WEBVTT - DoorDash Drivers Game Algorithm to Increase Pay 0:00:01.800 --> 0:00:04.400 This is Bloomberg Business Week. I'm Carole Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovk. We're here every day bringing 0:00:07.280 --> 0:00:09.760 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.600 clus technology, politics, economics, all purtnising 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 --> 0:00:19.480 analyst in more than one d and twenty countries. You 0:00:19.480 --> 0:00:22.800 can download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg 0:00:22.840 --> 0:00:24.840 dot Com. You can also listen to our radio show 0:00:24.840 --> 0:00:27.560 at two pm Eastern Time on Bloomberg Radio or watch 0:00:27.600 --> 0:00:30.960 us on YouTube search Bloomberg Global News. We know we 0:00:31.000 --> 0:00:33.560 are expected to hear from President Biden in a little 0:00:33.560 --> 0:00:36.120 bit about a couple of hours less than two hours 0:00:36.159 --> 0:00:39.400 actually uh, and that his goal is at all American 0:00:39.400 --> 0:00:43.080 adults to be eligible for a coronavirus vaccine by April nineteen, 0:00:43.120 --> 0:00:46.320 two weeks earlier than he previous than his previous goal. 0:00:46.600 --> 0:00:48.440 He's on a mission to him, Yeah, he is. The 0:00:48.440 --> 0:00:51.000 President Will also announced that one hundred and fifty million 0:00:51.040 --> 0:00:53.960 doses of vaccine were administered within his first seventy five 0:00:54.200 --> 0:00:56.760 days in office. That's keeping pace with his accelerated goal 0:00:56.760 --> 0:00:58.760 of getting two hundred million shots into arms by his 0:00:58.800 --> 0:01:01.920 one hundred day in the office. Uh. Earlier in the show, 0:01:02.000 --> 0:01:03.800 just a few minutes ago, I said that there was 0:01:03.840 --> 0:01:06.240 a hundred and seventy five million. Got my numbers mixed 0:01:06.319 --> 0:01:08.600 up there, but we know that he's expected to announce 0:01:08.640 --> 0:01:11.679 one hundred and fifty million doses ahead of schedule. That's 0:01:12.000 --> 0:01:13.880 kind of where he's at. Hey, let's get into it 0:01:13.959 --> 0:01:17.480 with Dr William Hazeltine. He is chairman and president of 0:01:17.520 --> 0:01:20.399 Access Health International, to nonprofit think tank. It's on a 0:01:20.400 --> 0:01:22.800 mission as well to improve access to high quality and 0:01:22.800 --> 0:01:28.160 affordable health care for people everywhere. He's also got several 0:01:28.200 --> 0:01:31.240 books at including a new one called Variance, the Shape 0:01:31.240 --> 0:01:33.960 Shifting Challenge of COVID Night Team. He joins us on 0:01:34.000 --> 0:01:38.480 the phone on this Tuesday, joining us from Connecticut. Dr Hazeltine, 0:01:38.920 --> 0:01:41.160 so nice to have you back with us. How are you. 0:01:42.120 --> 0:01:44.119 I'm very well, Thank you. It's a beautiful day here. 0:01:44.520 --> 0:01:46.480 It is too here in New York, and it feels good. 0:01:46.560 --> 0:01:48.840 It feels like spring. It feels like we're making progress. 0:01:48.840 --> 0:01:51.520 How do you see it as you see the vaccine rollout, 0:01:51.560 --> 0:01:56.360 specifically here in the United States, it's a very complicated 0:01:56.360 --> 0:01:59.960 picture in the United States. Some places are doing extremely well. 0:02:00.480 --> 0:02:04.160 Other police places are doing badly. Some places the variants 0:02:04.240 --> 0:02:08.560 are surging, in other places they're almost not detectable. Uh. 0:02:08.600 --> 0:02:12.160 And it's complicated with the vaccines because some places where 0:02:12.200 --> 0:02:15.640 the vaccine that the disease is surging, for example in Michigan, 0:02:16.000 --> 0:02:18.640 have a pretty good vaccine record. So it's a very 0:02:18.680 --> 0:02:23.280 complicated picture. And I think there's, uh, there's a lot 0:02:23.320 --> 0:02:26.520 of hope, but there's some cause for concerns. So why 0:02:26.520 --> 0:02:29.200 do you think that's happening in places like Michigan right 0:02:29.200 --> 0:02:31.440 now that are actually doing relatively well when it comes 0:02:31.440 --> 0:02:34.079 to the roll out of the vaccine, but still seeing surges. 