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Speaker 1: This is Bloomberg Business Week. I'm Carole Masser and I'm

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Speaker 1: Bloomberg Quick Takes Tim Stanabek. We're here every day bringing

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Speaker 1: you the latest news from the world of business and finance,

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Speaker 1: plus technology, politics, economics, all furnishing the power of Business

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Speaker 1: Week reporters and editors, not to mention our journalists and

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Speaker 1: analysts in more than one twenty countries. You can download

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Speaker 1: Bloomberg Business Weekend iTunes, SoundCloud, or Bloomberg dot Com. You

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Speaker 1: can also listen to our radio show at two pm

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Speaker 1: Eastern Time on Bloomberg Radio or watch us on YouTube

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Speaker 1: search Bloomberg Global News. We talked about You've been hearing

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Speaker 1: from Nancy Lions and our team about US health officials

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Speaker 1: expected to talk about tighter guidelines for the use of masks,

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Speaker 1: especially in indoor settings and places where that delta variant

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Speaker 1: is spreading rapidly and increasing cases of COVID. There's a

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Speaker 1: lot going on, Maderna saying it's COVID nineteen. Vaccine manufacturing

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Speaker 1: partners outside the US TIM are facing delays due to

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Speaker 1: lab testing issues that occurred in recent days, and in

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Speaker 1: some places we see cases come down, other places we

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Speaker 1: see them go out. Yeah, we do like to do

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Speaker 1: a periodic check of the numbers cases globally topping a

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Speaker 1: hundred and ninety four point eight million deaths, surpassing four

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Speaker 1: point one seven million vaccine tracker from Bloomberg News, more

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Speaker 1: than three point eight nine billion doses have been administered.

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Speaker 1: Keep in mind that many of these doses require two

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Speaker 1: shots in order for someone to be fully vaccinated, and

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Speaker 1: the UK reported the highest number of Kevin nineteen death

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Speaker 1: since March, prompting a top government official to warn the

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Speaker 1: pandemic is not over yet. That is the subject of

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Speaker 1: a Bloomberg story will dig into later. Let's get to

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Speaker 1: our guest, Dr David Levy, the CEO of the healthcare

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Speaker 1: provider e h E Health. He's an epidemiologist. He's based

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Speaker 1: in New York City. That's exactly where we find him

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Speaker 1: on the phone on this Tuesday. Dr Levy, So nice

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Speaker 1: to have you here with Tim and myself. How are

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Speaker 1: you doing? What are you seeing when it comes to

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Speaker 1: COVID and particularly the delta variant, well obviously around the well.

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Speaker 1: First of all, thanks for tasking, nice to speak with you. Uh, look,

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Speaker 1: I'm seeing what we're all saying, which is we're basically

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Speaker 1: living in a tale of two cities. You have a

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Speaker 1: cities and communities where there's high immunization rates and relatively

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Speaker 1: low impact, and you have cities and communities with low

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Speaker 1: immunization rates and relatively high impact. And that's the world

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Speaker 1: we're living in today. And I'm very happy to say

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Speaker 1: that New York is one of those cities where we're

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Speaker 1: having relatively low impact because we're in a high immunization

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Speaker 1: city right now. That said, we are expecting to hear

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Speaker 1: from the CDC just in about forty minutes. We do

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Speaker 1: expect health officials in the US to return to tighter

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Speaker 1: guidelines for the use of masks. How are you reading

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Speaker 1: into this given that we were told weeks ago that

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Speaker 1: fully vaccinated individuals don't have to be wearing masks indoors. Well,

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Speaker 1: I think I said a few months ago on this

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Speaker 1: program that epidemiology is the exact science of probabilities. And

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Speaker 1: as the environment changes and we're dealing with, you know,

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Speaker 1: a contagious and mutating virus, that the facts on the

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Speaker 1: ground and the recommendations will have to change. I mean

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Speaker 1: that that's absolutely normal. I will tell you when the

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Speaker 1: first recommendations came out, I didn't interpret them that said

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Speaker 1: that I should never have to wear a mask again.

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Speaker 1: I mean even in New York City when I go

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Speaker 1: if I went into a venuehere there are five or

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Speaker 1: ten thousand people and fully vaccinated, I would still wear

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Speaker 1: a mask. And I am going to suggest, I don't

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Speaker 1: know exactly what they'll say, that they will make recommendations

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Speaker 1: based on the level of community spread in whatever community

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Speaker 1: you happen to be living in, and certainly not going

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Speaker 1: to be the same in a highly immunized community versus

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Speaker 1: a lowly a low immunized community. So I think you

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Speaker 1: have to uh, you know, like everything else, there's recommendations

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Speaker 1: and you have to use your own personal judgment and

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Speaker 1: with respect to local circumstances. Yeah, and when in doubt,

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Speaker 1: maybe just throwing a mask. The headline just crossing the

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Speaker 1: Bloomberg terminal. This is coming from the ft the Financial

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Speaker 1: Times England set to allow double vaccinated US and EU tourists.

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Speaker 1: What do you believe is the right thing when it

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Speaker 1: comes to cross border travel? Dr Levy Um, Well, I

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Speaker 1: think in general, I don't think there's a big risk

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Speaker 1: with respect to people who are fully immunized. I think

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Speaker 1: the issues and in fact I gave a talk about

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Speaker 1: this a couple of weeks ago. I don't think the

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Speaker 1: issues are as much science based as they are politically based.

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Speaker 1: I mean, fully immunized people ought not be precluded in

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Speaker 1: my view, from international travel, the risk is more um uh,

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Speaker 1: you know, when they go from place to place, they

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Speaker 1: ought to be cognizant of the community spread and choose

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Speaker 1: when and where to uh to wear masks. So I

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Speaker 1: I don't think that fully immunized people are are at

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Speaker 1: particular risk moving across the boarders. Personally, I'm now involved

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Speaker 1: in situations with both the UK and Canada being fully immunized.

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Speaker 1: I really don't have concerns from my own personal travel.

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Speaker 1: What about people who are fully immunized getting a breakthrough

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Speaker 1: infection and then perhaps even unwillingly or unknowingly passing that

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Speaker 1: to somebody who hasn't been vaccinated. What do we know

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Speaker 1: about the ability of somebody who has been fully vaccinated

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Speaker 1: to spread COVID. Well, we don't know a lot about

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Speaker 1: that in fact, and this is one of the issues

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Speaker 1: people always want an answer to an evolving scientific situation.

