Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm
Speaker 1: Jason Kelly. We're here every day bringing you the latest
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Speaker 1: listen to our radio show weekdays at two pm Eastern
Speaker 1: only on Bloomberg Radio. There were many headlines coming out
Speaker 1: of this morning's Coronavirus Task Force update, a lot of
Speaker 1: it having to do with healthcare and treatments. Uh really
Speaker 1: aimed at controlling the virus or treating the divisus at
Speaker 1: the virus excuse me, um, So I do want to
Speaker 1: get make some sense out of it because there are
Speaker 1: a lot of headlines. Dr Amy Compton Phillips is back
Speaker 1: with us. She's Chief Clinical Officer Executive VP at Providence St.
Speaker 1: Joseph Health. On the phone once again from Everett, Washington.
Speaker 1: Remember we've talked with her several times over the last
Speaker 1: few weeks and her hospital. The system is where the
Speaker 1: first US case of the virus was confirmed. Dr Compton Phillips,
Speaker 1: nice to have you back with us. Forgive me as
Speaker 1: I stumbled at the top and I was reading through
Speaker 1: some of the headlines and just trying to remember all
Speaker 1: the things that we got out of the conference. Uh,
Speaker 1: this morning, the President touting a milarry drug as a
Speaker 1: potential coronavirus treatment. You also heard things about early coronavirus
Speaker 1: drug trials yielding mixed results. Where are we You're there
Speaker 1: on the front line. What's what's what's going on? What
Speaker 1: do you see as potential realistic treatments for this Yeah,
Speaker 1: you know, I think what's really important is for us
Speaker 1: to have a systematic approach to this UM that that
Speaker 1: we can end up playing whack a mole if we
Speaker 1: go after the next bright shiny object. And so what
Speaker 1: we've been really doing here on the West coast, which
Speaker 1: at the moment um, you know, we're neck and neck
Speaker 1: with the York not that we want to, not that
Speaker 1: we want to race to the front of the line
Speaker 1: for this UM, but for having the most cases UM
Speaker 1: in our system right now we're treating. Uh, it's up
Speaker 1: words of about eight hundred people that either have known
Speaker 1: or suspected coronavirus UM, and we're trying to do several things.
Speaker 1: One is we're trying to make sure that we can
Speaker 1: triage people appropriately and get them to the right location
Speaker 1: so that if you happen to have symptoms of the virus,
Speaker 1: and because the testing has taken so long, we can't
Speaker 1: definitively say we do everything we can to take care
Speaker 1: of you in your home if if you can are
Speaker 1: stable enough to be in your home, so we don't
Speaker 1: overwhelm the health care system, right We're trying to make
Speaker 1: sure that in the hospital, if you have to go
Speaker 1: into the hospital, we're putting you with other patients that
Speaker 1: also have UM COVID as well, and so that we
Speaker 1: can minimize use of the PPE. And then if you
Speaker 1: need acute care. We have several ongoing trials of medications
Speaker 1: including UM, the malarial drugs that the President talked about today,
Speaker 1: including some of the direct anti virals UM that you
Speaker 1: heard about in the past few days. So so I
Speaker 1: think by thinking through this UM systematically rather than you know,
Speaker 1: uh thing thing you know all over the place, UM,
Speaker 1: that we can actually kind of get a handle on
Speaker 1: what's going on well and Dr Compton Phillips, it's really
Speaker 1: interesting insights. And I also wanted to ask you, um,
Speaker 1: what you're seeing because one of the headlines that I
Speaker 1: think it's grabbed a lot of people is the population
Speaker 1: that's being infected. And it feels like the narrative is
Speaker 1: shifted there as well, in terms of many more young
Speaker 1: people being not just diagnosed but hospitalized. Are you seeing that?
Speaker 1: Have you seen that? And what should we be taking
Speaker 1: from this latest data? Yeah? You know, that was an
Speaker 1: interpretation by the news previously that young people don't get infected. Um.
