"); i.style.cssText = \"display:none\", i.name = t, a.body.appendChild(i) } else setTimeout(e, 5); return !r }(), n.__tcfapi = function () { for (var e, t = arguments.length, n = new Array(t), r = 0; r < t; r++)n[r] = arguments[r]; if (!n.length) return a; if (\"setGdprApplies\" === n[0]) n.length > 3 && 2 === parseInt(n[1], 10) && \"boolean\" == typeof n[3] && (e = n[3], \"function\" == typeof n[2] && n[2](\"set\", !0)); else if (\"ping\" === n[0]) { var i = { gdprApplies: e, cmpLoaded: !1, cmpStatus: \"stub\" }; \"function\" == typeof n[2] && n[2](i) } else a.push(n) }, n.addEventListener(\"message\", (function (e) { var t = \"string\" == typeof e.data, a = {}; try { a = t ? JSON.parse(e.data) : e.data } catch (e) { } var n = a.__tcfapiCall; n && window.__tcfapi(n.command, n.version, (function (a, r) { var i = { __tcfapiReturn: { returnValue: a, success: r, callId: n.callId } }; t && (i = JSON.stringify(i)), e.source.postMessage(i, \"*\") }), n.parameter) }), !1)) }; \"undefined\" != typeof module ? module.exports = e : e() }();\n <\/script>\n <script type=\"text/javascript\">\n /* CCPA Stub file */\n (function () { var e = false; var c = window; var t = document; function r() { if (!c.frames[\"__uspapiLocator\"]) { if (t.body) { var a = t.body; var e = t.createElement(\"iframe\"); e.style.cssText = \"display:none\"; e.name = \"__uspapiLocator\"; a.appendChild(e) } else { setTimeout(r, 5) } } } r(); function p() { var a = arguments; __uspapi.a = __uspapi.a || []; if (!a.length) { return __uspapi.a } else if (a[0] === \"ping\") { a[2]({ gdprAppliesGlobally: e, cmpLoaded: false }, true) } else { __uspapi.a.push([].slice.apply(a)) } } function l(t) { var r = typeof t.data === \"string\"; try { var a = r ? JSON.parse(t.data) : t.data; if (a.__cmpCall) { var n = a.__cmpCall; c.__uspapi(n.command, n.parameter, function (a, e) { var c = { __cmpReturn: { returnValue: a, success: e, callId: n.callId } }; t.source.postMessage(r ? JSON.stringify(c) : c, \"*\") }) } } catch (a) { } } if (typeof __uspapi !== \"function\") { c.__uspapi = p; __uspapi.msgHandler = l; c.addEventListener(\"message\", l, false) } })();\n <\/script>\n <script>\n window._sp_ = {\n config: {\n accountId: 1425,\n baseEndpoint: \"https://sourcepointcmp.bloomberg.com\",\n targetingParams: {\n type: \"GDPR\",\n view: window.isTerminal ? \"terminal\" : \"web\"\n }\n }\n };\n window._sp_ccpa = {\n config: {\n accountId: 1425,\n baseEndpoint: \"https://sourcepointcmp.bloomberg.com\",\n getDnsMsgMms: true,\n alwaysDisplayDns: false,\n targetingParams: {\n type: \"CCPA\",\n view: window.isTerminal ? \"terminal\" : \"web\"\n }\n }\n };\n <\/script>\n <script async src=\"https://sourcepointcmp.bloomberg.com/wrapperMessagingWithoutDetection.js\"><\/script>\n <script async src=\"https://sourcepointcmp.bloomberg.com/ccpa.js\"><\/script><script>\n window.__bloomberg__ = window.__bloomberg__ || {};\n window.__bloomberg__.cmp = {\n init: function initCMP() {\n var CCPA_FOOTER_LABELS = {\n ja: \"私の個人情報を販売しない(カリフォルニア州消費者プライバシー法)\",\n en: \"Do Not Sell My Info (California)\"\n };\n var GDPR_FOOTER_LABELS = {\n ja: \"クッキーを管理する\",\n en: \"Manage Cookies\"\n };\n if (!window.__tcfapi) {\n console.warn(\"[navi/cmp] CMP required stub missing, exiting `initCMP`\");\n return;\n }\n var bbgConsentReadyFlag = false;\n var sourcepointCMPLoaded = false;\n var SOURCEPOINT_GDPR_PRIVACY_MANAGER_ID = 192913;\n var SOURCEPOINT_CCPA_PRIVACY_MANAGER_ID = \"5f07906b43304a114d911db3\";\n var trackerTimeStart = Date.now();\n /* https://support.google.com/analytics/answer/10022331?hl=en */\n window[\"gtag_enable_tcf_support\"] = true;\n /* Listens for GDPR/CCPA consent events, converts it to bbg consent string, and stores it in a cookie */\n waitForConsent({\n onGDPR: function (tcData) {\n if (tcData.eventStatus !== \"tcloaded\" && tcData.eventStatus !== \"useractioncomplete\") {\n console.warn(\"[navi/cmp] CMP UI is shown, waiting for user consent\");\n return;\n }\n window.__tcfapi(\"getCustomVendorConsents\", 2, function (customConsents, success) {\n if (!success) {\n console.error(\"[navi/cmp] Failed to `getCustomVendorConsents` with __tcfapi\");\n return;\n }\n var bbgConsentString = convertFromGDPRData(customConsents);\n setCookie(\"bbgconsentstring\", bbgConsentString, 365);\n fireBBGConsentReadyGTMEventOnce();\n console.log(\"[navi/cmp] GDPR applies, custom consent string\", bbgConsentString);\n });\n },\n onCCPA: function (uspData) {\n var bbgConsentString = convertFromCCPAData(uspData);\n setCookie(\"bbgconsentstring\", bbgConsentString, 365);\n fireBBGConsentReadyGTMEventOnce();\n console.log(\"[navi/cmp] CCPA applies, custom consent string\", bbgConsentString);\n },\n onError: function (error) {\n console.warn(\"[navi/cmp]\", error);\n if (!navigator.sendBeacon)\n return;\n navigator.sendBeacon(\"/javelin/api/cmp_tracker\", new Blob([JSON.stringify({\n url: window.location.href,\n event: \"sourcepoint_cmp_error\",\n message: error.message,\n userAgent: navigator.userAgent,\n timeElapsed: (Date.now() - trackerTimeStart) / 1000\n })], { type: \"application/json\" }));\n }\n });\n /* Listens for GDPR/CCPA consent events and injects proper footer link */\n waitForConsent({\n onGDPR: function () {\n waitForDOM(function () {\n injectCmpLink(GDPR_FOOTER_LABELS, function () {\n window._sp_.loadPrivacyManagerModal(SOURCEPOINT_GDPR_PRIVACY_MANAGER_ID);\n });\n });\n },\n onCCPA: function () {\n waitForDOM(function () {\n injectCmpLink(CCPA_FOOTER_LABELS, function () {\n window._sp_ccpa.loadPrivacyManagerModal(null, SOURCEPOINT_CCPA_PRIVACY_MANAGER_ID);\n });\n });\n },\n once: true\n });\n window.addEventListener(\"beforeunload\", function () {\n if (!navigator.sendBeacon)\n return;\n if (!sourcepointCMPLoaded || !wasGtmDomEventPushed() || !didGoogletagLoadStart()) {\n navigator.sendBeacon(\"/javelin/api/cmp_tracker\", new Blob([JSON.stringify({\n url: window.location.href,\n event: \"integration_load_anomaly\",\n userAgent: navigator.userAgent,\n sourcepointCMPLoaded: sourcepointCMPLoaded,\n gtmDom: wasGtmDomEventPushed(),\n gtmLoad: wasGtmLoadEventPushed(),\n googletagLoadStart: didGoogletagLoadStart(),\n message: \"See attached metadata\",\n timeElapsed: (Date.now() - trackerTimeStart) / 1000\n })], { type: \"application/json\" }));\n }\n if (sourcepointCMPLoaded && !bbgConsentReadyFlag) {\n navigator.sendBeacon(\"/javelin/api/cmp_tracker\", new Blob([JSON.stringify({\n url: window.location.href,\n event: \"bbg_consent_ready\",\n userAgent: navigator.userAgent,\n message: \"User left the page before CMP was submitted\",\n timeElapsed: (Date.now() - trackerTimeStart) / 1000\n })], { type: \"application/json\" }));\n }\n });\n function waitForConsent(options) {\n window.