Speaker 1: Hi everyone. Over the past few days, I've been getting
Speaker 1: messages asking when the next episode is coming out, Listeners
Speaker 1: trying to switch on but couldn't. Well, truth is in
Speaker 1: our office. We've got a really nice studio that makes
Speaker 1: things pretty easy when you're in the office. So when
Speaker 1: I swapped the studio for the kitchen table, it took
Speaker 1: a minute to get set up. So here we are.
Speaker 1: We're back, and today's show it's going to be a
Speaker 1: bit different. You may or may not have noticed that
Speaker 1: we do every episode based on a specific piece of
Speaker 1: research that BENF users can then go dig into to
Speaker 1: get the details. Today, we won't be doing that, as
Speaker 1: you might expect. The bulk of our research right now
Speaker 1: is either about COVID nineteen or its impact on the
Speaker 1: industries we cover, So we figured it would be useful
Speaker 1: to do a show about process, about how we started
Speaker 1: to look at this monstrous thing that that's voided every
Speaker 1: forecast out there. Today, Dana and I talked with Albert Chung,
Speaker 1: head of research for BENF. He'll walk us through how
Speaker 1: we started to get our heads around the problem and
Speaker 1: frameworks BNF analysts developed to explain what's happening in to
Speaker 1: accommodate change. He also describes how all this will show
Speaker 1: up in our research, what to look out for, and
Speaker 1: what to make of it. If you'd like to follow
Speaker 1: our ongoing COVID coverage, including our popular COVID Indicators reports,
Speaker 1: head over to benf dot com slash series, where you
Speaker 1: can subscribe to any of our fifty plus recurring publications.
Speaker 1: When a new report is published, you'll get an alert
Speaker 1: the second it comes out as a reminder beif does
Speaker 1: not provide investment of strategy advice, and you can hear
Speaker 1: a full disclaimer at the end of the show. I'm
Speaker 1: Mark Taylor. You're with Aana Perkins and you're listening to
Speaker 1: Switch on the BENF podcast. Hi Albert, thanks for your
Speaker 1: joining us today. Hey Mark, thanks for having me. So
Speaker 1: when did it become apparent that COVID nineteen was going
Speaker 1: to become a dominant piece of the BIS research agenda.
Speaker 1: Like a lot of things, it was very gradual and
Speaker 1: then very sudden. I actually first regrete about this mystery
Speaker 1: illness in Juhan sometime in mid December, but at that
Speaker 1: stage it didn't seem that serious. It wasn't so connecting
Speaker 1: humans humans, so really it was probably late January, when
Speaker 1: our entire team in China was asked to work from
Speaker 1: home and parts of China went into lockdown. Our team
Speaker 1: started being infected. One person was actually placed into quarantine,
Speaker 1: so it became very real for us. And that's when
Speaker 1: our analysts in China actually really started thinking about what
Speaker 1: the impacts of the COVID nineteen was, and they put
Speaker 1: out this piece actually in mid February that said, assuming
Speaker 1: the outbreak it's contained in Q one, then GP growth
Speaker 1: will slow from six percent to about five percent this
Speaker 1: year in China, And clearly, with hindsight that now seems far,
Speaker 1: far too optimistic. And the story stayed at Asia specific
Speaker 1: story for quite a while. Even in early March, in
Speaker 1: the global team, we were talking about impact on wind
Speaker 1: and solar and we weren't really sure if there was
Speaker 1: going to be an impact. It was the middle of
Speaker 1: March when it became really sort of unavoidably obvious that
Speaker 1: we were going to have to rework our forecasts, rework
Speaker 1: our research agenda, because this thing was going to really
Speaker 1: dominate our work in the fores civil future. So you
Speaker 1: realized you had to change attack. Things are being quickly,
Speaker 1: perhaps quickly every seen before in our circuit at least,
Speaker 1: how did you start to get your head around situation?
Speaker 1: How did you get started? Well, I can't take any
Speaker 1: credit at all for this. Our analyst teams, particularly teams
Speaker 1: in Asia, jumped on this very quickly, and I think
Speaker 1: very rightly said Look, the first thing we need to
Speaker 1: do is to the best that we can track what's
Speaker 1: actually happening on the ground. We launched a series of
Speaker 1: indicator reports, so we call them are COVID nineteen indicators,
Speaker 1: and they cover a range of different useful data points
Speaker 1: that we've managed to gather from different markets to keep
Speaker 1: a near real time tab on how the pandemic is
Speaker 1: developing and the impact that it's having in different markets.