Speaker 1: In all the articles and conversations that we've had in
Speaker 1: it with the physicians in China, with the physicians in Italy. Um,
Speaker 1: young people who get infected. It's just that they tend
Speaker 1: to recover at a much higher rate and so that
Speaker 1: the mortality is higher in patients that are older and
Speaker 1: people that have underlying health conditions. But young people absolutely
Speaker 1: get infected, and we're seeing that thing here. Um, they
Speaker 1: end up less often in the I C you on
Speaker 1: a per capita basis, but they do end up um
Speaker 1: seriously ill. And it's one of the reasons why it's
Speaker 1: really we are we are doing everything by hook and
Speaker 1: by crook to make sure that we have enough capacity
Speaker 1: and I cuth because we want to say every single
Speaker 1: person that comes to us with this bad disease UM
Speaker 1: and not not have people, you know, dying for lack
Speaker 1: of access to health care. Is there some medication out there,
Speaker 1: perhaps existing a drug that's already in the system already
Speaker 1: you know, the FDA has pretty much signed off on
Speaker 1: that we can see then maybe another use of UM.
Speaker 1: We have actually tested a couple of different drugs that
Speaker 1: have in other kinds of viral diseases have anti viral
Speaker 1: activity UM that have not worked. But we're absolutely looking
Speaker 1: at the array. And in fact that the malaria drug
Speaker 1: that the President mentioned, hydroxic chloroquin is one that's been
Speaker 1: on the market for decades UM and so that that
Speaker 1: has shown early promise, particularly in China, which is why
Speaker 1: we're standing epithety here as well. UM. And then the
Speaker 1: anti viral drugs while it hadn't been approved yet, it
Speaker 1: was being developed for a bola UM and so what
Speaker 1: had another use and and that's the one right now
Speaker 1: that we have a couple of different clinical trials going
Speaker 1: on to see really if this does work. Dr comp
Speaker 1: Philip's only about forty seconds left here. I got to
Speaker 1: ask you, since we've talked a lot about it testing,
Speaker 1: is it ramping up? How soon will it be in
Speaker 1: your estimation to the point where it's really rolling in
Speaker 1: an effective way. Testing is still a dramatic bottle act um,
Speaker 1: and so part of the challenge is that if for
Speaker 1: every patient that wants to be tested, or every person
Speaker 1: that wants to be tested and doesn't have major symptoms,
Speaker 1: it means people with significant disease in a hospital somewhere
Speaker 1: is not being tested. And so having having really clear
Speaker 1: um when you have a shortage, you have to figure
Speaker 1: out who gets what first. And we are in a
Speaker 1: shortage situation, and as we ramp up over the next month,
Speaker 1: it'll get better. But right now we really need to
Speaker 1: use those tests for the people who need them the most. Listen,
Speaker 1: we always think the time that you give us. Dr
Speaker 1: Amy Compton Phillips, thank you, thank you, Chief Clinical Officer,
Speaker 1: Executive vice president of Providence St. Joseph Health on the
Speaker 1: phone from Everett, Washington. As we've been saying, Jason, they've
Speaker 1: been dealing with it from day one, so really seeing
Speaker 1: how it grows and how you know what what is
Speaker 1: working in terms of treatment, but you can see still
Speaker 1: a struggle. You're listening to Bloomberg Business Week with Carol
Speaker 1: Messer and Jason Kelly on Bloomberg Radio. Let's get down
Speaker 1: to d c Ryan Teague back with I gotta say
Speaker 1: you are so good on the twitters man like I
Speaker 1: follow you and pretty relentlessly. UM, and you're prolific and
Speaker 1: amid all of that, you're also keeping an eye on
Speaker 1: the administration and its reaction. What do we need to
Speaker 1: know at this point? Uh? Yeah, I think it can
Speaker 1: best be explained by a change in my policy against
Speaker 1: when want it or um, I've decided to allow it
Speaker 1: now uh during the UM. Look, the it's just like December.
