Speaker 1: This is Bloomberg Business Week. I'm Karl Masser. Every day
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Speaker 1: Global News. Let's get into it. Let's talk about it
Speaker 1: because distribution logistics, this is kind of where we are
Speaker 1: when it comes to dealing with the virus. Let's bring
Speaker 1: in our guests with us is Marissa Farrebo. She's senior
Speaker 1: vice president and chief supply chain Officer at advent Health.
Speaker 1: That's a faith based, nonprofit healthcare system based in Florida.
Speaker 1: They operate though across multiple states. And this on a
Speaker 1: day where global cases from the virus exceed seventy two
Speaker 1: point two million and deaths of surpassing one point six million. Yeah, exactly.
Speaker 1: Whenever I hear those numbers, Marissa um nice to have
Speaker 1: you here with us. First of all, how are are
Speaker 1: you doing? How's your team doing? Hi? Carol, Hi Tim,
Speaker 1: Thanks for having me on the show today. We're um,
Speaker 1: we're hanging in there. I mean, we're doing great. We're
Speaker 1: really getting excited about this vaccine. UM. There's been a
Speaker 1: lot of planning, a lot of preparation that's gone into
Speaker 1: this time. So this is a big week. We're very
Speaker 1: excited for it. So are you giving vaccines at the
Speaker 1: hospital yet? We're expecting the vaccines to arrive on our
Speaker 1: campuses tomorrow and then we'll be um, we'll be administering
Speaker 1: them shortly thereafter. And I want to bring in also
Speaker 1: with us as Dr Brent Box. He's senior vice president
Speaker 1: and chief medical officer at advent Health. He also is
Speaker 1: joining us, like Marissa on the phone from Florida. So, Brent,
Speaker 1: I mean, listen, this is the day we've all been
Speaker 1: thinking about. How did you, um, you know, how are
Speaker 1: you approaching in terms of the distribution, the rollout, making
Speaker 1: sure that everybody's going to get that second dose? Tell
Speaker 1: me about kind of the logistical planning you must be
Speaker 1: the two of you in the middle of right now.
Speaker 1: So Hi, Carol, let's join you this afternoon. Yes, this
Speaker 1: is a is an exciting week because this is worked.
Speaker 1: It's been several months in the planning, and the team
Speaker 1: has been putting together a playbook for for about two
Speaker 1: and a half months. And the playbook is um beginning
Speaker 1: to be executed this week and and and really starting
Speaker 1: over the weekend. So we're excited to get started. Um,
Speaker 1: the playbook that you guys put in place. I love
Speaker 1: that you use that word because I've been saying over
Speaker 1: the last few months, i mean, right t him like
Speaker 1: nobody had the playbook for the virus, but you guys
Speaker 1: in the local community, ultimately, they've got to come up
Speaker 1: with something they have that's this is what this is
Speaker 1: when you go to school for exactly. So, so I'm curious, um,
Speaker 1: Dr Box, in terms of the things that you guys
Speaker 1: have been working on and anticipating and putting in places.
Speaker 1: It kind of playing out like you anticipated, you know,
Speaker 1: it really is. There's a lot of fluidity to what
Speaker 1: we learned every day. Um. But we had a group
Speaker 1: of about fifty of our experts and leaders across the
Speaker 1: system work hard on this over the last couple of months,
Speaker 1: and and we we were able to really track with
Speaker 1: the federal the CDC, the FDA, the guidance it was
Speaker 1: out there to put together a playbook, um that will
Speaker 1: that will really make sense in the safe administration of
Speaker 1: this vaccine. So, Dr Box, how are you deciding who's
Speaker 1: going to get the vaccine in these early stages. So
Speaker 1: we are following tim, We're following state and federal guidelines.
Speaker 1: We're really following it to the t um It's basically
Speaker 1: based on the National Academy of Medicine phased approach, which
Speaker 1: is in line with the CDC approach. So we're really
Speaker 1: focusing on those healthcare workers are team members who are
Speaker 1: taking care of COVID patients every day, the healthcare workers
Speaker 1: with the highest risk of being exposed to the virus,
Speaker 1: Which makes sense, right. We've been hearing from a lot
Speaker 1: more is it come on in on this so logistically
Speaker 1: to and I've had a lot of conversations about these
Speaker 1: are viruses that have to be kept at incredibly cold temperatures. Uh,
Speaker 1: and I think they can you know without that, they
Speaker 1: only last for a very short period of time. So
Speaker 1: what's been involved logistically in you getting prepared for receiving
Speaker 1: the vaccine and making sure they're kept in a safe place.
Speaker 1: Talk to us a little bit about that, sure will.
Speaker 1: As Dr Box mentioned, you know, we we started our
Speaker 1: planning many months ago, UM, and really at that time
Speaker 1: really thought about, Okay, how do we how are we
Speaker 1: going to store vaccines? Where are they going to get
Speaker 1: sort of going to get stored everywhere? And where we
Speaker 1: landed was really a hub and spoke model. UM. We
Speaker 1: did secure some additional ultra low freezers so that we
Speaker 1: could increase capacity at our hub sites. UM. But a
Speaker 1: lot of planning, a lot of preparation, UM. You know,
Speaker 1: backup plans have gone into place as well. So I'm
Speaker 1: really proud of the team for for really coming together
Speaker 1: and and forgive me, I'm gonna jump in because I mean,
Speaker 1: we're I know our audience, I know Tim, and I
Speaker 1: like we love the nitty gritty of of the details.
Speaker 1: Like what else, Like you said, backup plans, What have
Speaker 1: you had to kind of think about to make sure
Speaker 1: you've got a backup plan for it? Is it the refrigeration,
Speaker 1: is it other things? Yeah, that's a great point. You know,
Speaker 1: as we think about the need for that ultra cold storage, UM,
Speaker 1: even just dry ice machines, you know, how do we
Speaker 1: and then how do you how do you manage dry
Speaker 1: ice and how do you get trained on that? So really,
Speaker 1: again you just mentioned some of those details, and the
Speaker 1: teams spent a lot of time um really incorporating that
Speaker 1: and making sure all aspects of this, you know, have
Speaker 1: really been sought through well and are outlined in the
Speaker 1: playbook that Dr Box just mentioned. So take us through
Speaker 1: visually what this looks like. Is this a room that
Speaker 1: will be dedicated for the next few months with a
Speaker 1: line of people outside just walking in one after the
Speaker 1: other getting shots here. No, so the room where we're
Speaker 1: storing product is going to be in a very different
Speaker 1: place than where we were administering the vaccines UM. And
Speaker 1: so you know our storage is, you know, is in
Speaker 1: highly secured split spaces and um we you know where
Speaker 1: we can properly store and keep the refrigeration and freezing
Speaker 1: needs there. UM. And then our prods and our administration
Speaker 1: will be occurring at very specific sites with um again
Speaker 1: very uh practiced protocols in place, and and um really
Speaker 1: walk being able to have our employees and of our
Speaker 1: team members and others come to those spaces. UM. Dr
Speaker 1: Box wondering how long you think it will ultimately take
Speaker 1: to vaccinate your staff and those frontline healthcare way workers.
