WEBVTT - Realtors Want To Fix Discrimination 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanibek. We're here every day bringing 0:00:07.280 --> 0:00:09.799 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.600 plus technology, politics, economics, all harnessing the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:20.000 analyst in more than one twenty countries. You can download 0:00:20.000 --> 0:00:23.200 Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.120 You can also listen to our radio show at two 0:00:25.160 --> 0:00:27.840 pm Eastern Time on Bloomberg Radio, or watch us on 0:00:27.880 --> 0:00:32.559 YouTube search Bloomberg Global News. Carol master Long, Katie Greifeld. 0:00:32.640 --> 0:00:35.800 In our Bloomberg Interactive Broker's studio, we mentioned some of 0:00:35.800 --> 0:00:38.920 the COVID headlines. The f d A of the United 0:00:38.960 --> 0:00:40.960 States poised to authorize a pair of pills to treat 0:00:41.000 --> 0:00:43.040 COVID nineteen as soon as this week. We're watching that. 0:00:43.440 --> 0:00:46.280 We are also monitoring out of DC because President bind 0:00:46.400 --> 0:00:49.600 is expected to make some comment when it comes to 0:00:49.680 --> 0:00:53.840 coronavirus tests and really an update on the administration's policy 0:00:53.840 --> 0:00:55.640 when it comes to the pandemic, and he, like all 0:00:55.680 --> 0:00:59.080 of us, like you know, the policy continues to evolve absolutely, 0:00:59.120 --> 0:01:01.720 And you did see the Biden administration saying that it's 0:01:01.720 --> 0:01:05.039 gonna send five hundred million free tests to aid this 0:01:05.440 --> 0:01:08.520 shortage that they've found. So give me all the test. 0:01:08.920 --> 0:01:11.119 Yeah right, let's as long as people don't stop call 0:01:11.280 --> 0:01:13.800 them exactly exactly. And meantime, we did have a UK 0:01:13.880 --> 0:01:17.160 Prime Minister Boris Johnson ruling out stricter rules before Christmas, 0:01:17.160 --> 0:01:20.000 but did urge some caution saying go out the situation 0:01:20.080 --> 0:01:22.880 remains finally balanced and that officials may announce further curbs 0:01:22.920 --> 0:01:25.800 after December. We really are going day to day, maybe 0:01:25.800 --> 0:01:28.399 even hour to hour. Great to have back with us. 0:01:28.480 --> 0:01:31.560 Dr Alogic day Williams. He's Chief of Staff of Neurology 0:01:31.560 --> 0:01:35.400 over at Columbia Universities Vagelo's College of Physicians and Surgeons 0:01:35.400 --> 0:01:39.160 and NIH funded research or a leading health disparities expert 0:01:39.200 --> 0:01:42.680 with research focused on community based behavioral intervention. You might 0:01:42.720 --> 0:01:46.240 recall we've talked to him about Hip Hop Public Health. 0:01:46.280 --> 0:01:48.600 He's the founder, president and board chair of IT, and 0:01:48.600 --> 0:01:51.440 Bloomberg Philanthropies has provided a grant to Hip Hop Health 0:01:51.520 --> 0:01:53.400 as well. Great to have him back here on the 0:01:53.440 --> 0:01:56.120 phone in New York City. Dr Williams. How are you 0:01:56.200 --> 0:02:00.160 and what are you seeing when it comes to the pandemic. Well, 0:02:00.200 --> 0:02:02.440 I'm I'm doing well. Thanks for asking, and I hope 0:02:02.480 --> 0:02:05.240 you and all your families are well when it comes 0:02:05.240 --> 0:02:08.760 to the pandemic. Um, you know, with seeing uh, you know, 0:02:08.919 --> 0:02:13.320 rising numbers UM here in New York City and and 0:02:13.040 --> 0:02:17.840 and and across the country is quite frankly, um, Um, 0:02:17.960 --> 0:02:22.080 we're gonna see this over the next several weeks across 0:02:22.120 --> 0:02:25.720 the globe. And it's being really driven by the armicron bearing, 0:02:25.760 --> 0:02:27.960 which is now, as you know, become the dominant strain 0:02:28.040 --> 0:02:31.160 here in the US. And so you mentioned the fact 0:02:31.200 --> 0:02:33.360 that we have seen rising cases, and Carol and I 0:02:33.400 --> 0:02:34.960 were just talking about one of the headlines from this 0:02:35.040 --> 0:02:39.679 morning