Speaker 1: Hello, and welcome to What Goes Up a Bloomberg Weekly
Speaker 1: market podcast. I'm Sarah Plante, reporter on the Cross Asset
Speaker 1: team and on Mike Reagan, a senior editor on the
Speaker 1: Markets team. This week on the show, in the stock
Speaker 1: market today, it seems there's only one thing that's constant speed.
Speaker 1: The fastest fall into a bear market on record was
Speaker 1: met with a forceful rally, In fact, the fastest in
Speaker 1: about ninety years. We talked to one investor who through
Speaker 1: all the back and forth, has been looking for opportunities,
Speaker 1: and as always, will close out the episode with our tradition,
Speaker 1: the craziest thing I saw in markets this week, And Sarah,
Speaker 1: I will have you know I this podcast is a
Speaker 1: special occasion because I actually took a shower for this podcast.
Speaker 1: I can't really explain why, but I felt the need
Speaker 1: if I was going to talk to you and our
Speaker 1: distinguished guests, that that I needed to take a shower.
Speaker 1: I have not felt that need when I'm writing and editing, though,
Speaker 1: for whatever reason, it's all mental. We're not in the office.
Speaker 1: No one knows what we look like, what anyone here
Speaker 1: is wearing. How long it's been since anyone showered but
Speaker 1: there's something about talking to someone to each other where
Speaker 1: it feels like you need to at least feel presentable.
Speaker 1: That's right. Well, everyone out there listening can take confidence
Speaker 1: that I smell that's somewhat decent. You know, better better
Speaker 1: than I did half an hour ago. But but let's
Speaker 1: welcome to the show. Our guest for the first time.
Speaker 1: He is the CEO of the investment management firm alger.
Speaker 1: His name is Dan Chung. Dan, welcome to the show.
Speaker 1: Thank you and Sarah, why don't you tell the folks
Speaker 1: about the podcast hot line. We've we've haven't been getting
Speaker 1: much love on the hot line. What do you let
Speaker 1: them know about the number? Yeah, come on, everyone's at home.
Speaker 1: You should have more time to give us a call.
Speaker 1: You know the drill. If you hear or see any
Speaker 1: crazy stories in the marks, you have any questions for us,
Speaker 1: you just want to give us any feedback, you can
Speaker 1: give us a call. That number is six four six
Speaker 1: three two four three four nine zero. And remember, if
Speaker 1: you leave us a message, we may even play it
Speaker 1: on the show for you to hear yourself. That's right,
Speaker 1: and you do as a listener. Do not have to
Speaker 1: shower for the podcast I'll just throw that out there.
Speaker 1: There's no rule, no rules, no rules. But then I'm
Speaker 1: curious to hear your take on this, this ferocious rebound
Speaker 1: in the markets we've seen this week. I was reading
Speaker 1: some of your thoughts about how this will all play out,
Speaker 1: and you did mention that you think, well, the economic
Speaker 1: recovery may be kind of slow and gradual, but you
Speaker 1: did expect sort of a V shaped recovery in stocks,
Speaker 1: and sure enough this week. I mean, we've seen the
Speaker 1: dal Jones industrial rise about something like in three days
Speaker 1: in the middle of this week. Is this the that
Speaker 1: V shaped recovery or is this kind of just a
Speaker 1: head fake and we'll get the real recovery when there's
Speaker 1: more clarity on the economic situation in the virus. I
Speaker 1: think it's a little combination of two things. So, first
Speaker 1: of all, it's a natural snap back to UM just
Speaker 1: the rapidity and the ferociousness of the decline, which, as
Speaker 1: as you've not that we haven't seen in ninety years.
Speaker 1: But um, I think it is also fundamentally the signs
Speaker 1: of UM the market's recovery in the pattern that will
Speaker 1: that will probably unfold over the next couple of months.
Speaker 1: UM So in particular, I think we're likely to see
Speaker 1: uh you know, uh, some retest I markets falling back
Speaker 1: a bit from where we are as we process a
Speaker 1: lot of news um over the next couple of months. UM.