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Speaker 1: We don't clearly know the answer to that. There's some

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Speaker 1: early studies that should suggest that in fact, there may

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Speaker 1: be as high a viral load and people who have

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Speaker 1: been immunized and who have gotten COVID as those who

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Speaker 1: have in fact not been immunized. But we don't know

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Speaker 1: the extent to which that will spread. And men, as

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Speaker 1: you well know, many of these cases are asymptomatic. But

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Speaker 1: the best defense against any kind of spread is getting

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Speaker 1: as many people immunized as possible. That creates the greatest wall.

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Speaker 1: And I think people have to be reminded that nobody

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Speaker 1: ever said these vaccines were a hundred percent effective, thecent effective.

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Speaker 1: We live in a city of eight million people. If

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Speaker 1: everybody was exposed to this new DEBTA variant, you would

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Speaker 1: as you'd expect five percent of the people to to

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Speaker 1: to become infected, which is three fifty people. And we're

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Speaker 1: nowhere near any kind those kind of numbers. So the

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Speaker 1: vaccines continue to be very, very effective. And you know,

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Speaker 1: rather than picking out, you know, one or two given

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Speaker 1: situations in a given person in a given venue, the

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Speaker 1: idea here is to look at the overall macro public

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Speaker 1: health you and get people immunize. It's the most effective

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Speaker 1: way to lower the lease value. The lethality. This this

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Speaker 1: pandemic and the more, the faster, the better. It's as

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Speaker 1: simple as that. Dr Leaving one thing Tim and I

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Speaker 1: wanted to ask you, is are we in a better

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Speaker 1: place than we were a year ago, six months ago,

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Speaker 1: a month ago. We are absolutely in a better place

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Speaker 1: and from any point in the past with respect to

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Speaker 1: our immunization status. And even though it's slowed down, it

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Speaker 1: gets better and better and better. I think that you

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Speaker 1: could say that we're in a difficult spot in the

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Speaker 1: past month because of the rise of this current variant.

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Speaker 1: But that being said, it's giving pointing us to a

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Speaker 1: really strong lesson which is the best that we can

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Speaker 1: deal The best weapon to deal with these variants, not

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Speaker 1: just today with this variant, but variants in the future,

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Speaker 1: providing the variants don't circumvent the vaccine is to keep

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Speaker 1: getting vaccinated. You know, for people like myself who look

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Speaker 1: every day at the statistics in New York City, uh,

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Speaker 1: you know, we have about a thousand cases now versus

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Speaker 1: the bottom of a trough of about a hundred hundred

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Speaker 1: and fifty a few weeks ago. The hospitalization rate has

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Speaker 1: stayed pretty much the same, hasn't ticked up yet, and

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Speaker 1: the death rate is still at record low. So the

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Speaker 1: lethality this epidemic in New York City is very very

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Speaker 1: low compared to where we have been in the past,

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Speaker 1: and people should keep their eyes out on what the

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Speaker 1: total lethality of this epidemic is and how immunization can

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Speaker 1: improve that, you know, month day, day by day, week

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Speaker 1: by week, and month by one, month by one. And

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Speaker 1: the single best weapon I can't stress this enough is

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Speaker 1: getting immunized. Yeah, the numbers are there. I mean CDC

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Speaker 1: has said that of people who are hospitalized with this

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Speaker 1: are people who have not been vaccinated. Um. Dr Levy,

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Speaker 1: I'm wondering about getting the next portion of Americans vaccinated.

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Speaker 1: You have New York City in California talking about and indeed,

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Speaker 1: UH implementing vaccine mandates are starting at different times for

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Speaker 1: people who work in respective areas. Are vaccine mandates a

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Speaker 1: good thing? Well, I personally believe in vaccine mandates. Uh.

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Speaker 1: All of us went to school with vaccines, otherwise we

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Speaker 1: couldn't go to school. Nobody told me, or nobody told

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Speaker 1: me to with respect to my kids, that you had

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Speaker 1: a choice to wear a mask or to get a

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Speaker 1: measles vaccine. You had to get a Measles vaccine um.

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Speaker 1: Obviously today is a much more complicated social environment around

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Speaker 1: the issue. But I think there's a point, and we've

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Speaker 1: could to jold our own employees, and we've gotten to

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Speaker 1: very high vaccination rates on a voluntary base. Is but

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Speaker 1: I think that for many people, this idea of vaccine,

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Speaker 1: it's and it's impact with respect to the disease, is

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Speaker 1: still an intellectual construct. And somebody we were talking this

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Speaker 1: morning amongst a few of us about this idea about

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Speaker 1: a mandate. Uh. Thereby making people give something up if

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Speaker 1: they in fact don't get the vaccine is powerful. Not

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Speaker 1: necessarily your job, but the ability to go to a

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Speaker 1: show or the ability to go to a restaurant. This

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Speaker 1: idea of finally having to confront that if you're not vaccinated,

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Speaker 1: your life will meaningfully change. By having some sort of

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Speaker 1: a restriction, I think can be a positive effect to

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Speaker 1: getting more and more people. Uh. Somebody said this morning,

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Speaker 1: you know, there's nobody writing emails that they're withdrawing from

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Speaker 1: college because their college happened to mandate vaccines. Nobody's pulling

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Speaker 1: out of college because of that. And I think that

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Speaker 1: the same thing is going to be seen as a

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Speaker 1: private institutions mandate vaccines. I think, you know, there's a

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Speaker 1: lot of a threat about it, but I don't think

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Speaker 1: that there's going to be a real withdrawal from from

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Speaker 1: those institutions. I really don't. It's funny that you said

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Speaker 1: that my daughter starts college in the fall and her

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Speaker 1: school just sent out a note saying that the vaccination

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Speaker 1: rates aren't high enough. I guess they're asking for evidence,

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Speaker 1: and they're basically, I think, kind of pushing people saying,

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Speaker 1: you know, please get it. We're not making it mandatory,

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Speaker 1: at least not yet um, but we'll see what happens.

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Speaker 1: Dr David Levy, CEO of E H E Health, thank

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Speaker 1: you so much. It's so interesting, Dr David Levy, just

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Speaker 1: now talking about the idea of taking something away or

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Speaker 1: you're not getting access to something because you're not vaccinated.

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Speaker 1: For for me and for so many people, I know,

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Speaker 1: the idea of just being safer and being able to

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Speaker 1: kind of face the world, getting rid of the stress

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Speaker 1: of being concerned that you can't get the virus. That

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Speaker 1: was enough for me. You're listening to Bloomberg Business Week

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Speaker 1: with Carol Messer and Bloomberg Quick Takes, Tim Stinovic on

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Speaker 1: Bloomberg Radio. All Right, well, this week's cover story Bloomberg

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Speaker 1: Business Week magazine happens to be among our most read

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Speaker 1: stories today on the Bloomberg You'll understand why in just

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Speaker 1: a moment. It's about Beijing's crackdown on its big tech companies,

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Speaker 1: how it is ushering a new era. So let's get

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Speaker 1: to it. It's something we've talked about already a lot.

