1 00:00:01,360 --> 00:00:04,120 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along 2 00:00:04,120 --> 00:00:06,200 Speaker 1: with my co host of Bonnie Quinn. Every business day 3 00:00:06,240 --> 00:00:09,200 Speaker 1: we bring you interviews from CEOs, A, market pros, and 4 00:00:09,400 --> 00:00:12,800 Speaker 1: Bloomberg experts, along with essential market moving news. Find the 5 00:00:12,800 --> 00:00:16,320 Speaker 1: Bloomberg Markets Podcast on Apple podcast or wherever you listen 6 00:00:16,360 --> 00:00:20,520 Speaker 1: to podcasts, and on Bloomberg dot com. It is time 7 00:00:20,560 --> 00:00:24,240 Speaker 1: for Bloomberg Opinion. We're joined by Sam Fizzelli. Sam is, 8 00:00:24,280 --> 00:00:27,440 Speaker 1: as we all know, senior pharmaceutical analysts for Bloomberg Intelligence. 9 00:00:27,440 --> 00:00:30,800 Speaker 1: He also manages Bloomberg Intelligence for all of Europe, and 10 00:00:30,880 --> 00:00:33,479 Speaker 1: as of today he's adding a third hat as an 11 00:00:33,479 --> 00:00:36,600 Speaker 1: opinion columnist for Bloomberg Opinion, and he's kind of really 12 00:00:36,640 --> 00:00:41,320 Speaker 1: fascinating column out today talking about vaccines when they could 13 00:00:41,320 --> 00:00:45,720 Speaker 1: become available, specifically talking about President Trump and his contention 14 00:00:45,840 --> 00:00:49,559 Speaker 1: that the U s could have a vaccine before election day. Sam, 15 00:00:49,600 --> 00:00:52,320 Speaker 1: once again, thanks so much for joining us here. Give 16 00:00:52,400 --> 00:00:56,200 Speaker 1: us your thoughts about the timing of a vaccine, if 17 00:00:56,320 --> 00:00:59,560 Speaker 1: specifically about President's Trump's contention that there could be a 18 00:00:59,640 --> 00:01:04,680 Speaker 1: vaccine in the U S. Bio action day. Hi, Paul, 19 00:01:04,800 --> 00:01:07,920 Speaker 1: it's very nice to talk to you again. So basically 20 00:01:07,959 --> 00:01:12,680 Speaker 1: the if we're looking at traditional vaccines, then you still 21 00:01:12,760 --> 00:01:17,520 Speaker 1: have a fighter who who CEO continues to talk about 22 00:01:17,600 --> 00:01:22,720 Speaker 1: the possibility of getting data as early as October or 23 00:01:22,840 --> 00:01:27,160 Speaker 1: end of October, So there is still that possibility hanging around. 24 00:01:27,280 --> 00:01:31,320 Speaker 1: But the majority of companies, if they follow the same 25 00:01:31,360 --> 00:01:34,120 Speaker 1: path as Johnson and Johnson has done in their Phase 26 00:01:34,160 --> 00:01:39,160 Speaker 1: three by not looking at efficacy data until half their 27 00:01:39,160 --> 00:01:42,720 Speaker 1: patients have had at least two months after their last dose, 28 00:01:43,160 --> 00:01:45,600 Speaker 1: or that there is only one dose in the Genera trial, 29 00:01:46,360 --> 00:01:48,880 Speaker 1: then there's no way fights that can read out there 30 00:01:48,880 --> 00:01:51,520 Speaker 1: and Moderna we already know they've said they won't read out. 31 00:01:52,040 --> 00:01:54,400 Speaker 1: So it all depends what fights that does. It all 32 00:01:54,440 --> 00:01:57,360 Speaker 1: depends what's going on with these conversations have happened between 33 00:01:57,800 --> 00:02:02,360 Speaker 1: the White House and the CEO of Fights apparently. But 34 00:02:02,440 --> 00:02:04,560 Speaker 1: there is another angle, which is what I looked at 35 00:02:04,560 --> 00:02:08,560 Speaker 1: in my in my Pista road today poll. We'll do 36 00:02:08,680 --> 00:02:13,160 Speaker 1: tell them, okay, and that is that the there is 37 00:02:13,160 --> 00:02:18,240 Speaker 1: another version of vaccines, so called passive vaccines, so not 38 00:02:18,320 --> 00:02:20,240 Speaker 1: the usual one that you and I think about. But 39 00:02:20,600 --> 00:02:23,520 Speaker 1: somebody much cleverer than me put it very nicely and 40 00:02:23,560 --> 00:02:27,720 Speaker 1: called it an immune system in a bottle or immunity 41 00:02:27,720 --> 00:02:31,360 Speaker 1: in a bottle, so it's already it's just loads you 42 00:02:31,480 --> 00:02:35,120 Speaker 1: up with antibodies against the virus, so that either if 43 00:02:35,160 --> 00:02:38,239 Speaker 1: you've just been infected or you are at risk of 44 00:02:38,280 --> 00:02:41,240 Speaker 1: an infection, you could be protected for several months or 45 00:02:41,240 --> 00:02:42,880 Speaker 1: you could get a treatment out of it. Now, we've 46 00:02:42,880 --> 00:02:46,720 Speaker 1: had two companies in general and really report data, and 47 00:02:46,919 --> 00:02:49,640 Speaker 1: our contention is that there is a risk and I 48 00:02:49,720 --> 00:02:53,679 Speaker 1: use that word on purpose, that the FDA may give 49 00:02:53,760 --> 00:02:58,360 Speaker 1: these so called passive vaccines and approval before or in 50 00:02:58,360 --> 00:03:01,440 Speaker 1: the next month. And if that happens, and of course 51 00:03:02,200 --> 00:03:04,720 Speaker 1: the White House can claim that they achieved what they 52 00:03:04,720 --> 00:03:07,520 Speaker 1: were talking about. All right, So the difference between an 53 00:03:07,560 --> 00:03:11,880 Speaker 1: active and a passive just highlight that force against SAM. Yeah. Sure, 54 00:03:11,919 --> 00:03:15,919 Speaker 1: so you you, you and I have had many vaccines 55 00:03:15,960 --> 00:03:18,080 Speaker 1: in our lives. So the ones that you would normally 56 00:03:18,120 --> 00:03:23,120 Speaker 1: know as active vaccines are the flu vaccine or polio vaccine, 57 00:03:23,240 --> 00:03:25,839 Speaker 1: or the measles vaccine, etcetera. So those are the ones 58 00:03:25,880 --> 00:03:30,600 Speaker 1: that are injected into and you'll teach your body to 59 00:03:30,680 --> 00:03:33,480 Speaker 1: raise an immune response so that if you get you 60 00:03:33,560 --> 00:03:36,440 Speaker 1: see the virus, then you're already prepared to react to it. 61 00:03:37,120 --> 00:03:40,840 Speaker 1: The passive vaccines give you the antibodies that a vaccine 62 00:03:40,960 --> 00:03:43,560 Speaker 1: induces in new normally an active vaccine, they just put 63 00:03:43,560 --> 00:03:46,040 Speaker 1: them in a bottle and injected into So it doesn't 64 00:03:46,080 --> 00:03:49,360 Speaker 1: last as long as a as an active vaccination as 65 00:03:49,360 --> 00:03:51,960 Speaker 1: you know. You know, I don't know, fifty years ago 66 00:03:52,000 --> 00:03:54,640 Speaker 1: I had my small pox vaccine right or whatever it 67 00:03:54,720 --> 00:03:58,240 Speaker 1: was BCG vaccine. So all of those, you know, there's 68 00:03:58,280 --> 00:04:01,520 Speaker 1: no these things don't last as fifty years. But what 69 00:04:01,560 --> 00:04:04,000 Speaker 1: they could do is give you two years two months protection. 