1
00:00:01,800 --> 00:00:04,440
Speaker 1: This is Bloomberg Business Week. I'm Carole Masser and I'm

2
00:00:04,480 --> 00:00:07,280
Speaker 1: Bloomberg Quick Takes Tim Stanovk. We're here every day bringing

3
00:00:07,320 --> 00:00:09,840
Speaker 1: you the latest news from the world to business and finance,

4
00:00:09,840 --> 00:00:13,680
Speaker 1: clus technology, politics, economics, all partnising the power of Business

5
00:00:13,680 --> 00:00:17,159
Speaker 1: Week reporters and editors, not to mention our journalists and

6
00:00:17,160 --> 00:00:20,000
Speaker 1: analyst in more than one twenty countries. You can download

7
00:00:20,000 --> 00:00:23,239
Speaker 1: Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com.

8
00:00:23,400 --> 00:00:25,200
Speaker 1: You can also listen to our radio show at two

9
00:00:25,200 --> 00:00:27,880
Speaker 1: pm Eastern Time on Bloomberg Radio, or watch us on

10
00:00:27,920 --> 00:00:31,640
Speaker 1: YouTube search Bloomberg Global News. The Delta varrant now making

11
00:00:31,680 --> 00:00:34,080
Speaker 1: up an eight year percent of all sequence COVID nighteing

12
00:00:34,080 --> 00:00:36,360
Speaker 1: cases here in the U S. New York City vaccine

13
00:00:36,440 --> 00:00:41,520
Speaker 1: rate drops though as COVID cases rise. Francesina jumping vaccination,

14
00:00:41,680 --> 00:00:44,920
Speaker 1: Apple pushing back its return of office deadlines, Tokyo still

15
00:00:44,960 --> 00:00:49,040
Speaker 1: struggling just before the Olympics, and we did also report

16
00:00:49,120 --> 00:00:52,120
Speaker 1: a White House official and staff member for Nancy Pelosi

17
00:00:52,200 --> 00:00:54,760
Speaker 1: both tested positive for COVID after attending the same reception

18
00:00:54,840 --> 00:00:59,760
Speaker 1: last week that coming are confirmed to Axios back with

19
00:00:59,840 --> 00:01:02,960
Speaker 1: us a voice that we've reached out to throughout the pandemic.

20
00:01:03,040 --> 00:01:05,480
Speaker 1: Dr Peter Alpern, who is vice president now at the

21
00:01:05,480 --> 00:01:09,960
Speaker 1: publicly held Doximity. It's a professional network medical network for physicians.

22
00:01:09,959 --> 00:01:12,680
Speaker 1: He is with us on the phone in Austin, Texas.

23
00:01:13,120 --> 00:01:15,800
Speaker 1: Dr Alpern, good to check in with you once again.

24
00:01:16,440 --> 00:01:19,520
Speaker 1: How do you see this delta variant breakout and rise

25
00:01:19,560 --> 00:01:23,960
Speaker 1: in COVID cases? Yeah, well, thank you for having me, Carroll. UM.

26
00:01:24,200 --> 00:01:29,360
Speaker 1: So the delta variant is concerning and is obviously becoming

27
00:01:29,520 --> 00:01:33,959
Speaker 1: the predominant strain of COVID that people are catching. It's

28
00:01:34,000 --> 00:01:37,760
Speaker 1: clearly more contagious UM and is beginning to make up

29
00:01:37,800 --> 00:01:40,000
Speaker 1: the vast majority of the cases that people are seeing.

30
00:01:40,120 --> 00:01:43,959
Speaker 1: I should note that the the delta variant outbreaks do

31
00:01:44,040 --> 00:01:46,280
Speaker 1: seem to be much more prefable and obviously and people

32
00:01:46,280 --> 00:01:49,760
Speaker 1: who are unvaccinated as opposed to vaccinated, so it does UM.

33
00:01:49,760 --> 00:01:53,680
Speaker 1: It is largely a a pandemic or epidemic among the

34
00:01:53,760 --> 00:01:57,240
Speaker 1: unvaccinated population, but that still is a very significant number.

35
00:01:57,240 --> 00:02:00,800
Speaker 1: So it's extremely concerning UM and people are obviously paying

36
00:02:00,880 --> 00:02:03,160
Speaker 1: very good attention. So help was that because we were all,

37
00:02:03,240 --> 00:02:05,240
Speaker 1: like you know, we've been told get the vaccine you'll

38
00:02:05,240 --> 00:02:08,320
Speaker 1: be okay, or you'll be in a much better position. Uh.

39
00:02:08,360 --> 00:02:11,160
Speaker 1: And yet at the same time, in talking to medical

40
00:02:11,200 --> 00:02:13,760
Speaker 1: professionals like yourself, we are reminded that this is a

41
00:02:13,840 --> 00:02:20,760
Speaker 1: much more contagious and more um, you know, virulent virus.

42
00:02:20,880 --> 00:02:22,960
Speaker 1: And so I guess I'm just trying to how do

43
00:02:23,080 --> 00:02:25,880
Speaker 1: we I don't know, how do we figure out the

44
00:02:26,000 --> 00:02:29,520
Speaker 1: risk reward balance here as we increasingly get back to life.

45
00:02:29,560 --> 00:02:33,760
Speaker 1: We do have a bit of a playbook here. And yet, um,

46
00:02:33,800 --> 00:02:35,880
Speaker 1: there's nervousness. We see it in the financial markets, certainly

47
00:02:35,880 --> 00:02:39,120
Speaker 1: saw it yesterday. Yeah, I think, um, you know, I

48
00:02:39,120 --> 00:02:41,440
Speaker 1: think all the basic things we know to be true

49
00:02:41,440 --> 00:02:45,320
Speaker 1: remain true, which is that, um, getting vaccinated helps prevent

50
00:02:45,360 --> 00:02:47,880
Speaker 1: the disease. We have three extremely good options in the

51
00:02:48,000 --> 00:02:50,720
Speaker 1: Visor and MODERNA vaccines as well as the Johnson and

52
00:02:50,800 --> 00:02:53,320
Speaker 1: Johnson vaccines. So if you haven't been vaccinated, and you

