WEBVTT - Preparing for Potential Coronavirus U.S. Outbreak 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 --> 0:00:09.840 news from the world's of business and finance, plus technology, politics, economics, 0:00:09.840 --> 0:00:13.480 all harnessing the power of Bloomberg Business Week reporters and editors, 0:00:13.480 --> 0:00:16.639 not to mention our hundred journalists and analysts more than 0:00:16.680 --> 0:00:19.280 a hundred and twenty countries. You can download Bloomberg Business 0:00:19.320 --> 0:00:22.200 Week on iTunes, SoundCloud, or Bloomberg dot Com. You can 0:00:22.200 --> 0:00:24.520 also listen to our radio show weekdays at two pm 0:00:24.520 --> 0:00:27.479 Eastern only on Bloomberg Radio. Let me throw out some 0:00:27.560 --> 0:00:30.640 numbers for you. More than eight two thousand hundred coronavirus 0:00:30.680 --> 0:00:33.680 cases they have been reported, with more new cases being 0:00:33.680 --> 0:00:37.400 reported outside China than within the country for the first time, 0:00:37.520 --> 0:00:40.720 highlighting the spread of the epidemic. Now, the first US 0:00:40.760 --> 0:00:43.279 case of the virus was confirmed in Washington State at 0:00:43.320 --> 0:00:46.960 Providence Regional Medical Center in Everett. That hospital is part 0:00:46.960 --> 0:00:50.080 of the twenty five billion dollar Providence St. Joseph Health System, 0:00:50.360 --> 0:00:53.680 which includes fifty one hospitals, more than eight hundred clinics, 0:00:53.680 --> 0:00:58.760 and a hundred fifteen thousand caregivers. Dr Amy Compton Phillips 0:00:58.840 --> 0:01:01.840 is chief clinical officer an executive vice president at Providence St. 0:01:01.880 --> 0:01:04.520 Joseph Health Health, and she joins us on the phone 0:01:04.520 --> 0:01:08.200 from Everett, Washington. UM. Dr Compton Phillips, nice to have 0:01:08.280 --> 0:01:11.679 you here with Jason and myself. So how do you 0:01:12.360 --> 0:01:15.720 now prepare for maybe what's expected in the US and 0:01:15.760 --> 0:01:18.840 what are your expectations for the virus spread here in 0:01:18.880 --> 0:01:23.640 the United States? Thanks so much for asking. Our expectation 0:01:23.720 --> 0:01:26.920 out here is that this virus is now circulating in 0:01:26.959 --> 0:01:29.840 the community and we need to be prepared for for 0:01:30.200 --> 0:01:33.880 in FLUXI patients with symptoms UM. And so that includes 0:01:33.920 --> 0:01:38.160 making sure that that UM all of those access points 0:01:38.200 --> 0:01:41.640 in the community, so doctor's offices, we have express care clinics, 0:01:41.640 --> 0:01:44.800 and Walgreens, we have urgent cares. All of those need 0:01:44.840 --> 0:01:47.080 to be prepared for people with symptoms UM. So we're 0:01:47.080 --> 0:01:50.240 really revving up our capacity not only to take care 0:01:50.240 --> 0:01:53.280 of patients when they come in, but also our online 0:01:53.280 --> 0:01:57.320 capabilities helping people have access to care through phone and 0:01:57.360 --> 0:02:01.280 through video visits so that they can get care from 0:02:01.320 --> 0:02:05.640 home and minimize the risk of transmitting the virus further UM. 0:02:05.680 --> 0:02:08.840 And then in our acute care hospitals we're making sure 0:02:09.000 --> 0:02:11.800 we're prepared not only to keep patients isolated as we 0:02:11.880 --> 0:02:14.840 need to with any person with infections with that can 0:02:14.880 --> 0:02:18.679 be transmitted through respiratory droplets, um, but also who may 0:02:18.919 --> 0:02:23.640 need more intensive care, so with respirators and ventilators and 0:02:23.639 --> 0:02:26.720 and more acute services. So it really is an all 0:02:26.800 --> 0:02:29.840 out attempt to make sure that we're ready and able 0:02:29.880 --> 0:02:33.360 to care for patients should this get significantly out of control. 