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Speaker 1: Joel Lebbers, editor at Bloomberg Business Week. He joins us

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Speaker 1: in the Bloomberg Interactive Broker studio. Also, Austin Carr, technology

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Speaker 1: reporter for Bloomberg News, joins us on the phone from

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Speaker 1: l A. My biggest question, Joel, with this story is

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Speaker 1: did Austin get to go to Grand Cayman to actually

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Speaker 1: report it, because that's how the story opens. Yeah, not

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Speaker 1: not to my knowledge, But you haven't got any expenses

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Speaker 1: for July. I haven't got those expenses. And I was

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Speaker 1: thinking as you said that that, you know, he just

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Speaker 1: did that cover story not that long ago about Margaritaville,

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Speaker 1: which maybe maybe that did take him to the islands,

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Speaker 1: and I just didn't put two and you together. But uh,

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Speaker 1: you know, I think this story is super significant. When

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Speaker 1: I think about the storyline through the year, this one

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Speaker 1: is increasingly feeling like the story of the year, which

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Speaker 1: is China crackdown and and and what it really means

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Speaker 1: because I think forever investors especially, I've always felt like,

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Speaker 1: oh wow, this is trying, this is a growth story,

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Speaker 1: and like the tech versions of companies coming from China

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Speaker 1: can be very different than American versions. And you know,

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Speaker 1: just seemed like that the guy was the limit. And

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Speaker 1: then this guy has basically been brought down, um and

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Speaker 1: especially just then of the last week, so we felt

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Speaker 1: like that was uh, you know, especially irrelevant for the

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Speaker 1: cover this week. So so Austin, can you can you

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Speaker 1: tell me, like, you know, we we set you loose

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Speaker 1: on this story and what really stands out to you

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Speaker 1: about what China is doing right now, because there's a

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Speaker 1: term that you dropping the story, that China model that

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Speaker 1: I'd like you to explain to Sure. Yeah, And and

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Speaker 1: just up top, I I should note that I am

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Speaker 1: in Los Angeles reporting, not in the Cayman Islands on

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Speaker 1: the beach anymore. How don't we know that? Sounds like

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Speaker 1: can either confirm nor no that, But I do agree

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Speaker 1: this is one of the big stories of the year

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Speaker 1: that we're really eager to focus on when it comes

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Speaker 1: to Silicon Valley versus China, because for so long they

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Speaker 1: were sort of emulating the model that the US had

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Speaker 1: done with their industry. For every you know version of Facebook,

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Speaker 1: there was a version of that in China, or there

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Speaker 1: was buy You the Google of China, or d D

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Speaker 1: the Uber of China, And until just you know, about

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Speaker 1: October or so, that model had just continued growing and

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Speaker 1: growing and they were becoming more global competitors. But what

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Speaker 1: with these recent crackdowns on d D, on Ali Baba,

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Speaker 1: on the education industry, on Matuan, we're seeing a very

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Speaker 1: a lot of up people in that model where China

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Speaker 1: is basically saying to its entrepreneurs, no, this has got

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Speaker 1: to stop no more, you know, freewheeling capitalism. We're going

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Speaker 1: to rein you in a bit, and we're going to

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Speaker 1: do a lot faster than the U S regulators can

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Speaker 1: do it in the US. And I think the big

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Speaker 1: standout thing for me, and we can talk more about

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Speaker 1: the new model for China, but the big standout thing

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Speaker 1: is that going into this, I assumed we'd feel here

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Speaker 1: a lot of negative reactions of the government intervention in China,

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Speaker 1: and it was actually quite the opposite. We actually heard

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Speaker 1: a lot of positive reactions, especially from the startup in

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Speaker 1: VC community, that felt like this was going to level

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Speaker 1: the playing field in the China texting in a way

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Speaker 1: that won't happen in the the U s texting for

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Speaker 1: many years. So why is the Chinese government no longer

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Speaker 1: taking a permissive approach Austin When it comes to big

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Speaker 1: Chinese tech companies, You know, there's definitely a sense that

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Speaker 1: these companies were getting too powerful, um Ali Babba being

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Speaker 1: a prime example, where it was acting with a lot

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Speaker 1: of monopolistic behavior, alleged monopolistic behavior towards some of the startups,

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Speaker 1: forcing them on their platform, forcing smaller players to sell out,

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Speaker 1: taking advantage of their data, and really behaving in a

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Speaker 1: way that was in the corporate interests but not necessarily

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Speaker 1: in China's national interests. And I think that's really where

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Speaker 1: the big pivot is happening in China right now. When

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Speaker 1: we think about anti trust cases in the US, that's

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Speaker 1: often to protect the consumer, but in China it's increasingly

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Speaker 1: to protect national policy. And so when these companies were

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Speaker 1: vieering off track, not behaving in a way that was

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Speaker 1: in the in China's national interest. That's when the government

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Speaker 1: has stepped in and say Ali Baba or two d

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Speaker 1: D or may twin that they have to behave differently,

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Speaker 1: you know. Reading the story Austin and in just hearing

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Speaker 1: you describe it like that, I think some some critics

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Speaker 1: of US tech companies could say, hey, wait a second,

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Speaker 1: this is what we see US tech companies doing to

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Speaker 1: to their smaller competition, correct, I mean we we did

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Speaker 1: hear that. I mean one person had told me that, uh,

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Speaker 1: you know, China was able to reign in Ali Baba

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Speaker 1: within four months, whereas it's going to take US regulators,

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Speaker 1: you know, years and years, if not longer, to rain

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Speaker 1: in a company like Facebook or Google about their alleged

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Speaker 1: you know, privacy issues. Um. And So basically what we

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Speaker 1: have to look at is what is the outcome of

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Speaker 1: these two different approaches to regulation. On the one hand,

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Speaker 1: critics and observers believe that US tech companies might have

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Speaker 1: a bit more of an edge in the global theme.

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Speaker 1: They will Facebook the same companies will continue to grow

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Speaker 1: at a more global scale, where China's model is now

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Speaker 1: becoming increasingly China centric. And also less founder centric. In

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Speaker 1: other words, sort of the sort of heroes of the

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Speaker 1: tech industry and Silicon Valley like Ali Baba co founder

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Speaker 1: Jack Ma might not be as vocal or as present

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Speaker 1: as sort of their counterparts in the US, like Elon

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Speaker 1: Musk will continue to be um and so there's just

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Speaker 1: a give and take there. On the one hand, China

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Speaker 1: might have less global champions, but perhaps they they that

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Speaker 1: sort of braining in the top players allows a new

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Speaker 1: generation of startups to grow, whereas in the US startups

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Speaker 1: are finding it difficult to grow without being swallowed up

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Speaker 1: by the bigger players. Austin, what have you not said

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Speaker 1: that you needed to say? I have not. I have

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Speaker 1: not said that I will be filing an expense report.

