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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along

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Speaker 1: with my co host of Bonnie Quinn. Every business day

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Speaker 1: we bring you interviews from CEOs, market pros, and Bloomberg experts,

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Speaker 1: along with essential market moving news. Find the Bloomberg Markets

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Speaker 1: Podcast on Apple Podcasts or wherever you listen to podcasts,

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Speaker 1: and on Bloomberg dot com. Well, it is time once

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Speaker 1: again to check in on COVID progress, not progress of

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Speaker 1: the disease per se, but progress towards a vaccine. Let's

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Speaker 1: bring in some Faconalty, director of research for Bloomberg Intelligence,

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Speaker 1: and Sam. You keep an eye on everything that's out there.

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Speaker 1: You've noticed so that some companies do actually have an

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Speaker 1: edge over others. Tell us what companies we should be

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Speaker 1: most closely watching these days. Yeah, hi, Bunny. Um, So

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Speaker 1: you know a lot of this analysis and and conclusion

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Speaker 1: is based on early data, and early scientific data has

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Speaker 1: a nasty habit of changing when you get into bigger

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Speaker 1: trials and test your your product into in multi center trials, etcetera. So,

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Speaker 1: with that caveat, if we look at the the on

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Speaker 1: the effectiveness side, I think FIDER and Beyond Tech seemed

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Speaker 1: to have the age at the minute with regards to

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Speaker 1: both generating antibodies and also this other arm of the

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Speaker 1: immune system that I keep talking about, the cellular immunity,

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Speaker 1: that seems to be the case at the moment. So um,

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Speaker 1: you know, they beaten Maderna on the similar arm and

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Speaker 1: on the on the antibodies, Astrotennics didn't quiet match up.

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Speaker 1: Although it's not bad, it's just not as good as

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Speaker 1: So that's where we stand today, although there's a whole

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Speaker 1: bunch of other companies that have to still put out

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Speaker 1: data with different technologies, and the ones that I'm particularly

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Speaker 1: looking forward to seeing someone some of the older technologies.

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Speaker 1: The variety of vaccines that we have today don't use

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Speaker 1: either of the technologies that moderna Fiser and Astrosennocrat using.

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Speaker 1: And also there's one other version of these RNA vaccines

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Speaker 1: that Fighter has got that is being tested by Imperial

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Speaker 1: College and the company in the US called ARC Tourists,

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Speaker 1: amongst others. I'm looking forward seeing from human data for those. Hey, Sam,

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Speaker 1: you've followed this pharmer business and vaccine business for decades.

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Speaker 1: Help us understand that when and if we get vaccines plural.

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Speaker 1: I'm assuming various entities will come out with various vaccines.

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Speaker 1: Talk to us about how you actually get a vaccine

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Speaker 1: discovery and then into mass production for I'm guessing billions

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Speaker 1: of doses and then the distribution of that. How does

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Speaker 1: that all work? Yeah, yeah, interesting, Paul. And Actually, vaccines

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Speaker 1: were really not sixty at all until quite a few

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Speaker 1: years ago when we ended up getting some of the

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Speaker 1: newer vaccines like gardensil from like shing gricks from from

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Speaker 1: Glaxo and and exactly two point both of those products

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Speaker 1: have manufacturing bottlenecks in them in that they can't make

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Speaker 1: enough of the stuff to sell. So both collects are

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Speaker 1: and work either under underestimated the demand or it's just

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Speaker 1: very difficult to manufacture these things. So to that point,

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Speaker 1: there's a lot of steps required. And I think the

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Speaker 1: one person who regularly brought this up was the CEO

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Speaker 1: of some of you, saying, it's not just about discovering

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Speaker 1: a vaccine. You've got to be able to first show

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Speaker 1: that it is safe because you're giving it to a

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Speaker 1: large population of otherwise healthy people who don't have a disease.