Speaker 1: What's the timeline you're anticipating and when do you start
Speaker 1: to anticipate the vaccine actually going out to the general
Speaker 1: public those most vulnerable. First, Okay, let me first answer
Speaker 1: the first question. I think that um, you know, we're
Speaker 1: we are set up and we have planned to vaccine
Speaker 1: vaccine and our team members as fast as the vaccine
Speaker 1: comes to us. We have some very large systems here
Speaker 1: in Florida, and for example, we'll be vaccinating um at
Speaker 1: two administration pods here in Orlando at a thousand team
Speaker 1: members per day, so that we we we anticipate getting
Speaker 1: that vaccine out to our team members as quickly as
Speaker 1: it comes. You know, it's not clear how fast the
Speaker 1: vaccine will come to the community, but we look forward
Speaker 1: to participating in that and will be prepared as a
Speaker 1: health system to to help our communities in every every
Speaker 1: place that we operate. Dr Box, How are the communities
Speaker 1: where your hospitals are. What are the numbers that you're seeing.
Speaker 1: What is the hospital capacity like in these places? You know,
Speaker 1: it really varies across our system because it's it's occurring
Speaker 1: at different rates in different states, but are our communities
Speaker 1: obviously are are stress just like our facilities are um
Speaker 1: But in general, our our facilities are doing well. UM.
Speaker 1: They have really um stretched to accommodate the needs of
Speaker 1: the volume of patients that COVID is presented to us.
Speaker 1: So our team members are are really doing great work
Speaker 1: and our and our hospitals are are really standing in
Speaker 1: there for our communities. Dr Box, Is it like what
Speaker 1: it was back in the you know kind of the
Speaker 1: hyphe points are peaks um for Florida? You know, are
Speaker 1: our peak was in the midsummer. We are definitely seeing
Speaker 1: a slow rise here in Florida right now. So it's
Speaker 1: we're not We're not seeing the same volume here in
Speaker 1: Florida that we did in the Midsummer, but we're prepared
Speaker 1: for it if it comes. Chrissa, I want to bring
Speaker 1: you back in here and get more on the logistics
Speaker 1: and planning for the vaccine rollout at your hospitals. How
Speaker 1: are you planning for different vaccines that need to be
Speaker 1: stored differently. We know the Fiser vaccine has to be
Speaker 1: stored at a very low temperature, but that's not the
Speaker 1: story for other vaccines that could potentially be coming in
Speaker 1: the next few months. You know that that's a great question, Tim,
Speaker 1: And and certainly you know, this has just been such
Speaker 1: an amazing feat you know, across many different areas to
Speaker 1: come together and be able to manage this complex very rapid.
Speaker 1: But for us, you know, it really is translating to
Speaker 1: being able to manage UM through a single system. And
Speaker 1: so we're using our single system regardless of the way
Speaker 1: that it's being stored. So regardless of it whether it's
Speaker 1: in an ultra low freezer or whether it's in a refrigerator,
Speaker 1: it's all making its way into a system, so we
Speaker 1: can account for it that way, we can look at
Speaker 1: our data analytics that way, UM and that's really you know,
Speaker 1: that really helps guide our future decisions in the space
Speaker 1: um dr box. Last question, just got about thirty seconds here.
Speaker 1: Do you anticipate, I don't know, and a summer that
Speaker 1: we are back to kind of a more normal way
Speaker 1: of life. What are you telling your teams at this point?
Speaker 1: And just quickly if you could, you know, we're telling
Speaker 1: our teams are couple of things. Number one, we're strongly
Speaker 1: encouraged the vaccine, and number two, we're strongly encouraged our
Speaker 1: team members in our communities to continue doing what makes sense,
Speaker 1: you know, ppe wearing, mass social distancing, avoiding large gatherings,
Speaker 1: all those things that we know that really make a difference,
Speaker 1: um while they're while the time goes by and the
Speaker 1: vaccine becomes more and more prevalently in our population. So
Speaker 1: those are the two things that we're focusing on, and
Speaker 1: we are very hopeful that those two together will bring
Speaker 1: us to that place in the summer. You mentioned fingers crossed.
Speaker 1: Good luck with everything we know. It's a it's a
Speaker 1: huge task for everyone involved in this process. Dr Brent Box,
Speaker 1: senior vice president, chief medical Officer at event Health. Also
Speaker 1: Marissa Faraba, she's senior vice president chief supply chain Officer
Speaker 1: at advent Health as well, both of them joining us
Speaker 1: on Florida. It's a massive task. This is Bloomberg Business
Speaker 1: Week with Carol Messer from Bloomberg Radio. So we've got
Speaker 1: a FED meeting this week, last of the year that's
Speaker 1: happening on Wednesday. And what a year it was. Yeah,
Speaker 1: Jerome Powell breakout star of the year, right totally totally,
Speaker 1: I mean really stepping up and stepping up quickly and
Speaker 1: That's exactly what Rich Miller gets into in a story
Speaker 1: currently in the magazine. He's economics report at Bloomberg News
Speaker 1: on the phone from the nation's capital along with Jill Webber,
Speaker 1: editor Bloomberg Business Week, on the remote access from Brooklyn.
Speaker 1: I was teasing it earlier, Joel, and I said, J.
Speaker 1: Powell's got to get his cape out again, uh, in
Speaker 1: this Wednesday meeting. I mean, he has really just been unbelievable,
Speaker 1: certainly dealing with the pandemic. You mean Clark Kent exactly.
Speaker 1: Remember he's the one that just looks like a civilian.