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Speaker 1: You like, I better get to the grand game? Is

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Speaker 1: just to do some last minute fact checking? Okay, Well,

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Speaker 1: you know it's interesting. I read your story and I

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Speaker 1: was thinking, Okay, the EU is leading when it comes

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Speaker 1: to climate change regulatory moves. I feel like China is

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Speaker 1: now leading the way when it comes to big tech oversight.

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Speaker 1: You know, what's the US role in all of this

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Speaker 1: and what it mean for US big tech companies. I

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Speaker 1: think the US is still figuring that out. I mean,

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Speaker 1: we we we've seen so many hearings. We've seen sort

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Speaker 1: of fines levied in the EU and the US towards

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Speaker 1: certain companies, but it has not played out as aggressively

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Speaker 1: UH in the U S as it has in UM

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Speaker 1: the in in China markets. UH, we are seeing sort

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Speaker 1: of U S companies having to you know, one sort

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Speaker 1: of interesting juxtaposition was on July four, This is days

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Speaker 1: after Facebook has been dealing with UH, you know, issues

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Speaker 1: around government intervention, what's going to happen with some of

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Speaker 1: the antitrust suits against them? And you have Mark Zuckerberg

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Speaker 1: gliding on that that hydro surfboard on July fourth, an

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Speaker 1: Independence Day, carrying the American flag. Compare that to someone

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Speaker 1: like Jack Ma who has basically disappeared in recent months.

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Speaker 1: We haven't seen them, and you can really see the

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Speaker 1: stark difference between how much pressure of the U S

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Speaker 1: tech companies, the largest giants are facing verse is UH

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Speaker 1: for versus the Chinese tech companies. But I would really

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Speaker 1: stress at this is a nuance complicated issue, and the

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Speaker 1: idea from a Western perspective that the China is just

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Speaker 1: breaking down their big text team not correct. They're just

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Speaker 1: trying to tell them what they can know no longer do.

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Speaker 1: It's the perfect read right now, investors, US investors are

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Speaker 1: gonna love the American tech companies even more though as

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Speaker 1: a result. The big one, big take away, Well, it's

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Speaker 1: a must read and check it out. It's the cover.

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Speaker 1: Joe Weber, Editor Bloomberg Business Week, Austin car Uh, technology

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Speaker 1: reporter Here at Bloomberg News. You're listening to Bloomberg Business

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Speaker 1: Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovic

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Speaker 1: on Bloomberg Radio. TikTok, everybody. We are waiting from the

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Speaker 1: CDC a bit of an update when it comes to

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Speaker 1: COVID and mask wearing. So as soon as that begins,

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Speaker 1: we will take you there live. In the meantime, you know,

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Speaker 1: it also got underway today the Federal Reserve today meeting busy. Yeah,

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Speaker 1: and we're gonna get that decision tomorrow. Let's find out

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Speaker 1: what we should be watching out for. We've got dynamic

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Speaker 1: duo Steve Skanky back with US Chief Economic Advisor at

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Speaker 1: Kiel Point, former U S Treasury and White House National

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Speaker 1: Security Council staff member based in Washington, d C. That's

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Speaker 1: where we find him on the phone and also with

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Speaker 1: us Francis Donald. She is global chief economist and head

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Speaker 1: of macro strategy at Manual Life Investment Management. She too

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Speaker 1: back with us on the phone from Montreal. Francis, Uh, Steve,

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Speaker 1: so nice to have you here with us. Francis, let

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Speaker 1: me kick it off with you. What is it? I mean?

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Speaker 1: Is it gonna be a boring meeting? Can I just

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Speaker 1: go out for a like a three martini lunch and

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Speaker 1: then come back when it's all over? Or do what

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Speaker 1: do I? Or should I be closely listening and watching?

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Speaker 1: Sometimes it's better. I'm not a Martini kind of gal either,

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Speaker 1: so I don't even know why I said, Martiniz, go ahead. Well,

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Speaker 1: you may have the right strategy, because there's always an

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Speaker 1: emphasis on trying to parcel out word by word. I

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Speaker 1: think they can probably get away with not doing much tomorrow.

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Speaker 1: But the question, of course, when is this paper coming?

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Speaker 1: Is it going to be MBS the US focused? How

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Speaker 1: much warning are we gonna get? But mon view is

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Speaker 1: it actually doesn't really matter whether we get a September

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Speaker 1: taper or December taper. That's not the underlying question that

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Speaker 1: has spooked markets here. The question is did the set

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Speaker 1: really have a change in their policy making reaction function

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Speaker 1: with average in flintship targeting. They're focused on broadways and

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Speaker 1: inclusive employment. Do those two rate hype dots really matter?

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Speaker 1: Are we just going back to pre COVID style monetary policy?

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Speaker 1: So the most important question I'm looking for is does

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Speaker 1: Powell in some way push back against those dots, push

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Speaker 1: back on the idea that a I T was just

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Speaker 1: with service and give us some indication that yes, people

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Speaker 1: on notepaper, they will be very patient on rate hikes.

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Speaker 1: Two has to get priced out a little bit more.

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Speaker 1: I think for this curve to start re speepening. Steve

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Speaker 1: Skankey come on in here and weigh in on this.

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Speaker 1: Do you agree with Francis that that is the most

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Speaker 1: important thing we should be keeping an eye on when

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Speaker 1: it comes to what we hear from J. Powell and

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Speaker 1: the Fed tomorrow, Well, it certainly is something that we well,

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Speaker 1: thanks for inviting me. Certainly is something that we want

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Speaker 1: to be paying attention to. I think the big challenge

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Speaker 1: for tomorrow is is for the Fed to uh uh

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Speaker 1: not walk back from it's it's somewhat hot um uh

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Speaker 1: outcome with the change in the dot plot from its

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Speaker 1: meeting a month ago, and at the same time to

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Speaker 1: acknowledge that the COVID nineteen delta variant UH could become

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Speaker 1: an issue. We see some of the indicators of of

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Speaker 1: economic growth slacking a little bit. UH. The FED hasn't

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Speaker 1: seen its employment growth numbers achieved yet, and so it

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Speaker 1: it wants to keep the stimulus on, but at the

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Speaker 1: same time doesn't want to disappoint the market that it

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Speaker 1: is giving up its vigilance on inflation. You know, the

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Speaker 1: inflation is the numbers are really a conundrum for the

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Speaker 1: FED because when you drill down into it, UH, you know,

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Speaker 1: numbers like like housing or um shelter, which is thirty

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Speaker 1: three percent of the CPI basket, only a two and

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Speaker 1: a half percent um over the last twelve months through

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Speaker 1: the end of June. And for for anything really to

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Speaker 1: happen that's not transitory and inflation, you have to see

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Speaker 1: some basic shift in something you know, in shelter, medical services,

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Speaker 1: food at home, and they're just haven't been that there yet,

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Speaker 1: so that the FED needs to assure markets, but yet

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Speaker 1: at the same time acknowledge what it always acknowledges about.

