Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along
Speaker 1: with my co host of Bonnie Quinn. Every business day
Speaker 1: we bring you interviews from CEOs, A, market pros, and
Speaker 1: Bloomberg experts, along with essential market moving news. Find the
Speaker 1: Bloomberg Markets Podcast on Apple podcast or wherever you listen
Speaker 1: to podcasts, and on Bloomberg dot com. It is time
Speaker 1: for Bloomberg Opinion. We're joined by Sam Fizzelli. Sam is,
Speaker 1: as we all know, senior pharmaceutical analysts for Bloomberg Intelligence.
Speaker 1: He also manages Bloomberg Intelligence for all of Europe, and
Speaker 1: as of today he's adding a third hat as an
Speaker 1: opinion columnist for Bloomberg Opinion, and he's kind of really
Speaker 1: fascinating column out today talking about vaccines when they could
Speaker 1: become available, specifically talking about President Trump and his contention
Speaker 1: that the U s could have a vaccine before election day. Sam,
Speaker 1: once again, thanks so much for joining us here. Give
Speaker 1: us your thoughts about the timing of a vaccine, if
Speaker 1: specifically about President's Trump's contention that there could be a
Speaker 1: vaccine in the U S. Bio action day. Hi, Paul,
Speaker 1: it's very nice to talk to you again. So basically
Speaker 1: the if we're looking at traditional vaccines, then you still
Speaker 1: have a fighter who who CEO continues to talk about
Speaker 1: the possibility of getting data as early as October or
Speaker 1: end of October, So there is still that possibility hanging around.
Speaker 1: But the majority of companies, if they follow the same
Speaker 1: path as Johnson and Johnson has done in their Phase
Speaker 1: three by not looking at efficacy data until half their
Speaker 1: patients have had at least two months after their last dose,
Speaker 1: or that there is only one dose in the Genera trial,
Speaker 1: then there's no way fights that can read out there
Speaker 1: and Moderna we already know they've said they won't read out.
Speaker 1: So it all depends what fights that does. It all
Speaker 1: depends what's going on with these conversations have happened between
Speaker 1: the White House and the CEO of Fights apparently. But
Speaker 1: there is another angle, which is what I looked at
Speaker 1: in my in my Pista road today poll. We'll do
Speaker 1: tell them, okay, and that is that the there is
Speaker 1: another version of vaccines, so called passive vaccines, so not
Speaker 1: the usual one that you and I think about. But
Speaker 1: somebody much cleverer than me put it very nicely and
Speaker 1: called it an immune system in a bottle or immunity
Speaker 1: in a bottle, so it's already it's just loads you
Speaker 1: up with antibodies against the virus, so that either if
Speaker 1: you've just been infected or you are at risk of
Speaker 1: an infection, you could be protected for several months or
Speaker 1: you could get a treatment out of it. Now, we've
Speaker 1: had two companies in general and really report data, and
Speaker 1: our contention is that there is a risk and I
Speaker 1: use that word on purpose, that the FDA may give
Speaker 1: these so called passive vaccines and approval before or in
Speaker 1: the next month. And if that happens, and of course
Speaker 1: the White House can claim that they achieved what they
Speaker 1: were talking about. All right, So the difference between an
Speaker 1: active and a passive just highlight that force against SAM. Yeah. Sure,
Speaker 1: so you you, you and I have had many vaccines
Speaker 1: in our lives. So the ones that you would normally
Speaker 1: know as active vaccines are the flu vaccine or polio vaccine,
Speaker 1: or the measles vaccine, etcetera. So those are the ones
Speaker 1: that are injected into and you'll teach your body to
Speaker 1: raise an immune response so that if you get you
Speaker 1: see the virus, then you're already prepared to react to it.
Speaker 1: The passive vaccines give you the antibodies that a vaccine
Speaker 1: induces in new normally an active vaccine, they just put
Speaker 1: them in a bottle and injected into So it doesn't
Speaker 1: last as long as a as an active vaccination as
Speaker 1: you know. You know, I don't know, fifty years ago
Speaker 1: I had my small pox vaccine right or whatever it
Speaker 1: was BCG vaccine. So all of those, you know, there's
Speaker 1: no these things don't last as fifty years. But what
Speaker 1: they could do is give you two years two months protection.