__tcfapi(\"addEventListener\", 2, function (tcData, success) {\n options.onError = options.onError || function () { };\n if (!success) {\n options.onError(new Error(\"[navi/cmp] Failure received from __tcfapi `addEventListener`\"));\n return;\n }\n /* https://github.com/InteractiveAdvertisingBureau/GDPR-Transparency-and-Consent-Framework/blob/master/TCFv2/IAB%20Tech%20Lab%20-%20CMP%20API%20v2.md#what-does-the-gdprapplies-value-mean */\n if (tcData.gdprApplies === undefined) {\n options.onError(new Error(\"[navi/cmp] Received `gdprApplies` as undefined\"));\n return;\n }\n sourcepointCMPLoaded = true;\n if (tcData.gdprApplies) {\n options.onGDPR(tcData);\n }\n else {\n window.__uspapi(\"getUSPData\", 1, function (uspData, success) {\n if (!success) {\n options.onError(new Error(\"[navi/cmp] Failed to `getUSPData` with __uspapi\"));\n return;\n }\n options.onCCPA(uspData);\n });\n }\n if (options.once) {\n window.__tcfapi(\"removeEventListener\", 2, function (success) {\n if (!success) {\n options.onError(new Error(\"[navi/cmp] Failed to remove __tcfapi event listener with id: \" + tcData.listenerId));\n }\n }, tcData.listenerId);\n }\n });\n }\n function waitForDOM(fn) {\n document.readyState === \"loading\"\n ? document.addEventListener(\"DOMContentLoaded\", fn)\n : fn();\n window.addEventListener(\"load\", fn);\n }\n function injectCmpLink(labels, triggerCmpModal) {\n var cmpLink = document.querySelector(\"#cmp-footer-link\");\n if (cmpLink && cmpLink.getAttribute(\"data-status\") !== \"injected\") {\n cmpLink.textContent = labels[cmpLink.getAttribute(\"data-lang\") || \"en\"];\n cmpLink.addEventListener(\"click\", triggerCmpModal);\n cmpLink.setAttribute(\"data-status\", \"injected\");\n console.log(\"[navi/cmp] Successfully injected footer link\", cmpLink);\n return;\n }\n console.warn(\"[navi/cmp] Footer link was not found or was already injected\", cmpLink);\n }\n function convertFromCCPAData(uspData) {\n return uspData.uspString.charAt(2) === \"N\" ? \"req1fun1pad1\" : \"req1fun0pad0\";\n }\n function convertFromGDPRData(consents) {\n var funId = \"5f29641df70e58290010d5aa\";\n var padId = \"5f2c366203c8584077858803\";\n var grantedConsents = consents.consentedPurposes.concat(consents.legIntPurposes);\n var reqFlag = \"req1\", funFlag = \"fun0\", padFlag = \"pad0\";\n grantedConsents.forEach(function (purpose) {\n if (purpose._id === funId) {\n funFlag = \"fun1\";\n Object.keys(consents.grants).forEach(function (vendorId) {\n var grant = consents.grants[vendorId].purposeGrants;\n if (funId in grant && !grant[funId]) {\n funFlag = \"fun0\";\n }\n });\n }\n if (purpose._id === padId) {\n padFlag = \"pad1\";\n Object.keys(consents.grants).forEach(function (vendorId) {\n var grant = consents.grants[vendorId].purposeGrants;\n if (padId in grant && !grant[padId]) {\n padFlag = \"pad0\";\n }\n });\n }\n });\n return [reqFlag, funFlag, padFlag].join(\"\");\n }\n function setCookie(name, value, days) {\n var d = new Date;\n d.setTime(d.getTime() + 24 * 60 * 60 * 1000 * days);\n document.cookie = name + \"=\" + value + \";path=/;expires=\" + d.toUTCString();\n }\n function fireBBGConsentReadyGTMEventOnce() {\n if (!bbgConsentReadyFlag) {\n window.dataLayer = window.dataLayer || [];\n window.dataLayer.push({ event: \"bbg_consent_ready\" });\n // add support for liveblog-frontend, which uses a different data layer array\n if (/^\\/?news\\/live-blog/.test(window.location.pathname)) {\n window.dataLayerMNTH5N = window.dataLayerMNTH5N || [];\n window.dataLayerMNTH5N.push({ event: \"bbg_consent_ready\" });\n }\n /* Needed to guarantee that we fire GTM `bbg_consent_ready` event only once */\n bbgConsentReadyFlag = true;\n }\n }\n function wasGtmDomEventPushed() {\n try {\n return Boolean(window.dataLayer.find(function (command) {\n return command.event === \"gtm.dom\";\n }));\n }\n catch (e) {\n return null;\n }\n }\n function wasGtmLoadEventPushed() {\n try {\n return Boolean(window.dataLayer.find(function (command) {\n return command.event === \"gtm.load\";\n }));\n }\n catch (e) {\n return null;\n }\n }\n function didGoogletagLoadStart() {\n try {\n return Boolean(window.googletag._loadStarted_);\n }\n catch (e) {\n return null;\n }\n }\n}\n };\n window.__bloomberg__.cmp.init();\n <\/script>","js":[],"css":[],"fonts":[]}},"/navi/footer":{"snippets":{"css":"<link href=\"https://assets.bwbx.io/s3/navi/css/components/en/footer/footer-54521df512.css\" rel=\"stylesheet\">","js":[],"html":"\n <footer class=\"bb-global-footer\">\n <div class=\"bb-global-footer__content\">\n <div class=\"bb-global-footer__group\">\n <a class=\"bb-global-footer__link\" href=\"/tos\">Terms of Service</a>\n <button class=\"bb-global-footer__link bb-global-footer__cmp-link\" id=\"cmp-footer-link\" data-lang=\"en\"></button>\n <a class=\"bb-global-footer__link\" href=\"/trademarks\">Trademarks</a>\n <a class=\"bb-global-footer__link\" href=\"/privacy\">Privacy Policy</a>\n <small class=\"bb-global-footer__copyright\">©2021 Bloomberg L.P. All Rights Reserved</small>\n </div>\n <div class=\"bb-global-footer__group\">\n <a class=\"bb-global-footer__link\" href=\"/careers/?utm_source=dotcom&utm_medium=footer\">Careers</a>\n <a class=\"bb-global-footer__link\" href=\"https://nytech.org/made\">Made in NYC</a>\n <a class=\"bb-global-footer__link\" href=\"https://www.bloombergmedia.com/contact\">Advertise</a>\n <a class=\"bb-global-footer__link bb-global-footer__ad-choices\" href=\"/privacy#advertisements\">Ad