70 00:04:04,240 --> 00:04:07,080 Speaker 1: But in fact Clackso and Astro are working on things 71 00:04:07,080 --> 00:04:10,360 Speaker 1: they give you six months protection. UM, so you can 72 00:04:10,400 --> 00:04:12,240 Speaker 1: just keep going back every six months and get your 73 00:04:12,800 --> 00:04:15,200 Speaker 1: top hop I mean they're not cheap, but top up 74 00:04:15,360 --> 00:04:21,240 Speaker 1: and keep yourself protected potentially. So what's your hope, UM, 75 00:04:21,279 --> 00:04:23,320 Speaker 1: I mean, when are you anticipating being able to get 76 00:04:23,360 --> 00:04:27,760 Speaker 1: a vaccine and walking around your neighborhood. Oh gosh, you're 77 00:04:27,760 --> 00:04:32,880 Speaker 1: tantalizing me. Then I would love to UM to believe 78 00:04:32,920 --> 00:04:36,320 Speaker 1: that one of these vaccines, the active vaccines Fiser Moderna 79 00:04:37,520 --> 00:04:41,559 Speaker 1: novo vax is looking quite interesting, UM actually have their 80 00:04:41,680 --> 00:04:44,880 Speaker 1: vaccine ready by the end of this year and next year. 81 00:04:45,279 --> 00:04:47,919 Speaker 1: I would hope that they're better than the minimum that 82 00:04:47,960 --> 00:04:53,600 Speaker 1: the FDA has required, which is protection. And frankly, even 83 00:04:53,600 --> 00:04:58,080 Speaker 1: if it's he reduces your risk of disease or severe 84 00:04:58,120 --> 00:05:02,520 Speaker 1: disease by I would still take it. Um you spend 85 00:05:02,520 --> 00:05:05,880 Speaker 1: a couple of days feeling pretty gruelty, and then after 86 00:05:05,920 --> 00:05:09,560 Speaker 1: that you protected for hopefully year, two years, three years, 87 00:05:09,560 --> 00:05:12,719 Speaker 1: four years. I would like that, Sam, What do you 88 00:05:12,880 --> 00:05:14,680 Speaker 1: know what's going on in China? You know, we see 89 00:05:14,720 --> 00:05:18,600 Speaker 1: reports that uh Chinese pharmacyttal companies in the government are 90 00:05:18,720 --> 00:05:22,080 Speaker 1: are having running tests of tens of thousands and injecting 91 00:05:22,080 --> 00:05:25,560 Speaker 1: people with some type of quote unquote vaccine. What's going 92 00:05:25,600 --> 00:05:28,320 Speaker 1: on there? You know? Yeah? But what were you doing 93 00:05:28,360 --> 00:05:31,040 Speaker 1: that too, Paul? We've got if you add up at 94 00:05:31,080 --> 00:05:34,039 Speaker 1: the number sixty thousand four Johnson and Johnson forty four 95 00:05:34,080 --> 00:05:37,640 Speaker 1: thousand four find there, you get up to over two 96 00:05:37,760 --> 00:05:40,839 Speaker 1: hundred thousand people being injected with vaccines, or least half 97 00:05:40,839 --> 00:05:45,320 Speaker 1: of them anyway with vaccine in the trials. Now. So 98 00:05:45,400 --> 00:05:47,479 Speaker 1: I don't know the detail of what's going on in China, 99 00:05:47,520 --> 00:05:50,240 Speaker 1: but I don't think this is massive news in that 100 00:05:50,360 --> 00:05:54,280 Speaker 1: they already started with the with the military apparently, and 101 00:05:54,279 --> 00:05:58,160 Speaker 1: then of course the broader population slowly running out at 102 00:05:58,200 --> 00:06:01,880 Speaker 1: the end of the day, this um this vaccine that 103 00:06:01,920 --> 00:06:04,279 Speaker 1: they're using, at least the one that I just read 104 00:06:04,320 --> 00:06:08,839 Speaker 1: in the article that we were referring to, is one 105 00:06:08,960 --> 00:06:12,640 Speaker 1: that's based on an older technology. Nothing wrong with that, 106 00:06:13,000 --> 00:06:17,120 Speaker 1: but it's an older technology and we've seen some data 107 00:06:17,160 --> 00:06:20,920 Speaker 1: for it. It does give you some protection, and they're 108 00:06:20,960 --> 00:06:25,920 Speaker 1: just rulling it out some Is there a danger that 109 00:06:26,360 --> 00:06:29,320 Speaker 1: one country will get it and be you know, covered 110 00:06:29,360 --> 00:06:33,480 Speaker 1: us about it and keep it and we won't see it. Well, 111 00:06:33,520 --> 00:06:37,560 Speaker 1: the the companies were developing these just all signed up, 112 00:06:37,920 --> 00:06:41,720 Speaker 1: there was the news yesterday, signed up to equitable and 113 00:06:41,800 --> 00:06:44,799 Speaker 1: making these vaccines that they're developing, at least the Western 114 00:06:44,839 --> 00:06:50,520 Speaker 1: companies available to low income countries in an affordable way. 115 00:06:50,640 --> 00:06:53,799 Speaker 1: So I don't think this will happen that. The bigger 116 00:06:53,880 --> 00:06:57,520 Speaker 1: question really is would you in the United States be 117 00:06:58,800 --> 00:07:01,440 Speaker 1: even have the possibility to get access to the Chinese 118 00:07:01,520 --> 00:07:06,119 Speaker 1: vaccine or a Chinese individual in the country over there, 119 00:07:06,400 --> 00:07:09,600 Speaker 1: would they ever have access to the Western vaccine? So 120 00:07:09,640 --> 00:07:12,080 Speaker 1: I think what's going on here is that the countries 121 00:07:12,080 --> 00:07:16,040 Speaker 1: who got the technology are developing the vaccines themselves. So 122 00:07:16,120 --> 00:07:23,640 Speaker 1: if you look around Germany, France, England, UK US, China, Russia. 