Speaker 1: But in fact Clackso and Astro are working on things
Speaker 1: they give you six months protection. UM, so you can
Speaker 1: just keep going back every six months and get your
Speaker 1: top hop I mean they're not cheap, but top up
Speaker 1: and keep yourself protected potentially. So what's your hope, UM,
Speaker 1: I mean, when are you anticipating being able to get
Speaker 1: a vaccine and walking around your neighborhood. Oh gosh, you're
Speaker 1: tantalizing me. Then I would love to UM to believe
Speaker 1: that one of these vaccines, the active vaccines Fiser Moderna
Speaker 1: novo vax is looking quite interesting, UM actually have their
Speaker 1: vaccine ready by the end of this year and next year.
Speaker 1: I would hope that they're better than the minimum that
Speaker 1: the FDA has required, which is protection. And frankly, even
Speaker 1: if it's he reduces your risk of disease or severe
Speaker 1: disease by I would still take it. Um you spend
Speaker 1: a couple of days feeling pretty gruelty, and then after
Speaker 1: that you protected for hopefully year, two years, three years,
Speaker 1: four years. I would like that, Sam, What do you
Speaker 1: know what's going on in China? You know, we see
Speaker 1: reports that uh Chinese pharmacyttal companies in the government are
Speaker 1: are having running tests of tens of thousands and injecting
Speaker 1: people with some type of quote unquote vaccine. What's going
Speaker 1: on there? You know? Yeah? But what were you doing
Speaker 1: that too, Paul? We've got if you add up at
Speaker 1: the number sixty thousand four Johnson and Johnson forty four
Speaker 1: thousand four find there, you get up to over two
Speaker 1: hundred thousand people being injected with vaccines, or least half
Speaker 1: of them anyway with vaccine in the trials. Now. So
Speaker 1: I don't know the detail of what's going on in China,
Speaker 1: but I don't think this is massive news in that
Speaker 1: they already started with the with the military apparently, and
Speaker 1: then of course the broader population slowly running out at
Speaker 1: the end of the day, this um this vaccine that
Speaker 1: they're using, at least the one that I just read
Speaker 1: in the article that we were referring to, is one
Speaker 1: that's based on an older technology. Nothing wrong with that,
Speaker 1: but it's an older technology and we've seen some data
Speaker 1: for it. It does give you some protection, and they're
Speaker 1: just rulling it out some Is there a danger that
Speaker 1: one country will get it and be you know, covered
Speaker 1: us about it and keep it and we won't see it. Well,
Speaker 1: the the companies were developing these just all signed up,
Speaker 1: there was the news yesterday, signed up to equitable and
Speaker 1: making these vaccines that they're developing, at least the Western
Speaker 1: companies available to low income countries in an affordable way.
Speaker 1: So I don't think this will happen that. The bigger
Speaker 1: question really is would you in the United States be
Speaker 1: even have the possibility to get access to the Chinese
Speaker 1: vaccine or a Chinese individual in the country over there,
Speaker 1: would they ever have access to the Western vaccine? So
Speaker 1: I think what's going on here is that the countries
Speaker 1: who got the technology are developing the vaccines themselves. So
Speaker 1: if you look around Germany, France, England, UK US, China, Russia.
Speaker 1: They're all they're all developing their vaccines, and between them,
Speaker 1: I'm sure there'll be enough to hanger hand around them.
Speaker 1: Which one is the most effective. We've just no idea
Speaker 1: somewhere out of time. But is there any newcomer on
Speaker 1: the scene, you know, is it entirely possible that one
Speaker 1: of these days you've got an email from some companies
Speaker 1: saying they've discovered some you know, massive new thing. Well
Speaker 1: not really, I mean, we are waiting for antivirals and
Speaker 1: therapies to continue to roll out, so we should get
Speaker 1: some data on those novovacs. Should have something new data
Speaker 1: in the next couple of weeks. That's not expectation. And
Speaker 1: there's a come Penny Frost that nobody talks about called
Speaker 1: val Neva, just developing a vaccine that's similar to the
Speaker 1: older technology val Neva. We certainly will keep an eye
Speaker 1: on all of those. Sampa Zali, head of E M
Speaker 1: e A Research and senior pharmaceutical analist Bloomberg Intelligence. Time
Speaker 1: now to talk cars. A great story on the Bloomberg
Speaker 1: Today discussing whether you should buy a COVID car. It's
Speaker 1: been notoriously difficult to rent cars. Pricing has gone up
Speaker 1: as people in big cities trying to get out, even
Speaker 1: if it's just for the weekend, the ones that I've
Speaker 1: had to stay behind. And then overall auto sales have
Speaker 1: pretty much held up. So let's bring in someone who
Speaker 1: can't give us more detail about all of this. Jessica
Speaker 1: Coldwell is executive director of Insights at Edmonds dot com.
