WEBVTT - KKR's Founders Exit Co-CEO Roles 0:00:01.800 --> 0:00:04.400 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanobek. We're here every day bringing 0:00:07.280 --> 0:00:09.799 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.600 plus technology, politics, economics, all furnessing the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:19.480 analyst in more than one d and twenty countries. You 0:00:19.480 --> 0:00:22.800 can download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg 0:00:22.840 --> 0:00:24.840 dot Com. You can also listen to our radio show 0:00:24.840 --> 0:00:27.560 at two pm Eastern Time on Bloomberg Radio or watch 0:00:27.600 --> 0:00:31.720 us on YouTube search Bloomberg Global News. We're talking about 0:00:31.720 --> 0:00:34.640 some of the COVID headlines. I always like to remind 0:00:34.680 --> 0:00:39.160 everyone about the COVID cases. The global COVID cases count 0:00:39.240 --> 0:00:42.520 topping two hundred thirty seven point nine million, deaths tim 0:00:42.560 --> 0:00:45.320 exceeding four point eight million, and then we've got more 0:00:45.320 --> 0:00:47.600 than six and a half billion COVID vaccine shots given 0:00:47.840 --> 0:00:49.479 at the same time. Here in the United States, we 0:00:49.520 --> 0:00:51.960 are seeing a steady decline of cases from at least 0:00:51.960 --> 0:00:54.720 a peak this time around last month, where cases are 0:00:54.760 --> 0:00:58.480 down under one hundred thousand a day on average, which 0:00:58.480 --> 0:01:01.080 still is too many, but it's going in the right direction. Right. 0:01:01.120 --> 0:01:03.120 The trend line really important. So let's see what Dr 0:01:03.160 --> 0:01:05.200 Ian los Peter has to say about a clinical professor 0:01:05.200 --> 0:01:07.480 of medicine at n y U Landgown. We check in 0:01:07.520 --> 0:01:09.960 with him every week. He joins us on the phone 0:01:10.000 --> 0:01:13.920 in New York City, Ian, how are you doing well? Thanks, 0:01:13.959 --> 0:01:16.280 Carol and Tim. Happy Monday. I hope you guys are 0:01:16.600 --> 0:01:19.960 safe and sound. Yeah, same for you. Um, I don't 0:01:19.959 --> 0:01:21.720 know what's top of mind for you when it comes 0:01:21.720 --> 0:01:25.319 to COVID in the vaccine today. So we're definitely seeing 0:01:25.440 --> 0:01:29.240 a lot of patients asking about the third booster shot, 0:01:29.600 --> 0:01:34.280 and certainly that's approved for fiser for people who are 0:01:34.319 --> 0:01:39.360 older or immuno compromised. We're waiting really to expand that, 0:01:39.480 --> 0:01:41.640 and certainly we're waiting to hear from the FDA and 0:01:41.720 --> 0:01:45.800 CDC on booster shots for MADERNA and J and J. 0:01:46.880 --> 0:01:50.360 The water is a little muddied because Scandinavia has had 0:01:50.440 --> 0:01:54.200 some concerns about younger people with maderna because there is 0:01:54.240 --> 0:01:58.200 a small incident, small but definite incidents of some myocarditis 0:01:58.280 --> 0:02:02.560 and paracardis what is so interesting. Dr los Bader is 0:02:02.600 --> 0:02:05.000 my brother who's in his mid thirties and lives in Seattle. 0:02:05.080 --> 0:02:07.040 He works at a school. He qualified and got a 0:02:07.040 --> 0:02:11.120 booster over the weekend UH Fiser booster. But people here 0:02:11.160 --> 0:02:13.720 in New York, for example, who might you know, might 0:02:13.760 --> 0:02:17.960 be twenty years older than him, aren't yet clear for 0:02:17.960 --> 0:02:21.520 a booster. So there's not really guidance that's coming from 0:02:21.639 --> 0:02:25.200 the federal government about what to do. Right, We're hoping 0:02:25.240 --> 0:02:27.560 for a little more guidance. A little more guidance would 0:02:27.560 --> 0:02:29.880 be useful. And I think part of the reason that 0:02:29.919 --> 0:02:33.359 there is unclear guidance is there's a lot in the 0:02:33.639 --> 0:02:36.120 UH in the salad. You know, we certainly know that 0:02:36.200 --> 0:02:39.280 older people are higher risk, and there are certain groups 0:02:39.280 --> 0:02:42.880 I mean, we're compromised and people with