WEBVTT - Markets, Oil, And International Women’s Day

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<v Speaker 1>Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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<v Speaker 1>my co host Matt Miller. Every business day we bring

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<v Speaker 1>you interviews from CEOs, market pros, and Bloomberg experts, along

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<v Speaker 1>with essential market moving news. Find the Bloomberg Markets Podcast

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<v Speaker 1>on Apple Podcasts or wherever you listen to podcasts, and

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<v Speaker 1>at Bloomberg dot com slash podcast. Let's get it right

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<v Speaker 1>now to Lisa Ericson. She's a senior VP and head

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<v Speaker 1>of Traditional Investment at US Bank Wealth Management. Lisa, Um,

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<v Speaker 1>We've been taught. I mean, there's so much pessimism right

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<v Speaker 1>in markets. We were talking about JP Morgan UM coming

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<v Speaker 1>out and saying clients are under extreme stress. We've seen

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<v Speaker 1>insane volatility, and obviously for the everyday person, you've got inflation.

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<v Speaker 1>UM as Greg just noted, uh five dollars and I

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<v Speaker 1>think forty four cents around San Francisco to fill up UM.

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<v Speaker 1>At the same time, Matt Inclare, our editor in chief emeritus,

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<v Speaker 1>wrote a piece UM pointing out that CEOs are extremely optimistic.

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<v Speaker 1>They want to spend a lot of money, they want

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<v Speaker 1>to hire a ton more people. UM, how do you

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<v Speaker 1>see the markets right now? Well, to your point, Matt,

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<v Speaker 1>we really do have more of a balanced outlook right

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<v Speaker 1>now on the market, and the reason it is really

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<v Speaker 1>very similar to the UH factors that you outlined. While

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<v Speaker 1>certainly there's a lot of concerning events, including the human

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<v Speaker 1>tragedy that we have with the Ukraine and Russia of

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<v Speaker 1>invasion UH, if you look under the hood at the

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<v Speaker 1>basic fundamentals in the US economy, it actually is robust

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<v Speaker 1>and so on a macro basis, if we look at

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<v Speaker 1>our global dashboard of indicators, we see that especially in

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<v Speaker 1>the U S we're on solid growth ground, coming off

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<v Speaker 1>very high levels. And in addition, generally activity around the world,

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<v Speaker 1>law under some threat from what's going on in the

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<v Speaker 1>vacation from the invasion, is still UH managing to stay

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<v Speaker 1>in growth territory. And to your point, corporate indicators also

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<v Speaker 1>are robust. We just came out of a very nice

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<v Speaker 1>fourth quarter earnings for seasons and revisions continue to go

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<v Speaker 1>up for the full year twenty twenty two. So when

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<v Speaker 1>we balance some of the risks going on with changes

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<v Speaker 1>in Fed monetary policy as well as the geopolitical situation,

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<v Speaker 1>that counterbalance is what we see on the fundamental front,

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<v Speaker 1>and therefore really more of a balanced outlook, Lisa, you know,

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<v Speaker 1>what do we think about the FED meeting next week

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<v Speaker 1>and what it might do in terms of changing course

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<v Speaker 1>in the way CEOs and investors see things. Yet to

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<v Speaker 1>your point, really Fed monetary policies one of the key

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<v Speaker 1>items that we're keeping an eye on, and really again

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<v Speaker 1>on the risk ledger one of the key items simply

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<v Speaker 1>because we're moving from a several year period of more

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<v Speaker 1>accommodative policy to one to where the FED wants to normalize. Now.

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<v Speaker 1>Chair and Pal did just recently state that you know,

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<v Speaker 1>he's going to be recommended recommending a twenty five basis

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<v Speaker 1>point increase in interest rates at that March meeting, and

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<v Speaker 1>so that took a little bit of fear out of

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<v Speaker 1>the markets because there have been some concern for up

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<v Speaker 1>to a fifty basis point increase. But really how that

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<v Speaker 1>continues to navigate through the years going to be critical,

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<v Speaker 1>only because the Fed's really in a tight spot with

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<v Speaker 1>trying to maintain growth and yet grapple with some of

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<v Speaker 1>the elevated inflation that we've had. What's the key here, Lisa,

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<v Speaker 1>When you come into the office every day and open

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<v Speaker 1>up your Bloomberg, what's on your dashboard. What are you