that President Biden will send five million free coronavirus 0:02:39.720 --> 0:02:43.720 tests to homes beginning next month. Should we expect to 0:02:43.760 --> 0:02:46.760 see uh in acceleration in that rise just as a 0:02:46.880 --> 0:02:51.280 natural result of more testing. Yeah, I mean I think that, 0:02:51.880 --> 0:02:55.760 you know, more more testing, you're gonna find more cases. Um. 0:02:56.280 --> 0:03:02.639 The question is, um, do the cases translate into um, 0:03:02.680 --> 0:03:07.880 you know, burdened you know, overwhelming our hospitals into higher 0:03:07.960 --> 0:03:11.240 death rates? And that is the great concern that is 0:03:11.280 --> 0:03:16.160 the great sphere that that these cases um as as 0:03:16.200 --> 0:03:19.919 they continue to surge, we will start seeing, especially among 0:03:19.960 --> 0:03:25.000 the unvaccinated, more severe cases in our hospitals. UM. And 0:03:25.120 --> 0:03:28.240 that is the concern. The data is still not fully 0:03:28.280 --> 0:03:31.840 adjudicated on this yet, but but we are concerned, especially 0:03:31.880 --> 0:03:34.760 among especially when it comes to the vulnerable among us. 0:03:34.800 --> 0:03:36.520 So I guess a couple of questions, and I think 0:03:36.520 --> 0:03:40.080 about this. I've had several individuals in the medical community. 0:03:40.160 --> 0:03:42.520 Dr Williams say, we're all going to get a macron 0:03:42.640 --> 0:03:46.360 and that's how we kind of get rid of this virus. Uh, 0:03:46.360 --> 0:03:48.360 and we just kind of knock it out. Is that 0:03:48.440 --> 0:03:50.720 how you see it playing out? Or is there another 0:03:50.840 --> 0:03:54.080 variant to come? What are your expectations, especially since I 0:03:54.080 --> 0:03:57.000 think about the communities you watch who were so deeply 0:03:57.520 --> 0:04:00.000 impacted uh last go around and some of the other 0:04:00.000 --> 0:04:03.400 are peaks that we've seen when it comes to our COVID, Well, 0:04:03.440 --> 0:04:09.200 I'm really concerned, um because um you know, these variants 0:04:09.240 --> 0:04:13.440 will continue to appear um and and and my my 0:04:13.480 --> 0:04:17.200 biggest concern is the is really the issue of global 0:04:17.279 --> 0:04:21.640 vaccine equity, because you know, COVID anywhere is COVID everywhere 0:04:22.240 --> 0:04:25.760 and and once we as we we have just for example, 0:04:25.800 --> 0:04:29.040 thirteen percent of people in Africa have receipt have received 0:04:29.080 --> 0:04:31.680 at least one dose. That is a very low number. 0:04:31.920 --> 0:04:35.760 So we will continue to see these variants emerge. And 0:04:35.760 --> 0:04:39.320 as we can see with every variant, uh, these viruses 0:04:39.320 --> 0:04:42.800 are becoming trickier, They're becoming more elusive, that is learning 0:04:42.839 --> 0:04:46.560 how to evade our vaccines. And and you know, we, 0:04:46.760 --> 0:04:49.600 you know we we might be confronted with a situation 0:04:49.680 --> 0:04:54.000 where our vaccines don't work at all against the future variant. 0:04:54.120 --> 0:04:56.800 And then that is that is the big concerns. Well, 0:04:56.880 --> 0:04:58.880 Katie wants to know if she should travel on Thursday. 0:04:59.640 --> 0:05:02.960 That's really what she wants to know. What's what's your 0:05:02.960 --> 0:05:05.600 advice to people? Let's note, I'm supposed to see a 0:05:05.920 --> 0:05:08.599 three month old infant after I get off the plane. 0:05:09.800 --> 0:05:12.479 Oh my god. Well I can say this. I think 0:05:12.560 --> 0:05:15.320 most the most important thing is to protect our vulnerable 0:05:15.360 --> 0:05:18.479 loved one. UM. I think it's really important to be 0:05:18.960 --> 0:05:23.039 you know, just exercise, just be responsible. Make sure that 0:05:23.800 --> 0:05:27.800 our networks, our closest networks are at least boosted. UM. 0:05:27.839 --> 0:05:30.760 It's important to make sure that we uh, you know, 0:05:31.000 --> 0:05:35.520 use limit the sizes of our gatherings, um and and 0:05:35.640 --> 0:05:37.960 um and as long as we take common sense safety 0:05:37.960 --> 