Speaker 1: These indication reports go out weekly. We have one that
Speaker 1: covers road transport. We're actually using live data from tom
Speaker 1: Tom The tracks road congestion, which is not exactly traffic.
Speaker 1: It's a measure of how slowly traffic is moving, which
Speaker 1: is a proxy for how much traffic there is. As
Speaker 1: of the latest report that we've put out, Beijing and
Speaker 1: Shanghai are actually seeing rising congestion levels in the last
Speaker 1: few weeks now seem to be approaching roughly normal levels
Speaker 1: of congestion, whereas places like Hong Kong and Guangzo are
Speaker 1: still below normal levels and places like New Dahi and
Speaker 1: Mumbai those numbers are eighty nine down on normal levels.
Speaker 1: We've got indicators in aviation indicators and the power sector.
Speaker 1: How do we decide which industries were going to make
Speaker 1: the cut as an indicator in which one weren't. From
Speaker 1: a sort of energy transition perspective and energy at large,
Speaker 1: clearly we're interested in demand for energy commodities first and foremost.
Speaker 1: And the first thing that happened was people stopped moving around.
Speaker 1: And when people start moving around, that's an oil story
Speaker 1: because liquid fields get used to transport. But over time,
Speaker 1: as we've seen the lockdowns in different countries proceed with
Speaker 1: people staying at home more and businesses shutting down as well,
Speaker 1: that started to leak into the power and gas center
Speaker 1: as well. As an example here in Great Britain, we're
Speaker 1: running at about fift below normal expectations in terms of
Speaker 1: power demand on the grid. In India it's down and
Speaker 1: as much as fifty down in places Punjaba and Rochester
Speaker 1: in particular states within India. So we're tracking really anything
Speaker 1: that's related to energy. But those indicators are having to
Speaker 1: do with the here and now, right, how do those
Speaker 1: intern impact our longer TAN forecast. Yeah, So the first
Speaker 1: revision we made was in our SOLO forecast. We've essentially
Speaker 1: deferred a chunk of the project pipeline from particularly in China,
Speaker 1: because there's been some policy changes which mean that projects
Speaker 1: are likely to blow over into the next year. That
Speaker 1: means that we've actually revised our SOLO forecast for this
Speaker 1: year down by eight percent, and that could mean that
Speaker 1: this year is the first time solar installations actually decline
Speaker 1: like SOLO has never not grown before. This could be
Speaker 1: the first year on the wind side. Actually, we thought
Speaker 1: this year was going to be an all time record
Speaker 1: for installations. Now we've cut that wind forecast by twelve
Speaker 1: again differring projects in We're still forecasting a record year
Speaker 1: at the moment, but quite obvious that there's downside risk
Speaker 1: to that. And just yesterday, I believe our US gas
Speaker 1: team put out a new forecast for US gas storage
Speaker 1: and they're now calling one billion q gas and storage
Speaker 1: by the end of next winter up compared to a
Speaker 1: sort of no COVID based case, which is effectively a
Speaker 1: much much loosener market than we have previously been expecting.
Speaker 1: So those are just sort of three things on the agenda.
Speaker 1: But we're updating all of our forecasts, and I don't
Speaker 1: think any of them are going to stay the same
Speaker 1: after the next few weeks. So you started with a
Speaker 1: delay in the most basic case, I guess, and then
Speaker 1: you move into how these things have impacked every part
Speaker 1: of our forecast, I guess, into the more structural changes,
Speaker 1: I guess you could say, so, not only does COVID
Speaker 1: nineteen really change everything for these industries and therefore all
Speaker 1: of our forecasts into the future, but to some extent,
Speaker 1: it may also change the way that we talk about everything,
Speaker 1: because from a time standpoint, it seems like things are
Speaker 1: changing so quickly that a usual quarterly, half yearly may
Speaker 1: not be enough. So how do you decide how quickly
Speaker 1: and how often you actually need to update on some
Speaker 1: of the industries that we're doing these indicators for. Yeah,
Speaker 1: I mean, historically we've served a few different audiences with
Speaker 1: different time horizons. In terms of the commodity markets, how
Speaker 1: a gas oil, we need to be really timely in
Speaker 1: our analysis, so we've been doing weeklies in many of
Speaker 1: those markets, for a long time, and clearly with COVID nineteen,
Speaker 1: that kind of real time analysis becomes even more important
Speaker 1: because new information comes to light that changes our view
Speaker 1: every day, and so we've got to do that really rapidly.