Speaker 1: So yeah, you know, I think we when we've talked
Speaker 1: about just people who have had extraordinary impact on the year,
Speaker 1: I think J. Pale is right at the top of
Speaker 1: that list. And yeah, we could have certainly had some
Speaker 1: Superman themed art to go with the story. But you know,
Speaker 1: I think the other thing that Rich did a really
Speaker 1: good job of pointing out in the story is that
Speaker 1: it's not only just in the context of this year,
Speaker 1: it's actually sort of in the context of fed Shares
Speaker 1: as a whole. Like if you if you look at
Speaker 1: that Pantheon pal if you you know, if this was
Speaker 1: his this was the end of his derm, he would
Speaker 1: be right at the top of that pantheon with people
Speaker 1: like Paul Vulgar, and the Volker thing is exactly where
Speaker 1: all him. The mike over to Rich and say, we
Speaker 1: talk to us more about the Vocal wrinkle of the
Speaker 1: story in your reporting, because Vocer's um obviously been a
Speaker 1: person that has also been talked about in that pantheon context. Yeah. Yeah,
Speaker 1: and I mean it is kind of amazing that, uh
Speaker 1: Powell has had a relationship in some sense with Vocal
Speaker 1: since the early ninety nine and Volker obviously passed away
Speaker 1: a year ago. But uh, you know Powell was he
Speaker 1: sort of recounted, you know, he was a middle ranking
Speaker 1: Treasury official and he said, you know, here's a guy
Speaker 1: who's now rules the roof of the FED, saying I
Speaker 1: was frightened the we been meeting this guy. You know,
Speaker 1: he got the sick foot seven and Sakar jumping, you know,
Speaker 1: h imposing policymaker who tamed inflation. Uh. But now Powell,
Speaker 1: you know, he's you know, he's not six seven, he's
Speaker 1: like five ten minute he's but he's in his own way. Uh,
Speaker 1: He's he's made his mark, you know, what do they say,
Speaker 1: A crisis makes a makes a man or a woman, right,
Speaker 1: and he rose to the occasion. But it's not only that.
Speaker 1: He's also uh sort of turned monetary policy up on
Speaker 1: its on its head, you know, uh uh vocal sort
Speaker 1: of pushed on employment up to like over ten percent
Speaker 1: to to bring down inflation. But now uh Powell wants
Speaker 1: to push unemployment down maybe the three point five percent
Speaker 1: or below to try to bring up inflation. It's like,
Speaker 1: you know, jiu jitsu type thing. But what is what
Speaker 1: is the legacy of of Chair Powell at this point?
Speaker 1: I mean, I don't think it's too early to start
Speaker 1: talking about it, but I mean, how will he remember
Speaker 1: be remembered for for how he changed the FED? Well,
Speaker 1: I mean I think I think one in the crisis,
Speaker 1: he took the playbook that Ben Bernanke, the former FED chair,
Speaker 1: had during the financial crisis, and he sort of you know,
Speaker 1: as we say in the piece, you know it was
Speaker 1: on did it on steroids? So he pushed he pushed
Speaker 1: the FED into lending to areas where they had never
Speaker 1: gone before. The main street business facility hasn't been as
Speaker 1: successful as they hope, but they've done some lending there,
Speaker 1: they brought up you know, high yield bonds. Um, they
Speaker 1: brought up high yield bonds. They pushed you know, the
Speaker 1: envelope on on on the on the risks they were
Speaker 1: willing to take. And he also, you know, F chairman
Speaker 1: have been uh basically since the fifties when when the
Speaker 1: sort of FED broke away from the Treasury. The Fed
Speaker 1: basically used to provide finance for the Treasury. Just effectively,
Speaker 1: the Fed kept during the war and the immediate after
Speaker 1: kept yields on on the debt that the Treasury was
Speaker 1: selling to finance the war effort lo um. And then
Speaker 1: you know, there there was what it's called the Fed
Speaker 1: Treasury Accord, and the FED became quote unquote or independent.
Speaker 1: But Powell realized, you know, this is you know, we're facing,
Speaker 1: you know, like an epic crisis. I've got to you know,
Speaker 1: put away that kind of squeamishness about you know, cooperating
Speaker 1: with Treasury. And I've gotta we've all got to go,
Speaker 1: you know, we need all government, you know, and that's
Speaker 1: and that's something that we may see I have to
Speaker 1: see again, you know. So he's made his market areas
Speaker 1: to that end. I wanted to rewind the clock a
Speaker 1: little bit to a part of the story that I
Speaker 1: actually I didn't know this, um, but in the before times,
Speaker 1: like just the before times, uh, February Poue was actually
Speaker 1: in Saudi Arabia and was out a meeting of central
Speaker 1: bankers from the Group of twenty and I'm I'm wondering, um,
Speaker 1: you know, how how much of what he saw there
Speaker 1: informed what came out of that UM and and you
Speaker 1: hit tease a little bit about that. I'm just wondering, like,
Speaker 1: what what did you what is your reporting, UM gathered
Speaker 1: from what he what he learned when he was in
Speaker 1: Saudi Arabia for that for those couple of days, I think,
Speaker 1: like a lot of us and you know, in February,
Speaker 1: um uh, you know, he was thinking, Okay, yeah, I
Speaker 1: know there's a coronavirus, but it's uh, you know, it's
Speaker 1: going to be contained to China and maybe the immediate
Speaker 1: you know countries. You know, we're we're a long way
Speaker 1: away from it. You know, it's not going to be
Speaker 1: a sort of earth shattering event for US, the United
Speaker 1: States and the FED. Then he went to Saudi Arabia,
Speaker 1: he meets the Korean delegation there and he saw it
Speaker 1: hearing from the Italian delegation and said, oh, so he
Speaker 1: calls back to you know, the States, and it's a weekend.
Speaker 1: He calls back to the States and says, you know,
Speaker 1: when I come back on Monday, you know, midday, I
Speaker 1: want you know, I want, I want to go through
Speaker 1: all the options we've got. And so he flies back
Speaker 1: in Monday. You know, it comes comes down the ramp
Speaker 1: from his plane, opens up his you know email, and
Speaker 1: he's got all these texts from Stafford saying, man, the
Speaker 1: stock markets cratering, you know, so uh and then it
Speaker 1: was just like off to the races. You know, they
Speaker 1: did more in a month that than than uh Bernakey
Speaker 1: Fed did in you know, a couple of years on
Speaker 1: you know, all on the space of March. Basically, Rich
Speaker 1: just got about thirty seconds forty seconds left here. I mean,
Speaker 1: he has did a lot, and he's moved quickly, and
Speaker 1: we're I think that the world would say, and certainly
Speaker 1: folks in the US would say they're grateful for what
Speaker 1: he's done. Time will tell, though, versus you know, some
Speaker 1: of the steps he's taken, the changes in focus, letting
Speaker 1: maybe inflation run hot, you know, to kind of help
Speaker 1: out the labor market. Time will tell whether or not
Speaker 1: all these strategies are smart, for sure. I mean that's
Speaker 1: a very good, good point, Carol At you know, it's
Speaker 1: there are risks, right, He's pushed all the chips on
Speaker 1: the table, and there are risks. I mean, you know,
Speaker 1: some people are worried about inflation, but a lot of
Speaker 1: other people worried about you know, another stock market bubble
Speaker 1: or really you know, housing boom or something. Because you know,
Speaker 1: he's basically gone all in and uh, as you say,
Speaker 1: we'll see, you know, But I just think about all
Speaker 1: these Fed chiefs though, and let's like crisis after crisis,
Speaker 1: whether it's financial crisis or joannet Yellen dealing you know
Speaker 1: with also some of that as well in getting the
Speaker 1: economy going. It's like and then the pandemic. Rich great read.
