WEBVTT - Bloomberg Businessweek Weekend - April 11th, 2020 0:00:01.800 --> 0:00:05.440 You're listening to Bloomberg Business Week from Bloomberg Radio. Hi. 0:00:05.480 --> 0:00:07.880 I'm Jason Kelley and I'm Carol Masser. Welcome to the 0:00:07.920 --> 0:00:10.840 weekend edition of Bloomberg Business Week. Jason, it was our 0:00:10.880 --> 0:00:13.960 first full week of April. Some optimism regarding the virus 0:00:14.000 --> 0:00:16.959 and more talk about the possibility of the beginning of 0:00:17.000 --> 0:00:20.000 a turnaround in the fight against it. I think a 0:00:20.040 --> 0:00:23.119 big theme this week, we decided as a result of 0:00:23.160 --> 0:00:27.280 this fear versus greed, worries about COVID nineteen remain, but 0:00:27.440 --> 0:00:30.240 talk of reopening the economy was starting to push some 0:00:30.440 --> 0:00:33.519 to possibly take on risks well, And it really was 0:00:33.560 --> 0:00:35.960 a week of versus right, because the other thing we 0:00:36.040 --> 0:00:39.600 talked about was markets versus medical and this notion that 0:00:39.840 --> 0:00:42.760 there's enthusiasm in the markets. Part of that is owing 0:00:42.840 --> 0:00:45.159 to this notion of getting back to work, maybe the 0:00:45.200 --> 0:00:49.159 economy opening up, the administration certainly pushing that, but also 0:00:49.600 --> 0:00:54.720 just some really really grim statistics and real human stories 0:00:54.720 --> 0:00:58.000 coming out of our backyard, New York City especially which 0:00:58.040 --> 0:01:00.800 has remained the epicenter. But we did get to speak 0:01:00.840 --> 0:01:05.080 to a bunch of CEOs, investors, geo political experts, authors 0:01:05.920 --> 0:01:09.360 about how they're handling the coronavirus pandemic and maybe how 0:01:09.400 --> 0:01:12.120 all of us should be thinking about what lies ahead. Yeah, 0:01:12.200 --> 0:01:15.520 leaders from all walks of life, medicine, tech, streaming, media, sports, 0:01:15.520 --> 0:01:19.480 and more. These conversations with leaders in their fields happening 0:01:19.520 --> 0:01:22.080 in real time throughout our week as news concerning COVID 0:01:22.160 --> 0:01:25.160 nineteen and its impact continue to break and shape our 0:01:25.240 --> 0:01:27.039 daily lives. So who are we talking about. We're talking 0:01:27.040 --> 0:01:29.360 about Meg Whitman, she launched a new company this week. 0:01:29.400 --> 0:01:32.920 Susan Lyne, notable investor in the venture capital world, also 0:01:33.000 --> 0:01:36.600 a media mogul in her own right. Larry Murlough he 0:01:36.840 --> 0:01:40.080 is the CEO of CVS and John Wortheim. Love that 0:01:40.120 --> 0:01:42.679 guy talking sports. Yeah, we really touched on so many 0:01:42.760 --> 0:01:45.760 different aspects of our world. First up, though, we spoke 0:01:45.760 --> 0:01:48.520 with Bloomberg's Drew Armstrong. He is the team leader for 0:01:48.640 --> 0:01:51.720 US Healthcare at Bloomberg News. He is really the architect 0:01:51.880 --> 0:01:55.840 of the coronavirus coverage here at Bloomberg, working NonStop and 0:01:55.880 --> 0:01:59.320 really keeping us informed when it comes to the various treatments, 0:01:59.360 --> 0:02:01.960 the potential of vaccines, everything that we needed to know 0:02:02.120 --> 0:02:04.720 about the virus. Here's our update. I think the big 0:02:04.760 --> 0:02:07.200 thing that people are watching right now, and this has 0:02:07.240 --> 0:02:10.120 really been you know, the thing to watch all along 0:02:10.400 --> 0:02:15.080 is what are we seeing in new US cases in 0:02:15.280 --> 0:02:18.200 the various outbreaks here, And that's I want to be clear, 0:02:18.360 --> 0:02:21.640 you know, looking at the number of new cases is 0:02:22.080 --> 0:02:25.040 a leading indicator, but it's also a very imperfect one, 0:02:25.160 --> 0:02:28.119 just because of the significant problems in the US with 0:02:28.760 --> 0:02:32.280 broad comprehensive testing for this disease that you would like 0:02:32.320 --> 0:02:33.960 to do. I'm sure a lot of your listeners have 0:02:34.040 --> 0:02:37.720 read stories, none of them written by us, about some 0:02:37.840 --> 0:02:39.720 of the problems with getting enough test out they are 0:02:39.760 --> 0:02:42.000 getting everybody tested and who needs to be tested and 0:02:42.000 --> 0:02:44.280 so on and so forth. But you know, right now, 0:02:44.320 --> 0:02:46.480 as a leading indicator, it's kind of the best thing 0:02:47.000 --> 0:02:50.680 that we have right now. And we've seen a number of, 0:02:51.160 --> 0:02:53.840 you know, indications that in New York and New Jersey, 0:02:53.840 --> 0:02:56.320 which are two of the hottest outbreaks going on in 0:02:56.360 --> 0:02:59.799 the United States, that new infections imperfectly counted as they 0:02:59.800 --> 0:03:02.880 made be appear to be slowing, and that, you know, 0:03:03.320 --> 0:03:07.880 is overall good news in terms of when can somebody's 0:03:07.919 --> 0:03:10.560 restrictions on movement and on business being open and on 0:03:10.639 --> 0:03:15.200 people having to stay home begin to be loosened. There 0:03:15.200 --> 0:03:18.000 are a ton of caveats attached to that, but if 0:03:18.040 --> 0:03:20.239 you were looking for good news, this does feel to 0:03:20.320 --> 0:03:22.840 be a little bit of that, right. Global cases tapping 0:03:22.919 --> 0:03:26.120 one point thirty nine million death succeeding seventy nine thousand. 0:03:26.160 --> 0:03:28.440 Those are the latest numbers from Johns Hopkins. You know, 0:03:28.520 --> 0:03:33.560 you speak of um imperfect models, Drew is China the 0:03:33.639 --> 0:03:38.600 model from a health case basis the right model to 0:03:38.680 --> 0:03:43.280 be looking in terms of the trajectory. You know, I 0:03:43.320 --> 0:03:45.600 think there are some things that China tells us and 0:03:45.680 --> 0:03:48.600 some things that don't. There's there's two ways to think about. 0:03:48.680 --> 0:03:51.640 Like when we look at what happened in China and Wuhan, 0:03:52.160 --> 0:03:55.840 we've seen the exact same dynamic play out in other 0:03:55.920 --> 0:03:58.320 locations around the world. You know, I mean and I 0:03:58.440 --> 0:04:01.240 and I and I mean that from the standpoint that 0:04:01.760 --> 0:04:04.560 you know, there are some significant screw ups and then 0:04:04.760 --> 0:04:09.280 problems and then consequences that happened there, there's happened everywhere else. 0:04:09.280 --> 0:04:11.760 I mean, you know, first in China, we had basically 0:04:11.800 --> 0:04:14.680 the authorities say, hey, this isn't that big of a deal. 0:04:14.880 --> 0:04:17.560 We have this well in hand. You know, I think 0:04:17.560 --> 0:04:19.240 they were even saying it doesn't appear to be human 0:04:19.320 --> 0:04:22.480 human transmission. And then we entered a period where they 0:04:22.480 --> 0:04:25.760 didn't really have enough testing capacity and so it seemed 0:04:25.800 --> 0:04:28.160 like cases will only rising a little bit. But in 0:04:28.240 --> 0:04:30.800 fact we had no idea how big the outbreak was 0:04:30.839 --> 0:04:33.719 there because they didn't have great testing capacity. Then all 0:04:33.720 --> 0:04:36.599 of a sudden they got it. Cases exploded, and then 0:04:36.600 --> 0:04:39.960 by the time that happened, the healthcare system in Wuhan 0:04:40.040 --> 0:04:42.680 got overwhelmed and they had to build immense new capacity. 0:04:42.800 --> 0:04:46.400 They had a lot of excess death. Um. Those that's 0:04:46.480 --> 0:04:49.960 exactly what happened in Italy. Um, that's that's that's very 0:04:49.960 --> 0:04:51.880 similar what happened in the United States. I mean, we had, 0:04:51.920 --> 0:04:54.120 you know, federal leadership here that was saying this is 0:04:54.160 --> 0:04:56.479 well contained, it's not that big of a deal, and 0:04:56.520 --> 0:04:58.600 then we had a massive problem with testing, and then 0:04:58.640 --> 0:04:59.760 all of a sudden, this thing was out of a 0:04:59.800 --> 0:05:03.840 little I mean, we've seen the same exact dynamic play out. Um. 0:05:03.960 --> 0:05:06.160 What I think the lessons we can't take away from 0:05:06.279 --> 0:05:10.360 from China are you know, one, they did a lockdown 0:05:10.480 --> 0:05:14.360 that I think would never be allowed in a democracy period. 0:05:14.400 --> 0:05:17.760 I mean, people were physically unable to leave their homes. 