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Speaker 1: Hello, and welcome to What Goes Up a Bloomberg Weekly

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Speaker 1: market podcast. I'm Sarah Plante, reporter on the Cross Asset

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Speaker 1: team and on Mike Reagan, a senior editor on the

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Speaker 1: Markets team. This week on the show, in the stock

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Speaker 1: market today, it seems there's only one thing that's constant speed.

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Speaker 1: The fastest fall into a bear market on record was

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Speaker 1: met with a forceful rally, In fact, the fastest in

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Speaker 1: about ninety years. We talked to one investor who through

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Speaker 1: all the back and forth, has been looking for opportunities,

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Speaker 1: and as always, will close out the episode with our tradition,

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Speaker 1: the craziest thing I saw in markets this week, And Sarah,

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Speaker 1: I will have you know I this podcast is a

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Speaker 1: special occasion because I actually took a shower for this podcast.

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Speaker 1: I can't really explain why, but I felt the need

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Speaker 1: if I was going to talk to you and our

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Speaker 1: distinguished guests, that that I needed to take a shower.

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Speaker 1: I have not felt that need when I'm writing and editing, though,

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Speaker 1: for whatever reason, it's all mental. We're not in the office.

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Speaker 1: No one knows what we look like, what anyone here

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Speaker 1: is wearing. How long it's been since anyone showered but

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Speaker 1: there's something about talking to someone to each other where

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Speaker 1: it feels like you need to at least feel presentable.

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Speaker 1: That's right. Well, everyone out there listening can take confidence

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Speaker 1: that I smell that's somewhat decent. You know, better better

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Speaker 1: than I did half an hour ago. But but let's

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Speaker 1: welcome to the show. Our guest for the first time.

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Speaker 1: He is the CEO of the investment management firm alger.

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Speaker 1: His name is Dan Chung. Dan, welcome to the show.

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Speaker 1: Thank you and Sarah, why don't you tell the folks

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Speaker 1: about the podcast hot line. We've we've haven't been getting

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Speaker 1: much love on the hot line. What do you let

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Speaker 1: them know about the number? Yeah, come on, everyone's at home.

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Speaker 1: You should have more time to give us a call.

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Speaker 1: You know the drill. If you hear or see any

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Speaker 1: crazy stories in the marks, you have any questions for us,

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Speaker 1: you just want to give us any feedback, you can

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Speaker 1: give us a call. That number is six four six

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Speaker 1: three two four three four nine zero. And remember, if

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Speaker 1: you leave us a message, we may even play it

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Speaker 1: on the show for you to hear yourself. That's right,

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Speaker 1: and you do as a listener. Do not have to

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Speaker 1: shower for the podcast I'll just throw that out there.

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Speaker 1: There's no rule, no rules, no rules. But then I'm

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Speaker 1: curious to hear your take on this, this ferocious rebound

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Speaker 1: in the markets we've seen this week. I was reading

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Speaker 1: some of your thoughts about how this will all play out,

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Speaker 1: and you did mention that you think, well, the economic

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Speaker 1: recovery may be kind of slow and gradual, but you

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Speaker 1: did expect sort of a V shaped recovery in stocks,

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Speaker 1: and sure enough this week. I mean, we've seen the

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Speaker 1: dal Jones industrial rise about something like in three days

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Speaker 1: in the middle of this week. Is this the that

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Speaker 1: V shaped recovery or is this kind of just a

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Speaker 1: head fake and we'll get the real recovery when there's

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Speaker 1: more clarity on the economic situation in the virus. I

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Speaker 1: think it's a little combination of two things. So, first

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Speaker 1: of all, it's a natural snap back to UM just

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Speaker 1: the rapidity and the ferociousness of the decline, which, as

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Speaker 1: as you've not that we haven't seen in ninety years.

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Speaker 1: But um, I think it is also fundamentally the signs

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Speaker 1: of UM the market's recovery in the pattern that will

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Speaker 1: that will probably unfold over the next couple of months.

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Speaker 1: UM So in particular, I think we're likely to see

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Speaker 1: uh you know, uh, some retest I markets falling back

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Speaker 1: a bit from where we are as we process a

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Speaker 1: lot of news um over the next couple of months. UM.

