WEBVTT - COVID-19 Vaccine Outlook 0:00:00.440 --> 0:00:02.960 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.040 --> 0:00:05.480 Jason Kelly. We're here every day bringing you the latest 0:00:05.519 --> 0:00:09.800 news from the world's of business and finance, plus technology, politics, economics, 0:00:09.880 --> 0:00:13.480 all harnessing the power of Bloomberg Business Week recorders and editors, 0:00:13.480 --> 0:00:16.400 not to mention our twenty seven hundred journalists and analysts 0:00:16.400 --> 0:00:18.560 more than a hundred and twenty countries. You can download 0:00:18.560 --> 0:00:21.840 Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com. 0:00:22.000 --> 0:00:24.040 You can also listen to our radio show weekdays at 0:00:24.040 --> 0:00:27.800 two pm Eastern only on Bloomberg Radio. Let's set the 0:00:27.840 --> 0:00:30.400 business week agenda for you on this Friday. With so 0:00:30.480 --> 0:00:33.680 much going on, we've got a great duo. Gina Martin 0:00:33.720 --> 0:00:36.919 Adams back with us, chief equity strategist at Bloomberg Intelligence, 0:00:36.960 --> 0:00:39.880 certainly very familiar to our Bloomberg audiences. On the phone 0:00:39.880 --> 0:00:42.520 from New Jersey. Dave Wilson is with us stocks editor 0:00:42.560 --> 0:00:45.919 at Bloomberg News, joining us on the access line from 0:00:45.920 --> 0:00:48.960 New Jersey as well. Gina, I want to start with you. 0:00:49.440 --> 0:00:51.880 We're kind of falling apart. It feels a little bit, 0:00:51.920 --> 0:00:53.560 but I don't know, how do you see the equity 0:00:53.560 --> 0:00:56.560 trade right now. Yeah, I didn't think this is a 0:00:56.560 --> 0:01:00.440 little bit of pull back after an absolutely rip roaring April. 0:01:00.600 --> 0:01:02.279 I think a lot of people kind of came through 0:01:02.320 --> 0:01:04.680 April and said, Wow, how do we get such an 0:01:04.680 --> 0:01:07.600 extraordinary gain in the midst of all this fundamental weakness. 0:01:07.959 --> 0:01:10.880 I think the other thing you have is when we 0:01:10.959 --> 0:01:13.600 kind of knew this was coming, the big tech stocks 0:01:14.120 --> 0:01:18.120 not really reporting exactly what investors had wanted to hear. 0:01:18.360 --> 0:01:20.600 And that was a big part of this learning season, 0:01:20.720 --> 0:01:24.120 was the sentiment around, Okay, there's gonna be a ton 0:01:24.120 --> 0:01:26.720 of weakness, but there are going to be spright spots 0:01:26.760 --> 0:01:28.399 in the index. Those bright spots are going to be 0:01:28.440 --> 0:01:32.759 some healthcare companies, some technology companies, maybe some consumers stables companies. 0:01:33.240 --> 0:01:35.120 And this week has been for us a little bit 0:01:35.120 --> 0:01:37.600 about some disappointment on the tech front. It's not that 0:01:37.640 --> 0:01:40.960 these companies are turning over, it's just that they're not 0:01:41.120 --> 0:01:44.199 really satisfying expectations which were for them to really hold 0:01:44.280 --> 0:01:47.080 up the index. In my mind, well, Dave Wilson coming 0:01:47.120 --> 0:01:50.040 in here, because tech has been a theme that we 0:01:50.280 --> 0:01:54.440 have talked a lot about. The NASTAC it's now down 0:01:54.560 --> 0:01:57.080 four percent for the year. It was flirting with being 0:01:57.160 --> 0:02:00.440 flat there for a little while. Certainly was and you know, 0:02:00.520 --> 0:02:03.280 you talk about disappointment, and you have to look at 0:02:03.320 --> 0:02:07.600 Amazon front and center. I mean, as they looked ahead 0:02:07.800 --> 0:02:10.280 and talked about what they're going to have to spend 0:02:10.360 --> 0:02:14.000 to keep their workers safe in their warehouses, you know, 0:02:14.080 --> 0:02:16.720 because of the coronavirus. I mean, we've kind of seen 0:02:16.760 --> 0:02:19.720 this story before and in terms of the company being 0:02:19.720 --> 0:02:22.360 able to just go out and spend lots of money 0:02:22.360 --> 0:02:26.280 to accomplish something and you know, profits either they come 0:02:26.360 --> 0:02:29.640 or they don't. And so