0:05:17.760 --> 0:05:20.880 In many cases there were reports of house to house 0:05:20.880 --> 0:05:23.760 searches to find sick people and um haul them off 0:05:23.800 --> 0:05:27.839 to quarantine centers. Um. You know, it may look similar 0:05:27.839 --> 0:05:29.760 in some respects, but I think that there are some 0:05:29.839 --> 0:05:33.160 aspects of that that were much more um uh severe. 0:05:33.440 --> 0:05:35.239 And you know the other issues that we've seen reports 0:05:35.279 --> 0:05:37.040 from you know, the U. S. Intelligence community that they 0:05:37.040 --> 0:05:41.560 appeared to have significantly undercounted, um or underrepresented the severity 0:05:41.680 --> 0:05:44.200 of the of the outbreak there. And so I think 0:05:44.279 --> 0:05:47.760 we still have some missing pieces of information from China, 0:05:48.240 --> 0:05:50.839 uh that we really don't know how that it was 0:05:50.880 --> 0:05:52.839 that that may have influenced how the world thought about 0:05:52.839 --> 0:05:55.560 this disease as well. I mean, you know, academics and 0:05:55.560 --> 0:05:58.599 healthcare folks, they're they're early understanding this thing was really 0:05:58.640 --> 0:06:01.479 relied upon by what we heard coming out of China. 0:06:01.560 --> 0:06:03.800 And it's possible that we've got a very imperfect picture 0:06:03.800 --> 0:06:06.640 of that. And that's Bloomberg's Drew Armstrong, Carol, as you said, 0:06:06.640 --> 0:06:08.760 the architect of all of our coverage. You know that 0:06:08.800 --> 0:06:13.200 guy from his attic. He's doing everything from assigning editing, writing, 0:06:13.279 --> 0:06:17.080 going on our network and others to keep people up 0:06:17.080 --> 0:06:19.919 to date, because he is at the epicenter literally and 0:06:20.000 --> 0:06:23.440 physically and figuratively of our coverage here. Well, in such 0:06:23.440 --> 0:06:25.840 a big part of the stories treatment versus cure, treating 0:06:25.839 --> 0:06:29.920 those who have the virus while we're also fighting really 0:06:29.960 --> 0:06:32.479 hard to find a cure for it, and sometimes those 0:06:32.760 --> 0:06:35.000 are at war with one another. Right, you're listening to 0:06:35.040 --> 0:06:37.479 Bloomberg Business Week. Coming up, We've got the president and 0:06:37.520 --> 0:06:40.160 CEO of CVS talking to us about how they are 0:06:40.200 --> 0:06:48.440 wrapping up virus testing. This is Bloomberg. You're listening to 0:06:48.560 --> 0:06:52.360 Bloomberg Business Week with Carol Masser and Jason Kelly from 0:06:52.440 --> 0:06:54.680 Bloomberg Radio. Well, today we're bringing you some of the 0:06:54.760 --> 0:06:57.200 most important and we hope in formative conversations we had 0:06:57.560 --> 0:07:00.440 on our daily Bloomberg Business Week radio show this week 0:07:00.720 --> 0:07:04.039 about the coronavirus. Carol, that's right, Jason, And this week 0:07:04.120 --> 0:07:08.080 CBS launched a new rapid testing site in Lowell, Massachusetts. 0:07:08.440 --> 0:07:11.520 We caught up with CBS Presidency el Larry Murlow about 0:07:11.520 --> 0:07:13.920 one week ago to talk about the crisis for our 0:07:13.920 --> 0:07:17.000 Business Week Talks. It's featured this week in the magazine. 0:07:17.360 --> 0:07:20.760 Here is our conversation. Well, Carol, we are in a 0:07:20.840 --> 0:07:24.200 unique position to help address the pandemic, given our physical 0:07:24.240 --> 0:07:27.040 presence in communities all across the country and the ability 0:07:27.080 --> 0:07:31.240 to reach millions of consumers with local solutions. There's no 0:07:31.360 --> 0:07:34.320 question the health and safety of our colleagues and the 0:07:34.400 --> 0:07:37.080 customers that we serve is our number one priority, and 0:07:37.360 --> 0:07:40.360 you know, we're taking the necessary steps to ensure their 0:07:40.360 --> 0:07:43.920 well being and I could not be more proud of 0:07:43.960 --> 0:07:46.800 the work that they're doing. There is a strong purpose 0:07:47.240 --> 0:07:50.360 in our colleagues wanting to play an important role in 0:07:50.480 --> 0:07:53.920 helping their communities managed through this, and every day we 0:07:54.000 --> 0:07:56.520 ask ourselves a question, you know, is there more that 0:07:56.600 --> 0:07:59.280 we can do? And in that mindset has led to 0:07:59.400 --> 0:08:04.360 several actions focused on access solutions as well as the 0:08:04.400 --> 0:08:07.400 safety and health of those were serving well. Larry, tell 0:08:07.480 --> 0:08:10.840 us about some of those, because, as you alluded to, 0:08:10.880 --> 0:08:13.280 and as we all know, this is a fast moving situation. 