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Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm

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Speaker 1: Jason Kelly. We're right here every day bringing you the

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Speaker 1: latest news from the world's of business and finance, plus technology, politics, economics,

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Speaker 1: all harnessing the power of Business Week reporters and editors.

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Speaker 1: And of course Carol that's part of a team of

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Speaker 1: twenty seven hundred journalists and analysts more than a hundred

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Speaker 1: and twenty countries and Jason. You can download Bloomberg Business

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Speaker 1: Week on iTunes, SoundCloud, bl Bloomberg dot com. You can

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Speaker 1: also listen to our radio show at two pm Eastern

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Speaker 1: on Bloomberg Radio every weekday, or watch us on YouTube

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Speaker 1: by searching Bloomberg Global News. We continually, of course, update

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Speaker 1: you here on the Bloomberg about what's going on with

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Speaker 1: the virus. And I gotta say, yesterday was I feel

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Speaker 1: like a turning point once again, as we saw surging

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Speaker 1: new cases in a bunch of southern and Western states.

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Speaker 1: We had states reopening plans, putting them on hold, hospitalizations

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Speaker 1: are up. And then Anthony Faucci, the US government's top

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Speaker 1: infectious disease specialist, warning lawmakers that virus cases could top

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Speaker 1: and rise to a hundred thousand a day if behaviors

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Speaker 1: don't change, I can't make an accurate prediction, but it

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Speaker 1: is going to be very disturbing. I will guarantee you that,

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Speaker 1: because when you have an outbreak in one part of

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Speaker 1: the country, even though in other parts of the country

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Speaker 1: they're doing well, they are vulnerable. I made that point

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Speaker 1: very clearly last week at a press conference. We can't

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Speaker 1: just focus on those areas that are having the surge.

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Speaker 1: It puts the entire country at risk. We are now

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Speaker 1: having a quality plus thousand new cases a day. I

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Speaker 1: would not be surprised if we go up to a

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Speaker 1: hundred thousand a day if this does not turn around,

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Speaker 1: and so I am very concerned. Yep, that number got

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Speaker 1: our attention. That's of course Dr Anthony Fauci talking to

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Speaker 1: senators yesterday and hearing held by the Senate Health, Education,

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Speaker 1: Labor and Pensions Committee, and Jason Dyer absolutely well, from

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Speaker 1: one of the nation stop doctors to our top doctor.

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Speaker 1: Dr I and Les bed are back with us, clinical

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Speaker 1: Associate Professor of Medicine at n y U s Linga

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Speaker 1: Medical Center, joining us once again on the phone from

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Speaker 1: New York City. So Ian, when you heard that from

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Speaker 1: Dr Fauci. I'm guessing it didn't shock you given how

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Speaker 1: on the front lines you've been on this, but it

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Speaker 1: has to be disappointing and a little bit scary, especially

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Speaker 1: given that you've been on the front lines of this

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Speaker 1: and seeing what's happened in New York City. Hi, Carol

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Speaker 1: and Jason. Yes, I think most doctors that I speak

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Speaker 1: to certainly are very concerned, and hospitals are concerned, as

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Speaker 1: they should be um to some degree. You know, I

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Speaker 1: think by by not really mandating you know, masks and

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Speaker 1: social isolation, really by giving that as an option, which

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Speaker 1: you know, with multiple states and in a free country,

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Speaker 1: that's certainly one approach. We're really, in a way, uh

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Speaker 1: following the Swedish model, which is letting nature take its course,

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Speaker 1: and when that happens, there's certainly a significant risk. As

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Speaker 1: Dr Fauci says, you know, cases at this point we're

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Speaker 1: about forty or fifty thousand a day. We know they're

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Speaker 1: really much higher because we're really only picking up about

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Speaker 1: one intent or only diagnosing one intent. There are probably

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Speaker 1: ten times more people who have UH COVID than than

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Speaker 1: are actually being picked up by tests. So we're talking

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Speaker 1: hundreds of thousands a day of new cases, and of

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Speaker 1: course that translates into potentially um higher surge on hospitals

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Speaker 1: and health care facilities. And this is what we're seeing

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Speaker 1: across the Sun Belt. Yeah, it's not even it's not

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Speaker 1: even just the surge with hospitals, which is a concern,

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Speaker 1: but really ultimately a higher death rate and then what

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Speaker 1: I like to call post COVID syndrome. Even people who

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Speaker 1: get through it often have a lot of other symptoms

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Speaker 1: and ongoing healthcare issues. So it's it's quite worrisome. Ian,