0:05:42.640 precautions um during this period. You know, I think that 0:05:42.720 --> 0:05:45.360 we can keep our loved one's safe. You know, you do? 0:05:45.000 --> 0:05:46.400 You do? You have a follow up? I do have 0:05:46.440 --> 0:05:48.680 a really quick follow up. Just one. What Carol was 0:05:48.720 --> 0:05:51.840 saying about the sort of inevitable feeling. You know, I've 0:05:52.000 --> 0:05:54.239 heard some people say, why should I even bother getting 0:05:54.240 --> 0:05:56.080 the booster? It feels like we're all going to get 0:05:56.080 --> 0:05:59.599 this new variant anyway. What's the point I would love 0:05:59.640 --> 0:06:01.240 to hear your response to that, And we have just 0:06:01.279 --> 0:06:07.200 about thirty seconds. The point is hospitalization and death um 0:06:07.320 --> 0:06:11.440 and and and and that is a real concern. We 0:06:11.560 --> 0:06:16.799 know that the booster really does prevent you from progressing 0:06:16.800 --> 0:06:20.799 to mild to severe disease. UH. The question is people 0:06:20.839 --> 0:06:24.880 are asking is does this variant even cause severe disease? 0:06:25.040 --> 0:06:26.839 And my answer to that is that the jury is 0:06:26.839 --> 0:06:30.039 still out and you do not want to be on 0:06:30.080 --> 0:06:33.440 the wrong side of that jury, because, especially if you 0:06:33.440 --> 0:06:36.480 have vulnerable loved ones in your family. Listen, stay safe. 0:06:36.520 --> 0:06:38.920 We so appreciate your time. Dr Williams, Doctor a Larger 0:06:38.960 --> 0:06:41.839 Day Williams chief of staff of Neurology at Columbia University 0:06:41.880 --> 0:06:44.400 and founder of hip hop Public Health. You're listening to 0:06:44.400 --> 0:06:50.000 Bloomberg Business Week on Bloomberg Radio as our Bloomberg pursuits. 0:06:50.040 --> 0:06:53.320 Auto columnist Hannah Elliott recently wrote this year, it seems 0:06:53.360 --> 0:06:55.160 all anyone ever wanted to talk about in the car 0:06:55.200 --> 0:06:57.640 world where electric vehicles and Katie check this out. In 0:06:57.640 --> 0:07:00.440 the US alone, as of December one, more than fifteen 0:07:00.560 --> 0:07:02.600 U states had pledged to phase out sales of new 0:07:02.640 --> 0:07:05.679 cars with combustion engines. At least two more such moves 0:07:05.720 --> 0:07:08.400 were pending. So people are leaning in heavily when it 0:07:08.440 --> 0:07:10.680 comes to e V. Yeah, big time. And I mean 0:07:10.720 --> 0:07:12.680 I feel like it's one of the buzz words that 0:07:12.720 --> 0:07:15.880 has emerged. E V along with metaverse and whatever help 0:07:16.000 --> 0:07:17.720 you want to say. You put e V on anything, 0:07:17.760 --> 0:07:20.320 and I mean you tend to generate a lot of buzz, 0:07:20.520 --> 0:07:23.160 especially in share prices. We could have evs in metaverse, 0:07:23.200 --> 0:07:25.360 maybe in a in a fun way. UM, let's get 0:07:25.360 --> 0:07:27.679 some thoughts on trends in the auto industry. Cheryl Connolly 0:07:27.720 --> 0:07:29.960 is with US chief futurist At Ford on the phone 0:07:29.960 --> 0:07:32.560 in Dearborn, Michigan, Cheryl, good to have you here with 0:07:32.640 --> 0:07:35.960 Katie and myself. How are you. It's good to be here. 0:07:36.000 --> 0:07:38.280 Thanks for having me. It's great to have you here. 0:07:38.320 --> 0:07:41.560 We love talking about the auto industry. Or Hannah Eli, 0:07:41.680 --> 0:07:45.760 who covers it for Bloomberg pursuits all in on luxury 0:07:45.840 --> 0:07:48.000 and just all the major trends. What are you guys 0:07:48.040 --> 0:07:51.200 seeing from your perch there at Ford when it comes 0:07:51.240 --> 0:07:54.080 to trends maybe that we'll see playing out in two 0:07:54.160 --> 0:07:58.280 and maybe into What's your point that you already Lendon, 0:07:58.480 --> 0:08:01.040 is that dvs, like the e V revolution, is already 0:08:01.040 --> 0:08:04.520 here for us. We expect that our global vehicle mics 0:08:04.520 --> 0:08:07.840 will be fully electric um to a degree of four 0:08:07.920 --> 0:08:11.800 year by the year, and there are consumers that are ready. 