Speaker 1: But I am actually fairly confident that the absolute lows
Speaker 1: that we just saw will probably be um, you know,
Speaker 1: the hold. They won't be any level. We won't going
Speaker 1: lower than that, and it is kind of the process
Speaker 1: of beginning of recovery. Actually, So how do you kind
Speaker 1: of go about couching market action with what's going on
Speaker 1: in the economy. This past week we got that unbelievable
Speaker 1: initial jobless claims number three point to eight million, more
Speaker 1: than quadruple the previous record, and it seems there's there's
Speaker 1: a worry that over the next couple of months we're
Speaker 1: going to continue to get economic data it's going to
Speaker 1: continue to be really rough. What does the market typically
Speaker 1: do in these situations, Well, the market look past the
Speaker 1: economic data to see what's coming in the future. What
Speaker 1: can we expect there? Right, So I think what we'll
Speaker 1: see is, um, the market is always looking forward and
Speaker 1: there therefore, oddly enough, on the rapidity of the down
Speaker 1: the decline, you know, it's sort of, uh, the fear,
Speaker 1: um the uh, the the shock of things going from
Speaker 1: basically so good in February too so bad so quickly,
Speaker 1: and also the in particularly unknown, unexpected nature of this.
Speaker 1: I mean, this is this is really the first major
Speaker 1: health scare that we've had since uh, the influenza of
Speaker 1: But UM, I think the markets, UM will also see that.
Speaker 1: We're going to see, you know, a peek in the
Speaker 1: COVID nineteen cases. UM Italy seems to have peaked, and UM,
Speaker 1: you know that's a positive sign really for what the
Speaker 1: pattern might be in the US. And I don't want
Speaker 1: to minimize, of course, I mean, this is still a
Speaker 1: terrible healthcare crisis, and many people are sick, and unfortunately
Speaker 1: many people will will die. But I think, you know,
Speaker 1: like in Italy, we will see a peak and then
Speaker 1: a decline of the cases. We'll see um, the beginnings
Speaker 1: of recovery in that, and the market will anticipate that.
Speaker 1: It is also, of course, the market reacting to and
Speaker 1: I have to commend you know, the Federal Reserve and
Speaker 1: even Congress, I mean, they are acting very quickly to offset,
Speaker 1: uh the economic damage that is being created by the UM.
Speaker 1: You know, the shutdowns and the precautions that we're taking
Speaker 1: to blunt the the worst of the impacts of of
Speaker 1: COVID nineteen. You know, Dad, I think you know, the
Speaker 1: assumption is that this is a very harsh but sort
Speaker 1: of temporary shock to the economy. But from an investing standpoint,
Speaker 1: I wonder if you you know, are there any areas
Speaker 1: of the market that you see perhaps permanently changed because
Speaker 1: of this, you know, uh, And I'm thinking obviously it's
Speaker 1: gonna be a long time I think before the say,
Speaker 1: the cruise ship businesses is back to where it was, uh,
Speaker 1: and and travel and leisure across the board. Are there
Speaker 1: any sort of permanent or semi permanent dislocations, uh, that
Speaker 1: you see that an investor should be aware of as
Speaker 1: a result of this. That's a great question. I mean,
Speaker 1: I do think that consumers might for several years rethink um, travel, um.