123 00:07:23,760 --> 00:07:27,160 Speaker 1: They're all they're all developing their vaccines, and between them, 124 00:07:27,200 --> 00:07:29,640 Speaker 1: I'm sure there'll be enough to hanger hand around them. 125 00:07:29,640 --> 00:07:31,720 Speaker 1: Which one is the most effective. We've just no idea 126 00:07:32,040 --> 00:07:34,480 Speaker 1: somewhere out of time. But is there any newcomer on 127 00:07:34,520 --> 00:07:37,560 Speaker 1: the scene, you know, is it entirely possible that one 128 00:07:37,560 --> 00:07:39,480 Speaker 1: of these days you've got an email from some companies 129 00:07:39,480 --> 00:07:45,400 Speaker 1: saying they've discovered some you know, massive new thing. Well 130 00:07:45,840 --> 00:07:48,960 Speaker 1: not really, I mean, we are waiting for antivirals and 131 00:07:49,360 --> 00:07:51,840 Speaker 1: therapies to continue to roll out, so we should get 132 00:07:51,880 --> 00:07:56,000 Speaker 1: some data on those novovacs. Should have something new data 133 00:07:56,040 --> 00:07:59,480 Speaker 1: in the next couple of weeks. That's not expectation. And 134 00:07:59,520 --> 00:08:02,520 Speaker 1: there's a come Penny Frost that nobody talks about called 135 00:08:02,640 --> 00:08:07,240 Speaker 1: val Neva, just developing a vaccine that's similar to the 136 00:08:07,280 --> 00:08:10,480 Speaker 1: older technology val Neva. We certainly will keep an eye 137 00:08:10,520 --> 00:08:13,440 Speaker 1: on all of those. Sampa Zali, head of E M 138 00:08:13,520 --> 00:08:19,080 Speaker 1: e A Research and senior pharmaceutical analist Bloomberg Intelligence. Time 139 00:08:19,080 --> 00:08:21,880 Speaker 1: now to talk cars. A great story on the Bloomberg 140 00:08:21,920 --> 00:08:24,520 Speaker 1: Today discussing whether you should buy a COVID car. It's 141 00:08:24,520 --> 00:08:27,840 Speaker 1: been notoriously difficult to rent cars. Pricing has gone up 142 00:08:27,920 --> 00:08:30,560 Speaker 1: as people in big cities trying to get out, even 143 00:08:30,600 --> 00:08:32,080 Speaker 1: if it's just for the weekend, the ones that I've 144 00:08:32,080 --> 00:08:35,520 Speaker 1: had to stay behind. And then overall auto sales have 145 00:08:35,600 --> 00:08:37,400 Speaker 1: pretty much held up. So let's bring in someone who 146 00:08:37,440 --> 00:08:39,360 Speaker 1: can't give us more detail about all of this. Jessica 147 00:08:39,400 --> 00:08:43,680 Speaker 1: Coldwell is executive director of Insights at Edmonds dot com. 148 00:08:44,200 --> 00:08:48,280 Speaker 1: Jessica Q three Auto sales. Maybe we're not as quite 149 00:08:48,320 --> 00:08:51,560 Speaker 1: as strong as anticipated, but they're still holding in there. 150 00:08:51,559 --> 00:08:57,400 Speaker 1: There's like fifty million sales in the quarter. Yeah, definitely, 151 00:08:57,440 --> 00:08:59,960 Speaker 1: And I think this is where Quarterly Cells probably heard 152 00:09:00,080 --> 00:09:02,880 Speaker 1: the the knowledge of seeing what's actually going on in 153 00:09:02,880 --> 00:09:05,640 Speaker 1: the industry, because if you look month to month throughout 154 00:09:05,640 --> 00:09:08,440 Speaker 1: the third quarter, you would see an improvement. September Cells, 155 00:09:08,559 --> 00:09:11,640 Speaker 1: especially in terms of retail, the average consumer buying cars 156 00:09:12,000 --> 00:09:14,679 Speaker 1: was actually quite strong. So I think that that can 157 00:09:14,720 --> 00:09:18,360 Speaker 1: definitely give us some optimism in this market. And I 158 00:09:18,360 --> 00:09:21,440 Speaker 1: would say overall the American consumer is holding up the 159 00:09:21,440 --> 00:09:24,640 Speaker 1: auto market. It is the what we call fleet sale. 160 00:09:24,679 --> 00:09:27,080 Speaker 1: So that's the budget, the hurts, the you know, the 161 00:09:27,120 --> 00:09:30,760 Speaker 1: commercial the business fleet. Um folks that are are you know, 162 00:09:30,800 --> 00:09:32,960 Speaker 1: are not buying as many cars. So I think that 163 00:09:33,040 --> 00:09:35,959 Speaker 1: really speaks strongly for consumer confidence that people are willing 164 00:09:36,000 --> 00:09:39,360 Speaker 1: to make these big purchases. So, Jessica, I have a 165 00:09:39,360 --> 00:09:42,480 Speaker 1: good buddy of mine who manages a dealership here in 166 00:09:42,559 --> 00:09:44,920 Speaker 1: New Jersey and he tells me, and he's been telling 167 00:09:44,920 --> 00:09:46,920 Speaker 1: you this for a couple of months now. The big 168 00:09:46,960 --> 00:09:49,640 Speaker 1: issue is inventory. They just can't get enough cars on 169 00:09:49,679 --> 00:09:53,120 Speaker 1: the lot to sell. What's the status of the inventory 170 00:09:53,120 --> 00:09:55,920 Speaker 1: in this country? Yeah, I think that has been a 171 00:09:55,920 --> 00:09:58,240 Speaker 1: really interesting thing. I mean, who would have thought that 172 00:09:58,320 --> 00:10:01,240 Speaker 1: in the beginning of March, when the pandemic started, that 173 00:10:01,280 --> 00:10:03,640 Speaker 1: we would be having this conversation. I mean, I think 174 00:10:03,679 --> 00:10:06,679 Speaker 1: what happened was, of course, factories across the US they 175 00:10:06,720 --> 00:10:09,720 Speaker 1: shut down it's on average about six weeks during the pandemic, 176 00:10:09,760 --> 00:10:12,920 Speaker 1: and at that time, no cars were being built. And 177 00:10:13,280 --> 00:10:15,520 Speaker 1: you know, at the same time, people were still buying cars. 178 00:10:15,520 --> 00:10:17,400 Speaker 1: I mean, not as many during that time period, but 179 00:10:17,480 --> 00:10:19,920 Speaker 1: people will still And that's that's a really long time 180 00:10:19,960 --> 00:10:22,720 Speaker 1: for a factory. And if we think back till last year, 181 00:10:23,280 --> 00:10:26,840 Speaker 1: General Motors in particular had issues with with labor strikes, 182 00:10:27,160 --> 00:10:29,679 Speaker 1: so they had that at the end of twenty nine 183 00:10:30,040 --> 00:10:33,440 Speaker 1: and then going into with the pandemic. Um. You know, 184 00:10:33,480 --> 00:10:35,679 Speaker 1: I think that they've been particularly hard hit with with 185 00:10:35,679 --> 00:10:38,840 Speaker 1: with inventory issues because of it. UM. So I think 186 00:10:38,880 --> 00:10:42,720 Speaker 1: that automakers have been really trying to figure this out 187 00:10:42,760 --> 00:10:46,000 Speaker 1: to to try to increase production where they can. Of 188 00:10:46,000 --> 00:10:49,719 Speaker 1: course doesn't apply to everyone in