Speaker 1: This is Bloomberg Business Week. I'm Carole Masser and I'm
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Speaker 1: Whitehouse correspondent Josh wynd Grove. He's on the phone from Washington,
Speaker 1: d C. Because you know, Josh, we do need to
Speaker 1: look forward a new era, as it is always with
Speaker 1: a new president in Washington. But I do wonder about
Speaker 1: the old division. How much of that sticks around? Yeah,
Speaker 1: I mean this is the whole pillar of Biden's speech today.
Speaker 1: If you notice that normally inaugural addresses cast forward a
Speaker 1: little bit to what people want to do with the president. See,
Speaker 1: you kind of ditched the whole policy side of it
Speaker 1: and talked all about unity, the need to uh, you know,
Speaker 1: kind of tack down the temperature a little bit, saying
Speaker 1: that politics doesn't always have to be a raging fire.
Speaker 1: He didn't name Trump specifically, but it was just a
Speaker 1: clear repudiation of what he believes Trump's legacy to be. So,
Speaker 1: you know, Biden believes at least it is possible. He
Speaker 1: did acknowledge that might sound a little naive. He tried
Speaker 1: to point to Vice President Harris is evidence that, you
Speaker 1: know anything, it's possible. Of course, historic moment for the
Speaker 1: US to see her sworn in. Uh So you know,
Speaker 1: this is where where he's trying to go. It's gonna
Speaker 1: Rubbert is gonna hit road real quick. I mean, they
Speaker 1: have disputes in the Senate, they have disputes over how
Speaker 1: quickly they can confirm their cabinet. And of course that
Speaker 1: COVID bill is just going to be front and center.
Speaker 1: Bi didn't want something yesterday basically, and it's not clear
Speaker 1: what Republicans have an appetite for. Yeah, and it's not
Speaker 1: just the COVID bill. I mean, millions of Americans woke
Speaker 1: up earlier this morning, Josh, to to find that the
Speaker 1: President Biden. That is, um would sign executive orders to
Speaker 1: swiftly unwind Trump policies on immigration, on health. Um, take
Speaker 1: us through the big ones here. Yeah, and we're going
Speaker 1: to see I think some of these go forward. Uh,
Speaker 1: you know, in the coming days will be imagine a
Speaker 1: batch or at least they've signals that'll be a batch
Speaker 1: of stuff every day. You know, these infecutive actions like
Speaker 1: some of them. Some of the things you're doing today
Speaker 1: are pretty standard. You're gonna rejoin the w h oh,
Speaker 1: they're going to rejoin the Paris Climate Agreement. He's going
Speaker 1: to issue a mask mandates so on interstate travel, in
Speaker 1: other words, federal turf, you've got to wear a mask,
Speaker 1: and in several buildings you got to wear a mask.
Speaker 1: But you know, executive orders Trump loved them. But the
Speaker 1: real downside of them is that, you know, as easy
Speaker 1: as they are for a president do flick of a pen,
Speaker 1: they often don't have a lot of teeth behind them.
Speaker 1: And so Congress really is the gatekeeper on a lot
Speaker 1: of things, in particular of course, stuff that requires money,
Speaker 1: and vaccines require money, and testing requires money. So a
Speaker 1: lot of his goals, pticularly early on, are really going
Speaker 1: to be subject of seeing what gets done in Congress.
Speaker 1: Jen Psaki, who is his White House Press secretary, of course,
Speaker 1: as about two and a half hours ago, uh said
Speaker 1: this morning on CNN, she was asked, listen, is it
Speaker 1: fair to say that stopping the pandemic is his number
Speaker 1: one concern? And she said, yes, that is their you know,
Speaker 1: it's interesting. And for those who are watching on YouTube,
Speaker 1: our YouTube channel, Uh, you know, the president Uh and
Speaker 1: the vice president and former President Obama, George W. Bush
Speaker 1: and Clinton, along with their spouses, they are at Arlington
Speaker 1: National Cemetery at the tomb of the Unknown Soldier. They
Speaker 1: will lay a wreath there. Uh. And that's the visual
Speaker 1: that we've got at this hour. But I'm looking at,
Speaker 1: you know, past administrations, and we had a financial crisis
Speaker 1: that two of them had to deal with. UM, we
Speaker 1: had healthcare overhaul. We've had some really big agendas. But
Speaker 1: I look at the agenda, Josh, that is facing this
Speaker 1: current president. It is, as you just laid out, a
Speaker 1: massive one, a costly one. And even though he will
Speaker 1: not be the Senate Majority leader, the new Senate Minority Leader,
Speaker 1: Mitch McConnell will play a crucial role. Will he be
Speaker 1: more collaborative. I'm collaborative is a strong word. He he.
Speaker 1: He believes that there should be a power sharing type
Speaker 1: of agreement, which has been done in the past when
Speaker 1: the Senate has had a fifty fifty split. Now it's
Speaker 1: been quite some time since that was the case. And
Speaker 1: in the meantime, a lot of Democrats think that Mitch
Speaker 1: McConnell played such hardball when he was a majority leader
Speaker 1: that they believe he's almost forfeit the right to ask
Speaker 1: them for a penny, let alone a buck, you know.