0:08:11.840 --> 0:08:16.720 I mean six so long, so long? That's all the 0:08:16.800 --> 0:08:20.600 eight years from now right? Why so long? That's so Actually, 0:08:20.640 --> 0:08:22.560 we're well on our way. I think part of it 0:08:22.640 --> 0:08:25.240 is infrastructure, um. But we've gone all in with our 0:08:25.320 --> 0:08:29.160 Mustang Maki, which is I think a really interesting strategy 0:08:29.200 --> 0:08:31.560 for four because we took our most precious nameplates, that 0:08:31.720 --> 0:08:33.840 Mustang in the F one fifty, and we turned them 0:08:33.880 --> 0:08:36.080 into electric so that we could show consumers that you 0:08:36.120 --> 0:08:39.000 could totally reconceive what an electric vehicle is about. I 0:08:39.040 --> 0:08:41.600 think in my mind that there is this notion among 0:08:41.600 --> 0:08:43.679 consumers that there's a tradeoff, you know, you have to 0:08:43.679 --> 0:08:46.480 give up something if you want electric and by taking 0:08:46.480 --> 0:08:49.360 our most powerful vehicles, we started to show people that 0:08:49.400 --> 0:08:54.080 you could still have um muscle and my lege, you know, 0:08:54.120 --> 0:08:56.520 there was no trade off. And I think as more 0:08:56.520 --> 0:08:58.280 and more consumers seem on the road, they start to 0:08:58.320 --> 0:09:00.719 understand that in the future, you it will be the 0:09:00.760 --> 0:09:02.280 same kind of conversation do you have a V six, 0:09:02.280 --> 0:09:03.800 a V eight or do you have an electric vehicle? 0:09:03.880 --> 0:09:07.400 I think it will become almost a non issue. Mm hmm, yeah. 0:09:07.480 --> 0:09:09.720 I mean, just anecdotally in my own life, I feel 0:09:09.760 --> 0:09:15.080 like my parents are I have a hand to CRV 0:09:15.280 --> 0:09:19.199 very much, not alec but okay, so EV's clearly top 0:09:19.240 --> 0:09:21.959 of mind. What else, though, what about self driving vehicles? 0:09:22.000 --> 0:09:26.480 Because that's another conversation, having more and more this year. Yeah. 0:09:26.520 --> 0:09:28.360 So we've been watching this space for a very long 0:09:28.400 --> 0:09:30.640 time and I think people are really enchanted with the 0:09:30.679 --> 0:09:34.600 notion of it. But geographical appetite really varies. So in 0:09:34.640 --> 0:09:36.600 recent years we know that when you look at places 0:09:36.640 --> 0:09:39.680 like China and India. Over at the consumers say they're 0:09:39.679 --> 0:09:43.600 hopeful about the a V feature um or that that experience. 0:09:43.760 --> 0:09:46.240 But when you turn to the west, um the number 0:09:46.320 --> 0:09:50.040 drops down to about for the US, forty five for 0:09:50.080 --> 0:09:54.280 the UK, and forty four for Germany. So there there's 0:09:54.320 --> 0:09:57.120 really a geographical component. I think it has something to 0:09:57.160 --> 0:10:00.480 do with the landscape once you drive. Even so in 0:10:00.559 --> 0:10:04.040 China there's this notion of these mega cities twenty three 0:10:04.160 --> 0:10:07.600 billion people and in a place like Beijing alone, so 0:10:07.720 --> 0:10:11.360 when you talk about getting an autonomous driving vehicle, you're 0:10:11.360 --> 0:10:13.400 not just talking about safety, but you're talking about convenience. 0:10:13.440 --> 0:10:15.680 And in a place like that, they report an average 0:10:15.720 --> 0:10:20.120 day like community five hours a day. Um, so it's 0:10:20.120 --> 0:10:24.000 it'll be life changing. And there is a safety component 0:10:24.040 --> 0:10:27.240 too though, because I think that we know like sixty 0:10:27.240 --> 0:10:29.360 five percent of people worldwide, I've told us that they 0:10:29.480 --> 0:10:31.439 ran at their child right in a a V, than 0:10:31.520 --> 0:10:37.120 ride with a stranger raising my hand. Um, well it's 0:10:37.160 --> 0:10:39.960 interesting to shout out no really, like it's funny. I 0:10:40.000 --> 0:10:42.920 just had to do, um some big drives to pick 0:10:42.960 --> 0:10:46.520 up my daughter at college at school, and I was thinking, 0:10:46.559 --> 0:10:49.680 I'm on a highway and a lot of vehicles