Speaker 1: This is Bloomberg Business Week. I'm Carole Masser and I'm
Speaker 1: Bloomberg Quick Takes Tim Stanovk. We're here every day bringing
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Speaker 1: Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com.
Speaker 1: You can also listen to our radio show at two
Speaker 1: pm Eastern Time on Bloomberg Radio, or watch us on
Speaker 1: YouTube search Bloomberg Global News. The Delta varrant now making
Speaker 1: up an eight year percent of all sequence COVID nighteing
Speaker 1: cases here in the U S. New York City vaccine
Speaker 1: rate drops though as COVID cases rise. Francesina jumping vaccination,
Speaker 1: Apple pushing back its return of office deadlines, Tokyo still
Speaker 1: struggling just before the Olympics, and we did also report
Speaker 1: a White House official and staff member for Nancy Pelosi
Speaker 1: both tested positive for COVID after attending the same reception
Speaker 1: last week that coming are confirmed to Axios back with
Speaker 1: us a voice that we've reached out to throughout the pandemic.
Speaker 1: Dr Peter Alpern, who is vice president now at the
Speaker 1: publicly held Doximity. It's a professional network medical network for physicians.
Speaker 1: He is with us on the phone in Austin, Texas.
Speaker 1: Dr Alpern, good to check in with you once again.
Speaker 1: How do you see this delta variant breakout and rise
Speaker 1: in COVID cases? Yeah, well, thank you for having me, Carroll. UM.
Speaker 1: So the delta variant is concerning and is obviously becoming
Speaker 1: the predominant strain of COVID that people are catching. It's
Speaker 1: clearly more contagious UM and is beginning to make up
Speaker 1: the vast majority of the cases that people are seeing.
Speaker 1: I should note that the the delta variant outbreaks do
Speaker 1: seem to be much more prefable and obviously and people
Speaker 1: who are unvaccinated as opposed to vaccinated, so it does UM.
Speaker 1: It is largely a a pandemic or epidemic among the
Speaker 1: unvaccinated population, but that still is a very significant number.
Speaker 1: So it's extremely concerning UM and people are obviously paying
Speaker 1: very good attention. So help was that because we were all,
Speaker 1: like you know, we've been told get the vaccine you'll
Speaker 1: be okay, or you'll be in a much better position. Uh.
Speaker 1: And yet at the same time, in talking to medical
Speaker 1: professionals like yourself, we are reminded that this is a
Speaker 1: much more contagious and more um, you know, virulent virus.
Speaker 1: And so I guess I'm just trying to how do
Speaker 1: we I don't know, how do we figure out the
Speaker 1: risk reward balance here as we increasingly get back to life.
Speaker 1: We do have a bit of a playbook here. And yet, um,
Speaker 1: there's nervousness. We see it in the financial markets, certainly
Speaker 1: saw it yesterday. Yeah, I think, um, you know, I
Speaker 1: think all the basic things we know to be true
Speaker 1: remain true, which is that, um, getting vaccinated helps prevent
Speaker 1: the disease. We have three extremely good options in the
Speaker 1: Visor and MODERNA vaccines as well as the Johnson and
Speaker 1: Johnson vaccines. So if you haven't been vaccinated, and you
Speaker 1: are eligible and don't have a reason that you shouldn't
Speaker 1: take the vaccines, it still is absolutely the most important
Speaker 1: thing that you can do. Um. Uh. In terms of
Speaker 1: the virulence as you refer to it, it's really more
Speaker 1: contagious what we've seen with the delta. The delta variant
Speaker 1: is it's much much easier to catch. It's got a
Speaker 1: much higher contagiousness rate that are not that people would
Speaker 1: talk about in the past, UM, but it does not
Speaker 1: seem to lead to more severe illnesses as compared to
Speaker 1: the regular strains or the original strains of the virus UM. So,
Speaker 1: and then in terms of the vaccines that people have
Speaker 1: already received, if you are vaccinated in a far more
Speaker 1: than two weeks out from your second dose UM or
Speaker 1: your first dose of the J and J vaccine, then
Speaker 1: you do do appear to be greatly protected with a
Speaker 1: very decreased risk of severe illness or hospitalization. So the
Speaker 1: last thing in terms of the other sort of masking
Speaker 1: and those things, which is very much implied in your question, UM,
Speaker 1: you know, if you are going into a very crowded space,
Speaker 1: it probably makes sense to UM to you know, to
Speaker 1: be air on the side of caution. So if you're
Speaker 1: at a concert or something that's extremely crowded and wearing
Speaker 1: a mask is certainly not out wrong UM and certainly
Speaker 1: can also afford some a bit of comfort to those
Speaker 1: people around you, because you really obviously can't tell who's
Speaker 1: vaccinated INTOISM. And thanks for the clarification, because you're right,
Speaker 1: it's more contagious, and I guess the fear is getting
Speaker 1: a variant that is more contagious as well as just
Speaker 1: much more severe. Right, that's the tricky point. So listen,
Speaker 1: one thing, since we've got about two and a half
Speaker 1: minutes left here. You guys are at the forefront when
Speaker 1: it comes to telehealth medicine. How does that stay with us?