53
00:02:53,320 --> 00:02:55,360
Speaker 1: are eligible and don't have a reason that you shouldn't

54
00:02:55,360 --> 00:02:58,520
Speaker 1: take the vaccines, it still is absolutely the most important

55
00:02:58,520 --> 00:03:02,040
Speaker 1: thing that you can do. Um. Uh. In terms of

56
00:03:02,080 --> 00:03:04,520
Speaker 1: the virulence as you refer to it, it's really more

57
00:03:04,520 --> 00:03:08,040
Speaker 1: contagious what we've seen with the delta. The delta variant

58
00:03:08,080 --> 00:03:10,239
Speaker 1: is it's much much easier to catch. It's got a

59
00:03:10,320 --> 00:03:13,640
Speaker 1: much higher contagiousness rate that are not that people would

60
00:03:13,639 --> 00:03:15,959
Speaker 1: talk about in the past, UM, but it does not

61
00:03:16,080 --> 00:03:19,000
Speaker 1: seem to lead to more severe illnesses as compared to

62
00:03:19,000 --> 00:03:23,200
Speaker 1: the regular strains or the original strains of the virus UM. So,

63
00:03:23,320 --> 00:03:25,280
Speaker 1: and then in terms of the vaccines that people have

64
00:03:25,320 --> 00:03:28,360
Speaker 1: already received, if you are vaccinated in a far more

65
00:03:28,360 --> 00:03:31,320
Speaker 1: than two weeks out from your second dose UM or

66
00:03:31,360 --> 00:03:33,320
Speaker 1: your first dose of the J and J vaccine, then

67
00:03:33,480 --> 00:03:36,440
Speaker 1: you do do appear to be greatly protected with a

68
00:03:36,680 --> 00:03:41,400
Speaker 1: very decreased risk of severe illness or hospitalization. So the

69
00:03:41,480 --> 00:03:44,119
Speaker 1: last thing in terms of the other sort of masking

70
00:03:44,200 --> 00:03:47,400
Speaker 1: and those things, which is very much implied in your question, UM,

71
00:03:47,480 --> 00:03:50,280
Speaker 1: you know, if you are going into a very crowded space,

72
00:03:50,560 --> 00:03:54,040
Speaker 1: it probably makes sense to UM to you know, to

73
00:03:54,160 --> 00:03:56,200
Speaker 1: be air on the side of caution. So if you're

74
00:03:56,200 --> 00:03:59,000
Speaker 1: at a concert or something that's extremely crowded and wearing

75
00:03:59,000 --> 00:04:02,400
Speaker 1: a mask is certainly not out wrong UM and certainly

76
00:04:02,440 --> 00:04:04,520
Speaker 1: can also afford some a bit of comfort to those

77
00:04:04,560 --> 00:04:07,160
Speaker 1: people around you, because you really obviously can't tell who's

78
00:04:07,200 --> 00:04:09,920
Speaker 1: vaccinated INTOISM. And thanks for the clarification, because you're right,

79
00:04:10,120 --> 00:04:12,600
Speaker 1: it's more contagious, and I guess the fear is getting

80
00:04:13,160 --> 00:04:15,960
Speaker 1: a variant that is more contagious as well as just

81
00:04:16,160 --> 00:04:19,120
Speaker 1: much more severe. Right, that's the tricky point. So listen,

82
00:04:19,120 --> 00:04:20,520
Speaker 1: one thing, since we've got about two and a half

83
00:04:20,520 --> 00:04:23,640
Speaker 1: minutes left here. You guys are at the forefront when

84
00:04:23,640 --> 00:04:26,960
Speaker 1: it comes to telehealth medicine. How does that stay with us?

85
00:04:28,920 --> 00:04:32,520
Speaker 1: Um So, you know, telehealth is something that is continuing

86
00:04:32,640 --> 00:04:36,279
Speaker 1: to UMU to stay as a very important part of

87
00:04:36,320 --> 00:04:39,160
Speaker 1: the way that physicians and other health care professionals are

88
00:04:39,160 --> 00:04:41,880
Speaker 1: treating their patients. And I think you know, this latest

89
00:04:41,880 --> 00:04:45,719
Speaker 1: outbreak of the delta variant um is something that just

90
00:04:45,720 --> 00:04:48,840
Speaker 1: sort of is reinforcing that. I think both from the

91
00:04:48,880 --> 00:04:51,280
Speaker 1: professional side, on the side of doctors, they're aware that

92
00:04:51,320 --> 00:04:55,080
Speaker 1: they're able to see more patients or deliver care to

93
00:04:55,120 --> 00:04:57,080
Speaker 1: patients who they otherwise wouldn't be able to see through

94
00:04:57,080 --> 00:04:59,720
Speaker 1: the use of telehealth. And then on the flip side,

95
00:04:59,720 --> 00:05:02,880
Speaker 1: if you're or a patient knowing that you can communicate

96
00:05:02,920 --> 00:05:04,680
Speaker 1: with your physician and not have to go to a

97
00:05:04,760 --> 00:05:07,440
Speaker 1: hospital or go to a clinic where that you might

98
00:05:07,480 --> 00:05:09,880
Speaker 1: see people, and maybe you are someone who is unable

99
00:05:09,920 --> 00:05:13,080
Speaker 1: to be vaccinated because of an underlying medical condition. And

100
00:05:13,120 --> 00:05:16,239
Speaker 1: so telehealth is clearly something that is playing an important

101
00:05:16,320 --> 00:05:18,839
Speaker 1: role and we'll continue to play an important role and

102
00:05:18,920 --> 00:05:22,240
Speaker 1: something that we see um, you know being discussed UM

103
00:05:22,360 --> 00:05:25,120
Speaker 1: quite often on the Ductionmity network. What's the guidance in

104
00:05:25,240 --> 00:05:28,279
Speaker 1: terms of well doctors at some point say well, that's

105
00:05:28,279 --> 00:05:30,040
Speaker 1: a case where I need to see you in person.

106
00:05:30,120 --> 00:05:32,760
Speaker 1: That's a case where I can see you, um, you

107
00:05:32,800 --> 00:05:37,080
Speaker 1: know via online or you know telehealth in a telehealth method.