Speaker 1: Thank you so much. Rich Miller, Economics reporter, Bloomberg News
Speaker 1: on the phone from Washington, d C. Joe Webber along
Speaker 1: with his puppies, letting them in and out, heard that
Speaker 1: a little bit in the background. Editor of Bloomberg Business Week,
Speaker 1: find that story. It's in the magazine online. On the
Speaker 1: Bloomberg great read. Right, that's a great read. J. J.
Speaker 1: Powell and his legacy. We shall see. You're listening to
Speaker 1: Bloomberg Business Week with Carol Messer on Bloomberg Radio. So, Tim,
Speaker 1: we know we didn't have a playbook, or at least
Speaker 1: most of us didn't, on how to get through the
Speaker 1: global pandemic, that's for sure. Right, We've been talking about
Speaker 1: that kind of NonStop. But I think we kind of
Speaker 1: maybe do now thanks to a new book at by
Speaker 1: David Rubinstein. Yeah, I think that's definitely the case. I mean,
Speaker 1: David spoke to just the biggest names out there about
Speaker 1: leadership and what they've learned from managing crises in the past. Yeah,
Speaker 1: and leaders from all walks of life. He is the
Speaker 1: co founder and co executive chairman of the private equity
Speaker 1: firm the Carlisle Group, chairman of the Kennedy Center for
Speaker 1: the Performing Arts, the Smithsonian Institution, and the Council on
Speaker 1: Foreign Relations. Also president of the Economic Club of Washington,
Speaker 1: d C. He's also a colleague. He's host of peer
Speaker 1: to peer Conversations on Bloomberg Radio and TV. The book
Speaker 1: is entitled How to Lead Wisdom from the World's Greatest CEOs,
Speaker 1: founders and game changers. Great to have back with us,
Speaker 1: uh this time on the phone from Bethesda, Maryland. David.
Speaker 1: Nice to have you back on Bloomberg. Thank you very
Speaker 1: much for having me. Hey listen, So you've been talking
Speaker 1: to leaders for a long time, and in your book
Speaker 1: you write you point out that when you meet somebody,
Speaker 1: you kind of want to go there, You want to say, so,
Speaker 1: how did you become a lead? How did you how
Speaker 1: did you rise up? Why are you so fascinated? Well,
Speaker 1: I guess when I was little, I was always interested
Speaker 1: in learning how other people became prominent and famous, and
Speaker 1: I used to read about them, and I guess I
Speaker 1: couldn't stop asking people questions. So my mother would say,
Speaker 1: you know, be polite, don't ask people so many questions.
Speaker 1: But I wasn't able to resist. So dozens of leaders
Speaker 1: you spoke to for this Dr Anthony Faucci, Oprah, Jeff Bezos,
Speaker 1: Marilyn Howson, Um. Is there a common thread that runs
Speaker 1: through all of their journeys that you took away from
Speaker 1: the conversations. Sure all of them came from I would
Speaker 1: say middle class, lower middle class or blue collar families.
Speaker 1: None of them were really extremely wealthy, they work their
Speaker 1: way up. They came from a situation where they typically
Speaker 1: had some failures earlier in their career. They all tended
Speaker 1: to have a vision, They were very persistent, they knew
Speaker 1: they wanted to get something done, They were willing to
Speaker 1: share the credit with people, highly honest and a lot
Speaker 1: of integrity, and they rose up in case in situations
Speaker 1: where there's a lot of crisis, you could say the
Speaker 1: words great leaders overcome crises, and many of them overcame
Speaker 1: crises and really show their leadership skills during those crises. So, David,
Speaker 1: I wonder, if you're not a leader as a kid,
Speaker 1: or as a teenager or at college, does that necessarily
Speaker 1: mean you will be a kid a leader later in life?
Speaker 1: I mean, do you do you have to start showing
Speaker 1: some traits basically early on. I wondered if that was
Speaker 1: also a commonality between some of the folks you've talked to.
Speaker 1: Most of them were not leaders when they were very young.
Speaker 1: In fact, if you take a look at the last
Speaker 1: let's say a dozen presidents the United States, maybe only
Speaker 1: Bill Clinton would be somebody who would have been said
Speaker 1: as a young person, this person could be President United States.
Speaker 1: And the same as true in other areas. I certainly
Speaker 1: was not a great leader when I was younger, and
Speaker 1: many people were not famous when they were young for
Speaker 1: being Rhodes scholars or Supreme Court clerks or Heisman Trophy winners.
Speaker 1: People who become great leaders later in life basically have
Speaker 1: a tortoise and hair approach. They've worked their way up,
Speaker 1: they learned some skills, and ultimately luck helps them get
Speaker 1: get forward. It if you think of your thank your
Speaker 1: own high school class. Whoever the seat that the senior
Speaker 1: leader was, the student body present, what happened to that person?
Speaker 1: You know? Sometimes you know you don't know because they
Speaker 1: didn't become famous. I often thought that people in my
Speaker 1: high school class were going to be conquering the world.
Speaker 1: And then I've never heard it from someone again. Mine
Speaker 1: Mine is a pulmonologist in California. He's doing well. Yeah,
Speaker 1: he's doing okay. He's busy during the COVID pandemic. But um, David,
Speaker 1: it struck me that you said that this common theme
Speaker 1: is that people came from this middle class background. I'm wondering.
Speaker 1: We talked a lot about this idea of a K
Speaker 1: shaped recovery. The middle class has gotten smaller in the
Speaker 1: United States. Do you think it's still possible for people
Speaker 1: to work their way up to these positions of leadership
Speaker 1: or has it become so difficult in the United States
Speaker 1: with student loan dead in the cost of college. The
Speaker 1: American dream, I think still lives on, but there's no
Speaker 1: doubt there's an underclass in our country now that for
Speaker 1: racial or other reasons, has fallen further and further behind.