diabetes, hypertension, obesity, 0:02:42.919 --> 0:02:45.359 and so forth that can benefit. And we know from 0:02:45.360 --> 0:02:48.639 the data in Israel that the vaccines, the Fiser vaccine 0:02:48.919 --> 0:02:54.200 certainly has had less um effectiveness over time, that basically, UH, 0:02:54.560 --> 0:02:57.680 your antibody levels dropped, and that at least for a 0:02:57.720 --> 0:03:01.120 short time after a third vaccine, the antibodies go up 0:03:01.160 --> 0:03:04.400 significantly and the benefit goes up significantly. We don't have 0:03:04.440 --> 0:03:07.240 really long term data, how you know, we think that 0:03:07.240 --> 0:03:11.040 that will create a more durable response. So there's a 0:03:11.040 --> 0:03:15.520 lot of data to kind of crunch, especially with young 0:03:15.560 --> 0:03:20.680 people obviously, the benefit versus potential risk. Most of my 0:03:20.840 --> 0:03:24.120 patients who are older or immuno compromised who have had 0:03:24.200 --> 0:03:27.840 FISER are either getting a booster shot around this time 0:03:28.400 --> 0:03:30.280 or I've told them that I think it's reasonable to 0:03:30.320 --> 0:03:34.200 do that. Well, it's interesting too, you know, after our conversation, Um, 0:03:34.240 --> 0:03:36.200 I think it was our conversation that we had in 0:03:36.320 --> 0:03:38.720 terms of who should get the boosters, and I talked about, 0:03:38.760 --> 0:03:40.400 you know, Tim and I are getting ready to do 0:03:40.440 --> 0:03:42.680 some traveling to the West coast. I'm getting ready to 0:03:42.680 --> 0:03:45.080 do some traveling for work out of the country, and 0:03:45.120 --> 0:03:47.400 I did look into boosters and it seems to be 0:03:47.560 --> 0:03:49.840 and I am someone who doesn't want to jump the 0:03:49.840 --> 0:03:52.720 line until they say it's ready, um, but they seem 0:03:52.760 --> 0:03:56.760 to be very much monitoring when you got your last shot, 0:03:56.840 --> 0:03:59.760 and you can't do it before six months from your 0:04:00.120 --> 0:04:02.840 shot at least. That's you know what I'm I'm hearing 0:04:02.880 --> 0:04:05.000 from hospitals and so on. If you try to, you know, 0:04:05.040 --> 0:04:07.120 kind of do something on an app Um, is that 0:04:07.200 --> 0:04:09.320 the right way we should go about it, or if 0:04:09.360 --> 0:04:11.400 you can get a booster. I mean we hear stories 0:04:11.440 --> 0:04:13.480 Tim and I and people just walking into a pharmacy 0:04:13.520 --> 0:04:18.279 and getting it, So both are true. Uh, usually people 0:04:18.279 --> 0:04:21.200 are well protected. After six months, we're really not seeing 0:04:21.800 --> 0:04:25.480 a real diminution in antibody levels. And certainly people who 0:04:25.560 --> 0:04:28.920 do get COVID, you know, in that range. Um, usually 0:04:28.960 --> 0:04:31.680 you're not very sick at all, they'll have a mild cold, 0:04:32.000 --> 0:04:36.160 but certainly over six months or if you're compromised in 0:04:36.240 --> 0:04:39.200 the benefit really outweighs that. There are a number of 0:04:39.240 --> 0:04:41.920 patients who are cutting the line. And uh, you know, 0:04:41.960 --> 0:04:44.479 this is why it's somewhat confusing. We've got a group 0:04:44.480 --> 0:04:48.400 of people who are very aggressive and and the pharmacies 0:04:48.440 --> 0:04:51.279 really don't have the resources to double check are you 0:04:51.320 --> 0:04:53.880 really I mean compromised you because you don't order it, 0:04:53.920 --> 0:04:57.360 you can just go into the pharmacy. Obviously, there are 0:04:57.520 --> 0:05:00.000 you know, with Southern Border and so forth, a number 0:05:00.000 --> 0:05:02.719 were people coming in who we don't even know their 0:05:02.760 --> 0:05:06.680 status and potentially either infected or could be infected. So 0:05:07.000 --> 0:05:09.120 you've got all these groups of people, some who were 0:05:09.200 --> 0:05:13.000 very worried and trying to be fully vaccinated and and 0:05:13.080 --> 0:05:16.080 some not so really what I would say, if you've 0:05:16.080 --> 0:05:18.400 had your vaccine within six months, your odds of a 0:05:18.480 --> 