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Speaker 1: We haven't seen substantial progress yet toward our goals. Right

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Speaker 1: the bondom market, we tell you that, Yeah, we're in

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Speaker 1: on that narrative. We've got the tenure note all right

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Speaker 1: now at one three Frances, What about the financial markets?

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Speaker 1: We are seeing some pressure today because of the big

431
00:22:54,760 --> 00:22:58,080
Speaker 1: tech names, although we're coming off our lows, concerns about earnings,

432
00:22:58,119 --> 00:23:01,520
Speaker 1: concerns about outlook. It be interesting to see what these

433
00:23:01,560 --> 00:23:03,280
Speaker 1: big companies what do we have to We have Apple,

434
00:23:03,359 --> 00:23:07,840
Speaker 1: we have Google, Microsoft, Right what they say about you

435
00:23:07,880 --> 00:23:11,600
Speaker 1: know the variant that you know Delta and COVID. How

436
00:23:11,680 --> 00:23:14,880
Speaker 1: much do you think we know? The FED watches financial markets?

437
00:23:15,320 --> 00:23:17,520
Speaker 1: How much do they watch earnings as well in terms

438
00:23:17,560 --> 00:23:22,880
Speaker 1: of figuring out what the growth and inflationary trajectory might be. Well,

439
00:23:22,960 --> 00:23:25,760
Speaker 1: I always think of the said like macro strategists. Maybe

440
00:23:25,760 --> 00:23:28,320
Speaker 1: that's my own bias. But if they're like me, and

441
00:23:28,359 --> 00:23:30,800
Speaker 1: I think sometimes they are, maybe I'm like them. What

442
00:23:30,920 --> 00:23:34,320
Speaker 1: they're probably looking for clues within those statements regarding a

443
00:23:34,320 --> 00:23:37,320
Speaker 1: few key issues that are really a creating massive uncertainty

444
00:23:37,320 --> 00:23:40,560
Speaker 1: for the outlook want to supply change disruption. We think

445
00:23:40,600 --> 00:23:42,600
Speaker 1: that that shows up and maybe tech earnings to the

446
00:23:42,640 --> 00:23:46,200
Speaker 1: same extent. But any invocation that those are either falling

447
00:23:46,200 --> 00:23:49,639
Speaker 1: back the baiting or persistent problem does change not just

448
00:23:49,720 --> 00:23:52,359
Speaker 1: the inflation outlook, but the growth outlook, and likely going

449
00:23:52,400 --> 00:23:56,840
Speaker 1: to be listening for for comments about labor shortages and

450
00:23:56,880 --> 00:23:59,679
Speaker 1: any indication that maybe some of that labor force participation

451
00:23:59,760 --> 00:24:03,040
Speaker 1: rates coming back and how that's going to be impacting wages.

452
00:24:03,400 --> 00:24:05,920
Speaker 1: And then if they're like, we're also looking in earnings

453
00:24:06,000 --> 00:24:09,000
Speaker 1: for any indication about how government spending ahead might change

454
00:24:09,000 --> 00:24:12,439
Speaker 1: the outlook. These are three huge uncertainties that aren't just

455
00:24:12,480 --> 00:24:15,480
Speaker 1: weighing on central bank reaction function or the way we

456
00:24:15,520 --> 00:24:19,600
Speaker 1: can construct asked allocation portfolios, but individual companies in America

457
00:24:19,680 --> 00:24:22,720
Speaker 1: as well. They're creating this breadth of uncertainty that means

458
00:24:22,960 --> 00:24:26,320
Speaker 1: we don't have career vision on what growth, inflation, or

459
00:24:26,840 --> 00:24:28,800
Speaker 1: policymakers are going to be doing ahead. And that's the

460
00:24:28,880 --> 00:24:31,480
Speaker 1: underlying problem. That's the nerves you're seeing in this market,

461
00:24:31,600 --> 00:24:36,600
Speaker 1: is this complete lack of visibility. Uh, Stephen, we only

462
00:24:36,640 --> 00:24:39,119
Speaker 1: have about a minute left, But I'm gonna ask you

463
00:24:39,160 --> 00:24:41,200
Speaker 1: the question we ask each and every time there is

464
00:24:41,240 --> 00:24:44,320
Speaker 1: a FED meeting. What's what's the question that you ask

465
00:24:44,920 --> 00:24:47,680
Speaker 1: FED share Powell tomorrow? If you were given the chance

466
00:24:47,760 --> 00:24:52,560
Speaker 1: and just got about forty twonds. Sure. Well, at cal point,

467
00:24:52,640 --> 00:24:56,080
Speaker 1: we're watching for any indication that's going to drive markets

468
00:24:56,119 --> 00:24:58,480
Speaker 1: one way or the other. So I guess my my

469
00:24:58,880 --> 00:25:02,800
Speaker 1: main question for him to be would be, Okay, so

470
00:25:02,880 --> 00:25:06,480
Speaker 1: you you talked about talking about papering, so this time

471
00:25:06,480 --> 00:25:09,320
Speaker 1: did you actually talk about it? And do you have

472
00:25:09,400 --> 00:25:13,440
Speaker 1: a plan and when will we expect to see that plan?

473
00:25:13,600 --> 00:25:15,320
Speaker 1: We have to wait till after August. We have to

474
00:25:15,320 --> 00:25:20,320
Speaker 1: wait till September. And while I agree that it doesn't

475
00:25:20,320 --> 00:25:24,040
Speaker 1: matter so much as to when it starts, markets would

476
00:25:24,080 --> 00:25:26,320
Speaker 1: like to know, uh, when they're going to get on

477
00:25:26,440 --> 00:25:28,520
Speaker 1: with it, Steve really quickly. Do we hear more about

478
00:25:28,560 --> 00:25:32,000
Speaker 1: Do we hear Delta being said more tomorrow or Transitory?