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<v Speaker 1>looking at? Is it all about commodities prices the last

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<v Speaker 1>couple of days. Well, to your point, it really is

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<v Speaker 1>both about what's going on with monetary policy as well

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<v Speaker 1>as with commodities. And we certainly had a period where

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<v Speaker 1>we started started to see some uh souciety in both

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<v Speaker 1>the general rate of inflation as well as what was

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<v Speaker 1>happening with commodities. That again, with recent geopolitical events, uh

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<v Speaker 1>we're seeing those uh strong spice up, especially in the

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<v Speaker 1>price of energy, but also in other areas like grains

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<v Speaker 1>and metals, and so that obviously is really a key

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<v Speaker 1>risk to the outlook. All right, Lisa, thanks so much

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<v Speaker 1>for joining us. Great having you on. I feel like

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<v Speaker 1>I feel like checking in with uh Angie Gildea right now.

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<v Speaker 1>She is a national security, national sector leader, I should say, Energy,

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<v Speaker 1>natural Resources and Chemicals joining us from KPMG. And it's

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<v Speaker 1>a great time to have you on, Angie, because, um,

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<v Speaker 1>the moves that we're seeing, just the uncertainty here, I mean,

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<v Speaker 1>I honestly don't know if anyone wants to answer questions

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<v Speaker 1>in this kind of market, how difficult is it. It's

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<v Speaker 1>it's a lot of uncertainty out there, and really it's

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<v Speaker 1>anyone's guests in terms of what what will happen next.

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<v Speaker 1>You know, it's interesting because it's also Sarah Week right now,

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<v Speaker 1>where there is a lot of energy executives meeting down

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<v Speaker 1>UM in Texas. Right you have Vicky Hallam saying that

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<v Speaker 1>there are real risks out there. I mean, what what

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<v Speaker 1>are oil executives worried about right now? You know, I

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<v Speaker 1>have in the twenty five years in my career in energy,

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<v Speaker 1>I don't know that I've seen quite anything like this.

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<v Speaker 1>So there's a significant number of risk. I think the

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<v Speaker 1>first UH risk that we all have to grapple with

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<v Speaker 1>is the the risk around energy security. That number that's

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<v Speaker 1>number one for all of us making sure we have

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<v Speaker 1>got UH the energy sources when we need it. Now,

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<v Speaker 1>there's enough. The good news, the silver lining, if there

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<v Speaker 1>is a silver lining of all of this, is there

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<v Speaker 1>is enough oil and gas out there to UH to

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<v Speaker 1>meet the world's demand. We just have to get it

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<v Speaker 1>to the right to the right places and through the

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<v Speaker 1>right the right markets. And we've been undersupplied for UH

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<v Speaker 1>for a while now due to the lack of investment

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<v Speaker 1>in the sector. And that's on top of some of

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<v Speaker 1>the challenges we're seeing right now. Is there anything that

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<v Speaker 1>this administration can do to get that investment flowing again?

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<v Speaker 1>Have they done it already? You know? Are the wildcatters

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<v Speaker 1>out there looking for more oil? Um? Are they fracking

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<v Speaker 1>to get US gas rather than shipping it in via

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<v Speaker 1>UH you know, freighter from lergy from Russia. What do

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<v Speaker 1>you see happening in that regard? Well, I think the

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<v Speaker 1>good news is we have seen recounts increase, we have

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<v Speaker 1>seen drilling increase in the US. But these things take time.

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<v Speaker 1>It's not something that you can necessarily turn on this

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<v Speaker 1>bigot like you do with your with your water in

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<v Speaker 1>the in the UH supplies immediately there and so it's

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<v Speaker 1>going to take a while, um to get you know,

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<v Speaker 1>to get supplied back into the market. And really the

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<v Speaker 1>big question out there is will OPEQ stuff up and

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<v Speaker 1>release additional capacity to the market. I wonder if you

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<v Speaker 1>could speak a little bit about the relationship between US

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<v Speaker 1>oil companies and OPEC here, because you have I want

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<v Speaker 1>to go back to those Viki Hallab, the Occidental CEO,

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<v Speaker 1>comments what she says, it's a dire situation that world

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<v Speaker 1>energy markets can't rely on major growth in the Permian basin.

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<v Speaker 1>And so how do we think about, you know, the

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<v Speaker 1>relationship between the US and opaque. Well, I think that's

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<v Speaker 1>something that we've always grappled with UM to some extent. Uh.