Speaker 1: And I think COVID is going to bring them even
Speaker 1: further and further behind, because if you don't have technology
Speaker 1: in the in the COVID era, you're just you're just
Speaker 1: not able to really survive. So think about all the
Speaker 1: families that don't have high speed internet at home, or
Speaker 1: cancer forard to have child care for their children, or
Speaker 1: can't afford to sound the schools right now. So that's
Speaker 1: a sad situation. So I do think that the American
Speaker 1: dream is becoming more elusive for many, many people in
Speaker 1: this country. But there are, obviously are people who still
Speaker 1: believe in the American dream and come from reasonable backgrounds
Speaker 1: and can work their way up. And obviously some people
Speaker 1: from the worst backgrounds can work their way up, but
Speaker 1: the odds are harder and harder. Well, when you look
Speaker 1: at the kind of bigger picture, David, in terms of
Speaker 1: our economy in the future of it, and you watch
Speaker 1: what's going on in other nations like China, who's definitely
Speaker 1: on a mission to certainly develop some more sophisticated industries
Speaker 1: and certainly develop their domestic economy. Do we need to
Speaker 1: figure out some new policies and what might those policies
Speaker 1: be so that the American dream is not more elusive
Speaker 1: and that it is available to more and more Americans,
Speaker 1: especially at the lower socioeconomic scale. There's no doubt that
Speaker 1: our creative activity in this country is the envy of
Speaker 1: the world. Silicon Valley and all the kind of technologies
Speaker 1: that have been developed there are the envy of the world.
Speaker 1: But we don't have a population base that China does,
Speaker 1: and it's China becomes more and more capitalistic. I think
Speaker 1: it's actually gonna, you know, by pass us in size.
Speaker 1: In terms of economy. The United States will probably be
Speaker 1: in our lifetime the second largest economy world, not the largest,
Speaker 1: but you can still rise up and have a very
Speaker 1: great life in the second largest economy in the world.
Speaker 1: But we should recognize that China will be a competitor
Speaker 1: increasingly in the economic world, and it's going to be
Speaker 1: difficult for some of us to accept that fact, but
Speaker 1: it's a reality. If we had one new policy that
Speaker 1: the incoming Biden administration would put into fact, let's say
Speaker 1: in their first year, that would help some of those
Speaker 1: Americans that have been left behind. What would you what
Speaker 1: do you think it should be? Well? I would say
Speaker 1: no member of Congress can get their pay unless we
Speaker 1: pass bipartisan legislation. Uh that addresses some of the problems.
Speaker 1: Obviously that's tongue in cheek, but clearly I actually like it.
Speaker 1: I'm just gonna put it here here, but anyway, go ahead.
Speaker 1: So I think obviously that the country doesn't work as
Speaker 1: well as we would like it to work. And we
Speaker 1: haven't seen bipartisan legislation for a long long time, and
Speaker 1: we have apparel's appaulin and every time the budget is
Speaker 1: about to expire. So we have to do a better job.
Speaker 1: I don't know whether the new president can do that
Speaker 1: or not, but clearly the system isn't working as well
Speaker 1: as the founding fathers intended. That's for sure. We only
Speaker 1: have about fifteen seconds left. But who is one leader
Speaker 1: right now? Who you wish you were able to speak
Speaker 1: with for the book that you haven't been able to
Speaker 1: speak with yet. Well, I hope this interviewed Joe Biden
Speaker 1: when he uh takes officer. Before he takes office, I'd
Speaker 1: like to talk to him. I've known him for a
Speaker 1: long time, but I have never interviewed him, So I'm
Speaker 1: looking forward to that. David, if if you'll indulge us,
Speaker 1: I'd love to go through some of the names on
Speaker 1: your list, because it is quite a lineup and just
Speaker 1: kind of what comes to mind in terms of their
Speaker 1: leadership and just talking to them. Jeff Bezos. But Jeff
Speaker 1: is a person who started relatively late when you think
Speaker 1: about it, the companies, not that he started, but he's
Speaker 1: now built it into the company which is now one
Speaker 1: of the best known companies in the world, and he's
Speaker 1: become the richest person in the world. But he still
Speaker 1: has a great deal of humility, I would say, and
Speaker 1: a pretty good sense of humor. And I think the
Speaker 1: interview was one of the most interesting ones in the book.
Speaker 1: Think about it many many times. The richest person in
Speaker 1: the world over the past half century have been people
Speaker 1: have been relatively reclusive. Howard Hughes. Nobody really knew him.
Speaker 1: J Paul Getty, nobody really knew him. Bill Gates and
Speaker 1: Jeff Bezos both are pretty accessible and you can get
Speaker 1: ahold of him, you can see him, you can talk
Speaker 1: to him. It's not not quite what it used to be.
Speaker 1: And I love in your book that when you talk
Speaker 1: about Jeff Bezos that you had an opportunity. Is it
Speaker 1: right to have a one percent equity stake in the
Speaker 1: company you passed? Well, we actually had a opportunity of
Speaker 1: about we canceled that. We did get we did get
Speaker 1: one told that at the I p O. So we
Speaker 1: thought it was going nowhere. That was our biggest mistake.
Speaker 1: It happens, it could be worse. What about when it
Speaker 1: comes to someone like Justice Ruth Bader Ginsburgh, who we
Speaker 1: lost earlier this year. Yeah, she was a person who
Speaker 1: waighed about a hundred pounds when I interviewed her at
Speaker 1: the Street Why in New York. Ninety of those pounds
Speaker 1: were her brain. Incredibly smart person, but it's very difficult
Speaker 1: to interview in this sense. Um, when you asked somebody
Speaker 1: a question interview, you expect an answer within a second
Speaker 1: or so. But she would pause for twenty seconds or
Speaker 1: so when you say, oh, she having a senior moment
Speaker 1: and she's not hearing me. Was an offensive question, but
Speaker 1: she was actually thinking about what she wanted to say
Speaker 1: and then would say it in paragraph form, So she
Speaker 1: was very very good. Well, and what about someone like
Speaker 1: Oprah Winfrey, which is just I think for all of
Speaker 1: us would just I think be so nervous sitting down
Speaker 1: with her. But what was that like? Well, it's hard
Speaker 1: to interview the greatest interview of them all, perhaps, but
Speaker 1: I've known her a little bit and uh so it
Speaker 1: wasn't quite the first time i'd met her, so it
Speaker 1: was it was okay, and uh it went well. But
Speaker 1: you know, she didn't really need an interviewer. I mean,
Speaker 1: she's uh, she was giving a master class and how
Speaker 1: to be interviewed and how to interview. So I was
Speaker 1: just mostly sitting there watching. But what'd you want to
Speaker 1: know as a leader like this, this is all about leadership,
Speaker 1: And what was it that just kind of stood with
Speaker 1: you about her? Well, she somebody that came from very
Speaker 1: very poor background, and now that she's become very famous
Speaker 1: and wealthy, she's trying to give back. She's involved in philanthropy.
Speaker 1: But she her greatest skill set, she would say, is
Speaker 1: not being an interviewer, but being a listener. And she
Speaker 1: has empathy with the people she interviews, and that's what
Speaker 1: she says is her strength. What about yo Yo Ma, Well,
Speaker 1: yo Yo is somebody I've come to know pretty well
Speaker 1: through the Kenny Center and he's a person that you
Speaker 1: know chess. He's the best known and the best cellis
Speaker 1: in the world. But that's not what he cares about.