that's what the CEO, Jeff 0:02:29.680 --> 0:02:32.280 Bezos is looking at at this point. People don't like 0:02:32.400 --> 0:02:35.680 the idea. I mean, Amazon is down about seven and 0:02:35.720 --> 0:02:39.679 we're seeing some of all the other, uh, major technology 0:02:39.720 --> 0:02:42.760 type companies lower as well. You know, Apple's kind of 0:02:42.800 --> 0:02:44.760 gone back and forth today, but it's down a little 0:02:44.760 --> 0:02:47.320 more than one percent after their results. I mean, they 0:02:47.320 --> 0:02:50.560 talked about CEO Tim Cook did when he talked to 0:02:50.680 --> 0:02:54.880 us anyway, about how late March early April was pretty 0:02:54.919 --> 0:02:57.720 depressed in terms of their businesses started to pick up 0:02:57.760 --> 0:03:01.079 a bit, uh later in the month. There's a whole 0:03:01.080 --> 0:03:04.079 lot of back and forth there, and you really jumps 0:03:04.080 --> 0:03:06.280 out arguably is you know, you've got a day where 0:03:06.280 --> 0:03:08.280 crude oil is actually up and energy stocks are the 0:03:08.320 --> 0:03:11.120 worst performers in the S. A lot of that, no doubt, 0:03:11.200 --> 0:03:15.280 tied into x On Mobile reporting their first loss in decades, 0:03:15.840 --> 0:03:18.320 shares down more than five and a percent. Chevron also 0:03:18.400 --> 0:03:20.959 weighed in UH and is lower by two point three 0:03:20.960 --> 0:03:22.720 percent as we speak. We're going to talk about that 0:03:22.720 --> 0:03:24.360 a little bit later on. It's also the cover story 0:03:24.360 --> 0:03:27.040 of the magazine this week, so more on Exxon to come. 0:03:27.040 --> 0:03:29.639 All right, team, Thank you so much, Gina Martin Adams, 0:03:29.720 --> 0:03:32.639 Chief Equity Strategies at Bloomberg Intelligence along with Dave Wilson. 0:03:32.800 --> 0:03:36.320 You're listening to Bloomberg Business Week with Carol Messer and 0:03:36.440 --> 0:03:40.320 Jason Kelly on Bloomberg Radio. In terms of mixed messages, 0:03:40.360 --> 0:03:42.200 I feel like we got some mixed messages this week 0:03:42.240 --> 0:03:46.400 on the medical side to yirol and it's just one 0:03:46.440 --> 0:03:50.360 of these moments where we're trying to find the way forward, right, Yeah, exactly, 0:03:50.480 --> 0:03:54.200 especially on a day where I was reading stories about, hey, folks, 0:03:54.240 --> 0:03:56.200 get ready for a two year outbreak when it comes 0:03:56.240 --> 0:03:58.840 to the virus UH, and we're trying to figure out, oh, hey, 0:03:58.840 --> 0:04:00.880 can we get a vaccination in nine months? Can we 0:04:00.880 --> 0:04:02.800 get it in two years? What does it take? Dr 0:04:02.920 --> 0:04:05.120 Ian les Bader is always our voice of reason. He's 0:04:05.160 --> 0:04:08.200 Clinical Associate Professor of Medicine at the n y U 0:04:08.280 --> 0:04:11.040 Landgown Medical Center. He's back with us on the phone 0:04:11.080 --> 0:04:13.560 in New York. Um Ian, nice to have you back 0:04:13.600 --> 0:04:16.440 with us. So where are we in all of this? 0:04:16.680 --> 0:04:19.919 Can you? Can you kind of filter through what makes 0:04:19.920 --> 0:04:23.760 sense what doesn't make sense? I hope to thank you, 0:04:24.360 --> 0:04:27.160 you know, to me, the COVID nineteen story is really 0:04:27.320 --> 0:04:31.280 like Charles Dickens The Tale of Two Cities, which she 0:04:31.320 --> 0:04:34.039 wrote in eighteen fifty nine. You know, we have the 0:04:34.120 --> 0:04:38.159 outpatient story where you know, patients are seen by telemedicine 0:04:38.720 --> 0:04:43.040 and many of them are really getting cabin fever. They're anxious, depressed, 0:04:43.080 --> 0:04:46.599 on home isolation. They've gained weight. We call it the 0:04:46.640 --> 0:04:49.680 COVID nineteen like the fresh consisting. They're gaining a COVID 0:04:49.800 --> 0:04:54.320 nineteen due to inactivity. Named as friends and family, you know, 0:04:54.400 --> 0:04:58.440 kids and grandkids, and many have mild COVID symptoms called fever, 0:04:58.640 --> 0:05:02.520 chest pain, diarrhea, must like most of them will be okay. 0:05:02.600 --> 