108
00:05:37,400 --> 00:05:40,360
Speaker 1: And how is it that we as patients need to

109
00:05:40,400 --> 00:05:42,160
Speaker 1: say no, this is something I need to go in for.

110
00:05:42,360 --> 00:05:44,279
Speaker 1: This is something I can just quick get online with

111
00:05:44,320 --> 00:05:46,599
Speaker 1: you about and just kind about. It's a it's a

112
00:05:46,600 --> 00:05:51,640
Speaker 1: great question. Um. So there's always going to be a

113
00:05:52,200 --> 00:05:55,880
Speaker 1: situations where you're not able to be fully evaluated via

114
00:05:55,960 --> 00:05:58,440
Speaker 1: telehealth visit. That there's certain elements of the physical examp

115
00:05:58,440 --> 00:06:01,400
Speaker 1: for insince which you're just impossible to do via a

116
00:06:01,520 --> 00:06:04,560
Speaker 1: video visit. Um. That said, I think it's a conversation

117
00:06:04,600 --> 00:06:08,039
Speaker 1: between the patients and their and their physician. If either

118
00:06:08,120 --> 00:06:11,320
Speaker 1: side is not comfortable with the telehealth visit then um,

119
00:06:11,360 --> 00:06:14,720
Speaker 1: and in person's visit is absolutely the next step um.

120
00:06:14,839 --> 00:06:17,640
Speaker 1: Sometimes it's obvious, right if you have a cut or

121
00:06:17,680 --> 00:06:19,560
Speaker 1: something on that certain need to go to the emergency

122
00:06:19,640 --> 00:06:22,400
Speaker 1: room obviously, but for other things it will be just

123
00:06:22,480 --> 00:06:25,440
Speaker 1: a combination of that conversation. If you, as a patient

124
00:06:25,440 --> 00:06:27,600
Speaker 1: are uncomfortable and want to be seen in person, then

125
00:06:27,640 --> 00:06:30,720
Speaker 1: you should emphasize that with your physician. Alright, great step

126
00:06:30,760 --> 00:06:33,279
Speaker 1: to and a great point to end on. Peter, Thank

127
00:06:33,279 --> 00:06:35,240
Speaker 1: you so much, Dr Peter alper and he is vice

128
00:06:35,240 --> 00:06:38,200
Speaker 1: president at the now publicly held Oximity. They went public

129
00:06:38,279 --> 00:06:42,080
Speaker 1: in June. They are a professional medical network for physicians.

130
00:06:42,200 --> 00:06:45,440
Speaker 1: And Dr Alpern joining us on the phone from Austin, Texas.

131
00:06:45,560 --> 00:06:49,159
Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and

132
00:06:49,240 --> 00:06:53,720
Speaker 1: Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio. It's one

133
00:06:53,760 --> 00:06:56,400
Speaker 1: for the history books. Amazon founder Jeff Bezos and three

134
00:06:56,480 --> 00:06:59,599
Speaker 1: others landing safely after Blue Origins first flight to space

135
00:06:59,640 --> 00:07:02,880
Speaker 1: with centers aboard, a key milestone in the company's effort

136
00:07:02,920 --> 00:07:05,880
Speaker 1: to make space tourism viable. After the flight, Bloomberg Technology

137
00:07:05,880 --> 00:07:10,160
Speaker 1: anchor Emily Chang getting the first interview with Jeff Bezos,

138
00:07:10,360 --> 00:07:12,640
Speaker 1: and they talked about a lot, including the long term

139
00:07:12,720 --> 00:07:15,600
Speaker 1: view check it out. What we're doing is we're building

140
00:07:15,640 --> 00:07:17,760
Speaker 1: infrastrar This is a road. We're building a road to

141
00:07:17,840 --> 00:07:20,800
Speaker 1: space so that future generations can build the future. We

142
00:07:20,840 --> 00:07:23,800
Speaker 1: live on this beautiful planet. It's the most beautiful planet

143
00:07:23,800 --> 00:07:27,520
Speaker 1: in the Source System by far, and we have to

144
00:07:27,600 --> 00:07:29,360
Speaker 1: keep it safe and protect it. And the way to

145
00:07:29,440 --> 00:07:33,360
Speaker 1: do that is slowly, over decades, to move all heavy industry,

146
00:07:33,400 --> 00:07:37,200
Speaker 1: all polluting industry, out into space. That's what we're gonna

147
00:07:37,240 --> 00:07:39,280
Speaker 1: do so we can keep this planet the gym that

148
00:07:39,360 --> 00:07:42,200
Speaker 1: it is. But to do that, we need reusable spacecraft.

149
00:07:42,280 --> 00:07:44,600
Speaker 1: We need low cost spacecraft. And to get that, we've

150
00:07:44,600 --> 00:07:47,000
Speaker 1: got to practice. And that's what just touris and mission

151
00:07:47,040 --> 00:07:50,520
Speaker 1: is about. That's Jeff Bezos alongside his brother Mark, speaking

152
00:07:50,600 --> 00:07:54,520
Speaker 1: to our Emily Chang earlier right after they landed after

153
00:07:54,560 --> 00:07:56,480
Speaker 1: going into space. Emily along with my co host and

154
00:07:56,480 --> 00:07:59,560
Speaker 1: Bloomberg Cricktake anchor Tim Stanevik, leading our coverage of the mission.

155
00:07:59,560 --> 00:08:02,080
Speaker 1: It was in credible this morning. Both are in Van Horne,

156
00:08:02,120 --> 00:08:04,440
Speaker 1: Texas and join us now. So Emily and him, I

157
00:08:04,440 --> 00:08:08,000
Speaker 1: guess I was glued to my phone watching the whole time.

158
00:08:08,680 --> 00:08:10,760
Speaker 1: It took my breath away. Emily, you caught up with

159
00:08:10,800 --> 00:08:13,920
Speaker 1: Bezos and his brother Mark, as I said the first

160
00:08:13,960 --> 00:08:18,800
Speaker 1: interview after they landed, what struck you about today, Carol?