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Speaker 1: let's talk about that. In anticipation of our conversation, I

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Speaker 1: was talking to others about, um, exactly what you're getting

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Speaker 1: to know. You were the first one, Jason, and I

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Speaker 1: can kind of almost remember the day where you talked

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Speaker 1: about the blood clots, you know, throughout the body, and

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Speaker 1: this was just not something you see often. Talk to

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Speaker 1: us about the implications of that and and the problems

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Speaker 1: that seemed to be maybe staying with some patients even

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Speaker 1: after they recover. Exactly, so this uh and Dr Faucci

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Speaker 1: has said this. He said, this is a virus with

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Speaker 1: protein manifestations, meaning multiple ways of manifesting. We typically think

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Speaker 1: of viruses perhaps as an ammonia or fever, chills and aches,

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Speaker 1: but this virus is unique. We we really can't think

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Speaker 1: of something similar where multiple organs are affected, strokes in

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Speaker 1: the brain, and kidney disease, liver disease, very high liver

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Speaker 1: function test g I disease, nausea, vomiting, diarrhea, and not

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Speaker 1: only that, besides um killing people with blood clots and

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Speaker 1: and so of the latest data show that the virus

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Speaker 1: seems to increase a platelet aggregation or the stickiness of

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Speaker 1: platelets and platelets. Normally, you know, we need to to

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Speaker 1: cause some clotting when you get an injury or a cut,

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Speaker 1: but when there's a massive increase in platelet stickiness, you

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Speaker 1: get clots everywhere. And that probably explains a lot of

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Speaker 1: the you know, severe consequences that we see as a

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Speaker 1: result of these infections. Well, and presumably that ultimately has

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Speaker 1: an impact on a hospital and doctor's abilities to treat

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Speaker 1: a whole host of things, including new cases. But also

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Speaker 1: this long tail, as it were, uh inn of COVID

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Speaker 1: exactly right, So we have the you know, the acute

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Speaker 1: UH injury or the the acute illness, and we're still

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Speaker 1: a bit perplexed why there is a number of patients

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Speaker 1: who have mild to to know symptoms and this is

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Speaker 1: that large young group of people who are asymptomatic. They

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Speaker 1: form a reservoir are they're often feel fine and feel invulnerable.

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Speaker 1: They're not wearing masks. They're potentially transferring this to other

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Speaker 1: people who are older, which is why you know, universal

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Speaker 1: masking is certainly a reasonable request for for all um

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Speaker 1: and then uh, insusceptible patients. You get this really cascade

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Speaker 1: of effects that make people more short of breath, have

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Speaker 1: clots everywhere, and then even if people survive after hospitalization,

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Speaker 1: many have a long term not only psychologic effects but

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Speaker 1: physical effects. Ian when do you realistically still expect a virus?

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Speaker 1: I mean a vaccine mother? So I you know, I

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Speaker 1: think this is encouraging news. Fightser is one of the

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Speaker 1: number of companies Maderna j and j a Estra Zeneca,

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Speaker 1: you know, who are really moving forward. A lot of

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Speaker 1: these studies are going to go into phase three with

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Speaker 1: wider number of patients. The Fighter study is is fairly small,

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Speaker 1: uh you know, forty five patients or so um, but

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Speaker 1: it certainly is encouraging. What we don't know is in

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Speaker 1: a larger number of patients, how many will develop antibodies

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Speaker 1: that are neutralizing, how long those antibodies will last, and

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Speaker 1: will the virus mutate. So I think it is encouraging

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Speaker 1: that we're making progress. It is a unique a way

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Speaker 1: of making UH vaccine with messenger RNA which gets into

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Speaker 1: your own cells and uh UH forms these proteins that

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Speaker 1: are typical of the coronavirus COVID nineteen, typically the spike protein,

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Speaker 1: and then your body forms antibodies to that, so you're

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Speaker 1: not subject to the risk of a live virus. And

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Speaker 1: we think that this is hopefully a better way. It

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Speaker 1: is a relatively new technology, but again there are a

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Speaker 1: lot of hurdles before not only is it proven effective,

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Speaker 1: but it can be ramped up, manufactured and distributed, and

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Speaker 1: probably there'll be several vaccines using similar technology, hopefully with

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Speaker 1: similar efficacy. So I think at some point UH and

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Speaker 1: I'm thinking early, but I think it can be a

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Speaker 1: very bumpy road until we get there where it where

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Speaker 1: it's widespread, and then you have to see how many

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Speaker 1: people we'll be willing to take it. But since we

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Speaker 1: know probably twenty five million or more Americans probably have

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Speaker 1: the virus. Based on that one in ten, we know

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Speaker 1: the death rate is certainly higher than the you know,

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Speaker 1: hundred and twenty five or hundred and fifty thousand people

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Speaker 1: as going to climb much much higher. You know, we're

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Speaker 1: gonna have a lot of shocks to the system, the

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Speaker 1: economic system. Uh. And I think it is this is encouraging,

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Speaker 1: but it's it is an early step in a very

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Speaker 1: long process to to turn things around. I don't mean

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Speaker 1: to be negative. I'm just trying to keep it in perspective.