Choices</a>\n <a class=\"bb-global-footer__link\" href=\"/help\">Help</a>\n </div>\n </div>\n </footer>\n "}},"/navi/bar":{"snippets":{"css":"<link href=\"https://assets.bwbx.io/font-service/css/Bloomberg%20Logotypes-Medium,BWHaasGrotesk-75Bold-Web,BWHaasGrotesk-95Black-Web,BWHaasGrotesk-55Roman-Web/font-face.css\" rel=\"stylesheet\"><link href=\"https://assets.bwbx.io/s3/navi/css/components/en/bar/bar-37d993f76f.css\" rel=\"stylesheet\"><link href=\"https://assets.bwbx.io/s3/navi/vendor/css/reg-ui-client-2ea8d36ebb.css\" rel=\"stylesheet\"><noscript><style>.noscript-hide{display:none;}.navi-bar__button--subscribe{margin-right:20px;}</style></noscript>","html":"\n <nav id=\"navi\" class=\"navi navi-sub-menu-container\" data-sticky=\"true\" data-link-type=\"relative\" data-reg-env=\"production\" data-reg-url=\"https://www.bloomberg.com/account/signup?in_source=login_direct\" style=\"z-index:2\">\n <div class=\"navi-bar\">\n <div class=\"navi-bar__left\"><a tabindex=\"0\" href=\"/sitemap\" class=\"navi-bar__button navi-bar__button--menu\" title=\"Toggle menu\" aria-label=\"Toggle menu\" aria-haspopup=\"menu\" role=\"button\">Menu</a><a href=\"/search\" class=\"navi-bar__button navi-bar__button--search\" id=\"nav-bar-search-button\" tabindex=\"0\" aria-haspopup=\"true\" role=\"button\">Search</a></div>\n <div class=\"navi-bar__middle\">\n <a href=\"/\" class=\"navi-bar__logo\">\n <div class=\"navi-bar__logo--text\"><span class=\"navi-bar__logo--title\">Bloomberg</span></div>\n </a>\n \n </div>\n <div class=\"navi-bar__right\"><a href=\"https://www.bloomberg.com/account/signup?in_source=login_direct\" class=\"navi-bar__button navi-bar__button--sign-in navi-sign-in-link noscript-hide\">Sign In</a><button class=\"navi-bar__button navi-bar__button--sign-out navi-sign-out-link noscript-hide\">Sign Out</button><a href=\"https://www.bloomberg.com/subscriptions?in_source=fs-nav\" class=\"navi-bar__button navi-bar__button--subscribe navi-subscribe-link\">Subscribe</a><div class=\"navi-referrals-opt-in-tout\" data-breaking-news-state=\"present\" data-push-notification-prompt-state=\"present\" data-loading=\"true\"></div></div>\n </div>\n \n <div class=\"navi-menu\" aria-expanded=\"false\">\n <div class=\"navi-menu__inner\">\n \n <div class=\"navi-sections\">\n \n <ul class=\"navi-sections__list\" role=\"menu\"> \n <li data-section=\"business\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--business navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-business\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/\" tabindex=\"-1\">Home</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"markets\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--markets navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-markets\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/markets\" tabindex=\"-1\">Markets</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"technology\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--technology navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-technology\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/technology\" tabindex=\"-1\">Technology</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"politics\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--politics navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-politics\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/politics\" tabindex=\"-1\">Politics</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"wealth\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--wealth navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-wealth\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/wealth\" tabindex=\"-1\">Wealth</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"pursuits\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--pursuits navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-pursuits\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/pursuits\" tabindex=\"-1\">Pursuits</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"opinion\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--opinion navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-opinion\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/opinion\" tabindex=\"-1\">Opinion</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"businessweek\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--businessweek navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-businessweek\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/businessweek\" tabindex=\"-1\">Businessweek</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"neweconomy\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--neweconomy navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-neweconomy\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/new-economy-forum\" tabindex=\"-1\">New Economy</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"equality\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--equality navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-equality\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/equality\" tabindex=\"-1\">Equality</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"green\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--green navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-green\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/green\" tabindex=\"-1\">Green</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"citylab\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--citylab navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-citylab\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/citylab\" tabindex=\"-1\">CityLab</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n </ul>\n <hr class=\"navi-sections__divider\">\n <ul class=\"navi-sections__list\" role=\"menu\"> \n <li data-section=\"quicktake\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--quicktake navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-quicktake\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/qt\" tabindex=\"-1\">Quicktake</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"video\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--video navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-video\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/live\" tabindex=\"-1\">Bloomberg TV+</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"podcasts\" data-submenu=\"true\" class=\"navi-sections__item navi-sections__item--podcasts navi-sections__item--has-submenu\" role=\"menuitem\" tabindex=\"-1\" aria-haspopup=\"menu\" aria-owns=\"navi-submenu-podcasts\">\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/podcasts\" tabindex=\"-1\">Podcasts</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"radio\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--radio \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/audio\" tabindex=\"-1\">Radio</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"live\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--live \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"https://www.bloomberglive.com/\" tabindex=\"-1\">Bloomberg Live</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n </ul>\n <hr class=\"navi-sections__divider\">\n <ul class=\"navi-sections__list\" role=\"menu\"> \n <li data-section=\"newsletters\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--newsletters \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"https://www.bloomberg.com/account/newsletters?source=site_nav\" tabindex=\"-1\">Newsletters</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"watchlist\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--watchlist \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/markets/watchlist\" tabindex=\"-1\">Watchlist</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"subscribe\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--subscribe \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link navi-subscribe-link\" href=\"https://www.bloomberg.com/subscriptions?in_source=menu\" tabindex=\"-1\">Subscribe</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"sign-in\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--sign-in \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link navi-sign-in-link\" href=\"https://www.bloomberg.com/account/signup?in_source=login_direct\" tabindex=\"-1\">Sign in</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n </ul>\n <hr class=\"navi-sections__divider\">\n <ul class=\"navi-sections__list\" role=\"menu\"> \n <li data-section=\"tips\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--tips \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/tips\" tabindex=\"-1\">Submit a Tip</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"help\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--help \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"https://www.bloomberg.com/help?in_source=help-nav\" tabindex=\"-1\">Help Center</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n <li data-section=\"license\" data-submenu=\"false\" class=\"navi-sections__item navi-sections__item--license \" role=\"menuitem\" tabindex=\"-1\" >\n <h2 class=\"navi-sections__head\">\n <a class=\"navi-sections__link \" href=\"/distribution\" tabindex=\"-1\">License</a>\n </h2>\n <span class=\"navi-sections__tab\" title=\"Jump to submenu\" aria-label=\"Jump to submenu\"></span>\n </li>\n \n </ul>\n \n </div>\n \n \n <div id=\"navi-submenu-business\" class=\"navi-submenu navi-submenu--business\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/new-economy-forum\">Bloomberg New Economy</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/future-of-finance\">Future Finance</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/wealth/\">Wealth</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/next-china/\">Next China</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/crypto\">Crypto</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/checkout\">Checkout</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/hyperdrive\">Hyperdrive</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/well-spent\">Well Spent</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/prognosis\">Prognosis</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/good-business\">Good Business</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/billionaires/\">Billionaires</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/graphics\">Graphics</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/sponsor/partnerships/\">Sponsored Content</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/screentime\">Screentime</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Watch</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/features/peer-to-peer/\">The David Rubenstein Show</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/btv/series/david-rubenstein-wealth-show\">The David Rubenstein Wealth Show</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/ad/hyundai/artandtechnology\">Art + Technology</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/btv/series/future-go\">Future GO</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Special Reports</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/graphics/covid-vaccine-tracker-global-distribution/\">Covid-19 Vaccine Tracker </a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/graphics/2021-investment-outlooks/?sref=kKj7hWAI\">What Wall Street Expects for 2021</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/features/2016-how-to-invest-10k\">Where to Invest $10,000</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/features/companies-to-watch-2021/\">50 Companies to Watch</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/features/how-to-invest-a-million-dollars/\">Where to Invest $1 Million</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/bloombergbusiness\">Facebook</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/business\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/bloombergbusiness/\">Instagram</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.linkedin.com/company/bloomberg/\">LinkedIn</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-markets\" class=\"navi-submenu