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<v Speaker 1>The challenge has been over the last few years, capital

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<v Speaker 1>capital spending CAPEX has been cut uh, and so you

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<v Speaker 1>aren't seeing these major capital projects come online like we

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<v Speaker 1>have in for instance, two thousand and eight, two thousand nine,

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<v Speaker 1>when we saw UM significant challenges from a price standpoint.

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<v Speaker 1>So we haven't seen the major investment from a major

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<v Speaker 1>topic project from the international companies to the extent we

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<v Speaker 1>saw before. And so I think that's something that particularly

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<v Speaker 1>as we go through the energy transition, that's something that

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<v Speaker 1>we're going to have to keep in mind. There is

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<v Speaker 1>a mix as we get to that zero, and we've

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<v Speaker 1>got to plan uh and invest accordingly. All Right, Angie,

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<v Speaker 1>thanks so much for joining us. Great to get your take,

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<v Speaker 1>and UM, i'd love to we don't have time today,

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<v Speaker 1>but i'd love to talk a little about your charity

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<v Speaker 1>work as well. Everybody we talked to in Texas is

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<v Speaker 1>really philanthropic and working hard for children and for the

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<v Speaker 1>homeless in terms of charity, and I think it's pretty

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<v Speaker 1>fantastic UM and should be lauded. So Aye Guilda there.

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<v Speaker 1>She is national sector leader Energy, Natural Resources and Chemicals

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<v Speaker 1>for KPMG. It is internet Sam. The Women's Day now,

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<v Speaker 1>I know you and I were talking about yesterday. How

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<v Speaker 1>um it kind of annoys you that we have a

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<v Speaker 1>Women's History Month, because every month should be Women's History month.

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<v Speaker 1>I always say I want half the year. I do

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<v Speaker 1>think it's awesome though, that there's an International Women's Day,

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<v Speaker 1>And in some places I used to live in Berlin,

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<v Speaker 1>they actually give you the day off, which I think

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<v Speaker 1>it's a great way to recognize. Marianne is Gandarian joins

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<v Speaker 1>us right now. She's the CEO and president Women's World

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<v Speaker 1>Banking UM and has a lot of experience on Wall Street.

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<v Speaker 1>Comes out of UH Georgetown and Yale. UM. So doing

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<v Speaker 1>incredibly well. Mary Allen, what what are your thoughts on

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<v Speaker 1>International Women's Day as we can try and kind of

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<v Speaker 1>separate ourselves from um, the war and what's going on.

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<v Speaker 1>I guess we can come back to that in a second,

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<v Speaker 1>But just in terms of working on Wall Street as

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<v Speaker 1>a woman, how has it changed? Oh? My goodness, UM,

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<v Speaker 1>it's great to be great to be with you, and

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<v Speaker 1>I feel much the same way at women's role banking.

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<v Speaker 1>Every day is the International Women's Day. UM. I think

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<v Speaker 1>the big thing that's changed, and certainly UM COVID has

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<v Speaker 1>been of the exceplerator of that, is that we're finally

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<v Speaker 1>throwing a light on some of the inequalities that have

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<v Speaker 1>always existed. That you know, women have always borne more

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<v Speaker 1>of the unpaid care responsibilities at home, juggling, you know,

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<v Speaker 1>family job, educating the kids. Has just been thrown into

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<v Speaker 1>really stark relief these these last two years. And now

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<v Speaker 1>we're seeing women going back into the into the workforce

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<v Speaker 1>at a slower pace than men. Their unemployment rates were

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<v Speaker 1>higher um than men. So on the one end, not

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<v Speaker 1>a whole lot has changed. On the other hand, at

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<v Speaker 1>least we're talking about it. There's a light being shown

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<v Speaker 1>on these issues. Now you've come out with a book

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<v Speaker 1>on this that there's nothing micro about a billion women.

