WEBVTT - Latest Efforts on Containing Coronavirus 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 --> 0:00:05.520 Jason Kelly. We're here every day bringing you the latest 0:00:05.519 --> 0:00:09.800 news from the world 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 --> 0:00:16.759 not to mention our journalists and analysts more than a 0:00:16.800 --> 0:00:19.520 hundred and twenty countries. You can download Bloomberg Business Week 0:00:19.560 --> 0:00:22.439 on iTunes, SoundCloud, or Bloomberg dot com. You can also 0:00:22.480 --> 0:00:24.919 listen to our radio show weekdays at two pm Eastern 0:00:25.000 --> 0:00:29.680 only on Bloomberg Radio. There were many headlines coming out 0:00:29.880 --> 0:00:33.600 of this morning's Coronavirus Task Force update, a lot of 0:00:33.640 --> 0:00:38.320 it having to do with healthcare and treatments. Uh really 0:00:38.360 --> 0:00:41.639 aimed at controlling the virus or treating the divisus at 0:00:41.640 --> 0:00:44.360 the virus excuse me, um, So I do want to 0:00:44.360 --> 0:00:46.040 get make some sense out of it because there are 0:00:46.040 --> 0:00:48.960 a lot of headlines. Dr Amy Compton Phillips is back 0:00:49.000 --> 0:00:52.279 with us. She's Chief Clinical Officer Executive VP at Providence St. 0:00:52.360 --> 0:00:56.400 Joseph Health. On the phone once again from Everett, Washington. 0:00:56.480 --> 0:00:58.760 Remember we've talked with her several times over the last 0:00:58.800 --> 0:01:03.120 few weeks and her hospital. The system is where the 0:01:03.160 --> 0:01:07.920 first US case of the virus was confirmed. Dr Compton Phillips, 0:01:08.080 --> 0:01:10.080 nice to have you back with us. Forgive me as 0:01:10.120 --> 0:01:11.800 I stumbled at the top and I was reading through 0:01:11.840 --> 0:01:14.120 some of the headlines and just trying to remember all 0:01:14.160 --> 0:01:16.160 the things that we got out of the conference. Uh, 0:01:16.200 --> 0:01:18.920 this morning, the President touting a milarry drug as a 0:01:19.360 --> 0:01:24.800 potential coronavirus treatment. You also heard things about early coronavirus 0:01:24.880 --> 0:01:28.960 drug trials yielding mixed results. Where are we You're there 0:01:29.000 --> 0:01:32.800 on the front line. What's what's what's going on? What 0:01:32.840 --> 0:01:36.559 do you see as potential realistic treatments for this Yeah, 0:01:36.640 --> 0:01:39.120 you know, I think what's really important is for us 0:01:39.200 --> 0:01:42.520 to have a systematic approach to this UM that that 0:01:43.480 --> 0:01:45.520 we can end up playing whack a mole if we 0:01:45.680 --> 0:01:48.720 go after the next bright shiny object. And so what 0:01:48.760 --> 0:01:51.080 we've been really doing here on the West coast, which 0:01:51.120 --> 0:01:53.400 at the moment um, you know, we're neck and neck 0:01:53.480 --> 0:01:55.080 with the York not that we want to, not that 0:01:55.120 --> 0:01:57.080 we want to race to the front of the line 0:01:57.120 --> 0:02:00.080 for this UM, but for having the most cases UM 0:02:00.080 --> 0:02:03.280 in our system right now we're treating. Uh, it's up 0:02:03.280 --> 0:02:06.080 words of about eight hundred people that either have known 0:02:06.160 --> 0:02:10.160 or suspected coronavirus UM, and we're trying to do several things. 0:02:10.200 --> 0:02:12.160 One is we're trying to make sure that we can 0:02:12.200 --> 0:02:15.200 triage people appropriately and get them to the right location 0:02:15.639 --> 0:02:18.360 so that if you happen to have symptoms of the virus, 0:02:18.440 --> 0:02:20.440 and because the testing has taken so long, we can't 0:02:20.440 --> 0:02:23.079 definitively say we do everything we can to take care 0:02:23.080 --> 0:02:25.000 of you in your home if if you can are 0:02:25.000 --> 0:02:26.679 stable enough to be in your home, so we don't 0:02:26.720 --> 0:02:29.400 overwhelm the health care system, right We're trying to make 0:02:29.400 --> 0:02:31.840 sure that in the hospital, if you have to go 0:02:31.880 --> 0:02:34.560 into the