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Speaker 1: We look to you to keep it real for us. See.

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Speaker 1: And um so speaking of which is speaking of long roads, uh,

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Speaker 1: the road back for New York City. You are there

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Speaker 1: in New York. You saw I'm sure that Major de

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Speaker 1: Blasio and Governor Cuomo said let's slow down a little

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Speaker 1: bit on indoor dining, uh, expansive outdoor dining. This is

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Speaker 1: a cautious reopening, to say the least. Uh, clearly informed

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Speaker 1: by what we see going on in the rest of

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Speaker 1: the country in New York and New York City specifically,

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Speaker 1: not wanting to fall back. What do you make of

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Speaker 1: it so far? The reopening? All right, this is really

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Speaker 1: unexplored territory. We we it's not like there's a template,

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Speaker 1: UH to follow. And I think New York certainly has

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Speaker 1: done remarkably well compared to the rest of the country.

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Speaker 1: We dealt with a major hospital surge, and I think

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Speaker 1: everyone is afraid, justifiably of either a second wave or

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Speaker 1: losing ground, and that would be a real strain on

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Speaker 1: not only the economics the hospital system, and so I

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Speaker 1: think we have to be careful. Certainly, we know outside

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Speaker 1: is better than inside. Wearing masks, having some social distance

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Speaker 1: certainly reduces the risk. Um and I think he's trying

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Speaker 1: to be prudent. It's going to be very difficult to

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Speaker 1: know when is the old clear signal that restaurants can

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Speaker 1: go back, And I think that puts a question on

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Speaker 1: the whole economy and um, yeah, and small business owners,

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Speaker 1: you know they're they're under strain. So I think, um,

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Speaker 1: we do need to get back. The optimal time for

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Speaker 1: that is unclear, and I think if there's any place

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Speaker 1: to begin that, it appears in New York City is

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Speaker 1: ready to take some some forward steps as long as

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Speaker 1: we track and trace and contact trace and make sure

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Speaker 1: we're not seeing any any recurrence or second wave right

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Speaker 1: and we're getting ready for that Phase three reopening. Come

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Speaker 1: to Lyst six um and thank you so much. Have

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Speaker 1: a great holiday, a safe holiday, and of course we'll

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Speaker 1: check in with you next week. Dr I and Lost Beat,

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Speaker 1: our clinical associate professor of Medicine at the n y

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Speaker 1: U Landgoing Medical Center. On the phone from New York City.

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Speaker 1: This is Bloomberg business Week with Carol Mazer and Jason

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Speaker 1: Kelly on Bloomberg Radio. Jason and I talked about this early.

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Speaker 1: It's the perfect beach read, social distancing beach read mind

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Speaker 1: you or stay cation or work from home cation read. Uh,

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Speaker 1: there's lots of from home cation, you know. I think

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Speaker 1: you've a lot of sleep. I'm throwing a lot of

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Speaker 1: words out there. Um. It has stolen Super Bowl rings,

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Speaker 1: it has corporate espionage, and the most famous art heist

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Speaker 1: in modern history. It is time for Business Week's annual

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Speaker 1: Heist issue. It's a double issue, lots of stories of

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Speaker 1: mystery and things gone missing behind it all. Features editor

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Speaker 1: Max Chafkin on the phone from Queen's New York, along

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Speaker 1: with Bloomberg Business Week editor Joe Weber on the phone

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Speaker 1: in Massachusetts. Joel and Max gotta tell you we love

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Speaker 1: this issue, and I feel like it's what everybody needs

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Speaker 1: right now. Well that was why we made it go ahead, Joel. Well,

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Speaker 1: you know, just the third annual Heist issue. It's a

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Speaker 1: huge testament to one Max Chafkin, who has become just

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Speaker 1: the captain of this thing. And you know, Max and

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Speaker 1: I just like all year long or basically like talking

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Speaker 1: about this issue and like putting together our our works

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Speaker 1: in progress list or whip list, and you know, trying

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Speaker 1: to figure out the ones that are gonna make it

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Speaker 1: or not make it. And you know that this issue

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Speaker 1: is a culmination really of that process and a huge

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Speaker 1: testament to him. And you know, all these UM reads.

