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

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Speaker 1: with my co host of Bonnie Quinn. Every business day

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

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

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Speaker 1: Podcast on Apple Podcasts or wherever you listen to podcasts,

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Speaker 1: and on Bloomberg dot com. Political risk that is something

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Speaker 1: that all investors have to face, and it's coming front

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Speaker 1: burner here as we get close to the election. What

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Speaker 1: does it mean? What does the UH president's physical condition?

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Speaker 1: How does this all factor into the calculus ford investor

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Speaker 1: trying to gauge the future performance of the stock market.

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Speaker 1: To get the latest, we welcome Fill Orlando, chief equity

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Speaker 1: market strategists and ahead of the client portfolio management team

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Speaker 1: at Federator Hermes. Sixty eight billion in equity under management,

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Speaker 1: over six billion firm wide, so Federator Hermes is all

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Speaker 1: over the markets. Phil, thanks so much for joining us here. Again,

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Speaker 1: let's just try to digest what we've learned over the

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Speaker 1: past seventy two hours about the president in his medical condition,

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Speaker 1: what that might mean for I guess just kind of

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Speaker 1: market view view for fiscal stimulus. How are you trying

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Speaker 1: to discount all of this new information into your outlook? Well,

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Speaker 1: in a word, it's a mess. Um. You try to

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Speaker 1: process the news that we got a yes early Friday

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Speaker 1: morning that the President and the First Lady and a

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Speaker 1: number of staffers had tested positive. What does this mean? Um?

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Speaker 1: Initially you say, well, is he going to be able

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Speaker 1: to execute his duties? If not, then we've got to

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Speaker 1: roll down to you know, the next in the chain

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Speaker 1: and companion UH Pence after him, Speaker Pelosi after him, uh,

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Speaker 1: et cetera. Then it's well, okay. If if he's doing okay, uh,

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Speaker 1: what does that do to his ability to campaign? What

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Speaker 1: does it do for these next two presidential debates coming

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Speaker 1: up on October fifteen and October? Is he going to

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Speaker 1: be clear to participate? Are they going to have to

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Speaker 1: go remote? Are we gonna have to cancel them? So

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Speaker 1: you've called in a question a number of issues in

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Speaker 1: terms of governing. Are we going to be able to

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Speaker 1: get this phase four fiscal UH stimulus package through the

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Speaker 1: debate the election? Uh? Vice President Biden has tested negative,

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Speaker 1: I believe twice, but you know he's a little out

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Speaker 1: in years as well. I guess we've got to keep

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Speaker 1: track to him to make sure he stays nice and healthy,

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Speaker 1: so that there's a cloud of uncertainty over the entire

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Speaker 1: process with a month ago ahead of the election, So

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Speaker 1: it's it's, in a word, it's a mess. Well are

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Speaker 1: you and your manager is then Phil spending more time

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Speaker 1: is thinking about what a Biden victory and outright victory

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Speaker 1: was sort of no you know, court action, what that

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Speaker 1: might mean for markets. So we've been focused on that

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Speaker 1: for for several months. Um and and the key issue

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Speaker 1: is not so much the presidency, uh, but the Senate

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Speaker 1: because the if you had a blue wave, as it were,

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Speaker 1: if if the Democrats ran the table, a legislative mandate

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Speaker 1: would would mean something materially different in terms of the

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Speaker 1: change in fiscal policy and then impact on economic growth,

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Speaker 1: corporate earnings growth, and stock prices as opposed to divided government.

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Speaker 1: So we've developed a matrix to look at all of

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Speaker 1: these different combinations and permutations and right now, uh, you know,

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Speaker 1: it's a little too early to tell. To that point,

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Speaker 1: there are two conflicting signals that of things that we

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Speaker 1: watch pretty closely that are pointing in completely different directions.