Speaker 1: And then in our other sectors, if you think about
Speaker 1: renewable energy, electric vehicles, and so on, we normally update
Speaker 1: these numbers quarterly. Some of the EV sales numbers we
Speaker 1: look at monthly. But the situation changing so quickly that
Speaker 1: we just had to respond more quickly. And I think
Speaker 1: that's the same challenge that all businesses are having right now.
Speaker 1: It's the flow of news that's coming through every single day.
Speaker 1: Just got to keep monstoring it and keep on all sides.
Speaker 1: Forecasts are tough in the best of times, and we
Speaker 1: like to do scenarios rather than forecast per se. But
Speaker 1: even that people misconstrue those is like, Okay, we're talking
Speaker 1: a bit about the future and what could happen there?
Speaker 1: What point do we have enough information to actually be
Speaker 1: able to reasonably talk about the future. And I think,
Speaker 1: you know, maybe just even rewinding, if we're looking at
Speaker 1: this January February March timeline from the point at which
Speaker 1: we started to see changes in human behavior and changes
Speaker 1: in company's behavior due to a lot more people being
Speaker 1: at home and government regulations. At what point were we
Speaker 1: able to start to say something meaningful in China, and
Speaker 1: then in Europe, and then maybe in the America's I
Speaker 1: think everybody has had to throw away that any forecast
Speaker 1: that was made before about February March this year, they're
Speaker 1: all wrong. And anyone who tells you that they've got
Speaker 1: a forecast that you can invest against or really believe in,
Speaker 1: it's just not really credible. And so that's a big
Speaker 1: part of the reason why we're incorporating a set of
Speaker 1: scenarios into our analysis right now. So you knew this
Speaker 1: situation would keep evolving and you need to say smart
Speaker 1: things about it. So you introduced this thing called scenarios
Speaker 1: to be able to accommodate different things that could happen.
Speaker 1: Could you tell us a bit more about those and
Speaker 1: how those came to be? Yeah, sure, So what was
Speaker 1: extremely obvious was that any forecast made over the last
Speaker 1: few months probably needs to be thrown away. And so
Speaker 1: when you're in that situation extreme uncertainty, which we all
Speaker 1: are in, it's better from my point of view, to
Speaker 1: embrace down certain, to acknowledge it, and actually try and
Speaker 1: incorporate into your thinking. Scenarios a great way of doing that.
Speaker 1: So essentially what we did was we said, we're gonna
Speaker 1: come up with three scenarios for how the pandemic might
Speaker 1: proceed globally and make sure that in all of our
Speaker 1: analysis across the n F we think about all these
Speaker 1: three scenarios and how they might impact the sectors that
Speaker 1: we cover. And that's really powerful, but that acknowledges the
Speaker 1: fact that we simply don't know. Nobody knows how the
Speaker 1: pannem is going to play out. But it also means
Speaker 1: that our forecasts will have a bit more resilience to
Speaker 1: the changing news. Every day we can monitor the news
Speaker 1: and talk about which of our scenarios looks like it's
Speaker 1: becoming more or less likely as the pandemic develops. So,
Speaker 1: in terms of how they're built, the main thing is
Speaker 1: scenarios all about what are the key unknowns that you
Speaker 1: want to explore, and so we wanted to explore really
Speaker 1: the sort of medical and epidemiological unknowns which are around
Speaker 1: how is the virus going to develop? Key things like
Speaker 1: will it fade in warm and weather? Will it come
Speaker 1: back for a second way next autumn or winter? Will
Speaker 1: treatments and vaccines be found? What are the real infection rates?
Speaker 1: For example, are they really as low as we are
Speaker 1: being told or is it more of the population already
Speaker 1: has it, which would actually be good news in the
Speaker 1: long term. How quickly can countries ramp up their mass
Speaker 1: testing and contact tracing programs, which would then mean that
Speaker 1: we can ease some of the social distancing measures that
Speaker 1: are currently in place. All of those things are unknown
Speaker 1: and therefore make for really good variables in a scenario,
Speaker 1: So we package those into three scenarios that eventually lead
Speaker 1: to how long does the pandemic actually last? For where
Speaker 1: are we getting that sort of information from to put
Speaker 1: in as a variable. Because the team that you lead
Speaker 1: our energy analysts, So presumably they've not spent a lot
Speaker 1: of their career looking at different impacts of viruses and things. Yeah,
Speaker 1: that's a good question. So we're not medical experts at all.