0:08:13.320 --> 0:08:16.640 Feels like every day, as you say, presents new challenges. 0:08:16.640 --> 0:08:18.840 What are some of the steps that you've taken in 0:08:19.240 --> 0:08:26.360 the more recent days to sort of ensure worker safety specifically. Yeah, certainly, 0:08:26.400 --> 0:08:28.680 as I just mentioned, none of this happens without the 0:08:28.720 --> 0:08:31.880 extraordinary commitment of our employees, and you know, we have 0:08:32.320 --> 0:08:35.920 done a number of things to provide some peace of 0:08:35.920 --> 0:08:39.600 mind and help them navigate through these times. And you know, 0:08:39.600 --> 0:08:42.800 we're providing cash bonuses to our pharmacists and other healthcare 0:08:42.880 --> 0:08:46.280 professionals who are on the front lines, our store associates 0:08:46.280 --> 0:08:49.760 and managers and other individuals that you know are are 0:08:49.840 --> 0:08:53.240 important in terms of their work being site based. Uh. 0:08:53.280 --> 0:08:55.840 You know, we have been launching a new offering to 0:08:55.920 --> 0:08:58.960 help employees that you know have dependent care needs while 0:08:59.240 --> 0:09:02.000 providing sick leaves to part time employees for the duration 0:09:02.040 --> 0:09:05.160 of the pandemic. And like many others, we have been 0:09:05.200 --> 0:09:09.040 working around the clock to provide ppe and other safety 0:09:09.080 --> 0:09:12.959 measures in including protective panels at our pharmacies and our 0:09:13.440 --> 0:09:15.920 front store checkouts. Uh, you know, just to name a 0:09:15.960 --> 0:09:19.480 few things. And uh, and again, I couldn't be more 0:09:19.520 --> 0:09:22.480 proud of the work that they're doing. Yeah, and and um, 0:09:22.480 --> 0:09:24.360 from what I'm hearing is because I know you guys 0:09:24.400 --> 0:09:26.960 are going out, um, Larry as well, and you're looking 0:09:27.000 --> 0:09:29.240 to hire I think about fifty thou full of part 0:09:29.240 --> 0:09:32.160 time workers just to meet demand, because you've got delivery 0:09:32.280 --> 0:09:35.000 in store distribution jobs that need to be filled because 0:09:35.400 --> 0:09:38.400 of the rise in demand that you're seeing well, Carol, 0:09:38.440 --> 0:09:41.680 that that's right. We announced a goal of fifty thousand 0:09:41.760 --> 0:09:44.720 full time, part time and temporary roles across the country. 0:09:44.760 --> 0:09:48.160 That that includes some open job requisitions that we had, 0:09:48.559 --> 0:09:51.400 you know, but it also includes making sure that we're 0:09:51.440 --> 0:09:55.920 providing our frontline workers the relief that they need. And 0:09:56.280 --> 0:09:59.760 you know, we've been working with with companies, uh, you 0:09:59.800 --> 0:10:04.120 know across the country, you know, companies largely and travel 0:10:04.200 --> 0:10:09.000 hospitality uh, in terms of transitioning employees. Uh. You know, 0:10:09.080 --> 0:10:12.199 that makes up a lot of the temporary staff. And 0:10:12.600 --> 0:10:17.080 we've expedited our hiring as well as our onboarding process. 0:10:17.160 --> 0:10:20.640 And you know, we've gotten tremendous cooperation from those employees. 0:10:20.640 --> 0:10:23.440 And look, it's it serves a need for us during 0:10:23.480 --> 0:10:26.080 this period of time. Uh. You know, they want to 0:10:26.120 --> 0:10:29.200 continue to work, and you know, and I'm sure as 0:10:29.240 --> 0:10:32.840 their companies, uh, we get past this pandemic and their 0:10:32.880 --> 0:10:35.640 companies get things back online, I'm sure there'll be an 0:10:35.640 --> 0:10:39.440 opportunity for you know, those temporary workers to go back 0:10:39.440 --> 0:10:41.960 to the companies that you know that they're committed to 0:10:42.200 --> 0:10:44.200 and Larry, it sounds like then for all of your 0:10:44.559 --> 0:10:49.040 existing