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Speaker 1: But I am actually fairly confident that the absolute lows

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Speaker 1: that we just saw will probably be um, you know,

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Speaker 1: the hold. They won't be any level. We won't going

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Speaker 1: lower than that, and it is kind of the process

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Speaker 1: of beginning of recovery. Actually, So how do you kind

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Speaker 1: of go about couching market action with what's going on

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Speaker 1: in the economy. This past week we got that unbelievable

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Speaker 1: initial jobless claims number three point to eight million, more

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Speaker 1: than quadruple the previous record, and it seems there's there's

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Speaker 1: a worry that over the next couple of months we're

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Speaker 1: going to continue to get economic data it's going to

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Speaker 1: continue to be really rough. What does the market typically

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Speaker 1: do in these situations, Well, the market look past the

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Speaker 1: economic data to see what's coming in the future. What

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Speaker 1: can we expect there? Right, So I think what we'll

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Speaker 1: see is, um, the market is always looking forward and

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Speaker 1: there therefore, oddly enough, on the rapidity of the down

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Speaker 1: the decline, you know, it's sort of, uh, the fear,

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Speaker 1: um the uh, the the shock of things going from

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Speaker 1: basically so good in February too so bad so quickly,

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Speaker 1: and also the in particularly unknown, unexpected nature of this.

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Speaker 1: I mean, this is this is really the first major

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Speaker 1: health scare that we've had since uh, the influenza of

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Speaker 1: But UM, I think the markets, UM will also see that.

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Speaker 1: We're going to see, you know, a peek in the

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Speaker 1: COVID nineteen cases. UM Italy seems to have peaked, and UM,

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Speaker 1: you know that's a positive sign really for what the

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Speaker 1: pattern might be in the US. And I don't want

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Speaker 1: to minimize, of course, I mean, this is still a

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Speaker 1: terrible healthcare crisis, and many people are sick, and unfortunately

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Speaker 1: many people will will die. But I think, you know,

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Speaker 1: like in Italy, we will see a peak and then

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Speaker 1: a decline of the cases. We'll see um, the beginnings

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Speaker 1: of recovery in that, and the market will anticipate that.

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Speaker 1: It is also, of course, the market reacting to and

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Speaker 1: I have to commend you know, the Federal Reserve and

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Speaker 1: even Congress, I mean, they are acting very quickly to offset,

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Speaker 1: uh the economic damage that is being created by the UM.

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Speaker 1: You know, the shutdowns and the precautions that we're taking

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Speaker 1: to blunt the the worst of the impacts of of

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Speaker 1: COVID nineteen. You know, Dad, I think you know, the

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Speaker 1: assumption is that this is a very harsh but sort

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Speaker 1: of temporary shock to the economy. But from an investing standpoint,

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Speaker 1: I wonder if you you know, are there any areas

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Speaker 1: of the market that you see perhaps permanently changed because

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Speaker 1: of this, you know, uh, And I'm thinking obviously it's

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Speaker 1: gonna be a long time I think before the say,

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Speaker 1: the cruise ship businesses is back to where it was, uh,

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Speaker 1: and and travel and leisure across the board. Are there

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Speaker 1: any sort of permanent or semi permanent dislocations, uh, that

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Speaker 1: you see that an investor should be aware of as

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Speaker 1: a result of this. That's a great question. I mean,

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Speaker 1: I do think that consumers might for several years rethink um, travel, um.

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Speaker 1: And you know, in terms of what do I think

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Speaker 1: will come back slowly and gradually, it's definitely things like

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Speaker 1: the cruise ships, airlines, you know, hotels probably probably actually

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Speaker 1: you know, slowest will be cruise ships. But I think

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Speaker 1: you might see consumers really reconsider a little bit um,

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Speaker 1: you know how and where and what they like to

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Speaker 1: do when they travel and take vacations. UM, So that

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Speaker 1: that's I don't think the industry is permanently damaged in

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Speaker 1: any sense. I mean, people love travel. But I do

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Speaker 1: wonder about, for example, whether UM airlines will have to

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Speaker 1: adjust uh and cruise ships will adjust to consumers wanting

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Speaker 1: to be a little less tightly packed into airplanes and

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Speaker 1: cruise ships and therefore maybe you know, cru cruises will

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Speaker 1: adjust to that, but they'll be maybe a little bit