479
00:25:33,480 --> 00:25:37,200
Speaker 1: I think probably Delta Moore tomorrow, although this is their

480
00:25:37,240 --> 00:25:40,639
Speaker 1: first meeting since the June and Place and cp I,

481
00:25:40,680 --> 00:25:43,400
Speaker 1: so probably Transitory is going to be at two francs

482
00:25:43,480 --> 00:25:47,240
Speaker 1: five seconds, Delta Transcharactor. What is going on in the

483
00:25:47,240 --> 00:25:50,399
Speaker 1: housing market? Are they afraid that it has bubble components?

484
00:25:50,440 --> 00:25:53,119
Speaker 1: That's my question. Francis Donald evert Man, you life and

485
00:25:53,119 --> 00:26:01,040
Speaker 1: Steve Skanky over kill point the journal. Yeah, but you

486
00:26:01,119 --> 00:26:04,520
Speaker 1: let me drive oh no, no, no no, no, drive home

487
00:26:05,040 --> 00:26:09,000
Speaker 1: all night, please, I'll do the ravel. I want to

488
00:26:09,080 --> 00:26:25,880
Speaker 1: drive drive question ring, This is the drive to the globe.

489
00:26:26,680 --> 00:26:30,200
Speaker 1: Give me thanks. We'll drying us down on Bloomberg Radio.

490
00:26:30,400 --> 00:26:31,920
Speaker 1: All right, just about ten and a half minutes left

491
00:26:31,920 --> 00:26:33,960
Speaker 1: in today's trading session. I'm kind of setting up my

492
00:26:34,000 --> 00:26:37,199
Speaker 1: four screens of the Bloomberg terminal so that I can track, uh,

493
00:26:37,400 --> 00:26:40,119
Speaker 1: the dump of earnings that we're going to get from

494
00:26:40,160 --> 00:26:44,400
Speaker 1: big tech names TIMM and Microsoft, Apple all set to report,

495
00:26:44,440 --> 00:26:46,880
Speaker 1: among many other Starbucks too. These are big ones. They

496
00:26:46,920 --> 00:26:50,280
Speaker 1: have provided a lot of momentum, certainly to the trade

497
00:26:50,320 --> 00:26:52,720
Speaker 1: over the last year or so. Let's see what Hillary

498
00:26:52,760 --> 00:26:54,960
Speaker 1: Kramer has to say when it comes to today's market

499
00:26:55,000 --> 00:26:57,879
Speaker 1: trade and those earnings yet to come. Hillary Kramer is President,

500
00:26:57,960 --> 00:27:00,760
Speaker 1: chief investment Officer at a G Capital Research, author of

501
00:27:00,800 --> 00:27:03,320
Speaker 1: Game Change. You're Investing How a profit from tomorrow's billion

502
00:27:03,320 --> 00:27:06,160
Speaker 1: dollar trend. She's on the phone in New York City.

503
00:27:06,200 --> 00:27:08,479
Speaker 1: Good to have you back with us. What's on your

504
00:27:08,560 --> 00:27:11,760
Speaker 1: radar today? Because we've talked a lot about big tech earnings,

505
00:27:11,920 --> 00:27:16,200
Speaker 1: Chinese oversight, Chinese big text selling off, We've talked about

506
00:27:16,200 --> 00:27:18,960
Speaker 1: the delta variant. What really matters to the equity trade

507
00:27:19,000 --> 00:27:23,360
Speaker 1: near view. All of the above is okay too. It's

508
00:27:23,359 --> 00:27:26,360
Speaker 1: everything that you mentioned. But in the market's very nervous

509
00:27:26,400 --> 00:27:28,960
Speaker 1: here for sure, and that's what those those variants are.

510
00:27:28,960 --> 00:27:31,879
Speaker 1: But you have, right, you have China, the valuations are

511
00:27:31,960 --> 00:27:34,920
Speaker 1: high and overstretched. But then we have these like brutal

512
00:27:35,000 --> 00:27:37,280
Speaker 1: fell offs, right with these sharp sell offs, and then

513
00:27:37,640 --> 00:27:40,679
Speaker 1: like everyone gets kind of shaken out, and then you know,

514
00:27:40,720 --> 00:27:43,920
Speaker 1: and then everyone comes back in um. But I think

515
00:27:43,960 --> 00:27:46,600
Speaker 1: that I really do think that COVID with the delta

516
00:27:46,680 --> 00:27:50,720
Speaker 1: variant is an issue. The FED stopping with tapering could

517
00:27:50,760 --> 00:27:53,520
Speaker 1: really be a concern because next could be, you know,

518
00:27:53,680 --> 00:27:57,200
Speaker 1: raising rates and no one's really talking about taxes. And

519
00:27:57,280 --> 00:28:01,280
Speaker 1: at three point five trillion dollar in for structure deal,

520
00:28:01,680 --> 00:28:05,280
Speaker 1: human infrastructure deal that needs to be paid for, and

521
00:28:05,359 --> 00:28:08,320
Speaker 1: that's concerning everybody from the far left to the far right.

522
00:28:08,440 --> 00:28:10,760
Speaker 1: You know, ordinarily it's something that you know, we all

523
00:28:10,800 --> 00:28:13,520
Speaker 1: want and we you know, we we recognize the importance.

524
00:28:13,840 --> 00:28:16,960
Speaker 1: But when you're talking three point five trillion, the markets

525
00:28:17,200 --> 00:28:21,359
Speaker 1: very nervous. Now in terms of specifics, Carol, Apple is tricky.

526
00:28:21,560 --> 00:28:23,680
Speaker 1: Let's talk about earnings, like like in a few minutes

527
00:28:23,720 --> 00:28:27,760
Speaker 1: from now what's it? What's on my radar? Apple is

528
00:28:27,800 --> 00:28:31,200
Speaker 1: really tricky because five G I think is already built in.

529
00:28:31,880 --> 00:28:34,359
Speaker 1: You know, it's not Apple is not a top line grower.

530
00:28:34,400 --> 00:28:36,359
Speaker 1: They don't have all that cash that they used to have.

