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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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Speaker 1: my co host Matt Miller. Every business day we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets podcast

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Speaker 1: called Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Thinking about the only

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Speaker 1: crown variant here it I think the question I get

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Speaker 1: most nowadays is when will this peak? And let's talk

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Speaker 1: to a professional and that issue. Dr syrah Madad title

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Speaker 1: is Senior Director system Wide Special Pathogen's program Man. That

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Speaker 1: sounds impressive NYC Health and Hospitals. Dr Madad, thank you

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Speaker 1: so much for joining us. To really appreciate you taking

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Speaker 1: the time here. You know, I guess we saw in

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Speaker 1: South Africa a relatively quick acceleration in the omicron virant,

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Speaker 1: but then is as quickly a deceleration and decline in

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Speaker 1: that variant as well? Is that something we can expect

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Speaker 1: here in the United States? Do you believe? Well, I

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Speaker 1: think there's a couple of have yats to that. Yes,

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Speaker 1: I think many of us are predicting that the amcron

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Speaker 1: wave is going to be less um of an issue

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Speaker 1: in terms of how long it's going to be at

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Speaker 1: very high levels of community transmission, and so we may

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Speaker 1: see the peak you know, faster compared to the delta

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Speaker 1: wave and then having kind of a faster decline um.

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Speaker 1: But at the same time, it's hard to extrapolate if

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Speaker 1: we are going to see the same uh kind of

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Speaker 1: really quick acceleration in a very quick, you know, deceleration

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Speaker 1: because South Africa, their population is a very different in

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Speaker 1: terms of how young they are, the amount of immunity

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Speaker 1: and their population and different types of factors. Here in

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Speaker 1: the US, it's very different as you go by state

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Speaker 1: by state. So here, for example, in in the city

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Speaker 1: of New York where I am in, we are still

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Speaker 1: seeing alarming number of case growth. You may be seeing

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Speaker 1: um per, some positivity kind of decline a little bit,

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Speaker 1: cases new infections decline a little bit. But it's still

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Speaker 1: a little bit too early to tell. But again, we're

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Speaker 1: hopeful that we are going to see the peak very soon,

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Speaker 1: and I think by next week we'll probably have a

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Speaker 1: much better idea of have we reached the peak or

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Speaker 1: are we over the big hup. I think people have

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Speaker 1: a lot of questions about some of the hospitalizations and

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Speaker 1: some of the data coming in. Dr or Anthony Fauci

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Speaker 1: last week said that UM, at least with children, hospitalizations

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Speaker 1: are overstated because people are coming in with appendicitis or

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Speaker 1: a broken leg, they're automatically being tested for COVID and

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Speaker 1: they're being labeled as COVID hospitalizations. We heard similar from

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Speaker 1: the CEO of Northwell Health yesterday. Are you seeing that

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Speaker 1: as well? Well? You know, for Agnay, the New York

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Speaker 1: Kate Governor has come out and has mentioned that, you know, UM,

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Speaker 1: they do want hospitals to break down who is coming

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Speaker 1: in with a primary diagnosis of COVID and versus those

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Speaker 1: that are coming with a secondary diagnosis media coming in

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Speaker 1: with other issues non related to COVID, and we're just

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Speaker 1: picking up COVID. So I think the big question here

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Speaker 1: certainly is obviously are we picking up more incidental um know,

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Speaker 1: covid UM. But at the same time, we also want

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Speaker 1: to look at the acuity of these patients have been

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Speaker 1: coming with high acuity or low acuity. So I think

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Speaker 1: right now what we are generally seeing across New York

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Speaker 1: City is that the acuity of these patients that aren't

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Speaker 1: coming into the e d s are lower acuity that

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Speaker 1: have COVID, which I think abodes all with some of

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Speaker 1: the studies that have been coming out now that um

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Speaker 1: with acron in particularly seeing more of a mild illness.