Speaker 1: And you know, in terms of what do I think
Speaker 1: will come back slowly and gradually, it's definitely things like
Speaker 1: the cruise ships, airlines, you know, hotels probably probably actually
Speaker 1: you know, slowest will be cruise ships. But I think
Speaker 1: you might see consumers really reconsider a little bit um,
Speaker 1: you know how and where and what they like to
Speaker 1: do when they travel and take vacations. UM, So that
Speaker 1: that's I don't think the industry is permanently damaged in
Speaker 1: any sense. I mean, people love travel. But I do
Speaker 1: wonder about, for example, whether UM airlines will have to
Speaker 1: adjust uh and cruise ships will adjust to consumers wanting
Speaker 1: to be a little less tightly packed into airplanes and
Speaker 1: cruise ships and therefore maybe you know, cru cruises will
Speaker 1: adjust to that, but they'll be maybe a little bit
Speaker 1: more expensive and so fewer people will be interested in
Speaker 1: taking them. You know, there are other things that that
Speaker 1: I'm pretty sure we'll come back really quite quickly, and
Speaker 1: I would think, you know, the top of the list
Speaker 1: would be dining out restaurants. Something that hasn't changed Dan though,
Speaker 1: and I think it's been surprising to some is the
Speaker 1: fact that even on the way down, it's a lot
Speaker 1: of the areas of the market, a lot of companies
Speaker 1: that lead on the way up during the bowl market
Speaker 1: that have actually still outperformed. So you think a lot
Speaker 1: of growth companies, particularly a lot of tech the fang
Speaker 1: name sure Amazon, Netflix might be doing particularly well in
Speaker 1: a situation that we're dealing with now, with the spreading outbreak.
Speaker 1: But is it surprising to you at all or do
Speaker 1: people maybe underestimate how healthy some of these companies have
Speaker 1: become over time. Sure they lead the bowl market on
Speaker 1: the way up, but a lot of them are pretty
Speaker 1: muture now. And I think you're absolutely right. Actually, high
Speaker 1: quality growth companies have performed UM very well in this downturn,
Speaker 1: and and and based on history that's actually a little
Speaker 1: bit anomalous. However, I think based on modern current trends, UM,
Speaker 1: it's actually something that we're pleased to see. It says
Speaker 1: that in many places UM investors are still understanding that
Speaker 1: there are some really strong innovation and growth drivers UM
Speaker 1: in our economy, and that the companies that are leading
Speaker 1: those trends UM, you know, despite the disruption that this
Speaker 1: will cause for their businesses near term, UM, you know,
Speaker 1: many of them still will benefit from UM you know,
Speaker 1: the trends towards big data, cloud computing, e commerce, UM
Speaker 1: you know, and streaming media. And in fact, I do
Speaker 1: think actually you asked about the you know, if some
Speaker 1: industries will be sort of negatively impaired, I think actually
Speaker 1: what might happen is that some industries will be positively
Speaker 1: benefited by this, and it may result in sort of
Speaker 1: you know uh. For example, I mean the easiest is
Speaker 1: online shopping is clearly taking a huge surge up from
Speaker 1: already a very long twenty five year growth trend. And
Speaker 1: it may actually um be something that consumers now that
Speaker 1: they're comfortable ordering groceries and necessities online, a large part
Speaker 1: of them uh you know uh continue to do so
Speaker 1: after the crisis has faded, because Amazon and the other
Speaker 1: groceries that are doing online delivery are doing a great
Speaker 1: and important job right now. The same thing would be
Speaker 1: true for streaming streaming media, where clearly Netflix, Hulu, Disney
Speaker 1: plus they're all seeing a tremendous usage and interest in
Speaker 1: their um uh you know services. But on more serious side,
Speaker 1: um some of the most important cloud software and enterprise
Speaker 1: technology companies are also benefiting because we are all having
Speaker 1: to work from home and we are testing, really in
Speaker 1: a dramatic fashion, the technology some of the newest technologies
Speaker 1: that allow us to do that. Um So a lot
Speaker 1: of that is data center based and cloud center based,
Speaker 1: but also software as a service. And you know, I
Speaker 1: think a lot of the new technologies are proving um
Speaker 1: their ability to adapt, their ability to allow us to
Speaker 1: continue to function and run our businesses at a high level.