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<v Speaker 1>I'm wondering if you could talk a little about the

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<v Speaker 1>challenges and really the opportunity used to be extending more

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<v Speaker 1>credit to women who have found it so difficult to

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<v Speaker 1>get a loan to start a business. So so glad

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<v Speaker 1>you asked that but you know, actually, part of the

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<v Speaker 1>you know, double entendre if you will, of the title

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<v Speaker 1>is that it's it's not just about micro loans. It's

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<v Speaker 1>not just about very small loans. It's about really making

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<v Speaker 1>sure that all women, and there are over a billion

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<v Speaker 1>women around the world who have no access to financial

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<v Speaker 1>UM products and services at all, making sure that they

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<v Speaker 1>have access to all of them. We could be adding

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<v Speaker 1>fifty billion dollars annually to retail banking revenues. If women

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<v Speaker 1>were banked at the same degree of men, you could

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<v Speaker 1>have another fifty billion in annual insurance premiums life insurance

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<v Speaker 1>premiums alone. If insurance companies UM insured women at the

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<v Speaker 1>same rate, you'd have two trillion dollars additional UM savings

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<v Speaker 1>deposits made. I mean, you can you can fund a

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<v Speaker 1>whole lot of infrastructural a lot of things UM if

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<v Speaker 1>you were banking women at the same rates that you're

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<v Speaker 1>banking One thing I wonder a lot about and humor

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<v Speaker 1>me here and one hand, this idea that blockchain and

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<v Speaker 1>cryptocurrency and digital payments could expand access to financial services

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<v Speaker 1>for people around the world, underserved communities around the world.

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<v Speaker 1>On one hand, that's an amazing idea. On the other hand,

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<v Speaker 1>you see the industry still really lacking diversity in a

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<v Speaker 1>big way. I'm wondering if you think about the way

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<v Speaker 1>the financial system is evolving, whether it's meeting that opportunity

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<v Speaker 1>that you're talking about. I love that you're bringing your

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<v Speaker 1>You're bridging the idea of the people who run the

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<v Speaker 1>businesses that people who are served by the businesses being

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<v Speaker 1>you know, somewhat at odds here. Let me just first

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<v Speaker 1>se leaving aside crypto for a moment. Digital financial services

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<v Speaker 1>has been a revolutionary, a game change for providing sort

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<v Speaker 1>of last mile financial services to people who have never

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<v Speaker 1>had access to finance before, mainly because you've finally gotten

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<v Speaker 1>the price and the cost of those very small transactions

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<v Speaker 1>which poor people, um do. They maybe do more transacting,

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<v Speaker 1>but they do each individual transaction UM at a much

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<v Speaker 1>smaller amount. It finally makes sense financially to do that.

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<v Speaker 1>And so you've really seen, um just a complete game

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<v Speaker 1>change on the field of broader access to finance. But

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<v Speaker 1>you're absolutely right, and you know, and frankly, fintech, which

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<v Speaker 1>is supposed to be so disruptive, is actually worse than

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<v Speaker 1>the mainstream of the financial sector. You know, you've only

0:13:46.640 --> 0:13:49.680
<v Speaker 1>got something like four percent of FinTechs even have one

0:13:49.720 --> 0:13:54.720
<v Speaker 1>woman on their board. And we know that diversity, uh

0:13:54.760 --> 0:13:57.440
<v Speaker 1>in board diversity in any group is going to be

0:13:57.559 --> 0:14:02.160
<v Speaker 1>much better at solving complex problems than a completely um

0:14:02.320 --> 0:14:05.880
<v Speaker 1>non diverse group is. So there's only benefit to be

0:14:05.920 --> 0:14:10.880
<v Speaker 1>gained by bringing more more women, were people's colors, more

0:14:10.880 --> 0:14:14.000
<v Speaker 1>diverse people around the table. You have some amazing statistics there,

0:14:14.040 --> 0:14:15.600
<v Speaker 1>and it makes me wonder, you know, if it comes

0:14:15.640 --> 0:14:19.440
<v Speaker 1>down to the numbers and there's this huge underserved need

0:14:19.600 --> 0:14:24.320
<v Speaker 1>here by the numbers, what has kept banks from serving

0:14:24.360 --> 0:14:29.400
<v Speaker 1>women for so long? Uh? This is uh that this

0:14:29.600 --> 0:14:32.160
<v Speaker 1>is our life's work really, But I think one of

0:14:32.200 --> 0:14:37.200
<v Speaker 1>the big pieces that we're always kind of hammering home

0:14:37.480 --> 0:14:42.400
<v Speaker 1>is is just making sure that financial service providers have

0:14:42.600 --> 0:14:46.400
<v Speaker 1>to report on a gender disegregated data basis, so that

0:14:46.760 --> 0:14:50.000
<v Speaker 1>we know how are women using products, how are they