Speaker 1: So I think that there will be a lot of
Speaker 1: opposition to that. Now, this will be one of the
Speaker 1: things I think we're Biden's belief that there could be
Speaker 1: a bipartisan era still in Washington will will come to
Speaker 1: the four If Biden sort of asks or gives his
Speaker 1: blessing to Chuck Schumer to, you know, actually try and
Speaker 1: cooperate with McConnell, that might that then that might be
Speaker 1: where they go. But there will be pressure, certainly in
Speaker 1: the Democratic Party to just abs really go hard to
Speaker 1: the wall and keep box McConnell out of anything, so
Speaker 1: that that's that's a there's a rub right now on
Speaker 1: that one. Look, all of this Josh is happening as
Speaker 1: as Trump, who's no longer president, is facing trial in
Speaker 1: the Senate for for impeachment. UM explain the backdrop here
Speaker 1: how Democrats can push forward this message of unity well
Speaker 1: also at the same time trying the next president. Yeah,
Speaker 1: I mean, first of all, it's very unclear how this
Speaker 1: is going to proceed. Nancy Pelosi is saying should hand
Speaker 1: over the article soon, it's not clear that she's not
Speaker 1: going to sit on them for a while, which could
Speaker 1: so drag things out. And it's very unclear that there
Speaker 1: would be enough votes to convict the president. In fact,
Speaker 1: the team is pretty clear that there are not enough
Speaker 1: votes to convict the president. And the longer he's out
Speaker 1: of office, you have to think the longer the temperature
Speaker 1: comes down. Well, look, even with what McConnell said yesterday,
Speaker 1: he said that the mob attack on the Capitol was
Speaker 1: quote provoked, and he'd be kind of condemned it in
Speaker 1: the most no uncertain terms he did, But I I mean,
Speaker 1: I suppose that depends who shows up. But I have
Speaker 1: a hard time thinking that two thirds of people president,
Speaker 1: in other words, up to seventeen Republicans would vote to
Speaker 1: commit a Rod to convict the president on his impeachment charge.
Speaker 1: I have been wrong before. It's still Donald Trump's Washington
Speaker 1: in some ways, so anything is possible. But I think
Speaker 1: right now Biden is made clear that his number one
Speaker 1: priority is not an impeachment of Donald Trump. It's this
Speaker 1: COVID package. And remember, the numbers just are alarming. Across
Speaker 1: the board. The vaccine role has been sluggish, and Biden
Speaker 1: has been saying, we are in for a long winter
Speaker 1: and it's going to get worse before it gets better. Right,
Speaker 1: Let's not forget. You know, we're focusing on politics, and
Speaker 1: we've focused on politics a lot over the last couple
Speaker 1: of weeks, understandably. But at the same time, those virus numbers,
Speaker 1: as Josh said, um continue to astound, and you know,
Speaker 1: we go through them, and we took through them every
Speaker 1: day here at Bloomberg. But it is certainly worsome and
Speaker 1: that will be obviously top of his mind, top of
Speaker 1: his gender. Uh. The new incoming president, and it does
Speaker 1: look like for those listening on radio, watching on our
Speaker 1: YouTube channel, the president, the new president, Biden, the Vice President,
Speaker 1: Kamala Harris, Uh, they and their spouses I believe are
Speaker 1: headed towards the tomb of the unknown Soldier to lay
Speaker 1: a wreath there, and they're there along with the past presidents.
Speaker 1: This is Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes. Tim Stinovic from Bloomberg Radio. Let's not forget
Speaker 1: that the big problem facing this country right now is
Speaker 1: getting the pandemic under control. If you're out there in
Speaker 1: the West Coast, if you're out there in the l
Speaker 1: A area specifically, you know you're seeing this firsthand. They're
Speaker 1: seeing the crisis at its peak like we saw last
Speaker 1: spring here in New York City, and you know this
Speaker 1: is crucial to getting this under control. We've talked about
Speaker 1: the problems with rolling out the vaccines, uh and as
Speaker 1: we've opened up kind of this pigot when it comes
Speaker 1: to who can get it. Now we're seeing supply constraints
Speaker 1: or logistical constraints, and this will be top of mind
Speaker 1: and something that the President and his team will have
Speaker 1: to deal with because this is necessary and crucial in
Speaker 1: order for us to reopen our economy. We got glimmers
Speaker 1: of it over last summer, right when it eased back
Speaker 1: here and we started to see life come back a
Speaker 1: little bit, but then of course fall hit and the
Speaker 1: cold weather hit, and we just it wasn't eradicated. So
Speaker 1: we know we need um, really the mass mass amount
Speaker 1: of the population to get the vaccine in order for
Speaker 1: us to hit her immunity. And Biden has ambitious goals
Speaker 1: a hundred million in the first day of a million
Speaker 1: a day. Yeah, so listen, this, uh, following, all of
Speaker 1: this will go to our team in d C. And
Speaker 1: that incrudes are Amanda Coulson Hurley. She's politics editor at
Speaker 1: Bloomberg business Week. She and her team at the magazine
Speaker 1: will be tracking uh, this new president and his initiatives
Speaker 1: and his agenda. She joins us, by the way, on
Speaker 1: the phone from Washington, d C. Joe Webber is also
Speaker 1: with us, editor of Bloomberg business Week, on the remote
Speaker 1: access from Brooklyn. As we said, and as we said
Speaker 1: four years ago, Joel, it's a new political era. It's
Speaker 1: a new individual at the White House, and that means
Speaker 1: a new agenda, a new agenda, that's right, and you know,
Speaker 1: it all kind of gets started now. And one of
Speaker 1: the things that when we're wrestling with in this issue
Speaker 1: of the magazine is which is our annual the year