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Speaker 1: You know, we've always said joke that, um, we want

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Speaker 1: to kind of steal your summer with this issue and

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Speaker 1: and boy, um could we have come out at a

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Speaker 1: better moment in time for that. UM. So hopefully everyone

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Speaker 1: can you know, pack this around all summer long and

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Speaker 1: take their time enjoying it because the stories are just

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Speaker 1: tremendously good. Max, what is your favorite? I mean, you know,

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Speaker 1: I love them all, but the this story that Carol

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Speaker 1: mentioned at the top, the Super Bowl Rings pis um

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Speaker 1: Is is epic and wonderful. It's by Zeeke Fox and

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Speaker 1: I don't want to ruin the whole thing. Um, but

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Speaker 1: it's about a very very very committed New England Patriots

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Speaker 1: fans who decided, uh in basically that thirteen years ago

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Speaker 1: to get revenge on on the Giants, and the way

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Speaker 1: he decided to do that was by sealing their Super Bowl.

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Speaker 1: Now and it wasn't even the biggest heist that he

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Speaker 1: went math for that, you'll have to read the story. Um. Uh.

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Speaker 1: You know, you guys talked with clear Subteth yesterday, um

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Speaker 1: about her story about the Gardner Museum where this five

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Speaker 1: million dollar mystery remains, this this sort of thing in

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Speaker 1: the art world that no one has ever been able

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Speaker 1: to crack. Um. My favorite little detail about that is

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Speaker 1: we call it we've called it the case of the

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Speaker 1: Empty Frames because the museum has to keep the frames

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Speaker 1: empty on the walls because otherwise the the entire museum

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Speaker 1: would actually turn over to Harvard and they have to

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Speaker 1: keep things exactly as they were when the eras handed

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Speaker 1: them down and created the museum. Um. So it's like

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Speaker 1: a heist within a heist if they you know, if

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Speaker 1: they act out of line. Um and and the stories

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Speaker 1: just kind of keep going. There's an amazing one that

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Speaker 1: we just published today by Natalie Obico Pearson Um about

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Speaker 1: Huawei and Canada where there was once a company called Nortel,

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Speaker 1: a mysterious hack um sink that company Whahwei. It coincides

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Speaker 1: with basically the moment in time that Huawei really started

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Speaker 1: to emerge as a dominant force. And actually, uh Huahwei

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Speaker 1: ended up hiring a whole team of Nortel engineers who

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Speaker 1: basically ended up being the ones that built five g

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Speaker 1: at Wahwei. Uh. So all of these stories, it's a

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Speaker 1: way of talking. And there's another one that we'll talk

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Speaker 1: more about tomorrow. I hope um that make it very

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Speaker 1: of the moment. So it's a way for us to

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Speaker 1: be both timely and and timeless, which is sort of

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Speaker 1: one of my favorite attributes that we try and do it.

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Speaker 1: They're just so much fun. So, Max, I'm just curious

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Speaker 1: about the conversations you guys have in the news room

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Speaker 1: when you are putting this together. You gotta think about

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Speaker 1: it. It It comes out every year at least for the

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Speaker 1: last four years, so you know what goes on in

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Speaker 1: the newsroom as you get ready, you know, and you

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Speaker 1: plan for this well so I mean these are mostly fun.

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Speaker 1: Really not every story in this issue is what I

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Speaker 1: would call, you know, a hundred percent fall laugh. Um.

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Speaker 1: But but for the most part, we're talking about stories

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Speaker 1: that are fun and entertaining to report and and and

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Speaker 1: entertaining to write and entertaining to read. And so you know,

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Speaker 1: the reporters in the newsroom like this issue. It's a

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Speaker 1: it's a kind of journalist favorite and um. And so yeah,

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Speaker 1: throughout the year, you know, we're, like Joel said, you know,

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Speaker 1: we're fielding pitches, um for these stories. The Super Bowl

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Speaker 1: one that I mentioned was uh, you know months in

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Speaker 1: the making. I think we first started talking about it

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Speaker 1: in October and November of last year. Um and uh

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Speaker 1: and and and so it's it's kind of a combination

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Speaker 1: of just sort of over the year, uh, you know,

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Speaker 1: fielding a bunch of pitches, but then also trying to

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Speaker 1: be a little bit imaginative and think about, you know,

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Speaker 1: what are some what are business stories that you wouldn't

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Speaker 1: necessarily think of as a conventional heist story, but that

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Speaker 1: could be thought of that way. And and and that's

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Speaker 1: one that's like the North Tell story that that Joel mentioned,

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Speaker 1: you know, also by the way Happy Canada Day everybody.