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Speaker 1: And then you've got to get the stuff manufactured, put

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Speaker 1: into a vial, send somewhere in a cold chain often,

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Speaker 1: so you need to keep it cold and maybe sometimes

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Speaker 1: you're frozen. That's a that's an enormous challenge. But I

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Speaker 1: think our government can rise up to it if if

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Speaker 1: people are um, don't politicize this in again, but but

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Speaker 1: it is, it is. It's definitely a hard and tough

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Speaker 1: mountain to climb. And one question is you know, how

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Speaker 1: much do you give to other countries if anything, even

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Speaker 1: though it would probably be in your interest to give

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Speaker 1: this to the whole world, right, so yeah, yeah, yeah,

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Speaker 1: but let me carry something. We've just added up all

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Speaker 1: the doses that people have said they will be making.

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Speaker 1: And this is only about twelve fifteen companies, so the

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Speaker 1: other hundred companies or more. I don't have numbers four

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Speaker 1: and and we're at ten billion doses in one and

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Speaker 1: even if you have to take two of those per persons,

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Speaker 1: that's five billion people. Now, it doesn't matter how many

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Speaker 1: doses you give to America. They don't. We don't need

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Speaker 1: more than six seven million dollars in the US, right,

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Speaker 1: So there's enough volume being pledged and being worked on

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Speaker 1: that if all these vaccines work, that's the point, right,

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Speaker 1: Because they're all different vaccines. Then you have more than

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Speaker 1: enough to vaccinate a lot the majority of people to

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Speaker 1: get to that early immunity if they all worked. So, Sam,

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Speaker 1: I guess the next what are some of the next

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Speaker 1: mile post that you're looking at real real quickly here

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Speaker 1: that you think you're going to kind of come across

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Speaker 1: the tape. Yeah. So I'm looking forward to, as I

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Speaker 1: said earlier, to data from some of these other technologies

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Speaker 1: actually published data. Folks have said that their vaccines worked.

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Speaker 1: Some Chinese companies have said their vaccines work, but published

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Speaker 1: data that we started to see yesterday with all the

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Speaker 1: who harder we had yesterday. Um, so I'd like to

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Speaker 1: see some of the older vaccines show some you know,

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Speaker 1: just to see how they're doing. And then I'm really

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Speaker 1: looking forward to seeing this new even newer version of

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Speaker 1: our n A vaccines from Imperial College and our tourists

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Speaker 1: and translate by or there's a whole host of companies

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Speaker 1: who got these class has got some. But I think

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Speaker 1: we're expecting some news from Imperial and our tourists in

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Speaker 1: the next few weeks months. That's what I'm looking forward to. Hey, Sam,

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Speaker 1: thanks so much once again for joining us giving us

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Speaker 1: your thoughts on this whole race for a COVID nineteen vaccine.

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Speaker 1: Santa zelis Director of Research for Bloomberg Intelligence for all

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Speaker 1: of Europe, but more importantly his day job as he's

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Speaker 1: one of those top farmer healthcare analysts based in London.

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Speaker 1: Let's move over and now to Asia and talk China.

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Speaker 1: China's market, the new jack MA and I p O

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Speaker 1: has bypassed the New York Stock Exchange and has decided

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Speaker 1: to list on the Hong Kong and Shanghai Exchanges. And

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Speaker 1: of course after that the Hong Kong Exchanges and clearing

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Speaker 1: stock surged as much as nine and a half percent.

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Speaker 1: Let's bring in someone who knows a lot about this now,

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Speaker 1: Brendan and hearn is c i O of Crane Shares. Brendan,

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Speaker 1: why did jack MA decide to I p O almost

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Speaker 1: everywhere bots New York? Well, I think we've seen US

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Speaker 1: listed Chinese companies reissue in Hong Kong as well as

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Speaker 1: on the New Shanghai star Board in order to get

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Speaker 1: a higher valuation. That US China political rhetor CRIC has

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Speaker 1: depressed the US listed companies over the last say two years.

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Speaker 1: So they're going to where they're going to be properly

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Speaker 1: valued by investors. So Brendan gives a sense of this

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Speaker 1: and financial A lot of people here, I think in

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Speaker 1: the States don't have a real good understanding of what

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Speaker 1: Aunt is. Give us here your your overview of the company.