Speaker 1: ahead issue is obviously all of the big themes that
Speaker 1: we can expect to be talking about, and and Biden
Speaker 1: and the US government is going to be first and
Speaker 1: foremost on our minds. UM. And that obviously brings us
Speaker 1: to Amanda, who there's a forthcoming story that I thought
Speaker 1: was really well done about UM what we can expect
Speaker 1: from from Biden at the outset here? UM, So a
Speaker 1: little sneak peek from this forthcoming issue, UM, what are
Speaker 1: what are the advantages that Biden inherents and what are
Speaker 1: some of the limitations that that we expect him to
Speaker 1: encounter UM as he attempts, UM to to govern here. Amanda, Yeah, well, UM,
Speaker 1: I think uh Biden is very fortunate in having a
Speaker 1: democratic price ector, right. So, and that is something of
Speaker 1: a surprise, I think UM. Before the Georgia runoffs on
Speaker 1: January five, it was sort of expected that the Republicans
Speaker 1: would hold on to the Senate UM, and that there,
Speaker 1: you know, he would be kind of limited in what
Speaker 1: he could do. But with UM, with the surprise, somewhat
Speaker 1: surprise wins of the Democratic candidates in those runoffs, UM,
Speaker 1: the split in the Senate is now sixty fifty with
Speaker 1: Kamala Harris being the tiebreaker, which means that, um that
Speaker 1: there's more that Biden can do now. Um. So you know,
Speaker 1: he's already said that he uh, you know, unveiled this
Speaker 1: one point nine trillion dollar next round of stimulus that
Speaker 1: he's saying is that's a kind of immediate relief plan,
Speaker 1: and then he wants to do some thing kind of
Speaker 1: you know, even bigger, well not necessarily with a higher
Speaker 1: dollar amount to it, but you know, a kind of
Speaker 1: maybe kind of longer term, deeper type of stimulus afterwards.
Speaker 1: So um. Uh, you know, he has some wind in
Speaker 1: his sales now. But of course he's walking into this job,
Speaker 1: you know, with a pandemic having fiercely uh come back
Speaker 1: and you know, um, worse than ever. We just hit
Speaker 1: a you know, four hundred thousand deaths, a terrible milestone. Um,
Speaker 1: and you know, the economy is still really faltering. So um.
Speaker 1: He certainly has a very tough past for him. Uh.
Speaker 1: The president also is eager to attack climate change. This
Speaker 1: is something that he's made clear during the transition with
Speaker 1: the appointment of John Kerry as his climates are and
Speaker 1: we're seeing on our live blog right now a tweet
Speaker 1: from Gary Cohne, the former Goldman Sachs CEO former Trump advisor, saying, quote, well,
Speaker 1: the Paris Agreement may be far from perfect, it is
Speaker 1: the best available option to tackle one of the greatest
Speaker 1: issues of our time. I'm happy to see the US
Speaker 1: re entering this agreement and asserting global leadership when it
Speaker 1: comes to climate change and the environment. How are you
Speaker 1: thinking about it at Business Week and covering Biden's agenda
Speaker 1: and making sure that the US is at the forefront
Speaker 1: of this. That's a great question, and I um, Joel
Speaker 1: might have some other thoughts on it, but I think
Speaker 1: what's really interesting is UM, probably the way we cover
Speaker 1: it will reflect how I think maybe Biden and the
Speaker 1: Democrats will try to get uh, you know, major climate
Speaker 1: legislation through, which is probably packaging it as you know,
Speaker 1: some measures as a kind of infrastructural improvement UM and
Speaker 1: uh you know, research and development advances UM and the
Speaker 1: green jobs you know. UM. Biden's big climate plan I
Speaker 1: think he called it, Build Back Better is not the
Speaker 1: Green New Deal, but it has kind of some of
Speaker 1: those echoes of of looking at at climate action and
Speaker 1: at the goals of it as not not just being
Speaker 1: you know, reducing emissions at these kind of other benefits
Speaker 1: and at a sort of retooling the economy, right, and
Speaker 1: so I expect that he's going to be hitting those
Speaker 1: notes that he tries to achieve his climate goals and
Speaker 1: will be assessing, you know, what those costs and benefits
Speaker 1: you know, really are to the best of our ability,
Speaker 1: you know. I mean there's a couple other bullet points
Speaker 1: from the issue that I thought were just a great
Speaker 1: little cheat sheet, and just to kind of run through them,
Speaker 1: I think that the ones that were the most interested
Speaker 1: in for the magazine that UM will continue to hit
Speaker 1: in the days, weeks, months, years ahead. UM integration, taxes, healthcare,
Speaker 1: judicial appointments, and political investigations. UM. I want to actually
Speaker 1: just go to healthcare first because this was something that UM,
Speaker 1: you know, he Biden was involved in in the Obama legacy,
Speaker 1: and I'm interested in sort of how what we can
Speaker 1: expect on the healthcare front we think in in these
Speaker 1: next few months. And then also let's let's take the
Speaker 1: judicial appointments. Oh right, yeah, I mean judicial appointment UM
Speaker 1: is going to be an interesting one to watch, I think,
Speaker 1: as we note in the in the magazine, Uh, you know,
Speaker 1: Biden's has will be a lot smoother now, you know,
Speaker 1: with the Senate under Democratic control. Um. So you know,
Speaker 1: if one of the Supreme Court justices were to retire,
Speaker 1: there's already you know at or about maybe Stephen Brier
Speaker 1: stepping down. Um, there will not be a situation, you
Speaker 1: know where there will be a vacant seat for months
Speaker 1: and months. Uh, you know, as there was when President
Speaker 1: Obama nominated A. Marrek's Garland. Um. So uh, you know
Speaker 1: that's going to make Biden's life a lot easier going ahead. Yeah.