0:02:33.680 --> 0:02:38.079 So Dr Cometon Phillips, obviously there's a whole lot of information, 0:02:38.760 --> 0:02:42.480 a lot of misinformation out there. Help us understand just 0:02:42.560 --> 0:02:45.520 as sort of human beings in the world, what should 0:02:45.560 --> 0:02:48.240 we be doing. What are you advising folks to do 0:02:48.440 --> 0:02:51.520 to to minimize it, but but also to sort of 0:02:51.560 --> 0:02:55.880 deal with this as this potentially spreads. Sure, well, I 0:02:55.919 --> 0:02:58.720 think the key thing is, right now, don't panic. It's 0:02:59.440 --> 0:03:01.320 one case. Does not mean you know, we have an 0:03:01.320 --> 0:03:04.160 epidemic here in the US. Um, it is like a 0:03:04.280 --> 0:03:06.920 very bad flu bug and people we've been dealing with 0:03:06.960 --> 0:03:10.200 the flu, and nobody is afraid of the flu, right, Um, 0:03:10.240 --> 0:03:12.919 so is this much worse than the flu? I think 0:03:12.919 --> 0:03:15.799 that's what we're trying to understand a little bit. It 0:03:16.240 --> 0:03:19.240 is a more severe version. Um So, it causes very 0:03:19.280 --> 0:03:23.600 similar symptoms. It causes fever, headache, cost shortness of breath. 0:03:24.120 --> 0:03:26.919 Um it's just so far in the statistics out of China, 0:03:27.080 --> 0:03:29.480 which we'll see if they play out here in the States. 0:03:29.720 --> 0:03:33.960 Um that of the people who get this infection about 0:03:34.880 --> 0:03:37.440 get a severe case. Um So it goes from from 0:03:37.480 --> 0:03:41.240 the average flue symptoms to having a cost of severe 0:03:41.280 --> 0:03:43.960 and short espress of severe you actually need supplemental oxygen 0:03:44.760 --> 0:03:47.880 um and in two and a half percent around the 0:03:47.880 --> 0:03:50.240 more between two and three percent of cases, it gets 0:03:50.240 --> 0:03:53.520 so severe causes death. Um So, one in five patients 0:03:53.520 --> 0:03:58.000 getting this infection in China needed needed much more acute treatment. 0:03:58.120 --> 0:04:01.280 And that's significantly worse than the the statistics in most years. 0:04:02.080 --> 0:04:04.400 Um So, it is like a very very virulent proof. 0:04:04.720 --> 0:04:07.400 One of the challenges is that, um, you know, most 0:04:07.440 --> 0:04:11.040 of us don't have antibodies to this version of coronavirus, 0:04:11.080 --> 0:04:14.320 and so being a novel infection, there's not any kind 0:04:14.320 --> 0:04:17.120 of what we would call herd immunity around where people 0:04:17.240 --> 0:04:21.159 are are more resistant to this journ and so and 0:04:21.320 --> 0:04:23.120 you described a little bit of what you guys are 0:04:23.160 --> 0:04:27.719 doing at your facilities. Um. You know, what should people 0:04:27.760 --> 0:04:31.680 expect if they go into a doctor's office or a 0:04:31.760 --> 0:04:34.640 hospital in terms of how they may be quarantined or 0:04:34.680 --> 0:04:38.280 how they may be treated. Yeah, what we have been 0:04:38.279 --> 0:04:42.400 doing up until yesterday is asking about travel history and 0:04:42.400 --> 0:04:45.479 and if you if you have been traveling, We've been 0:04:45.560 --> 0:04:47.960 asking you in h year isolated. If you're traveling and 0:04:48.040 --> 0:04:51.680 have symptoms, we would also um uh put you in 0:04:51.760 --> 0:04:55.599 a specific kind of isolation rooms, including negative pressure rooms, 0:04:55.680 --> 0:04:57.920 so that we could do a test safely and send 0:04:57.920 --> 0:05:01.520 that test off to the CDC UM or or to 0:05:01.560 --> 0:05:03.359 the state departments, depending on where we are, if the 0:05:03.360 --> 0:05:06.240 state department has capacity, UM, so that we could actually 0:05:06.240 --> 0:05:11.680 do this new test for for COVID nineteen UM. That said, 0:05:11.760 --> 0:05:14.360 now that now that we have at least one confirmed 0:05:14.400 --> 0:05:17.880 case in the US, UM, we're working with the CDC 0:05:18.160 --> 0:05:20.560 and with our departments of health in each state to 0:05:20.640 --> 0:05:23.600 say how broadly do we need to be testing patients 0:05:23.640 --> 0:05:26.440 here on the West Coast, which tends to be UM 0:05:26.720 --> 0:05:29.919 ground zero for infections that are coming over from the 0:05:29.920 --> 0:05:33.280 Pacific rim. I mean, have we learned something from treating 0:05:33.279 --> 0:05:36.520 that first patient that you guys, UM that actually was 0:05:36.560 --> 0:05:41.480 