0:02:35.440 --> 0:02:38.000 I think that it's still pretty cold up there, not 0:02:38.080 --> 0:02:42.880 like it is, and people are going staying inside, and 0:02:42.880 --> 0:02:46.720 they're not following the same careful behavior they did before. 0:02:47.320 --> 0:02:49.799 One thing we now know is that restaurants and bars 0:02:49.840 --> 0:02:51.919 are really dangerous because you're with a lot of people 0:02:52.400 --> 0:02:54.480 and you don't have your mask on. If you're drinking, 0:02:54.639 --> 0:02:57.240 can't drink through your mask, you can't eat through your mask. 0:02:57.760 --> 0:03:00.480 And so it's not too much being outside of crowds 0:03:00.560 --> 0:03:03.680 is being inside and I think that's what could be 0:03:03.800 --> 0:03:05.960 driving in now that isn't the only thing that drives it, 0:03:06.040 --> 0:03:09.240 because we're all surprised last summer when we saw this 0:03:09.400 --> 0:03:14.280 enormous bump in the summer which came from people missing. 0:03:14.480 --> 0:03:17.120 But then when it gets too hot, people stay inside 0:03:17.320 --> 0:03:21.280 to stay cool. So it's really our gregarious nature trying 0:03:21.320 --> 0:03:25.639 to get together, loving to be together, sharing foods, sharing conversation, 0:03:26.000 --> 0:03:28.800 which is a big problem for this disease. We know 0:03:29.040 --> 0:03:31.720 a lot more about transmission than we did before. It 0:03:31.800 --> 0:03:35.880 really gets transmitted by aerosol, small particles that hang in 0:03:35.880 --> 0:03:39.280 the air sometimes for quite a while, and these new variants, 0:03:39.280 --> 0:03:42.920 some of them are much more infectious. So um, a 0:03:42.960 --> 0:03:45.160 lot more particles are in the air, and each one 0:03:45.160 --> 0:03:48.280 of those particles is more likely to cause containing. So 0:03:48.320 --> 0:03:51.920 those are all factors. But the vaccines are the positive side. 0:03:52.080 --> 0:03:54.640 And uh, it's, as I say, quite a mixed picture 0:03:54.760 --> 0:03:57.160 right now. Listen, we love talking to you. You know, 0:03:57.240 --> 0:04:00.840 you founded Human genome Sciences. You you were founder of 0:04:00.880 --> 0:04:05.520 Harvard Medical Schools HIV and AIDS research departments. You understand 0:04:05.560 --> 0:04:10.320 this world better than most and so do you. Foresee, 0:04:10.640 --> 0:04:13.640 doctor Haseltine, that we get to a point where it's 0:04:13.680 --> 0:04:15.440 just like the flu and we take a vaccine and 0:04:15.480 --> 0:04:19.919 we go on our merry way. Or is this something different? Well, 0:04:20.279 --> 0:04:22.920 it in one sense it's going to be I think 0:04:22.960 --> 0:04:25.720 like the flu, where every year or every year and 0:04:25.760 --> 0:04:28.400 a half, we take another shot account for variants that 0:04:28.440 --> 0:04:32.400 are coming from somewhere, either our country or elsewhere. But 0:04:32.560 --> 0:04:35.520 in another sense, it's not like the flu, because from 0:04:35.520 --> 0:04:40.040 the get go it's been pretty dangerous. Uh. One two 0:04:40.080 --> 0:04:43.159 hundred people have died from of these variants. Do a 0:04:43.200 --> 0:04:47.360 couple of things that are disturbing. They kill maybe twice 0:04:47.400 --> 0:04:50.440 as many people as they did before. They kill younger 0:04:50.560 --> 0:04:55.920 people than they did before. Uh, and that's pretty worrisome. Uh. 0:04:55.960 --> 0:04:58.960 They're also, as they pointed out, more transmissible and invade 0:04:58.960 --> 0:05:02.760 our vaccines. So I think we may reach a steady state, 0:05:03.680 --> 0:05:05.960 but I hope that the steady state lower than it is. 0:05:06.000 --> 0:05:08.799 A flu that in a good year kills twenty thousand 0:05:08.800 --> 0:05:11.400 of US, a bad year kills sixty thousand of us. 0:05:11.400 --> 0:05:13.000 It could be a lot worse, So we need to 0:05:13.000 --> 0:05:15.920 do better. There is hope, though, because there are drugs 0:05:16.000 --> 0:05:19.480 coming along now that if you think you've been exposed, 0:05:19.520 --> 0:05:22.640 you'll be able. I think in the future, maybe within 0:05:22.640 --> 0:05:25.600 a year