161
00:08:18,960 --> 00:08:21,600
Speaker 1: It was an absolutely surreal day. You know, we as

162
00:08:21,680 --> 00:08:24,520
Speaker 1: journalists cover a lot of different kinds of stories, and

163
00:08:24,560 --> 00:08:27,520
Speaker 1: this is definitely one that I will remember. I mean,

164
00:08:27,520 --> 00:08:30,840
Speaker 1: watching the rocket take off, there was this moment where

165
00:08:30,920 --> 00:08:32,640
Speaker 1: you know, you look at it going up and then

166
00:08:32,679 --> 00:08:35,240
Speaker 1: suddenly you say you realize again, oh my goodness, Jeff

167
00:08:35,240 --> 00:08:39,959
Speaker 1: Bezos is on that rocket. Wow. Um And talking to him,

168
00:08:40,160 --> 00:08:42,480
Speaker 1: being the first person to talk to him after he

169
00:08:42,600 --> 00:08:46,080
Speaker 1: landed from the press, um was an incredible moment. I

170
00:08:46,080 --> 00:08:47,720
Speaker 1: mean he was kind of at a loss for words.

171
00:08:47,800 --> 00:08:50,520
Speaker 1: He said it was all inspiring, and then couldn't quite

172
00:08:50,640 --> 00:08:53,560
Speaker 1: find the right words. He turned it over to his

173
00:08:53,640 --> 00:08:55,520
Speaker 1: brother and said maybe he'd have to send a poet

174
00:08:55,559 --> 00:08:58,679
Speaker 1: up to space so somebody could put into words. Um

175
00:08:58,760 --> 00:09:01,640
Speaker 1: more eloquently just described that that feeling that he thinks

176
00:09:01,679 --> 00:09:04,040
Speaker 1: everyone should experience. Well, and Tim, I'm gonna bring you

177
00:09:04,040 --> 00:09:06,160
Speaker 1: in a minute, but Emily, this is something Jeff Bezos

178
00:09:06,200 --> 00:09:09,800
Speaker 1: has been working on, you know, aspiring to do for

179
00:09:09,880 --> 00:09:19,080
Speaker 1: whatever twenty years, twenty years perhaps, I mean his infatuation

180
00:09:19,200 --> 00:09:23,240
Speaker 1: with space. His fascination with space goes back decades to

181
00:09:23,320 --> 00:09:27,319
Speaker 1: when he was a child watching lunar landings with his grandfather.

182
00:09:27,800 --> 00:09:31,520
Speaker 1: And Blue Origin itself is one years old. I mean,

183
00:09:31,600 --> 00:09:34,320
Speaker 1: people don't realize that he has been at this a

184
00:09:34,360 --> 00:09:37,720
Speaker 1: long time. There have been delays, there have been design issues,

185
00:09:37,800 --> 00:09:42,040
Speaker 1: there have been UM prototypes exploding in mid air, and

186
00:09:42,080 --> 00:09:45,240
Speaker 1: so the company has had to tackle that along the way.

187
00:09:45,360 --> 00:09:49,880
Speaker 1: And him deciding to be the first UH passenger going

188
00:09:49,960 --> 00:09:52,360
Speaker 1: up to space was actually a huge show of faith

189
00:09:52,400 --> 00:09:55,440
Speaker 1: and everything that they've been working on. Nobody here necessarily

190
00:09:55,480 --> 00:09:58,439
Speaker 1: expected it to actually have two astronauts on staff that

191
00:09:58,559 --> 00:10:01,200
Speaker 1: everyone thought would be the first people on the first

192
00:10:01,200 --> 00:10:04,719
Speaker 1: crude mission, But then Jeff Bezos raised his hand and said, no,

193
00:10:04,840 --> 00:10:07,040
Speaker 1: it's gonna be me. Yeah, making a big statement by

194
00:10:07,080 --> 00:10:09,480
Speaker 1: doing so, and then also bringing along the youngest and

195
00:10:09,559 --> 00:10:13,200
Speaker 1: oldest astronaut ever. Ultimately, Hey, Tim, come on in on this.

196
00:10:13,360 --> 00:10:16,840
Speaker 1: How was this trip similar or different to Alan Shepherd's

197
00:10:16,880 --> 00:10:21,280
Speaker 1: historic trip into space some sixty years ago. Yeah, Well,

198
00:10:21,520 --> 00:10:23,800
Speaker 1: you have to remember that the rocket that carried Bezos

199
00:10:23,840 --> 00:10:27,080
Speaker 1: and crew up into space is named New Shepherd. It's

200
00:10:27,080 --> 00:10:30,240
Speaker 1: it's a nod to Alan Shepherd's historic flight, and he

201
00:10:30,280 --> 00:10:32,520
Speaker 1: mentioned it after the press conference and and said that

202
00:10:32,559 --> 00:10:35,400
Speaker 1: the launch profile was very similar, and indeed it was,

203
00:10:35,920 --> 00:10:39,680
Speaker 1: but the similarities kind of end there because this rocket

204
00:10:39,679 --> 00:10:44,160
Speaker 1: from Blue Origin fully automated the experience from launch to touchdown,

205
00:10:44,440 --> 00:10:48,440
Speaker 1: fully automated, obviously not that's not what happened with with

206
00:10:48,520 --> 00:10:51,680
Speaker 1: the Mercury and with Alan Shepherd. In addition to that,

207
00:10:52,000 --> 00:10:54,480
Speaker 1: um the idea of it being reusable. This was the

208
00:10:54,640 --> 00:10:57,400
Speaker 1: third flight for this stack. That means that it had

209
00:10:57,440 --> 00:11:01,559
Speaker 1: been the combination had been flown too times previously, and

210
00:11:01,880 --> 00:11:04,280
Speaker 1: that's not something that was able to be done until

211
00:11:04,400 --> 00:11:06,720
Speaker 1: just a few years ago. In addition to that, the

212
00:11:06,800 --> 00:11:09,480
Speaker 1: capsule is much larger. Those huge windows that Blue Origin

213
00:11:09,600 --> 00:11:11,880
Speaker 1: loves to talk about take up a third of the

214
00:11:12,040 --> 00:11:15,520
Speaker 1: entire capsule. And then again, this is a vacation, this