Speaker 1: We're at the phase now where the federal government is
Speaker 1: mounting a response that is uh, you know, involving uh
Speaker 1: sort of the whole of government approach. UM. And so
Speaker 1: that's the good news. UM. The bad news is that
Speaker 1: that's where we should have been two weeks ago. UM.
Speaker 1: So the delay in that uh centralized the delay in
Speaker 1: the acknowledgement of the problem. UM. The delay in reaction
Speaker 1: led to I think like a knock on effect in
Speaker 1: that these people you see on TV who just aren't
Speaker 1: still aren't taking it seriously. UM, all of those things.
Speaker 1: We're going to pay the price for those uh in
Speaker 1: the days to come. And and ironically that's when people
Speaker 1: will will, I think, who haven't done following this quothly
Speaker 1: will start to feel the most panic. We will actually
Speaker 1: have a much better handle on things at that point
Speaker 1: than we did when no one was panicking, or when
Speaker 1: people weren't panicking enough. I do want to ask you
Speaker 1: Ryan though, in terms of the administration, the President and
Speaker 1: the team that are dealing with this on so many
Speaker 1: different levels, whether its defense, whether health, whether it's financial. UM,
Speaker 1: I do feel like there is a bit of a
Speaker 1: rhythm here, but I do feel like we're also I
Speaker 1: know things are getting past, but I still feel like
Speaker 1: the sense of urgency of getting things done is not
Speaker 1: quite there yet. Am I wrong? No? I don't you know.
Speaker 1: One of my friends Canadian likes to point out that
Speaker 1: after Pearl Harbor, the Canadian Canadian Parliament was actually like
Speaker 1: in session and voted to like go to war like
Speaker 1: on behalf of the United States like and actually like
Speaker 1: enter the war like a you know, it took a
Speaker 1: day for Congress to to get into session to actually
Speaker 1: declare war against Japan. Um, you know, we just aren't
Speaker 1: having that kind of a fast response. I am struck
Speaker 1: a little bit by how much the paradigm in the
Speaker 1: world has shifted. But when you talk to people in
Speaker 1: in Washington, you're still hearing it's, you know, the same
Speaker 1: sort of you know, well, there's been some pieces online. Wow,
Speaker 1: you know we shouldn't the sense like I think this
Speaker 1: is an okay time to deficit spend. Most economists would
Speaker 1: agree that sort of kings the un approach here would
Speaker 1: would be merited in this situation. Um, and the like
Speaker 1: you're you're right, the sense of urgency and doing something
Speaker 1: quickly and and coming up with a response is not there.
Speaker 1: The Senate went into recess um. The House bill kind
Speaker 1: of came over and they were watching on Twitter to
Speaker 1: see if Trump would okay, and like the House Bill
Speaker 1: is just the first step. And this is like I
Speaker 1: can't imagine during the financial crisis that the Senate was
Speaker 1: in recess and like, you know, or we'll get back
Speaker 1: to you, um, general motors, you know, to see if
Speaker 1: we can help you. You remember, correctly, though, they did
Speaker 1: vote down the first stimulus, UH in real time, like
Speaker 1: as the stock market was open and the stock market
Speaker 1: did crash, so the but but then but right but
Speaker 1: then but then seeing that they came back, like, it's
Speaker 1: interesting that you have you've JM and Mary Barr saying,
Speaker 1: you know, we'll help you create, you know, do a
Speaker 1: kind of a war assembly line of defibrillator defibrillators and stuff.
Speaker 1: So I guess in terms of specific programs, do you
Speaker 1: have any insight in terms of UM what we might
Speaker 1: hear whether it's getting Yeah, yeah, I mean, I think
Speaker 1: that there is definitely UH biopartisan agreement on UM sending
Speaker 1: cash to UM directly to households to help get them
Speaker 1: through this. I think that the differences is how much
Speaker 1: and should we means test it UM. That is to say,
Speaker 1: should we not send the checks to people who are wealthy?