Speaker 1: At this point in his career. He is about sixty
Speaker 1: five years old. He cares about other things. He wants
Speaker 1: to perpetuate the idea that the arts make people better,
Speaker 1: better people that are humans, and so he's really interested
Speaker 1: in in in cutting people to learn more about the arts,
Speaker 1: not just listening to him play. So he spends at
Speaker 1: least half his life now trying to get people to
Speaker 1: become more familiar with the arts and appreciate the arts,
Speaker 1: all kinds of arts. And so he's an infectious personality
Speaker 1: and he's on the change a little bit because he's
Speaker 1: a person who doesn't like to shake hands. He likes
Speaker 1: to hug people. And in the in the Covid area,
Speaker 1: it's harder to hug people, so he probably have that
Speaker 1: ages technique there. I have to say, one of the
Speaker 1: things I like about the holiday season, David is the
Speaker 1: Kennedy Center Honors. Um I still talk about led Zeppelin
Speaker 1: and Hard doing Stairway to Heaven. There's like nothing like it.
Speaker 1: But I do look forward to it, and I think
Speaker 1: about the importance of arts and culture in our community,
Speaker 1: and I do wonder about the hit that it is
Speaker 1: all taking because of the pandemic, everything being shut down.
Speaker 1: You know, what are your hopes and expectations when we
Speaker 1: get on the other side of this. Well, the performing
Speaker 1: arts world has been decimated, and I would say probably
Speaker 1: ten of performing arts arenas or the state or or
Speaker 1: venues are not going to probably reopen again. The Kenny
Speaker 1: Center we are struggling financially as well, obviously Lincoln Center
Speaker 1: as well, but we will survive for sure. But there's
Speaker 1: no doubt that we had to lay people off. We've
Speaker 1: had a furlough people. The Kenny Center Honors will try
Speaker 1: to do it again in May and some kind of
Speaker 1: virtual partial virtual and partial and reality, and then we'll
Speaker 1: try to do it in in December probably as well.
Speaker 1: Maybe have two this year or next year if everything
Speaker 1: works out, but it's hard to put the whole thing
Speaker 1: together right now when everybody's in a COVID world. Well, David,
Speaker 1: what do you think the role of the federal government
Speaker 1: has to be in terms of you know, we can
Speaker 1: go through a list, whether it's cultural institutions, um, arts
Speaker 1: and entertainment. I look at the restaurant community, which I
Speaker 1: think is part of the fabric and culture of our
Speaker 1: you know, major cities and our society, and they are
Speaker 1: also getting decimated. What's the responsibility of the federal government
Speaker 1: where it feels like that has really been forgotten. Well, yeah,
Speaker 1: I suppose you work in a food truck. Suppose you
Speaker 1: work in a restaurant. Uh, you know, you're probably not
Speaker 1: going to be uh employed that readily right now. And
Speaker 1: it's a tough situation. Many of these people are not
Speaker 1: people can readily go get another job so so easily.
Speaker 1: So it's very tough. I hope the most important thing
Speaker 1: we do in the next week or so has passed
Speaker 1: some legislation that will actually help with the economy and
Speaker 1: help these people that needed the most. Um. So it's
Speaker 1: a real sad situation. But the Congress could go home
Speaker 1: without passing legislation. I think that's really gonna really aren't
Speaker 1: hurt the economy if that happens. Well, do you think
Speaker 1: that would have happened when you were working for the
Speaker 1: Carter and aministration, that we would have had a Congress
Speaker 1: that went home. Well, I would say we had our
Speaker 1: challenges for sure, but there was bipartisan legislation in those days.
Speaker 1: No major bill until the Obama health care legislation had
Speaker 1: to ever pass Congress without them bipartisan support, and that
Speaker 1: idea has gone away. Republicans are afraid to support Democrats
Speaker 1: and vice versa. So if Joe Biden can do anything,
Speaker 1: it's hopefully that he can get people to support some
Speaker 1: kind of bipartisan compromise some sometime, because otherwise we're just
Speaker 1: going to be stuck with this kind of same kind
Speaker 1: of perils of Pauline U Congress for for many, many
Speaker 1: years into the future. One thing I've been thinking a
Speaker 1: lot about during this time is the idea that a
Speaker 1: lot of people have been struggling, and it's been a
Speaker 1: difficult time for a lot of people, especially for artists.
Speaker 1: But I also wonder if we'll look back on this
Speaker 1: as a time when perhaps some of these artists created
Speaker 1: some of their best works. Is there any indication at
Speaker 1: this point, David, that you are seeing that from emerging artists,
Speaker 1: from up and coming artists, from musicians around the world. Oh,
Speaker 1: you can see Paul mc he go just coming out
Speaker 1: with an album that's been very highly rated, and other
Speaker 1: artists have as well. Willie Nelson has a new album out.
Speaker 1: A lot of the older artists are coming out with
Speaker 1: great things because they they've had to stay at home
Speaker 1: a bit, and they they're doing these things by themselves. Often,
Speaker 1: I would say young artists will clearly maybe experimenting now,
Speaker 1: and I just worry that some people may get disillusioned
Speaker 1: because they can't afford to support themselves. Really, Nelson and
Speaker 1: Paul McCartney probably can, but some artists who are just
Speaker 1: struggling are probably not in a position to really earn
Speaker 1: any money right now. Many artists are just not able
Speaker 1: to really get any so called gigs right now because
Speaker 1: there's no place to perform. Hey, I want to go
Speaker 1: back to your list of of leaders that are in
Speaker 1: your book for a moment um. As we mentioned, we
Speaker 1: are talking just for our audience. David Rubinstein of the
Speaker 1: Carlisle Group he's got a new book out, How to Lead,
Speaker 1: Wisdom from the world's greatest ceo as founders and game changers.
Speaker 1: You have some CEOs, And I think about Indrawnwi, former
Speaker 1: CEO of PepsiCo, tell me a little bit about you
Speaker 1: know what stood out for you And you know she's
Speaker 1: a rare breed as a woman, as a black woman.
Speaker 1: You know, at the head of a spy. We just
Speaker 1: don't have a lot of them. Well, I think at
Speaker 1: the time she was running Pepsi, she was the only woman,
Speaker 1: immigrant woman running a fortune five hund company. Um, she is,
Speaker 1: uh somebody that had a technique that she described in
Speaker 1: the interview where she would write letters to the parents
Speaker 1: of her senior employees, giving them a kind of report card.