hospital, we're putting you with other patients that 0:02:34.639 --> 0:02:37.239 also have UM COVID as well, and so that we 0:02:37.280 --> 0:02:39.920 can minimize use of the PPE. And then if you 0:02:40.000 --> 0:02:44.400 need acute care. We have several ongoing trials of medications 0:02:44.440 --> 0:02:48.880 including UM, the malarial drugs that the President talked about today, 0:02:48.919 --> 0:02:52.120 including some of the direct anti virals UM that you 0:02:52.240 --> 0:02:55.000 heard about in the past few days. So so I 0:02:55.040 --> 0:02:59.160 think by thinking through this UM systematically rather than you know, 0:02:59.440 --> 0:03:01.960 uh thing thing you know all over the place, UM, 0:03:02.040 --> 0:03:04.280 that we can actually kind of get a handle on 0:03:04.400 --> 0:03:08.120 what's going on well and Dr Compton Phillips, it's really 0:03:08.160 --> 0:03:11.520 interesting insights. And I also wanted to ask you, um, 0:03:11.520 --> 0:03:15.920 what you're seeing because one of the headlines that I 0:03:15.919 --> 0:03:18.720 think it's grabbed a lot of people is the population 0:03:18.800 --> 0:03:22.040 that's being infected. And it feels like the narrative is 0:03:22.040 --> 0:03:24.359 shifted there as well, in terms of many more young 0:03:24.400 --> 0:03:28.880 people being not just diagnosed but hospitalized. Are you seeing that? 0:03:29.040 --> 0:03:31.280 Have you seen that? And what should we be taking 0:03:31.320 --> 0:03:34.560 from this latest data? Yeah? You know, that was an 0:03:34.560 --> 0:03:39.320 interpretation by the news previously that young people don't get infected. Um. 0:03:39.360 --> 0:03:42.360 In all the articles and conversations that we've had in 0:03:42.400 --> 0:03:46.520 it with the physicians in China, with the physicians in Italy. Um, 0:03:46.600 --> 0:03:49.200 young people who get infected. It's just that they tend 0:03:49.240 --> 0:03:51.520 to recover at a much higher rate and so that 0:03:51.560 --> 0:03:55.160 the mortality is higher in patients that are older and 0:03:55.280 --> 0:03:58.600 people that have underlying health conditions. But young people absolutely 0:03:58.640 --> 0:04:01.200 get infected, and we're seeing that thing here. Um, they 0:04:01.280 --> 0:04:03.880 end up less often in the I C you on 0:04:03.960 --> 0:04:07.040 a per capita basis, but they do end up um 0:04:07.080 --> 0:04:09.800 seriously ill. And it's one of the reasons why it's 0:04:09.840 --> 0:04:13.320 really we are we are doing everything by hook and 0:04:13.360 --> 0:04:15.400 by crook to make sure that we have enough capacity 0:04:15.480 --> 0:04:17.960 and I cuth because we want to say every single 0:04:18.040 --> 0:04:21.920 person that comes to us with this bad disease UM 0:04:21.960 --> 0:04:24.480 and not not have people, you know, dying for lack 0:04:24.520 --> 0:04:28.360 of access to health care. Is there some medication out there, 0:04:28.360 --> 0:04:32.080 perhaps existing a drug that's already in the system already 0:04:32.480 --> 0:04:35.599 you know, the FDA has pretty much signed off on 0:04:35.680 --> 0:04:40.039 that we can see then maybe another use of UM. 0:04:40.120 --> 0:04:43.800 We have actually tested a couple of different drugs that 0:04:43.839 --> 0:04:47.960 have in other kinds of viral diseases have anti viral 0:04:48.000 --> 0:04:51.760 activity UM that have not worked. But we're absolutely looking 0:04:51.800 --> 0:04:55.000 at the array. And in fact that the malaria drug 0:04:55.160 --> 0:04:58.120 that the President mentioned, hydroxic chloroquin is one that's been 0:04:58.160 --> 0:05:00.840 on the market for decades UM and so that that 0:05:00.880 --> 0:05:04.120 has shown early promise, particularly in China, which is why 0:05:04.120 --> 0:05:06.919 we're standing epithety here as well. UM. And then the 0:05:06.960 --> 0:05:09.720 anti viral drugs while it hadn't been approved yet, it 0:05:09.839 --> 0:05:13.479 was being developed for a bola UM and so what 0:05:13.560 --> 0:05:15.960 had another use and and that's the one right