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Speaker 1: I mean, the story is about a Canadian national champion

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Speaker 1: that um was you know, through its own hand, through

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Speaker 1: the market, and through a hack was destroyed. And so

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Speaker 1: it's not it's not a straight up heist, but it

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Speaker 1: is a story where there where some theft plays a role,

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Speaker 1: and there's also kind of a sort of business theft

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Speaker 1: that is like one company taking another company's market share.

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Speaker 1: So we try to take you know, a a sort

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Speaker 1: of broader view of heist. And then we and then

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Speaker 1: but of course they have to have some like just

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Speaker 1: classic you know, take the painting type type type stories

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Speaker 1: and and and we actually have two of us issues.

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Speaker 1: So so it's it's a mix Canada Dayay a zoom

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Speaker 1: cocktail party for that one a little bit later on.

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Speaker 1: So Max, just one last quick question for you. I mean,

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Speaker 1: as you odd about this issue, and as Joel pointed out,

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Speaker 1: you know, this is one that you're talking about for

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Speaker 1: months and months and months of in advance. Obviously the

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Speaker 1: world changed pretty dramatically over the past four or five months.

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Speaker 1: How does pandemic sort of infuse a project like this

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Speaker 1: other than everybody's working remotely and you're probably doing to

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Speaker 1: Carol's point just a minute ago, a lot more zoom calls.

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Speaker 1: But how does it affect it editorially? Yeah, I mean

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Speaker 1: in terms of the process, that's all the usual tough

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Speaker 1: stuff that everybody's going through. Um. But but in Turm,

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Speaker 1: we we thought a lot about how to how to

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Speaker 1: treat the pandemic because on one hand, you know, maybe

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Speaker 1: maybe people don't want to read anything about you know,

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Speaker 1: an art and art theft or something like that, because

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Speaker 1: you know it couldn't be furthest thing, furtherest from your

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Speaker 1: mind right now. And and our thought was like, look,

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Speaker 1: people need a break where people are ready to obviously

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Speaker 1: that there's there's room for um, there's room for all

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Speaker 1: kinds of stories and the pandemic. There is a teachy

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Speaker 1: bit of pandemic in this issue. Um. But we just thought,

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Speaker 1: you know, time to give people a little bit of

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Speaker 1: a break, let them let them read some read some

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Speaker 1: news and read some stories that that that you know,

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Speaker 1: don't touch on this mullable thing that we're going through

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Speaker 1: in and hopefully you know, readers will appreciate that. Yeah,

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Speaker 1: I think it's great timing. Jason and I are still

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Speaker 1: talking about the b story. We just love that one

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Speaker 1: from from last year. Alright, re up that. Go to

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Speaker 1: business week dot com and re up that. Max Chafkin,

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Speaker 1: thank you so much, Features editor for Bloomberg, the architect

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Speaker 1: of the heist issue. Or thanks as well to Joe Webber,

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Speaker 1: the editor of Bloomberg Business Week. You're listening to Bloomberg

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Speaker 1: Business Week with Carol Masser and Jason Kelly on Bloomberg Radio,

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Speaker 1: and it's time to do a little Business Week economics.

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Speaker 1: Let's talk about everything that's going on in the world

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Speaker 1: of economics, Carol, because those FED minutes obviously very important

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Speaker 1: in terms of setting the tone. UM. Happy to catch

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Speaker 1: up with Winny Catalano. Yeah, he's a chief market strategist

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Speaker 1: of its Duyveson Capital Management, global investment strategist at Defoe

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Speaker 1: Red Mound on the phone for New Jersey. I'm being

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Speaker 1: nice to have you back with us. How are you.

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Speaker 1: I'm doing well, How are you doing okay? I'm trying

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Speaker 1: to make sense, you know, and just watching the virus developments,

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Speaker 1: watching the economy, watching the market moves. UM, and of

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Speaker 1: course we have those FED minutes earlier. You have some

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Speaker 1: thoughts about the role of the FED, in which you

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Speaker 1: talk about perpetuating a broken economic system. How so okay,

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Speaker 1: several years ago I had an email debate going on

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Speaker 1: with the then Minneapolis FED president Narayana cut up Coda,

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Speaker 1: I believe is how you pronounced his name. I asked

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Speaker 1: a simple question, is the Fed back stopping bad economic behavior?