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Speaker 1: On the one hand, you've got the the betting markets,

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Speaker 1: which in the immediate aftermath of President Trump's illness uh,

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Speaker 1: surged in favor of Vice President Biden. I think there's

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Speaker 1: like a sixty two percent chance that he's gonna win

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Speaker 1: versus a thirty eight percent chance uh that the president

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Speaker 1: is going to win. And and and that's the lowest

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Speaker 1: number we've seen for the president a cycle yet. On

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Speaker 1: the other signal is the performance of the SMP five

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Speaker 1: hundred itself since the beginning of August, and that indicator

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Speaker 1: right now is up about three and a half percent

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Speaker 1: uh collectively, and historically when the SNP is positive during

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Speaker 1: this period, that that typically signals that the incumbent party

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Speaker 1: is going to win the election. So you've got two

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Speaker 1: different signals pointing in completely different directions. Which one do

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Speaker 1: we respect? How do we plan? So, Phil, do you

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Speaker 1: expect given this messiness that you characterize as it relates

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Speaker 1: to the president is health and the uh some members

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Speaker 1: of Congress fiscal stimulus? Are you expecting any? Are you

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Speaker 1: just saying this is so our expectations for fiscal stimulus?

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Speaker 1: And you and I talked about this. We're high in July. Uh,

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Speaker 1: They're they're very low. Right now that that while the

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Speaker 1: numbers are narrowing, the Democrats and House have taken their

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Speaker 1: offered their AFT down or about two point two trillion dollars,

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Speaker 1: the Republicans in the Senator up to about one and

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Speaker 1: a half trillion dollars. But while you can say, okay, well,

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Speaker 1: let's split the difference, let's call it, you know, two

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Speaker 1: trillion dollars and call it a day, that the two

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Speaker 1: sides are very far apart on on three key issues.

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Speaker 1: I think money uh for the cities and the states uh.

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Speaker 1: The the idea of liability protection for businesses that have

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Speaker 1: done the right thing to protect their their clients and

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Speaker 1: their employees. And and the idea of this six dollar

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Speaker 1: a week unemployment bonus extending that out through the end

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Speaker 1: of January until we get some conceptual movement on some

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Speaker 1: or all of those issues, I just don't see as

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Speaker 1: being anywhere. Yeah, Phil, I suppose it's time to just

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Speaker 1: to sit back and relax and wait, right, you can

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Speaker 1: do that in the market. Does anybody relax in the

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Speaker 1: market when the positions on All right, Phil, Orlando, thank

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Speaker 1: you so much for joining Federated Herme's chief equity market

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Speaker 1: strategistant head of client portfolio management, and I'm sure he's

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Speaker 1: getting a lot of calls these days. Sixty eight point

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Speaker 1: two billion dollars in equity and six hundred four billion

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Speaker 1: firm wide pole. Yeah, it's just extraordinary. I mean it

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Speaker 1: feels kind of laying out. You have market risk, which

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Speaker 1: people are are paid to measure, You've got political risk,

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Speaker 1: which is we're really peaking here, and then you've got

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Speaker 1: the whole pandemic risk here. So there's a lot for investors,

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Speaker 1: obviously to try to digest as they try to formulate

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Speaker 1: a plan for the near, intermediate, and longer term. I

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Speaker 1: love where I'm live team says about the treasury market,

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Speaker 1: because of course we didn't see that move to something before.

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Speaker 1: Basis points they talked about a crowded triasury market do

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Speaker 1: for some social distancing early. There's a lot of short

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Speaker 1: positions and long bond futures, which, just as many areas

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Speaker 1: of New York City may end up getting shut down again.

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Speaker 1: I thought that it was interesting to see some recent

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Speaker 1: housing data and some recent studies that show that Manhattan

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Speaker 1: at least shows prices going up even if inventory is

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Speaker 1: coming on the market and there aren't as many sales.

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Speaker 1: So let's bring in somebody who knows exactly what's going

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Speaker 1: on in terms of Manhattan and the five rows. Best

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Speaker 1: Freedman is CEO of Brown Harris Steven's Best thank you

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Speaker 1: so much for joining, and doesn't explain maybe a little clearer.

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Speaker 1: Apartments in the third quarter in Manhattan sold for higher

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Speaker 1: prices than they did pre pandemic. Now not as many

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Speaker 1: of them sold, but it's still surprising to me that

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Speaker 1: that was the case, that they went for higher prices.

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Speaker 1: Can you give us the explanation? Yes, I can. I

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Speaker 1: think there's a little bit of confusion because in the

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Speaker 1: third quarter we had some about sixteen closings of a

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Speaker 1: very high end project, which adjusted the price up, so

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Speaker 1: it's not really an accurate representation of the average sales price.