0:14:50.080 --> 0:14:54.000
<v Speaker 1>using services, and are they reporting those to their banking superintendent,

0:14:54.160 --> 0:14:56.760
<v Speaker 1>to the to the central bank, Because when they do,

0:14:56.960 --> 0:14:59.520
<v Speaker 1>you can really start to shape policy, you can start

0:14:59.560 --> 0:15:02.000
<v Speaker 1>to shape products. If you don't know who your client

0:15:02.160 --> 0:15:05.240
<v Speaker 1>is and how they use your product, you know that

0:15:05.960 --> 0:15:08.360
<v Speaker 1>you're kind of dead and dead in the water. What

0:15:08.400 --> 0:15:11.120
<v Speaker 1>we do see in addition to that, though, unfortunately, is

0:15:11.120 --> 0:15:14.240
<v Speaker 1>is we've seen in Latin America. For example, there was

0:15:14.280 --> 0:15:18.560
<v Speaker 1>a survey done um hundred and ten banks who actually

0:15:18.800 --> 0:15:24.320
<v Speaker 1>did report to their banking superintendent on gender disaggregated data

0:15:24.480 --> 0:15:28.680
<v Speaker 1>basis on only four of them. Four banks use that

0:15:28.760 --> 0:15:31.680
<v Speaker 1>data then in making decisions. So I think it's both

0:15:31.680 --> 0:15:34.000
<v Speaker 1>a question of collecting it and then using it to

0:15:34.160 --> 0:15:36.840
<v Speaker 1>drive decisions. I wanted to save a couple of minutes,

0:15:36.960 --> 0:15:39.560
<v Speaker 1>Mary Allen, just to ask you about the women um

0:15:39.880 --> 0:15:44.040
<v Speaker 1>of Ukraine. Who are you know, uh, currently maybe a

0:15:44.080 --> 0:15:49.480
<v Speaker 1>million streaming women alone streaming across borders as refugees. We saw,

0:15:49.520 --> 0:15:53.720
<v Speaker 1>of course a huge refugee crisis out of Syria into

0:15:53.760 --> 0:15:58.680
<v Speaker 1>Europe about six seven years ago. And um, these women

0:15:58.680 --> 0:16:02.560
<v Speaker 1>aren't not just under banked, but in under incredible stress,

0:16:03.200 --> 0:16:06.680
<v Speaker 1>especially since oftentimes everything is left to them in terms

0:16:06.760 --> 0:16:09.080
<v Speaker 1>of organization and figuring out how the family is going

0:16:09.120 --> 0:16:13.960
<v Speaker 1>to function, what can be done. Well, I'm just so

0:16:14.000 --> 0:16:17.000
<v Speaker 1>glad you've you've highlighted this and I really resonated with

0:16:17.040 --> 0:16:19.440
<v Speaker 1>what you were saying, with your experience in Berlin. I

0:16:19.520 --> 0:16:21.600
<v Speaker 1>lived in Russia for a short time of twenty five

0:16:21.680 --> 0:16:23.040
<v Speaker 1>years ago, and it was for the first time I

0:16:23.080 --> 0:16:25.680
<v Speaker 1>even knew there was such a thing as International Women's Day.

0:16:25.840 --> 0:16:27.920
<v Speaker 1>They hand you flowers on the street. You get on

0:16:27.960 --> 0:16:29.840
<v Speaker 1>the Metro and people are handing you flowers. I mean,

0:16:29.840 --> 0:16:31.720
<v Speaker 1>it's really it's a big deal and it's a lot

0:16:31.720 --> 0:16:34.960
<v Speaker 1>of fun. Um and it's just such a sharp contrast,

0:16:35.000 --> 0:16:38.840
<v Speaker 1>as you say, to the women who are being separated

0:16:38.880 --> 0:16:42.640
<v Speaker 1>from their families, driven from their homes and into refugee camps.

0:16:42.760 --> 0:16:46.240
<v Speaker 1>I mean where I'm heartened in some way, um, in

0:16:46.320 --> 0:16:50.120
<v Speaker 1>comparison to the Syrian refugees we saw where where women

0:16:50.200 --> 0:16:53.560
<v Speaker 1>were forced out of their homes in the Syrian crisis.