Speaker 1: Um So, you know, telehealth is something that is continuing
Speaker 1: to UMU to stay as a very important part of
Speaker 1: the way that physicians and other health care professionals are
Speaker 1: treating their patients. And I think you know, this latest
Speaker 1: outbreak of the delta variant um is something that just
Speaker 1: sort of is reinforcing that. I think both from the
Speaker 1: professional side, on the side of doctors, they're aware that
Speaker 1: they're able to see more patients or deliver care to
Speaker 1: patients who they otherwise wouldn't be able to see through
Speaker 1: the use of telehealth. And then on the flip side,
Speaker 1: if you're or a patient knowing that you can communicate
Speaker 1: with your physician and not have to go to a
Speaker 1: hospital or go to a clinic where that you might
Speaker 1: see people, and maybe you are someone who is unable
Speaker 1: to be vaccinated because of an underlying medical condition. And
Speaker 1: so telehealth is clearly something that is playing an important
Speaker 1: role and we'll continue to play an important role and
Speaker 1: something that we see um, you know being discussed UM
Speaker 1: quite often on the Ductionmity network. What's the guidance in
Speaker 1: terms of well doctors at some point say well, that's
Speaker 1: a case where I need to see you in person.
Speaker 1: That's a case where I can see you, um, you
Speaker 1: know via online or you know telehealth in a telehealth method.
Speaker 1: And how is it that we as patients need to
Speaker 1: say no, this is something I need to go in for.
Speaker 1: This is something I can just quick get online with
Speaker 1: you about and just kind about. It's a it's a
Speaker 1: great question. Um. So there's always going to be a
Speaker 1: situations where you're not able to be fully evaluated via
Speaker 1: telehealth visit. That there's certain elements of the physical examp
Speaker 1: for insince which you're just impossible to do via a
Speaker 1: video visit. Um. That said, I think it's a conversation
Speaker 1: between the patients and their and their physician. If either
Speaker 1: side is not comfortable with the telehealth visit then um,
Speaker 1: and in person's visit is absolutely the next step um.
Speaker 1: Sometimes it's obvious, right if you have a cut or
Speaker 1: something on that certain need to go to the emergency
Speaker 1: room obviously, but for other things it will be just
Speaker 1: a combination of that conversation. If you, as a patient
Speaker 1: are uncomfortable and want to be seen in person, then
Speaker 1: you should emphasize that with your physician. Alright, great step
Speaker 1: to and a great point to end on. Peter, Thank
Speaker 1: you so much, Dr Peter alper and he is vice
Speaker 1: president at the now publicly held Oximity. They went public
Speaker 1: in June. They are a professional medical network for physicians.
Speaker 1: And Dr Alpern joining us on the phone from Austin, Texas.
Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio. It's one
Speaker 1: for the history books. Amazon founder Jeff Bezos and three
Speaker 1: others landing safely after Blue Origins first flight to space
Speaker 1: with centers aboard, a key milestone in the company's effort
Speaker 1: to make space tourism viable. After the flight, Bloomberg Technology
Speaker 1: anchor Emily Chang getting the first interview with Jeff Bezos,
Speaker 1: and they talked about a lot, including the long term
Speaker 1: view check it out. What we're doing is we're building
Speaker 1: infrastrar This is a road. We're building a road to
Speaker 1: space so that future generations can build the future. We
Speaker 1: live on this beautiful planet. It's the most beautiful planet
Speaker 1: in the Source System by far, and we have to
Speaker 1: keep it safe and protect it. And the way to
Speaker 1: do that is slowly, over decades, to move all heavy industry,
Speaker 1: all polluting industry, out into space. That's what we're gonna
Speaker 1: do so we can keep this planet the gym that
Speaker 1: it is. But to do that, we need reusable spacecraft.