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Speaker 1: more expensive and so fewer people will be interested in

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Speaker 1: taking them. You know, there are other things that that

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Speaker 1: I'm pretty sure we'll come back really quite quickly, and

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Speaker 1: I would think, you know, the top of the list

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Speaker 1: would be dining out restaurants. Something that hasn't changed Dan though,

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Speaker 1: and I think it's been surprising to some is the

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Speaker 1: fact that even on the way down, it's a lot

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Speaker 1: of the areas of the market, a lot of companies

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Speaker 1: that lead on the way up during the bowl market

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Speaker 1: that have actually still outperformed. So you think a lot

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Speaker 1: of growth companies, particularly a lot of tech the fang

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Speaker 1: name sure Amazon, Netflix might be doing particularly well in

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Speaker 1: a situation that we're dealing with now, with the spreading outbreak.

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Speaker 1: But is it surprising to you at all or do

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Speaker 1: people maybe underestimate how healthy some of these companies have

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Speaker 1: become over time. Sure they lead the bowl market on

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Speaker 1: the way up, but a lot of them are pretty

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Speaker 1: muture now. And I think you're absolutely right. Actually, high

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Speaker 1: quality growth companies have performed UM very well in this downturn,

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Speaker 1: and and and based on history that's actually a little

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Speaker 1: bit anomalous. However, I think based on modern current trends, UM,

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Speaker 1: it's actually something that we're pleased to see. It says

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Speaker 1: that in many places UM investors are still understanding that

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Speaker 1: there are some really strong innovation and growth drivers UM

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Speaker 1: in our economy, and that the companies that are leading

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Speaker 1: those trends UM, you know, despite the disruption that this

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Speaker 1: will cause for their businesses near term, UM, you know,

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Speaker 1: many of them still will benefit from UM you know,

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Speaker 1: the trends towards big data, cloud computing, e commerce, UM

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Speaker 1: you know, and streaming media. And in fact, I do

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Speaker 1: think actually you asked about the you know, if some

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Speaker 1: industries will be sort of negatively impaired, I think actually

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Speaker 1: what might happen is that some industries will be positively

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Speaker 1: benefited by this, and it may result in sort of

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Speaker 1: you know uh. For example, I mean the easiest is

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Speaker 1: online shopping is clearly taking a huge surge up from

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Speaker 1: already a very long twenty five year growth trend. And

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Speaker 1: it may actually um be something that consumers now that

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Speaker 1: they're comfortable ordering groceries and necessities online, a large part

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Speaker 1: of them uh you know uh continue to do so

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Speaker 1: after the crisis has faded, because Amazon and the other

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Speaker 1: groceries that are doing online delivery are doing a great

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Speaker 1: and important job right now. The same thing would be

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Speaker 1: true for streaming streaming media, where clearly Netflix, Hulu, Disney

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Speaker 1: plus they're all seeing a tremendous usage and interest in

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Speaker 1: their um uh you know services. But on more serious side,

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Speaker 1: um some of the most important cloud software and enterprise

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Speaker 1: technology companies are also benefiting because we are all having

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Speaker 1: to work from home and we are testing, really in

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Speaker 1: a dramatic fashion, the technology some of the newest technologies

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Speaker 1: that allow us to do that. Um So a lot

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Speaker 1: of that is data center based and cloud center based,

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Speaker 1: but also software as a service. And you know, I

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Speaker 1: think a lot of the new technologies are proving um

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Speaker 1: their ability to adapt, their ability to allow us to

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Speaker 1: continue to function and run our businesses at a high level.

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Speaker 1: And even uh, you know, as we speak here, many

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Speaker 1: are using Zoom. I just got off a Zoom conference call,

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Speaker 1: and uh, I've also had my first Zoom cocktail hour

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Speaker 1: with a bunch of friends. Uh. And I think we'll

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Speaker 1: find that some of these companies and the new products

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Speaker 1: that they're delivering, we're already in a growth trend, and

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Speaker 1: in fact, this crisis is causing us to actually uh

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Speaker 1: you know, use and better fit from their products. And

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Speaker 1: so I do think that there's very good fundamental reasons

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Speaker 1: why um, those companies and their stocks have held up well,

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Speaker 1: and I think many of them, when we come out

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Speaker 1: of this crisis, will continue to reclaim their leadership in

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Speaker 1: the market. You know, Dan at Alger, you offer several

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Speaker 1: different strategy strategies. UM. I wanted to ask a little

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Speaker 1: bit about the dynamic opportunity strategy. It's a long short

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Speaker 1: head strategy. The whole sort of long short style UM

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Speaker 1: seemed to be slowly going out of style for a

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Speaker 1: long time there when we had this just what seemed

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Speaker 1: like an endless bowl market. UM, is this crisis kind

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Speaker 1: of breathing new new life into that strategy is there.