0:16:53.840 --> 0:16:58.160
<v Speaker 1>You know, they weren't banked, they didn't necessarily have cell phones,

0:16:58.240 --> 0:17:01.600
<v Speaker 1>they didn't actually have did you access to their their

0:17:01.640 --> 0:17:06.400
<v Speaker 1>financial services. At least these women from Ukraine have access

0:17:06.440 --> 0:17:09.879
<v Speaker 1>to the technology and hopefully there you know, their banks

0:17:09.880 --> 0:17:12.919
<v Speaker 1>will be able to follow them over over the border.

0:17:13.119 --> 0:17:16.720
<v Speaker 1>But it's a developing crisis. We've seen some um, it's

0:17:16.720 --> 0:17:20.800
<v Speaker 1>some real interest in the researchers who track on an

0:17:20.880 --> 0:17:24.280
<v Speaker 1>underbanked women in looking at this refugee crisis. This is

0:17:24.320 --> 0:17:27.520
<v Speaker 1>going to be on almost exclusively female refugee crisis and

0:17:27.640 --> 0:17:31.560
<v Speaker 1>one of people who have access to the technology that

0:17:31.640 --> 0:17:34.560
<v Speaker 1>we're so hopeful will be able to help them as

0:17:34.600 --> 0:17:37.359
<v Speaker 1>they go into this next very sad chapter of their lives.

0:17:38.040 --> 0:17:40.560
<v Speaker 1>All right, uh, Mary Allen, great talking to you, and

0:17:40.600 --> 0:17:42.919
<v Speaker 1>we should do it more often than on International Women's

0:17:42.960 --> 0:17:45.200
<v Speaker 1>Day obviously, so I hope we can get you back

0:17:45.960 --> 0:17:49.240
<v Speaker 1>very soon. Mary Allen, Iskandarian their CEO on President of

0:17:49.320 --> 0:17:57.560
<v Speaker 1>Women's World Banking. I want to get over to jaraln Ritter,

0:17:58.359 --> 0:18:01.920
<v Speaker 1>head of External Affairs and SG at Oregon On, and

0:18:02.119 --> 0:18:06.760
<v Speaker 1>first off say that Paul would be so disappointed to

0:18:06.840 --> 0:18:10.680
<v Speaker 1>be out today because Jerlyn is a ducal um um.

0:18:10.760 --> 0:18:13.359
<v Speaker 1>Kind of a big deal for Paul. But Jerlyn, you

0:18:13.440 --> 0:18:18.119
<v Speaker 1>also um studied law at Stanford and international economics at

0:18:18.160 --> 0:18:21.639
<v Speaker 1>Johns Hopkins. I think a great time to have uh

0:18:21.720 --> 0:18:24.600
<v Speaker 1>you on, especially with your experience at at MERK and

0:18:24.880 --> 0:18:29.480
<v Speaker 1>now at organon um. Is it difficult to navigate E

0:18:29.840 --> 0:18:33.520
<v Speaker 1>s G at a time when you know our values

0:18:33.600 --> 0:18:38.679
<v Speaker 1>are changing. I was just watching President Biden defend his

0:18:38.800 --> 0:18:44.120
<v Speaker 1>administration's bona fides when it comes to allowing oil producers

0:18:44.160 --> 0:18:47.160
<v Speaker 1>to drill um. You know, less than a year ago,

0:18:47.400 --> 0:18:51.640
<v Speaker 1>Democrats on Capitol Hill were ripping apart banks for funding

0:18:51.920 --> 0:18:55.840
<v Speaker 1>oil producers UM to drill. So it's like it was

0:18:55.960 --> 0:19:02.399
<v Speaker 1>bad then, but it's good now. Thanks for the question.

0:19:02.440 --> 0:19:06.280
<v Speaker 1>I'm delighted to be here to provide organ on perspective,

0:19:06.880 --> 0:19:12.360
<v Speaker 1>especially on International Women's Day. We are a women's health company.

