banks. This typically hits economies with a

one- to two-year lag, so we haven’t even seen

the full impact yet. It’s the materials stocks,

the consumer discretionary, the financials,

industrials, that will come roaring out of this.

The risk that worries us the most is U.S.-

China relations. We just opened a Shanghai

office, and I want to make sure that there’s free

movement of ideas, of knowledge. There’s so

much we can learn from private sector com-

panies in China and vice versa. If that’s cut off,

and we balkanize, the world is worse for it.

EISWERT: We now know there’s gonna be

multiple vaccines. We’re gonna beat COVID. I

feel pretty confident about that on a 12-month,

18-month basis. That’s the destination. But the

path is rocky. You have to suffer on the path in

the near term, so that you make money over

the next two, three years. I think social unrest

is a big risk. I don’t understand our country

right now. I don’t understand beliefs that

people have, and how opposed they are. I think

it makes us vulnerable. And I worry about in-

terest rates. Right now we live in zero- interest-

rate land. Housing prices are off the hook—

what was the 30-year mortgage, recently,

2.8%? When that goes away, all asset prices are

going to go down. Do we have an economy that

can sustain growth with a 10-year Treasury at

3%? Because that’s going to cause pain.

YEN: So, 1.1 million workers dropped out of

the labor force in September, and 80% of

those were women. And the reasons in-

clude the fact that a lot of the supports that

we have in place for working parents, like

traditional childcare and traditional school,

went away. How do we make sure that the

workforce that we’ve worked so hard to get

onto equal footing is not wiped out, so that

you can have the Sonia Syngals and Lisa Sus

THREE THINGS TO GET

EXCITED ABOUT, AND

THREE TO WORRY ABOUT

GET EXCITED ABOUT

NONU.S. STOCKS

Stocks in emerging mar-

kets and Europe are 20%

to 30% cheaper than

U.S. stocks in relation

to their earnings, giving

them more upside when

the economy improves.

FINANCE, OLD OR NEW

Financial stocks look

well positioned to soar

as COVID-19 eases;

ironically, so do the

fintech stocks looking to

steal their market share.

YOUNGER INVESTORS

Their desire to invest

in and work for socially

responsible companies

is changing corporate

priorities—and influenc-

ing share prices.

WORRY ABOUT

INTEREST RATES

Central banks have kept

rates low during the

pandemic. If rates inch

back toward normal as

the economy improves,

prices of stocks and real

estate could tumble.

U.S.CHINA TENSION

Trade wars and fights

over intellectual prop-

erty could escalate,

harming multinationals

that depend on global

supply chains.

WORKING PARENTS

School and childcare

closures have driven

millions of women out of

the workforce, with un-

foreseeable economic

consequences.

1.2 TRILLION

$

ASSETS IN SUSTAINABLE MUTUAL FUNDS AND ETFS

at the end of the third quarter, according to Morningstar.

Sustainable funds stayed hot even during the worst weeks of the pandemic bear market.