215
00:11:15,559 --> 00:11:17,959
Speaker 1: is an experience. This is meant to appeal to people

216
00:11:18,200 --> 00:11:20,120
Speaker 1: who are tourists. Right, if we think back to what

217
00:11:20,200 --> 00:11:22,640
Speaker 1: happened sixty years ago, we were locked in a dead

218
00:11:22,679 --> 00:11:24,800
Speaker 1: heat with the Soviet Union and the space race, and

219
00:11:24,800 --> 00:11:27,800
Speaker 1: in fact, many would argue that the Soviet Union had

220
00:11:27,880 --> 00:11:29,840
Speaker 1: gone further than we had in a short time. The

221
00:11:29,840 --> 00:11:31,960
Speaker 1: whole idea that was autonomous also just kind of blew

222
00:11:32,000 --> 00:11:33,640
Speaker 1: my mind. My dad having done a lot of things

223
00:11:33,679 --> 00:11:35,000
Speaker 1: in the space, but you always had a pilot, and

224
00:11:35,000 --> 00:11:37,600
Speaker 1: then you had a back up pilot. Emily, I wonder

225
00:11:37,640 --> 00:11:39,600
Speaker 1: if we did an injustice in terms of the media

226
00:11:39,640 --> 00:11:41,920
Speaker 1: initially saying, you know, it's kind of the billionaire battle

227
00:11:42,040 --> 00:11:45,080
Speaker 1: for space. It's much more than just a billionaire Emily

228
00:11:45,200 --> 00:11:50,360
Speaker 1: going into space. Absolutely, and you know, Jeff Bezos, of course, uh,

229
00:11:50,559 --> 00:11:53,240
Speaker 1: you know, space tourism is just the tip of the

230
00:11:53,240 --> 00:11:56,280
Speaker 1: iceberg here. And he did say today that they've made

231
00:11:56,320 --> 00:11:58,760
Speaker 1: almost a hundred million dollars with people buying tickets on

232
00:11:58,800 --> 00:12:02,280
Speaker 1: the next two flights. But the real goal is to

233
00:12:02,400 --> 00:12:06,400
Speaker 1: build that road to space, that infrastructure that will allow

234
00:12:06,679 --> 00:12:09,760
Speaker 1: other entrepreneurs, other businesses, other people who don't have as

235
00:12:09,840 --> 00:12:13,520
Speaker 1: much money as Jeff Bezos, uh, to do great things

236
00:12:13,880 --> 00:12:16,440
Speaker 1: in space. He believes that Earth is the best place

237
00:12:16,480 --> 00:12:18,680
Speaker 1: to live. This is not about getting to Mars. All

238
00:12:18,720 --> 00:12:23,400
Speaker 1: other planets, he says, are inhospitable. We need to create

239
00:12:23,440 --> 00:12:27,120
Speaker 1: the space economy to protect Earth, to tap the energy

240
00:12:27,160 --> 00:12:30,960
Speaker 1: resources from the Sun or water from the Moon. And

241
00:12:31,040 --> 00:12:34,240
Speaker 1: you know, it was interesting in the press conference, you know,

242
00:12:34,520 --> 00:12:36,680
Speaker 1: somebody asked are you gonna do it again? And he said,

243
00:12:36,679 --> 00:12:39,000
Speaker 1: hell yeah, And then we actually went out to the

244
00:12:39,080 --> 00:12:42,480
Speaker 1: landing pad. We saw the booster where it landed on

245
00:12:42,559 --> 00:12:47,120
Speaker 1: the landing pad and uh, they came out again and

246
00:12:47,160 --> 00:12:49,080
Speaker 1: I said, it looks like it's ready to go back up.

247
00:12:49,120 --> 00:12:51,240
Speaker 1: I mean the point is it's reusable. Are you ready

248
00:12:51,280 --> 00:12:54,959
Speaker 1: for this event soon? And when he said yes, tomorrow. Um,

249
00:12:55,080 --> 00:12:58,240
Speaker 1: so you know he's he was he's incredibly excited, and

250
00:12:58,640 --> 00:13:02,559
Speaker 1: you know it's it's there is something poetic about this. Yes,

251
00:13:02,679 --> 00:13:06,400
Speaker 1: he's being criticized. Um, yes, not everyone understands why he's

252
00:13:06,400 --> 00:13:09,160
Speaker 1: investing in space. And his answer is it's it's not

253
00:13:09,240 --> 00:13:11,720
Speaker 1: about not caring about Earth. I care about Earth. This

254
00:13:11,800 --> 00:13:14,480
Speaker 1: is this is to help Earth in the future, very

255
00:13:14,520 --> 00:13:16,679
Speaker 1: specific perspective, and I love it. While he funk, I'm

256
00:13:16,679 --> 00:13:18,880
Speaker 1: assuming would also say I would go, and I'm guessing

257
00:13:18,920 --> 00:13:22,320
Speaker 1: Tim and Emily might also be willing to go. I

258
00:13:22,360 --> 00:13:24,040
Speaker 1: just will just ignore the quarter of a million dollars

259
00:13:24,040 --> 00:13:32,360
Speaker 1: to get there. I'm journal now, but you let me drive? No,

260
00:13:32,360 --> 00:13:38,560
Speaker 1: no, no no, home hone please, I'll do the drivel. I

261
00:13:38,640 --> 00:13:55,040
Speaker 1: want to drive. Drive the question this is the drive

262
00:13:55,120 --> 00:13:58,600
Speaker 1: to the globe. Give me thanks, we'll try us dawn

263
00:13:58,880 --> 00:14:01,840
Speaker 1: on Bluebird Rady. So just about ten and a half

264
00:14:01,840 --> 00:14:04,959
Speaker 1: minutes left in today's trading session. Charlie of course breaking

265
00:14:05,000 --> 00:14:07,640
Speaker 1: down the trade here, and we have seen stocks up

266
00:14:07,679 --> 00:14:11,280
Speaker 1: across the board throughout the day and holding near their

267
00:14:11,280 --> 00:14:13,400
Speaker 1: best levels of the day. So let's get to it.