Speaker 1: And even uh, you know, as we speak here, many
Speaker 1: are using Zoom. I just got off a Zoom conference call,
Speaker 1: and uh, I've also had my first Zoom cocktail hour
Speaker 1: with a bunch of friends. Uh. And I think we'll
Speaker 1: find that some of these companies and the new products
Speaker 1: that they're delivering, we're already in a growth trend, and
Speaker 1: in fact, this crisis is causing us to actually uh
Speaker 1: you know, use and better fit from their products. And
Speaker 1: so I do think that there's very good fundamental reasons
Speaker 1: why um, those companies and their stocks have held up well,
Speaker 1: and I think many of them, when we come out
Speaker 1: of this crisis, will continue to reclaim their leadership in
Speaker 1: the market. You know, Dan at Alger, you offer several
Speaker 1: different strategy strategies. UM. I wanted to ask a little
Speaker 1: bit about the dynamic opportunity strategy. It's a long short
Speaker 1: head strategy. The whole sort of long short style UM
Speaker 1: seemed to be slowly going out of style for a
Speaker 1: long time there when we had this just what seemed
Speaker 1: like an endless bowl market. UM, is this crisis kind
Speaker 1: of breathing new new life into that strategy is there.
Speaker 1: Do you do you suspect they'll be sort of a
Speaker 1: new interest in a long short strategy going forward, even
Speaker 1: even after we recovery recover from this, well, I certainly
Speaker 1: think so. I mean, we created this strategy for actually
Speaker 1: UM first out of a desire for Algier's own shareholders,
Speaker 1: which is a family, multiple multiple multiple branches of a
Speaker 1: family that you know, up until we created the strategy,
Speaker 1: they'd only invested in our long only strategies and basically
Speaker 1: a very simple bond portfolio, you know, almost like the
Speaker 1: classic sixty except we were more like se because we
Speaker 1: were big believers in our strategies UM. But we created
Speaker 1: it to to you know, preserve capital and down markets UM,
Speaker 1: to be opportunistic about the opposide in in in bowl
Speaker 1: markets UM, and and also to give investors a much
Speaker 1: smoother ride. So, uh, you know, half or less than
Speaker 1: half the volatility of the SMP five. You know, it
Speaker 1: has actually performed exceptionally well recently. This year to date,
Speaker 1: it's down maybe one or two percent against an SMP
Speaker 1: that's down I think twenty three percent. And if you
Speaker 1: look also over the last three and five years, the
Speaker 1: strategy is actually outperformed the SMP over the three year period,
Speaker 1: and it's about you know, it's about equal to the SMP.
Speaker 1: I think over the five UM. Now there's a lot
Speaker 1: of ultimate in the markets that might change a little bit.
Speaker 1: But the point, but the point I would make is
Speaker 1: that I think long short, actively managed you get the
Speaker 1: benefit of downside protection, you know, protecting your capital and
Speaker 1: markets like this, but with a modest participation in the
Speaker 1: upside of equities over the long term, uh, you know,
Speaker 1: you're able to in particular handily outperform many bond funds.
Speaker 1: I think, you know, one of my concerns is many
Speaker 1: many investors have too much in cash and bonds. UM.
Speaker 1: They've benefited recently from you know, low interest rate cycle,
Speaker 1: but that it really ended a few years ago and
Speaker 1: for a lot of investors, if you want to meet
Speaker 1: your long term needs, have your wealth grow, um, you
Speaker 1: really need to have a good combination of equities, bonds, cash.
Speaker 1: Of course, there's a reserve for times like this, but
Speaker 1: also I think long short strategies that can kind of
Speaker 1: straddle between bonds and equities. Now the words bonds are
Speaker 1: obviously less volatile, but the returns on an absolute basis
Speaker 1: have not been particularly good for quite a while. I mean,
Speaker 1: while equities, of course, unfortunately it's a lot of volatility,
Speaker 1: even though they are in the end the long term winners.
Speaker 1: And you know, there's a lot of data that shows
Speaker 1: over I think a twenty year period, there's never been
Speaker 1: a rolling twenty year period where bonds that perform equities,
Speaker 1: and in fact, over tenure periods of equities dominate. But
Speaker 1: of course the intermediate volatility, the times like this UM,
Speaker 1: you know, are very shocking, and they're they're difficult for
Speaker 1: for you know, regular investors, you know, we're not you know,
Speaker 1: professionals and watching the market. They're difficult for them to handle.