or shorter, to take a pill and prevent 0:05:25.640 --> 0:05:28.640 yourself from getting insighted. People should know that there's now 0:05:28.680 --> 0:05:31.360 a pill like that for flu, that if you've been 0:05:31.400 --> 0:05:33.760 exposed to the flu, there's a pill called a Flusa 0:05:34.160 --> 0:05:37.680 that you can take and dramatically reduce your chance. So 0:05:37.720 --> 0:05:39.680 if you're in school or your kid comes home with 0:05:39.720 --> 0:05:44.280 the flu the real fluid uh that you can reduce 0:05:44.320 --> 0:05:47.200 your chance of getting it. And I hope that within 0:05:47.279 --> 0:05:50.640 the relatively your future will have drugs like that for 0:05:51.000 --> 0:05:53.000 COVID two. Tim and I are both jumping because we 0:05:53.040 --> 0:05:54.960 have a million questions for you. Just one quick one 0:05:54.960 --> 0:05:56.279 because then we have to take a break, but in 0:05:56.320 --> 0:05:59.799 forty seconds, so then you know we're finding out madernaur 0:06:00.040 --> 0:06:04.280 fisor how long they these vaccines keep working. But you know, 0:06:04.320 --> 0:06:07.040 I think there's a headline earlier Moderna's COVID ninteen vaccine 0:06:07.080 --> 0:06:09.560 keeps working past six months. I mean knowing this is 0:06:09.600 --> 0:06:12.480 really crucial right now to understand how safe we're going 0:06:12.480 --> 0:06:13.960 to be kept, at least for the time being. And 0:06:14.000 --> 0:06:18.000 just got about thirty seconds. Well, it is very good 0:06:18.040 --> 0:06:21.919 news that those two vaccines you mentioned, Fiser Macderna. It 0:06:21.960 --> 0:06:24.760 seems to be very effective at six months and maybe 0:06:24.760 --> 0:06:27.360 even nine months. I don't think any of us expecting 0:06:27.440 --> 0:06:30.680 to be effective as long as the polio vaccines for 0:06:30.760 --> 0:06:34.279 many years. But that is very good news. Now, depending 0:06:34.360 --> 0:06:37.039 what vaccine you get, you'll have a different length of 0:06:37.120 --> 0:06:41.919 time the best so far as moderna adviser. Hey, but 0:06:42.520 --> 0:06:45.320 they all are healthy. Let's get right back to Dr 0:06:45.360 --> 0:06:49.080 William Haseltein, chairman and president of Access Health International, also 0:06:49.120 --> 0:06:51.920 the author, among many other things, of my lifelong fight 0:06:51.960 --> 0:06:55.320 against disease from polio and AIDS to COVID nineteen. He 0:06:55.400 --> 0:06:59.120 joins us now again on the phone from Connecticut. Dr Haselteen, 0:06:59.440 --> 0:07:01.280 you said some thing before the break that I wanted 0:07:01.320 --> 0:07:03.400 to make sure I understood. It was with regard to 0:07:03.520 --> 0:07:08.120 variance and vaccine. We continue to get news about the 0:07:08.200 --> 0:07:11.720 durability of this vaccine and also how it does in 0:07:11.760 --> 0:07:14.640 the face of variance. So far as have you seen 0:07:14.680 --> 0:07:17.760 anything that raises any red flags about the mutations of 0:07:17.800 --> 0:07:20.760 the virus being able to get past these vaccines that 0:07:20.760 --> 0:07:25.600 are available for emergence use authorization? Now? Uh, You asked 0:07:25.600 --> 0:07:27.640 the question in very specific ways, so I'll give you 0:07:27.680 --> 0:07:31.320 a specific answer. The ask resentic A vaccine was ten 0:07:31.360 --> 0:07:36.160 percent effective against the South Africans variants in South Africa 0:07:36.480 --> 0:07:39.760 in a real test and means nine percent of the 0:07:39.800 --> 0:07:42.800 time and didn't work. Other vaccines have been much more 0:07:42.800 --> 0:07:47.120 successful against other variants, including the South African variant. I 0:07:47.160 --> 0:07:49.280 think if you really look at it, it depends upon 0:07:49.720 --> 0:07:54.120 how good the initial response is. If the initial response 0:07:54.160 --> 0:07:56.960 is very strong, it will last longer and protect against 0:07:56.960 --> 0:08:01.040 more variants. Over time, it will be crease both in 0:08:01.080 --> 0:08:05.640 its protection against the original variant and increase decrease a 0:08:05.640 --> 0:08:08.600 little bit faster against the other variants. Now, not all 0:08:08.680 --> 0:08:14.120 variants are created equally. Some are more resistant in musialization 0:08:14.560 --> 0:08:18.440 or protection than or others. So and every day goes on, 0:08:18.560 --> 0:08:20.680 we see new variants. She has yesterday they were new 0:08:20.720 --> 0:08:24.680 variants reported out of California that they have originated in India. 