Speaker 1: And one thing, you know, I do wonder curious. I'm
Speaker 1: curious to Amanda about Listen, President Trump expect we're expecting
Speaker 1: him to be part of the political scene going forward.
Speaker 1: So how do you think about he's not going to
Speaker 1: be president, but how do you think about some of
Speaker 1: the coverage that might be something you need to think
Speaker 1: about include going forward, or how do you think about
Speaker 1: it at least at this point? Yeah, Well, I mean
Speaker 1: definitely he's not president anymore, and you know, the bar
Speaker 1: for what, uh you know what in the Trump universe
Speaker 1: gets covered, I think becomes that much that much higher. Right,
Speaker 1: But um, you know, he I think it is very
Speaker 1: interesting that he's he's going back to Florida and uh
Speaker 1: reportedly a number of members of his family are also
Speaker 1: looking to you know, locate to Florida, looking for property there. Um.
Speaker 1: He is reportedly thinking about building his presidential library and
Speaker 1: museum in Florida. Um. And there's also um, you know,
Speaker 1: I think some conservative media outlets that are Florida base
Speaker 1: that he if he wanted to have uh more of
Speaker 1: a media presence and megaphone, Um, he could get it there,
Speaker 1: even you know, even though he's been thrown off of
Speaker 1: a lot of social media now. But um, so I
Speaker 1: think it'll be interesting to kind of watch that potentially
Speaker 1: this kind of Trump world take route in this kind
Speaker 1: of other political establishment of Florida. Um. But well, you know,
Speaker 1: certainly be covering. Uh you know, there's still an impeachment
Speaker 1: all to come, and I think, uh, the impeachment trial,
Speaker 1: and it's after Amath might answer. I think, what what
Speaker 1: is a very big question, which is uh, you know,
Speaker 1: in the days after January six, this seems to be
Speaker 1: a huge stain on his presidency and on his allies potentially,
Speaker 1: but maybe you know, it's not going to last forever.
Speaker 1: And how bad is that going to look long term
Speaker 1: bottom line, You guys are going to be busy, no doubt. Amanda,
Speaker 1: thank you so much, really appreciate it. I know it's
Speaker 1: been a busy day for you guys. Amanda Colson Hurley,
Speaker 1: politics Editor Bloomberg Business Week from the nation's capital. Jill Webber,
Speaker 1: Editor at Bloomberg Business Week on the remote acts as
Speaker 1: you can check out more about the year ahead. Uh,
Speaker 1: you name it. When it comes to business, politics, economics,
Speaker 1: it's all in this upcoming issue. This is Bloomberg Business
Speaker 1: Week with Carol Masser and Bloomberg Quick Takes Tim Stinovik
Speaker 1: on Bloomberg Radio. So, Tim, I think it's safe to
Speaker 1: say that we've got two top stories today. Obviously the
Speaker 1: swearing in of a new president into the United States.
Speaker 1: We've covered that. The other the biggest problem that faces
Speaker 1: the Biden administration from day one, and that is the
Speaker 1: health pandemic. Yeah it is um Look, four thousand people
Speaker 1: have died in the United States as a result of
Speaker 1: the pandemic. As you and I mentioned, the economic recovery
Speaker 1: inextricably linked to the successful rollout of the vaccines. Carol,
Speaker 1: is such a shame that the vaccines were developed at
Speaker 1: record pace, but the rollout has been so bumpy and
Speaker 1: we can only hope that it gets smoother. And it's
Speaker 1: not a day where we had a story. You and
Speaker 1: I both saw it. New York City rescheduling twenty three
Speaker 1: thousand vaccine appointments due to shortages, that supply shortage. Let's
Speaker 1: get to someone who's been a go to voice for
Speaker 1: us often. He oversees the largest healthcare provider and private
Speaker 1: employer in New York State back with us as Michael Dowling,
Speaker 1: President CEO at Northwill Health. He's also author of the
Speaker 1: book Leading Through a Pandemic, The Inside story of Humanity,
Speaker 1: Innovation and lessons learned during the COVID nineteen talk about
Speaker 1: creating the playbook. As we go, he joins us on
Speaker 1: the phone once again from New Hyde Park, New York. Michael,
Speaker 1: nice to have you back. How are you and how's
Speaker 1: your team doing? Thank you so much. I'm devided to
Speaker 1: be with you. We're doing well and the team is
Speaker 1: doing well. And I've been at this, you know, COVID
Speaker 1: edition now for a long long time. But health care
Speaker 1: workers are very resilient and we're doing well and positive
Speaker 1: morale and obviously looking forward to being able to vaccinate
Speaker 1: as many as people as we possibly can now. But
Speaker 1: are you seeing shortages when it comes to access to vaccines? Yes,
Speaker 1: I mean we have we have the infrastructure is in place,
Speaker 1: which takes a couple of weeks to set up. We
Speaker 1: have multiple sites available to do vaccinations, but we don't
Speaker 1: have enough supply. And hopefully if we get the supply,
Speaker 1: and I'm hoping now with no leadership in Washington, that
Speaker 1: there will be a change there. But we can vaccinate
Speaker 1: a lot more each day if we know that we
Speaker 1: have the supply and we know when it's coming. Uh.
