I'm Nathan Hager along with Tom Keane and Paul Sweeney on Bloomberg surveillance. They're ringing the opening bell this day before Thanksgiving, but stocks are holding steady before the latest FOMC minutes right now, the S&P 500 is down two points at a 4000 level, the Dow Jones Industrial Average is little changed up a point at 34,101, the NASDAQ composite up 5 points at 11,179. Ten year treasuries down four 30 seconds, the yield, 3.74% yield on the two year 4.53%. Nymex crude is plunging down 3.3% or two 72 cents at $78, 23 cents a barrel comic scold down two tenths percent or $3, 1751 80 announced the Euro 1.0332 against the dollar British pound 1.1979, the yen is a one 40.85 Bitcoin up 1.6% at $16,390. This red headline just crossing the Bloomberg terminal, the SEC to push bond and option brokers for better prices on trades. That's a Bloomberg business flash. Tom and Paul. Nathan, thanks so much. Greatly appreciate it. There is literally one person to speak to to prepare for Thanksgiving dinner. Anybody on global Wall Street knows that the onions get passed around in the cranberry sauce and the rest. And then you have to decide what was a damage this year in the two O one K what do you do with a bond market down 15%? And everybody knows it was uncle Fred's fault. Joining us now, the interview of the day, Fred lane, joins us from lane generational. And if caught Fred, the title says it all, generational around the Thanksgiving table in the most clumsy, frustrating year ever. What's the view forward? What do you do as you pass the mashed potatoes tomorrow? Well, I think first you should be grateful for living in this country, which is probably the best place in the world to build capital. Problems notwithstanding. So let's start with that. But I think the stepping back a second. I think Elaine generational we're big believers in growth. We're generalists. We have a preference for growth. Because simply over the long term, if a company isn't growing, your investment won't grow either. So basically, we look for companies that are seeking innovation to grow, addressable market, to increase market share to develop new markets entirely. That said, today's macro environment is really hearkens back to the 70s and the 80s for me. And I think it demands a much more flexible approach. Because the past 40 years is not going to be the next ten years. In our view, we are going to live with persistent inflation. In fact, if you go to the lane generational website, you can click on insight. This is a promo part of the shuffle. I want to make a comment, which is that we were prescient, and it brilliant's necessarily with respect to interest rates having increased. We were prescient with respect to inflation being persistent and we were prescient with respect to energy prices. All of those things are the fact. And Fred lane, I quoted Phil, I quoted Phil kare today, the giant of pioneer funds who said that there was a bright light to inflation. Does the Fred lane persistent inflation provide a revenue growth in revenue persistency that salvages quality stocks? I think the I think the answer to that will be that yes. And the reason for that is because I think the fed is going to finally have to relent and accept the fact that they can't compete against the fiscal policies of this country. And the rest of the world as well. So basically, fiscal stimulus is going to come back. It already is in place and the fed has been fighting with one hand behind its back. Because look, we continue, we've had employment benefits extended. In the face of a shortage of labor. So when you extend unemployment benefits, what do you do? You reduce the supply of available labor. We have 7 to 8 million males in this country who aren't working. That is not positive. So how do you deal with all that? You really have to deal with productivity. So the best places to invest in our view, our productivity, and that's technology. And the other places to invest are those aspects of the economy, energy commodities, precious metals that are going to be hedges against inflation. And we think actually going to show substantial appreciation. You have to invest in real assets in this economy. You can invest in in my view and monetary instruments. Most of the monetary instruments that you sensitive to inflation. All right, so Fred, so you, Tom Kean, and myself, we all grew up with that 60 40 portfolio. But I've got my bonds are down, double digits anywhere I look across the fixed Fred lane's acclaim as he wasn't doing 60. He wasn't doing that. Fred lane, nailed the idea of be careful of the comfort of bonds. It's absolutely so Fred. I mean, is fixed income? Does it still have a place in the modern portfolio? I think it has a place if you're using it if you're short maturities and using it as an ATM 5. But don't use your equity portfolio. This gets to the generational aspect with which Tom started this little segment. It's very important to distinguish between what you're going to need in the next year or two or three and what you're putting away for the next 5 years, ten years, 15 years, 20 years. And a lot of our clients and multi generational in their approach because they have enough resources to allow for that. But regardless, if you're 60 years old and you're going to live to be 90 years old or more, which is statistically the case, you really have to invest for the long term and you have to allocate a certain pocket for that and you have to basically grow that. And that's going to take care of just going to protect you against inflation. And the only way to do that is to invest in real assets. Fred, you talk about real assets. I mean, almost on a daily basis, Tom and I are learning about the crypto space that asset class, if you will, what's your take on it? You've seen things asset classes come and go, what do you make of just crypto in general? What are your clients asking you about? Well, we're a little bit unusual because we actually offer crypto to our clients, not many have taken us up on Ali, but it does in our clients actually own crypto. We do it off the fidelity digital assets platform. And we do that. We use that platform because of the security. Because they hold the coins physically in what's called cold storage. They have the pass keys. So you as the client of the holder of the crypto are not going to be responsible. And by the way, we only offer and fidelity only offers at present Bitcoin. It's the only cryptocurrency. It's the only one we believe