0:08:25.280 --> 0:08:29.280 So it's a very complicated picture that I think that 0:08:29.320 --> 0:08:33.800 means that even uh, if we don't have new vaccines 0:08:33.880 --> 0:08:37.199 as likely will be boosted. Within the next year to 0:08:37.480 --> 0:08:40.720 eighteen months. Everybody will be suggested to be boosted to 0:08:40.800 --> 0:08:44.199 protect ourselves against these make sure we have the highest 0:08:44.200 --> 0:08:48.440 possible line of body protection. That is achievable. And so 0:08:48.520 --> 0:08:52.000 I understand this correctly that doctor has latina. As these 0:08:52.080 --> 0:08:55.400 variants come, as long as we just keep tweaking the 0:08:55.440 --> 0:08:58.800 existing vaccine, that they will be able to be tweaked 0:08:59.280 --> 0:09:01.720 pretty quickly so that we can keep up with the variance. 0:09:01.760 --> 0:09:06.199 Is that correct? In my very low tang low science explanation, 0:09:07.559 --> 0:09:12.520 the absolute point, we get a flu vaccine every year 0:09:12.800 --> 0:09:17.520 against variants of flu. It isn't a hundred push on protective, 0:09:17.640 --> 0:09:21.120 but it is good and it protects both against getting 0:09:21.120 --> 0:09:24.520 infected and more importantly, getting sick. And I think most 0:09:24.559 --> 0:09:26.920 of us care about you know, we can put up 0:09:26.920 --> 0:09:29.199 with a cold, we can't put up with being hospitalized. 0:09:29.640 --> 0:09:33.360 And so it's very likely that we'll be able to 0:09:33.559 --> 0:09:38.040 keep abreast of this infection and the variance. But we'll 0:09:38.040 --> 0:09:40.240 have to keep on our tubes, and we have to 0:09:40.280 --> 0:09:43.160 be prepared for some nasty variant to come along that 0:09:43.240 --> 0:09:45.560 we're gonna have to respond to very quickly, but which 0:09:45.559 --> 0:09:48.360 we're not prepared. It's gonna be a very complex feature. 0:09:48.800 --> 0:09:51.199 So does that Does that mean that we are going 0:09:51.240 --> 0:09:53.880 to have some sort of permanent infrastructure in place to 0:09:54.120 --> 0:09:58.880 rapidly deploy shots to large numbers of people it does. 0:09:59.520 --> 0:10:01.839 Uh think that's a very good conclusion. But I'll give 0:10:01.880 --> 0:10:04.199 you one ray of hope, and that is there are 0:10:04.280 --> 0:10:07.920 some gentlemans and vaccines that have developed that might be 0:10:08.040 --> 0:10:11.760 protective against many many variants, not just a few. So 0:10:11.840 --> 0:10:15.320 the third generation of vaccines that are currently in early 0:10:15.400 --> 0:10:19.080 stages of tests may give us some hope. If we 0:10:19.160 --> 0:10:22.440 combine that with the anti viral drugs, we maybe have 0:10:22.559 --> 0:10:27.040 a solution to continue life nearly as normal. And at 0:10:27.040 --> 0:10:29.280 the same time, since this is your world and you 0:10:29.559 --> 0:10:32.479 and you are in touch with these networks of individuals 0:10:32.480 --> 0:10:35.400 and institutions, we need to be also though, getting ready 0:10:35.440 --> 0:10:38.520 for the next virus. Right we've already I you know, 0:10:38.600 --> 0:10:41.480 there's those virus hunters out there that have identified them 0:10:41.520 --> 0:10:44.520 that if we start working on kind of preliminary vaccines, 0:10:44.559 --> 0:10:46.160 will be in much better shape. We need to be 0:10:46.200 --> 0:10:49.360 thinking about that. And just got about forty seconds. I 0:10:49.760 --> 0:10:53.080 think one of the long term benefits of this disaster 0:10:53.240 --> 0:10:56.079 that's befallen us because we all know that it's not 0:10:56.120 --> 0:10:58.439 just a matter of lives that are lost, it's economies 0:10:58.440 --> 0:11:01.439 that are lost to and that means there's everybody got 0:11:01.440 --> 0:11:04.120 to