Speaker 1: We don't have public health people on our staff, so
Speaker 1: we're operating off the same available information that other people have.
Speaker 1: We read, for example, the Imperial College paper that was
Speaker 1: widely distributed over the last couple of weeks, we read
Speaker 1: some papers about how the ninet team Spanish flu pandemic
Speaker 1: played out globally. We've talked to one or two people
Speaker 1: who have views as well, and we've deliberately kept our
Speaker 1: scenarios pretty open minded in terms of what you would
Speaker 1: have to believe feature them to come true, because we
Speaker 1: acknowledge that we have no real epidemiological expertise, so we
Speaker 1: just framed is sort of wide range of possibilities to
Speaker 1: make sure that we're covering enough basis. So scenario one
Speaker 1: is a single way pandemic, which basically assumes that most
Speaker 1: countries have three months of pretty heavy social distancing measures
Speaker 1: to control their outbreaks, but that after the roughly three months,
Speaker 1: then things can start to return to normal with a
Speaker 1: ramp up in mass testing, contact tracing, and so on.
Speaker 1: But if you believe that, then you know, if everybody
Speaker 1: has a three month outbreak, then probably by the second
Speaker 1: half of the year, most of the country's have been
Speaker 1: through that, and your economic recovery can probably start before
Speaker 1: the end of the year. So that scenario one, Scenario
Speaker 1: two is in a slightly less optimistic situation, you might
Speaker 1: have multiple waves of this pandemic, and that's what happened
Speaker 1: in nineteen eighteen. There were three waves over the course
Speaker 1: of a year, and so we've assumed it looks a
Speaker 1: little bit like that. Countries go through sort of one
Speaker 1: year a shock. It might not be exactly in two
Speaker 1: or three waves. It might be that there's sort of
Speaker 1: many on and off cycles of social distancing that are
Speaker 1: required to keep healthcare systems running. But essentially the outcome
Speaker 1: of all of that is that this massive economic shock
Speaker 1: actually lasts into the beginning and it's only the middle
Speaker 1: where recovery begins. And this is a bit bleaker because
Speaker 1: government stimulus can keep businesses running for three months, and
Speaker 1: there's a three month shock, you can keep people in
Speaker 1: their jobs. But if it's a one year shock, that
Speaker 1: starts to look much harder, and so you're looking at
Speaker 1: more businesses going bankrupt, workers being displaced, and so on.
Speaker 1: And then scenario three years even worse. We call it
Speaker 1: enduring pandemic scenario. And in that scenario, this thing drags
Speaker 1: on for eighteen months and the end comes when a
Speaker 1: treatment is scaled up or a vaccine is scaled up.
Speaker 1: In this scenario, nothing else works until one of those
Speaker 1: two things arrives, and that happens sometime around eighteen none
Speaker 1: from now, which pushes out the economic recovery out towards
Speaker 1: the latter half of probably the end we're really talking
Speaker 1: about the depression at that point, you know, really not
Speaker 1: a happy place from an economic standpoint. I mean, I
Speaker 1: know this isn't a question maybe we should answer, but
Speaker 1: there's been effort. Do you have a view on which
Speaker 1: scenario could be which seems most realistic? Yeah, that's a
Speaker 1: really tough question. A couple of observations. One is, I
Speaker 1: think scenario one, which is currently our most optimistic one,
Speaker 1: was probably the most pessimistic scenario that most economists would
Speaker 1: have even entertained a month ago or two months ago.
Speaker 1: And so I think where we are in terms of
Speaker 1: like the consensus view, if you talk to forecasters out there,
Speaker 1: I would probably guess that most people think we're in
Speaker 1: scenario one already, and the signposts are pointing towards scenario
Speaker 1: to I'll give you a couple of examples. Both Singapore
Speaker 1: and Hong Kong, which had early outbreaks and got them
Speaker 1: under control, have both increased their intervention measures in the
Speaker 1: last week or two, which to me is a signpost
Speaker 1: that says even if you control it at first, it
Speaker 1: doesn't mean you're out of the words. It seems like
Speaker 1: through other things, like they're having important cases from other countries,
Speaker 1: it seems like they have to reintroduce measures. So that
Speaker 1: to me is a signpost towards scenario too. And how
Speaker 1: will you show up in our work? Like so, if
Speaker 1: I'm a user looking at BINGF researcher, I mean you
Speaker 1: said it's going to prevate like all of a report
Speaker 1: in the coming months. Plus should I be looking for
Speaker 1: three lines you each chart? Or how should I be
Speaker 1: looking out for this? Wherever we have a forecast, I'm
Speaker 1: encouraging our teams to use these three scenarios. Now, the
Speaker 1: forecast revisions I mentioned earlier on solo wind and US casts,
Speaker 1: those are all scenario one forecast, single way pandemic, three
Speaker 1: month shock, end of your recovery. What you'll see as
Speaker 1: a client in the coming month or so is that
Speaker 1: more of our research will explore all three of the possibilities.