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Speaker 1: Of course, that can happen from time to time, And

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Speaker 1: his response was an interesting one. It was that they

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Speaker 1: are appointed officials and it is not their job to

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Speaker 1: um to do to disagree with say they might disagree with,

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Speaker 1: but it's not their job to implement different policy than

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Speaker 1: elected officials, meaning politicians. And I just let that thought. Okay,

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Speaker 1: it's sunk in for a while, and then I'm looking

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Speaker 1: at the way the market has how the ft has behaved,

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Speaker 1: and the markets have behaved in the economy and everything

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Speaker 1: else over the years. And a couple of other things

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Speaker 1: sorted to fall into place, which deals with the fact

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Speaker 1: that we're in an economic system which I call neoliberalism,

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Speaker 1: which is the replacement from Keynesianism. And there are certain

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Speaker 1: dynamics and elements that happened within this economic system of

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Speaker 1: neoliberalism that involved a proactive the central bank. So now

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Speaker 1: if you put those two things together. What you get

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Speaker 1: is you get a proactive FED. Uh, not reactive like

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Speaker 1: it had been in the past. But since the mid

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Speaker 1: nineteen nineties, the FET has been proactive. It's been stepping in,

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Speaker 1: has been um avoiding, doing its best to have the

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Speaker 1: economy avoid an economic downturn. You know, recessions happen and

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Speaker 1: we end up getting these uh ten year period big

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Speaker 1: hits to the economy because they don't allow the normal

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Speaker 1: process to occur. So the FED is acting in this

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Speaker 1: proactive manner. Elected officials love that idea because they don't

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Speaker 1: have to make the hard choices. And we do need

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Speaker 1: a new economic system because clearly neoliberalism is run its course.

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Speaker 1: Just like Caijianism run its course. Neoliberalism is run its course.

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Speaker 1: We need something new, but it's not going to happen

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Speaker 1: because I called the FED the monetary uh pueterion guard. Uh.

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Speaker 1: They are the protectors of the emperor, the protectors of

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Speaker 1: the empire. Alright, alright, we got a lot of questions,

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Speaker 1: so you get it. Wait, hold on a second, So

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Speaker 1: so go ahead, James, I think you've got something. Well,

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Speaker 1: I mean, I have many questions, but how much of

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Speaker 1: this is crisis induced Vinny, and how much of this

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Speaker 1: was just going on before and now it's much more apparent. Okay,

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Speaker 1: everything seems to be a crisis. At least in terms

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Speaker 1: this is a big one. I think we can agree

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Speaker 1: this is a pretty big This is a big one,

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Speaker 1: and this was needed. And this is where the FED

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Speaker 1: traditionally has been reactive. It's necessary to do because of

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Speaker 1: what's happened circumstances, you know, uh, force the situation. But

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Speaker 1: in prior periods, at the end off and the early

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Speaker 1: part of when they went into the QUEUEI to infinity toolbox,

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Speaker 1: it was at a point in time in which the

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Speaker 1: financial markets were turning down, the economy was getting a

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Speaker 1: little bit weak. It wasn't necessary at that point in time,

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Speaker 1: at least from what I can tell that they had

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Speaker 1: a step in at that at that particular juncture. So

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Speaker 1: there were points along the way in which they did

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Speaker 1: things that did not allow the economy to go through

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Speaker 1: it's normal creative, destructive process, as painful as that is,

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Speaker 1: and then things build up and build up and build up,

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Speaker 1: and then something comes along a catalyst, So this one

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Speaker 1: was unusual, and then we end up with where we're

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Speaker 1: at now. All right, So Okay, we've only got about

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Speaker 1: two minutes a little bit over. So what what should

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Speaker 1: be the new economic system? And the other thing that

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Speaker 1: I need to ask you. If the FETE did not

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Speaker 1: come in after the Great Recession, after what's happened with

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Speaker 1: the COVID shutdown, I am worried about what might have

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Speaker 1: happened essentially to our economy, our market environment, um kind

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Speaker 1: of to our system. Are you saying that we should

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Speaker 1: have just let it come undone? No? Not. At those

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Speaker 1: points in time it was necessary to step in. They

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Speaker 1: did what they needed to do to stabilize the system,

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Speaker 1: to help the economy get out of a bad situation.