pulled behind trying to understand how to prevent this 0:11:04.160 --> 0:11:06.920 from ever happening again. You know, a lot of us 0:11:06.960 --> 0:11:08.880 have been crying in the dark that we have to 0:11:08.920 --> 0:11:11.040 be prepared, not being listened to. I think from now 0:11:11.080 --> 0:11:13.080 on we're going to be listened to a lot more, 0:11:13.320 --> 0:11:16.040 and we will be prepared more than we were this time. 0:11:16.640 --> 0:11:19.720 Fingers crossed on that, elbows crossed. Everything crossed on that 0:11:19.800 --> 0:11:21.640 because I would like to be. I think the whole 0:11:21.640 --> 0:11:24.440 world hopes to be better prepared. Um. Dr Hazeltine, thank 0:11:24.480 --> 0:11:26.240 you so much. You always find time for us, and 0:11:26.280 --> 0:11:29.199 we really appreciate it. Dr William hazelteen Sherman, President of 0:11:29.240 --> 0:11:33.240 Access Health International. He founded Human Genome Sciences. He's got 0:11:33.240 --> 0:11:36.680 several books out, including My Lifelong Fight against Disease, and 0:11:36.679 --> 0:11:38.800 he's got a new book, ATHLETs about variance, the shape 0:11:38.800 --> 0:11:42.240 shifting challenge of COVID nineteen. Joining us once again here 0:11:42.520 --> 0:11:51.080 from Connecticut. You're listening to Bloomberg Business Week with Carol 0:11:51.160 --> 0:11:56.400 Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, 0:11:56.440 --> 0:11:58.679 someone we like to turn to on everything from trade 0:11:58.679 --> 0:12:01.400 and politics to Wall Street, you'making and more is Stephan 0:12:01.480 --> 0:12:04.359 se Lick. He is managing partner at Bridge Park Advisors, 0:12:04.440 --> 0:12:08.160 chairman of Rotor. He's former Undersecretary of Commerce for International 0:12:08.160 --> 0:12:10.040 Trade at the U S Department of Commerce. That was 0:12:10.120 --> 0:12:13.360 during the Obama administration. He is back with us on 0:12:13.400 --> 0:12:16.439 the phone from Long Island. Uh. Stephens, So nice to 0:12:16.480 --> 0:12:20.720 have you here with Tim and myself. How are you great, Carol? 0:12:20.760 --> 0:12:24.040 Thanks for having me back. So you've been busy. Got 0:12:24.040 --> 0:12:25.720 to talk to you about a story on the Bloomberg 0:12:25.800 --> 0:12:29.640 today about Sarkos Robotics planning to go public through a 0:12:29.640 --> 0:12:32.520 reverse merger with a blank check company. I think you're 0:12:32.520 --> 0:12:35.600 familiar with it, Rotor. Uh, your chairman of Rotor. Why 0:12:35.960 --> 0:12:39.800 tell us about this and why? Sarcos so um Rotor 0:12:39.840 --> 0:12:43.080 Acquisition is a company that we formed at the beginning 0:12:43.160 --> 0:12:45.880 of the year. I have two partners, Brian Finn, who's 0:12:45.920 --> 0:12:50.000 the former president of Credit Suite in the US who 0:12:50.000 --> 0:12:53.480 I've known since and John Howard, who's a storied private 0:12:53.480 --> 0:12:56.840 equity investor, was the CEO and founder of the merchant 0:12:56.880 --> 0:12:59.960 banking business at bear Stearns. And we raised two seventy 0:13:00.040 --> 0:13:04.720 six million dollars to do a deal um where for 0:13:04.880 --> 0:13:08.520 a company that was going to be positively impacted by 0:13:08.880 --> 0:13:12.640 innovation and technology to transform what historically had been an 0:13:12.640 --> 0:13:16.760 old economy business, and we identified Sarcos Robotics, which is 0:13:16.800 --> 0:13:21.480 a leader in highly dexterous mobile industrial robotics systems that 0:13:22.679 --> 0:13:26.360 enables the workforce of the future with solutions that enhance 0:13:26.440 --> 0:13:31.640 productivity and reduce operational injuries and equalize employment opportunities for 0:13:31.720 --> 0:13:35.480 jobs around the world that did not otherwise lend themselves automation. 