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Speaker 1: Do you do you suspect they'll be sort of a

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Speaker 1: new interest in a long short strategy going forward, even

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Speaker 1: even after we recovery recover from this, well, I certainly

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Speaker 1: think so. I mean, we created this strategy for actually

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Speaker 1: UM first out of a desire for Algier's own shareholders,

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Speaker 1: which is a family, multiple multiple multiple branches of a

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Speaker 1: family that you know, up until we created the strategy,

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Speaker 1: they'd only invested in our long only strategies and basically

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Speaker 1: a very simple bond portfolio, you know, almost like the

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Speaker 1: classic sixty except we were more like se because we

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Speaker 1: were big believers in our strategies UM. But we created

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Speaker 1: it to to you know, preserve capital and down markets UM,

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Speaker 1: to be opportunistic about the opposide in in in bowl

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Speaker 1: markets UM, and and also to give investors a much

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Speaker 1: smoother ride. So, uh, you know, half or less than

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Speaker 1: half the volatility of the SMP five. You know, it

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Speaker 1: has actually performed exceptionally well recently. This year to date,

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Speaker 1: it's down maybe one or two percent against an SMP

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Speaker 1: that's down I think twenty three percent. And if you

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Speaker 1: look also over the last three and five years, the

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Speaker 1: strategy is actually outperformed the SMP over the three year period,

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Speaker 1: and it's about you know, it's about equal to the SMP.

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Speaker 1: I think over the five UM. Now there's a lot

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Speaker 1: of ultimate in the markets that might change a little bit.

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Speaker 1: But the point, but the point I would make is

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Speaker 1: that I think long short, actively managed you get the

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Speaker 1: benefit of downside protection, you know, protecting your capital and

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Speaker 1: markets like this, but with a modest participation in the

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Speaker 1: upside of equities over the long term, uh, you know,

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Speaker 1: you're able to in particular handily outperform many bond funds.

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Speaker 1: I think, you know, one of my concerns is many

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Speaker 1: many investors have too much in cash and bonds. UM.

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Speaker 1: They've benefited recently from you know, low interest rate cycle,

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Speaker 1: but that it really ended a few years ago and

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Speaker 1: for a lot of investors, if you want to meet

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Speaker 1: your long term needs, have your wealth grow, um, you

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Speaker 1: really need to have a good combination of equities, bonds, cash.

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Speaker 1: Of course, there's a reserve for times like this, but

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Speaker 1: also I think long short strategies that can kind of

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Speaker 1: straddle between bonds and equities. Now the words bonds are

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Speaker 1: obviously less volatile, but the returns on an absolute basis

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Speaker 1: have not been particularly good for quite a while. I mean,

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Speaker 1: while equities, of course, unfortunately it's a lot of volatility,

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Speaker 1: even though they are in the end the long term winners.

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Speaker 1: And you know, there's a lot of data that shows

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Speaker 1: over I think a twenty year period, there's never been

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Speaker 1: a rolling twenty year period where bonds that perform equities,

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Speaker 1: and in fact, over tenure periods of equities dominate. But

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Speaker 1: of course the intermediate volatility, the times like this UM,

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Speaker 1: you know, are very shocking, and they're they're difficult for

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Speaker 1: for you know, regular investors, you know, we're not you know,

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Speaker 1: professionals and watching the market. They're difficult for them to handle.