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Speaker 1: But I would say again a caveat here is a

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Speaker 1: mild illness or one person may not be a mild

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Speaker 1: illness for another person. So, you know, I think when

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Speaker 1: we look at those that are currently hospitalized across New

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Speaker 1: York City and the Department of House, that's a really

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Speaker 1: amazing job, and there's a grass that really is just

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Speaker 1: so remarkable and telling. And if you're looking at who

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Speaker 1: is currently hospitalized, you're seeing, by and large it's a

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Speaker 1: majority of those that are unvaccinated. You see, the line

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Speaker 1: really shot right up for those that are unvaccinated versus

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Speaker 1: those are hospitalized and vaccinated. DR. When we get to

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Speaker 1: the other side of this omicron variant, will we be

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Speaker 1: left with effectively two population is one that's been vacced

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Speaker 1: boosted H and the other that has been infected with

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Speaker 1: some variant. Is that where we're going to be? You know,

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Speaker 1: I think this this variant is going to put up

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Speaker 1: much more immunity in our population and that's it's a

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Speaker 1: good and a bad thing, right. So the bad thing

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Speaker 1: obviously is we don't want anybody to get infected and

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Speaker 1: we rather have them have that vaccine induced immunity UM

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Speaker 1: if and when they do encounter this virus and if

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Speaker 1: they don't have that vaccine induced community. You know, I

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Speaker 1: think it's pretty certain that it's just now a matter

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Speaker 1: of when people are going to get infected UM with

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Speaker 1: this virus, knowing that it's going to be with us

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Speaker 1: in perpertuity. And so that's where we want to make

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Speaker 1: sure we emphasize that people have these army of soldiers UM,

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Speaker 1: these antibodies in their body before they encounter the virus.

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Speaker 1: They have you know, low risk of severe outcomes. And

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Speaker 1: so I think as we look at moving forward year

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Speaker 1: three in this pandemic, what are we going to see?

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Speaker 1: How are we going to move forward? You know, I

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Speaker 1: think that we are going to have much more immunity

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Speaker 1: in our population. We probably will go vary into variants,

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Speaker 1: So you probably are hearing more new variants kind of

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Speaker 1: come up, um, you know, on the radar. That's just

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Speaker 1: going to be unfortunately the reality. But I think that

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Speaker 1: if we have better immunity in our population. We're able

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Speaker 1: to kind of save off kind of the worst outcomes

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Speaker 1: of this of this virus. We heard from Scott Gottlieb

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Speaker 1: as well. Dr Scott Gottlieb that this was the year

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Speaker 1: when we finally start to treat this is the flu seasonal,

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Speaker 1: We care, but it doesn't shut everyone down. Do you

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Speaker 1: see that as well? This year is that year? I

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Speaker 1: am hopeful, um, But I think it's one of those

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Speaker 1: things prediction as a as a full game in that sense, um,

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Speaker 1: and so we can't predict exactly if this is going

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Speaker 1: to be the year. Next year is going to be

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Speaker 1: the year. Eventually we will get over uh this this

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Speaker 1: big hump. We will learn to live with this virus

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Speaker 1: and we have we will have kind of an endemic state.

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Speaker 1: It's very hard to tell when that's going to be,

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Speaker 1: and certainly I think the the indicators that we have

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Speaker 1: is showing that that will be the case for this year.

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Speaker 1: But again with this virus, I think the number one

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Speaker 1: thing many of us have learned is we have to

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Speaker 1: stay humble and we have humility because this virus just

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Speaker 1: throwing so many different curveballs all the time. Absolutely is

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Speaker 1: absolutely right. Dr Cyra Madad Senior director system Wide Special

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Speaker 1: Pathogens Program for NYC Health and Hospitals, giving us the

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Speaker 1: latest here on this onmicron variant and as it winds

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Speaker 1: its way through the population. UM. Here in New York City,

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Speaker 1: schools are open. UM. I know in other parts of

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Speaker 1: the country, various big cities, some schools are closing, going

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Speaker 1: virtual if you will, UM, and not here in New

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Speaker 1: York City. So we'll see how that plays out. As

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Speaker 1: we've been over the past couple years trying to get

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Speaker 1: smarter on this virus, on vaccines, on boosters. There's been

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Speaker 1: a something that I've seen written about a lot, and

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Speaker 1: I have to admit I didn't I don't know too

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Speaker 1: much about, but I want to get smarter on because

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Speaker 1: I didn't spend maybe I didn't spend enough, pay enough

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Speaker 1: attention to my science classes growing up. But t cells

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Speaker 1: and what that means here as we think about treating,

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Speaker 1: continuing to treat and deal with this pandemic. But our

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Speaker 1: next guest certainly knows about that stuff. Chad Robbins, President, CEO,

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Speaker 1: and co founder of Adaptive Biotechnologies Corporations. It's a NASTAC

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Speaker 1: listed company. A DPT is the symbol on your Bloomberg terminal.