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Speaker 1: And then comparing it to the third quarter of we

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Speaker 1: had a really uh, not positive third quarter because so

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Speaker 1: many people try to close in the second quarter because

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Speaker 1: of the new mansion tax, so um that had an

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Speaker 1: impact as well. And also some of the prices and

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Speaker 1: closings that you're seeing are partially due to pre pandemic

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Speaker 1: contracts that were signed. So it's a mixed bag. Although

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Speaker 1: I will tell you that the New York City real

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Speaker 1: estate market has picked up modestly and we're doing much better.

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Speaker 1: I mean, the second quarter we were closed down pretty much.

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Speaker 1: So we're having a huge increase and we're very happy

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Speaker 1: about that. Best where are we in maybe just Manhattan,

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Speaker 1: where you field the most compleable commenting in terms of

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Speaker 1: vacancy rates now versus were pre pandemic, and how bad

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Speaker 1: do you think it could get? You know, it's it's

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Speaker 1: hard to tell. I mean, think about this. There's been

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Speaker 1: a lot of media saying, let's just say that, you know,

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Speaker 1: it's not a ghost town here. There are people that

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Speaker 1: are buying renting here. We're seeing the numbers. UM. But

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Speaker 1: we certainly have more supply than we did before. UM

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Speaker 1: And it's too soon to say whether people are just

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Speaker 1: temporarily leaving the city or there permanently, So that stuff

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Speaker 1: is still it's uncertain. UM. But there are plenty of

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Speaker 1: rentals UM and the rental market is a bit soft,

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Speaker 1: UM and so that's opportunity for people. But um, and

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Speaker 1: there are a lot of condos new developments that UM,

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Speaker 1: there's a lot of vacancies there. But that was a

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Speaker 1: problem before the pandemic, even hit, So we're still wrastling

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Speaker 1: with all of those things. UM. But having said that,

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Speaker 1: if you look at the third quarter numbers overall, UH,

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Speaker 1: it's clear that New York City is awake and busy

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Speaker 1: and the market is doing pretty well. Considering what price

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Speaker 1: point are you seeing the most action best and what

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Speaker 1: are the if the If it's a skewed picture that

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Speaker 1: we've been looking at, then what is sort of your

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Speaker 1: your sense of what the average pandemic discount is? I

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Speaker 1: would guess if I had to say, it's hard put

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Speaker 1: a blanket over it, because obviously the high end has

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Speaker 1: been impacted much more than the lower end. But we're

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Speaker 1: seeing most of the business under a million. About fifty

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Speaker 1: percent of the deals of contracts signed have been about

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Speaker 1: have been under a million. But and then you're seeing

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Speaker 1: the next between one and two million, it's about UM

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Speaker 1: and then the high end, if you are between two

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Speaker 1: and three million, that's about twelve percent of the market.

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Speaker 1: So if something is priced right, even if it's ten

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Speaker 1: million dollars, it's selling. But we're very sensitive to over

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Speaker 1: pricing and the sellers that are anchored to these pre

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Speaker 1: pandemic prices and are not realistic their UH their apartment

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Speaker 1: or their home is just sitting there. So we know

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Speaker 1: that people have to be realistic if they do want

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Speaker 1: to sell. Talk to us, if if you would best

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Speaker 1: about the rental um market. What kind of price discounts

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Speaker 1: are you seeing in the market today. Um, that kind

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Speaker 1: of surprised you. Here. You know, you're seeing uh, you know,

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Speaker 1: for the first time, you're seeing landlords being incredibly flexible,

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Speaker 1: UM offering too and three months rent for free. Uh.

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Speaker 1: And I'm seeing a lot of landlords let tenants renegotiate

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Speaker 1: even though they have a fully executed lease. Um that

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Speaker 1: you know, let's say it goes for another year or two.

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Speaker 1: Tenants are calling landlords and saying, look, you know, it's

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Speaker 1: a different environment. I signed this before the pandemic. I'd

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Speaker 1: like a discount. And I'm seeing as much as ten

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Speaker 1: to fifteen percent off of leases that were already fully executed.

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Speaker 1: So landlords, UM, don't want to have somebody leave, They

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Speaker 1: don't want to have toy, so they're they're negotiating. They're

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Speaker 1: being much more reasonable throughout best What do you say

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Speaker 1: to somebody who can carry the cost of a place

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Speaker 1: but definitely wants to sell at some point, are they

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Speaker 1: better off to keep carrying that cost until the picture

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Speaker 1: is more clear as to when, if ever Manhattan comes back.