Speaker 1: Jessica Q three Auto sales. Maybe we're not as quite
Speaker 1: as strong as anticipated, but they're still holding in there.
Speaker 1: There's like fifty million sales in the quarter. Yeah, definitely,
Speaker 1: And I think this is where Quarterly Cells probably heard
Speaker 1: the the knowledge of seeing what's actually going on in
Speaker 1: the industry, because if you look month to month throughout
Speaker 1: the third quarter, you would see an improvement. September Cells,
Speaker 1: especially in terms of retail, the average consumer buying cars
Speaker 1: was actually quite strong. So I think that that can
Speaker 1: definitely give us some optimism in this market. And I
Speaker 1: would say overall the American consumer is holding up the
Speaker 1: auto market. It is the what we call fleet sale.
Speaker 1: So that's the budget, the hurts, the you know, the
Speaker 1: commercial the business fleet. Um folks that are are you know,
Speaker 1: are not buying as many cars. So I think that
Speaker 1: really speaks strongly for consumer confidence that people are willing
Speaker 1: to make these big purchases. So, Jessica, I have a
Speaker 1: good buddy of mine who manages a dealership here in
Speaker 1: New Jersey and he tells me, and he's been telling
Speaker 1: you this for a couple of months now. The big
Speaker 1: issue is inventory. They just can't get enough cars on
Speaker 1: the lot to sell. What's the status of the inventory
Speaker 1: in this country? Yeah, I think that has been a
Speaker 1: really interesting thing. I mean, who would have thought that
Speaker 1: in the beginning of March, when the pandemic started, that
Speaker 1: we would be having this conversation. I mean, I think
Speaker 1: what happened was, of course, factories across the US they
Speaker 1: shut down it's on average about six weeks during the pandemic,
Speaker 1: and at that time, no cars were being built. And
Speaker 1: you know, at the same time, people were still buying cars.
Speaker 1: I mean, not as many during that time period, but
Speaker 1: people will still And that's that's a really long time
Speaker 1: for a factory. And if we think back till last year,
Speaker 1: General Motors in particular had issues with with labor strikes,
Speaker 1: so they had that at the end of twenty nine
Speaker 1: and then going into with the pandemic. Um. You know,
Speaker 1: I think that they've been particularly hard hit with with
Speaker 1: with inventory issues because of it. UM. So I think
Speaker 1: that automakers have been really trying to figure this out
Speaker 1: to to try to increase production where they can. Of
Speaker 1: course doesn't apply to everyone in every factory, but particularly
Speaker 1: for things like pickup trucks, which have done really well. Um.
Speaker 1: You know, trying to eat more out of those is
Speaker 1: of course a goal for the auto companies, particularly as
Speaker 1: they they are, you know, they provide a lot of
Speaker 1: profitabilit be for them. So we know that numbers for
Speaker 1: sales were pretty strong and inventory is a little bit
Speaker 1: hard to come by, perhaps, but what about pricing and
Speaker 1: what about financing? So our dealers willing to finance more?
Speaker 1: Are they getting a break from the people that are
Speaker 1: supplying them, from the car makers and so on? Because
Speaker 1: we know that, you know, with the exception of the
Speaker 1: stock market, a lot of people are out of work,
Speaker 1: they're furloughed, they're digging into their savings, and you know,
Speaker 1: may not be the right time for them to buy
Speaker 1: a big purchase. M h. Yeah, I mean I think
Speaker 1: that what we're what we're seeing in terms of pricing
Speaker 1: in terms of consumer composition, that the people that are
Speaker 1: buying cars, particularly new cars, are people that are definitely
Speaker 1: more financially secured through the pandemic. They're not necessarily as
Speaker 1: worried about being laid off or being furloughed or taking
Speaker 1: new pay cuts, or even if they take a pay cut,
Speaker 1: it's still, you know, enough to buy a car because
Speaker 1: you can tell that transaction prices are going up or
Speaker 1: seeing things like higher down payments, um, lower interest rate.
Speaker 1: Of course, that's a big driver, and I think that
Speaker 1: that's helped a lot of consumers buy cars because not
Speaker 1: only is the interest rate low, you also have the
Speaker 1: automate automakers subsidized incentives which make the interest rates even lower.