0:05:22.320 problem are very low, and there's no reason why if 0:05:22.360 --> 0:05:26.360 you're traveling and uh, you feel that you're not feeling well, 0:05:26.440 --> 0:05:31.320 you get a test, get a swab. Monotone lantibodies are available. Uh, 0:05:31.360 --> 0:05:34.040 they're really Hopefully the Mark drug will be approved soon, 0:05:34.400 --> 0:05:37.120 So there really are options if when you're traveling you think, 0:05:37.120 --> 0:05:40.159 oh my gosh, I'm feeling well, that's a really good point. Well, 0:05:40.240 --> 0:05:43.000 speaking of the of Mark's COVID I want to touch 0:05:43.000 --> 0:05:45.039 on astra Zenica just in the last minute that we have, 0:05:45.520 --> 0:05:49.039 because the company's antibody cocktail was effective at preventing mild 0:05:49.120 --> 0:05:51.800 or moderate COVID infections from worsening in a study that 0:05:51.839 --> 0:05:55.240 bolsters the drug maker's ambitions for the product. Just in 0:05:55.240 --> 0:05:57.360 the last thirty seconds we have with you, Dr LUs Bader, 0:05:57.680 --> 0:05:59.880 how do you see us moving from a prevention to 0:06:00.000 --> 0:06:01.839 you a treatment as we can turn the corner on 0:06:01.880 --> 0:06:04.960 at least this part of the pandemic. You know, well, 0:06:05.000 --> 0:06:07.520 we we have to view this is three legs of 0:06:07.520 --> 0:06:11.359 the stool, you know, mitigation methods and prevention methods. I 0:06:11.400 --> 0:06:14.400 think certainly vaccines are reasonable. We do need to come 0:06:14.480 --> 0:06:17.680 up with some pills, and overall health will protect you 0:06:17.800 --> 0:06:23.159 to some degree. I'm not sure giving people antibodies passive antibodies, UH, 0:06:23.240 --> 0:06:27.000 to prevent disease would make sense unless you're a household contact. 0:06:27.240 --> 0:06:30.960 If you're in the household, you've been vaccinated. Someone is sick, Okay, 0:06:31.040 --> 0:06:33.280 Perhaps then it makes sense to say, let's check the 0:06:33.320 --> 0:06:37.480 spread by giving antibodies before someone gets sick. Um. I 0:06:37.520 --> 0:06:40.400 think we need more data on that. Hey got ten seconds. 0:06:40.480 --> 0:06:42.920 Dr Less better, what's the non COVID question you get 0:06:42.920 --> 0:06:47.719 most asked right now? Uh? People are afraid about screening. 0:06:47.760 --> 0:06:50.840 Shall I get my colonoscopy? Shall I get my mammograms? 0:06:51.200 --> 0:06:54.240 Its face? People will have to be tested before they 0:06:54.279 --> 0:07:04.600 do that. Gotta gotta run. Dr e LUs better take 0:07:04.680 --> 0:07:07.120 us out to the ball game, where we will increasingly 0:07:07.120 --> 0:07:10.720 see changes in attempts and even robot umps to fix 0:07:10.760 --> 0:07:13.160 baseball's board and problem to him. Joining us now is 0:07:13.200 --> 0:07:15.600 Joel Webber, editor at Bloomberg Business Week. He's with us 0:07:15.600 --> 0:07:18.520 in the Bloomberg Interactive Broker Studio. Also joining us is 0:07:18.560 --> 0:07:21.960 Ira Bootleg, Global business reporter for Bloomberg News. Joining us 0:07:22.000 --> 0:07:26.600 on the phone, from New Jersey Joel Baseball has got 0:07:27.120 --> 0:07:29.000 a problem when it comes to speed and when it's 0:07:29.040 --> 0:07:31.640 come to action. What are they doing about it? Well, 0:07:31.840 --> 0:07:35.680 it's been a theme for years now, UM and and 0:07:35.720 --> 0:07:37.880 there have been many attempts at it um. But what 0:07:38.120 --> 0:07:41.600 IRA's story really looks at is this little test case 0:07:41.760 --> 0:07:45.720 that they have in UM in a league that is 0:07:45.800 --> 0:07:51.680 called the Atlantic League. And it is literally where um 0:07:52.480 --> 0:07:55.400 MLB will kind of like try a ton of different 0:07:55.440 --> 0:07:59.520 stuff just to see if it helps make the games 0:07:59.520 --> 0:08:01.760 a little bit more exciting. Now they can't and they 0:08:01.760 --> 0:08:03.880 can't make things look like you know, last night Red 0:08:03.880 --> 0:08:07.160 Sox game, but they can actually kind of institutional license stuff. 