0:05:06.560 And then we have the impatient story where really I 0:05:06.600 --> 0:05:10.400 was rounding in the hospital earlier. Today, critically ill patients, 0:05:10.480 --> 0:05:14.240 you know, severe pneumonia, heart and kidney failure really due 0:05:14.240 --> 0:05:17.880 to these micro thromb by our plots um and many 0:05:17.920 --> 0:05:23.719 have risk factors diabetes, hypertension, CPD, obesity uh. And really 0:05:23.800 --> 0:05:26.200 diagnosis is like the tale of two cities. You know. 0:05:26.279 --> 0:05:29.680 We have nasal swamps and blood tests which are now 0:05:29.720 --> 0:05:32.080 more available, so we're ordering a lot of those outpatient 0:05:32.120 --> 0:05:35.760 blood tests, you know, and many patients are coming back negative, 0:05:36.040 --> 0:05:38.359 so they say, when can we leave the house. So 0:05:38.480 --> 0:05:41.080 that's the tale of two cities. And treatment is like 0:05:41.160 --> 0:05:43.000 a tale of two cities. You know, we've learned a 0:05:43.080 --> 0:05:46.119 lot of medications are not helpful. The hydroxy flooric Clint 0:05:46.760 --> 0:05:50.600 and his intromax clearly did not pan out. And then 0:05:50.640 --> 0:05:54.159 we have sort of maybe helpful medications, uh, the aisle 0:05:54.200 --> 0:05:57.840 sex inhibitors run destiny or maybe those have some issues 0:05:58.480 --> 0:06:02.159 and maybe convalescent alasthma. That is one of the recent 0:06:02.200 --> 0:06:05.400 studies that we're doing. Now that we know people have antibodies, 0:06:06.279 --> 0:06:09.720 we're collecting those and infusing them and that may be 0:06:10.760 --> 0:06:14.359 really a breakthrough. We'll have to see how that is. 0:06:14.400 --> 0:06:17.640 And that actually goes back about a hundred years. These 0:06:17.680 --> 0:06:22.359 convalescent antibodies were used a hundred years ago, obviously for 0:06:22.400 --> 0:06:25.960 a different disease, but for a variety of diseases. Uh, 0:06:26.360 --> 0:06:29.120 it's still been used. So you know, we really have 0:06:30.120 --> 0:06:34.119 very a real dichotomy on on where to go and 0:06:34.120 --> 0:06:38.840 and sort of what you do. Alright, So Dr les Fers, 0:06:38.839 --> 0:06:40.920 Sorry I dropped off there for a second. We're having 0:06:41.000 --> 0:06:44.880 all sorts of like weird technical issues, uh that are 0:06:45.040 --> 0:06:47.839 familiar to all of our listeners out there tried to 0:06:47.839 --> 0:06:50.320 work from home, probably you as well, Dr les Vader, 0:06:50.400 --> 0:06:51.960 But you know you're a high tech guy. You've got 0:06:51.960 --> 0:06:55.159 it all under control. I know. Um, So I know 0:06:55.240 --> 0:06:57.680 you've been talking about sort of all these variety of 0:06:57.720 --> 0:07:01.960 things that we may be approaching, plot and whatnot. I 0:07:02.000 --> 0:07:05.040 do wonder what does it look like sort of on 0:07:05.080 --> 0:07:08.600 the ground right now. What's the mood among the healthcare 0:07:08.680 --> 0:07:11.480 professionals that like you and and folks you're talking to 0:07:11.960 --> 0:07:14.520 amid these sort of like mixed messages that we're getting. 0:07:15.840 --> 0:07:19.200 You know, so again that tale of two cities. Um, 0:07:19.240 --> 0:07:21.360 you know, I think for for those of us who 0:07:21.440 --> 0:07:25.120 are where to hats you know, as out patient doctors 0:07:25.160 --> 0:07:27.880 were starting to see patients now back in the office. 0:07:28.240 --> 0:07:32.840 Elective surgery is being permitted to you know, procedures and 0:07:32.960 --> 0:07:36.080 colonos could be slowly that sort of thing, you know. 0:07:36.120 --> 0:07:39.000 And I think it is interesting many patients are afraid 0:07:39.040 --> 0:07:41.560 to come in, they like to tell the medicine they're 0:07:41.600 --> 0:07:45.120 afraid that uh, to almost leave the house at this point, 0:07:45.480 --> 0:07:48.440 and they have a lot of anxiety and depression, you know. 0:07:48.520 --> 0:07:51.480 And then you've got the impatient doctors who I think 0:07:51.480 --> 0:07:54.520 are still very very stressed and and a little