workers going into this virus that you are keeping 0:10:49.040 --> 0:10:52.480 everybody employed and there, and so you're taking care of 0:10:52.480 --> 0:10:55.480 those workers. They will continue to get a salary um, 0:10:55.520 --> 0:10:57.280 they will continue to get paid, they will continue to 0:10:57.280 --> 0:11:00.920 get healthcare. These are your workers, These are our workers, Carol, 0:11:00.920 --> 0:11:04.800 and that's absolutely right. You know, our workforce is approximately 0:11:04.840 --> 0:11:08.960 three hundred thousand across the country. About a hundred thousand 0:11:09.040 --> 0:11:13.480 of those colleagues work uh in office based locations. And 0:11:13.840 --> 0:11:16.760 you know, our technology team has also done a wonderful job. 0:11:16.800 --> 0:11:19.959 We have about eight of those you know, office based 0:11:19.960 --> 0:11:23.640 workers who were working remotely. The balance, you know, they 0:11:23.720 --> 0:11:26.280 make sure that the lights are staying on for you know, 0:11:26.360 --> 0:11:29.280 our call centers as well as our stores. And you 0:11:29.320 --> 0:11:32.040 know that leaves about two hundred thousand colleagues who are 0:11:32.440 --> 0:11:36.160 you know, frontlines. And again they're doing terrific things in 0:11:36.160 --> 0:11:38.800 in in supporting the needs of our clients and customers. 0:11:39.559 --> 0:11:42.880 And so Larry, just staying with the workers for a second, 0:11:43.120 --> 0:11:45.360 what what have you What are you hearing back from 0:11:45.400 --> 0:11:47.800 them in terms of what they're seeing in the stores? 0:11:48.160 --> 0:11:50.120 You know, as as you have mentioned, I mean, you 0:11:50.160 --> 0:11:53.040 guys have eyes on this in ways that that many 0:11:53.160 --> 0:11:56.000 don't mean. There are numerous cbs is in my community, 0:11:56.040 --> 0:11:58.560 I think in Carol's as well. What are they saying 0:11:58.600 --> 0:12:00.520 back to you in terms of what they're seeing in 0:12:00.559 --> 0:12:04.960 the stores. Well, Jason, there, first of all, they're greatly appreciative, 0:12:05.559 --> 0:12:07.760 you know, of the role that you know that we're playing. 0:12:07.800 --> 0:12:10.720 And I think you touched on this just a minute ago. 0:12:10.960 --> 0:12:12.400 You know, one of the things that we've done for 0:12:12.440 --> 0:12:16.040 our customers is, you know, to increase access to medication. 0:12:16.720 --> 0:12:19.640 We have waived charges for home delivery of prescriptions and 0:12:20.400 --> 0:12:25.400 related products, as well as relaxing the limitations in terms 0:12:25.400 --> 0:12:29.520 of you know, people getting prescriptions refilled early, especially those 0:12:29.559 --> 0:12:33.560 with chronic disease who were on maintenance medications. And you know, 0:12:33.600 --> 0:12:37.880 we've seen a tremendous increase in the utilization, uh in 0:12:37.920 --> 0:12:40.360 the need for home delivery. You think about you know, 0:12:40.440 --> 0:12:42.720 seniors not wanting to go out of their home, and 0:12:43.000 --> 0:12:45.760 you know they're appreciating that service. And larry on on 0:12:45.840 --> 0:12:49.559 the point of pharmaceuticals and and folks stocking up on prescriptions. 0:12:49.559 --> 0:12:53.040 We certainly have heard about that anecdotally. Are you experiencing 0:12:53.080 --> 0:12:56.840 any shortages on that front in terms of medicine specifically, 0:12:56.840 --> 0:13:00.600 we all know about shortages of toilet paper and other sunduries. 0:13:00.880 --> 0:13:03.560 But when it comes to medicines, are you seeing any 0:13:03.600 --> 0:13:06.240 shortages in the system at this point? Now, it's a 0:13:06.280 --> 0:13:09.400 great question. And with respect to the pharmacy supply chain, 0:13:09.440 --> 0:13:12.400 we have not experienced any disruption to date. You know, 0:13:12.440 --> 0:13:15.480 we have been in in constant contact with our suppliers. 