0:08:07.200 --> 0:08:11.440 And interestingly enough, the players aren't unionized, so they can't 0:08:11.440 --> 0:08:14.640 really resist. So Ira, what what kind of kool aid 0:08:14.760 --> 0:08:18.800 has been forced upon the Atlantic League players? Uh, it's 0:08:18.840 --> 0:08:22.560 been a grab bag. They started in ten. Last season 0:08:22.640 --> 0:08:25.000 was called off because of the pandemic, so it really 0:08:25.000 --> 0:08:28.800 got going this year. But they have allowed pitch hitters 0:08:28.800 --> 0:08:30.920 to try to steal first base on any count when 0:08:30.920 --> 0:08:33.040 the ball get by the catcher. They have made the 0:08:33.040 --> 0:08:36.400 bases three inches bigger, eighteen inches by eighteen instant of 0:08:36.480 --> 0:08:40.679 fifteen by fifteen, they have perhaps the two biggest ones 0:08:40.760 --> 0:08:44.520 are an automated ball strike system or robot pump where 0:08:44.520 --> 0:08:47.120 they called ball and strike call is delivered to the 0:08:47.200 --> 0:08:50.800 human umpire's ear. Uh, and it's a Doppler radar that 0:08:50.840 --> 0:08:55.200 actually establishes the strike zone. And and they this year 0:08:55.200 --> 0:08:58.120 they moved the pitching rubber back by one foot from 0:08:58.160 --> 0:09:02.440 the sort of sacred sixty six inches to six six 0:09:02.440 --> 0:09:08.320 inches for the last couple of months. But did it help, 0:09:08.400 --> 0:09:13.760 did anything? Yeah, they are seeing some stuff work. So 0:09:13.760 --> 0:09:16.040 there's like stealing first base. Nobody wanted to try it 0:09:16.040 --> 0:09:18.440 because they wanted to just to test their luck in 0:09:18.480 --> 0:09:21.720 there at bat um. But the other stuff is showing 0:09:21.760 --> 0:09:24.120 modest effects of the kind they're looking for because they 0:09:24.160 --> 0:09:26.520 don't want it to be jarring. You know, there's stuff 0:09:26.559 --> 0:09:29.680 they said they could have done, like making the ball bigger, 0:09:29.920 --> 0:09:32.120 or adding players on the field or you know there's 0:09:32.280 --> 0:09:34.080 or taking a player off the field that you could do, 0:09:34.160 --> 0:09:36.160 but they don't want to bastardize the game. So they 0:09:36.160 --> 0:09:40.600 are uh seeing modest effects in the bigger bases. And 0:09:40.600 --> 0:09:43.680 and so far, moving the pitching mound back has actually 0:09:43.800 --> 0:09:46.720 raised contact rates and batting averages, which is really what 0:09:46.720 --> 0:09:49.880 they're after. They want more plays where fielders and base 0:09:49.960 --> 0:09:52.520 runners have to move. Um. So that's that, and they 0:09:52.559 --> 0:09:55.000 want to speed the game up. So there's also pure 0:09:55.320 --> 0:09:57.960 mountain visits, which is something the Major League Baseball took 0:09:58.040 --> 0:10:00.199 from the Atlantic League. That whole rule where have to 0:10:00.240 --> 0:10:02.880 finish in eating our phase three batters that started in 0:10:02.920 --> 0:10:04.760 the Atlantic and moved to the major leagues. And the 0:10:04.800 --> 0:10:06.920 idea is to find more stuff like that that helps 0:10:07.000 --> 0:10:10.400 at the margins. Did anyone yell at a robot um 0:10:10.640 --> 0:10:14.920 this year? So my favorite piece of all this is 0:10:15.040 --> 0:10:17.880 ranked by Ala, the former Minnesota Twins pitcher is now 0:10:17.920 --> 0:10:21.080 a pitching coach in the Atlantic League at the High 0:10:21.080 --> 0:10:24.840 Point Rockers, and he hates all of this and um. 0:10:24.840 --> 0:10:27.800 He was the first person ever thrown out for arguing 0:10:27.840 --> 0:10:31.120 with the robot arm. Back in first game that he 0:10:31.200 --> 0:10:33.760 had with it, he went ballistic when it issued a 0:10:33.800 --> 0:10:36.680 five pitch walk and the umpire said that, you know, 0:10:36.760 --> 0:10:38.520 I would talk to him that the umpire from that night, 0:10:38.520 --> 0:10:39.599 and he said, you know, he was yelling at me, 0:10:39.600 --> 0:10:40.800 and I said, look, what do you want me to do? 0:10:40.880 --> 0:10:42.640 You know, I'm trying to do my job here. And 0:10:42.679 --> 0:10:45.560 