Speaker 1: And that's the only restriction at the moment, I mean more.
Speaker 1: Most of the other stopped up problems that maybe we
Speaker 1: may have had a month ago, three weeks ago have
Speaker 1: been resolved and today it's a matter of getting enough vaccines. Well,
Speaker 1: speaking of that, we learned earlier today the New York
Speaker 1: City has had to reschedule twenty three vaccine appointments due
Speaker 1: to a shortage. Um, what happens if somebody gets their
Speaker 1: second dose late? Well, you do have UM, I do
Speaker 1: have a couple of days of leeway here, and um,
Speaker 1: we should be doing everything possible to make sure that
Speaker 1: the people get the second doors around the tent that
Speaker 1: they're supposed to get it. So what I'm doing here
Speaker 1: and not well is that I am reserving doses for
Speaker 1: the second I'm reserving vaccines so I can guarantee the
Speaker 1: people that if they get the first doors, I will
Speaker 1: have the vaccine in place to give them the second doors. Um. Uh,
Speaker 1: that that's the way I believe they should be done,
Speaker 1: so we can guarantee when people come in that will
Speaker 1: be enough available for them to get the second doors. Um.
Speaker 1: I don't. I believe that it's the right way to
Speaker 1: do it. It's I believe the science supports it doing
Speaker 1: this way. And Uh, if you don't get the second
Speaker 1: doors at all, I don't. I don't know you have
Speaker 1: some immunity, but we don't know how long it's going
Speaker 1: to last, and we don't know how effective it's going
Speaker 1: to be. I don't think it's a transport taking Michael.
Speaker 1: You know, I'm gonna go Tom Keene on everybody for
Speaker 1: a moment. Uh, Tom Keen or we love Tom Keene
Speaker 1: of Blueberg Surveillance. Um, you run a massive hospital system,
Speaker 1: healthcare system. You can pick up the phone and call
Speaker 1: a CEO of Fightser or you know Maderna and say,
Speaker 1: what's the problem. What is the hold up in terms
Speaker 1: of getting more manufacturing of vaccines? Is that we don't
Speaker 1: have the factories? Is it that we don't have the bottles?
Speaker 1: Do we not have the needles? What is it? And
Speaker 1: what do you hear? I well, I hear that the
Speaker 1: production process is being accelerated, and we hear that there
Speaker 1: will be many more vaccines made available now in the
Speaker 1: next couple of weeks and hopefully even sooner than that.
Speaker 1: I have not spoken to any of the farmer companies
Speaker 1: directly and or personally. I believe that this point that's
Speaker 1: what the Sell government was doing and working with him
Speaker 1: closely hopefully. UM So, I don't know the exact reason
Speaker 1: why it has been a little bit so off at
Speaker 1: this point. But remember also if you go back, it's
Speaker 1: only like, you know, six weeks ago, five six weeks
Speaker 1: ago since the vaccine was made made available at the
Speaker 1: first the first time. So people have to be a
Speaker 1: little bit patient. I mean people that want instant gratification
Speaker 1: something just happens today and they want the world to
Speaker 1: be fixed tomorrow. It takes a little bit of time
Speaker 1: I'm hoping with new leadership in Washington that it will
Speaker 1: everything will be accelerated, and I hopefully we will have
Speaker 1: no vaccines by Johnson and Johnson maybe in the future,
Speaker 1: and who knows what astra zeneca and so I do
Speaker 1: think time will take care of the problem. The trouble
Speaker 1: is everybody is getting a patient and I understand this.
Speaker 1: We want this over with as quickly as we possibly can.
Speaker 1: We already once the vaccines arrive. To be fair though, um,
Speaker 1: Mike Michael, is that we knew this vaccine was coming
Speaker 1: for a long time. I mean, these were conversations I
Speaker 1: think we had with you months ago as well. And
Speaker 1: I'm not not pointing the finger at you, but I
Speaker 1: mean I think the system overall, the government overall knew
Speaker 1: that logistics and distribution we're going to be a big
Speaker 1: part of this, and I just wonder what happened. Well,
Speaker 1: I think that it wasn't thought through as well as
Speaker 1: it should have been. It was excessively micro managed. You know,
Speaker 1: you had you know, groups one groups won B one
Speaker 1: A plus and excessively Michael managed. I have felt from
Speaker 1: the very beginning where you have very large systems, systems
Speaker 1: like ours and you just give us the vaccines, you
Speaker 1: give us general guidelines, and then you get out of
Speaker 1: the way. But it was a little bit overly bureaucraticized. UM.