today 0:10:49.800 --> 0:10:53.239 have all these great safety features that basically they drive themselves, 0:10:53.559 --> 0:10:55.840 and you can test it by putting on your you know, 0:10:56.160 --> 0:10:58.560 destronic or whatever and taking your hands off the will 0:10:58.600 --> 0:11:00.440 even though you're not supposed to. But they knew how 0:11:00.520 --> 0:11:03.120 to self drive, and I can see how on highways, 0:11:03.120 --> 0:11:06.880 what a great feature it could be and probably safer. UM. 0:11:06.920 --> 0:11:10.280 I do think about tho our infrastructure, especially for cities, 0:11:10.360 --> 0:11:12.960 if it's not in place. Again, that's the thing I 0:11:12.960 --> 0:11:16.360 guess that holds us up the most. I do think 0:11:16.400 --> 0:11:19.360 that's that is a really big question for most consumers 0:11:19.360 --> 0:11:22.319 in their mind, is you know, when when will charging 0:11:22.440 --> 0:11:26.600 be readily available? And we actually in our survey ask 0:11:26.679 --> 0:11:29.360 people when they thought that there would be more UM 0:11:29.440 --> 0:11:35.480 charging stations than gas stations, and we had about people 0:11:35.520 --> 0:11:39.280 say that e V chargers will outnumber petrol stations. UM. 0:11:40.679 --> 0:11:44.160 So it's a slow ramp up, but it's again geography 0:11:44.160 --> 0:11:47.240 plays such a role. Here Germany, when they were doing 0:11:47.280 --> 0:11:50.120 their covid UH stimulus package, one of the things that 0:11:50.160 --> 0:11:52.960 I really marveled at the kind of ingenuity of it 0:11:53.000 --> 0:11:54.840 was that they said we're gonna put money in the 0:11:54.840 --> 0:11:57.160 market and we're gonna give it to um, gas stations 0:11:57.280 --> 0:11:59.840 and we're going to give them money, stimulus money so 0:11:59.840 --> 0:12:01.880 they and put our new stations in it. And so 0:12:02.040 --> 0:12:06.040 you can see this country flip it's availability, accessibility, and 0:12:06.080 --> 0:12:11.040 the whole attitude around it literally overnight. Yeah, and it 0:12:11.080 --> 0:12:14.200 does feel like some of these attitudes are shifting overnight. Hey, 0:12:14.200 --> 0:12:17.160 so we have about twenty seconds. Curious what surprised you 0:12:17.200 --> 0:12:20.560 most when you do look at this report? You know 0:12:20.600 --> 0:12:22.920 what surprised me is that with all the worry about 0:12:22.920 --> 0:12:26.760 COVID and economic volatility anyone percent, that people say when 0:12:26.800 --> 0:12:29.000 they think about the future, the planet is one of 0:12:29.040 --> 0:12:31.000 the biggest things that they still consider to be one 0:12:31.040 --> 0:12:33.040 of the most pressing issues. It's what makes us worry 0:12:33.040 --> 0:12:35.520 about our children's future. Well, it's good to know that 0:12:35.520 --> 0:12:38.360 that's on people's minds, because nothing else really matters if 0:12:38.360 --> 0:12:41.040 you don't get that right. All right, Cheryl gotta run Hey, 0:12:41.080 --> 0:12:44.040 Happy New Year, um and be well. Caryl Connolly, she's 0:12:44.080 --> 0:12:47.920 chief futurist over at Forward on the phone from Dearborn, Michigan. 0:12:48.960 --> 0:12:52.640 Like it's climate, COVID, climate COVID self driving, and that 0:12:52.720 --> 0:12:55.120 was a really interesting conversation. Good stuff. All right, you're 0:12:56.440 --> 0:13:01.360 you're listening to Bloomberg Radio. So, Katie, not sure if 0:13:01.400 --> 0:13:04.120 you saw this via transportation as a tech company focused 0:13:04.120 --> 0:13:07.160 on helping people get around cities confidentially filing with the 0:13:07.280 --> 0:13:10.360 SEC today for an IPO. Even in these last few 0:13:10.400 --> 0:13:11.760 weeks of the year, we'll continue to see the I 0:13:11.880 --> 0:13:14.599 p O market really move ahead. Yeah, that I p 0:13:14.720 --> 0:13:18.120 O market still hot in these final few weeks. Let's 0:13:18.120 --> 0:13:19.960 talk about that more with Chris Malick. He is the 0:13:20.000 --> 0:13:23.920 managing director at key Bank Capital Market. He joins us 0:13:24.240 --> 0:13:27.679 on the phone from Cleveland, Ohio. Chris, great to have 0:13:27.760 --> 0:13:29.440 you with us, Karen. I were just talking about the 0:13:29.440 --> 0:13:31.280 fact that, I mean the I p O market it 0:13:31.320 --> 0:13:35.360 was hot in super hot one too. I believe there's 0:13:35.360 --> 0:13:38.840 been close to five hundred I p O s this year. 0:13:39.480 --> 0:13:42.960 Can we sustain that pace? It is a lot? Yeah, 0:13:43.120 --> 0:13:46.840 great questions In the first off, Good afternoon, Carol and Katie. 