in your hospital system. We we have UM We've learned 0:05:42.040 --> 0:05:46.000 a couple of things. One is that in our first patient, 0:05:46.040 --> 0:05:49.440 and now we've treated several patients, but in our first patient, UM, 0:05:49.560 --> 0:05:52.160 he actually didn't quite well for several days and then 0:05:52.160 --> 0:05:54.280 to return for the worst UM. And so we know 0:05:54.360 --> 0:05:56.600 that we can't just we can't just write it off 0:05:56.640 --> 0:05:58.400 and say you're going to be fine. We actually are 0:05:58.520 --> 0:06:01.039 are being a little more cautious and watching people, so 0:06:01.120 --> 0:06:03.240 we know what the natural history of this new disease 0:06:03.279 --> 0:06:07.520 looks like. UM. And the second thing is that we 0:06:07.520 --> 0:06:11.880 were again in conjunction with the CDC and and UM 0:06:11.920 --> 0:06:15.960 several several of our national international experts, UM, we were 0:06:16.000 --> 0:06:19.440 able to get him access to an experimental drugs which 0:06:19.440 --> 0:06:21.599 made a big difference in his care. All Right, listen, 0:06:21.640 --> 0:06:24.400 we really enjoyed UM talking to you and getting UM 0:06:24.640 --> 0:06:27.479 your firsthand experience with all of this. So much appreciated, 0:06:27.520 --> 0:06:30.800 and I know our viewers and listeners appreciated as well. 0:06:30.880 --> 0:06:34.360 Dr Amy Compton Phillips, chief Clinical Officer and Executive vice 0:06:34.360 --> 0:06:38.159 President of Providence St. Joseph Health Health, on the phone 0:06:38.200 --> 0:06:46.839 from Everett, Washington. All right, so to me, this is 0:06:46.880 --> 0:06:49.320 one of the stories of our time. In many ways, 0:06:49.839 --> 0:06:55.080 the expansion of access to different kinds of investments, and 0:06:55.080 --> 0:06:57.360 we talked so much about it. We talked about the 0:06:57.400 --> 0:07:01.560 private markets, the public markets, and and it's really an 0:07:01.560 --> 0:07:04.240 important question as we think about our own retirement, as 0:07:04.279 --> 0:07:07.920 we think about institutional versus retail for yield in a 0:07:07.920 --> 0:07:11.160 low yield environment. Absolutely so, right at the heart of it. 0:07:11.400 --> 0:07:15.720 Uh is in this discussion, as often is, is near 0:07:15.720 --> 0:07:18.600 a case our columnist for Bloomberg Opinion joining us on 0:07:18.640 --> 0:07:21.600 the phone from Washington, d C. And you're great to 0:07:21.600 --> 0:07:24.440 have you back with us. Thanks for having me, Jason. 0:07:24.800 --> 0:07:27.480 All right, so give us the set up here. I 0:07:27.520 --> 0:07:29.440 love the headline, mom and pop should be free to 0:07:29.560 --> 0:07:33.480 skip private equity, which is sort of a provocative statement 0:07:33.600 --> 0:07:37.040 in the sense that private equity really wants these guys. 0:07:37.240 --> 0:07:41.040 And there's also been this sense that retail investors want 0:07:41.040 --> 0:07:43.200 to get a piece of this. You have a little 0:07:43.200 --> 0:07:47.040 bit of a different take. Yeah, I mean, you know, 0:07:47.200 --> 0:07:49.280 there's a yeah, there's a movement now to try to 0:07:49.320 --> 0:07:52.720 democratize private equity. Um. You know, I make an observation 0:07:52.760 --> 0:07:54.760 in the column, which is that you know, if you 0:07:54.920 --> 0:07:57.960 if you say to people, market should be available to everyone. 0:07:58.040 --> 0:08:00.480 You know, everyone should have equal access to market. That 0:08:00.480 --> 0:08:04.560 would be a pretty you know, banal statement in most respect, 0:08:04.720 --> 0:08:08.800 but when it comes to investing, it's hugely controversial because 0:08:08.840 --> 0:08:11.000 we have this idea that we need to put gates 0:08:11.000 --> 0:08:15.640 around certain investments to protect ordinary investors from themselves, because 0:08:15.680 --> 0:08:19.400 they're presumably not sophisticated enough to to have access to 0:08:19.440 --> 0:08:22.080 certain corners of the market. That includes private equity, that 0:08:22.120 --> 0:08:25.040 includes hedge funds and other in other places. The problem 0:08:25.160 --> 0:08:28.360 is that these gates eventually come down. They don't last forever. 