0:13:15.720 --> 0:13:17.720 You know, they tend to carry about a three to 0:13:17.800 --> 0:13:20.679 six months supply and you know, you think about prescriptions 0:13:20.679 --> 0:13:24.080 that are dispensed today across the country, about of all 0:13:24.080 --> 0:13:27.440 prescriptions are generics. And you know, we have the size 0:13:27.440 --> 0:13:30.400 and scale with our partnership with Cardinal Health in the 0:13:30.400 --> 0:13:33.720 creation of a company that is called Red Oak Sourcing, 0:13:34.040 --> 0:13:37.079 And as a result, we have been able to diversify 0:13:37.200 --> 0:13:39.960 our generic supply chain so that we are not dependent 0:13:40.280 --> 0:13:44.640 on any single manufacture for a product. So I think 0:13:44.760 --> 0:13:48.280 Americans can be reassured that you know, the pharmaceutical supply 0:13:48.360 --> 0:13:52.360 chain is in good shape and that CVS CEO Larry Murlow, obviously, 0:13:52.679 --> 0:13:55.600 if you think about leaders at the center of this, 0:13:55.600 --> 0:13:58.160 this is someone who's been in touch with the White House. 0:13:58.240 --> 0:14:01.600 Obviously a front law line of front lines in terms 0:14:01.600 --> 0:14:05.160 of dealing with consumers who are worried about getting tested 0:14:05.280 --> 0:14:08.839 and probably still worried because those testing sites not exactly 0:14:08.880 --> 0:14:11.560 spreading across the country, but having to take care of 0:14:11.559 --> 0:14:14.640 employees and customers alike. Care. Yeah, exactly two front lines right, 0:14:14.760 --> 0:14:17.679 both of its consumers and its workers. And you know 0:14:17.720 --> 0:14:20.400 they're thinking about the first responders, the healthcare workers so 0:14:20.480 --> 0:14:22.360 much going out. So I'm glad he was able to 0:14:22.400 --> 0:14:24.840 carve out some time for us. You're listening to Bloomberg 0:14:24.840 --> 0:14:28.120 Business Week. Coming up, Quimby CEO Meg Whitman, and we 0:14:28.160 --> 0:14:31.880 talked about the launch of the Quimby mobile only streaming platform. 0:14:31.880 --> 0:14:41.120 This is Bloomberg. You're listening to Bloomberg Business Week with 0:14:41.200 --> 0:14:45.000 Carol Masser and Jason Kelly from Bloomberg Radio. We're bringing 0:14:45.000 --> 0:14:47.560 you some of the most important and informative conversations that 0:14:47.600 --> 0:14:50.040 we have from all walks of life, so many different 0:14:50.040 --> 0:14:53.040 industries on our daily radio show, and of course all 0:14:53.080 --> 0:14:55.680 of it related back to the coronavirus this week, Jason 0:14:55.920 --> 0:14:58.600 well and even new companies launching in the midst of 0:14:58.600 --> 0:15:03.200 this their plans radically changed by the virus, its outbreak 0:15:03.400 --> 0:15:06.520 and all of the social behavior that changed. That was 0:15:06.560 --> 0:15:09.600 certainly the case with Quimby. We caught up with Meg Whitman. 0:15:09.960 --> 0:15:13.200 She of course well known to many of our listeners 0:15:13.200 --> 0:15:16.640 out there. She ran HP, she ran eBay. Now she's 0:15:16.680 --> 0:15:20.800 got quimby partnership with Jeffrey Katzenberg. Here's what she had 0:15:20.840 --> 0:15:23.280 to say about the big launch. You know, listen, it 0:15:23.360 --> 0:15:25.880 was a hard decision to decide to launch, right, I mean, 0:15:25.920 --> 0:15:29.640 this is a terribly you know, disruptive time for everybody. 0:15:29.680 --> 0:15:32.560 But we ultimately said, you know, we're not medical professionals, 0:15:32.640 --> 0:15:34.720 we're not first responders, but maybe we can bring a 0:15:34.720 --> 0:15:37.360 little joy and levity to people's lives with the content 0:15:37.440 --> 0:15:39.320 that we have. And so we decided to go for it, 0:15:39.720 --> 0:15:41.800 and we had to change everything about the launch. As 0:15:41.840 --> 0:15:44.640 you can imagine. We had a physical um launch event 0:15:44.800 --> 0:15:47.360 with a big red carpet. But guess what Our biggest 0:15:47.400 --> 0:15:51.240 TV buy was launch week the n C Double A Finals, 0:15:51.520 --> 0:15:54.560 so we had we had all bought everything on March madness. Okay, 0:15:54.560 --> 0:15:59.160 that all have to be scrapped. So there's been challenges, um, 0:15:59.520 --> 0:16:01.600 but but we've you know, the team has been great, 0:16:01.640 --> 0:16:05.000 and our production partners have been amazing because many of 0:16:05.040 --> 0:16:07.680 them are daily essentials, are all being produced you know 0:16:07.720 --> 0:16:10.560 from home. Well, and I've been remiss you're doing well, 0:16:10.680 --> 0:16:15.080 your family, your colleagues, everybody doing okay, Yes, yes, very much. 0:16:15.120 --> 0:16:16.680 So when I have, um, you know, I live in 0:16:16.760 --> 0:16:19.320 l A now, but my husband is a medical professional. 