Speaker 1: How do we get the checks out? How soon can
Speaker 1: we do it and how much? And do we do
Speaker 1: it on a recurring basis or do we do it
Speaker 1: just one time and then wait and see into it again? UM.
Speaker 1: All of those are big questions that would need to
Speaker 1: be resolved for something like that could be done. But
Speaker 1: I think that there's definitely UH a consensus of the
Speaker 1: things that need to be done. We're just not seeing
Speaker 1: them that, uh, that sort of unified drive to do it. Um. Yes,
Speaker 1: but I think that we will see that. Like I said,
Speaker 1: I feel like the government right now is like back
Speaker 1: in the days when you had to use the slow modem,
Speaker 1: you know, and they sort of like page loading and
Speaker 1: you could sort of watch it load like line by line,
Speaker 1: UM on your Yeah, we're just waiting for that A
Speaker 1: O L dial up sound at this point. All right,
Speaker 1: Ryan teak back with thank you so much. Always good
Speaker 1: to catch up with you. Highly recommend following him on
Speaker 1: Twitter minute to minute, keeping an eye on everything that's
Speaker 1: going on in the nation's capital and across all of
Speaker 1: our coronavirus coverage. You're listening to Bloomberg Business Week with
Speaker 1: Carol Messer and Jason Kelly on Bloomberg Radio. Well, it's
Speaker 1: a team sport when it comes comes to covering Wall Street.
Speaker 1: We know that at Bloomberg. Earlier in the week, we
Speaker 1: talked to Max Abelson about Wall Street being blindsided today,
Speaker 1: that tough guy culture. And as I said earlier in
Speaker 1: the week, if you know this culture like Max Abelson does,
Speaker 1: he as I said, We're to on a great team
Speaker 1: to do this. Michelle Davis, Lennon Nun and Shri Notarajan
Speaker 1: all giving you a sense of man this macho culture.
Speaker 1: Max Uh not going well amid this virus outbreak. Tell
Speaker 1: us what you found. Talking to you, Jason, I can
Speaker 1: honestly tell you improves my spirits. And I've been dealing
Speaker 1: load today. I'm not I'm not kidding. So it's it's
Speaker 1: you're so right. It's so nice to be reminded that
Speaker 1: work concoct agree team And a quick shout out to
Speaker 1: Stefania and our rotator Olivia and Holly Uh. It really
Speaker 1: didn't take a lot of people to get the snapshot
Speaker 1: and what our snapshot of Wall Street showed. And unless
Speaker 1: we this someone's really came to us. It's not as
Speaker 1: if we were not chasing. This was that we found,
Speaker 1: you know, actual fevers on the trading floor of Golden Socks,
Speaker 1: which you know as a bank, like all of the
Speaker 1: big banks, you know, the message from the top is
Speaker 1: if you're feeling sick, go home. What we're finding is
Speaker 1: that there's this really pure bread Wall Street pressure. Now
Speaker 1: some of this pressure sees him is internal from people
Speaker 1: who are making themselves feel this way, and and and
Speaker 1: some of the pressure is coming from middle managers or
Speaker 1: people's bosses to get to work and to and to
Speaker 1: literally get into the office, even when the demands of
Speaker 1: the public health crisis is to stay at home. People
Speaker 1: are feeling pressure on Wall Street that those NonStop demands
Speaker 1: to get into the office, and that that is, um,
Speaker 1: that's that's that's the strange dynamic during during a deadly pandemic.
Speaker 1: God one line in your story about how bankers are
Speaker 1: saying that private you know, privately, they're saying that they
Speaker 1: would be relieved at the markets are temporarily shut because
Speaker 1: you know, then they can if they're not ling, we'll
Speaker 1: well go home and not have any kind of consequences.