0:13:46.880 --> 0:13:50.280 Thanks for having me on and uh, happy holidays. Uh. 0:13:50.360 --> 0:13:52.920 Certainly good to see the market up today with a 0:13:52.920 --> 0:13:56.520 lot of green on the screen. You know. To your point, Uh, 0:13:56.720 --> 0:14:01.280 it was a record here here in roughly two times 0:14:01.320 --> 0:14:04.520 the amount of issuance that we saw in which by 0:14:04.559 --> 0:14:07.640 itself was a pretty solid year. I think you've got 0:14:07.640 --> 0:14:10.840 to go back to the dot com era for a 0:14:10.840 --> 0:14:13.640 comparable year. UM. You know, but as we look out, 0:14:13.679 --> 0:14:18.280 I am cautiously optimistic that we'll see continued momentum inequities 0:14:18.320 --> 0:14:23.240 and issuance into two UM. I think December is actually 0:14:23.280 --> 0:14:26.480 a pretty good proxy for what to expect because you've 0:14:26.480 --> 0:14:28.680 had a little bit of everything. Uh. You know, Oh, 0:14:28.720 --> 0:14:31.600 Macron has been a moving target. You know, you go 0:14:31.640 --> 0:14:34.840 back to Black Friday, uh, initially putting some pressure on 0:14:34.880 --> 0:14:39.479 the market, sentiment improved, uh and now once again impacting 0:14:39.480 --> 0:14:42.480 equities in in a negative way. Uh, you know, in 0:14:42.560 --> 0:14:45.200 terms of rates and inflation. Also putting a little bit 0:14:45.240 --> 0:14:50.640 of pressure on markets with three anticipated hikes next year. Uh. 0:14:50.680 --> 0:14:53.040 And then you know, with regard to build back better, 0:14:53.440 --> 0:14:56.480 that's probably not helping the situation either. But you know, 0:14:56.560 --> 0:14:58.760 all that said, I p O s continued to price 0:14:59.360 --> 0:15:03.080 here in dece number with a handful of large tech 0:15:03.120 --> 0:15:05.360 deals getting done. You had new holdings they priced at 0:15:05.400 --> 0:15:09.440 two point six billion dollar IPO Hashy Corp uh and 0:15:09.480 --> 0:15:13.640 then most recently some Sara. So if I look at 0:15:13.680 --> 0:15:17.240 the Renaissance IPO index, it's down about ten percent so 0:15:17.280 --> 0:15:19.440 far this year, so returns not so great for many 0:15:19.520 --> 0:15:22.480 I p O s. Um, what does that tell you, 0:15:22.480 --> 0:15:24.240 you know, in a market that overall, if you look 0:15:24.240 --> 0:15:27.800 at those major equity averages, they've done fairly well, if 0:15:27.800 --> 0:15:30.280 they've done really well in fact, So what does that 0:15:30.400 --> 0:15:33.560 say that juxtaposition of how I pos generally did against 0:15:33.560 --> 0:15:37.120 the broader market? You know, that's a great question because 0:15:37.160 --> 0:15:40.160 I think if you look at that same index for 0:15:41.120 --> 0:15:46.400 it was up over over so a huge delta year 0:15:46.440 --> 0:15:50.200 over year with the renaissance IPO index. But then um 0:15:50.280 --> 0:15:52.480 to your point, when you take a look at that 0:15:52.520 --> 0:15:56.080 index versus the major indusices you know that are up 0:15:56.120 --> 0:16:02.400 about twenty you know, that's roughly three percentage points UH difference. 