268
00:14:13,720 --> 00:14:16,400
Speaker 1: Let's bring in Danna Dioria, CO, Chief Investment Officer, the

269
00:14:16,400 --> 00:14:21,680
Speaker 1: Publicly Held Investment PMC, on the phone in Pennsylvania. Hey, Dana,

270
00:14:21,800 --> 00:14:24,520
Speaker 1: good to have you back with us. You, guys, UM

271
00:14:24,680 --> 00:14:28,240
Speaker 1: are all about providing support for financial advisors. You provide

272
00:14:28,280 --> 00:14:30,720
Speaker 1: them tools. Tell us a little about what you are

273
00:14:30,800 --> 00:14:34,720
Speaker 1: hearing from some of your clients. Yeah, thank you for

274
00:14:34,800 --> 00:14:38,040
Speaker 1: having me so. UM, you're absolutely right. We provide tools

275
00:14:38,080 --> 00:14:42,120
Speaker 1: to retail advisors, and certainly in this space, there's a

276
00:14:42,120 --> 00:14:45,120
Speaker 1: lot of question around where should we be diversifying, how

277
00:14:45,120 --> 00:14:48,640
Speaker 1: do we manage the fact that yields are so low? Um,

278
00:14:48,680 --> 00:14:50,760
Speaker 1: you know Fixingcome right now. If I have a sixty forty,

279
00:14:50,800 --> 00:14:54,200
Speaker 1: which is just the standard model for a lot of clients,

280
00:14:54,600 --> 00:14:58,120
Speaker 1: you know it is going into something that's really low

281
00:14:58,200 --> 00:15:02,880
Speaker 1: yielding and um, potentially negative real returns. So I think, UM,

282
00:15:02,920 --> 00:15:05,440
Speaker 1: a lot of discussion on urns around, you know, alternative

283
00:15:05,480 --> 00:15:08,160
Speaker 1: investments in other places to diversify. So when you are

284
00:15:08,200 --> 00:15:10,960
Speaker 1: looking at alternative investments, like what really pops out for

285
00:15:11,000 --> 00:15:15,040
Speaker 1: you right now? Well, certainly, I think, Um, there's questions

286
00:15:15,080 --> 00:15:18,600
Speaker 1: about a couple of different things, right, hedge funds for diversification.

287
00:15:18,800 --> 00:15:22,080
Speaker 1: Certainly last year with covid um, there was kind of

288
00:15:22,120 --> 00:15:25,040
Speaker 1: resurgence of interest and hedge funds because they did perform

289
00:15:25,080 --> 00:15:28,560
Speaker 1: well amidst the volatility, you know, and that from the

290
00:15:28,560 --> 00:15:30,520
Speaker 1: perspective of what we hear from clients, that was a

291
00:15:30,560 --> 00:15:33,160
Speaker 1: bit of a reversal because we have been a bowl

292
00:15:33,160 --> 00:15:35,720
Speaker 1: market for so long that anything that didn't have high

293
00:15:35,800 --> 00:15:38,640
Speaker 1: data was you know, not necessarily is that much interest.

294
00:15:38,720 --> 00:15:42,160
Speaker 1: So resurgence there for the diversification, um, you know, the

295
00:15:42,200 --> 00:15:44,520
Speaker 1: ability to not have as much volatility. And then you

296
00:15:44,520 --> 00:15:48,360
Speaker 1: know private markets, right, private credit, private real estate, um,

297
00:15:48,400 --> 00:15:50,720
Speaker 1: you know, private equity to just get a little bit

298
00:15:50,840 --> 00:15:54,240
Speaker 1: higher return, a little bit higher yield. What do you

299
00:15:54,320 --> 00:15:57,560
Speaker 1: make of, Okay, a little bit of correction or or

300
00:15:57,600 --> 00:16:01,520
Speaker 1: selling yesterday, we bounced back today the bond market, while

301
00:16:01,560 --> 00:16:03,880
Speaker 1: we've seen some firming when it comes to the yield

302
00:16:03,880 --> 00:16:06,400
Speaker 1: on the tenure, certainly off the loads that we saw yesterday,

303
00:16:06,440 --> 00:16:11,280
Speaker 1: nonetheless still very low. So what story are equities telling you?

304
00:16:11,320 --> 00:16:13,960
Speaker 1: What story is the bond market or treasury is telling you?

305
00:16:14,280 --> 00:16:17,640
Speaker 1: And are they the same stories? It's it's such a

306
00:16:17,640 --> 00:16:20,600
Speaker 1: great question. It's definitely something that I think asset managers

307
00:16:20,640 --> 00:16:23,920
Speaker 1: in general are wrestling with and and wealth managers the like,

308
00:16:24,160 --> 00:16:27,760
Speaker 1: because of course you are seeing such strong equity markets,

309
00:16:27,760 --> 00:16:30,560
Speaker 1: I mean, notwithstanding yesterday, and we have had some pullbacks

310
00:16:30,640 --> 00:16:32,480
Speaker 1: which make a lot of sense, right when you when

311
00:16:32,480 --> 00:16:36,600
Speaker 1: you think about the delta variants in COVID. You know,

312
00:16:36,960 --> 00:16:39,760
Speaker 1: we're gonna have no spectators at the at the Olympics

313
00:16:39,800 --> 00:16:42,400
Speaker 1: this year, so there's definitely some concern that, well, maybe

314
00:16:42,400 --> 00:16:45,400
Speaker 1: we're not past this, so some pullbacks makes sense. But

315
00:16:46,000 --> 00:16:48,840
Speaker 1: all in all, equity markets have have really been up

316
00:16:48,920 --> 00:16:53,600
Speaker 1: obviously and and done fantastically well and earning beating estimates

317
00:16:53,640 --> 00:16:57,600
Speaker 1: and expectations that that continues. So um and then you

318
00:16:57,680 --> 00:17:00,400
Speaker 1: have just this, you know, the drop of the yield

319
00:17:00,440 --> 00:17:03,400
Speaker 1: them a tenure which suggests that there is concerned in

320
00:17:03,400 --> 00:17:06,680
Speaker 1: the market about future real growth and you know, maybe

321
00:17:06,720 --> 00:17:10,560
Speaker 1: a policy error from the SUD So definitely conflicting messages.