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Speaker 1: And you know, the biggest fear I have is that

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Speaker 1: that so many individual investors will make the classic mistake of,

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Speaker 1: for example, selling out of equities now and putting it

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Speaker 1: into cash um uh. And you know, inevitably, this crisis

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Speaker 1: will fade, markets will recover I think in a vciate

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Speaker 1: pattern well ahead of the economic recovery. Uh, And they'll

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Speaker 1: miss out on a lot of gains over the next

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Speaker 1: couple of years. So that's why I believe the long

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Speaker 1: short equity really has a great place UM in in

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Speaker 1: everyone's portfolio. Say you're talking to that kind of individual

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Speaker 1: at this point in time where we're at now. I

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Speaker 1: mean you you mentioned a couple of companies like Zoom Video,

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Speaker 1: which I looked up more than this year shares have

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Speaker 1: more than doubled UM, that are potentially going to advance

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Speaker 1: because of an unfortunate situation like this. Is it better

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Speaker 1: at this point in time, I'm seeing where we're at

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Speaker 1: in markets and also with the development of the virus,

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Speaker 1: to be thinking about companies that could see structural change

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Speaker 1: to the upside due to an event of this sort.

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Speaker 1: Or is it better to now be looking at companies

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Speaker 1: that might be miss price, may have been beaten down,

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Speaker 1: brought down as people say, through the baby out with

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Speaker 1: the bathwater. Um. I guess it's ultimately a question about

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Speaker 1: value versus growth maybe, but is it better to be

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Speaker 1: looking at companies that might be miss priced at this

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Speaker 1: point in time or companies that could see positive change?

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Speaker 1: So I'm going to frustrate to you it's actually better

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Speaker 1: to be doing both of those things plus one. More so,

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Speaker 1: what we're doing at Algae right now is we are

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Speaker 1: literally looking to make sure our portfolios have a good

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Speaker 1: balance between companies that are actually going to benefit from this,

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Speaker 1: and the benefits might be structural and long term and enduring. Um.

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Speaker 1: I think Amazon and Netflix, who stocks actually haven't done

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Speaker 1: much this year, which has been defensive, but I think

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Speaker 1: actually could could could really benefit from what's happening now.

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Speaker 1: But we're also looking at stocks, you know, I would

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Speaker 1: say at the opposite end where they've come down extremely

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Speaker 1: hard and hopefully you know, we're trying to look for

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Speaker 1: the companies that are actually quality companies. Um. Good balance

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Speaker 1: sheets can wet to the storm, um, you know, and

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Speaker 1: we believe will recover, you know, nicely or fully. And

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Speaker 1: then and that because of the sell off, um, you know,

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Speaker 1: the returns in the near term might be well well

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Speaker 1: above average, in fact, might be significantly better than to say,

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Speaker 1: the first category. And you know, there really are some

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Speaker 1: interesting opportunities there. Because um, in the last week or so,

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Speaker 1: what we really saw that we took the markets down

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Speaker 1: so sharply, and I think this is really interesting, is

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Speaker 1: correlations rose to near across asset classes. So you saw

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Speaker 1: bonds as well as preferred equities also take extreme hits

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Speaker 1: in the last week or so after they'd held up

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Speaker 1: pretty well until then and part of the reason is

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Speaker 1: at that stage of the market, this stage of the market,

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Speaker 1: a lot of investors were really simply looking to raise

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Speaker 1: cash and also concerns about bankruptcy. Is liquidity of companies

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Speaker 1: became an issue, and so you saw extreme blowout of

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Speaker 1: spreads and the and the bond markets. Now in the

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Speaker 1: equity markets, you know, we look for those situations too,

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Speaker 1: and then we're trying to identify the companies that were

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Speaker 1: pretty confident will survive, UM, that will have UM businesses

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Speaker 1: that will come back, and and that actually won't be

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Speaker 1: particularly impaired. And actually I would have to say, like

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Speaker 1: you know, one of the industries that we think is

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Speaker 1: very interesting is the is the restaurant industry, which has

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Speaker 1: been forced to shut down. UM. So we've been looking

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Speaker 1: at you know, the restaurant industry. It's distributor suppliers as

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Speaker 1: well as its vendors, many of whom have been hit,

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Speaker 1: you know, just broad swaths UM stocks that have gone

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Speaker 1: down um, you know, thirty, forty, you know, fifty, and

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Speaker 1: we look at them as you know, opportunities, especially when

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Speaker 1: we find companies that you know, um, we think, uh,

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Speaker 1: you know, have liquidity short term uh and then longer

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Speaker 1: term actually you know, we're operating well, well run companies

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Speaker 1: and in vital to the success of the industry. And

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Speaker 1: then and then there, and then there's a final there's

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Speaker 1: a final third category, which is you know, not necessarily

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Speaker 1: companies that are going to benefit from this and nor

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Speaker 1: companies that are bombed out, but simply high quality growth companies,

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Speaker 1: um that we're doing well before. Um, you know, they're

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Speaker 1: they're maybe not bombed out, but they're you know, they're

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Speaker 1: they're cheaper than they were on average, they'd be about

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Speaker 1: twenty to deeper since that's how much the market is.