Speaker 1: So I think that that is encouraging people to buy,
Speaker 1: especially when you think of some of these loan terms
Speaker 1: out there. It's not unusual to see now seventy two
Speaker 1: eighty four months and if you're getting you know, something
Speaker 1: close to zero percent that you know, that kind of
Speaker 1: makes that new vehicle worth it. How about the used
Speaker 1: car market, Jessica, how's that faring right now? Yeah, the
Speaker 1: youth car market is pretty much going like gangbusters. Um
Speaker 1: they I mean, we're really seeing unprecedented things in that
Speaker 1: in the sense that pricing for you know, let's say
Speaker 1: a three year old vehicle has actually gone up over
Speaker 1: the summer, and that I mean that never happens. I mean,
Speaker 1: you think about a used car every month it ages,
Speaker 1: you you know, the piers should go down. It's older,
Speaker 1: more miles, more wear and tear. But we're seeing the
Speaker 1: opposite um and we have through the summer um because
Speaker 1: as there has been just so much demand. I think
Speaker 1: people are you know, folks that maybe would have bought
Speaker 1: a new car in pre pandemic times, want to be
Speaker 1: a bit more financially conservative, are thinking maybe I should
Speaker 1: go to the used car market. You have perhaps some
Speaker 1: people that are uncomfortable taking a public transportation and think
Speaker 1: I just want something that's not too expensive to some
Speaker 1: basic transportation to get me around. Okay, let me go
Speaker 1: into the US market. So as a result, dealers essentially
Speaker 1: cannot get enough used cars. I mean, we'll start to
Speaker 1: see prices decline as the calendar ure ends in the
Speaker 1: in the car's officially age. But I mean the market
Speaker 1: has been incredibly strong the past few months. So we
Speaker 1: were at tifting point two at the last reading, million
Speaker 1: on annualized basis. How long for can that continue? Do
Speaker 1: you see you know, beyond fifteen million number for the
Speaker 1: rest of the year. Yeah, I mean it's possible. I
Speaker 1: mean I think fifteen million for this years is you know,
Speaker 1: still requires a you know, a strong clothes and I
Speaker 1: think some of the worries about as it's getting colder,
Speaker 1: will they be and not there um, you know, another
Speaker 1: round of lockdowns as related to the pandemic. How will
Speaker 1: the election affect consumer confidence and and just sales in generals.
Speaker 1: I think that that is, um, you know, definitely a concern.
Speaker 1: But you know, if we look through what we have seen, um,
Speaker 1: you know, consumers have largely held up auto sales. So
Speaker 1: I think that them being the largest part of uh,
Speaker 1: you know, of the of the mix. Um, I think
Speaker 1: that really speaks strongly as we head into next year
Speaker 1: and you know, perhaps people are you know, doing it
Speaker 1: a bit better financially. Jessica Caldwell, thank you so much
Speaker 1: for joining us. We appreciate that. Jessica Caldwell, executive director
Speaker 1: of Insights for Edmunds dot Com, giving us her thoughts
Speaker 1: on the auto industry again, uh, stronger than expected. Some
Speaker 1: of the expectations at the beginning of the pandemic that
Speaker 1: it would be disastrous for the industry turned out to
Speaker 1: be not so so. The job has claims that we
Speaker 1: saw this morning came in slightly better than forecast, although
Speaker 1: stubbornly high. And what we're starting to see really over
Speaker 1: the last several days is some big blue chip companies,
Speaker 1: ranging from the airlines to the Walt Disney Company to
Speaker 1: financial services companies, announced some significant layoffs. Shnei, Bostic, Wall Street,
Speaker 1: Border for Bloomberg News joints us to talk about some
Speaker 1: of those financial institutions Socionale, we're seen in lakes, the
Speaker 1: likes of JP Morgan, Goldman, sachs Uh, some international banks
Speaker 1: talk about some reinstating, some furloughs and layoffs. What do
Speaker 1: you have for us, Yeah, we we've been talking about
Speaker 1: this for a while. We knew it was coming, and
Speaker 1: now we know what the scale looks like, and now
Speaker 1: we know where the cuts are really coming from. At
Speaker 1: a bank like Goldman, you're seeing a lot of these
Speaker 1: costs only one percent of the workforce, but it's not
Speaker 1: it's some hundreds of jobs. It's a lot of back
Speaker 1: office jobs. But then when you look at JP Morgan.