322
00:17:10,800 --> 00:17:12,919
Speaker 1: Obviously that the market is trying to deal with You know,

323
00:17:12,960 --> 00:17:15,480
Speaker 1: I teased earlier that, um, we're gonna talk a little

324
00:17:15,480 --> 00:17:17,000
Speaker 1: bit about E s G with you as well. And

325
00:17:17,040 --> 00:17:19,119
Speaker 1: I think it's an interesting day where you have Jeff

326
00:17:19,119 --> 00:17:22,560
Speaker 1: Bezos going into space Blue Origin. Uh. It has certainly

327
00:17:22,560 --> 00:17:25,320
Speaker 1: been one of our focal points today. Jeff Bezos is

328
00:17:25,320 --> 00:17:28,320
Speaker 1: talking about space exploration is about how to improve things

329
00:17:28,320 --> 00:17:31,840
Speaker 1: on Earth and taking care of Earth. Amazon obviously someone

330
00:17:31,920 --> 00:17:35,240
Speaker 1: that makes a big carbon footprint or has its impact

331
00:17:35,320 --> 00:17:38,520
Speaker 1: right because we're you know, moving a lot of stuff around. Um,

332
00:17:38,640 --> 00:17:41,119
Speaker 1: but Jeff is making that point about, you know, we

333
00:17:41,160 --> 00:17:43,960
Speaker 1: have to really protect Earth, that this is what it's

334
00:17:43,960 --> 00:17:46,159
Speaker 1: all about. I mean, why wouldn't we want to in

335
00:17:46,240 --> 00:17:49,399
Speaker 1: terms of what's here specifically, And it kind of feeds

336
00:17:49,400 --> 00:17:52,159
Speaker 1: into that bigger, broader investment theme of E s G,

337
00:17:52,400 --> 00:17:54,639
Speaker 1: which we know a lot of companies are talking about it.

338
00:17:54,680 --> 00:17:57,640
Speaker 1: We just mentioned about black Rock specifically when it comes

339
00:17:57,680 --> 00:18:00,520
Speaker 1: to directors at companies, you know, the pressure they're putting

340
00:18:00,520 --> 00:18:04,800
Speaker 1: on companies to be more climate sensitive and proactive. UM,

341
00:18:04,800 --> 00:18:08,440
Speaker 1: E s G. It is still there's so much gray

342
00:18:08,520 --> 00:18:12,600
Speaker 1: area there because the metrics aren't there to really measure it.

343
00:18:12,760 --> 00:18:15,600
Speaker 1: How do you make us or how should we be

344
00:18:15,640 --> 00:18:19,320
Speaker 1: thinking about it? And how do investors be smart about it?

345
00:18:19,320 --> 00:18:23,160
Speaker 1: It's it's a great question, and you raise a lot

346
00:18:23,160 --> 00:18:25,720
Speaker 1: of really important issues, right, So so we'll hit like

347
00:18:25,760 --> 00:18:29,320
Speaker 1: these universal owners, these big owners like Black Rock, State Street.

348
00:18:29,920 --> 00:18:34,320
Speaker 1: Obviously they're using their muscle to get better engagement from

349
00:18:34,320 --> 00:18:37,240
Speaker 1: the companies that they're invested in. These are universal owners.

350
00:18:37,440 --> 00:18:40,520
Speaker 1: You know, if there's a problem that comes from a transition, right,

351
00:18:40,560 --> 00:18:43,960
Speaker 1: whether it's a physical risk of climate change or just

352
00:18:44,040 --> 00:18:46,439
Speaker 1: transition risk, they know they're going to get hit, right

353
00:18:46,480 --> 00:18:48,520
Speaker 1: because they're they own across the board, so there's no

354
00:18:48,600 --> 00:18:52,080
Speaker 1: likes finding, you know, a shelter from that. So they're

355
00:18:52,240 --> 00:18:54,280
Speaker 1: very much in tune to this, and the fact that

356
00:18:54,320 --> 00:18:57,880
Speaker 1: they are, I think it gives information content about where

357
00:18:57,920 --> 00:18:59,840
Speaker 1: maybe the rest of us should be thinking in terms

358
00:18:59,840 --> 00:19:03,199
Speaker 1: of out there is systematic unpriced risk on this, and

359
00:19:03,240 --> 00:19:06,800
Speaker 1: I think certainly when you drill down into different industries

360
00:19:06,840 --> 00:19:10,600
Speaker 1: and different stocks within those industries, there are very very

361
00:19:10,680 --> 00:19:14,439
Speaker 1: much varying postures on how they're handling this transition to

362
00:19:14,480 --> 00:19:17,520
Speaker 1: a low carbon economy. So if you're a stock picker,

363
00:19:17,840 --> 00:19:20,000
Speaker 1: that's where you're kind of focused, right. So moving away

364
00:19:20,040 --> 00:19:22,800
Speaker 1: from the systematic and saying and look, there's there's risk

365
00:19:22,840 --> 00:19:25,639
Speaker 1: here and there's also opportunity. And what we're seeing in

366
00:19:25,640 --> 00:19:29,040
Speaker 1: the asset manager space now is the effort to integrate

367
00:19:29,040 --> 00:19:33,119
Speaker 1: E s G into fundamental analysis, into looking at what

368
00:19:33,160 --> 00:19:35,720
Speaker 1: should I look at for multiples on this stock? What

369
00:19:35,720 --> 00:19:38,280
Speaker 1: should I look at in terms of the discount rate? Um?

370
00:19:38,440 --> 00:19:41,159
Speaker 1: You know, and it crosses obviously into the SMG as

371
00:19:41,200 --> 00:19:43,919
Speaker 1: well in terms of you know, how I'm treating my

372
00:19:44,160 --> 00:19:47,520
Speaker 1: workers and um, you know the my governance policies and

373
00:19:47,560 --> 00:19:50,360
Speaker 1: how does that impact. Now. You could argue a lot

374
00:19:50,359 --> 00:19:53,480
Speaker 1: of this is just fundamental analysis that should always be

375
00:19:53,520 --> 00:19:55,800
Speaker 1: taking place. But I think we're getting to your point.