then I didn't satisfy Yola, so he had to throw 0:10:45.600 --> 0:10:47.760 him out of the game. So, yeah, there're but a 0:10:47.760 --> 0:10:50.400 lot of the fans actually don't need to notice another 0:10:50.480 --> 0:10:52.800 umpire talk to you said, there are some who are savvy, 0:10:52.840 --> 0:10:55.959 and they will hackle him by saying, change the batteries 0:10:56.040 --> 0:10:59.320 or uh, you know, call tech support. But but for 0:10:59.360 --> 0:11:02.040 the most part of fans don't actually seem to notice 0:11:02.080 --> 0:11:04.960 because if you're not looking for it's very hard to see. Well, 0:11:05.040 --> 0:11:07.320 and let's get to the reason why all of this 0:11:07.440 --> 0:11:09.600 is happening. I mean, I remember watching games with my 0:11:09.679 --> 0:11:12.520 dad growing up, and you know, they were certain length. 0:11:12.520 --> 0:11:16.280 They've gotten really long, and I mean play is slow, 0:11:16.320 --> 0:11:20.200 and when you're competing with you know, everybody's eyeball, especially 0:11:20.240 --> 0:11:22.640 a younger generation, you know, who are used to fast 0:11:22.679 --> 0:11:25.920 moving stuff and quick videos and so on and so forth. Um, 0:11:26.240 --> 0:11:30.280 baseball's pretty boring. They got to worry about their future audience. Yeah, 0:11:30.360 --> 0:11:34.559 it's a really interesting case because nothing really changed about 0:11:34.679 --> 0:11:36.880 the game. It's just the way the game was played. 0:11:36.920 --> 0:11:41.040 They basically figured out with this moneyball revolution that your 0:11:41.080 --> 0:11:44.720 best hope as a hitter was to focus on a 0:11:44.760 --> 0:11:46.480 home run or a walk, because if you hit it 0:11:46.520 --> 0:11:48.520 in the field. You never know, you know, there's a 0:11:48.520 --> 0:11:51.199 lot of random luck involved in a home run was 0:11:51.440 --> 0:11:55.400 an automatic, you know, way to score and and for pictures, similarly, 0:11:55.720 --> 0:11:59.080 your best hope was to avoid contact and to stry 0:11:59.120 --> 0:12:01.600 to strike people out. So everybody got obsessed with the 0:12:01.600 --> 0:12:04.880 three what they call true outcomes, the walk, the home run, 0:12:05.679 --> 0:12:08.120 the strikeout, and those are all plays on which basically 0:12:08.120 --> 0:12:11.320 nobody runs anywhere. Um And so now you've got, you know, 0:12:11.360 --> 0:12:13.920 second basement. You can hit forty home runs and everyone's 0:12:13.920 --> 0:12:16.560 trying to hit a home run almost every bat, and 0:12:16.600 --> 0:12:18.400 the game just kind of grinds to a halt. And 0:12:18.440 --> 0:12:20.960 they've got a situation now where it's four minutes between 0:12:21.240 --> 0:12:24.040 batted ball events as they call them. The strikeout rate 0:12:24.120 --> 0:12:25.800 is like twice as high as it used to be 0:12:26.320 --> 0:12:29.439 forty years ago. So that is what they're trying to fix. 0:12:29.480 --> 0:12:33.360 They're trying to figure out how to reincentivized players to 0:12:33.480 --> 0:12:36.960 try things that have gone out of fashion. So what's 0:12:36.960 --> 0:12:41.000 in it for the Atlantic League? Because obviously, you know, 0:12:41.080 --> 0:12:44.920 there's there's maybe an incentive from a fans perspective that 0:12:44.960 --> 0:12:48.960 I don't have to agonize through a longer game. But 0:12:48.960 --> 0:12:50.960 but you know what, why would a team do this. 0:12:52.280 --> 0:12:54.920 The Atlantic League is really interesting because it coincided with 0:12:55.000 --> 0:12:57.960 baseball restructuring all of its minor leagues and getting rid 0:12:57.960 --> 0:13:00.000 of a bunch of affiliates, cutting down in the number 0:13:00.000 --> 0:13:02.440 of players the teams can carry in their farm systems, 0:13:02.880 --> 0:13:05.520 and creating these things they called partner leagues, which the 0:13:05.520 --> 0:13:08.480 Atlantic League is one of them, and they are basically 0:13:08.520 --> 0:13:12.040 a kind of extra auxiliary labor waiting. These are independent 0:13:12.080 --> 0:13:15.800 baseball players, but there's a regular way for