Speaker 1: There's some job cuts at the consumer unit as well
Speaker 1: as other lines of businesses. So this um, this sleep
Speaker 1: is not discriminating. The other issue you, I would say, Paul,
Speaker 1: is if you are a contractor for a bank, if
Speaker 1: you're a service provider for a bank, you should be
Speaker 1: a little concerned right now too, Shinali. You know banks
Speaker 1: lay off a certain small percentage every year. It's churn.
Speaker 1: It's the people who come in post internships who maybe
Speaker 1: don't make the cut, on so on. How is this
Speaker 1: your different and timing wise? Is this when banks normally
Speaker 1: do it? Yeah, this this is when you would see them.
Speaker 1: But remember a lot of it, and make no mistake,
Speaker 1: A lot of this is pandemic driven, partially because people
Speaker 1: believe and you saw this in all State, which is
Speaker 1: cutting almost four thousand jobs right. A lot of this
Speaker 1: is because the economy is not necessarily improving to the
Speaker 1: point that can justify keeping so much staff on payroll.
Speaker 1: So I mean, let's let's be very clear that some
Speaker 1: of this is because of the A lot of this
Speaker 1: is because of the pandemic. But also remember the banks
Speaker 1: are looking around and saying, okay, they started cutting jobs
Speaker 1: last year when times are very good in anticipation of
Speaker 1: a rainy day. The rainy day is now here. We
Speaker 1: don't know how long that will last. A lot of
Speaker 1: the businesses that are making them do very well, we
Speaker 1: also don't know how long that will those tailines will last,
Speaker 1: and so they really need to be cutting where they can.
Speaker 1: They want to be improving their returns through shareholders, which
Speaker 1: will be pretty discriminating, and they just want to be
Speaker 1: prepared to be competitive for the year ahead, especially when
Speaker 1: so much of their staff um can be found out
Speaker 1: they can do their work in a way that's more
Speaker 1: automated and in lower cost location like Texas and Florida
Speaker 1: or the suburbs rather than the highest um cost cities
Speaker 1: in the world. That's interesting, Stionnale. I guess a lot
Speaker 1: of industries and a lot of companies. I think, you
Speaker 1: know what we're hearing from them is they are really
Speaker 1: rethinking the scale of their workforce, the location of their workforce,
Speaker 1: the deployability of their workforce. Is there that kind of
Speaker 1: discussion going on the financial services that maybe I don't
Speaker 1: need all the numbers I thought I needed before. Perhaps
Speaker 1: with technology, perhaps with automation, you know, there can be
Speaker 1: a significant reduction in the permanent um jobs within financial services. Yes, absolutely.
Speaker 1: You know one business that has taken a long time
Speaker 1: to automate and now people are looking to you know,
Speaker 1: maybe this can move a little faster. It's been happening
Speaker 1: for a while, but you know, THECUS discussion, there's definitely
Speaker 1: elevated UH places like fixed income trading where automation has
Speaker 1: not really taken hold in the same way as other
Speaker 1: parts of financial services. That's a place, for example, that
Speaker 1: we can look for much more automation in the coming years,
Speaker 1: and then at least the questions of what does that
Speaker 1: mean for jobs. Is that famous example of Goldman where
Speaker 1: a five hundred person trading unit was cut down to
Speaker 1: three people because of the effects of automation. They just
Speaker 1: didn't need that many people anymore. So we're seeing that
Speaker 1: another part of high catch businesses. Then there's also the
Speaker 1: consumer business that you know, in the coming years you'll
Speaker 1: have a lot of questions about because this pandemic is
Speaker 1: shown that consumers want to bank online. They're not going
Speaker 1: to the branches like they used to be going to
Speaker 1: the branches. These firms used to have major branch networks
Speaker 1: employing many thousands of people across the entirety of the
Speaker 1: United States, So do they need those anymore? For now,
Speaker 1: they're saying they like to have a physical footprint. But
Speaker 1: let's see if they hold true to that. Given this
Speaker 1: acceleration of digital banking. We heard from JP Morgan that
Speaker 1: it's eliminating more than one hundred jobs in an annual cuts,
Speaker 1: which obviously is not as many as Goldman Sachs. But
Speaker 1: those who took funds improperly, and you know, of five
Speaker 1: hundred people that were investigated, at least a few took
Speaker 1: it took them improperly. You would wonder why any any
Speaker 1: you know, pandemic funds were necessary for a Japing Morgan employee.