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Speaker 1: It's got a market capitalization of three point six billion dollars. Chat.

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Speaker 1: Thanks so much for joining us here. What do I

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Speaker 1: need to know about T cells and how they deal

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Speaker 1: with this virus? Well, first of all, thank you, good morning.

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Speaker 1: I'm really pleased to be here today and speak with

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Speaker 1: you about the importance of T cells, especially during the

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Speaker 1: height of this oh maicron wave here. Um, there's really

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Speaker 1: you know, a couple of things. You know is that

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Speaker 1: there are two parts of the adaptive immune system UH

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Speaker 1: antibodies and T cells. And we've heard a lot about

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Speaker 1: anibodies in the last couple of years, but now we're

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Speaker 1: starting to hear about T cells. We've been banging the

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Speaker 1: drum about T cells. Your antibodies or what are your

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Speaker 1: humral response they're there to prevent disease, and your T

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Speaker 1: cells or your cellulars fonts are there to eliminate disease.

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Speaker 1: UM viruses use human cells as factories to create more virus.

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Speaker 1: And so if one good analogy, if you think about it,

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Speaker 1: is that the vaccine to induce both these B cells

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Speaker 1: just created anibodies in these T cells, and these antibodies

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Speaker 1: are a sense around the factory to keep the virus out.

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Speaker 1: But the other way is these T cells is once

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Speaker 1: the virus winds up getting into the factory, these T

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Speaker 1: cells are like the bombs that doesn't destroy the factory

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Speaker 1: when they do get in. And what's happening now as

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Speaker 1: we moved through the Greek alphabet on these variants of

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Speaker 1: concerns is more and more the virus is getting into

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Speaker 1: the cell and it's really the T cell that's playing

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Speaker 1: this really critical role in preventing us from getting really sick. Okay,

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Speaker 1: so what is the research show us so far then

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Speaker 1: about preventing the disease and different levels of this and

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Speaker 1: different people. Yeah, well, our study found that greater than

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Speaker 1: two words of the T cell response to the vaccines

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Speaker 1: is on target against omicron variant. Well, the antibody responses

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Speaker 1: dwindled below ten, so it's really not not correlated. And

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Speaker 1: so a lot of the virus is getting in and

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Speaker 1: the T cells and that response level is staying extremely high,

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Speaker 1: which is what ultimately is one to one to you know,

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Speaker 1: why we're having cold and flue life symptoms for the

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Speaker 1: most part if you're vaccinated, because these vaccines are inducing uh,

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Speaker 1: this this, this, you know pretty strong T cell response. So, Chad,

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Speaker 1: I mean that there's so many arguments for getting the vaccine.

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Speaker 1: We we we all know them. Um, if you don't

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Speaker 1: have the vaccine, let's and you do get infected, do

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Speaker 1: you then have natural T cell immunity? There, you do

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Speaker 1: have some natural T cell immunity. But what luckily, and

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Speaker 1: it wasn't necessarily the intention, but the vaccines actually induced

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Speaker 1: a very significant, diverse and robust T cell response. So

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Speaker 1: your T cell levels and your response is extremely high

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Speaker 1: with the vaccination. In addition to what happened was originally right,

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Speaker 1: we designed a very specific kind of fence against the

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Speaker 1: original strain from Ruhan, But as as you started to

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Speaker 1: have additional strains, the virus is mutating much faster than

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Speaker 1: you can manufacture and distribute the vaccine. Therefore, it's really

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Speaker 1: this kind of T cell response that's wind up what

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Speaker 1: is really protecting us against it. So if you're vaccinated,

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Speaker 1: that's why, if you're if you're excuse me, that's why,

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Speaker 1: if you're not vaccinated, the chances of you dying or

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Speaker 1: being hospitalized are that's much greater. Why don't we know

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Speaker 1: then about because you're talking about how the vaccine it's

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Speaker 1: changing so quickly that the vaccines can't keep up. Just

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Speaker 1: technologically we can distribute them as quickly. Is the variance

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Speaker 1: are emerging? What then can we do? What? What are

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Speaker 1: some of the takeaways as we think about maybe this

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Speaker 1: becoming an annual sort of flu like seasonal event. Yes.