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Speaker 1: If they can or do do you, we advise them, look,

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Speaker 1: just just lower the price, get rid of it. Let's

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Speaker 1: dy else carry the cost of us. I mean, it

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Speaker 1: really depends on their circumstances. If they if they need

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Speaker 1: to sell um, they should price it right. And you

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Speaker 1: know we've had we had a bidding war last week

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Speaker 1: um and on something that was four million dollars um.

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Speaker 1: So if it's priced right, it was just you know,

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Speaker 1: what's important to a lot of people is they want

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Speaker 1: to be close to where they have to go to

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Speaker 1: to walk. You know, right now people are concerned about

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Speaker 1: public transportation because they're worried about their health and safety.

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Speaker 1: As you know New York City's transportation, subways, buses, all

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Speaker 1: of that is so important. But people are now opting

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Speaker 1: to want to be able to walk to where they

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Speaker 1: have to go just to be safe. So when if

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Speaker 1: an apartment is close to a school, for example, people

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Speaker 1: are saying, yes, that's perfect because I can walk. So

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Speaker 1: that's been taken into account. But if you can hold

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Speaker 1: off and you have time, and you can wait. You

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Speaker 1: could potentially wait a little bit. Hey, best, thank you

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Speaker 1: so much once again for joining us. We always appreciate

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Speaker 1: your site into the real estate world of New York City.

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Speaker 1: Best Freedman CEO Brown Harris Stevens giving us the update

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Speaker 1: on the Manhattan real estate market. Time to get back

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Speaker 1: to the President's health and of what we might find

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Speaker 1: out exactly, especially after this news that we just learned

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Speaker 1: that Kati Mcannerny has also tested positive for the coronavirus.

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Speaker 1: So let's bring in Jamie Matsil, Senior Fellow at the

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Speaker 1: Atlantic Council, former National Security Council official, and founder and

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Speaker 1: chair of the global movement One Shared World. So Jamie,

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Speaker 1: talk to us about your reaction to all of this.

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Speaker 1: It's spreading like wildfire in the White House. There don't

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Speaker 1: seem to have been any precautions to try to save

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Speaker 1: other people, and there still aren't. We just heard today

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Speaker 1: that just now that Katie Mcananny, who has apparently been

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Speaker 1: briefing reporters masklus over the last couple of days, also

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Speaker 1: has it. Yeah, we can't be surprised. It's it's total chaos,

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Speaker 1: lack of awareness, lack of honesty, lack of transparency, everything

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Speaker 1: that is characterized the Trump administration throughout the entirety of

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Speaker 1: it its administration, um is now defining how our country

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Speaker 1: and the White House responds to this, to this terrible crisis.

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Speaker 1: And um, this is why we're in such danger, this

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Speaker 1: is why our our country is at such unnecessary risk.

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Speaker 1: And it's just unimaginable that when they had enough information

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Speaker 1: to start being careful, Um, the President puts his perceived

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Speaker 1: narrow interest above the interests of the White Houses, colleagues,

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Speaker 1: his family, and the country. And it's it's really concerning.

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Speaker 1: And this is the kind of of crisis that could

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Speaker 1: have huge, not just national, but global implications. On the

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Speaker 1: callousness with which this administration is behaving is just breath taken, Jamie,

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Speaker 1: given your experience on the No Security Council, What is

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Speaker 1: the national security implications of what we're experiencing right now

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Speaker 1: and over the past several days. So our allies count

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Speaker 1: on the United States to be a sound We play

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Speaker 1: a foundational role in the world. And there's a reason

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Speaker 1: why all of our allies don't need to build million

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Speaker 1: person armies or develop their own nuclear weapons. And that's

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Speaker 1: because they believe that the United States has their back,

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Speaker 1: and we have for for many, many decades. With the

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Speaker 1: US in chaos, UM, with so many questions being raised

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Speaker 1: about the validity of our elections by the President of

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Speaker 1: the United States, our allies need to be worried about

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Speaker 1: whether we have the ability to back them up, and

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Speaker 1: our adversaries will recognize that this is a moment of opportunity.