navi-submenu--markets\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/economics\">Economics</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/deals\">Deals</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/oddlots\">Odd Lots</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/fixed-income\">The FIX | Fixed Income</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/etfs\">ETFs</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/fx-center\">FX</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/factor-investing\">Factor Investing</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/alternative-investments\">Alternative Investing</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/markets-magazine\">Markets Magazine</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Watch</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/daybreak-americas\">Daybreak</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/bloomberg-surveillance\">Surveillance</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/bloomberg-markets\">Markets</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/whatd-you-miss\">What'd You Miss</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/real-yield?sref=E9HdhEsW\">Real Yield</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/charting-futures\">Charting Futures</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/futures-in-focus\">Futures in Focus</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/markets\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/bloombergmarkets/\">Facebook</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Data</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/stocks\">Stocks</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/currencies\">Currencies</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/commodities\">Commodities</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/rates-bonds\">Rates & Bonds</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/sectors\">Sectors</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/markets/economic-calendar\">Economic Calendar</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">SUBSCRIBE</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/account/newsletters/markets\">Five Things: U.S.</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/account/newsletters/markets-europe\">Five Things: Europe</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/account/newsletters/markets-asia\">Five Things: Asia</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/account/newsletters/evening-briefing\">Evening Briefing</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Listen</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/what_goes_up\">What Goes Up</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/stephanomics\">Stephanomics</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/odd_lots\">Odd Lots</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/surveillance\">Surveillance</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/taking_stock\">P&L</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/decrypted1\">Trillions</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-technology\" class=\"navi-submenu navi-submenu--technology\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/future-of-work\">Work Shifting</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/code-wars\">Code Wars</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/topics/5g-network\">5G Network</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Special Reports</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/features/elon-musk-goals/\">The Elon Musk Tracker</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/graphics/2018-tesla-tracker/\">Tesla Model 3 Tracker</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Watch</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/bloomberg-technology\">Bloomberg Technology TV</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/studio-1\">Studio 1.0</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Subscribe</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/account/newsletters/technology\">Fully Charged</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/account/newsletters/power-on\">Power On</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/account/newsletters/game-on\">Game On</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Listen</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/decrypted\">Decrypted</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/technology\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/BloombergTechnology/\">Facebook</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-politics\" class=\"navi-submenu navi-submenu--politics\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/election-2020\">Election 2020</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/graphics/global-trade-indicators/\">Global Trade Tracker</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Listen</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/sound_on\">Sound On</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/law\">Bloomberg Law</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Watch</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/balance-of-power\">Balance of Power</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Subscribe</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"http://link.mail.bloombergbusiness.com/join/4wm/politics-brief-signup&hash=b9b2681361bede0e1069ca238efb1ec2\">Balance of Power</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/bpolitics\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/BloombergPolitics/\">Facebook</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-wealth\" class=\"navi-submenu