0:16:02.760 --> 0:16:07.360 And what it tells me is, UM that the evaluations 0:16:07.680 --> 0:16:10.960 for this year's class of I p O s arguably 0:16:11.640 --> 0:16:13.800 a little bit rich. A lot of I p O 0:16:13.880 --> 0:16:15.760 s in the high growth sectors this year of of 0:16:15.880 --> 0:16:20.120 tech and healthcare UM, and perhaps going forward some of 0:16:20.160 --> 0:16:23.880 those valuations come down a little bit. You've also got 0:16:23.880 --> 0:16:26.600 the conversation in and around rates, and I think that 0:16:26.680 --> 0:16:31.320 by itself and the discounting mechanism will will rain in uh. 0:16:31.360 --> 0:16:33.480 You know, some of those multiples. Yeah, that's what I 0:16:33.560 --> 0:16:35.520 want to talk about, the fact that you do have 0:16:35.840 --> 0:16:39.480 what two three interest rate hikes expected from the Federal 0:16:39.920 --> 0:16:42.720 Reserve next year. I mean broadly, that's expected to maybe 0:16:42.760 --> 0:16:45.920 take the shine off of some of those high growth 0:16:46.000 --> 0:16:50.080 names in the stock market. Could that affect the sort 0:16:50.120 --> 0:16:53.480 of makeup of the companies that were Seego public next year? 0:16:55.560 --> 0:16:59.160 I think it could. I think the complexion changes a 0:16:59.200 --> 0:17:02.120 little bit, um you know, a few thoughts in and 0:17:02.160 --> 0:17:04.879 around that question. I think right now, at a high level, 0:17:05.440 --> 0:17:09.120 there's a little bit of what goes up must come down. Uh. 0:17:09.119 --> 0:17:12.440 You know, with the record fiscal and monetary stimulus over 0:17:12.480 --> 0:17:15.680 the last few years, that that's bit up risk assets. 0:17:16.160 --> 0:17:18.000 And now I think the mood is shifting a little 0:17:18.000 --> 0:17:21.160 bit more towards risk off. I don't think it's binary, 0:17:21.280 --> 0:17:23.440 you know, risk on or risk off, but a little 0:17:23.480 --> 0:17:26.840 bit more Uh, risk off is we look at things 0:17:26.920 --> 0:17:31.199 like rate increases and and UH in the virus you know, 0:17:31.280 --> 0:17:34.840 I think we'll get through O Macron by the spring. Uh. 0:17:34.880 --> 0:17:37.840 And then you know, the three projected quarter point moves 0:17:37.880 --> 0:17:41.000 by the Fed um you know, arguably light you know, 0:17:41.080 --> 0:17:44.040 I think um, you know, regarding those moves you know 0:17:44.080 --> 0:17:46.199 that will take the FED funds right, you know up 0:17:46.240 --> 0:17:50.359 to what to a hundred basis points, which, uh is 0:17:50.400 --> 0:17:55.640 still an environment in which most equities are attractive. Um, 0:17:55.720 --> 0:17:58.280 you know, sort of getting over into what companies I 0:17:58.320 --> 0:18:01.679 think could go public next year and what people look at. 0:18:01.720 --> 0:18:05.200 I think these long term secular themes will continue to 0:18:05.200 --> 0:18:09.680 to win the day. So anything involving technology advances in 0:18:09.800 --> 0:18:14.439 technology software AI. I know earlier on the show, the 0:18:14.480 --> 0:18:18.520 topic of metaverse was was discussed. Uh, you know, anything 0:18:18.560 --> 0:18:22.080 in the life sciences and medtech that make dealing with 0:18:22.119 --> 0:18:25.640 the pandemic easier will be well received. I also think 0:18:25.840 --> 0:18:29.919 uh evs uh you know, the decarbonization i'll call it 0:18:29.960 --> 0:18:33.000 of the energy complex. All of those things will continue 0:18:33.080 --> 0:18:36.560 to be popular with the by side. That said, and 0:18:36.840 --> 0:18:39.199 here's the key point, I think there's going to be 0:18:39.240 --> 0:18:42.880 a little bit of a shift uh into focusing more 0:18:42.920 --> 0:18:47.400 on individual company profiles. Uh you know, so maybe this 0:18:47.520 --> 0:18:51.120 is a function of moving into the mid cycle, if 0:18:51.119 --> 0:18:54.719 you will, where I think sector focus and company focus 0:18:54.720 --> 0:18:57.520 become a little more important. So, um, companies that are 0:18:57.520 --> 0:19:00.800 positioned well in their sectors. Uh, you know, flow good 0:19:00.800 --> 0:19:04.920 balance sheets, right, um, it importantly priced, it a reasonable evaluation. 