Speaker 1: And obviously, when your mother and father get a report
Speaker 1: card singer doing a good job, they will call you
Speaker 1: up and say what a wonderful boss you have, And
Speaker 1: it kind of tended to bond the employee with Andrewnui
Speaker 1: was a very good technique and obviously it's when I
Speaker 1: thought of it, maybe I should do as well. When
Speaker 1: you look out at the landscape today and what's happening
Speaker 1: across the business world with COVID is there a leader
Speaker 1: that stands out who really emerged during the pandemic as
Speaker 1: taking a clear leadership role. Well, there's one person who
Speaker 1: was stood above everybody else in his name is Tony Faucium.
Speaker 1: Although he was criticized for last whole name now right,
Speaker 1: Well yes, but I mean he was criticized for lots
Speaker 1: of reasons, and he's had to have UH security because
Speaker 1: of a lot of the threats and made against him.
Speaker 1: But the truth is, he did tell the truth from
Speaker 1: the beginning, and um, he was basically somebody was trying
Speaker 1: to get things done. And sadly we have three hundred
Speaker 1: thousand people that have died. Hopefully we can arrest that
Speaker 1: with the vaccine and other things. And I do give
Speaker 1: the credit to the administration for coming up with the vaccine.
Speaker 1: It was a heroic effort to get it done in
Speaker 1: less than a year. Usually a vaccine takes four to
Speaker 1: seven years. UM. So if we hopefully can get people
Speaker 1: to take the vaccine, which is not easy to do,
Speaker 1: and we can let people who are healthcare professionals really
Speaker 1: um have a big say in what's going on, I
Speaker 1: think we can make some progress by the middle of
Speaker 1: the year and forgive me, I spoke internewy of course
Speaker 1: an Indian American. So forgive me for how I characterized her. Yeah,
Speaker 1: forgive me, Um, David, But I do want to ask
Speaker 1: you why aren't there more women? Why aren't there where
Speaker 1: isn't there still at this point more diversity when it
Speaker 1: comes to corporate America. We've been talking about this for decades.
Speaker 1: Why are we not seeing it? You understand leadership, You understand, like,
Speaker 1: why why isn't it happening? Well? Um, A couple of reasons. One,
Speaker 1: you know, since civil of the dawn of civilization, men
Speaker 1: have tended to be more dominant than women for all
Speaker 1: the reasons that we probably know. So it's been only
Speaker 1: in the last you know what, hundred years and women
Speaker 1: have had the right to vote. Um. And only in
Speaker 1: the last twenty years that a woman has been taken
Speaker 1: seriously as a CEO. Very few. When Katherine Graham was
Speaker 1: the CEO of Washington Post, she was the only woman
Speaker 1: running a fortune five company. Um. We now have made progress,
Speaker 1: but not as much progress in some ways as countries
Speaker 1: around the world are doing. So we have a long
Speaker 1: way to catch up. There's progress, but it's a long
Speaker 1: way to go. We do see certain states and indeed
Speaker 1: even measures federally I believe to try to encourage diversity
Speaker 1: for public companies lines and yeah, yeah, is this there?
Speaker 1: Is this the right way to do it? David? Well,
Speaker 1: some countries have now mandated that there have to be
Speaker 1: a certain percentage of women on boards, and that's not
Speaker 1: been done in this country though, um so much, but
Speaker 1: there has been pros of the head of NASDAC recently
Speaker 1: suggested that NASTAC listing companies have to do one more
Speaker 1: than they're doing. And she's a perceus to work at Carlisle,
Speaker 1: Dina Freeman, and we'll see whether that has an impact.
Speaker 1: I suspect, you know, if I live long enough, I
Speaker 1: will live to see more diversity. But I would wouldn't
Speaker 1: hold my breath and all of a sudden they're going
Speaker 1: to be, you know, a majority of women running Fortune
Speaker 1: five companies the next ten years. I don't think it's unrealistic,
Speaker 1: but I do think it's realistic to see progress being made. Hey, David,
Speaker 1: just to wrap up your book is all about looking
Speaker 1: at talking with you know, all these different leaders, finding commonalities,
Speaker 1: just getting their story and what it took to rise up.
Speaker 1: You know, is there anything that's changed in your leadership
Speaker 1: as a result of these conversations. Well, I realized that
Speaker 1: I'm not as good as the leader as I wanted
Speaker 1: to be. I've learned a lot from these people, and
Speaker 1: I said, oh, I gotta work harder. So I'm going
Speaker 1: to start working harder to be a better leader than
Speaker 1: I than I've been so constantly learning. Do you have
Speaker 1: a favorite conversation, Well, I really enjoyed the one with
Speaker 1: Jeff Bezos. We did it two thousand people and he
Speaker 1: had a great sense of humor and people were cheering.
Speaker 1: So it's always good when you have an audience, and
Speaker 1: that's probably better. I'd like to doing interviews with the
Speaker 1: big audience. Well, I know our audience certainly enjoyed listening
Speaker 1: to you. David. Thank you so much, such a wonderful
Speaker 1: chunk of time. We really appreciated. David Rubinstein, founder and
Speaker 1: co executive chairman of the Carlisle Group, host of The
Speaker 1: David Rubinstein Show, peer to peer conversations on both Bloomberg
Speaker 1: Radio and Bloomberg TV, and his book Check It Out
Speaker 1: came out in September. But it's great reading, especially for now.
Speaker 1: And I'm thinking is people are unfortunately hunkering back home
Speaker 1: or home for the holidays. How to lead Wisdom from
Speaker 1: the world's greatest CEOs, founders and game changers broad mac
Speaker 1: a Journal. Yeah but you let me drive? No, no, no,
Speaker 1: who's home? Honey? Please? I want to drive? Just drives
Speaker 1: the questions drying the Drive to the Globe on Bloomberg Radio.
Speaker 1: All right, it's time for the Drive to the close.
Speaker 1: We've just got about eleven minutes left in today's trading day.
Speaker 1: Does feel like we're taking a little bit of a breather,
Speaker 1: a break, if you will, on this Monday, as we
Speaker 1: continue to watch those virus headlines as deaths from COVID
Speaker 1: nineteen that certainly will will make you kind of stop
Speaker 1: for a moment, right, yes, Yeah, in the United States staggering,
Speaker 1: and we're getting ready for what we think will be
Speaker 1: probably a rough four to six weeks here. So let's
Speaker 1: bring in our guest, Gianna Barton. She's co director of
Speaker 1: Growth Equity at Eaton Vance. She is with us once
Speaker 1: again on the phone from Boston. Janna, nice to have
Speaker 1: you here with Tim and me. How are you How
Speaker 1: are you doing? Are you still working from home? I
Speaker 1: am working from home and my kids are working from
Speaker 1: home as well. You're in good company. Yeah, exactly, exactly. Well,
Speaker 1: what's it like around the Boston area, Well, um, you know,
Speaker 1: we're all working remotely. But I think as it relates
Speaker 1: to just you know, the sentiment and come and kind
Speaker 1: of bringing it back to the market, who would have
Speaker 1: thought that would have made up as much um, you
Speaker 1: know work as we have. The market is up over
Speaker 1: but I think the most important story is that the
Speaker 1: average stock has lagged and that's good news for stock pickers,
Speaker 1: and that's what we're kind of focused on as we're
Speaker 1: um awaiting with the rest of the world and kind
Speaker 1: of turning the page on. There's a lot of room
Speaker 1: for an average stock to continue to lead into the
Speaker 1: next year. And I think that's the most most important
Speaker 1: headline that probably is not getting enough attention. So what
Speaker 1: are the what are the companies? What are the stocks?