Speaker 1: But it does speak to the culture. We think so
Speaker 1: much has changed, you know, from decades ago, from Wall Street,
Speaker 1: the movie, but there's still a lot of that out there. Look,
Speaker 1: I think I think you're right, and you know, I
Speaker 1: just want to um, you know, some something about a
Speaker 1: crisis is so clarifying. It helps you sort of look
Speaker 1: with a clarity on things that we kind of take
Speaker 1: for granted. I think it's important that as journalists, UM,
Speaker 1: Carol I've gotten to know so well over the years
Speaker 1: station you as well. You know, it's important that we
Speaker 1: acknowledge among ourselves that there's a pressure in journalism too
Speaker 1: to um have have to sort of embrace a moment
Speaker 1: um and the cooking no matter what. And I think that,
Speaker 1: you know, it's a cousin to that same wallster culture,
Speaker 1: and you know it's it's certainly, um, we're seeing it
Speaker 1: all around. It's not just by the way inside the
Speaker 1: big banks in thetown. Michelle Davis. My favorite anecdote of
Speaker 1: the Michell Davis has ever gone probably is in the
Speaker 1: story she found people in the wall Hockey who had
Speaker 1: to go into their office would be more watching the world.
Speaker 1: Fargo workers in the nearby building bring their computers out
Speaker 1: to go home at least we want to go to,
Speaker 1: but their bosses wouldn't let them. I have to say,
Speaker 1: can I just max reading your story, I felt the
Speaker 1: same way. I do feel like that there is something
Speaker 1: in the media world, the same thing that you know.
Speaker 1: We don't run away from fires, we like jump into them, um,
Speaker 1: you know, and we when there is a crisis, UM,
Speaker 1: we all kind of want to be out there reporting
Speaker 1: on it and be involved and I think it's it's
Speaker 1: very similar, and I think there is pressure to you know,
Speaker 1: be there and because this is our job, this is
Speaker 1: what we signed up to do. I think that the
Speaker 1: that the compromise, a compromise that not just exists within capitalism,
Speaker 1: but we exist within you know, being healthy and and
Speaker 1: being members of of of a public health community is
Speaker 1: to work as hard as you want to, but to
Speaker 1: work from home when the government and when companies are
Speaker 1: telling us to. I know that that's not statistically possible.
Speaker 1: Literally everyone, you know, my college roommates, Tom Canal is
Speaker 1: a nurse right now in East New York. And it
Speaker 1: was the grocery workers Union market around the corner for
Speaker 1: me in Park Slope. You're in Brooklyn, are behind the counter.
Speaker 1: Not everyone has the luxury to earn a play check
Speaker 1: while we're getting from home to Jeff Greenen, our Bloomberg
Speaker 1: colleague with a story with Michelle Davis about one hundred
Speaker 1: million workers in America who don't have tad s gleave.
Speaker 1: Of course, a shout out to our colleagues in Seattle
Speaker 1: who wrote in a MAZ story highly recommend to all
Speaker 1: our listeners about the drivers for your Amazon packages. Are
Speaker 1: you folks for listening. We're doing Amazon packages and I
Speaker 1: know I am. Amazon deliverers got one wife each from
Speaker 1: their boss before their chifts, saying good luck. I think
Speaker 1: it's just it's just a reality that's across Wall Street,
Speaker 1: but across corporate America right now it's and it's absolutely
Speaker 1: fascinating to see. It absolutely is and it's a mess
Speaker 1: ry not surprising one of the most read stories in
Speaker 1: the terminal because it goes straight to the heart of
Speaker 1: Wall Street culture where you make your living. Max. We're
Speaker 1: so grateful to you, and you know, these are the
Speaker 1: sorts of conversations that we need to keep having to
Speaker 1: some extent because I will say, from a personal perspective, Carol,
Speaker 1: social distancing is successful. I think more so when there's
Speaker 1: peer pressure. You know, when people essentially are able to say, hey,
Speaker 1: great to see you, but if you don't mind, I'm
Speaker 1: just gonna step back here a little bit, or I'm
Speaker 1: not going to take my kid to a playground, or
Speaker 1: I'm not going to do this sorts of thing. Like
Speaker 1: all of us being in this together, it means we
Speaker 1: have to sort of be out there and and sometimes
Speaker 1: make the make the tough choices. Bro A journal. Yeah,
Speaker 1: but you let me drive. Oh no, no, no no, no, honey, please,
Speaker 1: I want to drive. Just drive, baby, the questions, trying
Speaker 1: your job. This is the drive to the globe. Thanks well,
Speaker 1: drying us Dawn on Bloomberg Radio, it is time for
Speaker 1: the drive to the clothes on this Thursday. Doug of course,
Speaker 1: just breaking down the numbers. We've got just about twenty minutes,
Speaker 1: ten minutes excuse me left in today's trading session. Lamar
Speaker 1: Villery is back with us, portfolio manager at Villary Funds.