0:08:28.640 --> 0:08:32.439 And we're talking now about giving access to ordinary investors 0:08:32.480 --> 0:08:35.640 private equity, which I support, but inevitably what happens is 0:08:35.679 --> 0:08:38.640 these gates come down too long. It takes too long 0:08:38.679 --> 0:08:40.920 for these gates to come down, and they come down 0:08:40.960 --> 0:08:44.480 after everyone else has feasted. And in this case, you know, 0:08:44.480 --> 0:08:47.679 private equity has been usually successful for the last three decades. 0:08:48.080 --> 0:08:51.280 Valuations are very high, and I worry that ordinary investors 0:08:51.280 --> 0:08:53.600 are going to be invited at the party just in 0:08:53.679 --> 0:08:55.960 time to get hurt. Well, that's what I love, you know, 0:08:56.080 --> 0:08:57.800 you know how we kind of look for peaks in 0:08:57.800 --> 0:09:00.599 the market and signs, and I feel like Sam's l 0:09:00.960 --> 0:09:03.600 sold his reat, you know, just ahead of the financial 0:09:03.720 --> 0:09:05.600 a crisis and mortgage melt out were like, all right, 0:09:05.640 --> 0:09:07.959 that was a peak. I do wonder if we talk 0:09:08.040 --> 0:09:11.720 about so much money that has been, um, you know, 0:09:11.840 --> 0:09:14.160 gathered by the private equity firms. We talked about all 0:09:14.160 --> 0:09:16.480 the dry powder that they have, and I do wonder 0:09:16.520 --> 0:09:21.040 if it's you know, a sign also along with the 0:09:21.120 --> 0:09:24.559 reaching out to more regular investors, that maybe it's a 0:09:24.600 --> 0:09:28.640 sign of the pe top I think it is, Carol. 0:09:29.280 --> 0:09:30.760 I mean, there's there's two different ways I think you 0:09:30.760 --> 0:09:33.199 could look at that. One is just objectively at the numbers. 0:09:33.440 --> 0:09:35.960 I mean, you look at the valuations pe there twice 0:09:36.000 --> 0:09:38.720 what they were twenty years ago, UM and also obviously 0:09:39.200 --> 0:09:42.240 relies heavily on leverage, and for the last three decades 0:09:42.280 --> 0:09:46.160 you had this secular trend of interest rates going from 0:09:46.200 --> 0:09:48.599 you know, very very high levels in the in the 0:09:48.640 --> 0:09:50.800 mid to late nineteen eighties to what they are now, 0:09:50.800 --> 0:09:52.760 which is on the floor. And when you take away 0:09:52.760 --> 0:09:54.880 those head winds, it's just difficult to see how private 0:09:54.880 --> 0:09:56.720 equity is going to be able to put up the 0:09:56.800 --> 0:09:59.360 numbers that it has in the past. And when you 0:09:59.440 --> 0:10:02.520 look at projections for private equity going forward, I mean 0:10:02.520 --> 0:10:04.560 there are some some people who think that returns are 0:10:04.559 --> 0:10:06.040 going to be even lower than what you're going to 0:10:06.120 --> 0:10:08.160 get from the S and P, which itself is not 0:10:08.280 --> 0:10:11.760 particularly cheap. But there's also to your point, Carol, there's 0:10:11.800 --> 0:10:15.480 also this mechanism, this is stealing that you know, the 0:10:15.520 --> 0:10:18.120 smart money knows what it's doing and and and when 0:10:18.120 --> 0:10:21.040 it when it owns rich assets, you know, maybe the 0:10:21.080 --> 0:10:23.160 thing to do is to is to dump it on 0:10:23.760 --> 0:10:26.720 unsuspecting ordinary investors. And so there's a feeling that that's 0:10:26.760 --> 0:10:30.800 happening to right. Well, it's interesting too, and here I 0:10:30.840 --> 0:10:33.040 think you point out point this out in your calm 0:10:33.080 --> 0:10:36.040 as well, that not all private equity is created equal 0:10:36.080 --> 0:10:39.160 to and and sort of ripping on your lead with 0:10:39.280 --> 0:10:41.959 your your ground show marks quote about I don't want 0:10:41.960 --> 0:10:43.880 to belong dating club that would have me as a member. 