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Speaker 1: So and and financial makes PayPal look like a rounding error. Uh,

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Speaker 1: you know, it's it's it's mobile payments dominate the e

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Speaker 1: commerce space in China today. Uh, you know, actually finding

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Speaker 1: places that will accept cash or in some cases even

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Speaker 1: credit cards. It's very difficult when you when you visit

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Speaker 1: China because it's all all done mobile and so Aunt's

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Speaker 1: really been at the forefront. Um. You know, Ali Baba

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Speaker 1: uh now owns about a third of the company and

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Speaker 1: it's hooked in with their e commerce outlets team all

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Speaker 1: and about. But it's it's it's really, it's really gone viral.

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Speaker 1: It's ubiquitous in China today. Two hundred billion dollar valuation

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Speaker 1: on that company. So pretty phenomenal. Brendan, What what do

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Speaker 1: we need to know about China right now? And it's

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Speaker 1: aspect towards free markets. Seen for a long time that

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Speaker 1: I was trying to embrace free markets more and more,

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Speaker 1: and at a certain point, you know, I think investors

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Speaker 1: turned their back a little bit on China, particularly as

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Speaker 1: it was comping down on on Hong Kong and so

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Speaker 1: on our investors back now, I mean, you can't ignore

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Speaker 1: two hundred billion dollar valuation, you know, I p O

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Speaker 1: s no no. I mean, certainly we've had a you know,

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Speaker 1: the bowls are on parade in Hong Kong right now.

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Speaker 1: You had Ali Baba relist in November of last year,

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Speaker 1: j D and Nettie's more recently. UM. But you're going

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Speaker 1: to have a number of these companies relist and they're

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Speaker 1: getting higher valuations. One of the rumors we heard I'll

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Speaker 1: share just uh, just you know, Bloomberg Radio has been

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Speaker 1: so great to us over the years. But but there's

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Speaker 1: actually hatter there's rumors that d D is going to

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Speaker 1: go public in Hong Kong. Uh. D D is the

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Speaker 1: Uber slayer. Uh. You know d D put Uber out

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Speaker 1: of business in China, UM, and there was there's there's

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Speaker 1: talk that they're going to come as well. So you know,

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Speaker 1: you've got two of the biggest tech unicorns globally potentially

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Speaker 1: going public into Hong Kong UM this year. So interesting. Brendon,

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Speaker 1: give us a sense of just overall, how the markets

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Speaker 1: are over there? I mean, you know, China was obviously

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Speaker 1: the beginning of the pandemic and it really bore the

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Speaker 1: brunt of it late last year but early this year.

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Speaker 1: Yet they've had some much better numbers over the last

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Speaker 1: several months. How's the Chinese I guess just market in

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Speaker 1: general looking over there. So so China's first in, first out,

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Speaker 1: it's it's fifo so so they their worst economic numbers

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Speaker 1: corporate earnings took place in in Q one, and we're

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Speaker 1: seeing definitively a E shaped rebound. Uh. You know, some

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Speaker 1: of this is the strength of the quarantine in China,

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Speaker 1: and this is it's not it's not a China thing,

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Speaker 1: it's it's an Asia thing. Unfortunately, we've seen a number

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Speaker 1: of pandemics in the last twenty years. If it's stars

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Speaker 1: or H one N one um and when they say

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Speaker 1: don't leave your apartment, it's taken very, very seriously. And

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Speaker 1: I would point to Vietnam uh population of a hundred

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Speaker 1: million under four hundred cases, zero deaths, Taiwan million people

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Speaker 1: under five cases. So it's not a China thing, it's

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Speaker 1: an Asia thing. And that's allowed them to go back

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Speaker 1: to work. What's next four crane share is Brendan, what

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Speaker 1: are you looking at these days? Well, I think we're

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Speaker 1: seeing you know, you know, we're in a growth geared

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Speaker 1: market and that's globally, it's in emerging markets, it's in China.

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Speaker 1: So so I think one, we're out trying to tell

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Speaker 1: investors that buying broad e M which has a heavy,

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Speaker 1: heavy tilt to value sectors. Uh, you have to piece

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Speaker 1: out these these growth parts of EM and China. Um,

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Speaker 1: I think you know, further afield, we are looking at

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Speaker 1: this new starboard. Uh, this new board on the Shanghai

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Speaker 1: Stock Exchange. Uh, it's an area where we hope to

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Speaker 1: come to market in in the coming weeks with a

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Speaker 1: US listed ETF. Interesting, So interesting, Brended. So we've seen

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Speaker 1: fiscal stimulus out of the US today, we had a big,

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Speaker 1: big package announced out of the European Union. In China,

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Speaker 1: what's the fiscal stimulus environment there for the Chinese government?