Speaker 1: We need low cost spacecraft. And to get that, we've
Speaker 1: got to practice. And that's what just touris and mission
Speaker 1: is about. That's Jeff Bezos alongside his brother Mark, speaking
Speaker 1: to our Emily Chang earlier right after they landed after
Speaker 1: going into space. Emily along with my co host and
Speaker 1: Bloomberg Cricktake anchor Tim Stanevik, leading our coverage of the mission.
Speaker 1: It was in credible this morning. Both are in Van Horne,
Speaker 1: Texas and join us now. So Emily and him, I
Speaker 1: guess I was glued to my phone watching the whole time.
Speaker 1: It took my breath away. Emily, you caught up with
Speaker 1: Bezos and his brother Mark, as I said the first
Speaker 1: interview after they landed, what struck you about today, Carol?
Speaker 1: It was an absolutely surreal day. You know, we as
Speaker 1: journalists cover a lot of different kinds of stories, and
Speaker 1: this is definitely one that I will remember. I mean,
Speaker 1: watching the rocket take off, there was this moment where
Speaker 1: you know, you look at it going up and then
Speaker 1: suddenly you say you realize again, oh my goodness, Jeff
Speaker 1: Bezos is on that rocket. Wow. Um And talking to him,
Speaker 1: being the first person to talk to him after he
Speaker 1: landed from the press, um was an incredible moment. I
Speaker 1: mean he was kind of at a loss for words.
Speaker 1: He said it was all inspiring, and then couldn't quite
Speaker 1: find the right words. He turned it over to his
Speaker 1: brother and said maybe he'd have to send a poet
Speaker 1: up to space so somebody could put into words. Um
Speaker 1: more eloquently just described that that feeling that he thinks
Speaker 1: everyone should experience. Well, and Tim, I'm gonna bring you
Speaker 1: in a minute, but Emily, this is something Jeff Bezos
Speaker 1: has been working on, you know, aspiring to do for
Speaker 1: whatever twenty years, twenty years perhaps, I mean his infatuation
Speaker 1: with space. His fascination with space goes back decades to
Speaker 1: when he was a child watching lunar landings with his grandfather.
Speaker 1: And Blue Origin itself is one years old. I mean,
Speaker 1: people don't realize that he has been at this a
Speaker 1: long time. There have been delays, there have been design issues,
Speaker 1: there have been UM prototypes exploding in mid air, and
Speaker 1: so the company has had to tackle that along the way.
Speaker 1: And him deciding to be the first UH passenger going
Speaker 1: up to space was actually a huge show of faith
Speaker 1: and everything that they've been working on. Nobody here necessarily
Speaker 1: expected it to actually have two astronauts on staff that
Speaker 1: everyone thought would be the first people on the first
Speaker 1: crude mission, But then Jeff Bezos raised his hand and said, no,
Speaker 1: it's gonna be me. Yeah, making a big statement by
Speaker 1: doing so, and then also bringing along the youngest and
Speaker 1: oldest astronaut ever. Ultimately, Hey, Tim, come on in on this.
Speaker 1: How was this trip similar or different to Alan Shepherd's
Speaker 1: historic trip into space some sixty years ago. Yeah, Well,
Speaker 1: you have to remember that the rocket that carried Bezos
Speaker 1: and crew up into space is named New Shepherd. It's
Speaker 1: it's a nod to Alan Shepherd's historic flight, and he
Speaker 1: mentioned it after the press conference and and said that
Speaker 1: the launch profile was very similar, and indeed it was,
Speaker 1: but the similarities kind of end there because this rocket
Speaker 1: from Blue Origin fully automated the experience from launch to touchdown,
Speaker 1: fully automated, obviously not that's not what happened with with
Speaker 1: the Mercury and with Alan Shepherd. In addition to that,
Speaker 1: um the idea of it being reusable. This was the
Speaker 1: third flight for this stack. That means that it had
Speaker 1: been the combination had been flown too times previously, and
Speaker 1: that's not something that was able to be done until
Speaker 1: just a few years ago. In addition to that, the
Speaker 1: capsule is much larger. Those huge windows that Blue Origin
Speaker 1: loves to talk about take up a third of the
Speaker 1: entire capsule. And then again, this is a vacation, this
Speaker 1: is an experience. This is meant to appeal to people
Speaker 1: who are tourists. Right, if we think back to what
Speaker 1: happened sixty years ago, we were locked in a dead