Speaker 1: And you know, the biggest fear I have is that
Speaker 1: that so many individual investors will make the classic mistake of,
Speaker 1: for example, selling out of equities now and putting it
Speaker 1: into cash um uh. And you know, inevitably, this crisis
Speaker 1: will fade, markets will recover I think in a vciate
Speaker 1: pattern well ahead of the economic recovery. Uh, And they'll
Speaker 1: miss out on a lot of gains over the next
Speaker 1: couple of years. So that's why I believe the long
Speaker 1: short equity really has a great place UM in in
Speaker 1: everyone's portfolio. Say you're talking to that kind of individual
Speaker 1: at this point in time where we're at now. I
Speaker 1: mean you you mentioned a couple of companies like Zoom Video,
Speaker 1: which I looked up more than this year shares have
Speaker 1: more than doubled UM, that are potentially going to advance
Speaker 1: because of an unfortunate situation like this. Is it better
Speaker 1: at this point in time, I'm seeing where we're at
Speaker 1: in markets and also with the development of the virus,
Speaker 1: to be thinking about companies that could see structural change
Speaker 1: to the upside due to an event of this sort.
Speaker 1: Or is it better to now be looking at companies
Speaker 1: that might be miss price, may have been beaten down,
Speaker 1: brought down as people say, through the baby out with
Speaker 1: the bathwater. Um. I guess it's ultimately a question about
Speaker 1: value versus growth maybe, but is it better to be
Speaker 1: looking at companies that might be miss priced at this
Speaker 1: point in time or companies that could see positive change?
Speaker 1: So I'm going to frustrate to you it's actually better
Speaker 1: to be doing both of those things plus one. More so,
Speaker 1: what we're doing at Algae right now is we are
Speaker 1: literally looking to make sure our portfolios have a good
Speaker 1: balance between companies that are actually going to benefit from this,
Speaker 1: and the benefits might be structural and long term and enduring. Um.
Speaker 1: I think Amazon and Netflix, who stocks actually haven't done
Speaker 1: much this year, which has been defensive, but I think
Speaker 1: actually could could could really benefit from what's happening now.
Speaker 1: But we're also looking at stocks, you know, I would
Speaker 1: say at the opposite end where they've come down extremely
Speaker 1: hard and hopefully you know, we're trying to look for
Speaker 1: the companies that are actually quality companies. Um. Good balance
Speaker 1: sheets can wet to the storm, um, you know, and
Speaker 1: we believe will recover, you know, nicely or fully. And
Speaker 1: then and that because of the sell off, um, you know,
Speaker 1: the returns in the near term might be well well
Speaker 1: above average, in fact, might be significantly better than to say,
Speaker 1: the first category. And you know, there really are some
Speaker 1: interesting opportunities there. Because um, in the last week or so,
Speaker 1: what we really saw that we took the markets down
Speaker 1: so sharply, and I think this is really interesting, is
Speaker 1: correlations rose to near across asset classes. So you saw
Speaker 1: bonds as well as preferred equities also take extreme hits
Speaker 1: in the last week or so after they'd held up
Speaker 1: pretty well until then and part of the reason is
Speaker 1: at that stage of the market, this stage of the market,
Speaker 1: a lot of investors were really simply looking to raise
Speaker 1: cash and also concerns about bankruptcy. Is liquidity of companies
Speaker 1: became an issue, and so you saw extreme blowout of
Speaker 1: spreads and the and the bond markets. Now in the
Speaker 1: equity markets, you know, we look for those situations too,
Speaker 1: and then we're trying to identify the companies that were
Speaker 1: pretty confident will survive, UM, that will have UM businesses
Speaker 1: that will come back, and and that actually won't be
Speaker 1: particularly impaired. And actually I would have to say, like
Speaker 1: you know, one of the industries that we think is
Speaker 1: very interesting is the is the restaurant industry, which has
Speaker 1: been forced to shut down. UM. So we've been looking
Speaker 1: at you know, the restaurant industry. It's distributor suppliers as
Speaker 1: well as its vendors, many of whom have been hit,
Speaker 1: you know, just broad swaths UM stocks that have gone
Speaker 1: down um, you know, thirty, forty, you know, fifty, and
Speaker 1: we look at them as you know, opportunities, especially when
Speaker 1: we find companies that you know, um, we think, uh,
Speaker 1: you know, have liquidity short term uh and then longer
Speaker 1: term actually you know, we're operating well, well run companies
Speaker 1: and in vital to the success of the industry. And
Speaker 1: then and then there, and then there's a final there's
Speaker 1: a final third category, which is you know, not necessarily
Speaker 1: companies that are going to benefit from this and nor
Speaker 1: companies that are bombed out, but simply high quality growth companies,
Speaker 1: um that we're doing well before. Um, you know, they're
Speaker 1: they're maybe not bombed out, but they're you know, they're
Speaker 1: they're cheaper than they were on average, they'd be about
Speaker 1: twenty to deeper since that's how much the market is.