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Speaker 1: So they've taken a very incremental process. The raw numbers

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Speaker 1: showed that China, yes they're stimulating, but so much more

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Speaker 1: supporting it. They have not pulled the band aid and

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Speaker 1: gone kind of two thousand nine debt driven so so

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Speaker 1: they're doing very targeted measures trying to get credit to

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Speaker 1: private companies, smaller, UH medium and small companies. So so

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Speaker 1: they've been lowering some of some of the lending rates UM,

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Speaker 1: but more targeted, more targeted exposure. I think they realize

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Speaker 1: that they're not going to be immune to the economic

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Speaker 1: consequence of global quarantine. So they're keeping a lot of

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Speaker 1: dry powder. Where do you think that dry powder will

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Speaker 1: end up? So I think ultimately if we if we

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Speaker 1: hopefully we we get a Q three rebound here in

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Speaker 1: the United States, I think that you know, as the

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Speaker 1: number largest economy globally, it's very critical UM and I

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Speaker 1: think I think what China is doing is you know,

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Speaker 1: they've not cut interest rates UM and I think I

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Speaker 1: think if if we have a negative outcome in terms

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Speaker 1: of a quarantine social distance measures, you know, China will

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Speaker 1: have to push further stimulus to offset um external weakness.

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Speaker 1: Hey Brandon, thanks so much for joining us. We always

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Speaker 1: appreciate getting your thoughts on all things Asia, including China.

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Speaker 1: Brendan her In, chief investment officer for Crane Shares based

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Speaker 1: in New York City, And Vonnie, it's interesting to see

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Speaker 1: kind of how you know the the of those Asian

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Speaker 1: um countries have done very well with containing the virus. Well,

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Speaker 1: we've been talking about the cannabis market really for several

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Speaker 1: years now as it continues to go not just in Canada,

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Speaker 1: but now in the United States as well as a

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Speaker 1: handful of states are more than a handful of states

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Speaker 1: have legalized recreational marijuana. Matt Hawkins managing partner for Entourage

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Speaker 1: Effect Capital. They're based in Dallas, Texas, private equity firm

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Speaker 1: focusing on a number of sectors, including UH the cannabis

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Speaker 1: business as well. So let's get a sense kind of

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Speaker 1: where things are pre and post pandemic in the cannabis business. UH. Matt,

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Speaker 1: thanks so much for joining us here. Give us a snapshot,

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Speaker 1: if you would, of the cannabis market place kind of

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Speaker 1: pre and post pandemic here. Sure, happy to do so,

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Speaker 1: Thanks for having me. Before the pandemic started, there was

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Speaker 1: a downturn in the in the cannabis markets UH. In general.

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Speaker 1: It was driven by the public company and more the

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Speaker 1: state operators in the United States that they're listed on

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Speaker 1: the Canadian exchanges that were unable to meet their projections

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Speaker 1: to to UH. A lot of factors of the first

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Speaker 1: and foremost being their inability to convert a large number

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Speaker 1: of the illicit market into the legalized market, so that

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Speaker 1: the projections that they had come out with obviously weren't met.

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Speaker 1: That trickles down, you know, following quarter to anything. It

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Speaker 1: also trickles down to the private companies as well. So

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Speaker 1: there was a distress a moment in time board for

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Speaker 1: you know, distress buying, and there was also a cash

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Speaker 1: crunch in the industry. What's happened post pandemic is that

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Speaker 1: in all the legalized states, um with the exception of

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Speaker 1: Massachusetts for recreational, the company that cannabis industry was deemed essential.

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Speaker 1: So all of our dispensaries and and uh and and

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Speaker 1: you know in in production facilities were all all remained

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Speaker 1: open and in fact, sales skyrocket and have continued to

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Speaker 1: do so. And so the pandemic and a you know,

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Speaker 1: in a in an awful irony has helped the industry.