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Speaker 1: Actually UM Adaptive partner with a company called night Code,

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Speaker 1: a publicly listed company in the Netherlands. UH that where

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Speaker 1: we're specifically designing a vaccine to induce a a a

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Speaker 1: robust T cell response. We actually know the parts of

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Speaker 1: the virus that that that protect us and that induce

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Speaker 1: a very diverse tithel response. So specifically designing a T

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Speaker 1: cell based vaccine as a universal booster is one thing

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Speaker 1: that we can and are looking at doing. UH. The

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Speaker 1: other thing we can do is Adaptive is developed a

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Speaker 1: technology UM called t dash detect dot com that's able

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Speaker 1: to measure the T cell response. So the ability to

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Speaker 1: know when when your T cell response continues to be

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Speaker 1: high and how long, so the question of when it

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Speaker 1: is that we actually need to take a booster. UH.

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Speaker 1: One thing that needs to be done is the FDA

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Speaker 1: needs to incorporate the T cell response in all of

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Speaker 1: its clinical trials period. We now have the technology to

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Speaker 1: do this, and it needs to be done because seeing

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Speaker 1: that T cell response and measuring that T cell response

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Speaker 1: is a is the measure of of vaccine efficacy and

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Speaker 1: so it Chad, do you believe that as we continue

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Speaker 1: to iterate vaccines and and maybe get to an annual

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Speaker 1: you know, kind of flu slash covid vaccine, that they

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Speaker 1: will in fact be you know, really sensitive to the

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Speaker 1: creating that T cell immunity. I do. I do believe that,

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Speaker 1: and I do believe that's why, Uh, this virus will

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Speaker 1: become endemic in the population. Over time, it will become

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Speaker 1: more like the you know, the flu coal them flu

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Speaker 1: that we will get kind of an an annual an

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Speaker 1: annual shot to be able to continue to induce that

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Speaker 1: that tail response, uh, and it we'll wind up essentially

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Speaker 1: being being in our population unfortunately like the flu is.

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Speaker 1: But but fortunately we do have this amazing mechanism of

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Speaker 1: our immune system, and fortunately we have the ability to

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Speaker 1: measure it now. So in particular, there's a there's a

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Speaker 1: population out there that are immune compromised UM that don't

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Speaker 1: mount an anti an antibody response. So it's you can't

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Speaker 1: you can't measure that, so you need to measure the

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Speaker 1: response to to see if these this this subset of

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Speaker 1: the population, those are that are on cell depleting therapy,

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Speaker 1: such as blood cancer patients or or immune compromise patients. Um,

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Speaker 1: they really really need to be able to measure the

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Speaker 1: T cells. Chad, thanks so much for taking the time

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Speaker 1: and sharing your knowledge and wisdom with us. Really appreciate it.

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Speaker 1: Chad Robbins, President, CEO and co founder of Adaptive Biotechnologies Corporation.

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Speaker 1: Let me let's get a little bit smarter on this

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Speaker 1: concept of T cells and how they help in the

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Speaker 1: fight against this coronavirus and this. Greg jarffrom Bloomberg News

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Speaker 1: pointed out, we first heard about that this with h

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Speaker 1: I V and I do remember that. Let's talk taxes.

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Speaker 1: Why not everybody loves to talk taxes. I think taxes

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Speaker 1: are going up, is what I understand. So what do

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Speaker 1: I need to do in terms of my portfolio, in

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Speaker 1: terms of my tax planning? UM, I don't know. Let's

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Speaker 1: go to somebody who does this for a living. Lisa

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Speaker 1: feathering Gil, National director of Wealth Planning at Comerica Bank.

