Jay Pelosky, CIO and co-founder of TPW Investment Management, joins Real Vision managing editor Ed Harrison to discuss his macro outlook for 2021. Pelosky shares the areas of opportunity that are on his radar, including high-yield bonds, and equities in Europe and China. Harrison asks Pelosky to update his positive thesis on small-caps equities and emerging market stocks, which have been on a tremendous tear for almost two month. Pelosky explains why despite their frenetic upsurge, he remains bullish on these asset classes as well as other assets that benefit from an increase in growth and inflation. Lastly, Pelosky tells Harrison why the reflation that he expects to see in 2021 will be a drag on sovereign bonds, particularly U.S. Treasurys. Filmed on December 15, 2020. Key learnings: The rotation from growth stocks into value equities is just getting started. Reflation and re-opening will further boost stocks, specifically small-cap and emerging market equities.