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Speaker 1: But then along the way it stepped in repeatedly because

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Speaker 1: of this market centric mentality of what neoliberalism is. And

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Speaker 1: so therefore the FETE is just reflecting back on ideology.

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Speaker 1: What a system that will replace it? I don't know.

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Speaker 1: I don't know what it is. I just know the process. Finny, Jenny,

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Speaker 1: you can't come up and tell me it's this huge

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Speaker 1: problem and they not have a solution. You're a man

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Speaker 1: of solutions, Vinny, Well, you know that's a great point.

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Speaker 1: What you need is what they call Erik Coffer called

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Speaker 1: a man of words, let's call him a person of words,

428
00:24:25,840 --> 00:24:29,680
Speaker 1: somebody who writes the economic theory that then gets adopted

429
00:24:29,680 --> 00:24:33,200
Speaker 1: by the person of action. And if you look at neoliberalism,

430
00:24:33,240 --> 00:24:37,480
Speaker 1: the person of words was Milton Friedman, Frederick Kayak fifties

431
00:24:37,480 --> 00:24:41,040
Speaker 1: and sixties. And then along comes roun Oreagan, Margaret Santra Boom,

432
00:24:41,080 --> 00:24:44,040
Speaker 1: it gets implemented. Those are the people of action. Listen,

433
00:24:44,080 --> 00:24:46,320
Speaker 1: I will say, I will say, and we're running out

434
00:24:46,320 --> 00:24:47,840
Speaker 1: of time, but this is one of those things we could,

435
00:24:47,840 --> 00:24:49,320
Speaker 1: you know, sit down at a bar, have some good

436
00:24:49,359 --> 00:24:51,120
Speaker 1: red wine and really talk about it for a long time.

437
00:24:51,160 --> 00:24:53,320
Speaker 1: But I do agree that there are some things in

438
00:24:53,320 --> 00:24:57,359
Speaker 1: our economic system that we know, and certainly these crises

439
00:24:57,359 --> 00:25:00,280
Speaker 1: continue to lay it out for us that we need

440
00:25:00,359 --> 00:25:02,879
Speaker 1: to look at our system and maybe rework some things

441
00:25:02,880 --> 00:25:06,320
Speaker 1: so that it works better. Vinny um, always provocative. Have

442
00:25:06,359 --> 00:25:09,160
Speaker 1: a great holiday. Nice to check in with you. Yeah,

443
00:25:09,280 --> 00:25:13,240
Speaker 1: be well. Vinny Catalana, Chief Market Strategy at Stuyveston Capital Management,

444
00:25:13,240 --> 00:25:15,399
Speaker 1: Global Investment Strategies at the Faux Red Mount, on the

445
00:25:15,400 --> 00:25:18,639
Speaker 1: phone from New Jersey. This is Bloomberg Business Week with

446
00:25:18,720 --> 00:25:23,200
Speaker 1: Carol Masser and Jason Kelly on Bloomberg Radio. Let's get

447
00:25:23,240 --> 00:25:26,760
Speaker 1: to our next story. Emily Chason is back with us.

448
00:25:27,119 --> 00:25:30,440
Speaker 1: She's talking about what we're all doing, which is working

449
00:25:30,480 --> 00:25:34,400
Speaker 1: from home, Carol, and she is here to talk about

450
00:25:34,800 --> 00:25:37,600
Speaker 1: what we do in a green world? Can we be

451
00:25:37,760 --> 00:25:40,720
Speaker 1: sustainable while we're working from home? I would like to

452
00:25:40,760 --> 00:25:44,000
Speaker 1: be Emily Jason shed on the phone, tell me what

453
00:25:44,040 --> 00:25:51,320
Speaker 1: we should be thinking about. Yeah, hi, Green newsletter this week. UM,

454
00:25:51,359 --> 00:25:55,560
Speaker 1: I was looking at what happened when everybody works from home,

455
00:25:55,680 --> 00:26:00,080
Speaker 1: and you know, daily US carbon emissions were down in

456
00:26:00,200 --> 00:26:03,080
Speaker 1: March to early June. So just eliminating the commute with

457
00:26:03,200 --> 00:26:07,119
Speaker 1: a huge impact in terms of reducing emissions. Um. But

458
00:26:07,200 --> 00:26:08,680
Speaker 1: it turns out that's the only part of the story.