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Speaker 1: And so excuse me, you still have valuations that are low,

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Speaker 1: but you have companies that are in better shape. Are

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Speaker 1: we sure? Go ahead? We'll just on that. Are we

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Speaker 1: seeing deals yet, Matt? And if so, you know, are

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Speaker 1: they small deals? Medium sized deals? Is this one private

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Speaker 1: equity goes notes well, again a good question that the

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Speaker 1: private equity world and cannabis is small comparatively speaking. We

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Speaker 1: we have no institutional capital in the industry and all

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Speaker 1: of our investors we've been placing money in the industry

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Speaker 1: since two thousand fourteen, we've made almost seventy investments, but

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Speaker 1: all of our investors come from hind it worth individuals

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Speaker 1: or family offices. We don't have any true institutional quality

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Speaker 1: investors because of the federal legality, and so until that changes,

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Speaker 1: it's going to be small all comparatively speaking. But what's

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Speaker 1: happening now to answer your question about deals getting done,

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Speaker 1: is that the capital markets and cannabis industry have opened

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Speaker 1: up a bit since the pandemic um started. Obviously, at

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Speaker 1: the beginning, even though we were uh deemed essential, there

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Speaker 1: was no deals getting done because money was on the sidelines.

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Speaker 1: Things are starting to pick up a bit. Anticipated by

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Speaker 1: the fall, we're gonna see a lot of activity both

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Speaker 1: at the private and the scale building deals to where

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Speaker 1: excuse me, in advance of some type of legalization the

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Speaker 1: next several years um. Those are the companies that are

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Speaker 1: going to be in position with scale to attract big

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Speaker 1: institutional capital, and that's when the way we'll really hit

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Speaker 1: So Matt, on the on the credit site, give us

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Speaker 1: a sense of how these companies are financing kind of

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Speaker 1: their day to day operations. Are banks lending to this sector?

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Speaker 1: Absolutely not. It is a we have the sixties some

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Speaker 1: odd investments we have they all have of making relationships

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Speaker 1: where business services and checking accounts. I mean that that's

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Speaker 1: been a bit of a missnomber in the industry and

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Speaker 1: that there are following federal guidelines to provide services, but

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Speaker 1: they're not able to lend money. And so that that's

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Speaker 1: what it would have been a disaster to the industry

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Speaker 1: if there was a prolonged putdown because we don't have

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Speaker 1: lines of credit, we don't have huge ballot sheets to

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Speaker 1: the weather rainy day, and so that that intel and

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Speaker 1: intil it becomes federally legal or federally quasi legal through

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Speaker 1: the States Act or the Safe Banking Act. Um, it's

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Speaker 1: going to remain that way, Matt, who are your competitors

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Speaker 1: in private equity? You know, there's a sense out there

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Speaker 1: that at some point there will be two or three

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Speaker 1: private equity firms that will own up all of the

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Speaker 1: you know, the the cannabis facilities, particularly in states like

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Speaker 1: California and so on. Who should we be looking at? Well,

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Speaker 1: we we we like to say in the in the

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Speaker 1: PE world in cannabis that we don't have any competitors

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Speaker 1: because the industries there's such a dearth of capital that

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Speaker 1: we all work together. I mean we when we look

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Speaker 1: at deals, we look to see who's in the who's

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Speaker 1: in the capital stack, and we look for people that

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Speaker 1: we've invested with in the past. There's there's very few

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Speaker 1: organized capital groups like us that are in the industry.

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Speaker 1: Um of course that will change. I think what you'll

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Speaker 1: see happening, you know, as we get towards federal legalization,

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Speaker 1: that the opposite will happen. A lot more griffs will

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Speaker 1: come in and they'll be backed by you know, Wall

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Speaker 1: Street names, and you'll see, uh, you know, a large

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Speaker 1: industry being you know, being owned and operated and invested

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Speaker 1: in by the large pe shops. What kind of size

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Speaker 1: of an industry is it right now in the US?