navi-submenu--wealth\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/wealth/investing\">Investing</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/wealth/living\">Living</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/wealth/opinion-and-advice\">Opinion & Advice</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/wealth/savings-and-retirement\">Savings & Retirement</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/wealth/taxes\">Taxes</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/wealth/reinvention\">Reinvention</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Watch</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/good-money\">Good Money</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/btv/series/david-rubenstein-wealth-show\">The David Rubenstein Wealth Show</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Listen</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/the-paycheck\">The Paycheck</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/wealth\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"http://facebook.com/bloombergbusiness\">Facebook</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/bloombergbusiness\">Instagram</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-pursuits\" class=\"navi-submenu navi-submenu--pursuits\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/pursuits/travel\">Travel</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/pursuits/autos\">Autos</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/pursuits/real-estate\">Homes</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/pursuits/living\">Living</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/pursuits/culture\">Culture</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/pursuits/style\">Style</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Special Reports</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/features/best-places-to-travel-2021/\">Where to Go in 2021</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/pursuits/property-listings\">Property Listings</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/graphics/property-prices/london/\">London Property Prices</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/graphics/property-prices/nyc/\">New York Property Prices</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Watch</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/made\">Made</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/traveler\">Traveler</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/invitation-only\">Invitation Only</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/luxury\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/bloombergpursuits/\">Facebook</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/bloombergpursuits/\">Instagram</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-opinion\" class=\"navi-submenu navi-submenu--opinion\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/authors/ASB62QVt-d0/the-editors\">Editorials</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/letters\">Letters</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/bopinion\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/bloombergopinion\">Facebook</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/bloombergopinion/\">Instagram</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Listen</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/masters_in_business\">Masters in Business</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Subscribe</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"http://link.mail.bloombergbusiness.com/join/4wm/opinion-signup&hash=b9b2681361bede0e1069ca238efb1ec2\">Bloomberg Opinion Today</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"http://link.mail.bloombergbusiness.com/join/4wm/moneystuff-signup&hash=b9b2681361bede0e1069ca238efb1ec2\">Money Stuff</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"http://link.mail.bloombergbusiness.com/join/4wm/ritholtz-reads-signup&hash=54223001ca3ffcf40f2629c25acea67a\">Ritholtz's Reads</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"http://link.mail.bloombergbusiness.com/join/4wm/early-returns-signup&hash=54223001ca3ffcf40f2629c25acea67a\">Early Returns</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"http://link.mail.bloombergbusiness.com/join/4wm/sparklines-signup&hash=b9b2681361bede0e1069ca238efb1ec2\">Sparklines</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-businessweek\" class=\"navi-submenu navi-submenu--businessweek\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Special Reports</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/business-of-equality\">Business of Equality</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/features/2020-bloomberg-50/?sref=kKj7hWAI\">The Bloomberg 50</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/business-schools/\">Best B-Schools</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/small-business-survival\">Small Business Survival Guide</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/work-from-home-tips?\">Working From Home</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/features/companies-to-watch-2021/\">50 Companies to Watch</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">The Magazine</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"http://businessweekmag.com/bwhomepagesubscribe\">Subscribe</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://login.bloomberg.com/magazines\">Manage</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/BW\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/bloombergbusinessweek/\">Facebook</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/businessweek/?hl=en\">Instagram</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-neweconomy\" class=\"navi-submenu navi-submenu--neweconomy\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Watch</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.neweconomyforum.com/events/\">New Economy Conversation Series</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.neweconomyforum.com/\">2020 Digital Program