now 0:05:16.000 --> 0:05:18.039 that we have a couple of different clinical trials going 0:05:18.080 --> 0:05:21.400 on to see really if this does work. Dr comp 0:05:21.440 --> 0:05:24.640 Philip's only about forty seconds left here. I got to 0:05:24.680 --> 0:05:27.040 ask you, since we've talked a lot about it testing, 0:05:27.320 --> 0:05:29.880 is it ramping up? How soon will it be in 0:05:29.920 --> 0:05:34.080 your estimation to the point where it's really rolling in 0:05:34.120 --> 0:05:39.080 an effective way. Testing is still a dramatic bottle act um, 0:05:39.160 --> 0:05:42.240 and so part of the challenge is that if for 0:05:42.279 --> 0:05:44.880 every patient that wants to be tested, or every person 0:05:44.920 --> 0:05:47.240 that wants to be tested and doesn't have major symptoms, 0:05:47.640 --> 0:05:51.000 it means people with significant disease in a hospital somewhere 0:05:51.080 --> 0:05:54.400 is not being tested. And so having having really clear 0:05:54.960 --> 0:05:56.799 um when you have a shortage, you have to figure 0:05:56.800 --> 0:05:59.080 out who gets what first. And we are in a 0:05:59.120 --> 0:06:01.920 shortage situation, and as we ramp up over the next month, 0:06:02.080 --> 0:06:04.159 it'll get better. But right now we really need to 0:06:04.240 --> 0:06:07.080 use those tests for the people who need them the most. Listen, 0:06:07.160 --> 0:06:10.120 we always think the time that you give us. Dr 0:06:10.160 --> 0:06:13.400 Amy Compton Phillips, thank you, thank you, Chief Clinical Officer, 0:06:13.480 --> 0:06:16.760 Executive vice president of Providence St. Joseph Health on the 0:06:16.800 --> 0:06:19.240 phone from Everett, Washington. As we've been saying, Jason, they've 0:06:19.240 --> 0:06:22.440 been dealing with it from day one, so really seeing 0:06:22.520 --> 0:06:25.560 how it grows and how you know what what is 0:06:25.560 --> 0:06:28.159 working in terms of treatment, but you can see still 0:06:28.200 --> 0:06:31.960 a struggle. You're listening to Bloomberg Business Week with Carol 0:06:32.000 --> 0:06:36.000 Messer and Jason Kelly on Bloomberg Radio. Let's get down 0:06:36.000 --> 0:06:39.000 to d c Ryan Teague back with I gotta say 0:06:39.240 --> 0:06:42.000 you are so good on the twitters man like I 0:06:42.080 --> 0:06:47.440 follow you and pretty relentlessly. UM, and you're prolific and 0:06:47.560 --> 0:06:49.919 amid all of that, you're also keeping an eye on 0:06:50.320 --> 0:06:53.440 the administration and its reaction. What do we need to 0:06:53.480 --> 0:06:56.240 know at this point? Uh? Yeah, I think it can 0:06:56.279 --> 0:06:59.120 best be explained by a change in my policy against 0:06:59.160 --> 0:07:02.919 when want it or um, I've decided to allow it 0:07:03.040 --> 0:07:10.600 now uh during the UM. Look, the it's just like December. 0:07:12.600 --> 0:07:15.160 We're at the phase now where the federal government is 0:07:15.280 --> 0:07:20.280 mounting a response that is uh, you know, involving uh 0:07:20.520 --> 0:07:23.000 sort of the whole of government approach. UM. And so 0:07:23.080 --> 0:07:25.440 that's the good news. UM. The bad news is that 0:07:25.440 --> 0:07:27.920 that's where we should have been two weeks ago. UM. 0:07:28.080 --> 0:07:34.480 So the delay in that uh centralized the delay in 0:07:34.520 --> 0:07:39.680 the acknowledgement of the problem. UM. The delay in reaction 0:07:40.640 --> 0:07:42.560 led to I think like a knock on effect in 0:07:42.640 --> 0:07:45.160 that these people you see on TV who just aren't 0:07:45.520 --> 0:07:49.080 still aren't taking it seriously. UM, all of those things. 