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Speaker 1: And there, you know, we're trying to to sort pick

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Speaker 1: and short between you know, um, which ones are offering

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Speaker 1: you know, the best upside, but also you know, uh

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Speaker 1: uh where we think that the growth trends are stronger

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Speaker 1: versus maybe slightly weaker. I mean, we are entering into

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Speaker 1: a period of economic weakness. Clearly a lot of consumers

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Speaker 1: and businesses are going to pull back. So one example

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Speaker 1: I could I would highlight is we're looking carefully at

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Speaker 1: those quality companies, but how much exposure do they have,

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Speaker 1: for example, to small medium businesses, how much exposure do

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Speaker 1: they have to say the travel industry versus the same

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Speaker 1: kind of companies, but perhaps they have more exposure to China,

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Speaker 1: which is already recovering apparently, or you know, more exposure

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Speaker 1: to you know, Fortune one thousand companies that will clearly

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Speaker 1: pay their bills stay in business. And uh, you know,

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Speaker 1: we're sorting through that with a pretty big analyst team

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Speaker 1: of about fifty five analysts and portfolio managers. And so

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Speaker 1: those are the three categories that we're looking at, and

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Speaker 1: when we try to construct the portfolio we actually really

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Speaker 1: want to be um I would say at this time

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Speaker 1: we were very fortunate to be allocated mostly to sort

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Speaker 1: of long term growth leaders and beneficiaries and high quality

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Speaker 1: not so much of course bombed out companies a month ago.

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Speaker 1: But right now we're looking to sort of, uh, take

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Speaker 1: advantage of the market dislocation. We're definitely adding to some

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Speaker 1: companies that would be considered you know, bombed out, uh

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Speaker 1: and also looking for those sort of UM quality companies

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Speaker 1: at a discount. So I hope that helps. But those

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Speaker 1: are the three buckets we're looking at. I think that's

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Speaker 1: uh an excellent point, and I hope if anyone's out

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Speaker 1: there in the power to to listen to Dan and

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Speaker 1: and take those recommendations they do. So, Um, Sara, I

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Speaker 1: like to think of what goes up as a small

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Speaker 1: mom and pop operation, you know. And uh, you know

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Speaker 1: what our our main product is the craziest thing that

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Speaker 1: we all are saw on markets? Very good? It's our prototype.

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Speaker 1: That's that's that is our flagship product, Uh Dan, I know,

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Speaker 1: I hopefully they warned you about our gimmick. Here the

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Speaker 1: craziest thing we saw in markets this week, A lot

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Speaker 1: of contenders, I think, Sarah, why don't you you kick

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Speaker 1: it off? What's the craziest thing you saw this week?

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Speaker 1: All right? So to me, something that was really just

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Speaker 1: unbelievable and encapsulates everything that we are witnessing right now

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Speaker 1: is the fact that at one point on Thursday, um,

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Speaker 1: full disclosure, Yes we record on Thursdays, the doll was

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Speaker 1: more than twent off of its bottom. So if you

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Speaker 1: are a very technical person, technically, that would mean the

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Speaker 1: doll had entered a bowl market at one point, just

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Speaker 1: a couple of weeks after it fell into a bear market,

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Speaker 1: just with three days of a rally, So just pretty crazy. Sure,

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Speaker 1: it's very technical call at a bear market, callable market

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Speaker 1: called whatever you want to, but I think it's just

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Speaker 1: really highlights, uh, the manic, crazy situation that we're in

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Speaker 1: right now. Absolutely, it's I know the word unprecedented has

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Speaker 1: been used unprecedented amount of times, but that's got that's

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Speaker 1: got to be. Yeah, but three days of a bull

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Speaker 1: market basically is that all took? Um, Dan, how about

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Speaker 1: you have you witnessed study crazy things in the market

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Speaker 1: this week out? That's a well in the real world market,

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Speaker 1: I think the craziest thing. And I you know, we

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Speaker 1: really got to ask ourselves, Um, every time there's a

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Speaker 1: major crisis, you know what we seem to run out of.