Speaker 1: heat with the Soviet Union and the space race, and
Speaker 1: in fact, many would argue that the Soviet Union had
Speaker 1: gone further than we had in a short time. The
Speaker 1: whole idea that was autonomous also just kind of blew
Speaker 1: my mind. My dad having done a lot of things
Speaker 1: in the space, but you always had a pilot, and
Speaker 1: then you had a back up pilot. Emily, I wonder
Speaker 1: if we did an injustice in terms of the media
Speaker 1: initially saying, you know, it's kind of the billionaire battle
Speaker 1: for space. It's much more than just a billionaire Emily
Speaker 1: going into space. Absolutely, and you know, Jeff Bezos, of course, uh,
Speaker 1: you know, space tourism is just the tip of the
Speaker 1: iceberg here. And he did say today that they've made
Speaker 1: almost a hundred million dollars with people buying tickets on
Speaker 1: the next two flights. But the real goal is to
Speaker 1: build that road to space, that infrastructure that will allow
Speaker 1: other entrepreneurs, other businesses, other people who don't have as
Speaker 1: much money as Jeff Bezos, uh, to do great things
Speaker 1: in space. He believes that Earth is the best place
Speaker 1: to live. This is not about getting to Mars. All
Speaker 1: other planets, he says, are inhospitable. We need to create
Speaker 1: the space economy to protect Earth, to tap the energy
Speaker 1: resources from the Sun or water from the Moon. And
Speaker 1: you know, it was interesting in the press conference, you know,
Speaker 1: somebody asked are you gonna do it again? And he said,
Speaker 1: hell yeah, And then we actually went out to the
Speaker 1: landing pad. We saw the booster where it landed on
Speaker 1: the landing pad and uh, they came out again and
Speaker 1: I said, it looks like it's ready to go back up.
Speaker 1: I mean the point is it's reusable. Are you ready
Speaker 1: for this event soon? And when he said yes, tomorrow. Um,
Speaker 1: so you know he's he was he's incredibly excited, and
Speaker 1: you know it's it's there is something poetic about this. Yes,
Speaker 1: he's being criticized. Um, yes, not everyone understands why he's
Speaker 1: investing in space. And his answer is it's it's not
Speaker 1: about not caring about Earth. I care about Earth. This
Speaker 1: is this is to help Earth in the future, very
Speaker 1: specific perspective, and I love it. While he funk, I'm
Speaker 1: assuming would also say I would go, and I'm guessing
Speaker 1: Tim and Emily might also be willing to go. I
Speaker 1: just will just ignore the quarter of a million dollars
Speaker 1: to get there. I'm journal now, but you let me drive? No,
Speaker 1: no, no no, home hone please, I'll do the drivel. I
Speaker 1: want to drive. Drive the question this is the drive
Speaker 1: to the globe. Give me thanks, we'll try us dawn
Speaker 1: on Bluebird Rady. So just about ten and a half
Speaker 1: minutes left in today's trading session. Charlie of course breaking
Speaker 1: down the trade here, and we have seen stocks up
Speaker 1: across the board throughout the day and holding near their
Speaker 1: best levels of the day. So let's get to it.
Speaker 1: Let's bring in Danna Dioria, CO, Chief Investment Officer, the
Speaker 1: Publicly Held Investment PMC, on the phone in Pennsylvania. Hey, Dana,
Speaker 1: good to have you back with us. You, guys, UM
Speaker 1: are all about providing support for financial advisors. You provide
Speaker 1: them tools. Tell us a little about what you are
Speaker 1: hearing from some of your clients. Yeah, thank you for
Speaker 1: having me so. UM, you're absolutely right. We provide tools
Speaker 1: to retail advisors, and certainly in this space, there's a
Speaker 1: lot of question around where should we be diversifying, how
Speaker 1: do we manage the fact that yields are so low? Um,
Speaker 1: you know Fixingcome right now. If I have a sixty forty,
Speaker 1: which is just the standard model for a lot of clients,
Speaker 1: you know it is going into something that's really low
Speaker 1: yielding and um, potentially negative real returns. So I think, UM,
Speaker 1: a lot of discussion on urns around, you know, alternative
Speaker 1: investments in other places to diversify. So when you are
Speaker 1: looking at alternative investments, like what really pops out for
Speaker 1: you right now? Well, certainly, I think, Um, there's questions
Speaker 1: about a couple of different things, right, hedge funds for diversification.