Speaker 1: And hopefully we're learning from that. UM. But we are
Speaker 1: where we are at the moment. You know, you can't
Speaker 1: go back and don't do what happened a month ago,
Speaker 1: up three months ago. We are where we are. We
Speaker 1: are ready to go. We are vaccinating. UM. I've vaccinated
Speaker 1: about forty three thousand employees and about twenty thousand people
Speaker 1: in the community, and we're now doing second doses. And
Speaker 1: I've opened up about twenty five vaccination sites, but I
Speaker 1: had to close five of them a week ago because
Speaker 1: I didn't have enough vaccines. UM. That's the problem now, UM,
Speaker 1: And I'm i'm I'm I'm optimistic that this will be
Speaker 1: taken care of in the relatively near future. When do
Speaker 1: you feel like we start to feel more normal as
Speaker 1: a society where things are opening up and maybe we're
Speaker 1: still wearing masks, but there's a sense of security that
Speaker 1: we will have when we go out and do things
Speaker 1: with other people and maybe larger groups that we don't
Speaker 1: currently have right now. Well, I think that we I
Speaker 1: hopefully we will see an opening and breaking of the
Speaker 1: crisis in the next three months or so. I would
Speaker 1: hope that by the end of the spring that we
Speaker 1: would be able to get out and about a bit more.
Speaker 1: Hopefully the restaurants will be opening, and I hope that
Speaker 1: would happen sooner. So I think we're going through this
Speaker 1: until the end of the spring. But let's be we
Speaker 1: have to be careful though. I think we have to
Speaker 1: be continuously cautious and that and especially now when the
Speaker 1: vaccine is being distributed, that people still wear masks for
Speaker 1: the extent that they can, that they're still social distance,
Speaker 1: that we don't do stupid things. We don't get together
Speaker 1: in large groups where it is very obvious if you
Speaker 1: don't do the right things, you have to have the
Speaker 1: possibility transmissing transmissing the virus. So I think we have
Speaker 1: to be careful. I don't think we will be back
Speaker 1: to a normal um and it'll be a new kind
Speaker 1: of normal. I think might until the early fall. And
Speaker 1: I think we can handle this. I mean, we have
Speaker 1: to be optimistic and positive about this. It's it's a
Speaker 1: bit of a disruption, but we can handle this. And
Speaker 1: therefore we have to look at it with a positive attitude.
Speaker 1: I like your I like your attitude. I think it's
Speaker 1: it's been really a challenge for me in January. I
Speaker 1: think a big part of it is, you know, being
Speaker 1: away from my family for the holidays, UM, the disruptions,
Speaker 1: and also of course just the staggering numbers of deaths
Speaker 1: that we've seen in the United States. I mean, it's
Speaker 1: absolutely heartbreaking for for so many people out there. And
Speaker 1: I think every American has been affected by this. It's
Speaker 1: just no way they haven't. I've been talking a lot
Speaker 1: with my um, with my wife about this, UM, what
Speaker 1: this looks like on the other side, Michael. She was saying, Hey,
Speaker 1: I think we're gonna be wearing masks for a very
Speaker 1: long time. Like we're going to be the generation that
Speaker 1: wears masks, and our kids might think it's weird, Um,
Speaker 1: but but that's us. I mean, is that what you
Speaker 1: see is that the new normal? Oh? I think that
Speaker 1: when masks are not that difficult to wear, I mean
Speaker 1: use to it. I mean it's not that I'm not complaining.
Speaker 1: I'm just wondering, Like when we talked about the other
Speaker 1: side of this, are we going to go back to
Speaker 1: being able to like not wear masks around the office.
Speaker 1: Um well, I think, for example, we had very little
Speaker 1: flu season this year. Um let's kids getting sick from
Speaker 1: so so I think in the future, it's some COVID
Speaker 1: disappears this year and next year and the flu season arrives,
Speaker 1: I think you will see more and more and more
Speaker 1: people wearing masks that they will say, you know, this
Speaker 1: is a very good preventive way to prevent normal you know,
Speaker 1: the regular things from happening to a regular flu season.
Speaker 1: So I think that masks will be with us for
Speaker 1: a long time. Uh you know that some some groups
Speaker 1: of people, I mean I have been wearing If you've
Speaker 1: been in the city two or three years ago, you
Speaker 1: saw something people from the far East wearing masks walking
Speaker 1: around the city. And if you're traveling around the world,
Speaker 1: you'd see it too around the world. Yes, So I
Speaker 1: think it's going to be a part of our arsenal
Speaker 1: pop of our com film going forward. Not necessary all
Speaker 1: the time, but when we believe it isn't necessary, I
Speaker 1: think it will be with us. And uh, well, it
Speaker 1: with protecting each other, with protecting our friends on neighbors
Speaker 1: and put them people from getting sick. So what's the
Speaker 1: big deal? We will get used to it, like we
Speaker 1: get used a lot of other things. Listen, if we
Speaker 1: can carry our phones around with us all the time,
Speaker 1: can't we just kind of add on a mask and
Speaker 1: just make it kind of the norm. No, I'm serious, right,
Speaker 1: Like I thought that there would have been, you know,
Speaker 1: years ago. You can probably be innovative and to put
Speaker 1: a phone inside the mask. I was actually just thinking,
Speaker 1: great thing, Um, what's the thing though that worries just
Speaker 1: class question? Michael, Um. I love your optimism too, and
Speaker 1: I love your realism. Um, what's the one thing though
Speaker 1: that worries you? Just a little bit here and just
Speaker 1: got about a minute left. I think that you know,
Speaker 1: today with the new new change in Washington, you know,
Speaker 1: a dark cloud has been lifted, and I think we
Speaker 1: can see us a little bit of sunshine. We can
Speaker 1: see hope and decency, hopefully and a sense of optimism
Speaker 1: about the United States is a great place. New York
Speaker 1: is a fabulous city. New York is going to come back.