Speaker 1: Were the names that you're watching? Absolutely so, again going
Speaker 1: back to the fact that it's been a very narrow
Speaker 1: market in terms of its leadership, Only tech, consumer, comp
Speaker 1: services and materials have outperformed, which means that we've got
Speaker 1: mature wlady of the market that has lagged and top
Speaker 1: five stocks just to give you a stack, stat Stats
Speaker 1: has driven more than two thirds of the overall markets returned,
Speaker 1: So that means that those top five had had a
Speaker 1: returned here today that has been averaging about fifty while
Speaker 1: the rest of the indirects has returned nine percent. Right,
Speaker 1: if so, we're focused on healthcare industrials and other pockets
Speaker 1: that have lagged because you're getting both the value proposition
Speaker 1: and growth. All right. I know there's those few, you know,
Speaker 1: handful of names off the charts, but you know every
Speaker 1: time Jana As somebody says, ah, yeah, yeah, that it's
Speaker 1: done it, let's go into the value names and go
Speaker 1: into the rest of the market, and then all of
Speaker 1: a sudden those names just take off again. So how
Speaker 1: do you reconcile that? Uh? And I know momentum sometimes
Speaker 1: creates momentum, but these are huge successful companies um and
Speaker 1: you kind of understand their market dominance. Absolutely. I think
Speaker 1: growth can continue to do well and value can do
Speaker 1: can do well as well. And I think seeking those
Speaker 1: growth that are reasonable price story will never go out
Speaker 1: of style. And that's why I keep going back to
Speaker 1: healthcare because it's been such a laggerate and you're getting
Speaker 1: true value because right now healthcare is trading at over
Speaker 1: twenty discount on the next twelve month basis on a
Speaker 1: multiple while having a very solid top line in earnings
Speaker 1: growth story, so you can pick up that growth but
Speaker 1: actually get it at a discount relative to the market.
Speaker 1: Same with industrials. So I don't think you have to
Speaker 1: be forced to make a choice. I think right now
Speaker 1: balanced approach and one that is active and very selective
Speaker 1: UM will do well in the next year. How much
Speaker 1: attention do you pay to stimulus or lack thereof, and
Speaker 1: that changing your own outlook for UM plenty UM, And
Speaker 1: I think you bring up a really good point, which
Speaker 1: is if you look at the performance to date, much
Speaker 1: of it has been driven by by sentiment. UM. Again,
Speaker 1: you know, if you look at just the multiples in
Speaker 1: the market at the beginning of the year, there were
Speaker 1: about seventeen times and right now they're just shy of
Speaker 1: twenty two times, So basically you're paying up for earnings
Speaker 1: on the com and much of that sort of sentiment
Speaker 1: shift is driven by our optimism on liquidity and obviously
Speaker 1: the vaccine, a lot of things going right for the
Speaker 1: overall global economy, so UM obviously more stimulus, and so
Speaker 1: far we have very positive both fiscal and monetary support
Speaker 1: is a good thing for both the multiples and the market.
Speaker 1: So when you gather your team virtually on a Zoom
Speaker 1: or whatever platform yana that you're using, UM, what are
Speaker 1: the things that you say, listen, we got to make
Speaker 1: sure we're keeping an eye on this and that you know,
Speaker 1: in terms of kind of the unpredictables. I don't want
Speaker 1: to say black swans, but the things that could either
Speaker 1: be ultra positive for the financial markets are ultra negative
Speaker 1: for the financial markets. Come. That's a great question. I
Speaker 1: think you know, investing is all about looking forward, and unfortunately,
Speaker 1: when you're predicting the future, there's a high probability that
Speaker 1: you will be wrong. Just read all the headlines that
Speaker 1: we started there was like, so why are we talking
Speaker 1: to you that I'm just going to put that out there.
Speaker 1: But I think you know what we're asking our analysis
Speaker 1: tell me what the world will look like three to
Speaker 1: six months from today. When unfortunately you mentioned the three
Speaker 1: hundred thousand UM statistic daily. Um, you know occurrences of
Speaker 1: picking up COVID, But I think we're going to start tracking, um,
Speaker 1: you know what percentage of the population has been vaccinated,
Speaker 1: and that will be a really great pool to drive
Speaker 1: back that consumer into the market and not us going
Speaker 1: back to doing things that we haven't done in months. Right,
Speaker 1: And there will also be a lot of recovery, particularly
Speaker 1: with the within the consumer space as it relates to travel,
Speaker 1: of restaurants, all of those sort of areas of the
Speaker 1: market that have been left for dead just because we
Speaker 1: have to have this shift in both the consumption and
Speaker 1: just the way we live everyday life. So I think
Speaker 1: what we're asking them to do is kind of go
Speaker 1: into the future and tell me what the earnings recovery
Speaker 1: will look like. And many of these companies are going
Speaker 1: to recover um and we're already seeing evidence of that,
Speaker 1: which is a little bit of pool on top line
Speaker 1: drives a lot of margin recovery, just very briefly, because
Speaker 1: we only have about ten seconds left. What is your
Speaker 1: timeline for sort of this return to normalcy. Well, that's
Speaker 1: a tough question. I think you know six to twelve
Speaker 1: months as it relates to stocks, because they're leading indicator,
Speaker 1: But in terms of just economic activity, I think it
Speaker 1: will be longer UM, and I think you know, a
Speaker 1: lot of it has to do with the vaccine people
Speaker 1: feeling comfortable and as getting access to it. Yes, our
Speaker 1: kids not worth not doing homework school or school at home. Yeah,
Speaker 1: definitely right Uh Yeanna, Thank you so much. And by
Speaker 1: the way, Yana managing the eaton van it's focused growth
Speaker 1: opportunities fun, which is really beating most of its peers
Speaker 1: over the last three years and five years. Thanks so
Speaker 1: much for listening to Bloomberg Business Week. Download the podcast
Speaker 1: on iTunes, SoundCloud, or at Bloomberg dot com, and be
Speaker 1: sure to check out our daily radio show at two
Speaker 1: pm Eastern on Bloomberg Radio, and be sure to watch
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