depressed 0:07:54.560 --> 0:07:58.040 as well with really critically ill patients. Some of these 0:07:58.040 --> 0:08:02.120 patients are in you know for months or more, uh 0:08:02.200 --> 0:08:05.080 some of some of even two months, and and uh, 0:08:05.120 --> 0:08:09.040 you know, to care for these very complex patients is 0:08:09.040 --> 0:08:12.520 is very draining. Staff changes all the time. No one 0:08:12.560 --> 0:08:15.960 can be there seven, you know, and I think that's 0:08:15.960 --> 0:08:20.720 a challenge for everyone to maintain that level of intensity 0:08:20.920 --> 0:08:26.160 with sick inpatients. So I have to say your talle 0:08:26.200 --> 0:08:28.520 of Two Cities resonates so much with us because we 0:08:28.600 --> 0:08:31.120 talked about mixed messages at the top of our show, 0:08:31.240 --> 0:08:33.319 which is what we felt like the week was, whether 0:08:33.360 --> 0:08:34.920 it was on the medical front, whether it was on 0:08:34.920 --> 0:08:38.400 the earnings front um, just so many different kind of 0:08:38.400 --> 0:08:41.280 back and forth here and confusion, and I think it's 0:08:41.320 --> 0:08:43.240 certainly playing out a little bit in the financial markets. 0:08:43.440 --> 0:08:46.640 What do you make of that report by Maduna that 0:08:46.679 --> 0:08:50.680 says the coronavirus outbreak may last for two years and 0:08:50.720 --> 0:08:53.040 won't be controlled until about two thirds of the world's 0:08:53.040 --> 0:08:58.360 population is immune. Right, so we we certainly know herd 0:08:58.400 --> 0:09:03.120 immunity for many disease is is really what stops these 0:09:03.120 --> 0:09:07.640 big outbreaks and hospital surges. And since we're just now 0:09:07.720 --> 0:09:12.200 really beginning to test antibodies on people blood tests and so, uh, 0:09:12.800 --> 0:09:15.280 you can go to your doctor and if you think 0:09:15.320 --> 0:09:18.600 you've had COVID, they can order an antibody test. Will 0:09:18.600 --> 0:09:20.960 have to see about who's paying for all this, but 0:09:21.000 --> 0:09:23.880 we can certainly order it um and then I think 0:09:23.920 --> 0:09:25.840 we're going to have a lot more data as to 0:09:25.960 --> 0:09:30.280 how close are we to herd immunity. But what really 0:09:30.320 --> 0:09:33.880 gives people herd immunity is that vaccine. And even if 0:09:33.920 --> 0:09:37.960 we get a vaccine, no one is a sure if 0:09:38.000 --> 0:09:41.120 people will get antibodies, and then we're not a hundred 0:09:41.120 --> 0:09:45.080 percent sure those antibodies will really prevent you from getting COVID. 0:09:45.280 --> 0:09:49.040 Especially if it mutates. So there's a number of hills 0:09:49.080 --> 0:09:51.000 to climb, which I think is why the markets are 0:09:51.000 --> 0:09:55.640 a little uh unsteady, shall we say? And so I 0:09:56.040 --> 0:09:58.440 what do we do in the meantime, just as like 0:09:58.600 --> 0:10:00.960 human beings living in the world, like, how should we 0:10:01.080 --> 0:10:04.319 be thinking about, you know, even the next month or so, 0:10:04.520 --> 0:10:08.320 maybe the next two months especially. I think it's tricky 0:10:08.400 --> 0:10:10.600 for us who live in the Tri state area because 0:10:10.960 --> 0:10:13.840 we're seeing you know, other parts of the country reopen. 0:10:14.040 --> 0:10:17.520 And we can talk about the wisdom of that separately, 0:10:17.679 --> 0:10:20.040 but you know, sort of day to day, and you 0:10:20.080 --> 0:10:23.199 mentioned very importantly, I think a lot of the anxiety, uh, 0:10:23.240 --> 0:10:25.400 and and depression that that people are feeling on the 0:10:25.400 --> 0:10:28.679 front lines and even here on the way back lines. Uh, 0:10:28.880 --> 0:10:32.360 that's happening. What do we do is as folks here? 0:10:33.480 --> 0:10:36.480 You know, my sense is in most of life, you 0:10:36.559 --> 0:10:41.400 cannot be safe. You know. You I tell my patients, 0:10:41.720 --> 0:10:44.760 you know when they ask you about informed consent or procedures. 0:10:45.280 --> 0:10:47.600 You know, you live in Manhattan, you're walking across the street. 