0:19:05.119 --> 0:19:08.600 Got it? Hey, Chris, we gotta run. Chris Malock, managing 0:19:08.600 --> 0:19:11.359 director at key Bank Capital Markets, joining us on the 0:19:11.359 --> 0:19:13.719 phone from Cleveland, Ohio. We didn't talk too much about SPACs, 0:19:13.720 --> 0:19:16.480 but spacks overall, Katie as a group or down about 0:19:16.480 --> 0:19:19.639 sixteen this year. Yeah, it's all those high flyers not 0:19:19.760 --> 0:19:22.320 looking too hot right now, exactly, very different from how 0:19:22.359 --> 0:19:26.880 we started the year. Well. From our Bloomberg Business Week team, 0:19:26.880 --> 0:19:29.199 a story on the efforts by realtors who want to 0:19:29.240 --> 0:19:33.320 fix years of discrimination against black Americans, specifically. The thing 0:19:33.520 --> 0:19:36.520 is they're not about to give up their six percent commission. 0:19:36.560 --> 0:19:39.119 So let's get into the story. Peter Robison, his Projects 0:19:39.160 --> 0:19:42.159 and Investigations reporter at Bloomberg News. He is with Katie 0:19:42.200 --> 0:19:45.800 and me on the phone in Seattle. Hey, Peter, um, 0:19:46.280 --> 0:19:49.400 really smart story. Tell us well, first of all, take 0:19:49.520 --> 0:19:51.840 us back to how your story starts, um, and that 0:19:51.920 --> 0:19:56.479 awkward zoom call. What happened? Hi? Yeah, it really starts 0:19:56.480 --> 0:20:00.639 in November. That was the period when big companies and 0:20:00.680 --> 0:20:05.359 institutions all around the country were wrestling with the George 0:20:05.359 --> 0:20:08.800 Floyd murder and the racial reckoning that was happening, and 0:20:08.920 --> 0:20:12.399 there was a moment where the realtors officially apologized for 0:20:13.040 --> 0:20:17.200 decades of policy that had excluded Black Americans from home ownership. 0:20:17.320 --> 0:20:20.960 And it was a zoom call between the president of 0:20:21.040 --> 0:20:25.480 the realtors named Charlie Oppler. He's a realtor from New Jersey, 0:20:25.640 --> 0:20:29.400 and he said, many Americans may not realize just how 0:20:29.400 --> 0:20:32.160 far reaching the systemic discrimination was. And then he threw 0:20:32.160 --> 0:20:35.520 the camera to Brian Green, who is the group's newly 0:20:35.560 --> 0:20:38.040 appointed at the time, was the newly appointed director of 0:20:38.080 --> 0:20:42.360 Fair Housing Policy. And Brian Green had spent decades at 0:20:42.359 --> 0:20:45.480 the Housing and Urban Development Department, and and he talked 0:20:45.520 --> 0:20:49.040 about how black Americans were excluded, how the Realtors group 0:20:49.040 --> 0:20:52.880 opposed the Fair Housing Act and uh and and that's 0:20:53.000 --> 0:20:55.600 where the call was was left. It was really an 0:20:55.600 --> 0:20:59.280 acknowledgment of the damage that had been done over the decades. So, Peter, 0:20:59.359 --> 0:21:05.199 that call was in November. We're now in December. Where 0:21:05.280 --> 0:21:08.439 are we now? What are those efforts to you know, 0:21:08.600 --> 0:21:11.800 fix those decades of discrimination? What do they look like? 0:21:13.119 --> 0:21:15.959 That's what our story tried to assess because obviously there 0:21:16.000 --> 0:21:18.560 was a lot of focus on the issue then uh 0:21:18.640 --> 0:21:21.679 and and now the question is what are you really 0:21:21.680 --> 0:21:24.240 doing what what a tonement is being made uh. And 0:21:24.240 --> 0:21:27.520 and so the realtors have started a training program to 0:21:27.520 --> 0:21:32.119 to try to teach to try to avoid instance is 0:21:32.160 --> 0:21:36.760 a potential bias by by realtors. They've supported the administration's 0:21:36.800 --> 0:21:41.960 down payment assistance program. And they've actually also supported Maxine 0:21:41.960 --> 0:21:45.439 Waters proposal, which which would go even further than the 0:21:45.480 --> 0:21:49.920 House proposal. And they've they've talked about participating in the 0:21:50.359 --> 0:21:54.880 um UH in the review of appraisals the administration is doing, 0:21:54.920 --> 0:22:00.719 which which might help reverse the discrimination that is evident 0:22:00.920 --> 0:22:05.560 in UH neighborhoods were non what Americans tend to live. UH. 0:22:05.920 --> 0:22:08.600 So that's really what has been done. Our our story 0:22:08.640 --> 0:22:12.920 looked at what is happening beyond that, looking at you know, 0:22:12.960 --> 0:22:16.920