Highlights</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Subscribe</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/account/newsletters/nef\">Turning Points</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Listen</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/stephanomics\">Stephanomics</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/neweconforum\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/neweconforum/\">Facebook</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.linkedin.com/showcase/bloomberg-new-economy-forum/\">LinkedIn</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://assets.bbhub.io/media/sites/22/2020/04/New-Economy-Forum-Wechat-QR-Code.jpg\">WeChat</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-equality\" class=\"navi-submenu navi-submenu--equality\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/equality/corporate-leadership\">Corporate Leadership</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/equality/capital\">Capital</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/equality/society\">Society</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/equality/solutions\">Solutions</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/bbgequality\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/bloombergequality\">Instagram</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-green\" class=\"navi-submenu navi-submenu--green\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/green-energy-science\">Science & Energy</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/green-climate-adaptation\">Climate Adaptation</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/green-finance\">Finance</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/green-politics\">Politics</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/green-culture-design\">Culture & Design</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Special Reports</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/graphics/climate-change-data-green/\">Data Dash</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Subscribe</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/account/newsletters/green\">Green Daily</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/climate\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/bloomberggreen\">Facebook</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/bloomberggreen/\">Instagram</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-citylab\" class=\"navi-submenu navi-submenu--citylab\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Read</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/citylab/design\">Design</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/citylab/culture\">Culture</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/citylab/transportation\">Transportation</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/citylab/economy\">Economy</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/citylab/environment\">Environment</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/citylab/housing\">Housing</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/citylab/justice\">Justice</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/citylab/government\">Government</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Subscribe</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/account/newsletters/citylab-daily\">CityLab Daily</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/account/newsletters/citylab-maplab\">MapLab</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.bloomberg.com/account/newsletters/citylab-most-popular\">Most Popular</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/CityLab\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/thisiscitylab\">Facebook</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/citylab\">Instagram</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.linkedin.com/company/citylab-com\">LinkedIn</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-quicktake\" class=\"navi-submenu navi-submenu--quicktake\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Live</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/live\">Watch Live TV</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Original Series</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/storylines\">Storylines</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/moonshot\">Moonshot</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/hello-world\">Hello World</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/good-money\">Good Money</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/game-changers\">Game Changers</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/citylab\">CityLab Solutions</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/accelerate\">Accelerate</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt\">See all series...</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">News Shows</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/take-charge\">Take Charge</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/take-a-break\">Take a Break</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/take-the-lead\">Take the Lead</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/qt/series/geo\">Geo</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.youtube.com/channel/UCUMZ7gohGI9HcU9VNsr2FJQ\">YouTube</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/quicktake\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.instagram.com/quicktake/?hl=en\">Instagram</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/quicktake\">Facebook</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-video\" class=\"navi-submenu navi-submenu--video\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Watch Live TV</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/live/us\">US</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/live/europe\">Europe</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/live/asia\">Asia</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/live/australia\">Australia</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/live/schedule-shows\">Schedule+Shows</a></li>\n </ul>\n </section>\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Shows</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/bloomberg-surveillance\">Surveillance</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/daybreak-americas\">Daybreak</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/bloomberg-markets\">Markets</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/balance-of-power\">Balance of Power</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/bloomberg-technology\">Bloomberg Technology</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/peer-to-peer\">The David Rubenstein Show</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/series/whatd-you-miss\">What'd You Miss?