0:10:47.640 --> 0:10:49.800 You can pull on a pothole, break your ankle. You know, 0:10:49.880 --> 0:10:52.200 there there's a risk, there's a benefit, and there's a 0:10:52.280 --> 0:10:56.160 risk and I'm my sense is that we're beginning to 0:10:56.720 --> 0:11:00.760 um lose the benefit of home isolation and we're maybe 0:11:00.760 --> 0:11:04.680 getting into a higher risk arena. And I think people 0:11:04.840 --> 0:11:08.080 want to return to a more normal lifestyle. And certainly 0:11:08.080 --> 0:11:11.320 as the weather gets warmer and people want to go out. 0:11:11.880 --> 0:11:14.160 So my senses, we may have to take a little 0:11:14.160 --> 0:11:16.800 bit of risk since you know, a vaccine is at 0:11:16.840 --> 0:11:20.520 least six months away, and you know, people should wear masks. 0:11:20.520 --> 0:11:24.560 And I think people who have serious risk factors and 0:11:24.640 --> 0:11:26.840 we've got over those that we can go over them again. 0:11:26.920 --> 0:11:30.800 But um, those people probably should be very very careful. 0:11:30.920 --> 0:11:33.000 But for the majority of people, I think if they're 0:11:33.160 --> 0:11:37.000 hand washing and distancing and masks, many should be able 0:11:37.040 --> 0:11:40.240 to resume a more normal lifestyle. And you know, we'll 0:11:40.280 --> 0:11:43.120 have to see if the governor and the mayor you know, 0:11:43.480 --> 0:11:45.640 buys on to that. I think eventually they're going to 0:11:45.720 --> 0:11:47.719 have to buy onto that because I don't think we 0:11:47.800 --> 0:11:50.840 are going to get a hundred percent solution either with 0:11:50.960 --> 0:11:55.560 medication at this point, um, certainly not as outpatient medicine 0:11:56.559 --> 0:11:59.800 or a vaccine. I do think the in patients are 0:12:00.080 --> 0:12:03.360 editor I think we have better uh, whether it's plasma 0:12:03.440 --> 0:12:05.079 or indiosity or I think we have a few more 0:12:05.080 --> 0:12:09.040 options to the very very sectation, which is encouraging. So 0:12:09.280 --> 0:12:12.840 taking risks, does that mean just get used to wearing 0:12:12.920 --> 0:12:15.280 masks and just being kind of extra careful. I think 0:12:15.320 --> 0:12:18.360 about the medical community that has been surrounded by this, right, 0:12:18.760 --> 0:12:21.040 you guys have figured it out. So what does it 0:12:21.080 --> 0:12:23.599 mean on a more kind of normal basis? Is it 0:12:23.760 --> 0:12:26.319 just masks? And I do wonder about this more vulnerable 0:12:26.360 --> 0:12:29.000 Does that mean they aren't allowed to kind of go 0:12:29.120 --> 0:12:33.240 out and and have a more normal life. That's a 0:12:33.320 --> 0:12:36.199 good question. I mean, I think that's an individual decision 0:12:37.200 --> 0:12:41.120 as to people's individual risk factors. I think if you've 0:12:41.160 --> 0:12:46.920 got high blood pressure, diabetes, obesity, lung disease, maybe you 0:12:47.000 --> 0:12:49.680 need to stay in for for quite a while, longer 0:12:49.760 --> 0:12:53.280 until the number of cases drops dramatically, and we should 0:12:53.320 --> 0:12:55.800 know that we're tracking that. But I think if you're 0:12:55.800 --> 0:13:00.079 otherwise seemingly healthy, you know, there are many staff in 0:13:00.400 --> 0:13:03.760 the hospital who wear masks and are up close with 0:13:04.160 --> 0:13:08.199 very sick patients, you know, and they're negative. So not everyone. 0:13:08.200 --> 0:13:10.760 Obviously that peign nurse who was in the e er 0:13:10.840 --> 0:13:16.280 and so it is healthcare workers definitely can get this um, 0:13:16.320 --> 0:13:19.000 but I think it's certainly not everyone who is getting it. 0:13:19.120 --> 0:13:21.880 So I think we are approaching a time when it 0:13:21.920 --> 0:13:25.920 will be reasonably safe to return to a more normal existence, 0:13:26.240 --> 0:13:28.760 and I think we have to do that, not just economically, 0:13:28.800 --> 0:13:32.360 but psychologically. Yeah, it's interesting. I was talking to a 0:13:32.400 --> 0:13:36.000 long time New York City resident