0:07:49.160 --> 0:07:51.600 We're going to pay the price for those uh in 0:07:51.640 --> 0:07:54.960 the days to come. And and ironically that's when people 0:07:54.960 --> 0:07:57.920 will will, I think, who haven't done following this quothly 0:07:58.000 --> 0:08:01.600 will start to feel the most panic. We will actually 0:08:01.640 --> 0:08:05.160 have a much better handle on things at that point 0:08:05.200 --> 0:08:07.920 than we did when no one was panicking, or when 0:08:08.000 --> 0:08:10.200 people weren't panicking enough. I do want to ask you 0:08:10.320 --> 0:08:14.400 Ryan though, in terms of the administration, the President and 0:08:14.440 --> 0:08:16.800 the team that are dealing with this on so many 0:08:16.840 --> 0:08:21.600 different levels, whether its defense, whether health, whether it's financial. UM, 0:08:21.640 --> 0:08:23.200 I do feel like there is a bit of a 0:08:23.280 --> 0:08:25.880 rhythm here, but I do feel like we're also I 0:08:25.920 --> 0:08:28.120 know things are getting past, but I still feel like 0:08:28.760 --> 0:08:32.520 the sense of urgency of getting things done is not 0:08:32.640 --> 0:08:36.640 quite there yet. Am I wrong? No? I don't you know. 0:08:37.559 --> 0:08:39.960 One of my friends Canadian likes to point out that 0:08:40.760 --> 0:08:43.920 after Pearl Harbor, the Canadian Canadian Parliament was actually like 0:08:44.080 --> 0:08:47.160 in session and voted to like go to war like 0:08:47.240 --> 0:08:49.440 on behalf of the United States like and actually like 0:08:49.600 --> 0:08:51.760 enter the war like a you know, it took a 0:08:51.920 --> 0:08:54.800 day for Congress to to get into session to actually 0:08:54.840 --> 0:08:59.079 declare war against Japan. Um, you know, we just aren't 0:08:59.120 --> 0:09:02.800 having that kind of a fast response. I am struck 0:09:02.880 --> 0:09:06.440 a little bit by how much the paradigm in the 0:09:06.520 --> 0:09:10.080 world has shifted. But when you talk to people in 0:09:10.080 --> 0:09:13.559 in Washington, you're still hearing it's, you know, the same 0:09:13.600 --> 0:09:16.720 sort of you know, well, there's been some pieces online. Wow, 0:09:16.800 --> 0:09:19.920 you know we shouldn't the sense like I think this 0:09:20.000 --> 0:09:22.360 is an okay time to deficit spend. Most economists would 0:09:22.360 --> 0:09:24.280 agree that sort of kings the un approach here would 0:09:24.360 --> 0:09:28.600 would be merited in this situation. Um, and the like 0:09:28.679 --> 0:09:31.079 you're you're right, the sense of urgency and doing something 0:09:31.160 --> 0:09:34.040 quickly and and coming up with a response is not there. 0:09:34.080 --> 0:09:39.679 The Senate went into recess um. The House bill kind 0:09:39.720 --> 0:09:41.960 of came over and they were watching on Twitter to 0:09:41.960 --> 0:09:44.439 see if Trump would okay, and like the House Bill 0:09:44.559 --> 0:09:48.920 is just the first step. And this is like I 0:09:48.960 --> 0:09:51.959 can't imagine during the financial crisis that the Senate was 0:09:52.000 --> 0:09:54.400 in recess and like, you know, or we'll get back 0:09:54.440 --> 0:09:57.280 to you, um, general motors, you know, to see if 0:09:57.280 --> 0:10:00.600 we can help you. You remember, correctly, though, they did 0:10:00.679 --> 0:10:05.080 vote down the first stimulus, UH in real time, like 0:10:05.120 --> 0:10:06.880 as the stock market was open and the stock market 0:10:06.920 --> 0:10:09.360 did crash, so the but but then but right but 0:10:09.440 --> 0:10:12.160 then but then seeing that they came back, like, it's 0:10:12.200 --> 0:10:15.000 interesting that you have you've JM and Mary Barr saying, 0:10:15.040 --> 0:10:17.040 you know, we'll help you create, you know, do a 0:10:17.240 --> 0:10:20.240 kind of a war assembly line of defibrillator defibrillators and stuff. 0:10:20.280 --> 0:10:23.040 So I guess in terms of specific programs, do you 0:10:23.040 --> 0:10:26.520 have any insight in terms of UM what we might 0:10:26.559 --> 0:10:31.960 hear whether it's getting Yeah, yeah, I mean, I think 0:10:32.040 --> 0:10:37.600 that there is definitely UH biopartisan agreement on UM sending 0:10:37.920 --> 0:10:41.760 cash to UM directly to households to help get them 0:10:41.760 --> 0:10:45.559 through this. I think that the differences is how much 0:10:45.640 --> 0:10:48.480 and should we means test it UM. That is to say, 0:10:48.520 --> 0:10:50.880 should we not send the checks to people who are wealthy? 