minor league 0:13:15.920 --> 0:13:19.160 or for major league teams to buy talent from them. Uh. 0:13:19.200 --> 0:13:21.960 And so what happened in The biggest thing that they 0:13:22.040 --> 0:13:24.600 got was just data about all of their players because 0:13:24.640 --> 0:13:27.840 there's this track Man device tracking every batted ball, every 0:13:27.840 --> 0:13:29.600 throne ball, which is what they used to do the 0:13:29.679 --> 0:13:32.400 robot humps. They now have a huge stream of data 0:13:32.400 --> 0:13:34.160 about all the players because they put one of these 0:13:34.200 --> 0:13:37.360 track Man devices into every ballpark, So the teams all 0:13:37.360 --> 0:13:39.880 know everything about their players. But more importantly for the players, 0:13:40.200 --> 0:13:42.360 major league scouts don't have to show up to see this. 0:13:42.440 --> 0:13:44.480 They can see everything about the spin rate of some 0:13:44.600 --> 0:13:47.280 Atlantic League picture just by you know, checking in on 0:13:47.280 --> 0:13:50.480 that data stream. So it's advertising for the players. It's 0:13:50.480 --> 0:13:52.960 also advertising for the league. You know, writers like myself 0:13:53.000 --> 0:13:56.160 and others come poking around because they're interested in this, 0:13:56.440 --> 0:13:58.800 and it raises the profile of the Atlantic League. So 0:13:58.800 --> 0:14:00.480 if we think about the Atlantic League as a test 0:14:00.520 --> 0:14:04.079 case or as a way to experiment with these new changes, 0:14:04.280 --> 0:14:06.760 where does the collective bargaining agreement that MLB has with 0:14:06.800 --> 0:14:10.679 the players union come into Actually think about what kind 0:14:10.679 --> 0:14:14.280 of changes could be adopted by the MLB. Yeah, that's 0:14:14.280 --> 0:14:17.960 a really interesting thing because you've got really poor relations 0:14:18.040 --> 0:14:20.960 right now between players, the players union, and the league. 0:14:21.000 --> 0:14:22.720 And this is mainly to do with nothing with the 0:14:22.800 --> 0:14:25.400 rule changes. It's with pay money, of course, and and 0:14:25.440 --> 0:14:29.240 that's the collective bargaining agreement expires in December, and everybody 0:14:29.240 --> 0:14:32.960 expects these negotiations to be really difficult, and I think 0:14:33.040 --> 0:14:35.360 the way the rule changes will play into that is 0:14:35.400 --> 0:14:37.960 that it will become leverage for the players. You know, 0:14:38.000 --> 0:14:40.240 they will be able to say if you want us 0:14:40.280 --> 0:14:42.400 to change our working conditions in this way, and that 0:14:42.840 --> 0:14:45.040 you need to do things that increase the pot of 0:14:45.080 --> 0:14:47.280 money or even this. You know, there's a good chance 0:14:47.280 --> 0:14:50.720 that the National League will adopt a designated hitter this 0:14:50.840 --> 0:14:53.200 coming year. And I think that is partly about just 0:14:53.240 --> 0:14:55.560 creating jobs for veteran sluggers who can't play in the 0:14:55.600 --> 0:14:58.440 field anymore. So I think that's the kind of way 0:14:58.480 --> 0:15:01.320 this will run. And you put out that the sports 0:15:01.320 --> 0:15:03.440 betting industry is really pouring a lot of money into 0:15:03.480 --> 0:15:06.000 all the league's sports leagues that are out there. Um 0:15:06.000 --> 0:15:08.320 Imra Boodway, thank you so much. Great to hear from 0:15:08.360 --> 0:15:10.440 your global business reporter ut Bloomberg News. Check out his 0:15:10.440 --> 0:15:12.800 story in the upcoming issue of Bloomberg Business Week. Told 0:15:12.800 --> 0:15:16.200 Webber editor Bloomberg Business Week. Here in our interactive broker studio, 0:15:16.360 --> 0:15:20.320 this is Bloomberg Radio. This is the Big Take, the 0:15:20.440 --> 0:15:24.560 best of Bloomberg's in depth, original reporting from around the globe. 0:15:24.640 --> 0:15:27.640 We're running on a financial system that's running on old technology. 