Speaker 1: We we've gone through a rough period. Uh, And I
Speaker 1: just think that we should look forward with a great
Speaker 1: sense of positivity and optimism, unify it, thrust one another,
Speaker 1: um uh, you know so so so so oxygen on
Speaker 1: that which is good, not on that which is which
Speaker 1: is not not so good. Be positive and build a
Speaker 1: sense of community. The one thing COVID has demonstrated is
Speaker 1: that we're all interdependent. What happens in one part of
Speaker 1: the community effects every other part. We've all been affected
Speaker 1: by this. We have to bring back that positive sense
Speaker 1: of community. We're united, we're Americans, were proud, We're positive,
Speaker 1: and there is nothing that we can can cannot achieve
Speaker 1: here here Okay, well, little music to take you out there.
Speaker 1: There's gremlins, I think everywhere. Um, Michael, what a nice
Speaker 1: way to wrap it up there. Michael Dowling, President and
Speaker 1: CEO at Northwell Health. He's also got a book out
Speaker 1: Leading Through a Pandemic, and I highly recommend that people
Speaker 1: check it out. Bro Machael Journal. Yeah, but you let
Speaker 1: me drive? No, No, who's going to dr home? Please?
Speaker 1: I'll do the vel me. I want to drive, Just
Speaker 1: drive baby. The question drying. This is the drive to
Speaker 1: the Globe Commune. Thanks, we'll drive us to dawn. On
Speaker 1: Bloomberg Radio, all right, it is time for the drive
Speaker 1: to the clothes. But driving to the White House and
Speaker 1: actually not driving anymore to the White House is President
Speaker 1: by and the new First Lady. They are actually walking
Speaker 1: up to the White House the last I would say
Speaker 1: block or two or so a couple of blocks. They
Speaker 1: got out of the motorcade. They were going from Arlington
Speaker 1: Cemetery on their way back to the White House in
Speaker 1: a motorcade along with the Vice President. They got out
Speaker 1: and walked and we're actually greeting members of the press
Speaker 1: and other individuals on the side of the road. This
Speaker 1: is much more reminiscent of what you have seen in inauguration.
Speaker 1: I was just going to say that, Carol, there's some
Speaker 1: sort of semblance of normalcy here. You know, masks certainly
Speaker 1: excluded from that, but you know, the idea that everybody
Speaker 1: is in masks makes you realize that this is one
Speaker 1: and that we're in the midst of a pandemic right now.
Speaker 1: But yeah, there's a sort of sense of normalcy to
Speaker 1: this inauguration, even though it was far from normal and
Speaker 1: reacting with people who you know, the voting public. And
Speaker 1: what's interesting is we are now uh seeing the President
Speaker 1: and the First Lady there at the White House. You
Speaker 1: can watch this on our YouTube channel as we speak
Speaker 1: to search on Blueberg Global News. You can also if
Speaker 1: you're on the Bloomberg go to Live go and watch
Speaker 1: this coverage as well. But again, walking up to the
Speaker 1: White House. Uh, the new president and the new first Lady.
Speaker 1: All right, we'll continue to monitor the comings and goings
Speaker 1: of the new president. Right now, though, we do want
Speaker 1: to get to our market guest, Ryan Jacob is back
Speaker 1: with us. Chairman, chief investment officer, and portfolio manager Jacob
Speaker 1: Asset Management, a top performer, UH, the Internet Fund, the
Speaker 1: Jacob Internet Fund beating just about all of its peers
Speaker 1: over the past five years in the ninety one percentile
Speaker 1: according to our data, returning thirty s on average annually. Ryan,
Speaker 1: good to have you here with us. Ryan's on the
Speaker 1: phone in California. New administration, potentially new era, maybe new regulations.
Speaker 1: How does it factor in, if at all, in terms
Speaker 1: of how you think about the stocks that you are
Speaker 1: investing in and including in your funds. Well, the administration
Speaker 1: change is obviously a big deal on the relationship among
Speaker 1: the larger technology companies has been pretty terrible recently, so
Speaker 1: I don't imagine it will get worse. How much better
Speaker 1: it gets, it's hard to know, there are a lot
Speaker 1: of other democratic priorities that could become issues here. Um,
Speaker 1: But for the for the most part, I would say
Speaker 1: conditions will probably improve. Conditions will improve between let me
Speaker 1: make sure of this right with between the administration and
Speaker 1: the tech companies. I believe so. I think it will
Speaker 1: be a little less yeah, in some ways in terms
Speaker 1: of the administration change in the White House. It'll probably
Speaker 1: be a bit less combative. That's interesting because there is
Speaker 1: you know, there does seem to be some bipartisan agreement,
Speaker 1: rare bipartisan agreement to I don't want to say rain
Speaker 1: in big tech, but you know, there are monopoly concerns
Speaker 1: when it comes to some of large tech companies, and
Speaker 1: then on the Republican side, their concerns about free speech
Speaker 1: and Section to thirty. I'm you know, not going to
Speaker 1: get into those now, but it does seem like the
Speaker 1: tech companies are in the crosshairs of Democrats and Republicans.