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Speaker 1: Who's been seeing that for a while with the behavior

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Speaker 1: certainly of China and Russia. I'm recognizing that that in

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Speaker 1: many ways the world is more of a free for

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Speaker 1: all now that that the United States, because of the unimaginable,

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Speaker 1: um poor behavior of the of the Trump administration, US

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Speaker 1: is in many ways out of the game in big

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Speaker 1: ways global. What about the Senates, Jamie, I mean, this

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Speaker 1: is not just the executive right, It's it's it's other

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Speaker 1: branches of government that's impacting too, and in fact all

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Speaker 1: branches of government at this point, because you know, even

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Speaker 1: as Mr McConnell says the timeline is going to be

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Speaker 1: the same for the school disappointment, it could very well

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Speaker 1: be that that doesn't actually transpire. So, you know, have

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Speaker 1: you ever seen anything like this that the government sort

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Speaker 1: of infects itself from within. You know, we've we've seen

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Speaker 1: it in the United States where we had our our

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Speaker 1: Civil war. Governments have broken down over history, and way

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Speaker 1: it happened to the Romans has happened to lots of

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Speaker 1: governments where there's precious from without and collapse and decay

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Speaker 1: from u from with him uncertainly a very patriotic American,

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Speaker 1: but it's heartbreaking to see the president of the United

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Speaker 1: States doing to our country what our adversaries have tried

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Speaker 1: and failed to do to us for many, many decades.

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Speaker 1: What do you think, Jamie, if we can just kind

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Speaker 1: of hypothize about a potential for a Biden win in

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Speaker 1: this election, how do you think he will approach national

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Speaker 1: security and our relationship with our allies and others around

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Speaker 1: the world. Can we can we go back to kind

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Speaker 1: of the way it was before? Yeah, and so and

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Speaker 1: and Joe Biden is my full disclosure, he's my former

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Speaker 1: boss many many years ago when he was on the

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Speaker 1: Senate Foreign Foreign Relations Committee. But a Biden foreign policy

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Speaker 1: is going to look in many ways more traditional. We

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Speaker 1: have of our close allies around the world, countries like Japan, Australia, Korea,

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Speaker 1: European Union, countries and others. And rather than than phraising

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Speaker 1: our adversaries like Putin and the Russians and attacking our friends,

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Speaker 1: we're going to try to build We the Biden administration,

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Speaker 1: a Biden administration would try to build a world based

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Speaker 1: on common goals, building alliances, bringing people and countries together

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Speaker 1: to do great things. And that's what America is about.

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Speaker 1: That's what we've been about, not about hitting one group

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Speaker 1: against each other, against each other, as the Trump administration

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Speaker 1: has done, not undermining science, not knowingly infects, infecting people,

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Speaker 1: or endangering people just for for political systems. So I

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Speaker 1: think that many of us have grown accustomed to the

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Speaker 1: United States playing a responsible role in the world. We

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Speaker 1: can still play that role, but we have to do

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Speaker 1: things very differently from what's happening now. What is the

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Speaker 1: best case scenario from here, Jamie and and I realized

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Speaker 1: that's a difficult question to answer. So in the short term,

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Speaker 1: I certainly hope that President Trump has a speed recovery,

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Speaker 1: and then I hope that that everybody who's been infected

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Speaker 1: by the callous behavior of the president in the administration

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Speaker 1: they have a speedy recovery. And then I hope that

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Speaker 1: they recognize that what they've been doing, undermining the scientists,

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Speaker 1: encouraging people to not wear wear masks, all of these

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Speaker 1: things is the long way to go. Yes, maybe there's

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Speaker 1: an opportunity to bring the country together around doing the

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Speaker 1: right thing. Jamie, thank you so much. That is Jamie Metzel,

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Speaker 1: Senior Fellow at the Atlantic Council, former National security official,

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Speaker 1: founder and chair of the global movement One Shared World. Today,

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Speaker 1: you're drum by Max beson Biotech, farmer and healthcare, calmness, war,

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Speaker 1: Bloomberg Opinion and as we await comments from the doctors

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Speaker 1: at Walter Read Medical Center, perhaps about when President Trump

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Speaker 1: will be released, and we'll bring that to you. Max,

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Speaker 1: thanks so much for joining us here. Boy, there's so

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Speaker 1: much information and perhaps misinformation or just confusion about President

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Speaker 1: Trump at his time at Walter Read the treatments he

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Speaker 1: has received. Um, what do you know as the latest?