every factory, but particularly 189 00:10:49,720 --> 00:10:52,880 Speaker 1: for things like pickup trucks, which have done really well. Um. 190 00:10:52,920 --> 00:10:54,520 Speaker 1: You know, trying to eat more out of those is 191 00:10:55,080 --> 00:10:57,400 Speaker 1: of course a goal for the auto companies, particularly as 192 00:10:57,440 --> 00:10:59,440 Speaker 1: they they are, you know, they provide a lot of 193 00:10:59,440 --> 00:11:02,640 Speaker 1: profitabilit be for them. So we know that numbers for 194 00:11:02,720 --> 00:11:07,280 Speaker 1: sales were pretty strong and inventory is a little bit 195 00:11:07,320 --> 00:11:10,319 Speaker 1: hard to come by, perhaps, but what about pricing and 196 00:11:10,400 --> 00:11:15,400 Speaker 1: what about financing? So our dealers willing to finance more? 197 00:11:15,559 --> 00:11:18,360 Speaker 1: Are they getting a break from the people that are 198 00:11:18,360 --> 00:11:20,839 Speaker 1: supplying them, from the car makers and so on? Because 199 00:11:20,840 --> 00:11:22,679 Speaker 1: we know that, you know, with the exception of the 200 00:11:22,679 --> 00:11:25,319 Speaker 1: stock market, a lot of people are out of work, 201 00:11:25,440 --> 00:11:28,400 Speaker 1: they're furloughed, they're digging into their savings, and you know, 202 00:11:29,360 --> 00:11:30,600 Speaker 1: may not be the right time for them to buy 203 00:11:30,600 --> 00:11:33,720 Speaker 1: a big purchase. M h. Yeah, I mean I think 204 00:11:33,760 --> 00:11:35,880 Speaker 1: that what we're what we're seeing in terms of pricing 205 00:11:35,960 --> 00:11:39,319 Speaker 1: in terms of consumer composition, that the people that are 206 00:11:39,400 --> 00:11:42,520 Speaker 1: buying cars, particularly new cars, are people that are definitely 207 00:11:42,559 --> 00:11:46,120 Speaker 1: more financially secured through the pandemic. They're not necessarily as 208 00:11:46,200 --> 00:11:49,200 Speaker 1: worried about being laid off or being furloughed or taking 209 00:11:49,200 --> 00:11:51,040 Speaker 1: new pay cuts, or even if they take a pay cut, 210 00:11:51,080 --> 00:11:53,520 Speaker 1: it's still, you know, enough to buy a car because 211 00:11:53,600 --> 00:11:56,000 Speaker 1: you can tell that transaction prices are going up or 212 00:11:56,000 --> 00:11:59,920 Speaker 1: seeing things like higher down payments, um, lower interest rate. 213 00:12:00,120 --> 00:12:02,760 Speaker 1: Of course, that's a big driver, and I think that 214 00:12:02,760 --> 00:12:05,560 Speaker 1: that's helped a lot of consumers buy cars because not 215 00:12:05,600 --> 00:12:07,959 Speaker 1: only is the interest rate low, you also have the 216 00:12:07,960 --> 00:12:12,840 Speaker 1: automate automakers subsidized incentives which make the interest rates even lower. 217 00:12:12,880 --> 00:12:14,880 Speaker 1: So I think that that is encouraging people to buy, 218 00:12:14,960 --> 00:12:17,280 Speaker 1: especially when you think of some of these loan terms 219 00:12:17,280 --> 00:12:19,600 Speaker 1: out there. It's not unusual to see now seventy two 220 00:12:19,679 --> 00:12:22,720 Speaker 1: eighty four months and if you're getting you know, something 221 00:12:22,800 --> 00:12:25,160 Speaker 1: close to zero percent that you know, that kind of 222 00:12:25,200 --> 00:12:30,440 Speaker 1: makes that new vehicle worth it. How about the used 223 00:12:30,440 --> 00:12:34,040 Speaker 1: car market, Jessica, how's that faring right now? Yeah, the 224 00:12:34,080 --> 00:12:37,160 Speaker 1: youth car market is pretty much going like gangbusters. Um 225 00:12:37,280 --> 00:12:41,240 Speaker 1: they I mean, we're really seeing unprecedented things in that 226 00:12:41,320 --> 00:12:44,679 Speaker 1: in the sense that pricing for you know, let's say 227 00:12:44,679 --> 00:12:47,600 Speaker 1: a three year old vehicle has actually gone up over 228 00:12:47,600 --> 00:12:49,520 Speaker 1: the summer, and that I mean that never happens. I mean, 229 00:12:49,559 --> 00:12:52,360 Speaker 1: you think about a used car every month it ages, 230 00:12:52,480 --> 00:12:54,560 Speaker 1: you you know, the piers should go down. It's older, 231 00:12:54,679 --> 00:12:57,160 Speaker 1: more miles, more wear and tear. But we're seeing the 232 00:12:57,200 --> 00:13:00,000 Speaker 1: opposite um and we have through the summer um because 233 00:13:00,000 --> 00:13:02,079 Speaker 1: as there has been just so much demand. I think 234 00:13:02,120 --> 00:13:05,560 Speaker 1: people are you know, folks that maybe would have bought 235 00:13:05,559 --> 00:13:08,280 Speaker 1: a new car in pre pandemic times, want to be 236 00:13:08,360 --> 00:13:11,720 Speaker 1: a bit more financially conservative, are thinking maybe I should 237 00:13:11,720 --> 00:13:13,600 Speaker 1: go to the used car market. You have perhaps some 238 00:13:13,640 --> 00:13:16,680 Speaker 1: people that are uncomfortable taking a public transportation and think 239 00:13:16,720 --> 00:13:19,360 Speaker 1: I just want something that's not too expensive to some 240 00:13:19,440 --> 00:13:22,800 Speaker 1: basic transportation to get me around. Okay, let me go 241 00:13:22,880 --> 00:13:26,400 Speaker 1: into the US market. So as a result, dealers essentially 242 00:13:26,440 --> 00:13:28,760 Speaker 1: cannot get enough used cars. I mean, we'll start to 243 00:13:28,760 --> 00:13:31,360 Speaker 1: see prices decline as the calendar ure ends in the 244 00:13:31,600 --> 00:13:34,959 Speaker 1: in the car's officially age. But I mean the market 245 00:13:34,960 --> 00:13:37,640 Speaker 1: has been incredibly strong the past few months. So we 246 00:13:37,640 --> 00:13:39,840 Speaker 1: were at tifting point two at the last reading, million 247 00:13:39,840 --> 00:13:43,200 Speaker 1: on annualized basis. How long for can that continue? Do 248 00:13:43,240 --> 00:13:46,680 Speaker 1: you see you know, beyond fifteen million number for the 249 00:13:46,679 --> 00:13:50,280 Speaker 1: rest of the year. Yeah, I mean it's possible. I 250 00:13:50,280 --> 00:13:53,120 Speaker 1: mean I think fifteen million for this years is you know, 251 00:13:53,240 --> 00:13:55,920 Speaker 1: still requires a you know, a strong clothes and I 252 00:13:55,960 --> 00:13:58,920 Speaker 1: think some of the worries about as it's getting colder, 253 00:13:59,000 --> 00:14:01,360 Speaker 1: will they be and not there um, you know, another 254 00:14:01,440 --> 00:14:04,000 Speaker 1: round of lockdowns as related to the pandemic. How will 255 00:14:04,040 --> 00:14:08,640 Speaker 1: the election affect consumer confidence and and just sales in generals. 