0:13:35.640 --> 0:13:40.200 So we are extraordinarily excited about this opportunity, um uh, 0:13:40.200 --> 0:13:42.360 and to present it to our share old I mean 0:13:42.480 --> 0:13:45.080 I'm looking at a picture of the Sarcos Robotics Guardian 0:13:45.120 --> 0:13:48.040 Exo Exo skeleton and it looks like an exo skeleton, 0:13:48.080 --> 0:13:52.080 like something out of a superhero movie. Yeah it does. 0:13:52.320 --> 0:13:54.720 I mean, this is something that is designed to help 0:13:54.760 --> 0:14:00.280 people lift heavy objects, right, yes. Um What's important him 0:14:00.360 --> 0:14:04.120 is it's not designed to replace humans like a number 0:14:04.160 --> 0:14:07.560 of the robots you see and in automotive factories and 0:14:07.600 --> 0:14:11.720 in other applications, but rather to augment humans. And as 0:14:11.800 --> 0:14:17.240 a result of that, the technology has been um extraordinarily 0:14:17.280 --> 0:14:22.920 well received by commercial and military customers alike. For some 0:14:22.960 --> 0:14:26.240 of the reasons, I suggested, what is the process of 0:14:26.400 --> 0:14:31.160 identifying a company like Sarcos Robotics when you have this 0:14:31.320 --> 0:14:34.520 criteria that you use for identifying the type of company 0:14:34.720 --> 0:14:38.720 that you want to acquire through a spect Well, you know, 0:14:39.200 --> 0:14:41.840 we came together, the three of us UM with a 0:14:41.960 --> 0:14:46.680 hundred years of law street experience and broad in deep 0:14:46.720 --> 0:14:51.280 relationships and UM. One of those relationships with two of 0:14:51.320 --> 0:14:55.000 my partners was with Sarkos, and frankly, we think that's 0:14:55.000 --> 0:14:58.640 what differentiates some of the SPAC sponsors from others as 0:14:58.680 --> 0:15:03.920 this capital markets tool has continued to evolve, UM and Frankly, UM, 0:15:03.960 --> 0:15:07.840 what we think differentiates us UM is not only our 0:15:07.880 --> 0:15:13.400 ability to UM negotiate attractive acquisitions UM, but to identify 0:15:14.080 --> 0:15:18.480 proprietary opportunities based on that network. Well, and I guess 0:15:18.560 --> 0:15:20.480 you know the question is because and we'll talk a 0:15:20.600 --> 0:15:23.400 bit more broadly about SPACs UM, Stephen, but did you 0:15:23.400 --> 0:15:25.640 guys think about a lot of other companies or look 0:15:25.640 --> 0:15:28.480 at a lot of other companies or I'm just curious 0:15:28.520 --> 0:15:33.480 about the process. Yeah, Well, UM, Sarcos had engaged to 0:15:33.640 --> 0:15:37.640 financial advisors to run a process which roughly coincide with 0:15:37.800 --> 0:15:41.120 when our SPACK was raised, So we were kind of 0:15:41.160 --> 0:15:44.920 thrown into the suit. So to speak UM early UM 0:15:45.280 --> 0:15:49.920 UH in UM in our time frame for identifying a target, 0:15:50.040 --> 0:15:53.360 so UM we had the opportunity to look at UM 0:15:53.440 --> 0:15:58.120 a number of opportunities UM. But once the Sarko opportunity 0:15:58.200 --> 0:16:02.920 became actionable because of their own deliberations and process that 0:16:03.000 --> 0:16:08.080 they're board decided on, we frankly jumped on this is 0:16:08.120 --> 0:16:10.560 I'm just looking at pictures of of what's available on 0:16:10.600 --> 0:16:14.800 the market for this. UM. Just talk briefly about the 0:16:15.160 --> 0:16:17.440 go to market strategy with with how you're thinking about 0:16:17.440 --> 0:16:21.840 getting this to companies. It seems like right now the 0:16:22.240 --> 0:16:24.360 cost is really high. You're going to lease it or 0:16:24.400 --> 0:16:26.600 the company I should say Sarcos Robotics will lease it 0:16:26.920 --> 0:16:30.440 FO dollars a year. Uh, and then eventually the cost 0:16:30.520 --> 0:16:33.760 is going is expected to get lower. Yeah, I mean 0:16:33.840 --> 0:16:36.440 the cost to manufacturer will go down dramatically as we 0:16:36.520 --> 0:16:38.760 start to get to scale. The cost that you're referring 0:16:38.800 --> 0:16:40.880 to tim anw or high only because we're in the 0:16:40.960 --> 0:16:44.400 kind of alpha data UM production stages. So we're doing 0:16:44.400 --> 0:16:48.000 that ourselves as opposed to the global contract manufacturers that 0:16:48.040 --> 0:16:51.760 we will utilize UM once we get the scale. But UM, 0:16:52.360 --> 0:16:56.040 your intuition is actually the opposite of what we believe 0:16:56.080 --> 0:16:59.400 to be the case, which is this will make UM 0:17:00.440 --> 0:17:07.600 production and manufacturing