Apple Is Now a Consumer Staples Company: Belski

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Oct. 23 (Bloomberg) -- Brian Belski, chief investment strategist at BMO Capital Markets and Bloomberg Contributing Editor Scott Galloway discuss the state of markets, the non-event of Apple’s product launch and why Apple should no longer be considered a tech company. They speak on Bloomberg Television’s “Bloomberg Surveillance.”

The jobs report is good for stocks.

This counterintuitive strength is going to continue in stocks.

Assets run in terms of scarcity and capacity.

The scarcity is in u.s. stocks in terms of consistency and ability.

-- and stability.

Ipos are going to be hot, u.s. stocks are going to be hot.

Do you see that in the tech industry, whether it is apple or nokia?

I thought yesterday's apple event was a big yawn.

When they were talking about the superlatives about how it goes from four pounds to one pound -- this is unusual coming from you.

I am a fan boy.

I feel that this event brightened up the room by leaving it.

It was incredibly boring.

It was not a more it's sounding -- astounding presentation.

The iphone 5s compared to the iphone 5. it doesn't seem to be a problem for the company.

If you look at the stock, that was a boring reaction as well.

Not the kind of excitement you used to get.

They've already come out with the world beating smartphone, the world beating tablet.

They do not have anything new.

Been there, done that.

That is kind of the theme for the apple launch.

All of the data coming in and this idea tapering being pushed off yet again.

The tapering thing, the fed came out and said the economy is not growing as fast as we thought it was, employment is not on the right track, and they were worried about the washington silliness.

We have this rising tide market and we think that is going to continue.

Nothing on this stock, -- the thing on this stock, apple, this is no longer a technology company.

It is a consumer staples company.

This is coca-cola and pepsi.

How this stock, or samsung or google is going to do in the next couple of years -- very well.

You are a bull.

We are comfortable with that number.

We think we could see a rising tide market right into the year- end and sideways into the next year.

Asset allocation models start to point towards buying more stocks.

You're going to see all of this click off at the end of the year.

At the beginning of the year -- from cash or from bonds?

From bonds.

We're going to talk about the markets and earnings season.

First, we have some company news.

This text has been automatically generated. It may not be 100% accurate.

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