0:19:12.720 --> 0:19:16.760
<v Speaker 1>Our vision is to make a better and healthier every

0:19:16.840 --> 0:19:23.399
<v Speaker 1>day for every woman and e s G is absolutely,

0:19:23.440 --> 0:19:28.560
<v Speaker 1>as you noted, an evolving area, and it can be

0:19:28.680 --> 0:19:35.520
<v Speaker 1>tricky for our company. However, our cole purpose is to

0:19:35.680 --> 0:19:40.199
<v Speaker 1>improve women's health and advanced gender equity. But we really

0:19:40.240 --> 0:19:45.240
<v Speaker 1>see no conflict at all between our business objectives and

0:19:45.280 --> 0:19:48.520
<v Speaker 1>what is good for society and our many stakeholders. You know,

0:19:49.680 --> 0:19:51.840
<v Speaker 1>you can call it s G, but but frankly it's

0:19:51.920 --> 0:19:55.000
<v Speaker 1>it's just good long term business planning. Yeah, I mean,

0:19:55.320 --> 0:19:58.760
<v Speaker 1>and I wasn't questioning your policy at organ On. I

0:19:58.840 --> 0:20:03.480
<v Speaker 1>just thought, since you have so much experience in business, UM,

0:20:03.520 --> 0:20:07.240
<v Speaker 1>since you have studied this at Johns Hopkins, and I'm

0:20:07.280 --> 0:20:09.720
<v Speaker 1>sure you dipped into it at Stanford and Duke as well,

0:20:09.840 --> 0:20:13.359
<v Speaker 1>I could get your take on what's going on today

0:20:13.400 --> 0:20:17.760
<v Speaker 1>as President Biden steps out and UM bands oil from Russia,

0:20:17.920 --> 0:20:20.280
<v Speaker 1>and it's not just on the oil side. It's interesting

0:20:20.280 --> 0:20:22.879
<v Speaker 1>if you look at it, uh, you know, the changing

0:20:23.480 --> 0:20:26.959
<v Speaker 1>UM values in E s G. We would have banned

0:20:27.000 --> 0:20:29.960
<v Speaker 1>for example, and maybe people still don't want to invest

0:20:30.000 --> 0:20:31.960
<v Speaker 1>in weapons producers. But on the other hand, you do

0:20:32.040 --> 0:20:35.000
<v Speaker 1>want the Ukrainians to be able to defend themselves. So

0:20:35.040 --> 0:20:37.960
<v Speaker 1>I was hoping to ask you, aside from your role

0:20:38.000 --> 0:20:39.760
<v Speaker 1>at Oregon on of course, I want to get back

0:20:39.760 --> 0:20:42.560
<v Speaker 1>to that in International Women's Day. You know what you

0:20:42.600 --> 0:20:47.960
<v Speaker 1>think about UM the environment right now? Yeah, you You're

0:20:48.000 --> 0:20:51.800
<v Speaker 1>absolutely right, and it is different for every single company,

0:20:52.359 --> 0:20:56.880
<v Speaker 1>and the circumstances are changing so quickly and so dramatically.

0:20:57.359 --> 0:21:01.840
<v Speaker 1>It's really a reason why company these need to, regardless

0:21:01.880 --> 0:21:05.479
<v Speaker 1>of your sector, being really close touch with all of

0:21:05.520 --> 0:21:09.440
<v Speaker 1>your stakeholders. I think that's critical for the long term

0:21:09.520 --> 0:21:15.480
<v Speaker 1>sustainability of companies. And you know, as the political environment evolves,

0:21:15.560 --> 0:21:22.080
<v Speaker 1>as you know, stakeholder and investor perceptions evolve and expectations change,

0:21:22.960 --> 0:21:26.040
<v Speaker 1>companies just have to keep up. You can't rely on

0:21:26.240 --> 0:21:29.159
<v Speaker 1>what was good enough five years ago. You know, it's interesting,

0:21:29.160 --> 0:21:31.560
<v Speaker 1>I'm wondering for a company that focuses on women's health

0:21:32.160 --> 0:21:34.520
<v Speaker 1>later on today and Blomberg Television. We also have Dina

0:21:34.560 --> 0:21:37.879
<v Speaker 1>shaker On whose works at Lux Capital. She is a

0:21:38.040 --> 0:21:41.280
<v Speaker 1>investor in women's health. In the venture capital world, you

0:21:41.280 --> 0:21:44.640
<v Speaker 1>look at Oregon On and the stock is up more

0:21:45.680 --> 0:21:48.440
<v Speaker 1>at a time when the SMP is down. I'm wondering

0:21:48.680 --> 0:21:52.600
<v Speaker 1>about the investor interest here to invest in women and

0:21:52.680 --> 0:21:56.680
<v Speaker 1>invest in women's health and the products around serving women.

0:21:58.440 --> 0:22:01.639
<v Speaker 1>That's a great question. You know. Organ On was born

0:22:01.920 --> 0:22:07.400
<v Speaker 1>precisely because of the tremendous unmet needs in women's health.