Speaker 1: Certainly last year with covid um, there was kind of
Speaker 1: resurgence of interest and hedge funds because they did perform
Speaker 1: well amidst the volatility, you know, and that from the
Speaker 1: perspective of what we hear from clients, that was a
Speaker 1: bit of a reversal because we have been a bowl
Speaker 1: market for so long that anything that didn't have high
Speaker 1: data was you know, not necessarily is that much interest.
Speaker 1: So resurgence there for the diversification, um, you know, the
Speaker 1: ability to not have as much volatility. And then you
Speaker 1: know private markets, right, private credit, private real estate, um,
Speaker 1: you know, private equity to just get a little bit
Speaker 1: higher return, a little bit higher yield. What do you
Speaker 1: make of, Okay, a little bit of correction or or
Speaker 1: selling yesterday, we bounced back today the bond market, while
Speaker 1: we've seen some firming when it comes to the yield
Speaker 1: on the tenure, certainly off the loads that we saw yesterday,
Speaker 1: nonetheless still very low. So what story are equities telling you?
Speaker 1: What story is the bond market or treasury is telling you?
Speaker 1: And are they the same stories? It's it's such a
Speaker 1: great question. It's definitely something that I think asset managers
Speaker 1: in general are wrestling with and and wealth managers the like,
Speaker 1: because of course you are seeing such strong equity markets,
Speaker 1: I mean, notwithstanding yesterday, and we have had some pullbacks
Speaker 1: which make a lot of sense, right when you when
Speaker 1: you think about the delta variants in COVID. You know,
Speaker 1: we're gonna have no spectators at the at the Olympics
Speaker 1: this year, so there's definitely some concern that, well, maybe
Speaker 1: we're not past this, so some pullbacks makes sense. But
Speaker 1: all in all, equity markets have have really been up
Speaker 1: obviously and and done fantastically well and earning beating estimates
Speaker 1: and expectations that that continues. So um and then you
Speaker 1: have just this, you know, the drop of the yield
Speaker 1: them a tenure which suggests that there is concerned in
Speaker 1: the market about future real growth and you know, maybe
Speaker 1: a policy error from the SUD So definitely conflicting messages.
Speaker 1: Obviously that the market is trying to deal with You know,
Speaker 1: I teased earlier that, um, we're gonna talk a little
Speaker 1: bit about E s G with you as well. And
Speaker 1: I think it's an interesting day where you have Jeff
Speaker 1: Bezos going into space Blue Origin. Uh. It has certainly
Speaker 1: been one of our focal points today. Jeff Bezos is
Speaker 1: talking about space exploration is about how to improve things
Speaker 1: on Earth and taking care of Earth. Amazon obviously someone
Speaker 1: that makes a big carbon footprint or has its impact
Speaker 1: right because we're you know, moving a lot of stuff around. Um,
Speaker 1: but Jeff is making that point about, you know, we
Speaker 1: have to really protect Earth, that this is what it's
Speaker 1: all about. I mean, why wouldn't we want to in
Speaker 1: terms of what's here specifically, And it kind of feeds
Speaker 1: into that bigger, broader investment theme of E s G,
Speaker 1: which we know a lot of companies are talking about it.
Speaker 1: We just mentioned about black Rock specifically when it comes
Speaker 1: to directors at companies, you know, the pressure they're putting
Speaker 1: on companies to be more climate sensitive and proactive. UM,
Speaker 1: E s G. It is still there's so much gray
Speaker 1: area there because the metrics aren't there to really measure it.
Speaker 1: How do you make us or how should we be
Speaker 1: thinking about it? And how do investors be smart about it?
Speaker 1: It's it's a great question, and you raise a lot
Speaker 1: of really important issues, right, So so we'll hit like
Speaker 1: these universal owners, these big owners like Black Rock, State Street.
Speaker 1: Obviously they're using their muscle to get better engagement from
Speaker 1: the companies that they're invested in. These are universal owners.