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Speaker 1: At Lisa, thanks so much for joining us here. What

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Speaker 1: are you telling your clients here as we head into

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Speaker 1: two in an era that likely we'll have some higher taxes.

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Speaker 1: Good morning. Well, there are a couple of things that

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Speaker 1: I am suggesting they focus on. First. At the beginning

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Speaker 1: of a new year, so it's always a good time

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Speaker 1: to make sure that withholding is accurate, that contributions to

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Speaker 1: retire plans are back at the level that they need

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Speaker 1: to be. And it's a wonderful time to update the

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Speaker 1: balance sheet. Um and actually this is something that we

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Speaker 1: do in my household every January. And if you've ever

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Speaker 1: changed jobs, you know how you have duplication of let's

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Speaker 1: say four oh one K plans and h S, A

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Speaker 1: S and all those types of things from multiple employers.

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Speaker 1: It's a wonderful time to pull everything together, look at

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Speaker 1: what you've got, and look at the asset allocation across

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Speaker 1: all of those buckets of assets and re balance. So

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Speaker 1: even though you might incur some games, from a strategic perspective,

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Speaker 1: it's great to go ahead and take those games and

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Speaker 1: and reinvest the money and maybe some asset classes that

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Speaker 1: didn't do as well last year. That's a good place

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Speaker 1: to start. Yeah, you know, it was interesting because Paul

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Speaker 1: was saying that, Um, well, as we've heard, taxes aren't

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Speaker 1: going down. We know that, but you know, I am

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Speaker 1: curious if they're going up. Because we've talked about build

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Speaker 1: back Better. At least for now, it's been shelves of

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Speaker 1: the time being. So where are we in terms of

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Speaker 1: the tax outlook, Well, you know it's in the Senate,

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Speaker 1: uh House the record right now, but um, the Senate

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Speaker 1: has said they are going to take it up. There

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Speaker 1: was a lot that was included in the original legislation

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Speaker 1: of Build Back Better that that never made it to

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Speaker 1: the Senate. So you know, we escaped a few bullets.

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Speaker 1: But there are a couple of things to be aware of. One,

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Speaker 1: if the Senate takes us up in January and it

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Speaker 1: makes its way through the legislative process early in the year,

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Speaker 1: we don't know if the legislation will be retroactive to

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Speaker 1: January one. It's possible, so that's something to be on

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Speaker 1: the lookout for. The other thing is the surtax. So

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Speaker 1: there's not a real increase in tax rates for the

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Speaker 1: majority of people, but for individuals making over ten million

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Speaker 1: a year or trust with income over two hundred thousand

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Speaker 1: dollars a year. There is that new surtax that's proposed

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Speaker 1: and build back better five for individuals making ten million

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Speaker 1: or trust at two hundred thousand, and it's an additional

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Speaker 1: three for individuals at twenty million of income and trust

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Speaker 1: at five hundred thousand. So a lot of tax planning

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Speaker 1: around trusts and beneficiaries that could be happening this year too, Hey, Lisa,

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Speaker 1: For those of us in the metro New York area

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Speaker 1: and some other urban areas like San Francisco and Los Angeles,

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Speaker 1: the whole salt tax deduction cap, that's a big thing.

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Speaker 1: Do we know where that is now? Because that seems

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Speaker 1: to be a big point of discussion amongst legislators. You're

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Speaker 1: absolutely right, a lot of back and forth. There was

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Speaker 1: talk about a seventy tho dollar cap on the deduction

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Speaker 1: and a phase out which would really affect high income

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Speaker 1: tax payers. But no real clarity on that one yet.

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Speaker 1: And that's what's been so funny, because I know that

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Speaker 1: we've been talking a lot about the salt cap deduction

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Speaker 1: and just not quite getting there. Lisa talked to us

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Speaker 1: sort of in the future, what what are you talked

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Speaker 1: a lot about some of the rebalancing and we know

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Speaker 1: that at least on the big pension level, we've seen

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Speaker 1: that maybe some rebalancing out of equities back into UM

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Speaker 1: bonds just given the big outperformance. Are you seeing that

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Speaker 1: as well on maybe an individual level? Oh? Absolutely, and

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Speaker 1: we actually actually recommend more of a strategic rebalancings. So

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Speaker 1: let's say you've worked with your financial person and you've

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Speaker 1: come up with a target allocations, say between fixed income

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Speaker 1: and equities. Well, you know the last three years that

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Speaker 1: the UM, even the domestic stock market has been up

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Speaker 1: over twenty so naturally you're going to be out of balance.