0:10:51.720 --> 0:10:53.960 How do we get the checks out? How soon can 0:10:54.000 --> 0:10:56.040 we do it and how much? And do we do 0:10:56.080 --> 0:10:58.160 it on a recurring basis or do we do it 0:10:58.200 --> 0:11:01.280 just one time and then wait and see into it again? UM. 0:11:01.320 --> 0:11:03.880 All of those are big questions that would need to 0:11:03.880 --> 0:11:06.200 be resolved for something like that could be done. But 0:11:06.320 --> 0:11:10.720 I think that there's definitely UH a consensus of the 0:11:10.760 --> 0:11:12.640 things that need to be done. We're just not seeing 0:11:12.720 --> 0:11:19.480 them that, uh, that sort of unified drive to do it. Um. Yes, 0:11:20.120 --> 0:11:24.320 but I think that we will see that. Like I said, 0:11:24.320 --> 0:11:27.720 I feel like the government right now is like back 0:11:27.760 --> 0:11:29.840 in the days when you had to use the slow modem, 0:11:29.960 --> 0:11:31.959 you know, and they sort of like page loading and 0:11:32.000 --> 0:11:34.720 you could sort of watch it load like line by line, 0:11:35.160 --> 0:11:39.679 UM on your Yeah, we're just waiting for that A 0:11:39.800 --> 0:11:41.840 O L dial up sound at this point. All right, 0:11:41.960 --> 0:11:44.360 Ryan teak back with thank you so much. Always good 0:11:44.400 --> 0:11:46.920 to catch up with you. Highly recommend following him on 0:11:46.960 --> 0:11:50.520 Twitter minute to minute, keeping an eye on everything that's 0:11:50.520 --> 0:11:53.720 going on in the nation's capital and across all of 0:11:53.720 --> 0:11:58.320 our coronavirus coverage. You're listening to Bloomberg Business Week with 0:11:58.400 --> 0:12:02.480 Carol Messer and Jason Kelly on Bloomberg Radio. Well, it's 0:12:02.520 --> 0:12:05.600 a team sport when it comes comes to covering Wall Street. 0:12:05.679 --> 0:12:08.280 We know that at Bloomberg. Earlier in the week, we 0:12:08.320 --> 0:12:13.000 talked to Max Abelson about Wall Street being blindsided today, 0:12:13.040 --> 0:12:15.599 that tough guy culture. And as I said earlier in 0:12:15.640 --> 0:12:19.480 the week, if you know this culture like Max Abelson does, 0:12:19.920 --> 0:12:22.240 he as I said, We're to on a great team 0:12:22.280 --> 0:12:26.200 to do this. Michelle Davis, Lennon Nun and Shri Notarajan 0:12:26.400 --> 0:12:30.200 all giving you a sense of man this macho culture. 0:12:30.280 --> 0:12:35.080 Max Uh not going well amid this virus outbreak. Tell 0:12:35.120 --> 0:12:38.160 us what you found. Talking to you, Jason, I can 0:12:38.160 --> 0:12:41.360 honestly tell you improves my spirits. And I've been dealing 0:12:41.360 --> 0:12:43.559 load today. I'm not I'm not kidding. So it's it's 0:12:43.640 --> 0:12:46.000 you're so right. It's so nice to be reminded that 0:12:47.320 --> 0:12:49.560 work concoct agree team And a quick shout out to 0:12:49.600 --> 0:12:54.120 Stefania and our rotator Olivia and Holly Uh. It really 0:12:54.520 --> 0:12:56.480 didn't take a lot of people to get the snapshot 0:12:56.320 --> 0:12:59.640 and what our snapshot of Wall Street showed. And unless 0:12:59.679 --> 0:13:02.520 we this someone's really came to us. It's not as 0:13:02.559 --> 0:13:05.199 if we were not chasing. This was that we found, 0:13:05.320 --> 0:13:09.080 you know, actual fevers on the trading floor of Golden Socks, 0:13:09.120 --> 0:13:10.599 which you know as a bank, like all of the 0:13:10.760 --> 0:13:13.400 big banks, you know, the message from the top is 0:13:13.440 --> 0:13:16.800 if you're feeling sick, go home. What we're finding is 0:13:16.800 --> 0:13:21.199 that there's this really pure bread Wall Street pressure. Now 0:13:21.240 --> 0:13:24.000 some of this pressure sees him is internal from people 0:13:24.040 --> 0:13:26.439 who are making themselves feel this way, and and and 0:13:26.520 --> 0:13:28.600 some of the pressure is coming from middle managers or 0:13:28.640 --> 0:13:32.520 people's bosses to get to work and to and to 0:13:32.640 --> 0:13:35.840 literally get into the office, even when the demands of 0:13:35.840 --> 0:13:39.360 the public health crisis is to stay at home. People 0:13:39.400 --> 0:13:43.920 are feeling pressure on Wall Street that those NonStop demands 0:13:44.080 --> 0:13:46.600 to get into the office, and that that is, um, 0:13:46.800 --> 0:13:49.840 that's that's that's the strange dynamic during during a deadly pandemic. 