Speaker 1: You know, if there's a problem that comes from a transition, right,
Speaker 1: whether it's a physical risk of climate change or just
Speaker 1: transition risk, they know they're going to get hit, right
Speaker 1: because they're they own across the board, so there's no
Speaker 1: likes finding, you know, a shelter from that. So they're
Speaker 1: very much in tune to this, and the fact that
Speaker 1: they are, I think it gives information content about where
Speaker 1: maybe the rest of us should be thinking in terms
Speaker 1: of out there is systematic unpriced risk on this, and
Speaker 1: I think certainly when you drill down into different industries
Speaker 1: and different stocks within those industries, there are very very
Speaker 1: much varying postures on how they're handling this transition to
Speaker 1: a low carbon economy. So if you're a stock picker,
Speaker 1: that's where you're kind of focused, right. So moving away
Speaker 1: from the systematic and saying and look, there's there's risk
Speaker 1: here and there's also opportunity. And what we're seeing in
Speaker 1: the asset manager space now is the effort to integrate
Speaker 1: E s G into fundamental analysis, into looking at what
Speaker 1: should I look at for multiples on this stock? What
Speaker 1: should I look at in terms of the discount rate? Um?
Speaker 1: You know, and it crosses obviously into the SMG as
Speaker 1: well in terms of you know, how I'm treating my
Speaker 1: workers and um, you know the my governance policies and
Speaker 1: how does that impact. Now. You could argue a lot
Speaker 1: of this is just fundamental analysis that should always be
Speaker 1: taking place. But I think we're getting to your point.
Speaker 1: Data sources, they're not matching, they're not necessarily super Bowl
Speaker 1: or it did, but it's it's it's data that we
Speaker 1: didn't used to have. It's data that we didn't used
Speaker 1: to have, and I think it's going to increase. I
Speaker 1: think that's going to make for better asset management over time. Well,
Speaker 1: in a f I SEC chair Gary Ginsler has his
Speaker 1: way right, He's talked about a climate disclosure rule. Uh,
Speaker 1: and so we've talked about this with the CFO of Cisco,
Speaker 1: specifically about the need for you know, true disclosure and
Speaker 1: make it the responsibility of a regulatory body like the SEC,
Speaker 1: so that investors really know what they're investing in, so
Speaker 1: that when they are committing money, uh, if what they
Speaker 1: want to support is true E s G. That money
Speaker 1: is going to their commitments. Yeah. I think that's going
Speaker 1: to be key because what you have now too is
Speaker 1: even in the asset management industry, just such differences in
Speaker 1: what folks mean when they say, well, this is an
Speaker 1: E s G fond, right, and and what do we
Speaker 1: mean by that? So you absolutely need um better disclosures
Speaker 1: on these things better, you know. Obviously Gensler has talked
Speaker 1: about like is this an instrul issue where obviously you know,
Speaker 1: you're held too much higher standards if if it is,
Speaker 1: or is this you know, just something that you work
Speaker 1: out into, you know, kind of through the disclosures that
Speaker 1: the asset managers make. Hey, Dana, one thing I want
Speaker 1: to ask you. So yesterday the reopening trade was not
Speaker 1: in fashion. Today it's back in fashion. So what do
Speaker 1: you advise your clients or what do you advise investors
Speaker 1: to do at this point? Do you buy airlines? Do
Speaker 1: you not? Do you buy hotel companies do you not?
Speaker 1: Do you buy cruise companies? Do you not? How do
Speaker 1: you play it? So investments Yodeli unit gets data on
Speaker 1: spending UM, so it gets very early data that kind
Speaker 1: of is nice signaling for us at ahead of time.
Speaker 1: And you know, certainly there has the indoor reopening trade
Speaker 1: has not looked as good or spend I should say,
Speaker 1: um has not looked nearly as good as the outdoor UM.
Speaker 1: You know. So, uh, that's something to kind of take
Speaker 1: into account. But I would say at a higher level, UM,
Speaker 1: broad diversification is kind of the antidote, right, I mean,
Speaker 1: you just it's it's timing this and in the level
Speaker 1: of volatility of going back and forth between cyclicals, you know, uh,
Speaker 1: factors that are sensitive to the economy and to reopening
Speaker 1: and those that are not. Is just for the retail client, um, yeah,
Speaker 1: You're what you need to do is diverse by across
Speaker 1: at these different areas. All Right, we gotta run. Hey,
Speaker 1: Dana thinks so much. Really appreciate your perspective. Danny Dioria,
Speaker 1: she's co Chief investment Officer Investnet PMC on the phone
Speaker 1: from Pennsylvania. Thanks for listening to Bloomberg Business Week. Download
Speaker 1: the podcast on iTunes, SoundCloud, or Bloomberg dot com, and
Speaker 1: you can also listen to our radio show at two
Speaker 1: pm Eastern on Bloomberg Radio or watch us on YouTube.
Speaker 1: Search to Bloomberg Global News