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Speaker 1: So what I like to do is take some of

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Speaker 1: those profits on the off the table, right, UM, go

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Speaker 1: ahead and rebalance so that you're at your target allocations,

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Speaker 1: say for the equities, which would mean selling some, and

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Speaker 1: to get your target allocation for the fixed income, which

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Speaker 1: is probably lower than target right now, you end up

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Speaker 1: buying when the values are a little bit lower. Lisa,

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Speaker 1: thank you so much for joining us. Really appreciate getting

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Speaker 1: your thoughts and perspective here on how should we think

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Speaker 1: about our portfolios and what might be a higher tax environment.

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Speaker 1: Lisa feather and Gilt, National Director of Wealth Planning at

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Speaker 1: America Bank. Right now, I'm thinking about alternative investments because

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Speaker 1: I'm looking at a rate environment where I'm not sure

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Speaker 1: where I'm going to get a return here, certainly not

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Speaker 1: in the treasure market. I'm not sure about the equity markets.

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Speaker 1: Given the big move in twenty one, I'm gonna need

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Speaker 1: to think about alternative investments. Our next guest thinks about

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Speaker 1: that as well. C J. Felini, managing partner of Noyak Capital.

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Speaker 1: C J. Thanks so much for joining us here. What

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Speaker 1: alternative investment ideas areas are you talking to your clients

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Speaker 1: about here as we enter two, Well, again, great to

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Speaker 1: be here. In the low tailor hibaull Um. We are

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Speaker 1: focused on real estate and we have general themes and

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Speaker 1: then we execute within those themes, primarily supply chain and logistics.

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Speaker 1: It's so exciting to talk about the scintillating topic of

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Speaker 1: supply chain and logistics, which here too. Four. You know,

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Speaker 1: the past five years you didn't have twenty seven mentions

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Speaker 1: and we've had twenty seven mentions on the general business

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Speaker 1: channels today. All right, so talk to us about the

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Speaker 1: themes that you're looking at. We've been talking about supply

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Speaker 1: chain has been a big one right investing in warehouses.

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Speaker 1: Some of these mobility has where are you looking at

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Speaker 1: right now? Well, we have a diversified approach, so that

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Speaker 1: includes dry industrial UM, but especially the cold chain infrastructure.

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Speaker 1: Cold storage also known as mobility hubs is more of

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Speaker 1: a of a development and value add play where we believes,

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Speaker 1: as the soft Bank with their one billion dollar investments

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Speaker 1: about a year ago eighteen months ago and Uber Eats

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Speaker 1: and door Dash, that large structured parking garages are going

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Speaker 1: to be underutilized for parking in the future. They're well located,

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Speaker 1: they're they're in downtown ms as close to populations, and

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Speaker 1: they're big and they are and they can be repurposed

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Speaker 1: for micro fulfillment. So as a theme, micro fulfillment will

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Speaker 1: be discussed just as much as the ship's docked off

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Speaker 1: the l a port is right now. You're going to

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Speaker 1: have UM You're going to have cloud kitchens on the roof,

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Speaker 1: You're going to have cold storage pods on deck four,

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Speaker 1: You're going to have Amazon and other lockers where you

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Speaker 1: can do where you can do drop off and pick up.

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Speaker 1: Because we have to rethink what supply chain really means

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Speaker 1: in this country. Just a quick aside, listen nation states

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Speaker 1: are becoming more xenophobic. Globalism was attacked mercilessly under the

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Speaker 1: last administration. So every every developed country has to build sustainable,

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Speaker 1: vertically integrated supply chains within their own boundaries. That takes years.

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Speaker 1: It's really hard. Amazon is building an airport network under

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Speaker 1: executive Dave Clark, just to do that their own airport network.