0:10:44.080 --> 0:10:46.880 You know, part of it is which private equity funds 0:10:46.920 --> 0:10:50.640 you could get into, because the really exclusive ones maybe 0:10:50.640 --> 0:10:54.199 they don't want to make room, you know, for other investors, 0:10:54.240 --> 0:10:56.920 because they've got all the money that they need. So 0:10:57.360 --> 0:11:01.040 not everyone's created equal here, right, that's right, And I 0:11:01.040 --> 0:11:04.280 think that's where you really have to distinguish, because you know, 0:11:04.320 --> 0:11:08.400 in private equity and particularly adventure, there's a big difference 0:11:08.480 --> 0:11:11.040 in the distribution of return um if you look at 0:11:11.200 --> 0:11:13.199 if you look at, for example, what the returns of 0:11:13.400 --> 0:11:18.480 the most successful private equity investors get, it's it's it's 0:11:18.920 --> 0:11:21.680 orders of magnitude greater than what the than what sort 0:11:21.679 --> 0:11:24.280 of like the average private equity returns are. And so 0:11:24.400 --> 0:11:27.920 there is also there there is also the feeling that 0:11:28.360 --> 0:11:31.960 as private equity proliferate, as fun proliferate, that to the 0:11:31.960 --> 0:11:35.480 except that they're going to be available to ordinary investors, 0:11:35.040 --> 0:11:37.199 or the ordinary investors are not going to get the 0:11:37.240 --> 0:11:40.720 top of the line access exactly. That's a further problem. 0:11:40.840 --> 0:11:42.679 All Right, we're gonna leave it. They're always good to 0:11:42.720 --> 0:11:44.600 catch up with. You love your columns in Your kids 0:11:44.640 --> 0:11:53.960 are columnists for bloom Grade Opinion, founder of Unison Advisors. Yeah, 0:11:54.000 --> 0:11:57.440 and that's exactly what abortion clinics are facing. They're getting 0:11:57.480 --> 0:12:01.640 nickel and dimed out of business. This is a fascinating story. 0:12:01.640 --> 0:12:04.680 It's my must read in Bloomberg Business Week magazine. Rebecca 0:12:04.720 --> 0:12:07.520 Greenfield is in charge of the diversity coverage here at 0:12:07.520 --> 0:12:10.600 Bloomberg News. This story reported by her and Cynthia Coon's 0:12:10.800 --> 0:12:14.520 Rebecca's here in our Bloomberg Interactive Broker Studio. As I said, 0:12:14.559 --> 0:12:17.280 it is my must read. What's going on here? Thanks 0:12:17.280 --> 0:12:22.120 for having mem Yeah, so we looked into the business 0:12:22.120 --> 0:12:26.400 of being an abortion provider in UM as you know, 0:12:27.040 --> 0:12:29.839 you know, with Donald Trump and the White House and 0:12:29.880 --> 0:12:34.560 a more conservative court, the climate on abortion is definitely changing. 0:12:34.920 --> 0:12:37.360 We wanted to see what does that mean for clinics 0:12:37.400 --> 0:12:40.080 and what is their business like. And so our story 0:12:40.160 --> 0:12:42.800 really digs into really how hard it is to run 0:12:42.800 --> 0:12:45.960 a clinic these days, and not just because of the 0:12:46.080 --> 0:12:49.360 laws or the political climate, but because of the business climate. 0:12:49.600 --> 0:12:51.240 We'll talk to us a little bit more and what 0:12:51.360 --> 0:12:55.320 that means. Yeah, so there are restrictive laws, and those 0:12:55.400 --> 0:12:59.800 laws oftentimes do make it costlier for clinics to operate, 0:13:00.040 --> 0:13:04.680 But then there's the general culture of fear and stigma 0:13:04.800 --> 0:13:07.760 that makes other business owners not really want to work 0:13:07.760 --> 0:13:10.160 with the business of abortion provider. And let me just 0:13:10.200 --> 0:13:12.880 jump in because you do talk about one individual in particular, 0:13:12.920 --> 0:13:16.840 Amy Heckstrom Miller Um, who is I think, in your words, 0:13:17.360 --> 0:13:20.640 de facto legal guardian of the choice movement. But she 0:13:20.720 --> 0:13:23.920 has talked about this abortion tax right, and this talk 0:13:24.000 --> 0:13:26.760 gets into some of the additional costs on running a clinic. Yeah, 0:13:26.960 --> 0:13:29.920 I love that phrase, like she she took, but yeah 0:13:29.960 --> 0:13:32.400 for to her. Listen the abortion tax the way she 0:13:32.440 --> 0:13:34.440 describes it, And what we found is kind of a 0:13:34.480 --> 0:13:39.960 litany of search charges or increased costs or general nuisances 0:13:40.000 --> 0:13:43.160 that make it more expensive to operate just because you're 0:13:43.160 --> 0:13:45.440 in the business of abortion or just because you're an 0:13:45.480 --> 0:13:48.679 abortion provider. So that can be anything from as little 0:13:48.760 --> 0:13:50.880 as your local plumber doesn't want to come work with 0:13:50.920 --> 0:13:53.600 you because he's scared of being targeted by protesters or 0:13:53.640 --> 0:13:55.840 because he doesn't want to work with an abortion provider. 