256 00:14:08,679 --> 00:14:11,720 Speaker 1: I think that that is, um, you know, definitely a concern. 257 00:14:11,800 --> 00:14:14,640 Speaker 1: But you know, if we look through what we have seen, um, 258 00:14:14,679 --> 00:14:17,760 Speaker 1: you know, consumers have largely held up auto sales. So 259 00:14:17,800 --> 00:14:21,600 Speaker 1: I think that them being the largest part of uh, 260 00:14:21,640 --> 00:14:23,800 Speaker 1: you know, of the of the mix. Um, I think 261 00:14:23,840 --> 00:14:27,360 Speaker 1: that really speaks strongly as we head into next year 262 00:14:27,600 --> 00:14:30,240 Speaker 1: and you know, perhaps people are you know, doing it 263 00:14:30,280 --> 00:14:34,120 Speaker 1: a bit better financially. Jessica Caldwell, thank you so much 264 00:14:34,120 --> 00:14:37,480 Speaker 1: for joining us. We appreciate that. Jessica Caldwell, executive director 265 00:14:37,520 --> 00:14:40,640 Speaker 1: of Insights for Edmunds dot Com, giving us her thoughts 266 00:14:40,640 --> 00:14:44,000 Speaker 1: on the auto industry again, uh, stronger than expected. Some 267 00:14:44,040 --> 00:14:47,160 Speaker 1: of the expectations at the beginning of the pandemic that 268 00:14:47,200 --> 00:14:49,440 Speaker 1: it would be disastrous for the industry turned out to 269 00:14:49,440 --> 00:14:54,640 Speaker 1: be not so so. The job has claims that we 270 00:14:54,680 --> 00:14:58,600 Speaker 1: saw this morning came in slightly better than forecast, although 271 00:14:58,680 --> 00:15:01,640 Speaker 1: stubbornly high. And what we're starting to see really over 272 00:15:01,680 --> 00:15:04,640 Speaker 1: the last several days is some big blue chip companies, 273 00:15:05,000 --> 00:15:08,160 Speaker 1: ranging from the airlines to the Walt Disney Company to 274 00:15:08,320 --> 00:15:13,600 Speaker 1: financial services companies, announced some significant layoffs. Shnei, Bostic, Wall Street, 275 00:15:13,680 --> 00:15:15,840 Speaker 1: Border for Bloomberg News joints us to talk about some 276 00:15:15,920 --> 00:15:19,160 Speaker 1: of those financial institutions Socionale, we're seen in lakes, the 277 00:15:19,200 --> 00:15:23,920 Speaker 1: likes of JP Morgan, Goldman, sachs Uh, some international banks 278 00:15:24,040 --> 00:15:28,200 Speaker 1: talk about some reinstating, some furloughs and layoffs. What do 279 00:15:28,240 --> 00:15:31,280 Speaker 1: you have for us, Yeah, we we've been talking about 280 00:15:31,280 --> 00:15:33,120 Speaker 1: this for a while. We knew it was coming, and 281 00:15:33,160 --> 00:15:35,520 Speaker 1: now we know what the scale looks like, and now 282 00:15:35,560 --> 00:15:38,640 Speaker 1: we know where the cuts are really coming from. At 283 00:15:38,640 --> 00:15:40,680 Speaker 1: a bank like Goldman, you're seeing a lot of these 284 00:15:40,720 --> 00:15:43,080 Speaker 1: costs only one percent of the workforce, but it's not 285 00:15:43,200 --> 00:15:45,600 Speaker 1: it's some hundreds of jobs. It's a lot of back 286 00:15:45,640 --> 00:15:48,880 Speaker 1: office jobs. But then when you look at JP Morgan. 287 00:15:49,360 --> 00:15:52,600 Speaker 1: There's some job cuts at the consumer unit as well 288 00:15:52,640 --> 00:15:56,320 Speaker 1: as other lines of businesses. So this um, this sleep 289 00:15:56,600 --> 00:16:01,080 Speaker 1: is not discriminating. The other issue you, I would say, Paul, 290 00:16:01,320 --> 00:16:04,920 Speaker 1: is if you are a contractor for a bank, if 291 00:16:04,920 --> 00:16:07,520 Speaker 1: you're a service provider for a bank, you should be 292 00:16:07,520 --> 00:16:12,280 Speaker 1: a little concerned right now too, Shinali. You know banks 293 00:16:12,360 --> 00:16:15,800 Speaker 1: lay off a certain small percentage every year. It's churn. 294 00:16:16,160 --> 00:16:19,040 Speaker 1: It's the people who come in post internships who maybe 295 00:16:19,040 --> 00:16:21,120 Speaker 1: don't make the cut, on so on. How is this 296 00:16:21,200 --> 00:16:24,080 Speaker 1: your different and timing wise? Is this when banks normally 297 00:16:24,080 --> 00:16:27,320 Speaker 1: do it? Yeah, this this is when you would see them. 298 00:16:27,360 --> 00:16:29,840 Speaker 1: But remember a lot of it, and make no mistake, 299 00:16:29,880 --> 00:16:33,240 Speaker 1: A lot of this is pandemic driven, partially because people 300 00:16:33,280 --> 00:16:35,800 Speaker 1: believe and you saw this in all State, which is 301 00:16:35,840 --> 00:16:39,960 Speaker 1: cutting almost four thousand jobs right. A lot of this 302 00:16:40,000 --> 00:16:43,120 Speaker 1: is because the economy is not necessarily improving to the 303 00:16:43,160 --> 00:16:46,760 Speaker 1: point that can justify keeping so much staff on payroll. 304 00:16:47,040 --> 00:16:48,960 Speaker 1: So I mean, let's let's be very clear that some 305 00:16:49,000 --> 00:16:50,560 Speaker 1: of this is because of the A lot of this 306 00:16:50,680 --> 00:16:54,520 Speaker 1: is because of the pandemic. But also remember the banks 307 00:16:54,560 --> 00:16:58,920 Speaker 1: are looking around and saying, okay, they started cutting jobs 308 00:16:59,080 --> 00:17:03,000 Speaker 1: last year when times are very good in anticipation of 309 00:17:03,000 --> 00:17:06,000 Speaker 1: a rainy day. The rainy day is now here. We 310 00:17:06,080 --> 00:17:08,480 Speaker 1: don't know how long that will last. A lot of 311 00:17:08,480 --> 00:17:11,159 Speaker 1: the businesses that are making them do very well, we 312 00:17:11,240 --> 00:17:15,240 Speaker 1: also don't know how long that will those tailines will last, 313 00:17:15,840 --> 00:17:19,320 Speaker 1: and so they really need to be cutting where they can. 314 00:17:19,680 --> 00:17:22,160 Speaker 1: They want to be improving their returns through shareholders, which 315 00:17:22,160 --> 00:17:25,639 Speaker 1: will be pretty discriminating, and they just want to be 316 00:17:25,720 --> 00:17:29,440 Speaker 1: prepared to be competitive for the year ahead, especially when 317 00:17:29,480 --> 00:17:32,840 Speaker 1: so much of their staff um can be found out 318 00:17:32,920 --> 00:17:34,760 Speaker 1: they can do their work in a way that's more 319 00:17:34,800 --> 00:17:39,200 Speaker 1: automated and in lower cost location like Texas and Florida 320 00:17:39,400 --> 00:17:42,440 Speaker 1: or the suburbs rather than the highest um cost cities 321 00:17:42,480 --> 00:17:45,680 Speaker 1: in the world. That's interesting, Stionnale. I guess a lot 322 00:17:45,680 --> 00:17:48,600 Speaker 1: of industries and a lot of companies. I think, you 323 00:17:48,640 --> 00:17:50,359 Speaker 1: know what we're hearing from them is they are really 324 00:17:50,480 --> 00:17:55,280 Speaker 1: rethinking the scale of their workforce, the location of their workforce, 325 00:17:55,800 --> 00:17:59,199 Speaker 1: the deployability of their workforce. Is there that kind of 326 00:17:59,240 --> 00:18:02,920 Speaker 1: discussion going on the financial services that maybe I don't 327 00:18:03,080 --> 00:18:07,320 Speaker 1: need all the numbers I thought I needed before. Perhaps 328 00:18:07,320 --> 00:18:11,439 Speaker 1: with technology, perhaps with automation, you know, there can be 329 00:18:11,480 --> 00:18:18,520 Speaker 1: a significant reduction in the permanent um jobs within financial services. Yes, absolutely. 330 00:18:19,000 --> 00:18:21,400 Speaker 1: You know one business that has taken a long time 331 00:18:21,440 --> 00:18:24,320 Speaker 1: to automate and now people are looking to you know, 332 00:18:24,359 --> 00:18:26,920 Speaker 1: maybe this can move a little faster. It's been happening 333 00:18:26,920 --> 00:18:30,159 Speaker 1: for a while, but you know, THECUS discussion, there's definitely 334 00:18:30,160 --> 00:18:35,560 Speaker 1: elevated UH places like fixed income trading where automation has 335 00:18:35,600 --> 00:18:37,920 Speaker 1: not really taken hold in the same way as other 336 00:18:37,960 --> 00:18:41,600 Speaker 1: parts of financial services. That's a place, for example, that 337 00:18:41,640 --> 00:18:45,159 Speaker 1: we can look for much more automation in the coming years, 338 00:18:45,280 --> 00:18:47,840 Speaker 1: and then at least the questions of what does that 339 00:18:47,880 --> 00:18:50,760 Speaker 1: mean for jobs. Is that famous example of Goldman where 340 00:18:50,760 --> 00:18:53,480 Speaker 1: a five hundred person trading unit was cut down to 341 00:18:53,560 --> 00:18:57,080 Speaker 1: three people because of the effects of automation. They just 342 00:18:57,080 --> 00:18:59,480 Speaker 1: didn't need that many people anymore. So we're seeing that 343 00:18:59,520 --> 00:19:03,000 Speaker 1: another part of high catch businesses. Then there's also the 344 00:19:03,040 --> 00:19:06,640 Speaker 1: consumer business that you know, in the coming years you'll 345 00:19:06,680 --> 00:19:09,320 Speaker 1: have a lot of questions about because this pandemic is 346 00:19:09,359 --> 00:19:13,600 Speaker 1: shown that consumers want to bank online. They're not going 347 00:19:13,640 --> 00:19:15,280 Speaker 1: to the branches like they used to be going to 348 00:19:15,320 --> 00:19:19,400 Speaker 1: the branches. These firms used to have major branch networks 349 00:19:19,440 --> 00:19:23,040 Speaker 1: employing many thousands of people across the entirety of the 350 00:19:23,119 --> 00:19:26,640 Speaker 1: United States, So do they need those anymore? For now, 351 00:19:26,680 --> 00:19:29,720 Speaker 1: they're saying they like to have a physical footprint. But 352 00:19:30,200 --> 00:19:32,560 Speaker 1: let's see if they hold true to that. Given this 353 00:19:32,640 --> 00:19:36,480 Speaker 1: acceleration of digital banking. We heard from JP Morgan that 354 00:19:36,600 --> 00:19:39,920 Speaker 1: it's eliminating more than one hundred jobs in an annual cuts, 355 00:19:40,040 --> 00:19:42,280 Speaker 1: which obviously is not as many as Goldman Sachs. But 356 00:19:42,720 --> 00:19:46,480 Speaker 1: those who took funds improperly, and you know, of five 357 00:19:46,560 --> 00:19:49,880 Speaker 1: hundred people that were investigated, at least a few took 358 00:19:49,920 --> 00:19:53,119 Speaker 1: it took them improperly. You would wonder why any any 359 00:19:53,280 --> 00:19:56,280 Speaker 1: you know, pandemic funds were necessary for a Japing Morgan employee. 360 00:19:56,280 --> 00:19:59,280 Speaker 1: But you know, are they going to be among the fired? 361 00:20:01,240 --> 00:20:04,600 Speaker 1: You know, there there's cost cuts for the purposes of 362 00:20:04,680 --> 00:20:06,960 Speaker 1: cutting people in the consumer bank that need to be cut, 363 00:20:07,160 --> 00:20:10,320 Speaker 1: but there's also cost cuts happening. I mean, yeah, that 364 00:20:10,480 --> 00:20:13,240 Speaker 1: that is a one off situation and super unfortunate. There's 365 00:20:13,280 --> 00:20:15,760 Speaker 1: no other way to put that, right, I mean, those 366 00:20:15,800 --> 00:20:19,879 Speaker 1: are those are firings for misconduct, right, so they're not 367 00:20:20,080 --> 00:20:23,400 Speaker 1: hiring for but you know, it goes to show, you know, uh, 368 00:20:24,280 --> 00:20:28,720 Speaker 1: the banks really don't have room, right now to allow 369 00:20:28,800 --> 00:20:32,240 Speaker 1: employees to misbehave in any fashion, whether that's taking PPC 370 00:20:32,400 --> 00:20:35,080 Speaker 1: funds or whether that's at this point any sort of 371 00:20:35,200 --> 00:20:39,960 Speaker 1: racial discrimination or anything else. Um, when when Morgan Stanley 372 00:20:40,040 --> 00:20:42,040 Speaker 1: set out at the beginning of the year and put 373 00:20:42,040 --> 00:20:44,600 Speaker 1: their moratorium on job cuts, that that will last to 374 00:20:44,680 --> 00:20:46,879 Speaker 1: the end of this year, which was what their promise was, 375 00:20:46,920 --> 