531
00:28:36,480 --> 00:28:38,840
Speaker 1: Everyone thinks of Apple is like you rich in cash,

532
00:28:38,840 --> 00:28:41,200
Speaker 1: but they block back so much stock. And then I

533
00:28:41,240 --> 00:28:43,520
Speaker 1: was looking today at the operating income. In two thousand

534
00:28:43,560 --> 00:28:47,000
Speaker 1: and sixteen, Apple's operating income was sixty nine billion. Last

535
00:28:47,040 --> 00:28:49,360
Speaker 1: year it was seventy seven billion. It is not a

536
00:28:49,400 --> 00:28:53,720
Speaker 1: big growing company. I do think Microsoft is going to

537
00:28:53,840 --> 00:28:57,160
Speaker 1: be great. I think that they're they just continue, you know,

538
00:28:57,280 --> 00:29:00,360
Speaker 1: on all cylinders to grow and everything for um, you

539
00:29:00,400 --> 00:29:05,240
Speaker 1: know gaming, uh, to their web services and cloud computing,

540
00:29:05,560 --> 00:29:09,760
Speaker 1: so they're very strong and uh and to those those

541
00:29:09,760 --> 00:29:13,280
Speaker 1: That's really what's on the radar. UM. My other concern,

542
00:29:13,480 --> 00:29:16,400
Speaker 1: of course, is what we're going to hear in terms

543
00:29:16,560 --> 00:29:20,719
Speaker 1: of like, for example, Caterpillar on Friday, you know reporting

544
00:29:20,800 --> 00:29:23,760
Speaker 1: we have Ford. Now Ford doesn't matter a lot, but

545
00:29:23,920 --> 00:29:26,479
Speaker 1: Ford on Wednesday is going to matter to me because

546
00:29:26,680 --> 00:29:28,800
Speaker 1: we want to hear what more what Ford has to

547
00:29:28,840 --> 00:29:33,280
Speaker 1: say to the to the minute about difficulty with the

548
00:29:33,280 --> 00:29:36,120
Speaker 1: supply chain. Right, you know, we keep hearing that everyone

549
00:29:36,160 --> 00:29:40,400
Speaker 1: knows that my conductors are a problem, but okays just

550
00:29:40,480 --> 00:29:43,400
Speaker 1: have to do it all yourself. Huh, well you have

551
00:29:43,680 --> 00:29:46,560
Speaker 1: the problem is that's just it. Nobody really can And

552
00:29:46,600 --> 00:29:48,719
Speaker 1: I think that one of the reasons we see a

553
00:29:48,760 --> 00:29:53,240
Speaker 1: lot of these um engineering and infrastructure companies not really

554
00:29:53,280 --> 00:29:55,680
Speaker 1: like catching a bid even with a one point five

555
00:29:55,720 --> 00:29:59,640
Speaker 1: chillion dollar you know, like actual infrastructure coming. That's not

556
00:29:59,720 --> 00:30:03,240
Speaker 1: the human infrastructure bill that we're going to see. But

557
00:30:03,360 --> 00:30:05,280
Speaker 1: the concern is how are they going to really be

558
00:30:05,320 --> 00:30:08,160
Speaker 1: able to build? You know, they're really backed up because

559
00:30:08,200 --> 00:30:11,560
Speaker 1: of that. And so what I am advising and what

560
00:30:11,600 --> 00:30:14,600
Speaker 1: we're writing about is that we think that the banks,

561
00:30:14,680 --> 00:30:17,120
Speaker 1: you know, there's a sort of built an expectation of recession,

562
00:30:17,200 --> 00:30:19,760
Speaker 1: so we think the banks are the best opportunity here,

563
00:30:20,240 --> 00:30:24,120
Speaker 1: and the banks are also a great proxy for for

564
00:30:24,160 --> 00:30:25,960
Speaker 1: having Hilary, I want to go back to something that

565
00:30:25,960 --> 00:30:27,720
Speaker 1: you said a couple of minutes ago, was regard to

566
00:30:27,800 --> 00:30:30,120
Speaker 1: the delta variant. Did you say that it is of

567
00:30:30,160 --> 00:30:33,160
Speaker 1: a concern or is not a concern for markets right now?

568
00:30:33,400 --> 00:30:38,040
Speaker 1: It's it's it's becoming it's becoming a yawn, right It's

569
00:30:38,080 --> 00:30:42,160
Speaker 1: not as much of a concern as it had been. However,

570
00:30:42,240 --> 00:30:44,000
Speaker 1: it's a kind of thing that can you know, that

571
00:30:44,080 --> 00:30:46,360
Speaker 1: can bite us, you know, that can just you know,

572
00:30:46,520 --> 00:30:49,000
Speaker 1: get us really quick, and especially when you see the

573
00:30:49,120 --> 00:30:52,800
Speaker 1: numbers and how fast COVID can Why is it? Why

574
00:30:52,880 --> 00:30:55,440
Speaker 1: is it a yawn If the cdc IS is changing

575
00:30:55,440 --> 00:30:57,920
Speaker 1: its guidance. If we saw the sell off a week

576
00:30:57,920 --> 00:31:00,880
Speaker 1: ago Monday, the narrative around that was because of concerns

577
00:31:00,920 --> 00:31:02,920
Speaker 1: about the delta variant, Why is it a yawned? To you?

578
00:31:03,480 --> 00:31:07,200
Speaker 1: Because the market worries about the unknown, what it absolutely

579
00:31:07,280 --> 00:31:10,479
Speaker 1: doesn't understand that could hit it, you know, like you know,

580
00:31:10,560 --> 00:31:12,360
Speaker 1: a chair, like you couldn't hit over the head to

581
00:31:12,480 --> 00:31:15,800
Speaker 1: the stock market worries, but everyone has sort of this

582
00:31:15,880 --> 00:31:19,120
Speaker 1: built an expectation. We're no longer in March April of

583
00:31:20,000 --> 00:31:22,600
Speaker 1: where we're wearing, you know, two pairs of gloves and

584
00:31:22,640 --> 00:31:25,280
Speaker 1: we're stripping down when we get home. That the concept

585
00:31:25,400 --> 00:31:29,760
Speaker 1: now is okay, COVID is bad now. I'm saying what

586
00:31:29,960 --> 00:31:33,920
Speaker 1: the sentiment is in my opinion. Living in New York City,

587
00:31:34,000 --> 00:31:37,720
Speaker 1: Midtown Manhattan, across from n YU Medical Center, Lane Gone,

588
00:31:37,840 --> 00:31:41,120
Speaker 1: I can tell you it is real. It was real.

589
00:31:41,520 --> 00:31:47,320
Speaker 1: I thought dozens of medical examiner trucks, you know, refrigerated

590
00:31:47,880 --> 00:31:52,200
Speaker 1: morgues and it's real, but the market isn't really paying

591
00:31:52,240 --> 00:31:55,760
Speaker 1: attention to it. Instead, the markets more concerned really about

592
00:31:55,880 --> 00:31:59,240
Speaker 1: China right now, which should I think be the least

593
00:31:59,280 --> 00:32:01,560
Speaker 1: of our concern is accepted. We have a lot of

594
00:32:01,600 --> 00:32:04,040
Speaker 1: investments or some of the funds that are highly invested

595
00:32:04,080 --> 00:32:07,160
Speaker 1: in China. You're not so, but wait, so explain that.