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Speaker 1: What do we know? So you know, all of this

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Speaker 1: is with the caveat that you know, I'm not a physician,

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Speaker 1: and as you said, I'm I'm working from information that

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Speaker 1: has been um at times quite contradictory and confusing. But

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Speaker 1: you know, the latest update we got was m was

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Speaker 1: yesterday the news that he potentially could be discharged as

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Speaker 1: soon as today. But that news, of course, was was

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Speaker 1: sort of countered by the fact that that we got

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Speaker 1: the news that he was on a third UM significant

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Speaker 1: medication Deckson episode, a powerful steroid generally given to people

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Speaker 1: that that have quite severe COVID as a way to

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Speaker 1: tamp down potentially dangerous inflammatory response. Um, you know, the

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Speaker 1: use of that medication would tend to in a vacuum

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Speaker 1: in other cases, point you towards the notion that you're

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Speaker 1: dealing with a more significant case or more severe disease.

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Speaker 1: But of course, the fact that they've been you know,

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Speaker 1: quite aggressive about drug treatment the whole time, giving him

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Speaker 1: or general experimental and abody, even though they just released

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Speaker 1: you know, early stage data last week, moving on to

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Speaker 1: m desivere and now this it all just makes for

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Speaker 1: um a really difficult to parse scenario, especially when you

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Speaker 1: have new information that that changes day to day about

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Speaker 1: what's happened on any given day of the president's treatment.

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Speaker 1: So um, it's tough to tell, really, And also the

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Speaker 1: possibility that that that all the doctors might have decided

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Speaker 1: to just frontload everything to throw everything at this at

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Speaker 1: the president at the very beginning to try to stop

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Speaker 1: it from becoming a bad case. Whether that's the right

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Speaker 1: approach or not, I certainly don't know, but that seems

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Speaker 1: to be what they're doing. The President has been tweeting

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Speaker 1: for the last four hours, you know, all caps tweets

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Speaker 1: about various different things. Is it possible that he feels

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Speaker 1: better because medicine is working right now, But you know,

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Speaker 1: discharging him would be potentially very dangerous. You know, it's

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Speaker 1: really again difficult to tell um just because you know,

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Speaker 1: we we know some about how all of these medicines

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Speaker 1: were individually, we know very very little about how they

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Speaker 1: might affect somebody used altogether or in concert. I'm not

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Speaker 1: aware of a significant amount of data for the use

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Speaker 1: of any two of the medicines together rather than all

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Speaker 1: three and and then both from you know, General's medicine

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Speaker 1: because it's new rim desivere because of potential liver and

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Speaker 1: kidney impacts and then decks in episode because it affects

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Speaker 1: a variety of different sense uh body systems, and and

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Speaker 1: damp into the immune system. All medicines that you would

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Speaker 1: expect to have um a significant amount of attention and

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Speaker 1: follow up paid on top of the fact that you know,

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Speaker 1: the president has a symptomatic case of COVID and is

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Speaker 1: seventy four and overweight. So again, you know it all

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Speaker 1: it's a it's a picture that, given the limited facts

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Speaker 1: that we know, is sort of difficult to piece together

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Speaker 1: with the notion of leaving the hospital today. But you know,

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Speaker 1: again you you can there are certain significant medical facilities

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Speaker 1: at the White House. Um, we don't really know that

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Speaker 1: much about his conditions. So this is all at the

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Speaker 1: end of the day, um, speculation and speculation made necessary

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Speaker 1: by you know, poor disclosure from his physicians. Max, give

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Speaker 1: us the latest from your reporting on kind of where

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Speaker 1: we are in terms of vaccines. Is there any change

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Speaker 1: in the timeline? It's I guess the consensus was you

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Speaker 1: might get something late this year, early next year, and

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Speaker 1: then maybe by mid next year have maybe broader disseminate

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Speaker 1: our distribution. Is that's still kind of what you're hearing

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Speaker 1: that sounds about, right, Um. And And the kind of

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Speaker 1: key mediating factor here is when you get data and

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Speaker 1: then when you might get an approval decision into how

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Speaker 1: broad that is two different things. We could conceivably, UM,

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Speaker 1: sometime within the next month if if Fiser's vaccine is

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Speaker 1: doing really well, get efficacy data, but it will take

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Speaker 1: time to evaluate that, and the FDA may want more

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Speaker 1: safety data. So that timeline you pointed out, um still

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Speaker 1: sounds about right to me. Any initial approval it's gonna en.