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Speaker 1: We believe that there is a version for the middle

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Speaker 1: market and small business that it has to be built

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Speaker 1: on the ground up, and that is what we're discussing

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Speaker 1: in supply chain and logistics and more importantly micro fulfillment.

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Speaker 1: So c J, where are we seen this? Give us

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Speaker 1: some examples of this micro fulfillment because you know there

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Speaker 1: is that obviously that chain of that thought that we

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Speaker 1: are do need to onshore more of the supply chain.

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Speaker 1: Where are some good examples that you're seeing it. Well,

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Speaker 1: there's two versions. It's a Barbell approach. You have the

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Speaker 1: legacy the older regional, large, massive distribution centers that are

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Speaker 1: more hubb and spoke if you will, with using pointing

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Speaker 1: a term from the aviation in the shirline and shape

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Speaker 1: hubb and spoke. That's fine, but people are are dispersed

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Speaker 1: they're not. They're moving out of cities, so you have

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Speaker 1: to deliver where they are some of So for example, um,

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Speaker 1: there's a company called Americle. Yes, it's publicly traded and

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Speaker 1: it's a read they are buying. Previously would have been

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Speaker 1: an average of a hundred thousand square foot regional distribution

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Speaker 1: for the cold supply chain. Now it's fifteen thousand in

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Speaker 1: a borough of New York City, which is within twenty

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Speaker 1: minutes of the mass of the Bell curve of the population.

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Speaker 1: So if you can't bring organic or frozen produce to

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Speaker 1: the largest portion of the population within twenty to thirty minutes,

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Speaker 1: you're in the wrong location. Yeah. Interesting. I'm also taking

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Speaker 1: a look at your bio and your early stage investor

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Speaker 1: in SpaceX and and taking a look at supporting growth

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Speaker 1: for female entrepreneurs. Talk to us about the female entrepreneurs,

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Speaker 1: some of the ideas and some of those investment opportunities

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Speaker 1: that you see. Well, I I wish I could say

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Speaker 1: that I was more pressing on that. I learned from

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Speaker 1: some very smart people Jesse Draper of Halogen Adventure, Steve

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Speaker 1: Steve daughter, but but a phenomenal investor in our own right. Um,

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Speaker 1: they gave me a very simple thesis. You know here

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Speaker 1: there is maybe a gross under investment or under allocation

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Speaker 1: of venture capital and family office in r I A

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Speaker 1: capital in female founders to the tune of maybe six.

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Speaker 1: If anyone thinks that there are not capable female executives

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Speaker 1: who can create unicorns to that degree, they are grossly mistaken.

431
00:24:35,400 --> 00:24:39,680
Speaker 1: So that that reallocation of capital is going to realize

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00:24:40,160 --> 00:24:43,600
Speaker 1: that they have to deploy capital in these companies, and

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00:24:43,640 --> 00:24:46,040
Speaker 1: they're gonna do it quickly. So those people who are

434
00:24:46,080 --> 00:24:49,679
Speaker 1: there first are going to benefit from understanding that. UM

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00:24:50,320 --> 00:24:53,520
Speaker 1: that that distortion in the allocation of capital and under

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00:24:53,560 --> 00:24:57,280
Speaker 1: female founders. Um I do it both direct as well

437
00:24:57,320 --> 00:25:00,240
Speaker 1: as through people. As I mentioned Jesse Draper Ploge inventure yours.

438
00:25:00,720 --> 00:25:03,439
Speaker 1: And it's across the gamut of fintech. A lot of

439
00:25:03,440 --> 00:25:08,040
Speaker 1: CpG which we love because of its cash flow and

440
00:25:08,560 --> 00:25:12,920
Speaker 1: its scalability. And there are there are private their investment

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00:25:12,920 --> 00:25:16,480
Speaker 1: clubs for the the smaller investor. Golden Seeds is a

442
00:25:16,640 --> 00:25:20,560
Speaker 1: great way to invest less than ten thousand dollars in

443
00:25:20,760 --> 00:25:24,120
Speaker 1: a female founded company and they are open to everyone.

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00:25:25,200 --> 00:25:30,320
Speaker 1: C J where one percentage I mean of of individual's portfolio.