0:13:49.960 --> 0:13:52.280 God one line in your story about how bankers are 0:13:52.280 --> 0:13:54.400 saying that private you know, privately, they're saying that they 0:13:54.400 --> 0:13:57.240 would be relieved at the markets are temporarily shut because 0:13:57.360 --> 0:14:00.520 you know, then they can if they're not ling, we'll 0:14:00.559 --> 0:14:03.959 well go home and not have any kind of consequences. 0:14:03.960 --> 0:14:05.840 But it does speak to the culture. We think so 0:14:05.920 --> 0:14:10.400 much has changed, you know, from decades ago, from Wall Street, 0:14:10.400 --> 0:14:14.400 the movie, but there's still a lot of that out there. Look, 0:14:14.480 --> 0:14:16.640 I think I think you're right, and you know, I 0:14:16.720 --> 0:14:19.480 just want to um, you know, some something about a 0:14:19.520 --> 0:14:21.720 crisis is so clarifying. It helps you sort of look 0:14:21.720 --> 0:14:23.320 with a clarity on things that we kind of take 0:14:23.360 --> 0:14:27.000 for granted. I think it's important that as journalists, UM, 0:14:27.160 --> 0:14:29.360 Carol I've gotten to know so well over the years 0:14:29.360 --> 0:14:30.880 station you as well. You know, it's important that we 0:14:30.920 --> 0:14:34.080 acknowledge among ourselves that there's a pressure in journalism too 0:14:34.800 --> 0:14:37.920 to um have have to sort of embrace a moment 0:14:38.280 --> 0:14:41.800 um and the cooking no matter what. And I think that, 0:14:42.120 --> 0:14:45.400 you know, it's a cousin to that same wallster culture, 0:14:45.840 --> 0:14:50.040 and you know it's it's certainly, um, we're seeing it 0:14:50.160 --> 0:14:52.880 all around. It's not just by the way inside the 0:14:52.880 --> 0:14:55.840 big banks in thetown. Michelle Davis. My favorite anecdote of 0:14:55.840 --> 0:14:58.400 the Michell Davis has ever gone probably is in the 0:14:58.520 --> 0:15:01.080 story she found people in the wall Hockey who had 0:15:01.120 --> 0:15:04.480 to go into their office would be more watching the world. 0:15:04.560 --> 0:15:07.320 Fargo workers in the nearby building bring their computers out 0:15:07.320 --> 0:15:09.880 to go home at least we want to go to, 0:15:10.560 --> 0:15:13.240 but their bosses wouldn't let them. I have to say, 0:15:13.240 --> 0:15:15.600 can I just max reading your story, I felt the 0:15:15.640 --> 0:15:17.960 same way. I do feel like that there is something 0:15:18.040 --> 0:15:20.080 in the media world, the same thing that you know. 0:15:20.160 --> 0:15:23.720 We don't run away from fires, we like jump into them, um, 0:15:23.760 --> 0:15:26.720 you know, and we when there is a crisis, UM, 0:15:26.800 --> 0:15:29.000 we all kind of want to be out there reporting 0:15:29.040 --> 0:15:31.920 on it and be involved and I think it's it's 0:15:32.040 --> 0:15:34.960 very similar, and I think there is pressure to you know, 0:15:35.640 --> 0:15:37.680 be there and because this is our job, this is 0:15:37.720 --> 0:15:40.440 what we signed up to do. I think that the 0:15:40.640 --> 0:15:44.880 that the compromise, a compromise that not just exists within capitalism, 0:15:44.960 --> 0:15:48.080 but we exist within you know, being healthy and and 0:15:48.120 --> 0:15:52.160 being members of of of a public health community is 0:15:52.240 --> 0:15:54.600 to work as hard as you want to, but to 0:15:54.640 --> 0:15:57.360 work from home when the government and when companies are 0:15:57.360 --> 0:16:00.400 telling us to. I know that that's not statistically possible. 0:16:00.520 --> 0:16:03.520 Literally everyone, you know, my college roommates, Tom Canal is 0:16:03.520 --> 0:16:06.040 a nurse right now in East New York. And it 0:16:06.080 --> 0:16:08.440 was the grocery workers Union market around the corner for 0:16:08.520 --> 0:16:11.440 me in Park Slope. You're in Brooklyn, are behind the counter. 