00:20:48,440 Speaker 1: So that's another bank, by the way, we're gonna look 376 00:20:48,400 --> 00:20:50,320 Speaker 1: too in the beginning next year. They made it very 377 00:20:50,320 --> 00:20:53,720 Speaker 1: clear that, um, you know, bad behavior was the clear 378 00:20:53,760 --> 00:20:56,280 Speaker 1: exception to that rule. And you know, the banks are 379 00:20:56,320 --> 00:20:58,560 Speaker 1: really trying to come out as a good guys in 380 00:20:58,600 --> 00:21:02,480 Speaker 1: this crisis, so this is really a zero tolerance policy 381 00:21:02,520 --> 00:21:06,400 Speaker 1: for this kind of behavior. Shenali, thank you as always 382 00:21:06,400 --> 00:21:09,520 Speaker 1: for your perspective that particular program that was topped at 383 00:21:09,600 --> 00:21:13,400 Speaker 1: JP Morgan, the Economic Injury Disaster loan program, and it's 384 00:21:13,480 --> 00:21:16,000 Speaker 1: at all of a hasty probe, the full effect of 385 00:21:16,040 --> 00:21:19,240 Speaker 1: which hasn't been previously reported. Do check out Michelle Davis 386 00:21:19,320 --> 00:21:21,440 Speaker 1: the story on the Bloomberg for that one. And thanks 387 00:21:21,480 --> 00:21:27,040 Speaker 1: again to Shinnali Bazac. We're now joined by Lauren Simmons, 388 00:21:27,160 --> 00:21:30,400 Speaker 1: entrepreneur and youngest ever female trader on the New York 389 00:21:30,400 --> 00:21:33,600 Speaker 1: Stock and Change. She has a a new series coming up. 390 00:21:33,640 --> 00:21:37,400 Speaker 1: Going Public will follow a diverse cast of entrepreneurs as 391 00:21:37,400 --> 00:21:39,680 Speaker 1: they strive to win over investors, make deals, and hit 392 00:21:39,760 --> 00:21:43,800 Speaker 1: the ultimate goal for startup listing on the nastac Lauren, 393 00:21:43,920 --> 00:21:45,840 Speaker 1: thanks so much for joining us here. Tell us about 394 00:21:46,080 --> 00:21:50,680 Speaker 1: the work you're doing now in your upcoming project. Yeah. So, 395 00:21:50,760 --> 00:21:53,680 Speaker 1: I'm so excited to be the host of Going Public, 396 00:21:53,800 --> 00:21:57,000 Speaker 1: and essentially I'm here to educate and empower the next 397 00:21:57,040 --> 00:22:03,320 Speaker 1: generation in finance and inspire the new generation of retail investors. 398 00:22:02,920 --> 00:22:07,040 Speaker 1: The right way going public is, you know, groundbreaking in 399 00:22:07,160 --> 00:22:10,160 Speaker 1: the sense that we are following five founders that are 400 00:22:10,240 --> 00:22:14,120 Speaker 1: taking their companies public at the nastac UM. This isn't 401 00:22:14,119 --> 00:22:19,840 Speaker 1: a competition show. Each company is standalone of each other UM, 402 00:22:19,880 --> 00:22:24,200 Speaker 1: but this is the the ultimate, the ultiman goal. How 403 00:22:24,240 --> 00:22:27,399 Speaker 1: are you finding candidates, Lauren, and how are you examining 404 00:22:27,400 --> 00:22:31,400 Speaker 1: them and sifting through them? Yeah? So, part of UM 405 00:22:31,480 --> 00:22:34,800 Speaker 1: going Public. We have Rock Capital, which is the investment 406 00:22:34,880 --> 00:22:36,920 Speaker 1: banking firm that is part of it, and they are 407 00:22:37,000 --> 00:22:40,960 Speaker 1: vetting everyone UM. That is part of the process. We 408 00:22:41,040 --> 00:22:44,639 Speaker 1: are still openly casting UM and we are looking for 409 00:22:44,920 --> 00:22:48,840 Speaker 1: companies that have high growth consumer products with the minimum 410 00:22:48,840 --> 00:22:53,360 Speaker 1: of two million dollars to revenue UM and they Rock 411 00:22:53,440 --> 00:22:56,640 Speaker 1: Capital is vetting everyone that's coming onto the TV series. 412 00:22:57,400 --> 00:23:00,880 Speaker 1: So this is a streaming show. And I see here 413 00:23:00,960 --> 00:23:04,639 Speaker 1: that UM viewers will be able to invest real money 414 00:23:05,000 --> 00:23:08,920 Speaker 1: in some of these companies. Yes, in real time. So 415 00:23:09,119 --> 00:23:13,200 Speaker 1: a lot of the series we are filming from now 416 00:23:13,320 --> 00:23:17,440 Speaker 1: until about March, and the episodes where we are actually 417 00:23:17,440 --> 00:23:19,680 Speaker 1: being listed up the NATS like people will be able 418 00:23:19,720 --> 00:23:22,240 Speaker 1: to participate in the I p O and that this 419 00:23:22,280 --> 00:23:26,040 Speaker 1: is all happening through regg A. UM. Regga is the 420 00:23:26,040 --> 00:23:28,720 Speaker 1: securities exemption that was part of the two thousands twelve 421 00:23:28,800 --> 00:23:32,280 Speaker 1: Jobs Act. The Jobs Act was passed UM into law 422 00:23:32,359 --> 00:23:36,840 Speaker 1: by President Obama and it essentially the Jobs Act was 423 00:23:36,880 --> 00:23:40,520 Speaker 1: designed to provide easier access to capital for smaller companies 424 00:23:40,560 --> 00:23:44,159 Speaker 1: and allow everyday Americans to invest in them. This is 425 00:23:44,320 --> 00:23:47,479 Speaker 1: really empowering people to be part of the I p 426 00:23:47,600 --> 00:23:50,280 Speaker 1: O s, which, as we know this season is it's 427 00:23:50,320 --> 00:23:55,200 Speaker 1: hot commodity high pos opening left and right everywhere. So Lauren, 428 00:23:55,240 --> 00:23:57,120 Speaker 1: I remember at the time there was just a little 429 00:23:57,160 --> 00:24:01,280 Speaker 1: bit of trepidation about this because perhaps some of those 430 00:24:01,400 --> 00:24:03,679 Speaker 1: who might want to take advantage of you know, what 431 00:24:03,800 --> 00:24:07,000 Speaker 1: looks to be a great opportunity might not fully understand 432 00:24:07,040 --> 00:24:10,639 Speaker 1: the risks involved. How will you present the risks for 433 00:24:10,680 --> 00:24:14,000 Speaker 1: each individual company, whether it's chosen or not, to the 434 00:24:14,040 --> 00:24:18,720 Speaker 1: public as host of this streaming program. Yeah, so, because 435 00:24:19,040 --> 00:24:22,160 Speaker 1: you know, going public is phenomenal, and how we're following 436 00:24:22,200 --> 00:24:26,600 Speaker 1: this series, I will, you know, in a non biased way, 437 00:24:26,680 --> 00:24:28,800 Speaker 1: will be able to explain