Speaker 1: But you know, are they going to be among the fired?
Speaker 1: You know, there there's cost cuts for the purposes of
Speaker 1: cutting people in the consumer bank that need to be cut,
Speaker 1: but there's also cost cuts happening. I mean, yeah, that
Speaker 1: that is a one off situation and super unfortunate. There's
Speaker 1: no other way to put that, right, I mean, those
Speaker 1: are those are firings for misconduct, right, so they're not
Speaker 1: hiring for but you know, it goes to show, you know, uh,
Speaker 1: the banks really don't have room, right now to allow
Speaker 1: employees to misbehave in any fashion, whether that's taking PPC
Speaker 1: funds or whether that's at this point any sort of
Speaker 1: racial discrimination or anything else. Um, when when Morgan Stanley
Speaker 1: set out at the beginning of the year and put
Speaker 1: their moratorium on job cuts, that that will last to
Speaker 1: the end of this year, which was what their promise was,
Speaker 1: So that's another bank, by the way, we're gonna look
Speaker 1: too in the beginning next year. They made it very
Speaker 1: clear that, um, you know, bad behavior was the clear
Speaker 1: exception to that rule. And you know, the banks are
Speaker 1: really trying to come out as a good guys in
Speaker 1: this crisis, so this is really a zero tolerance policy
Speaker 1: for this kind of behavior. Shenali, thank you as always
Speaker 1: for your perspective that particular program that was topped at
Speaker 1: JP Morgan, the Economic Injury Disaster loan program, and it's
Speaker 1: at all of a hasty probe, the full effect of
Speaker 1: which hasn't been previously reported. Do check out Michelle Davis
Speaker 1: the story on the Bloomberg for that one. And thanks
Speaker 1: again to Shinnali Bazac. We're now joined by Lauren Simmons,
Speaker 1: entrepreneur and youngest ever female trader on the New York
Speaker 1: Stock and Change. She has a a new series coming up.
Speaker 1: Going Public will follow a diverse cast of entrepreneurs as
Speaker 1: they strive to win over investors, make deals, and hit
Speaker 1: the ultimate goal for startup listing on the nastac Lauren,
Speaker 1: thanks so much for joining us here. Tell us about
Speaker 1: the work you're doing now in your upcoming project. Yeah. So,
Speaker 1: I'm so excited to be the host of Going Public,
Speaker 1: and essentially I'm here to educate and empower the next
Speaker 1: generation in finance and inspire the new generation of retail investors.
Speaker 1: The right way going public is, you know, groundbreaking in
Speaker 1: the sense that we are following five founders that are
Speaker 1: taking their companies public at the nastac UM. This isn't
Speaker 1: a competition show. Each company is standalone of each other UM,
Speaker 1: but this is the the ultimate, the ultiman goal. How
Speaker 1: are you finding candidates, Lauren, and how are you examining
Speaker 1: them and sifting through them? Yeah? So, part of UM
Speaker 1: going Public. We have Rock Capital, which is the investment
Speaker 1: banking firm that is part of it, and they are
Speaker 1: vetting everyone UM. That is part of the process. We
Speaker 1: are still openly casting UM and we are looking for
Speaker 1: companies that have high growth consumer products with the minimum
Speaker 1: of two million dollars to revenue UM and they Rock
Speaker 1: Capital is vetting everyone that's coming onto the TV series.
Speaker 1: So this is a streaming show. And I see here
Speaker 1: that UM viewers will be able to invest real money
Speaker 1: in some of these companies. Yes, in real time. So
Speaker 1: a lot of the series we are filming from now
Speaker 1: until about March, and the episodes where we are actually
Speaker 1: being listed up the NATS like people will be able
Speaker 1: to participate in the I p O and that this
Speaker 1: is all happening through regg A. UM. Regga is the
Speaker 1: securities exemption that was part of the two thousands twelve
Speaker 1: Jobs Act. The Jobs Act was passed UM into law
Speaker 1: by President Obama and it essentially the Jobs Act was
Speaker 1: designed to provide easier access to capital for smaller companies
Speaker 1: and allow everyday Americans to invest in them. This is
Speaker 1: really empowering people to be part of the I p
Speaker 1: O s, which, as we know this season is it's
Speaker 1: hot commodity high pos opening left and right everywhere. So Lauren,
Speaker 1: I remember at the time there was just a little
Speaker 1: bit of trepidation about this because perhaps some of those
Speaker 1: who might want to take advantage of you know, what
Speaker 1: looks to be a great opportunity might not fully understand
Speaker 1: the risks involved. How will you present the risks for
Speaker 1: each individual company, whether it's chosen or not, to the
Speaker 1: public as host of this streaming program. Yeah, so, because
Speaker 1: you know, going public is phenomenal, and how we're following
Speaker 1: this series, I will, you know, in a non biased way,
Speaker 1: will be able to explain what is going on in
Speaker 1: the road shows, what their financials look like. If this
Speaker 1: you know a company that will withstand the test of time.