376
00:19:55,960 --> 00:19:59,720
Speaker 1: Data sources, they're not matching, they're not necessarily super Bowl

377
00:19:59,760 --> 00:20:02,560
Speaker 1: or it did, but it's it's it's data that we

378
00:20:02,600 --> 00:20:05,119
Speaker 1: didn't used to have. It's data that we didn't used

379
00:20:05,160 --> 00:20:07,159
Speaker 1: to have, and I think it's going to increase. I

380
00:20:07,160 --> 00:20:10,000
Speaker 1: think that's going to make for better asset management over time. Well,

381
00:20:10,040 --> 00:20:11,960
Speaker 1: in a f I SEC chair Gary Ginsler has his

382
00:20:12,000 --> 00:20:15,800
Speaker 1: way right, He's talked about a climate disclosure rule. Uh,

383
00:20:15,840 --> 00:20:18,760
Speaker 1: and so we've talked about this with the CFO of Cisco,

384
00:20:19,119 --> 00:20:23,520
Speaker 1: specifically about the need for you know, true disclosure and

385
00:20:23,560 --> 00:20:27,400
Speaker 1: make it the responsibility of a regulatory body like the SEC,

386
00:20:27,520 --> 00:20:29,800
Speaker 1: so that investors really know what they're investing in, so

387
00:20:29,840 --> 00:20:32,239
Speaker 1: that when they are committing money, uh, if what they

388
00:20:32,280 --> 00:20:34,960
Speaker 1: want to support is true E s G. That money

389
00:20:35,040 --> 00:20:38,720
Speaker 1: is going to their commitments. Yeah. I think that's going

390
00:20:38,800 --> 00:20:41,600
Speaker 1: to be key because what you have now too is

391
00:20:41,600 --> 00:20:44,960
Speaker 1: even in the asset management industry, just such differences in

392
00:20:45,200 --> 00:20:47,280
Speaker 1: what folks mean when they say, well, this is an

393
00:20:47,280 --> 00:20:49,639
Speaker 1: E s G fond, right, and and what do we

394
00:20:49,680 --> 00:20:53,960
Speaker 1: mean by that? So you absolutely need um better disclosures

395
00:20:53,960 --> 00:20:56,800
Speaker 1: on these things better, you know. Obviously Gensler has talked

396
00:20:56,800 --> 00:21:00,359
Speaker 1: about like is this an instrul issue where obviously you know,

397
00:21:00,440 --> 00:21:03,439
Speaker 1: you're held too much higher standards if if it is,

398
00:21:03,920 --> 00:21:06,760
Speaker 1: or is this you know, just something that you work

399
00:21:06,800 --> 00:21:09,720
Speaker 1: out into, you know, kind of through the disclosures that

400
00:21:09,760 --> 00:21:12,280
Speaker 1: the asset managers make. Hey, Dana, one thing I want

401
00:21:12,280 --> 00:21:16,000
Speaker 1: to ask you. So yesterday the reopening trade was not

402
00:21:16,040 --> 00:21:19,679
Speaker 1: in fashion. Today it's back in fashion. So what do

403
00:21:19,760 --> 00:21:23,879
Speaker 1: you advise your clients or what do you advise investors

404
00:21:23,920 --> 00:21:26,000
Speaker 1: to do at this point? Do you buy airlines? Do

405
00:21:26,040 --> 00:21:28,160
Speaker 1: you not? Do you buy hotel companies do you not?

406
00:21:28,320 --> 00:21:30,280
Speaker 1: Do you buy cruise companies? Do you not? How do

407
00:21:30,280 --> 00:21:34,880
Speaker 1: you play it? So investments Yodeli unit gets data on

408
00:21:35,040 --> 00:21:38,160
Speaker 1: spending UM, so it gets very early data that kind

409
00:21:38,160 --> 00:21:40,639
Speaker 1: of is nice signaling for us at ahead of time.

410
00:21:40,680 --> 00:21:44,000
Speaker 1: And you know, certainly there has the indoor reopening trade

411
00:21:44,040 --> 00:21:47,680
Speaker 1: has not looked as good or spend I should say,

412
00:21:48,000 --> 00:21:51,200
Speaker 1: um has not looked nearly as good as the outdoor UM.

413
00:21:51,240 --> 00:21:54,480
Speaker 1: You know. So, uh, that's something to kind of take

414
00:21:54,520 --> 00:21:58,280
Speaker 1: into account. But I would say at a higher level, UM,

415
00:21:58,480 --> 00:22:01,320
Speaker 1: broad diversification is kind of the antidote, right, I mean,

416
00:22:01,359 --> 00:22:04,520
Speaker 1: you just it's it's timing this and in the level

417
00:22:04,600 --> 00:22:08,200
Speaker 1: of volatility of going back and forth between cyclicals, you know, uh,

418
00:22:08,400 --> 00:22:11,400
Speaker 1: factors that are sensitive to the economy and to reopening

419
00:22:11,400 --> 00:22:15,960
Speaker 1: and those that are not. Is just for the retail client, um, yeah,

420
00:22:16,359 --> 00:22:18,520
Speaker 1: You're what you need to do is diverse by across

421
00:22:18,560 --> 00:22:20,800
Speaker 1: at these different areas. All Right, we gotta run. Hey,

422
00:22:20,840 --> 00:22:23,439
Speaker 1: Dana thinks so much. Really appreciate your perspective. Danny Dioria,

423
00:22:23,520 --> 00:22:26,879
Speaker 1: she's co Chief investment Officer Investnet PMC on the phone

424
00:22:27,200 --> 00:22:31,600
Speaker 1: from Pennsylvania. Thanks for listening to Bloomberg Business Week. Download

425
00:22:31,640 --> 00:22:34,919
Speaker 1: the podcast on iTunes, SoundCloud, or Bloomberg dot com, and

426
00:22:34,960 --> 00:22:36,680
Speaker 1: you can also listen to our radio show at two

427
00:22:36,680 --> 00:22:39,600
Speaker 1: pm Eastern on Bloomberg Radio or watch us on YouTube.

428
00:22:39,720 --> 00:22:41,200
Speaker 1: Search to Bloomberg Global News