earlier today, has worked 0:13:36.000 --> 0:13:38.480 on Wall Street and its environ's for a long time, 0:13:38.480 --> 0:13:41.080 and she was saying, you know, one of the things 0:13:41.120 --> 0:13:43.640 I think we're all anticipating and I worry about. This 0:13:43.840 --> 0:13:47.960 is true, different people are going to make different choices 0:13:48.000 --> 0:13:51.160 and have different tolerances of risk, and yet we're all 0:13:51.200 --> 0:13:53.840 sort of out there together. And I do worry about 0:13:54.520 --> 0:13:57.720 sort of the social contract to some extent, almost breaking down. 0:13:57.720 --> 0:13:59.560 Not to be too dark about it, but you know, 0:13:59.720 --> 0:14:03.520 sort confrontations happening like literally in the streets of New 0:14:03.600 --> 0:14:06.360 York City, you know, over you know, one person choosing 0:14:06.360 --> 0:14:08.840 to wear a mask, another person not, someone standing too 0:14:08.880 --> 0:14:12.360 close Like those are the things that are hard to anticipate, right, 0:14:13.400 --> 0:14:16.480 all of these crises. I think of us opportunities to 0:14:16.559 --> 0:14:19.120 do good or to do bad. And I think we 0:14:19.240 --> 0:14:24.040 see those first responders who are volunteering, doctors colleagues volunteering 0:14:24.080 --> 0:14:26.600 to go to the hospital help sick people. And I 0:14:26.640 --> 0:14:29.280 think you've got people who take advantage and are looting 0:14:29.440 --> 0:14:32.840 or you know, breaking into stores or seeing this as 0:14:32.880 --> 0:14:35.720 an opportunity for crime. But I think at the end 0:14:35.720 --> 0:14:38.800 of the day, we need to appeal to people's better 0:14:38.880 --> 0:14:43.320 angels and UM appeal to them to uh have that 0:14:43.480 --> 0:14:47.120 social contract, be careful, try and protect other people, do 0:14:47.200 --> 0:14:50.200 good things, help other people, and part of that will 0:14:50.240 --> 0:14:53.920 be uh just being a little bit more careful. And 0:14:53.960 --> 0:14:57.120 I think I see people in the street wearing masks. 0:14:57.160 --> 0:15:00.040 Everyone is complying, and I think that should red it 0:15:00.120 --> 0:15:02.520 s risk. It's not going to eliminate risk. We cannot 0:15:02.560 --> 0:15:05.840 eliminate the risk to zero, no, right, Yeah. I do 0:15:05.920 --> 0:15:08.520 think it's amazing how quickly we've all gotten more comfortable. 0:15:08.520 --> 0:15:10.480 And I do look at someone who maybe doesn't have 0:15:10.520 --> 0:15:12.120 a mask, and I'm kind of like, wait a minute, 0:15:12.120 --> 0:15:17.960 you need to mask. Ian. Thank you as always, We 0:15:18.000 --> 0:15:20.440 really do appreciate all the time you give us and 0:15:20.560 --> 0:15:22.840 really kind of helping us filter through so many of 0:15:22.880 --> 0:15:25.200 the stories that are out there and making sense of it. 0:15:25.320 --> 0:15:28.120 Stay safe. Dr Ian LUs Beder, Clinical Associate Professor of 0:15:28.200 --> 0:15:30.920 medicine at the n y U Landgo Medical Center. Jason 0:15:31.200 --> 0:15:32.880 joining us once again on the phone from New York. 0:15:33.000 --> 0:15:36.560 You're listening to Bloomberg Business Week with Carol Masser and 0:15:36.680 --> 0:15:40.000 Jason Kelly on Bloomberg Radio. All right, we do want 0:15:40.000 --> 0:15:42.160 to get to our next guest, because one of the 0:15:42.200 --> 0:15:44.280 concerns throughout the pandemic has been the access to our 0:15:44.280 --> 0:15:46.720 food supply chain. So far, it seems to have work 0:15:46.800 --> 0:15:50.000 despite some empty shelves and limitations on purchases. But the 0:15:50.040 --> 0:15:52.520 shutting down of meat processing plants of our health concerns 0:15:52.520 --> 0:15:55.240 for work is that has definitely created another round of 0:15:55.240 --> 0:15:59.240 worry about shortages of meat supplies. In particular, let's get 0:15:59.280 --> 0:16:01.720 into that with stul Leendard Jr. The President CEO of 0:16:01.720 --> 0:16:04.440 STU Leonards. They have been around for more than forty years, 0:16:05.040 --> 0:16:07.440 uh and very