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00:25:30,400 --> 00:25:34,400
Speaker 1: Do you think should be allocated to alternative investments because

446
00:25:34,480 --> 00:25:36,080
Speaker 1: you know, the argument could be made that you know,

447
00:25:36,160 --> 00:25:41,040
Speaker 1: most investors are underinvested in you know, maybe some of

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00:25:41,080 --> 00:25:46,359
Speaker 1: the alternatives. UM, excellent question, and unfortunately only have seven minutes,

449
00:25:46,359 --> 00:25:49,120
Speaker 1: but I'll try. I'll try and parse it. So yes,

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00:25:49,400 --> 00:25:53,199
Speaker 1: it is. It is something I rail against NonStop that

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00:25:53,640 --> 00:25:57,320
Speaker 1: investors of every size and stripe, whether it's billion dollar

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00:25:57,440 --> 00:26:01,960
Speaker 1: family offices or the retail investor at a fifty hundred

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00:26:02,000 --> 00:26:04,320
Speaker 1: thousand all level total or twenty thousand all level, we

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00:26:04,400 --> 00:26:08,520
Speaker 1: are all under invested in alternatives. Now within alternatives, those

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00:26:08,880 --> 00:26:13,040
Speaker 1: those very encouraged categories, I I would argue that that

456
00:26:13,320 --> 00:26:16,679
Speaker 1: private real estate investments, private reads should be up to

457
00:26:16,760 --> 00:26:21,879
Speaker 1: thirty eight percent of the of your alternative allocation alternative

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00:26:22,160 --> 00:26:23,720
Speaker 1: of your portfolio. If you want to rule a thumb,

459
00:26:23,720 --> 00:26:27,800
Speaker 1: there's many, there's many disagreements on that. I follow Robert Swinson,

460
00:26:27,920 --> 00:26:32,359
Speaker 1: the legendary late investor of the y l C. I

461
00:26:32,520 --> 00:26:35,800
Speaker 1: l if anyone put it more succinctly, and if anyone

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00:26:35,800 --> 00:26:40,600
Speaker 1: who proved the return power of private investments was Mr Swenson,

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00:26:40,880 --> 00:26:44,680
Speaker 1: and I follow his lead. All right, c J, thank

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00:26:44,720 --> 00:26:47,800
Speaker 1: you so much for chatting with us, really fascinating stuff.

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00:26:48,040 --> 00:26:51,960
Speaker 1: You probably need to talk more about alternative investment opportunities

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00:26:52,000 --> 00:26:55,960
Speaker 1: as opposed to that sixty forty traditional equity fixed income portfolio.

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Speaker 1: C J. Felini, Managing partner at Noyak Capital, giving us

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00:26:59,560 --> 00:27:02,000
Speaker 1: some thoughts here and uh talking about some of the

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00:27:02,040 --> 00:27:06,480
Speaker 1: logistics supply chain issues and some investment opportunities. Uh, they're

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00:27:06,520 --> 00:27:09,480
Speaker 1: so pretty fascinating stuff. And again, alternatives I think for

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00:27:09,480 --> 00:27:12,920
Speaker 1: a lot of investors, you know, probably not representative enough

472
00:27:13,240 --> 00:27:16,879
Speaker 1: in the average portfolio. For the average investor, maybe we

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00:27:16,960 --> 00:27:20,439
Speaker 1: think that at particularly world of low yields kind of

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00:27:20,440 --> 00:27:25,280
Speaker 1: an issue there. Thanks for listening to the Bloomberg Markets podcast.

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00:27:25,680 --> 00:27:28,879
Speaker 1: You can subscribe and listen to interviews with Apple Podcasts

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00:27:29,000 --> 00:27:32,920
Speaker 1: or whatever podcast platform you prefer. I'm Matt Miller. I'm

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00:27:32,920 --> 00:27:37,119
Speaker 1: on Twitter at Matt Miller. Put on false Sweeney I'm

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00:27:37,160 --> 00:27:39,800
Speaker 1: on Twitter at pt Sweeney. Before the podcast. You can

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00:27:39,840 --> 00:27:42,040
Speaker 1: always catch us worldwide at Bloomberg Radio.