0:15:27.840 --> 0:15:31.680 We're seeing host places reach fresh record ties. What unfolds 0:15:31.680 --> 0:15:34.040 in mid terms we will no doubt see again in 0:15:34.160 --> 0:15:38.200 the next presidential election. The Big Take on Bloomberg Radio 0:15:38.760 --> 0:15:41.600 Bloomberg Business Week is brought to you by SEI Crises 0:15:41.640 --> 0:15:45.680 bring out the best in people, character, community partnership. Together 0:15:45.800 --> 0:15:48.880 as one, SEI go to se i C dot com 0:15:48.960 --> 0:15:51.080 slash I m S. All right, so let's get to 0:15:51.080 --> 0:15:52.920 the Bloomberg Big Take. It is among our most read 0:15:52.960 --> 0:15:56.720 stories on the Bloomberg and it has to do with 0:15:56.960 --> 0:16:00.280 what five triters, five traders, excuse me, or telling us 0:16:00.280 --> 0:16:05.520 about how you survive in this crazy, disrupted market world. 0:16:05.560 --> 0:16:07.680 So let's get to it with our own Shinnelli Bossi. 0:16:07.800 --> 0:16:09.760 She is Wall Street reporter at Bloomberg News. She's in 0:16:09.760 --> 0:16:14.200 her interactive broker studio. It is a disrupted world, absolutely, 0:16:14.280 --> 0:16:17.240 and we spoke to people five of us around the world, 0:16:17.480 --> 0:16:20.800 from people that manage tens of millions of dollars to 0:16:20.920 --> 0:16:24.560 hundreds of billions of dollars, and there were some similarities Carol, 0:16:25.000 --> 0:16:28.280 for example, all of these people are thinking about innovation, 0:16:28.400 --> 0:16:31.160 for example, what is crypto doing to descript the markets? 0:16:31.320 --> 0:16:34.680 They're thinking about volatility, and they're very honest in terms 0:16:34.800 --> 0:16:37.920 of knowing that they're going to lose sometimes and so 0:16:38.520 --> 0:16:41.520 knowing how to lose is what I felt was a 0:16:41.640 --> 0:16:43.760 key quality of a trader as we talked to so 0:16:43.760 --> 0:16:46.080 many of them around the world and really dove into 0:16:46.120 --> 0:16:47.760 their day to day I love it. You spoke to 0:16:47.800 --> 0:16:51.119 the crypto trader, the veteran, the quant the distressed asset trader, 0:16:51.160 --> 0:16:55.960 and the credit trader, and I'm wondering who surprised you emotionally. 0:16:56.320 --> 0:16:58.640 I mean, I'm a little biased because I did the 0:16:58.680 --> 0:17:02.720 credit trader one this guy, so John Zito. I asked 0:17:02.800 --> 0:17:05.239 Christine Harper, the Markets magazine editor. I was like, can 0:17:05.240 --> 0:17:08.280 we please do John Zito? Because I had heard about 0:17:08.320 --> 0:17:10.840 him throughout the entire crisis. He was the guy at 0:17:10.880 --> 0:17:13.720 Apollo that was putting billions of dollars into work in 0:17:13.760 --> 0:17:16.639 places like Airbnb or just in credit markets as they 0:17:16.640 --> 0:17:20.240 were at their lows. And you know he also, I 0:17:20.240 --> 0:17:22.720 mean he was really into Defy and so he was 0:17:22.760 --> 0:17:26.040 not the crypto trader. But yet I found myself in 0:17:26.119 --> 0:17:30.120 a similar conversation as my colleagues around the world, who 0:17:30.200 --> 0:17:32.639 was talking to the crypto trader in Sydney managing thirty 0:17:32.680 --> 0:17:36.640 eight million dollars. Well, and it's interesting too, because I mean, 0:17:37.520 --> 0:17:39.719 you know, when you think about what's going on in 0:17:39.720 --> 0:17:41.399 this world, and I think about you guys having to 0:17:41.440 --> 0:17:43.480 kind of whittle it down to five people talked to 0:17:43.520 --> 0:17:46.280 us little bit more though about about your choice here 0:17:46.520 --> 0:17:48.480 in terms of making the pitch to Christine and saying, 0:17:48.520 --> 0:17:50.440 we've got to include this guy. Yeah, my guy was 0:17:50.480 --> 0:17:54.080 the most institutional so John Zito manages three thirty billion dollars, 0:17:54.119 --> 0:17:57.680 and Christine was very intent on making sure we had 0:17:57.720 --> 0:17:59.720 a lot of diversity based on where in the world 0:17:59.720 --> 0:18:01.960 they are, are what they traded. So we had equities, 0:18:02.000 --> 0:18:05.480 we had um debt, and we had a crypto of course, 0:18:05.840 --> 0:18:08.080 and you know Oliver talk the crypto trader, was twenty 0:18:08.160 --> 0:18:10.560 years old. You know John Zito now is you know, 0:18:10.640 --> 0:18:14.200 well into his forties, manages at thirty billion dollars. And 0:18:14.359 --> 0:18:16.400 you know, Jess had a daughter during he actually while 0:18:16.520 --> 0:18:18.119 in the middle of the crisis while he was trading 0:18:18.160 --> 0:18:20.200 those assets, so that was kind of another fun fact 0:18:20.240 --> 0:18:22.840 about him. And so you know, this this diversity of 0:18:22.840 --> 0:18:26.000 thinking was really important and what what was the thread? 