Richard Bernstein, CEO of Richard Bernstein Advisors, joins Real Vision managing editor Ed Harrison for a conversation about his investment outlook for 2021 and why he anticipates a year of immense change with a potential surge in earnings and growth rates for small-cap companies. He sees the narrow leadership in the stock market led by large-cap technology stocks ending as cyclicals and value stocks gain momentum. He warns of bearish event risk in tech like antitrust action that will impact companies’ earnings growth potential. Another reason small-cap looks good to Bernstein is because he sees globalization contracting, which will benefit companies leveraged to domestic economies. Filmed December 3, 2020. Key Learnings: When it comes to asset allocation, Bernstein says investors want to choose value over growth as well as focus on small to mid-cap companies, and he explains why now might be the time to invest in non-U.S. companies. He also recommends keeping an eye on municipal bonds as they might be mispriced, and he likes gold as a hedge against inflation and uncertainty.