596
00:32:07,240 --> 00:32:09,240
Speaker 1: What does our audience. I mean, we've talked about that

597
00:32:09,280 --> 00:32:10,880
Speaker 1: a lot in the last couple of days and certainly

598
00:32:10,920 --> 00:32:12,600
Speaker 1: this week and over the last couple of weeks, and

599
00:32:12,600 --> 00:32:15,440
Speaker 1: I really it's going to be when we get to December,

600
00:32:16,520 --> 00:32:18,000
Speaker 1: this is going to be one of our big stories

601
00:32:18,040 --> 00:32:20,080
Speaker 1: of the year, no doubt about it. What is it

602
00:32:20,120 --> 00:32:22,360
Speaker 1: that our audience needs to you know, continue to pay

603
00:32:22,360 --> 00:32:26,240
Speaker 1: attention to when it comes to China? Uh? That it

604
00:32:26,320 --> 00:32:29,360
Speaker 1: had to do with really more than Cathy Wood type funds.

605
00:32:29,400 --> 00:32:32,520
Speaker 1: The funds that are she's getting out of Chinese tech company.

606
00:32:32,600 --> 00:32:34,720
Speaker 1: I know, I saw that. So she's starting to dump

607
00:32:34,760 --> 00:32:37,480
Speaker 1: and leave those Why would she do that because she

608
00:32:37,640 --> 00:32:42,200
Speaker 1: sees that that her return, her alpha's slipping because of China,

609
00:32:42,720 --> 00:32:45,560
Speaker 1: And that's where one needs to be concerned. To me,

610
00:32:45,720 --> 00:32:49,040
Speaker 1: it reminds me of like year two thousand with internet

611
00:32:49,080 --> 00:32:52,560
Speaker 1: stocks starting to fall, but the greater market really didn't

612
00:32:52,600 --> 00:32:55,720
Speaker 1: have much concern at the same time, though of course,

613
00:32:56,080 --> 00:32:59,120
Speaker 1: you know there could be some spill over. But these

614
00:32:59,200 --> 00:33:02,400
Speaker 1: Chinese stocks, right Ali Baba keeps sitting fifty two week lows.

615
00:33:03,080 --> 00:33:06,200
Speaker 1: Is Ali Baba bargain right now? I don't think so.

616
00:33:06,640 --> 00:33:09,560
Speaker 1: At this point. I wouldn't touch it because we don't

617
00:33:09,640 --> 00:33:12,440
Speaker 1: really know exactly what's happening in China. But we have

618
00:33:12,680 --> 00:33:17,520
Speaker 1: enough strength and understanding and transparency in the US market

619
00:33:18,000 --> 00:33:21,080
Speaker 1: that we can we don't have to really worry that.

620
00:33:21,600 --> 00:33:24,080
Speaker 1: I'm not really focused on China. I mean again, my

621
00:33:24,120 --> 00:33:28,160
Speaker 1: sea concern is inflation. My big concern is we we

622
00:33:28,240 --> 00:33:31,400
Speaker 1: have these unemployment benefits are expiring, the last of them

623
00:33:31,800 --> 00:33:34,080
Speaker 1: September three, So we have unemployment and you have this

624
00:33:34,160 --> 00:33:39,440
Speaker 1: extra three dollars which some states have already eradicated. But um,

625
00:33:39,480 --> 00:33:41,719
Speaker 1: you know, we could we could see that could be

626
00:33:41,800 --> 00:33:44,960
Speaker 1: the big hipping point. Listen, I want to think is

627
00:33:45,000 --> 00:33:47,240
Speaker 1: remnning that time. And but one of the things you

628
00:33:47,280 --> 00:33:49,880
Speaker 1: say is avoid big tech until after earnings. These stocks

629
00:33:49,880 --> 00:33:52,040
Speaker 1: will get cheaper if you say you're worried about a bubble.

630
00:33:52,360 --> 00:33:55,480
Speaker 1: This is where the bubble is. But potentially there could

631
00:33:55,480 --> 00:33:58,040
Speaker 1: be some opportunities after we get this this dump of

632
00:33:58,080 --> 00:34:01,560
Speaker 1: big tech earnings. Yeah, and the reason is simply that

633
00:34:01,760 --> 00:34:05,959
Speaker 1: people go back into it. So it's almost it's always

634
00:34:06,000 --> 00:34:08,800
Speaker 1: more of a trade at this point. But you're looking

635
00:34:08,800 --> 00:34:11,879
Speaker 1: at valuations that are overstretched. But at the same time,

636
00:34:11,920 --> 00:34:15,279
Speaker 1: I will say Apple is trading at times or next

637
00:34:15,360 --> 00:34:20,839
Speaker 1: year's earnings. That still isn't horrible. But Microsoft, which I love,

638
00:34:20,880 --> 00:34:22,319
Speaker 1: and I think that they're going to be the one

639
00:34:22,320 --> 00:34:24,720
Speaker 1: that we're going to see up, you know, in in

640
00:34:24,719 --> 00:34:27,799
Speaker 1: in trade, in after market trading. Tomorrow morning, we're gonna

641
00:34:27,800 --> 00:34:30,399
Speaker 1: see up it's it's Microsoft. I never thought I would

642
00:34:30,440 --> 00:34:36,160
Speaker 1: see it thirty trading at thirty four times June earnings. So,

643
00:34:35,440 --> 00:34:39,279
Speaker 1: M Carol, it's a worry, it's a concern. So we

644
00:34:39,400 --> 00:34:41,920
Speaker 1: all have forgotten the fact that you know, these were

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Speaker 1: stocks that were all trading below a hundred dollars, you know,

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Speaker 1: and that are Yes, it's very different overstretched. Everyone's looking

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00:34:50,360 --> 00:34:52,640
Speaker 1: for yield, everyone's looking for return. There's two much of

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Speaker 1: liquidity out there. The set has done us absolutely no favors.

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Speaker 1: They've made billionaires out of some and there are lots

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Speaker 1: of people that don't have it. Hillary. We've got to run,

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Speaker 1: but thank you so much. You covered so much ground,

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00:35:03,480 --> 00:35:05,320
Speaker 1: like you always do. Hillary Kramer, she's ever at A

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Speaker 1: and G Capital Research, joining us on the phone. Thanks

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00:35:10,160 --> 00:35:14,040
Speaker 1: for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud,

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00:35:14,160 --> 00:35:16,279
Speaker 1: or Bloomberg dot com, and you can also listen to

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00:35:16,320 --> 00:35:18,919
Speaker 1: our radio show at two pm Eastern on Bloomberg Radio

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Speaker 1: or watch us on YouTube search Bloomberg Global News