well known for those of us who 0:16:07.480 --> 0:16:10.160 live in the New York metro area. Joining us on 0:16:10.200 --> 0:16:13.720 the phone from Norwalk, Connecticut's too nice to find you 0:16:13.880 --> 0:16:15.880 here with us, So tell me a little bit about 0:16:15.880 --> 0:16:19.160 thank you. Yeah. I just want to also mention I 0:16:19.240 --> 0:16:22.720 am on the front line along with our three thousand 0:16:22.840 --> 0:16:25.720 people at stud Leonards, and we've been out there every 0:16:25.880 --> 0:16:30.000 day in the public, trying to give our communities food 0:16:30.800 --> 0:16:33.400 all day. So I know your last guest just said 0:16:33.400 --> 0:16:35.160 he didn't know what it's like to be on the line. 0:16:35.960 --> 0:16:41.920 We know, and it's it's very demanding, uh, very demanding today. 0:16:41.960 --> 0:16:44.960 And I give our team at St. Leonards a huge, 0:16:45.040 --> 0:16:48.400 big pat on the back. I I totally agree that 0:16:48.400 --> 0:16:52.120 this situation has made us rethink who are those crucial workers? 0:16:52.320 --> 0:16:55.080 And and you know, I don't think we often have 0:16:55.200 --> 0:16:57.200 walked into supermarkets and thought of it that way, but 0:16:57.240 --> 0:16:59.760 I certainly have said I certainly feel that way right 0:16:59.800 --> 0:17:02.080 now because they have kept us, you know, really been 0:17:02.120 --> 0:17:04.199 taking care of us. And and that goes for your 0:17:04.200 --> 0:17:07.119 workers as well well, and especially given student sort of 0:17:07.160 --> 0:17:09.719 the number of people that are are coming in and out. 0:17:09.760 --> 0:17:13.800 And I count myself among a very happy, long time 0:17:13.840 --> 0:17:17.679 a Stud Leonards customer living here in Westchester. So it's 0:17:17.680 --> 0:17:20.479 certainly been the beneficiary. We do want to ask you about, 0:17:20.560 --> 0:17:23.600 you know, how Carol kicked off the conversation there about 0:17:23.640 --> 0:17:27.119 the supply chain, because I do wonder for you what 0:17:27.200 --> 0:17:30.440 does this look like on the front lines. Well, first 0:17:30.440 --> 0:17:33.160 of all, a nice thing about us is we deal 0:17:33.240 --> 0:17:40.399 with smaller, more family Farms. UM. Tyson closed their plant, huge, big, 0:17:40.440 --> 0:17:43.359 big plant is brobbly, three thousand people working at it, 0:17:43.400 --> 0:17:47.600 maybe more. We buy zero from Tyson, so that did 0:17:47.600 --> 0:17:50.800 not affect us at all. We are buying from the 0:17:50.840 --> 0:17:54.919 Amish chicken farmer in Pennsylvania. We got an egg farmer 0:17:54.960 --> 0:17:59.240 down in Pennsylvania. We get the uh fish right out 0:17:59.280 --> 0:18:02.439 of out of May from from small you know fishing 0:18:02.520 --> 0:18:06.119 boats go now. So we've been able to keep a 0:18:06.160 --> 0:18:10.040 constant flow coming into student leonards. And I've dealt with 0:18:10.119 --> 0:18:12.440 these people for twenty thirty years now, you know, our 0:18:12.560 --> 0:18:16.720 family business ourselves that they have assured me that they 0:18:16.760 --> 0:18:20.679 will supply us with the food that we need. And 0:18:20.760 --> 0:18:22.720 does that mean all kinds of food? I know we 0:18:22.720 --> 0:18:25.480 were talking about atle Bit in the newsroom. Um, you 0:18:25.520 --> 0:18:29.159 know that's you know, there's high end meat, there's organic beef, 0:18:29.280 --> 0:18:31.399 you know versus kind of regular stuff. I know you 0:18:31.400 --> 0:18:34.480 guys tend to play into the higher end. That's not 0:18:35.040 --> 0:18:39.320 you're not worried about that being um short and supply well, 0:18:39.359 --> 0:18:42.800 you know, we're doing the regular porter house stakes and everything. 0:18:42.840 --> 0:18:46.080 But people do want organic and they do want uh 0:18:46.640 --> 0:18:49.680 grats fed. That's those are big growing areas right now. 0:18:50.080 --> 0:18:54.000 We have not seen a limited supply of those right now. 0:18:55.000 --> 0:19:00.760 But like every business in America, the virus has affected everybody. Um. 0:19:00.800 --> 0:19:03.880 You know, the plants in the Midwest that are doing 0:19:03.920 --> 0:19:09.359 the meat, um, they're down like in their production. And 0:19:09.440 --> 0:19:11.080 a lot of that has to do with the virus. 