0:16:11.680 --> 0:16:14.720 Not everyone has the luxury to earn a play check 0:16:14.760 --> 0:16:17.400 while we're getting from home to Jeff Greenen, our Bloomberg 0:16:17.440 --> 0:16:19.960 colleague with a story with Michelle Davis about one hundred 0:16:20.280 --> 0:16:24.280 million workers in America who don't have tad s gleave. 0:16:25.000 --> 0:16:27.240 Of course, a shout out to our colleagues in Seattle 0:16:27.480 --> 0:16:29.720 who wrote in a MAZ story highly recommend to all 0:16:29.720 --> 0:16:33.640 our listeners about the drivers for your Amazon packages. Are 0:16:33.640 --> 0:16:36.120 you folks for listening. We're doing Amazon packages and I 0:16:36.120 --> 0:16:40.880 know I am. Amazon deliverers got one wife each from 0:16:40.880 --> 0:16:44.160 their boss before their chifts, saying good luck. I think 0:16:44.200 --> 0:16:47.000 it's just it's just a reality that's across Wall Street, 0:16:47.000 --> 0:16:49.400 but across corporate America right now it's and it's absolutely 0:16:49.440 --> 0:16:52.400 fascinating to see. It absolutely is and it's a mess 0:16:52.480 --> 0:16:54.240 ry not surprising one of the most read stories in 0:16:54.280 --> 0:16:57.080 the terminal because it goes straight to the heart of 0:16:57.800 --> 0:17:01.640 Wall Street culture where you make your living. Max. We're 0:17:01.680 --> 0:17:04.119 so grateful to you, and you know, these are the 0:17:04.119 --> 0:17:07.320 sorts of conversations that we need to keep having to 0:17:07.440 --> 0:17:11.280 some extent because I will say, from a personal perspective, Carol, 0:17:11.760 --> 0:17:16.440 social distancing is successful. I think more so when there's 0:17:16.520 --> 0:17:21.080 peer pressure. You know, when people essentially are able to say, hey, 0:17:21.080 --> 0:17:23.120 great to see you, but if you don't mind, I'm 0:17:23.160 --> 0:17:25.360 just gonna step back here a little bit, or I'm 0:17:25.400 --> 0:17:26.920 not going to take my kid to a playground, or 0:17:26.960 --> 0:17:28.640 I'm not going to do this sorts of thing. Like 0:17:29.080 --> 0:17:31.240 all of us being in this together, it means we 0:17:31.320 --> 0:17:34.920 have to sort of be out there and and sometimes 0:17:35.040 --> 0:17:42.560 make the make the tough choices. Bro A journal. Yeah, 0:17:42.640 --> 0:17:47.679 but you let me drive. Oh no, no, no no, no, honey, please, 0:17:50.400 --> 0:18:00.560 I want to drive. Just drive, baby, the questions, trying 0:18:03.520 --> 0:18:09.280 your job. This is the drive to the globe. Thanks well, 0:18:09.359 --> 0:18:13.399 drying us Dawn on Bloomberg Radio, it is time for 0:18:13.440 --> 0:18:16.160 the drive to the clothes on this Thursday. Doug of course, 0:18:16.240 --> 0:18:20.760 just breaking down the numbers. We've got just about twenty minutes, 0:18:20.760 --> 0:18:23.080 ten minutes excuse me left in today's trading session. Lamar 0:18:23.160 --> 0:18:25.879 Villery is back with us, portfolio manager at Villary Funds. 0:18:25.920 --> 0:18:29.520 They've got roughly two billion dollars in assets under management. 0:18:29.600 --> 0:18:33.680 Lamar joining us on the phone from New Orleans. So, Lamar, 0:18:33.800 --> 0:18:35.840 good to have you here on a day where we're 0:18:35.840 --> 0:18:39.720 actually seeing some gains in the equity markets. Um, talk 0:18:39.800 --> 0:18:42.639 to me a little bit about this environment, because you 0:18:42.680 --> 0:18:44.600 guys have been having a tough time to be fair 0:18:44.720 --> 0:18:46.920 in terms. I'm just looking at some of the performances, 0:18:47.480 --> 0:18:50.959 um that you've you know, had, I think you're to date, 0:18:51.000 --> 0:18:54.399 you're done, and the whole hall market. But even if 0:18:54.440 --> 0:18:57.239 I go back a little bit longer, Um, what's been 0:18:57.280 --> 0:19:01.280 tough about managing in this environment? Sure? Well, you know 