0:16:19.360 --> 0:16:22.000 He's a neurosurgeon, and so I'm sheltered in place in 0:16:22.080 --> 0:16:25.680 Sacramento where he's at u C. Davis and Sacramento. Wow, 0:16:25.720 --> 0:16:28.120 So I decided to come up here because he's you know, 0:16:28.160 --> 0:16:32.040 he's on the front lines every single day. How he's 0:16:32.040 --> 0:16:35.000 doing great. But it's you know, it's pretty tense out there, honestly, 0:16:35.040 --> 0:16:38.280 it really is. And what do you you know, Meg, 0:16:38.360 --> 0:16:41.240 You you've obviously been very politically active in a candidate 0:16:41.640 --> 0:16:45.640 for high office before you understand the collision of political 0:16:45.800 --> 0:16:49.200 and economic and business and all of that. What do 0:16:49.280 --> 0:16:51.760 you make for from that perspective as a leader of 0:16:51.840 --> 0:16:54.200 some of the responses that we've seen, I mean, Governor 0:16:54.240 --> 0:16:57.760 Newsom is you know, getting some some decent reviews, more 0:16:57.760 --> 0:17:00.360 than decent reviews there in California and do you look 0:17:00.400 --> 0:17:02.320 across the country and we're a little loft topic here, 0:17:02.360 --> 0:17:06.399 but what do you make of the response? Yeah? Well, listen, 0:17:06.400 --> 0:17:09.600 this is unprecedented, right, No one, no governor, no president, 0:17:09.680 --> 0:17:11.679 no one has had to deal with something quite like 0:17:11.760 --> 0:17:16.000 this before, well maybe in venteen or something. Um, so 0:17:16.040 --> 0:17:18.080 it's a completely different and I think, you know, they're 0:17:18.119 --> 0:17:20.359 feeling their way. I think Governor Newsom was doing a 0:17:20.440 --> 0:17:22.600 very good job. He jumped on this early. He had 0:17:22.680 --> 0:17:25.760 us all, you know, sheltering in place. The curve appears 0:17:25.800 --> 0:17:28.800 to be flattening here, but but we'll see. Um. You know, 0:17:28.840 --> 0:17:32.720 I think it's a very challenging environment for leaders, you know, 0:17:32.760 --> 0:17:35.720 in the pot atmosphere. Well, and you know what's interesting is, 0:17:35.960 --> 0:17:39.440 you know, we talk a lot meg um about how 0:17:39.480 --> 0:17:42.400 things are changing. Like I think about you were really wonderful. 0:17:42.440 --> 0:17:44.720 I did a breakfast of Corporate Champions with you about 0:17:44.760 --> 0:17:48.080 the breakup of HP and your panel, the panel, your 0:17:48.119 --> 0:17:51.720 colleagues that helped in that breakup and and what went on. 0:17:52.160 --> 0:17:55.119 And I just think, remember, yeah, and I think you 0:17:55.160 --> 0:17:57.920 know how things change, right and who would have thought 0:17:58.040 --> 0:18:00.119 HP the breakup, but it did happen, and we been 0:18:00.160 --> 0:18:05.080 a different environment. I do wonder how you see today's environment, um, 0:18:05.160 --> 0:18:07.640 how it will impact the virus, how it will impact 0:18:07.640 --> 0:18:12.200 our world going forward maybe longer term. Yeah, I think 0:18:12.200 --> 0:18:14.919 that's a really very interesting question. I mean, don't you 0:18:14.960 --> 0:18:19.520 wonder whether work from home has changed from forever. Yes, Um, 0:18:19.640 --> 0:18:21.679 I think it may have. We've all learned how to 0:18:21.720 --> 0:18:23.399 do this. I mean I've been going into an office 0:18:23.440 --> 0:18:25.879 for forty years and all of a sudden I've had 0:18:25.880 --> 0:18:28.480 to figure this out, which, you know, it's been pretty easy. 0:18:28.520 --> 0:18:31.080 I'm happened to be a tech exect. But still, you know, 0:18:31.119 --> 0:18:33.320 and it's pretty efficient. So I wonder if that will 0:18:33.359 --> 0:18:36.560 have changed. I wonder if this will have changed how 0:18:36.640 --> 0:18:39.920 families communicate. I mean every weekend, now we're on with you, 0:18:40.080 --> 0:18:42.360 both my husband's family and my family for an hour 0:18:42.400 --> 0:18:45.000 