Speaker 1: And there, you know, we're trying to to sort pick
Speaker 1: and short between you know, um, which ones are offering
Speaker 1: you know, the best upside, but also you know, uh
Speaker 1: uh where we think that the growth trends are stronger
Speaker 1: versus maybe slightly weaker. I mean, we are entering into
Speaker 1: a period of economic weakness. Clearly a lot of consumers
Speaker 1: and businesses are going to pull back. So one example
Speaker 1: I could I would highlight is we're looking carefully at
Speaker 1: those quality companies, but how much exposure do they have,
Speaker 1: for example, to small medium businesses, how much exposure do
Speaker 1: they have to say the travel industry versus the same
Speaker 1: kind of companies, but perhaps they have more exposure to China,
Speaker 1: which is already recovering apparently, or you know, more exposure
Speaker 1: to you know, Fortune one thousand companies that will clearly
Speaker 1: pay their bills stay in business. And uh, you know,
Speaker 1: we're sorting through that with a pretty big analyst team
Speaker 1: of about fifty five analysts and portfolio managers. And so
Speaker 1: those are the three categories that we're looking at, and
Speaker 1: when we try to construct the portfolio we actually really
Speaker 1: want to be um I would say at this time
Speaker 1: we were very fortunate to be allocated mostly to sort
Speaker 1: of long term growth leaders and beneficiaries and high quality
Speaker 1: not so much of course bombed out companies a month ago.
Speaker 1: But right now we're looking to sort of, uh, take
Speaker 1: advantage of the market dislocation. We're definitely adding to some
Speaker 1: companies that would be considered you know, bombed out, uh
Speaker 1: and also looking for those sort of UM quality companies
Speaker 1: at a discount. So I hope that helps. But those
Speaker 1: are the three buckets we're looking at. I think that's
Speaker 1: uh an excellent point, and I hope if anyone's out
Speaker 1: there in the power to to listen to Dan and
Speaker 1: and take those recommendations they do. So, Um, Sara, I
Speaker 1: like to think of what goes up as a small
Speaker 1: mom and pop operation, you know. And uh, you know
Speaker 1: what our our main product is the craziest thing that
Speaker 1: we all are saw on markets? Very good? It's our prototype.
Speaker 1: That's that's that is our flagship product, Uh Dan, I know,
Speaker 1: I hopefully they warned you about our gimmick. Here the
Speaker 1: craziest thing we saw in markets this week, A lot
Speaker 1: of contenders, I think, Sarah, why don't you you kick
Speaker 1: it off? What's the craziest thing you saw this week?
Speaker 1: All right? So to me, something that was really just
Speaker 1: unbelievable and encapsulates everything that we are witnessing right now
Speaker 1: is the fact that at one point on Thursday, um,
Speaker 1: full disclosure, Yes we record on Thursdays, the doll was
Speaker 1: more than twent off of its bottom. So if you
Speaker 1: are a very technical person, technically, that would mean the
Speaker 1: doll had entered a bowl market at one point, just
Speaker 1: a couple of weeks after it fell into a bear market,
Speaker 1: just with three days of a rally, So just pretty crazy. Sure,
Speaker 1: it's very technical call at a bear market, callable market
Speaker 1: called whatever you want to, but I think it's just
Speaker 1: really highlights, uh, the manic, crazy situation that we're in
Speaker 1: right now. Absolutely, it's I know the word unprecedented has
Speaker 1: been used unprecedented amount of times, but that's got that's
Speaker 1: got to be. Yeah, but three days of a bull
Speaker 1: market basically is that all took? Um, Dan, how about
Speaker 1: you have you witnessed study crazy things in the market
Speaker 1: this week out? That's a well in the real world market,
Speaker 1: I think the craziest thing. And I you know, we
Speaker 1: really got to ask ourselves, Um, every time there's a
Speaker 1: major crisis, you know what we seem to run out of.