0:19:01.320 --> 0:19:04.320 obviously it's a tale of two markets. Um, you know, 0:19:04.440 --> 0:19:07.760 we we we we held up pretty well last year. 0:19:08.200 --> 0:19:10.439 Really the big lag last year was that we were 0:19:10.480 --> 0:19:13.119 overweight cash, which was you know, last year was a 0:19:13.200 --> 0:19:15.720 year where you could buy anything and it went up. Um, 0:19:15.800 --> 0:19:18.159 we're still we're still overweight the cash. Now we are 0:19:18.160 --> 0:19:21.560 a small cap manager. Uh, and small caps unfortunately have 0:19:22.160 --> 0:19:26.639 underperformed uh so far year today and they underperformed last year. 0:19:26.680 --> 0:19:29.840 So we're swimming, uh someone against the tide a little 0:19:29.880 --> 0:19:32.239 bit there. But uh, you know the nice thing is 0:19:32.280 --> 0:19:35.120 now we're situated and we've got some cash, um, and 0:19:35.200 --> 0:19:37.840 so we're able to do some things that I think 0:19:37.960 --> 0:19:39.880 unfortunately lot of our peers are not able to give 0:19:39.920 --> 0:19:43.160 in difficulties in the market over but SMA. But small 0:19:43.200 --> 0:19:47.720 caps were up about last year, right, they were still 0:19:47.800 --> 0:19:52.280 lagged large cats significantly. So I do want to bring 0:19:52.320 --> 0:19:56.160 when headline crossing the Bloomberg right now confirming some earlier 0:19:56.160 --> 0:19:59.840 reporting the State Department telling Americans not to travel abroad, 0:20:00.160 --> 0:20:04.159 just coming right out and saying that Carol, that folks 0:20:04.880 --> 0:20:08.040 should stay at home, stay in the country. And you 0:20:08.040 --> 0:20:10.200 know there was some earlier reporting I believe that said 0:20:10.240 --> 0:20:13.880 if you are overseas, uh, and an American get home 0:20:14.240 --> 0:20:17.040 or planned to stay where you are because at some 0:20:17.080 --> 0:20:19.520 point things are going to get shut down. A little 0:20:19.520 --> 0:20:21.720 bit more was my parents would probably have said about this, 0:20:21.760 --> 0:20:24.120 what kind of makes sense? Don't you think? Yeah, it's 0:20:24.119 --> 0:20:27.119 a little bit logical. Um, we are talking with Lamar 0:20:27.200 --> 0:20:30.200 Hillary Portfolio, Magic Villary Fund. So you were saying, no, 0:20:30.320 --> 0:20:32.240 I understand that they lacked, but is there you know, 0:20:32.320 --> 0:20:34.680 in terms of positioning, do you feel like, in terms 0:20:34.720 --> 0:20:37.359 of the opportunities that were out there in the small 0:20:37.359 --> 0:20:42.919 cap universe that you guys just made um some misses here? Uh? No, 0:20:43.080 --> 0:20:46.680 Actually we we we outperformed the you know, if you're 0:20:46.720 --> 0:20:49.320 looking at the balance fund, we're gonna lag of course 0:20:49.320 --> 0:20:51.560 because we hold a bunch of bonds. So oh, in 0:20:51.640 --> 0:20:54.960 all our our equities actually outperformed even the SMP even 0:20:54.960 --> 0:20:56.840 though we were a small cap and kind of swimming 0:20:56.880 --> 0:21:00.000 upstream and how to cash. Our actuaries actually have held 0:21:00.080 --> 0:21:04.320 up fine. Um, you know, obviously in the last several weeks, 0:21:04.320 --> 0:21:07.360 we've had the same challenges as everybody, and so where 0:21:07.359 --> 0:21:11.240 do you put money to work? Here? Sure? So you 0:21:11.280 --> 0:21:14.000 know what we would you know, there's kind of too 0:21:14.200 --> 0:21:15.399 you know, if you're going to put money in the 0:21:15.400 --> 0:21:17.520 market right now, there's really two schools, and thought number 0:21:17.600 --> 0:21:20.720 one is, hey, you know, there are these these companies 0:21:20.840 --> 0:21:23.080 in these stocks that are just massively beat down and 0:21:23.200 --> 0:21:26.000 have lost you know, seventy percent of their value. You know, 0:21:26.040 --> 0:21:30.639 some of these restaurants, hospitality, travel stocks. Um, you know, 0:21:30.800 --> 0:21:33.240 I think there's still too much uncertainty. As you just 0:21:33.280 --> 0:21:35.399