0:13:55.960 --> 0:13:58.679 But we also found some bigger examples of this. So 0:13:58.720 --> 0:14:03.440 we found UM insurance companies dropping abortion clinics or not 0:14:03.520 --> 0:14:07.679 renewing their policies UM from their Business and Compliance insurance 0:14:07.960 --> 0:14:12.280 UM because they I mean potentially because they were fearing 0:14:12.679 --> 0:14:15.520 greater risks that these clinics might face in the giving 0:14:15.520 --> 0:14:19.280 climate that we're in now. And also banks declining loans. 0:14:19.320 --> 0:14:22.600 I mean that's a huge deal. Banks declining loans for 0:14:22.760 --> 0:14:25.200 people who want to open up clinics. It's really hard 0:14:25.240 --> 0:14:28.200 for these clinics, and it's kind of all wrapped up together. 0:14:28.480 --> 0:14:30.800 You know, you can't just say, oh, the bank is 0:14:30.840 --> 0:14:32.480 saying I don't want to be in the business of abortion. 0:14:32.520 --> 0:14:34.800 The bank might be saying that. They might be saying 0:14:34.840 --> 0:14:37.160 that there they don't want to get into the business 0:14:37.160 --> 0:14:39.520 for business reasons, because it is all tied up in 0:14:39.520 --> 0:14:43.080 this stick right right well, because often these are essentially 0:14:43.600 --> 0:14:47.400 even in this globalized world community bankers, you know, they're 0:14:47.400 --> 0:14:49.600 thinking about their other clients and and things like that. 0:14:49.680 --> 0:14:52.120 And as you say, uh, sort of sort of that 0:14:52.200 --> 0:14:55.000 spreading around you and Cynthia Coon's worked on this, it 0:14:55.080 --> 0:14:57.040 feels of a piece with a lot of the work 0:14:57.120 --> 0:15:00.520 she's done and you've done, put it into the context 0:15:00.560 --> 0:15:03.000 of sort of everything else that we're seeing in a 0:15:03.520 --> 0:15:07.080 in a changing world, it feels like, especially around both 0:15:07.120 --> 0:15:11.120 women's health and reproductive health in many ways. Yeah, like 0:15:11.120 --> 0:15:14.480 I said, we definitely came at those through lens. You know, 0:15:14.480 --> 0:15:17.320 people have written about abortion before, we've written about women's 0:15:17.320 --> 0:15:18.800 all before. But we really feel like we're in a 0:15:18.880 --> 0:15:23.320 moment right now, um, where the legislator looks different, where 0:15:23.320 --> 0:15:27.160 the courts look different, where things might actually change, and um, 0:15:27.200 --> 0:15:29.680 there's actually like a long history of these tactics and 0:15:29.720 --> 0:15:31.960 the kind of building to this moment now. So that's 0:15:32.000 --> 0:15:34.440 really where we thought this piece fit in. I wondered 0:15:34.520 --> 0:15:37.320 because you know, we talked earlier this week about a 0:15:37.320 --> 0:15:39.720 couple of stories. Of course this story that's in the magazine, 0:15:39.760 --> 0:15:41.920 but you know, putting together getting your head around. Okay, 0:15:41.960 --> 0:15:45.520 here we are, how many decades since Roe v. Wade, Right, 0:15:45.640 --> 0:15:47.720 And you would think that running a clinic would be 0:15:47.760 --> 0:15:51.880 an easier business to do or easier process. It's not. 0:15:52.360 --> 0:15:54.360 And yet at the beginning of the week we had 0:15:54.440 --> 0:15:59.040 Harvey Weinstein, right, uh, and so the charges against him, 0:15:59.240 --> 0:16:03.600 the verdict um and also doing some time and you know, 0:16:03.760 --> 0:16:06.120 the whole me too movement. We have actually in the 0:16:06.200 --> 0:16:08.600 last couple of years made some progress on that. So 0:16:08.640 --> 0:16:11.040 it's kind of you know, kind of these mixed