</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/live/shows\">All Shows...</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Follow</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.youtube.com/channel/UCIALMKvObZNtJ6AmdCLP7Lg\">YouTube</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://twitter.com/BloombergTV\">Twitter</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"https://www.facebook.com/BloombergTelevision/\">Facebook</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n <div id=\"navi-submenu-podcasts\" class=\"navi-submenu navi-submenu--podcasts\" role=\"list\">\n <div class=\"navi-submenu__content\">\n \n <div class=\"navi-submenu__column\">\n \n <section class=\"navi-submenu__section\">\n <header class=\"navi-submenu__header\">Listen</header>\n <ul class=\"navi-submenu__list\">\n <li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/what_goes_up\">What Goes Up</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/stephanomics\">Stephanomics</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/odd_lots\">Odd Lots</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/decrypted\">Foundering</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/masters_in_business\">Masters in Business</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/surveillance\">Surveillance</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/taking_stock\">The Tape</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/advantage\">Businessweek</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/the-paycheck\">The Pay Check</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/prognosis-podcast\">Prognosis</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/travel-genius\">Travel Genius</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/works-for-me\">Works for Me</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts/decrypted1\">Trillions</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/podcasts\">All Podcasts…</a></li><li class=\"navi-submenu__item\" role=\"listitem\" tabindex=\"-1\"><a tabindex=\"-1\" class=\"navi-submenu__link\" href=\"/audio/shows\">All Radio Shows…</a></li>\n </ul>\n </section>\n \n </div>\n \n <div class=\"navi-submenu__close-column\">\n <button class=\"navi-submenu__close\" title=\"Close\" aria-label=\"Close\"></button>\n </div>\n </div>\n </div>\n \n </div>\n </div>\n \n </nav>\n <div class=\"navi-breaking-news\" data-regions=\"global regional\" data-show-on-target-page=\"true\"></div>\n <div class=\"navi-push-notification-prompt\"></div>\n <script type=\"application/ld+json\">{\n \"@context\": \"http://schema.org\",\n \"@type\": \"NewsMediaOrganization\",\n \"address\": {\n \"@type\": \"PostalAddress\",\n \"addressCountry\": \"USA\",\n \"addressLocality\": \"New York\",\n \"addressRegion\": \"NY\",\n \"postalCode\": \"10022\",\n \"streetAddress\": \"731 Lexington Avenue\"\n },\n \"diversityPolicy\": \"https://www.bloomberg.com/diversity-inclusion\",\n \"name\": \"Bloomberg\",\n \"email\": \"inquiry1@bloomberg.net\",\n \"legalName\": \"Bloomberg Finance L.P.\",\n \"leiCode\": \"5493001KJTIIGC8Y1R12\",\n \"telephone\": \"(212) 318-2000\",\n \"url\": \"https://www.bloomberg.com\",\n \"logo\": \"https://assets.bwbx.io/s3/navi/images/bloomberg_logo-2556aaa618.svg\",\n \"brand\": [\n {\n \"@type\": \"Brand\",\n \"name\": \"Bloomberg markets\",\n \"url\": \"https://www.bloomberg.com/markets\"\n },\n {\n \"@type\": \"Brand\",\n \"name\": \"Bloomberg technology\",\n \"url\": \"https://www.bloomberg.com/technology\"\n },\n {\n \"@type\": \"Brand\",\n \"name\": \"Bloomberg pursuits\",\n \"url\": \"https://www.bloomberg.com/pursuits\"\n },\n {\n \"@type\": \"Brand\",\n \"name\": \"Bloomberg politics\",\n \"url\": \"https://www.bloomberg.com/politics\"\n },\n {\n \"@type\": \"Brand\",\n \"name\": \"Bloomberg opinion\",\n \"url\": \"https://www.bloomberg.com/opinion\",\n \"logo\": \"https://assets.bwbx.io/s3/navi/images/bloomberg_opinion_logo-591d28994d.svg\"\n },\n {\n \"@type\": \"Brand\",\n \"name\": \"Bloomberg businessweek\",\n \"url\": \"https://www.bloomberg.com/businessweek\",\n \"logo\": \"https://assets.bwbx.io/s3/navi/images/bloomberg_businessweek_logo-5e920ae9c4.svg\"\n }\n ]\n}<\/script>\n ","js":"\n <script>window.Promise || document.write('<script src=\"https://assets.bwbx.io/s3/navi/vendor/js/promise-428cb78159.min.js\"><\\/script>')<\/script>\n \n <script>\n window._fence = window._fence || {};\n window._fence.q = window._fence.q || [];\n window._fence.ready = window._fence.ready || function(cb) { window._fence.q.push(cb); };\n <\/script>\n\n <script src=\"https://assets.bwbx.io/s3/navi/js/header-16b62098337871135b6d.js\" async><\/script>\n \n <script type=\"text/javascript\">\n (function(){\n window._pxAppId = 'PX8FCGYgk4';\n var p = document.getElementsByTagName('script')[0],\n s = document.createElement('script');\n s.async = 1;\n s.src = '/8FCGYgk4/init.js';\n p.parentNode.insertBefore(s,p);\n }());\n <\/script>\n <noscript>\n <div style=\"position:fixed; top:0; left:0; display:none\" width=\"1\" height=\"1\">\n <img src=\"/8FCGYgk4/xhr/api/v1/collector/noScript.gif?appId=PX8FCGYgk4\" alt=\"PxPixel\">\n </div>\n </noscript>\n\n "}}} }; </script></body></html>

CINXE.COM

Bloomberg