Speaker 1: Some of it will be qualitated, so it might not
Speaker 1: be aligned on a chart. It might be a commentary
Speaker 1: on the impacts of these three possible scenarios. Some of
Speaker 1: it will be quantity too, And you'll see minds on
Speaker 1: tcharts and so on. And at the same time we'll
Speaker 1: be working closely with our colleagues in bluemog Economics. They
Speaker 1: are also updating their scenarios and we'll be working very
Speaker 1: clessly with them and try to understand how we can
Speaker 1: make the best use of their work in our b
Speaker 1: network as well. I've already started to see some of
Speaker 1: the initial data that leads to some changes also in emissions,
Speaker 1: which is in many ways linked to the sectors that
Speaker 1: we cover as well. Is there anything you have initially
Speaker 1: started to see there and how does it change in
Speaker 1: emissions play out along these three scenarios, because there is
Speaker 1: a big difference between a blip and something that may
Speaker 1: be a bit longer term. Yeah, I mean emissions are
Speaker 1: definitely going to be down this year essentially, pretty substantially. Clearly,
Speaker 1: that's nothing to celebrate. Stopping the economy and everybody's staying
Speaker 1: at home forever. It is not the solution to climbachation.
Speaker 1: So let's there's a school of thought that says we've
Speaker 1: now already seen the absolute peak of man made emissions,
Speaker 1: will now have been the peak of emissions, and we'll
Speaker 1: never get back to that level. If that's true, we'll
Speaker 1: have probably have brought the peak forward by six or
Speaker 1: eight years. Like I think people were sort of thinking
Speaker 1: emissions would be later in this decade, so so that
Speaker 1: would be bring it forward a long way. I think
Speaker 1: to believe that, you'd had to believe that the shock
Speaker 1: lasts for more than a few months. I think you're
Speaker 1: talking about our second or third scenarios, because if you
Speaker 1: have a rapid economic recovery, I think emissions would be
Speaker 1: back to previous trajectory. I think you'd be back onto
Speaker 1: this growth curve. If, on the other hand, we're looking
Speaker 1: at a more prolonged pandemic and longer recession, I think
Speaker 1: we might find that the low carbon transition might have
Speaker 1: proceeded further before the recovery really starts to take hold. So,
Speaker 1: for example, if a load of high carbon infrastructure gets
Speaker 1: retired or mothballs during a recession or a depression, and
Speaker 1: in the meantime the costs of clean alternatives continue to decline,
Speaker 1: then you might not see some of that legacy high
Speaker 1: carbon infrastructure come back online when the recovery begins. The
Speaker 1: shot onneswers nobody knows, but it's a really valid question.
Speaker 1: I think we're going to think more about that. Well,
Speaker 1: COVID nineteen is nothing to celebrate if we look at
Speaker 1: emissions in isolation. The fact that we might have reached
Speaker 1: our peak is something that could potentially be a very
Speaker 1: good thing. As we're headed into a period where there's
Speaker 1: going to need to be stimulus in economies around the world.
Speaker 1: There are rumors flying about that some of this could
Speaker 1: be tied to different green incentives. What have you heard
Speaker 1: about green stimulus to date? Surprisingly, there's been a lot
Speaker 1: of talk about green students. And I'd say that surprising
Speaker 1: because the focus right now is rightly on trying to
Speaker 1: keep businesses from going bankrupt, try to keep people employed,
Speaker 1: and keep the house and fair, and deal with the
Speaker 1: healthcare situation. And if this turns out to be a
Speaker 1: deep but short recession and recovery will be a lot
Speaker 1: easier business stay afloat. And that's the right focus, and
Speaker 1: that's what we're seeing here in the UK, for example,
Speaker 1: there's this three billion pound Learned Guarantee program and the
Speaker 1: government's committing to cover employees wages if they're furloughed, etcetera.