and UM decreased costs for our for 0:17:07.640 --> 0:17:11.239 our customers because it will allow one worker to do 0:17:11.320 --> 0:17:14.800 what to three or four workers can do without this 0:17:15.000 --> 0:17:18.800 UM without this technology, So just think about it. UM, 0:17:18.840 --> 0:17:22.359 A normal worker guidelines are you shouldn't be listening lifting 0:17:22.400 --> 0:17:24.719 stuff that's more than thirty pounds, and when you have 0:17:24.760 --> 0:17:27.119 to list something that's more than more than thirty pounds, 0:17:27.200 --> 0:17:30.320 that means you need to three or four workers. Where 0:17:30.440 --> 0:17:33.879 Here UM you can use the exoskeleton can lift up 0:17:33.920 --> 0:17:37.040 to two hundred pounds and frankly feel like you're lifting 0:17:37.080 --> 0:17:40.760 just five pounds UM. And as a result of that UM, 0:17:40.800 --> 0:17:44.800 the cost benefits to UM, UH, the cost benefits to 0:17:45.400 --> 0:17:49.560 our potential customers are significant. Let alone the benefits around 0:17:49.840 --> 0:17:53.719 worker safety UM. The amount of productivity that is lost 0:17:53.760 --> 0:17:57.920 in the global economy because of workplace injuries are just extraordinary. 0:17:58.560 --> 0:18:01.000 I do also wonder to UM stuff and if it 0:18:01.040 --> 0:18:04.720 allows older workers to, you know, maybe take a job 0:18:04.720 --> 0:18:06.760 that they wouldn't normally be able to because they're able 0:18:06.800 --> 0:18:08.440 to tap into this kind of equipment. And just got 0:18:08.440 --> 0:18:10.480 about thirty forty seconds, then we'll come back and talk 0:18:10.480 --> 0:18:13.800 some more. So that's exactly right, Carol. And it's not 0:18:13.880 --> 0:18:17.280 older workers taking these jobs as much as workers being 0:18:17.280 --> 0:18:20.919 able to stay on their jobs and not actually age 0:18:21.000 --> 0:18:24.439 out because of the wear and tear that their bodies 0:18:24.480 --> 0:18:27.120 will take in some of these more demanding jobs, let 0:18:27.160 --> 0:18:29.800 alone having younger people who are going to be attracted 0:18:29.840 --> 0:18:33.320 to these jobs because frankly, they're less dangerous and more 0:18:33.400 --> 0:18:37.080 interesting and more fun um, rather than just sitting in 0:18:37.119 --> 0:18:39.560 front of a screen trying to get right back to 0:18:39.560 --> 0:18:42.560 Stefan see like he is matching partner Bridge Park, Advisor's 0:18:42.600 --> 0:18:45.639 chairman of Road or former Undersecretary of Commerce for International 0:18:45.680 --> 0:18:49.200 Trade at the Commerce Department during the Aboma administration. Still 0:18:49.240 --> 0:18:51.760 with us on the phone in Long Island. Hey, just 0:18:51.840 --> 0:18:55.639 one more question on sarcos um, Stefan. I do wonder 0:18:55.920 --> 0:18:58.760 how much of the business going forward will be reliant 0:18:58.800 --> 0:19:03.760 on government contracts. It's a great question, um, Carol. We 0:19:03.840 --> 0:19:08.240 have very strong relationships with the U. S. Military. However, 0:19:08.760 --> 0:19:12.360 all of our projections that we have shared with investors 0:19:12.400 --> 0:19:19.040 are one dependent on UH commercial relationships, um, and not 0:19:19.200 --> 0:19:23.640 dependent on government contracts because frankly, government contracts are are 0:19:24.080 --> 0:19:29.240 far less certain, um uh and subject to much more variability. 0:19:29.359 --> 0:19:33.320 And so we really built a business plan around commercial applications. 0:19:33.359 --> 0:19:36.720 Although we think there's going to be tons of military 0:19:36.760 --> 0:19:39.320 and other government uses for the products. Well, look forward 0:19:39.359 --> 0:19:41.439 to hearing more in the future too. As you guys 0:19:41.640 --> 0:19:44.560 m continue along, I do have one bigger, broader question 0:19:44.600 --> 0:19:47.000 stuff and when it comes to SPACs, there are so 0:19:47.040 --> 0:19:50.080 many out there. There's a lot um that haven't put 0:19:50.119 --> 0:19:52.080 any money to work or trading for less than the 0:19:52.080 --> 0:19:55.159 cash that they raised in their public offerings. Do you 