Speaker 1: And so I'm breaking that down. But again I'm not
Speaker 1: giving answers that will ski people left or right. It's
Speaker 1: just very fact based and from there people will take
Speaker 1: the information that I give them and hopefully make the
Speaker 1: best decisions for themselves. Obviously, I p O investing can
Speaker 1: be lucrative. You could be on the ground floor at
Speaker 1: the next Amazon, but you really want to take in
Speaker 1: everything that is going on behind the scenes and looking
Speaker 1: at the financials and looking at all you know, moving
Speaker 1: moving parts to be able to make the best educated
Speaker 1: decisions kind of to move forward. So the Laarenest pandemic
Speaker 1: has upset businesses across the board, across the globe. It's
Speaker 1: really upset business plans for a lot of companies. I
Speaker 1: would suspect that it's really disrupted kind of some of
Speaker 1: the new issue market entrepreneurs trying to get business plans
Speaker 1: off the ground. How has a pandemic impacted kind of
Speaker 1: this side of the business that you're now looking at,
Speaker 1: you know what, I want to say that they've still
Speaker 1: been moving forward quite ahead. I mean these are companies
Speaker 1: yet that that typically have been around and um they're
Speaker 1: raised in the capitol. I think they're doing fine. Obviously,
Speaker 1: we are in a time, especially going into court for
Speaker 1: where we are seeing a lot of people trying to
Speaker 1: lift um and I think that has everything to do
Speaker 1: with the election and just how the markets are going
Speaker 1: in general. And so I think that there's a big
Speaker 1: push especially for right now seeing companies you know, debut
Speaker 1: before whatever happens with the election. I think going forward,
Speaker 1: especially when we're talking about the small cap space, we
Speaker 1: are going to see more people you know, having again
Speaker 1: going through the reggae plus route and and doing it
Speaker 1: from a small cap perspective because a lot of you know,
Speaker 1: businesses I feel fall into that year and they are
Speaker 1: very representative of m Americans and how most businesses are
Speaker 1: kind of run or well, almost out of time. But
Speaker 1: we were set to see this in one given covid.
Speaker 1: Will we still see this? Do you have any kind
Speaker 1: of release day for us? Yes? Absolutely so we are
Speaker 1: definitely thinking Spring one. Nothing has been pushed back. We
Speaker 1: have already started filming. I was just out in l
Speaker 1: A about three weeks ago, so I'm so excited for
Speaker 1: everyone to see. Please watch on entrepreneur dot com. Um,
Speaker 1: they already have four teen million viewers ships through their
Speaker 1: medium platform and I'm so excited for you guys to
Speaker 1: see springing next year. Well congratulations. Another first for Lauren Simmons,
Speaker 1: who is bringing out a streaming service called Going Public.
Speaker 1: As you heard in the Spring of one, you can
Speaker 1: see it on entrepreneur dot com. A diverse cast of
Speaker 1: entrepreneurs striving to win over investors and hit that ultimate
Speaker 1: goal listing on the NASDAC. That's Lauren Simmons, personal finance speaker, author, producer,
Speaker 1: and of course she was at Rosenblat Securities at twenty two,
Speaker 1: the youngest female trader ever to work on the n
Speaker 1: y s C and the second black woman to hold
Speaker 1: the equity trader spots in the history of the New
Speaker 1: York Stock Exchange. Thanks for listening to Bloomberg Markets podcast.
Speaker 1: You can subscribe and listen to interviews at Apple Podcasts
Speaker 1: or whatever podcast platform you prefer. I'm Bonnie Quinn. I'm
Speaker 1: on Twitter at Bonnie Quinn. And Paul Sweeney I'm on
Speaker 1: Twitter at pt Sweeney. Before the podcast, you can always
Speaker 1: catch us worldwide at Bloomberg Radio m H