blessings 0:16:11.080 --> 0:16:13.200 progress on that. And yet when you look at what's 0:16:13.200 --> 0:16:16.760 going on with abortion clinics, we're sliding backward. Yeah, it's 0:16:16.800 --> 0:16:20.280 it's a really dissonant right for this. So next week 0:16:20.320 --> 0:16:24.640 the Supreme Court is hearing um arguments in an abortion 0:16:24.720 --> 0:16:27.160 case that's really similar to an abortion case that they 0:16:27.200 --> 0:16:30.480 heard four years ago. And it's really I mean, it's 0:16:30.480 --> 0:16:35.960 potentially they could decide in the favor against the abortion clinics, 0:16:36.000 --> 0:16:39.200 and yeah, that would be a huge backslide. Basically four 0:16:39.280 --> 0:16:41.280 years ago they had this big victory and then it 0:16:41.320 --> 0:16:43.760 would be a backslide. Um. And then you put that 0:16:43.800 --> 0:16:46.560 against yeah, the whole me too movement, and that's kind 0:16:46.560 --> 0:16:49.920 of a grassroots movement. It's very pressuring companies. Um. We 0:16:50.000 --> 0:16:52.520 saw some movement in the criminal justice system with Harvey 0:16:52.520 --> 0:16:54.960 Winston on Monday, But I think, yeah, it's just this 0:16:55.160 --> 0:16:58.600 disconnect between basically like the laws and the court system 0:16:59.040 --> 0:17:02.360 and what I think grassroots movements are happening now well. 0:17:02.400 --> 0:17:05.199 And public opinion obviously plays into this as well. Was 0:17:05.280 --> 0:17:08.360 so powerful when it came to the Me Too movement 0:17:08.600 --> 0:17:13.200 and the velocity at which that happened obviously with Weinstein 0:17:13.320 --> 0:17:18.359 specifically and all the sort of powerful people who ultimately 0:17:18.400 --> 0:17:21.639 came forward there. But then the way that it that 0:17:21.720 --> 0:17:24.359 it really went viral in a lot of ways. And 0:17:24.440 --> 0:17:27.840 yet as you say, on the other side, in many 0:17:27.920 --> 0:17:33.119 cases that has empowered uh, this other side going the 0:17:33.160 --> 0:17:36.800 other way. Yeah, And we mentioned this this one statistic 0:17:36.840 --> 0:17:39.280 in the story where it's seven out of ten people 0:17:39.280 --> 0:17:41.600 according to a really reason survey, don't want to overturn 0:17:41.680 --> 0:17:45.160 movie weight. Um, so that is the public opinion here, 0:17:45.280 --> 0:17:49.159 of course, there's so much nuance and the abortion debate 0:17:49.280 --> 0:17:51.960 that does that statistic doesn't get at But I still 0:17:52.000 --> 0:17:55.720 think a lot of people would say they want most 0:17:55.800 --> 0:17:57.800 abortion to be legal in many cads. You also talk 0:17:57.840 --> 0:17:59.399 about the role of social media and all of this, 0:17:59.440 --> 0:18:01.600 and that has proved I admit a lot of momentum 0:18:01.640 --> 0:18:04.720 for the anti abortionists. Yeah. I don't know if you guys, 0:18:04.880 --> 0:18:07.199 do you remember we talked about this moment but in 0:18:08.040 --> 0:18:13.240 when those videos came out that purportedly showed Planned Parenthood 0:18:13.480 --> 0:18:17.640 selling um doing illegally selling field body parts and then 0:18:17.680 --> 0:18:20.080 it turned out to be a false claim and edited videos, 0:18:20.280 --> 0:18:22.440 and that moment I remember being such a huge deal. 0:18:22.480 --> 0:18:24.280 It also feels like it was much longer ago than 0:18:25.080 --> 0:18:28.320 to me. But in our story we found how impactful 0:18:28.400 --> 0:18:31.520 that was in the movement. It wasn't just a way 0:18:31.560 --> 0:18:34.480 to get people to kind of rally against or behind 0:18:34.600 --> 0:18:37.880 or for a Planned Parenthood, but it also motivated these 0:18:37.880 --> 0:18:42.600 anti abortion activists to target medical waste companies because they 0:18:42.640 --> 0:18:44.920 were saying, oh, yeah, these medical ways companies do work 0:18:44.920 --> 0:18:47.560 with abortion providers, and if we can get them to 0:18:47.600 --> 0:18:50.080 stop working with abortion providers, it will be really hard 0:18:50.119 --> 0:18:53.000 for those providers to do business. All right, Well, it's 0:18:53.040 --> 0:18:56.879 a really powerful story. Uh, Carol's must read. Uh. And 0:18:57.160 --> 0:19:01.159 further conversation with Rebecca Greenfield on our can show this 0:19:01.240 --> 0:19:05.119 weekend catch that starting Friday night, both an analysis of 0:19:05.200 --> 0:19:08.359 this story and a little more conversation about the impact 0:19:08.440 --> 0:19:11.199 of the Weinstein verdict, another story that Rebecca and her 0:19:11.200 --> 0:19:13.720 team have been falling very closely. She oversees all of 0:19:13.720 --> 0:19:17.200 our managing diversity coverage here at Bloomberg News. Our thanks 0:19:17.240 --> 0:19:27.360 to Rebecca Greenfield. Alright, so mid all the talk of markets. 0:19:27.640 --> 0:19:31.720 Companies continue to roll along, make decisions, People continue to 0:19:31.760 --> 0:19:36.360 come and go, and on the going side, a couple 0:19:36.359 --> 0:19:41.480 of people leaving some key roles over at Apple. And 0:19:41.560 --> 0:19:44.000 when we think about Apple and wanting to know exactly 0:19:44.040 --> 0:19:46.200 what's going on there and what it means, there's only 0:19:46.240 --> 0:19:48.520 one guy for us, that's smart German. He joins us 0:19:48.560 --> 0:19:51.240 from our Los Angeles bureau. I was delighted to catch 0:19:51.280 --> 0:19:53.800 up with him briefly earlier in the week. So Mark, 0:19:54.080 --> 0:19:57.680 tell us what's going on over at Apple that we're 0:19:57.680 --> 0:20:00.880 talking ops and supply chain here. Yeah, Hi, Jason, get 0:20:01.240 --> 0:20:04.960 you two? Yes, so too, Long time operations VPS, which 0:20:05.000 --> 0:20:07.800 is basically the highest level you can be in the 0:20:07.840 --> 0:20:10.639 Apple you know, in the Apple ranks other than a 0:20:10.680 --> 0:20:14.160 senior VP or the CEO, CEO, etcetera. Have left the company. 0:20:14.640 --> 0:20:17.720 One person named Nick for Lenza has retired. The other 0:20:18.000 --> 0:20:21.320 do Go Pasmog is planning to leave later this year 0:20:21.359 --> 0:20:24.040 and discussions about his exit. And they've both been very 0:20:24.119 --> 0:20:26.400 key to the manufacturing and supply chain, like you said, 0:20:26.440 --> 0:20:29.600 around nearly every major Apple product that you can think of. 0:20:30.800 --> 0:20:32.560 So how serious is this? Like, what does it mean? 0:20:32.600 --> 0:20:35.040 How do I read this as an investor? Yeah, this 0:20:35.119 --> 0:20:37.600 isn't the end of the world. This is like Jason said, 0:20:37.600 --> 0:20:40.960 it's the comings and goings of any corporation. People come, 0:20:41.080 --> 0:20:43.879 people go. But these were you know, the two notable 0:20:43.960 --> 0:20:47.280 names internally who who supervised you know, hundreds of people 0:20:47.480 --> 0:20:50.600 and oversaw lots of manufacturing. So it is you know, 0:20:50.640 --> 0:20:54.040 significant front from that standpoint. But does this change anything 0:20:54.160 --> 0:20:56.199 long term for the company? Does this have anything to 0:20:56.240 --> 0:20:58.800 do with the coronavirus of the trade war that's in 0:20:58.880 --> 0:21:01.280 now well? And are you point out in your story, 0:21:01.280 --> 0:21:03.879 which I think is really important for for folks to 0:21:03.920 --> 0:21:08.479 remember and understand, that operations has been the core of 0:21:08.560 --> 0:21:11.240 Tim Cook's Apple, right I mean, this is what has 0:21:11.800 --> 0:21:16.639 really helped this company extend its lead over its rivals 0:21:17.119 --> 0:21:21.520 to expand. This is the cornerstone of the strategy. So 0:21:21.720 --> 0:21:24.440 when people leave in this business, maybe you know, back 0:21:24.440 --> 0:21:26.280 in the day and the Steve jobs Apple, you know, 0:21:26.280 --> 0:21:27.960 people have been like, it's an ops guy, you know, 0:21:28.000 --> 0:21:30.159 don't worry as much about it. But this this is 0:21:30.200 --> 0:21:32.800 the core of the strategy here, yeah, Apple, and it's 0:21:32.960 --> 0:21:37.040 core is operated or run by operations people. I should 0:21:37.080 --> 0:21:40.600 say three of their most senior people on that senior 0:21:40.600 --> 0:21:44.080