0:19:11.119 --> 0:19:13.359 And the second thing that has to do with there's 0:19:13.359 --> 0:19:15.320 a lot of people that do not want to come 0:19:15.359 --> 0:19:18.959 to work right now. We have we give a thirty 0:19:19.040 --> 0:19:23.360 day unpaid sabbatical to our people to visit their families. 0:19:23.920 --> 0:19:27.080 We've have a hundred of people take advantage of that now. 0:19:27.520 --> 0:19:31.520 We never expected that to happen. Um. So we've been 0:19:31.560 --> 0:19:34.440 on a hiring blitz, you know, trying to hire butchers 0:19:34.480 --> 0:19:38.600 and chefs and and bakers right now. And it's tough 0:19:38.680 --> 0:19:44.640 because the unemployment benefits are so good, right absolutely. So 0:19:44.840 --> 0:19:46.960 you know, one thing, just go back to supply. And 0:19:47.000 --> 0:19:49.080 I want to talk about workers again in a second 0:19:49.160 --> 0:19:53.159 stew But on the supply front, I especially given your 0:19:53.400 --> 0:19:56.320 family and your long history in the dairy business, I 0:19:56.359 --> 0:19:59.919 do wonder about the dairy supply chain, uh to you know, 0:20:00.119 --> 0:20:03.240 looking beyond the beef and and the meat. You know, 0:20:03.320 --> 0:20:07.200 we've heard about you know, Farnest having to dump their 0:20:07.240 --> 0:20:09.879 milk and things like that. How does that get worked 0:20:09.920 --> 0:20:14.000 out in your estimation, Well, it's very sad, you know 0:20:14.080 --> 0:20:17.600 obviously everybody you know, especially in the dairy business, you 0:20:17.640 --> 0:20:21.080 have your your cows and they're producing milk every day. 0:20:21.200 --> 0:20:24.240 They don't know anything about COVID nineteen and all of 0:20:24.280 --> 0:20:27.680 a sudden, all all the school's closed and a lot 0:20:27.720 --> 0:20:32.280 of milk and into the school system. And so there's 0:20:32.400 --> 0:20:35.520 just not enough demand right now out there for all 0:20:35.560 --> 0:20:41.040 of this milk these cows are continually producing. So unfortunately, 0:20:41.080 --> 0:20:43.120 what do you do with extra milk? You can make 0:20:43.200 --> 0:20:46.920 butter and cheese out of it, but um, there's only 0:20:47.000 --> 0:20:50.120 so much of that you can do. Um. And and 0:20:50.160 --> 0:20:54.160 so you know, we have unfortunately breaks your heart because 0:20:54.200 --> 0:20:56.639 there's so many people that need food out there today 0:20:57.359 --> 0:21:01.640 have had they have had to dump some milk. I mean, 0:21:01.680 --> 0:21:05.080 that's that I have to say. And I understand it's 0:21:05.119 --> 0:21:07.359 not easy to get I guess from point A to 0:21:07.480 --> 0:21:10.399 point B and get all that excess food to people 0:21:10.400 --> 0:21:13.440 who need it. But I have to say, it just 0:21:13.520 --> 0:21:16.959 seems it just doesn't make sense, and and that we 0:21:17.000 --> 0:21:19.320 can't and that we can't figure out how to take 0:21:19.359 --> 0:21:21.200 that food and get it. We're you know, we're talking 0:21:21.240 --> 0:21:23.480 to a lot of chefs who you know, of course 0:21:23.680 --> 0:21:27.040 shut down their restaurants and they're creating, you know, meals 0:21:27.080 --> 0:21:29.439 to get out to communities where people have lost their 0:21:29.520 --> 0:21:32.560 jobs and they have no food. How come we can't 0:21:32.600 --> 0:21:36.840 figure this out? Uh? You know, you know what happens 0:21:36.960 --> 0:21:40.720 is is there you know a lot of these industries 0:21:40.840 --> 0:21:44.000 have to plan ahead, like you know, how many how 0:21:44.000 --> 0:21:46.679 many hogs are you going to have? You here? You know, 0:21:46.760 --> 0:21:49.800 they're they're feeding strawberries to some of the hogs right 0:21:49.840 --> 0:21:54.000 now because there's there's not enough demand for the They 0:21:54.040 --> 0:21:58.720