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Speaker 1: Availability is going to be quite narrow and um it's

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Speaker 1: it's gonna take some time to get the confidence in

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Speaker 1: the data and quite frankly, the number of doses needed

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Speaker 1: an infrastructure to have a broad vaccination for that you're

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Speaker 1: you're looking at next year. I just want to point out,

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Speaker 1: while we have Max on that we did get the

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Speaker 1: Nobel Prize in Medicine today and it went to the

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Speaker 1: discoverers of the hepatitis C virus and and and and

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Speaker 1: treatment for that. So that's something worth noting. We all

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Speaker 1: had a deal today, Max Bristol Myers is thirteen billion

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Speaker 1: dollar deal. Hearty. Indeed, as you say, why is it hearty?

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Speaker 1: So it's a deal for Myocardia, a manufacturer of an

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Speaker 1: investigational novel heart drug, and for person our squib. It's

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Speaker 1: it's a move away from cancer drugs towards towards something

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Speaker 1: with a little bit more of a less competitive, clear

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Speaker 1: path to Um, you know, potentially addressing a pretty sizable market.

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Speaker 1: So I'm interesting to see that in a deal in

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Speaker 1: a year where the biggest deals have been in stet

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Speaker 1: for cancer drugs. So so something that I think may

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Speaker 1: may well for off for them in in targeting the

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Speaker 1: hard market, which can be very lucrative. So Max does

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Speaker 1: this suggests? I mean, it just feels like in the

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Speaker 1: healthcare business, you know, it's ripe for deals. We get

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Speaker 1: the deal activity remains pretty consistent, pretty heavy. Is this

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Speaker 1: just an example of you know, Bristol Myer saying I

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Speaker 1: can either develop, uh, this drug or this therapeutic or

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Speaker 1: I can go buy it and I just have to

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Speaker 1: figure out what's the best economic model. Is that kind

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Speaker 1: of what we saw here today? Yeah? Absolutely. Um, you know,

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Speaker 1: there there has been some muting of deal activity, but

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Speaker 1: relative to most other sectors of the economy, the pharmaceutical

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Speaker 1: business has done you know, pretty well. During the pandemic.

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Speaker 1: People still need medicines, uh, and then they will into

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Speaker 1: the future. Add into that, you know, low borrowing costs, um,

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Speaker 1: the continual need to come up with with new therapies,

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Speaker 1: and you know, the high failure rate of research and development.

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Speaker 1: You're going to continue to see. Um, I think some

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Speaker 1: some pretty good deal flow going forward for distort type

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Speaker 1: of medicine and others. And Max, finally, you know, what

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Speaker 1: would be the one question you'd love to hear from

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Speaker 1: the team at the Walter Read Hospital today because we

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Speaker 1: will hear from them at some point soon. Briefly, Um,

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Speaker 1: you know they're they're quite a lot, but I think

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Speaker 1: more detail on on when and why he's needed oxygen supplementation,

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Speaker 1: what the plan is to take him off of decks

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Speaker 1: and episode, Um, what their rationale is for if they

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Speaker 1: do move him out of the hospital for doing so,

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Speaker 1: given that he's on all these therapies and the status

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Speaker 1: of his lung scans. Not much detail on what exactly

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Speaker 1: they saw there? All right? Four questions from Max and Nissan, biotech,

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Speaker 1: pharma and healthcare columnist for Bloomberg Opinion. We thank him

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Speaker 1: very much for his time. Thanks for listening to Bloomberg

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Speaker 1: Markets podcast. You can subscribe and listen to interviews at

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00:27:56,200 --> 00:28:00,639
Speaker 1: Apple Podcasts or whatever podcast platform you prefer. I'm Monny Quinn.

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Speaker 1: I'm on Twitter at Monnie Quinn, and I'm Paul Sweeney.

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Speaker 1: I'm on Twitter at pt Sweeney. Before the podcast You

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Speaker 1: can always catch us worldwide at Bloomberg Radio.