Speaker 1: And the US has two trillion dollar stimulus package, and
Speaker 1: all of that is rightly focused on the short term.
Speaker 1: Having said that, clearly there's a lot of people now
Speaker 1: talking about what recovery packages could look like when the
Speaker 1: time comes to start stimulating the economy again, and how
Speaker 1: much of that should be green. So I think there
Speaker 1: are some opportunities to push a sort of climate agenda
Speaker 1: in any recovery package. So the things that lend themselves
Speaker 1: really well to stimulus are projects that are quote unquote
Speaker 1: shovel ready, they're ready to go, ready to ramp up,
Speaker 1: and projects that create jobs. So I think things like
Speaker 1: renewable power, energy storage, EV charging infrastructure, those are supply
Speaker 1: chains that are ready to ramp up if they have
Speaker 1: project developers that are ready to move forward with sites
Speaker 1: in some cases that are already identified. So in terms
Speaker 1: of job creation, there will be quick wins, and there'll
Speaker 1: be quick wins for the climate as well, energy efficiency
Speaker 1: as well as a few one we could make huge
Speaker 1: improvements to our building stock. I would bake in huge
Speaker 1: carbon reductions for the coming decade, and that would create
Speaker 1: a lot of jobs in local communities as well. And
Speaker 1: I'd also love to see some capital going into circular
Speaker 1: economy for example, I mean, I could see increase investment
Speaker 1: into recycling capacity. So I think there are a lot
Speaker 1: of things that people can see aren't doable, and I
Speaker 1: think that the early conversations we're seeing now are about
Speaker 1: positioning some of those conversations so that they're ready to
Speaker 1: go when we're ready to really talk about recovery. So
Speaker 1: a lot of our clients use our research as a
Speaker 1: guide or a data point or an input, but then
Speaker 1: they have to still go and do their own to
Speaker 1: figure out how things are going to impact their company
Speaker 1: and their strategy going forward. Is there anything that you
Speaker 1: found in doing your researchers setting the agenda for BNS
Speaker 1: research that you'd recommend as they try to get their
Speaker 1: head around the impact of COVID nineteen and the impact
Speaker 1: in their company. The companies I've spoken to, the clients
Speaker 1: I've spoken to are already asking most of the right
Speaker 1: questions and thinking about the right issues first and foremost
Speaker 1: worrying about that people how to keep and safe. They're
Speaker 1: thinking about keeping their operations running wherever possible. They're thinking
Speaker 1: crucially about their suppliers, their supplier supplies and the whole
Speaker 1: supply chain, and whether those companies need help, because that's
Speaker 1: quite hard because the visibility isn't always there. I've spoken
Speaker 1: to auto companies, for example, who are really working to
Speaker 1: try and figure out further upstream which companies and countries
Speaker 1: are actually exposed to that they hadn't necessarily had to
Speaker 1: think about before. But I think companies are figuring that out.
Speaker 1: I think the only thing I would add is to
Speaker 1: really think about signposts as a way of navigating uncertainty.
Speaker 1: We've developed our three scenarios, so the key thing for
Speaker 1: us now is every day every week to read the news,
Speaker 1: look at what's happening, and ask ourselves, does today's news
Speaker 1: move us more towards scenario one or two or three?
Speaker 1: And how should that change what we do in our business.
Speaker 1: I think every company will have slightly different scenarios and
Speaker 1: slightly different signposts they should be looking for. But my
Speaker 1: advice would be too carefully and deliberately define those and
Speaker 1: pay attention to them over the coming months. So it's lair.
Speaker 1: The future is uncertain, but we're tracking a number of
Speaker 1: things to make sure that we're staying on top of
Speaker 1: how this story of all of our lives is constantly evolving.
Speaker 1: So Albert, thank you very much for giving us a
Speaker 1: little bit of insight today into the research process and
Speaker 1: how we really have had to change how we look
Speaker 1: at the future because of everything that's happening right now. Albert,
Speaker 1: thank you for joining Mark and I today pleasure. Thank
Speaker 1: you for having me. Bloomberg an e F is a
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Speaker 1: recording does not constitute, nor should it be construed as
Speaker 1: investment advice, investment recommendations, or a recommendation as to an
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Speaker 1: considered as information sufficient upon which to base an investment decision.
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