Speaker 1: They've got roughly two billion dollars in assets under management.
Speaker 1: Lamar joining us on the phone from New Orleans. So, Lamar,
Speaker 1: good to have you here on a day where we're
Speaker 1: actually seeing some gains in the equity markets. Um, talk
Speaker 1: to me a little bit about this environment, because you
Speaker 1: guys have been having a tough time to be fair
Speaker 1: in terms. I'm just looking at some of the performances,
Speaker 1: um that you've you know, had, I think you're to date,
Speaker 1: you're done, and the whole hall market. But even if
Speaker 1: I go back a little bit longer, Um, what's been
Speaker 1: tough about managing in this environment? Sure? Well, you know
Speaker 1: obviously it's a tale of two markets. Um, you know,
Speaker 1: we we we we held up pretty well last year.
Speaker 1: Really the big lag last year was that we were
Speaker 1: overweight cash, which was you know, last year was a
Speaker 1: year where you could buy anything and it went up. Um,
Speaker 1: we're still we're still overweight the cash. Now we are
Speaker 1: a small cap manager. Uh, and small caps unfortunately have
Speaker 1: underperformed uh so far year today and they underperformed last year.
Speaker 1: So we're swimming, uh someone against the tide a little
Speaker 1: bit there. But uh, you know the nice thing is
Speaker 1: now we're situated and we've got some cash, um, and
Speaker 1: so we're able to do some things that I think
Speaker 1: unfortunately lot of our peers are not able to give
Speaker 1: in difficulties in the market over but SMA. But small
Speaker 1: caps were up about last year, right, they were still
Speaker 1: lagged large cats significantly. So I do want to bring
Speaker 1: when headline crossing the Bloomberg right now confirming some earlier
Speaker 1: reporting the State Department telling Americans not to travel abroad,
Speaker 1: just coming right out and saying that Carol, that folks
Speaker 1: should stay at home, stay in the country. And you
Speaker 1: know there was some earlier reporting I believe that said
Speaker 1: if you are overseas, uh, and an American get home
Speaker 1: or planned to stay where you are because at some
Speaker 1: point things are going to get shut down. A little
Speaker 1: bit more was my parents would probably have said about this,
Speaker 1: what kind of makes sense? Don't you think? Yeah, it's
Speaker 1: a little bit logical. Um, we are talking with Lamar
Speaker 1: Hillary Portfolio, Magic Villary Fund. So you were saying, no,
Speaker 1: I understand that they lacked, but is there you know,
Speaker 1: in terms of positioning, do you feel like, in terms
Speaker 1: of the opportunities that were out there in the small
Speaker 1: cap universe that you guys just made um some misses here? Uh? No,
Speaker 1: Actually we we we outperformed the you know, if you're
Speaker 1: looking at the balance fund, we're gonna lag of course
Speaker 1: because we hold a bunch of bonds. So oh, in
Speaker 1: all our our equities actually outperformed even the SMP even
Speaker 1: though we were a small cap and kind of swimming
Speaker 1: upstream and how to cash. Our actuaries actually have held
Speaker 1: up fine. Um, you know, obviously in the last several weeks,
Speaker 1: we've had the same challenges as everybody, and so where
Speaker 1: do you put money to work? Here? Sure? So you
Speaker 1: know what we would you know, there's kind of too
Speaker 1: you know, if you're going to put money in the
Speaker 1: market right now, there's really two schools, and thought number