0:19:55.240 --> 0:19:57.679 think ultimately that there will be many of these SPACs 0:19:57.680 --> 0:20:02.520 that go nowhere that will ultimately be liquidated. Um. You know, Look, Carol, 0:20:02.720 --> 0:20:04.960 I think that's hard to say. On the one hand, 0:20:05.000 --> 0:20:07.119 on the other hand, I think for sure you're going 0:20:07.160 --> 0:20:10.240 to see a continued evolution and maturation in this spack 0:20:10.280 --> 0:20:15.440 market um with you know, more accomplished, more experienced sponsors 0:20:15.480 --> 0:20:19.960 replacing frankly those folks that have been more entrepreneurial historically, 0:20:20.320 --> 0:20:23.480 and frankly a better set of underwriters that are using 0:20:23.560 --> 0:20:27.520 would use more stringent standards to select sponsors to raise 0:20:27.600 --> 0:20:30.240 this capital. I think you've seen that in all kind 0:20:30.280 --> 0:20:33.119 of capital markets innovations over the years, and I wouldn't 0:20:33.160 --> 0:20:36.119 be surprised to see that happening with SPACs on the 0:20:36.160 --> 0:20:38.200 one hand. On the other hand, I don't think this 0:20:38.320 --> 0:20:40.919 capital markets tool is going to go away, and I 0:20:40.960 --> 0:20:44.359 think it will have a permanent place in UM the 0:20:44.480 --> 0:20:47.960 landscape for companies looking to companies at a certain stage 0:20:47.960 --> 0:20:52.000 of their lifestyle looking to raise external capital. Hey, Stephen, 0:20:52.080 --> 0:20:53.680 I want to talk trade with you, because of course 0:20:53.680 --> 0:20:57.200 you were former Under Secretary of Commerce for International Trader 0:20:57.320 --> 0:20:59.720 are former undersecret Commerce for International Trade at the U 0:20:59.760 --> 0:21:03.239 S depart enough Commerce during the Obama administration. We are 0:21:03.280 --> 0:21:05.159 still in a trade war with China right now. I 0:21:05.200 --> 0:21:09.439 think a lot of people forget that. Um, how do 0:21:09.520 --> 0:21:12.240 we get past this and into the what is the 0:21:12.359 --> 0:21:15.480 sort of next relationship or phase of the relationship with 0:21:15.560 --> 0:21:19.119 China look like? You know, I'm not sure Kim, we 0:21:19.200 --> 0:21:22.560 do get past it. Um. I remember telling Carol, Um, 0:21:22.880 --> 0:21:24.880 you know a few months ago that you know, it's 0:21:24.920 --> 0:21:27.520 almost kind of like we're in a challenged marriage with 0:21:27.600 --> 0:21:30.600 China and we're kind of forced to live together because 0:21:30.680 --> 0:21:33.439 of the kids. And I think, frankly that continues to 0:21:33.440 --> 0:21:36.640 be the analogy and our relations you know, I think 0:21:36.640 --> 0:21:41.040 are going to continue to remain fraught. Um, the tone 0:21:41.080 --> 0:21:44.000 may change or will change under the Biden administration and 0:21:44.119 --> 0:21:47.119 clearly will be less belligerent. I think clearly as a 0:21:47.280 --> 0:21:50.520 tactical matter, we're likely to coordinate much more of our 0:21:50.600 --> 0:21:53.919 friends and allies. But I don't think the fundamental underpinning 0:21:53.960 --> 0:21:56.560 of these tensions is going to go away anytime soon. 0:21:57.000 --> 0:21:58.800 So let me ask you. I love that, I do 0:21:58.920 --> 0:22:01.000 remember that. I think it made us chuckle when you 0:22:01.080 --> 0:22:02.639 said it. But this whole idea of being forced to 0:22:02.680 --> 0:22:04.879 live live together because of the kids, who's going to 0:22:04.960 --> 0:22:07.240 have the better house, China or the United States? I 0:22:07.320 --> 0:22:11.000 asked that because of the infrastructure spend that President Biden 0:22:11.080 --> 0:22:13.680 is now trying to do. Stephan, we had a great 0:22:13.680 --> 0:22:16.879 conversation with our Andy Brown of Bloomberg New Economy that 0:22:16.960 --> 0:22:19.720 the whole idea of you can't fight, you know, the 0:22:19.760 --> 0:22:22.640 way we used to fight with our with maybe our foes, 0:22:22.680 --> 0:22:27.600 that modern weapons weaponry now is really about um improving, 0:22:27.880 --> 0:22:30.320 you know, your economy. That's how you fight kind of 0:22:30.440 --> 0:22:33.720