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Speaker 1: First toilet paper And maybe you've seen the Johnny Carson

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Speaker 1: nine seventy three during the oil crisis, but like, why

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00:24:22,720 --> 00:24:25,639
Speaker 1: exactly all we all running for the toilet paper first?

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Speaker 1: People are scared of what what happens if you get

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Speaker 1: stuck in your partent paper and then the other the

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Speaker 1: other business. That's where were you seem to be running

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Speaker 1: with toilet paper? And uh, you know, uh, Johnny Johnny Walker,

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Speaker 1: you know, because uh you know it's toilet paper and

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Speaker 1: booze have been I mean, people are supposed to be

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Speaker 1: stocking up on the essentials, right, but those aren't essentials.

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Speaker 1: But you know, I mean, you know, I've seen scientists say,

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Speaker 1: you know, driving hands free rose. Uh okay, So I

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Speaker 1: need my toilet paper, and I need my Rose, and

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Speaker 1: I need my Johnny Watcher. We'll have to create a

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Speaker 1: national Strategic toilet paper Reserve after this crisis, I guess too,

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Speaker 1: to prepare for the next one, the TPR. So what's yours? Well? Mine?

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Speaker 1: Mine goes back to your observation about everyone using zoom

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Speaker 1: Video now, and it's on Thursday. The SEC actually came

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Speaker 1: out with an order where it it halted trading in

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Speaker 1: Zoom Technologies with the ticker zoom. And the reason was

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Speaker 1: is this is not Zoom Video. This is a completely

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Speaker 1: unrelated penny stock Chinese based company that is not at

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Speaker 1: all related to the Zoom Video that is Zoom Video

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Speaker 1: Communications at CM. But everyone had been buying Zoom Technologies

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Speaker 1: because of the ticker zoom. And let me give you

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Speaker 1: what SEC said in the past five weeks Zoom Video,

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Speaker 1: the video that we've all been using for these virtual

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Speaker 1: happy hours and whatnot. Uh. Rose during the past five weeks,

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Speaker 1: Zoom Technologies, which is a company that doesn't even really

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Speaker 1: exist as far as I can tell anymore, that's stock

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Speaker 1: more than tripled. So as much as you want to

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Speaker 1: think of markets being efficient and you know, masters of

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Speaker 1: the universe at the switch of all the trading desks.

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Speaker 1: Not exactly, not exactly, that's a good one. You get

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Speaker 1: your tickers right, everyone get I have to say, every

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Speaker 1: single time I try to look up Zoom video on

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Speaker 1: the terminal, Zoom technology comes up first for some reason.

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Speaker 1: Do you just have to go around it? Yeah? Maybe

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Speaker 1: it's our fault. Blame us. All right, mikel was a

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Speaker 1: good one. I give it to you. I get the

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Speaker 1: w I'm back all right. Well what that said, Dan Chunk,

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Speaker 1: Thank you so much for coming the show today, even

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00:27:00,880 --> 00:27:04,800
Speaker 1: if it meant uh calling in, thank you. I enjoyed it.

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Speaker 1: What Goes Up will be back next week. Until then,

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00:27:15,560 --> 00:27:17,800
Speaker 1: you can find us on the Bloomberg Terminal website and

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00:27:17,880 --> 00:27:21,040
Speaker 1: app or wherever you get your podcasts. We'd love it

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Speaker 1: if you took the time to rate interview the show

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Speaker 1: on Apple podcast. Some more listeners can find us, and

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00:27:26,040 --> 00:27:29,360
Speaker 1: you can find us on Twitter, follow me at Sara Ponzack,

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00:27:29,640 --> 00:27:32,480
Speaker 1: Mike is that reaganonymous, and you can also follow Bloomberg

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00:27:32,560 --> 00:27:36,879
Speaker 1: podcasts at Podcasts, What Goes Up is produced by Toper Forehead.

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Speaker 1: The head of Bloomberg Podcast is Francesca Levie. Thanks for listening,

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Speaker 1: See you next time, bo