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Speaker 1: Um are It's hard to say because what's happened is,

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Speaker 1: you know, we think it could be as big as

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Speaker 1: a fifty billion dollar industry in the in the United

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Speaker 1: States you know, by two thousand or twenty one, twenty two,

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Speaker 1: But big portion of that include the illicit market. And

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Speaker 1: because of the illicit market is what it is. We

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Speaker 1: really don't know how big that is. But what we

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Speaker 1: always say is that this is a conversion of a market,

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Speaker 1: not a creation of one, like for example, California. Well,

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Speaker 1: actually not, We'll have to make you say that example

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Speaker 1: for the next time. But you're leaving us on a

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Speaker 1: sweet note there. Let's put it that way that as

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Speaker 1: Matt Hawkins, managing partner of Entourage Effect Capital, great name

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Speaker 1: for for accounabis capital business, coming to us from Dallas.

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Speaker 1: Time now to get back to some market conversation. David

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Speaker 1: Harden is CEO of some of Global Investments with one

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Speaker 1: point two billion dollars in assets under management. He manages

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Speaker 1: the US Large Cap Equity Fund. And wouldn't you know

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Speaker 1: what the U s art caps are rallying today? Not unusual,

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Speaker 1: funnily enough, So let's bring in David to figure out why, David,

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Speaker 1: why are we continuing to see just the market move

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Speaker 1: higher and higher and higher in spite of so many challenges.

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Speaker 1: Well there, thank you, Vannie, Glad to be on your show.

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Speaker 1: Paul and excited to be here again and and appreciate

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Speaker 1: that the market is moving. And let's face it, a

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Speaker 1: lot of that has to do with the FED. The

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Speaker 1: FED put, the FED, zero interest rates, the system, open

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Speaker 1: market accounts. UM, it's working and it is moving the

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Speaker 1: markets forward, for sure. And that's a lot of what's

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Speaker 1: going on right now. There's a little bit of euphoria

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Speaker 1: as well. We have people using robin Hood, you know,

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Speaker 1: and and buying stock, so there's a lot of speculation

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Speaker 1: out there. But in general I had attributed to the FED,

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Speaker 1: so David, and when we think about the FED and

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Speaker 1: the FED put, it seems like a lot of the

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Speaker 1: performance when you look at the SP five hunderd is

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Speaker 1: limited to a handful of names, those big tech names. Um,

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Speaker 1: how do you view that? Is that a concern for you?

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Speaker 1: Is it time to rotate out of some of those

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Speaker 1: winners into maybe some other sectors that perhaps have been lagging. Well,

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Speaker 1: there's a little bit of difference between and and one

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Speaker 1: of the things we look at a lot at some

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Speaker 1: global is risk and trying to help manage the risk

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Speaker 1: that is in the stock market without having negative surprises.

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Speaker 1: And when you look at these big names That's what's

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Speaker 1: really different between the if you want to call it

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Speaker 1: a bubble territory that we may be in right now

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Speaker 1: compared to stay two thousand, is that in two thousand

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Speaker 1: you had a lot of low quality, um call it junk,

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Speaker 1: risky names. Now you have a very high quality Microsoft, up, Amazon,

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Speaker 1: up Apple. These are very good, rated the most innovative

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Speaker 1: companies that we have in America today. So the difference

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Speaker 1: I think that you can hold on to this and

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Speaker 1: continue to hold these names is they're so high quality

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Speaker 1: and such good companies that they deserve to be up.

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Speaker 1: No one in Microsoft is laid off, so to speak.

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Speaker 1: Right they can continue to work. Forty some odd million

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Speaker 1: people out of work right now, but they're not off

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Speaker 1: the internet, they're not off their technology. They're all still

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Speaker 1: using their phones. So very important that these companies can

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Speaker 1: continue to execute. I know anothers actually, like is Walmart?

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Speaker 1: Is that also a pandemic play um In some respects

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Speaker 1: it is, but we held it long before this came about.

