paul sweeney, who worked on wall street for 30 years, covering media, says the future is probably advertising supported streaming, rather than the subscriber supported stuff. what you think -- what do you think? >> i could see why he would say that. but at this point, i would actually argue that from if you are perspective, you would rather be a subscriber than have ads. people have gotten used to that. was going to be the differentiator is the type of content. netflix and the other streamers are investing a significant amount of money and original content -- from tv shows as well as content. on a global basis. they have localized content. as long as -- globalized content. so as long as the content remains compelling, not even squid games level, but compelling enough to get people to watch, they can continue to grow, without necessarily going back into the ad business, the way things used to be. >> i want to dig deeper beyond intangible headlines, like growth outlook. one of the great things about the bloomberg terminal is that it compiles all of the analyst expectations going forward. when y

if you're not listening to the wonderful paul sweeney on bloomberg radio, on bloomberg tv you can see erin browne of pimco alongside jay pelosky as we work through the big issues in labor markets and financial markets. the view from jay pelosky is this is the year of global synchronized growth at this is theory -- this is the year you want to be allocated to emerging markets. is this the year, given what we saw in hong kong and china? tom: i have to agree with jay pelosky. i think it is way underestimated how corporations and nations will adapt this pandemic. they will make tweets here and there. one of the real issues as we go into the afternoon in paris, is for lisa come in the ninth arrandisemont, it is a no-brainer. you can walk there from where she is. jonathan: is that the sun coming up in paris, manhattan? lisa, get some rest. it is good to see you smiling. lisa abramowicz and tom keene slowly getting back into it in 2022 and eventually we get them back into the office. from new york, this is bloomberg. ritika: with the first word news, i am ritika gupta. the chicago public sch

sweeney. we come back on this program, and by the time i'm leaving, we are back in positive territory. are we going to see the same thing happened today? kriti: i cannot predict it, but yesterday you started to see a lot of hedging demand concentrated in the nasdaq. to see that happen again would tell you there are some big institutional bets being made from hedge funds that had liquidated their funds in the black friday selloff. a big thing to keep in mind is put volume and how much is happening in the options market. matt: i got a message yesterday from peter tchir. he said that his capitulation, we are going to see a bounce now. i am waiting for peter to message me again. one thing i heard from triggers yesterday was that, we are going to buy the dip at the european close. are we going to see that kind of catalyst again? kriti: maybe not the european close, but around 2:00, accelerated in the 3:00 and 4:00 hour. that historically happened a lot in 2020 when you saw for investors hop in. thi

the best anecdote i have is paul sweeney of bloomberg surveillance was at some mall somewhere where he lives and said it was absolutely jammed like christmas. jon: the global head of strategy at r.b.g. let's start 8:30 eastern time, what are you looking for in the inflation number a few hours away? >> it's interesting the last year or couple of years we've had a very strong reaction function and outside surprise frankly for the u.s. dollar next for equities and positive for u.s. yields and i think it will be more of the same today. i think the shock factor has diminished particularly saints surprises we saw last year. elsa: when i look at the forward curve for u.s. we're prying in a lot for 2022 but there's room to price things in for 2023 where i look for more market repricing to occur. tom: how do you play the dollar or do you walk away from it and play emerging markets against each other? what do you do with a true dollar call? elsa: as you know, tom we were bullish u.s. dollars last year and was a hard call heading into 2022 because bullish dollars is a consensus call and we looked

tom: i differ to paul sweeney on this, who will join me on another property at 9:00 a.m. sweeney is expert on this. all of these people spending on the movies you watch all weekend. what i would point out, do you look at the balance sheet as lisa mentioned, or do you look at the income statement generation of cash? i just looked at 3m and their cash conversion cycle, and the stock got a little but of a pop. you can say the same thing about microsoft, that what people are buying is less the cash on the balance sheet and much more the ability to earn cash. then the question is how far out do you extrapolate to justify the evaluation of these wonder companies? that is going to be in play in the coming days. jonathan: goldman had this to say, "driven by a valuation the rating rather than improving expectations." that is the difference between the start of this year and the start of last year. tom: into a chinese like economic boom last year, which i'm sure we don't have that. jonathan: geoff yu of bny mellon is going to be joining us in about 50 minutes. futures down 1.3% on

tom: i got it all from paul sweeney. i did really poorly at this in school, fold disclosure. lambda equals the speed of the frequency as divided and compared to the request he. jonathan: i will admit, it is all foreign to me. if you are on radio and not seeing this banner, it is a special one. [laughter] we will sit down and have our morning coffee together later on, and you can translate all of that for me. tom: -- has a tattoo of that equation on his arm. jonathan: 1.69% -- 1.862% on tents. from new york, this is bloomberg. ♪ bloomberg. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. and