Speaker 1: But um, you don't think there's too much to fear.
Speaker 1: I think the free speech Section to thirty issues were
Speaker 1: more existential threat for the larger tech companies. I think
Speaker 1: that the antitrust issues are more what we're used to
Speaker 1: in terms of scrutiny and UM, it's not going away
Speaker 1: for sure, but it'll probably be more manageable. Unfortunately, it
Speaker 1: is going to be something that's going to uh, you know,
Speaker 1: be there for the next few years. That that's going
Speaker 1: to create a lot of headlines. I think in terms
Speaker 1: of actual actions will be prelimited. And we do want
Speaker 1: to point out President Biden and the First Lady and
Speaker 1: his family. They are at the White House, uh, and
Speaker 1: they're entering into the building. Hey, so Ryan, UM, transformative technologies.
Speaker 1: You know, you look at the tech sector, you're you've
Speaker 1: done really well. UM. Let's talk about names that you like.
Speaker 1: Tuilio is one of those. It's an infrastructure software company.
Speaker 1: It's already up about fourteen percent this year. It gained
Speaker 1: two last year. UM. What is it that you like
Speaker 1: about this company specifically? Well, Tulio is really enabled communication.
Speaker 1: The evolution of communication of businesses through the pandemic, companies
Speaker 1: that were um uh offline companies had to learn to
Speaker 1: get online quickly. So whether it's through delivery or notifications,
Speaker 1: Julio provides a kind of that utility like aspect to
Speaker 1: electronic communications between the business and their customers. A lot
Speaker 1: of businesses have been considering adding these features. Um, you know,
Speaker 1: Covid really pushed it forward and made it necessity and
Speaker 1: these are these are features that won't go away. So
Speaker 1: Julia has been a huge beneficiary of this and we
Speaker 1: think that that will just continue. We're gonna be talking
Speaker 1: to co founder and CEO Jeff Lawson tomorrow. UM, what
Speaker 1: would you ask him? Well, I guess, I guess broadly speaking, um,
Speaker 1: as we're communicating in different ways, whether it's device and
Speaker 1: device or on social media platforms. Um, you know how
Speaker 1: how they basically helped their customers integrate, So they're touching
Speaker 1: their customers at all these different points and enabling two
Speaker 1: way communication that quite frankly, is probably one of the
Speaker 1: biggest hot button issues for company in terms of the
Speaker 1: able to communicate in knowing their customers. So it's it's
Speaker 1: really increasing the breath rather than being just text back
Speaker 1: and forth or your upers in the corner. It's more
Speaker 1: a broader picture of how this communication can go back
Speaker 1: and forth. Right. I also know thanks to our producers
Speaker 1: that you are you describe some of the run up
Speaker 1: that we've seen in companies like Zoom, Peloton, Shopify, Tesla,
Speaker 1: the so called COVID names um, extreme euphorias, how you
Speaker 1: describe it, and you say they're highly inflated. Um, big
Speaker 1: question is is are they due for a pullback? Well,
Speaker 1: truly as an example of a company where things were
Speaker 1: accelerated and there's a real use you know, a real
Speaker 1: use impact there. UM. With these other companies, they saw
Speaker 1: an enormous uptake of their services because of stay at
Speaker 1: home waters and work from home, etcetera. So UM, and
Speaker 1: their valuations have really just exploded. And so the question
Speaker 1: for these companies are is there some sort of artificial
Speaker 1: um artists official effect and the results that will be
Speaker 1: difficult to replicate this year as we get out of COVID.
Speaker 1: And because the valuations are really really reflecting their business
Speaker 1: progression in two thousand twenty doesn't reflect twenty two, that's
Speaker 1: a big question. Well, it's interesting. Tesla is not just
Speaker 1: the like I can get it, get what you mean
Speaker 1: in terms of Zoom and Peloton and even shopify Tesla though,
Speaker 1: you're just saying that because they were just doing so
Speaker 1: well this year, this wasn't necessarily a pandemic story. UM,
Speaker 1: but you're questioning whether or not that growth continues this year.
Speaker 1: Tesla is a whole different conversation. There's no doubt, there's
Speaker 1: no doubt, and it's there's a whole host of other
Speaker 1: different issues there and they really are you know, you're
Speaker 1: getting into the conversation. Is at a car company? Is
Speaker 1: it a technology company? Um? There's a lot of debate
Speaker 1: back and forth. We don't own Tesla, Um, why don't
Speaker 1: you own it? You just well, just quickly, the valuation
Speaker 1: is you have to assume that Tesla will be the
Speaker 1: unimpeatd ned leader of the electric car industry over the
Speaker 1: next few decades. And that's not something we'd be comfortable
Speaker 1: at this point, right, especially when there's more and more
Speaker 1: competition destroying the Bloomberg about kind of everybody, whether it's
Speaker 1: v VW, whether it's BMW, they're all kind of gutting. Yeah, right, exactly,
Speaker 1: all right, you're listening to Bloomberg Business Week. We are
Speaker 1: thanks to Ryan Jacob. Thanks for listening to Bloomberg Business Week.
Speaker 1: Download the podcast on iTunes, SoundCloud, or Bloomberg dot com,
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