what is going on in 438 00:24:28,880 --> 00:24:32,080 Speaker 1: the road shows, what their financials look like. If this 439 00:24:32,280 --> 00:24:36,439 Speaker 1: you know a company that will withstand the test of time. 440 00:24:36,480 --> 00:24:39,159 Speaker 1: And so I'm breaking that down. But again I'm not 441 00:24:39,240 --> 00:24:42,920 Speaker 1: giving answers that will ski people left or right. It's 442 00:24:42,960 --> 00:24:46,359 Speaker 1: just very fact based and from there people will take 443 00:24:46,800 --> 00:24:49,159 Speaker 1: the information that I give them and hopefully make the 444 00:24:49,240 --> 00:24:53,120 Speaker 1: best decisions for themselves. Obviously, I p O investing can 445 00:24:53,160 --> 00:24:55,600 Speaker 1: be lucrative. You could be on the ground floor at 446 00:24:55,640 --> 00:24:58,520 Speaker 1: the next Amazon, but you really want to take in 447 00:24:58,640 --> 00:25:01,480 Speaker 1: everything that is going on behind the scenes and looking 448 00:25:01,480 --> 00:25:06,399 Speaker 1: at the financials and looking at all you know, moving 449 00:25:06,480 --> 00:25:08,880 Speaker 1: moving parts to be able to make the best educated 450 00:25:08,920 --> 00:25:13,440 Speaker 1: decisions kind of to move forward. So the Laarenest pandemic 451 00:25:13,480 --> 00:25:18,040 Speaker 1: has upset businesses across the board, across the globe. It's 452 00:25:18,080 --> 00:25:21,840 Speaker 1: really upset business plans for a lot of companies. I 453 00:25:21,880 --> 00:25:25,919 Speaker 1: would suspect that it's really disrupted kind of some of 454 00:25:25,960 --> 00:25:29,840 Speaker 1: the new issue market entrepreneurs trying to get business plans 455 00:25:29,840 --> 00:25:32,720 Speaker 1: off the ground. How has a pandemic impacted kind of 456 00:25:32,840 --> 00:25:34,719 Speaker 1: this side of the business that you're now looking at, 457 00:25:36,040 --> 00:25:37,920 Speaker 1: you know what, I want to say that they've still 458 00:25:38,000 --> 00:25:41,000 Speaker 1: been moving forward quite ahead. I mean these are companies 459 00:25:41,080 --> 00:25:44,600 Speaker 1: yet that that typically have been around and um they're 460 00:25:44,680 --> 00:25:47,800 Speaker 1: raised in the capitol. I think they're doing fine. Obviously, 461 00:25:48,119 --> 00:25:51,040 Speaker 1: we are in a time, especially going into court for 462 00:25:51,240 --> 00:25:53,600 Speaker 1: where we are seeing a lot of people trying to 463 00:25:53,760 --> 00:25:56,600 Speaker 1: lift um and I think that has everything to do 464 00:25:56,680 --> 00:25:58,960 Speaker 1: with the election and just how the markets are going 465 00:25:59,000 --> 00:26:00,960 Speaker 1: in general. And so I think that there's a big 466 00:26:01,000 --> 00:26:05,240 Speaker 1: push especially for right now seeing companies you know, debut 467 00:26:05,400 --> 00:26:09,720 Speaker 1: before whatever happens with the election. I think going forward, 468 00:26:10,800 --> 00:26:14,119 Speaker 1: especially when we're talking about the small cap space, we 469 00:26:14,200 --> 00:26:18,679 Speaker 1: are going to see more people you know, having again 470 00:26:18,840 --> 00:26:22,159 Speaker 1: going through the reggae plus route and and doing it 471 00:26:22,240 --> 00:26:25,720 Speaker 1: from a small cap perspective because a lot of you know, 472 00:26:25,800 --> 00:26:29,480 Speaker 1: businesses I feel fall into that year and they are 473 00:26:30,040 --> 00:26:34,959 Speaker 1: very representative of m Americans and how most businesses are 474 00:26:35,280 --> 00:26:37,440 Speaker 1: kind of run or well, almost out of time. But 475 00:26:38,200 --> 00:26:41,719 Speaker 1: we were set to see this in one given covid. 476 00:26:41,760 --> 00:26:43,480 Speaker 1: Will we still see this? Do you have any kind 477 00:26:43,480 --> 00:26:47,080 Speaker 1: of release day for us? Yes? Absolutely so we are 478 00:26:47,119 --> 00:26:50,600 Speaker 1: definitely thinking Spring one. Nothing has been pushed back. We 479 00:26:50,640 --> 00:26:53,520 Speaker 1: have already started filming. I was just out in l 480 00:26:53,560 --> 00:26:56,399 Speaker 1: A about three weeks ago, so I'm so excited for 481 00:26:56,440 --> 00:27:00,920 Speaker 1: everyone to see. Please watch on entrepreneur dot com. Um, 482 00:27:00,960 --> 00:27:04,960 Speaker 1: they already have four teen million viewers ships through their 483 00:27:05,000 --> 00:27:08,159 Speaker 1: medium platform and I'm so excited for you guys to 484 00:27:08,200 --> 00:27:13,639 Speaker 1: see springing next year. Well congratulations. Another first for Lauren Simmons, 485 00:27:13,760 --> 00:27:17,480 Speaker 1: who is bringing out a streaming service called Going Public. 486 00:27:17,640 --> 00:27:20,040 Speaker 1: As you heard in the Spring of one, you can 487 00:27:20,080 --> 00:27:23,080 Speaker 1: see it on entrepreneur dot com. A diverse cast of 488 00:27:23,240 --> 00:27:26,920 Speaker 1: entrepreneurs striving to win over investors and hit that ultimate 489 00:27:26,960 --> 00:27:32,240 Speaker 1: goal listing on the NASDAC. That's Lauren Simmons, personal finance speaker, author, producer, 490 00:27:32,280 --> 00:27:35,640 Speaker 1: and of course she was at Rosenblat Securities at twenty two, 491 00:27:35,720 --> 00:27:38,680 Speaker 1: the youngest female trader ever to work on the n 492 00:27:38,800 --> 00:27:40,320 Speaker 1: y s C and the second black woman to hold 493 00:27:40,359 --> 00:27:43,439 Speaker 1: the equity trader spots in the history of the New 494 00:27:43,480 --> 00:27:48,400 Speaker 1: York Stock Exchange. Thanks for listening to Bloomberg Markets podcast. 495 00:27:48,560 --> 00:27:51,919 Speaker 1: You can subscribe and listen to interviews at Apple Podcasts 496 00:27:52,040 --> 00:27:55,600 Speaker 1: or whatever podcast platform you prefer. I'm Bonnie Quinn. I'm 497 00:27:55,640 --> 00:27:58,320 Speaker 1: on Twitter at Bonnie Quinn. And Paul Sweeney I'm on 498 00:27:58,359 --> 00:28:01,280 Speaker 1: Twitter at pt Sweeney. Before the podcast, you can always 499 00:28:01,320 --> 00:28:06,520 Speaker 1: catch us worldwide at Bloomberg Radio m H