0:18:26.359 --> 0:18:28.200 Many of them woke up at different times to trade 0:18:28.200 --> 0:18:30.440 different assets. You know, some woke up late. John woke 0:18:30.520 --> 0:18:34.280 up at five thirty am. But again that comfort with 0:18:34.400 --> 0:18:38.920 losing and also the precision, right, I mean, the thing 0:18:38.960 --> 0:18:41.000 that John was so frustrated about ken of in the 0:18:41.000 --> 0:18:43.400 world more largely is a alpha's harder to come by. 0:18:43.960 --> 0:18:45.919 He's in the credit world, so you know it's not 0:18:46.000 --> 0:18:47.879 he says, he actually doesn't trade much at all anymore. 0:18:48.040 --> 0:18:51.440 He they mostly originate loans, and when markets really blow out, 0:18:51.560 --> 0:18:54.240 that's when they step in. Don't trade just to trade. 0:18:54.280 --> 0:18:58.720 That is Keane number one. Number two is analyzed and 0:18:58.760 --> 0:19:03.000 hold off, step away. And also, you know he said 0:19:03.040 --> 0:19:07.640 they were analyzing hundreds of securities line by line, day 0:19:07.680 --> 0:19:11.960 by day. And so that precision in terms of finding 0:19:12.000 --> 0:19:13.960 out what you can know and what you can't know, 0:19:14.520 --> 0:19:18.119 is such an important aspect of trading. And again this 0:19:18.160 --> 0:19:20.280 is relevant now because we're thinking about all these day 0:19:20.280 --> 0:19:22.600 traders entering the market. So what is the difference between 0:19:22.600 --> 0:19:26.920 a day trader and a professional trader? I don't know anymore. 0:19:28.440 --> 0:19:31.639 It's true, Hey, I'm wondering about their outlook, and you know, 0:19:31.720 --> 0:19:33.720 if there's anything that ties them together about the way 0:19:33.760 --> 0:19:36.199 that they think we are headed as a as a 0:19:36.200 --> 0:19:39.480 global economy. Yeah, I mean I think so I talk 0:19:39.560 --> 0:19:42.040 spoke to the distress No, I spoke to the credit 0:19:42.040 --> 0:19:44.359 trader who happens to trade and distress sometimes. And then 0:19:44.520 --> 0:19:47.679 Rebecca Chuen Wilkins spoke to a distressed asset trader as well. 0:19:48.000 --> 0:19:53.000 And this idea of volatility. So everybody agrees that the 0:19:53.040 --> 0:19:55.960 federal reserve support not just over the last year, but 0:19:56.000 --> 0:20:00.280 over the last ten years has not just disrupted but 0:20:00.400 --> 0:20:04.640 distorted markets. And so now going into this next era 0:20:05.080 --> 0:20:07.840 knowing that you know either you know what could happen next? 0:20:07.920 --> 0:20:10.959 Is the Federal Reserve support more fragile now that they 0:20:10.960 --> 0:20:14.240 have exhausted so many resources. That's a big theme too. 0:20:14.320 --> 0:20:16.320 But you do wonder write if there is I think 0:20:16.320 --> 0:20:18.760 about that a lot since the financial crisis, and is 0:20:18.800 --> 0:20:23.520 there an understanding that if things fall apart in whatever 0:20:23.600 --> 0:20:27.800 way X y Z, that the Fed another central banks 0:20:27.800 --> 0:20:31.280 will always be there to backstop everything and to what extent? 0:20:31.640 --> 0:20:34.000 You know, the fell The Fed fell short of propping 0:20:34.040 --> 0:20:35.760 up equity markets. But there was a point if you 0:20:35.760 --> 0:20:38.199 guys remember Scott Minored was asking, you know, well the 0:20:38.280 --> 0:20:41.159 Fed start buying stocks. I mean, that's how do you 0:20:41.200 --> 0:20:43.359 guys remember it just a couple of months ago, now 0:20:43.400 --> 0:20:45.399