Speaker 1: one is, hey, you know, there are these these companies
Speaker 1: in these stocks that are just massively beat down and
Speaker 1: have lost you know, seventy percent of their value. You know,
Speaker 1: some of these restaurants, hospitality, travel stocks. Um, you know,
Speaker 1: I think there's still too much uncertainty. As you just
Speaker 1: said with the State Department announcement, there's still too much
Speaker 1: uncertainty to understand exactly how deep things could go here
Speaker 1: and there. You know, these these companies, a lot of
Speaker 1: them have a whole lot of debt. So rather than
Speaker 1: jump into those, I think the better play or the
Speaker 1: more um sort of the safer and more prudent play
Speaker 1: right here, is to invest in companies that really aren't
Speaker 1: impacted by the COVID situation. So companies that um even
Speaker 1: even might even be helped and arguably helped it, but
Speaker 1: at least aren't hurt by it, but that are still
Speaker 1: trading significantly off of their highs. So basically you're looking
Speaker 1: at premium type quality companies that are trading at a
Speaker 1: nice little discounting. So where have you been maybe committing
Speaker 1: So are you committing new money, lamar or give us
Speaker 1: an idea in terms of names that you think are
Speaker 1: interesting at this point and that may be immune from
Speaker 1: the virus. Sure, So so um, you know, obviously the
Speaker 1: healthcare um. One of the companies that that we hold,
Speaker 1: it's actually traded off and is even down a little
Speaker 1: bit today in the strong market is a company called Steris,
Speaker 1: and Steris is the global leader and contamination control. So
Speaker 1: this is you know, they benefit from hospital usage. Any
Speaker 1: attention to infection prevention benefits them. So you look at
Speaker 1: this and think, gosh, these guys, this should be one
Speaker 1: of these stocks that's really popping on the coronavirus scare.
Speaker 1: Well it's not. And the reason it's not is people
Speaker 1: are looking and saying, well, they're they're liable to miss
Speaker 1: their quarter because the number of procedures elective jagers is
Speaker 1: going to go down. And I couldn't agree with that more. However,
Speaker 1: if you're investing for the long run, it's pretty hard
Speaker 1: to make the argument that there isn't going to be
Speaker 1: an increased focus on infection prevention going forward. So um,
Speaker 1: this is the type of thing which is exactly where
Speaker 1: you want to be in a long run. But investors
Speaker 1: I think are looking very short term and just sort
Speaker 1: of dropping everything. And this is one that can be
Speaker 1: picked up at a at a reasonable evaluation. All right,
Speaker 1: Lamar Villary, thank you so much, portfolio manager of four
Speaker 1: Villary funds, looking after about two billion dollars down there
Speaker 1: in New Orleans. Stay safe. Uh, you guys know a
Speaker 1: thing or two about hunkering down. I know, having dealt
Speaker 1: with a lot of natural disasters. This certainly is something
Speaker 1: that is quite widespread and we're dealing with it, Carol,
Speaker 1: across the money markets, across economies. Uh, small businesses, big businesses,
Speaker 1: as Lamar was alluding to. Thanks for listening to Bloomberg
Speaker 1: Business Week. You can subscribe to the podcast on iTunes, SoundCloud,
Speaker 1: or Bloomberg dot com. You can also listen to our
Speaker 1: radio show every weekday at two p m. Eastern only
Speaker 1: on Bloomberg radioh