0:22:08.080 --> 0:22:13.440
<v Speaker 1>And we've been working very hard to educate UH investors,

0:22:13.440 --> 0:22:18.040
<v Speaker 1>policy makers, all sorts of stakeholders about those unmet needs,

0:22:18.080 --> 0:22:23.880
<v Speaker 1>about the disparities that are often overlooked frankly in women's

0:22:23.880 --> 0:22:27.880
<v Speaker 1>health for far too long. And so that is our

0:22:27.920 --> 0:22:32.280
<v Speaker 1>mission and it's a great space to be in. We

0:22:32.480 --> 0:22:35.919
<v Speaker 1>strive to be the leader in women's health. We have

0:22:36.080 --> 0:22:40.199
<v Speaker 1>the strength to do it. We've got great products, and

0:22:40.800 --> 0:22:45.040
<v Speaker 1>we are very actively looking to grow our pipeline precisely

0:22:45.119 --> 0:22:47.479
<v Speaker 1>to meet those unmet needs that are out there. Do

0:22:47.520 --> 0:22:50.000
<v Speaker 1>you think do you think by the way that the

0:22:50.040 --> 0:22:54.960
<v Speaker 1>pandemic um pulled back the curtain showed us the brutal

0:22:55.000 --> 0:22:57.800
<v Speaker 1>truth of some of the inequalities, because I think a

0:22:57.840 --> 0:23:00.280
<v Speaker 1>lot of us have been feeling so good about how

0:23:00.359 --> 0:23:04.480
<v Speaker 1>much progress we've made in terms of gender equity. But

0:23:04.680 --> 0:23:07.040
<v Speaker 1>you look at what happened during the pandemic, and women

0:23:07.119 --> 0:23:13.040
<v Speaker 1>were um hurt on an in an outsized way, and um,

0:23:13.080 --> 0:23:16.520
<v Speaker 1>the problems that I think we haven't solved were really exposed.

0:23:16.960 --> 0:23:19.680
<v Speaker 1>Does that help us to move forward and do better?

0:23:21.640 --> 0:23:24.800
<v Speaker 1>You know? I I'm not sure that the pandemic it

0:23:24.880 --> 0:23:28.480
<v Speaker 1>did pull back the curtain, but it actually made it

0:23:28.680 --> 0:23:33.440
<v Speaker 1>much worse. It didn't just reveal those inequities, it made

0:23:33.480 --> 0:23:38.040
<v Speaker 1>them worse. You know. I've seen estimates that five million

0:23:38.080 --> 0:23:42.040
<v Speaker 1>women have left the workforce in the US alone just

0:23:42.160 --> 0:23:45.800
<v Speaker 1>over the last couple of years. Some studies show it's

0:23:45.800 --> 0:23:49.720
<v Speaker 1>going to take women literally decades, up to three decades

0:23:50.160 --> 0:23:56.840
<v Speaker 1>to regain that process in the workforce. So the pandemic, unfortunately,

0:23:56.880 --> 0:24:00.080
<v Speaker 1>it's I think it's been much worse for women and

0:24:00.160 --> 0:24:05.320
<v Speaker 1>simply exposing existing inequalities, it absolutely has made them worse.

0:24:05.760 --> 0:24:07.879
<v Speaker 1>All right, Gerlyn, thanks so much for joining us. Jerylyn

0:24:08.000 --> 0:24:10.480
<v Speaker 1>Ritter there, head of External Affairs and E. S. G

0:24:10.800 --> 0:24:16.520
<v Speaker 1>at Oregon On, thanks for listening to the Bloomberg Markets Podcast.

0:24:16.880 --> 0:24:20.119
<v Speaker 1>You can subscribe and listen to interviews with Apple Podcasts

0:24:20.240 --> 0:24:24.160
<v Speaker 1>or whatever podcast platform you prefer. I'm Matt Miller. I'm

0:24:24.160 --> 0:24:28.360
<v Speaker 1>on Twitter at Matt Miller three. On ball Sweeney, I'm

0:24:28.359 --> 0:24:31.040
<v Speaker 1>on Twitter at pt Sweeney. Before the podcast, you can

0:24:31.040 --> 0:24:33.280
<v Speaker 1>always catch us worldwide at Bloomberg Radio