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Speaker 1: But in recessions and periods of where people are unemployed

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Speaker 1: like we are in right now, Walmart tends to gain

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Speaker 1: market share. If you look at the past, they're up

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Speaker 1: about twelve percent year today. But this is with really

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Speaker 1: low risk. With the beta point five three, Walmart provides

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Speaker 1: you good return with very very um low downside risk

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Speaker 1: and that's what we like alright. So, David how Abot,

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Speaker 1: we just got through the earnings from the big banks

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Speaker 1: last week, some really really strong trading results coming out

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Speaker 1: of some of those banks. How do you look at

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Speaker 1: the banks right here? Well, and that's and that's just

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Speaker 1: if they can make money through their trading through other

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Speaker 1: areas besides the yield curve, then that's worth looking at

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Speaker 1: and that's worth investing in. If they're making money from

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Speaker 1: small business and the yield curve, that's something that I

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Speaker 1: would want to avoid. So economic and monamental is disconnected.

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Speaker 1: At what point do they reconnect? And do you very

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Speaker 1: very quickly shoveled shuffle the playing cards in your deck

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Speaker 1: at that point, well, you have to write, because right

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Speaker 1: now the reality is weren't not We're not trading on

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Speaker 1: fundamentals as a whole. It is focused in a very

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Speaker 1: narrow part of the market um, and it is focused

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Speaker 1: on the FED and if the virus and the vaccine

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Speaker 1: and everything else comes to play, where we can treat

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Speaker 1: this and we can go back to quote unquote our

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Speaker 1: normal lives. Well, then a lot of that fed and

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Speaker 1: a lot of the stimulus goes away, and we're supposed

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Speaker 1: to be able to go back to work. So it

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Speaker 1: becomes somewhat of a good news becomes bad news, and

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Speaker 1: you do have to trade that. So our expectation is

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Speaker 1: that the market continues, but don't be surprised if we

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Speaker 1: have a big risk off scenario, a severe risk off episode,

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Speaker 1: and I think it's very likely over the next year.

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Speaker 1: So that kind of goes to the decoupling issue here.

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Speaker 1: We've got a rising stock market, rising just kind of

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Speaker 1: risk assets in general, yet the economy remains extraordinarily weak.

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Speaker 1: We're gonna, you know, get a brutal Q two GDP

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Speaker 1: number shortly Jobe's claims coming out later this week. Are

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Speaker 1: you concerned that at some point that that decoupling just

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Speaker 1: can't last. Absolutely, it has to shift back to normal.

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Speaker 1: The focus has to go back on these reopenings and

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Speaker 1: how they're not working or being delayed, on the economic disappointments,

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Speaker 1: which you just mentioned, and one that you haven't mentioned

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Speaker 1: is the election. So I think most people are waiting

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Speaker 1: hoping that that maybe somehow the election can be in

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Speaker 1: the favor of the market, but everything indicates that it

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Speaker 1: might not be. What's the question you get most from

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Speaker 1: your clients there in Salt Lake City and surrounding areas.

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Speaker 1: I think most people ask what should I do? What

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Speaker 1: should I do? Should I put my cash to work?

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Speaker 1: Should I sell out of the market? And I think

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Speaker 1: they're looking for advice and in general, you know, as

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Speaker 1: an institutional investment manager, we have those answers, but they're

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Speaker 1: very specific to each person situation. So it's really important.

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Speaker 1: I think that you know, you talk about essential workers

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Speaker 1: and how important they are. Advisors and investment professionals are

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Speaker 1: absolutely essential to help people understand what they should do,

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Speaker 1: but that advisor and investment professional has to understand the

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Speaker 1: underlying um risk and characteristics and profile of that client. David,

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Speaker 1: thanks so much for joining us. We really appreciate your commentary.

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Speaker 1: David Harden, chief executive officer, chief investment Officers Summit Global

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Speaker 1: Investments at one point two billion dollars under management, based

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Speaker 1: in Salt Lake City, Utah. We appreciate his thoughts. Thanks

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Speaker 1: for listening to Bloomberg Markets podcast. You can subscribe and

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Speaker 1: listen to interviews at Apple Podcasts or whatever podcast platform

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Speaker 1: you prefer. I'm Bonnie Quinn. I'm on Twitter at Bonnie Quinn.

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Speaker 1: And I'm Paul Sweeney. I'm on Twitter at pt Sweeney.

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Speaker 1: Before the podcast, you can always catch us worldwide at

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Speaker 1: Bloomberg Radio four