and a half, you know, doing a zoom call if 0:18:45.000 --> 0:18:48.920 you never did that before, right, So no, I think that. 0:18:49.040 --> 0:18:51.480 I think that's totally true. Well, and and Meg, you 0:18:51.480 --> 0:18:54.960 know you've been, you know, elbow neck deep in the 0:18:55.000 --> 0:18:57.440 creation of a new media company. How do you think 0:18:57.600 --> 0:19:01.160 media changes going forward, both in terms of this inflection 0:19:01.240 --> 0:19:04.360 point but also wrapping at in you know, the whole 0:19:04.400 --> 0:19:07.280 notion of this virus. Well, I think, um, listen, you know, 0:19:07.440 --> 0:19:12.199 Hollywood is a surprisingly um uh, entrepreneurial place. Think about it. 0:19:12.240 --> 0:19:14.960 Every time you start a movie. Okay, a movie is 0:19:15.000 --> 0:19:18.159 a startup. It's not different from a startup in Silicon 0:19:18.320 --> 0:19:22.600 Valley and uh so they are adapting really fast to 0:19:23.119 --> 0:19:26.239 um this entirely new environment. And I think you may 0:19:26.280 --> 0:19:28.760 see different kinds of content. I think how it's consumed 0:19:28.840 --> 0:19:32.160 maybe different. Um. You know, you wonder where everyone comes 0:19:32.200 --> 0:19:35.640 pouring back into the movie theaters or you know that's 0:19:35.640 --> 0:19:39.639 fundamentally changed. I don't know, but people are exploring new 0:19:39.680 --> 0:19:44.359 ways to consume content. Um. We were excited because we thought, 0:19:44.480 --> 0:19:47.840 you know, if we could make watching um holiday Hollywood 0:19:47.920 --> 0:19:52.520 quality content on your phone, UM terrific. You know, that 0:19:52.560 --> 0:19:54.399 would be something that hadn't been done before. It was 0:19:54.520 --> 0:19:57.399 technology enabling a new way to tell stories. And I 0:19:57.400 --> 0:19:59.199 think you're going to see a lot of that, you know, 0:19:59.320 --> 0:20:01.640 in part because the situation in which we find ourselves, 0:20:01.640 --> 0:20:05.120 but also the normal march and time of technology and 0:20:05.200 --> 0:20:08.359 its advancement. And that's Meg Whitman, the CEO of Quicky. 0:20:08.359 --> 0:20:10.000 Good to catch up with her. I was glad she 0:20:10.040 --> 0:20:12.959 took my curveball when I asked her about other response 0:20:13.040 --> 0:20:15.600 there in California, because listen, she has sat right at 0:20:15.600 --> 0:20:18.439 that nexus of politics and business. She ran for the U. S. 0:20:18.440 --> 0:20:20.280 Senate there, and it was just great to catch up 0:20:20.280 --> 0:20:22.040 with her and just you know here about their plans 0:20:22.080 --> 0:20:25.280 and how their plans were changed rather dramatically. Absolutely, you're 0:20:25.280 --> 0:20:27.359 listening to Bloomberg Week. Coming up, we hear from an 0:20:27.359 --> 0:20:30.240 old friend, Jamie Metzel. He's a senior fellow over at 0:20:30.280 --> 0:20:33.679 the Atlantic Council. Also has his book out in paperback, 0:20:33.720 --> 0:20:37.320 Hacking Darwin. We're trying to hack everything these days. This 0:20:37.480 --> 0:20:46.240 is Bloomberg. You're listening to Bloomberg Business Week with Carol 0:20:46.240 --> 0:20:49.680 Masser and Jason Kelly from Bloomberg Radio, and today we're 0:20:49.680 --> 0:20:52.480 bringing you some of the most important and informative conversations 0:20:52.520 --> 0:20:55.280 we had on our daily Bloomberg Business Week radio show, 0:20:55.640 --> 0:20:59.440 all about the coronavirus again, all walks of life, everyone 0:20:59.640 --> 0:21:02.639 dealing with this crisis. Carol, that's right, And Jason, we 0:21:02.680 --> 0:21:04.639 had the opportunity to catch up with really a friend 0:21:04.720 --> 0:21:08.119 of our show, Jamie Metzel. He's a technology futurist, former 0:21:08.160 --> 0:21:10.359 director on the U s. National Security Council and the 0:21:10.400 --> 0:21:14.000 State Department and on the Foreign Relations Committee. He's now 0:21:14.040 --> 0:21:17.359 senior fellow at the Atlantic Council. He really gave us 0:21:17.400 --> 0:21:20.399 a snapshot of how our world might change as we 0:21:20.480 --> 0:21:24.680 know it. Yeah, So that's this crazy experience that we're 0:21:24.720 --> 0:21:26.760