Speaker 1: First toilet paper And maybe you've seen the Johnny Carson
Speaker 1: nine seventy three during the oil crisis, but like, why
Speaker 1: exactly all we all running for the toilet paper first?
Speaker 1: People are scared of what what happens if you get
Speaker 1: stuck in your partent paper and then the other the
Speaker 1: other business. That's where were you seem to be running
Speaker 1: with toilet paper? And uh, you know, uh, Johnny Johnny Walker,
Speaker 1: you know, because uh you know it's toilet paper and
Speaker 1: booze have been I mean, people are supposed to be
Speaker 1: stocking up on the essentials, right, but those aren't essentials.
Speaker 1: But you know, I mean, you know, I've seen scientists say,
Speaker 1: you know, driving hands free rose. Uh okay, So I
Speaker 1: need my toilet paper, and I need my Rose, and
Speaker 1: I need my Johnny Watcher. We'll have to create a
Speaker 1: national Strategic toilet paper Reserve after this crisis, I guess too,
Speaker 1: to prepare for the next one, the TPR. So what's yours? Well? Mine?
Speaker 1: Mine goes back to your observation about everyone using zoom
Speaker 1: Video now, and it's on Thursday. The SEC actually came
Speaker 1: out with an order where it it halted trading in
Speaker 1: Zoom Technologies with the ticker zoom. And the reason was
Speaker 1: is this is not Zoom Video. This is a completely
Speaker 1: unrelated penny stock Chinese based company that is not at
Speaker 1: all related to the Zoom Video that is Zoom Video
Speaker 1: Communications at CM. But everyone had been buying Zoom Technologies
Speaker 1: because of the ticker zoom. And let me give you
Speaker 1: what SEC said in the past five weeks Zoom Video,
Speaker 1: the video that we've all been using for these virtual
Speaker 1: happy hours and whatnot. Uh. Rose during the past five weeks,
Speaker 1: Zoom Technologies, which is a company that doesn't even really
Speaker 1: exist as far as I can tell anymore, that's stock
Speaker 1: more than tripled. So as much as you want to
Speaker 1: think of markets being efficient and you know, masters of
Speaker 1: the universe at the switch of all the trading desks.
Speaker 1: Not exactly, not exactly, that's a good one. You get
Speaker 1: your tickers right, everyone get I have to say, every
Speaker 1: single time I try to look up Zoom video on
Speaker 1: the terminal, Zoom technology comes up first for some reason.
Speaker 1: Do you just have to go around it? Yeah? Maybe
Speaker 1: it's our fault. Blame us. All right, mikel was a
Speaker 1: good one. I give it to you. I get the
Speaker 1: w I'm back all right. Well what that said, Dan Chunk,
Speaker 1: Thank you so much for coming the show today, even
Speaker 1: if it meant uh calling in, thank you. I enjoyed it.
Speaker 1: What Goes Up will be back next week. Until then,
Speaker 1: you can find us on the Bloomberg Terminal website and
Speaker 1: app or wherever you get your podcasts. We'd love it
Speaker 1: if you took the time to rate interview the show
Speaker 1: on Apple podcast. Some more listeners can find us, and
Speaker 1: you can find us on Twitter, follow me at Sara Ponzack,
Speaker 1: Mike is that reaganonymous, and you can also follow Bloomberg
Speaker 1: podcasts at Podcasts, What Goes Up is produced by Toper Forehead.
Speaker 1: The head of Bloomberg Podcast is Francesca Levie. Thanks for listening,
Speaker 1: See you next time, bo