459
00:26:08,680 --> 00:26:11,439
Speaker 1: While all these people were working from home. UM. We

460
00:26:11,520 --> 00:26:14,240
Speaker 1: also talk to Google, and Google found that the number

461
00:26:14,280 --> 00:26:18,640
Speaker 1: of people searching for how to live a sustainable lifestyle

462
00:26:18,680 --> 00:26:22,879
Speaker 1: increased by four thousand five during the coronavirus period. So

463
00:26:22,920 --> 00:26:25,639
Speaker 1: people are trying to be more sustainable at home. I

464
00:26:25,680 --> 00:26:27,640
Speaker 1: love your story because what you say when it comes

465
00:26:27,640 --> 00:26:30,840
Speaker 1: to as Google searches, people are searching on composting, switching

466
00:26:30,840 --> 00:26:34,960
Speaker 1: to green energy providers. That has all become populars popular,

467
00:26:35,080 --> 00:26:38,320
Speaker 1: I mean people. I do agree that folks don't laugh

468
00:26:38,359 --> 00:26:42,240
Speaker 1: at me, Jason, I'm because I can only see the

469
00:26:42,359 --> 00:26:44,840
Speaker 1: very top of your head because sorry, I had to

470
00:26:44,880 --> 00:26:47,399
Speaker 1: stand up now. But what's interesting, Emily is we've been

471
00:26:47,440 --> 00:26:51,920
Speaker 1: having this conversation, whether it's talking about sustainability, whether it's

472
00:26:51,920 --> 00:26:54,760
Speaker 1: about race and diversity, Like we're all at home kind

473
00:26:54,760 --> 00:26:56,760
Speaker 1: of really looking or you know, what we're eating. We

474
00:26:56,840 --> 00:26:59,359
Speaker 1: talked about this with Impossible Foods the CFO, like what

475
00:26:59,400 --> 00:27:02,320
Speaker 1: we're eating, we're really looking, taking a deep dive into

476
00:27:02,400 --> 00:27:06,240
Speaker 1: our life and looking at kind of our actions and

477
00:27:06,240 --> 00:27:08,840
Speaker 1: and that plays into what you write about in terms

478
00:27:08,880 --> 00:27:12,800
Speaker 1: of sustainability. Yeah, I mean when you're home, all the

479
00:27:12,880 --> 00:27:15,000
Speaker 1: stuff that's visibility. You know, most people haven't sent that

480
00:27:15,040 --> 00:27:16,320
Speaker 1: much time in their home or it just kind of

481
00:27:16,359 --> 00:27:18,960
Speaker 1: come in and out every day, and you know, it's

482
00:27:18,960 --> 00:27:20,480
Speaker 1: spending all the time really well, what am I really

483
00:27:20,480 --> 00:27:22,760
Speaker 1: doing here? And it's very visible to you. And the

484
00:27:22,800 --> 00:27:25,200
Speaker 1: things that you can do to actually reduce your emissions

485
00:27:25,240 --> 00:27:28,439
Speaker 1: impact or maybe not that obvious, like using the dishwasher

486
00:27:28,680 --> 00:27:33,880
Speaker 1: is more energy and water efficient than hand washing dishes. Um,

487
00:27:33,960 --> 00:27:36,879
Speaker 1: using cold laundry cold water to wash your clothes and

488
00:27:36,920 --> 00:27:39,679
Speaker 1: the laundry um, says a huge amount of emissions. Like

489
00:27:39,680 --> 00:27:42,080
Speaker 1: if you talk to practor and Gamble or seven generations,

490
00:27:42,119 --> 00:27:44,080
Speaker 1: they'll say that that is a huge impact. I do

491
00:27:44,119 --> 00:27:47,520
Speaker 1: almost all my laundry and cold water really, yeah, forever.

492
00:27:47,600 --> 00:27:49,520
Speaker 1: And part of it is because it's better on your clothes,

493
00:27:49,560 --> 00:27:52,520
Speaker 1: because hot water really in terms of the colors and pigments.

494
00:27:52,520 --> 00:27:55,200
Speaker 1: So I almost always do all cold water and almost

495
00:27:55,240 --> 00:27:57,280
Speaker 1: all of my clothes. I'm sorry. And one of the

496
00:27:57,680 --> 00:28:00,760
Speaker 1: ones today we found the still read this week about

497
00:28:00,800 --> 00:28:03,119
Speaker 1: toilet paper. Um, I guess the stuff that we were

498
00:28:03,119 --> 00:28:05,240
Speaker 1: getting in the office is made of more recycled content,

499
00:28:05,560 --> 00:28:07,400
Speaker 1: and the fluffier stuff you buy at home is made

500
00:28:07,440 --> 00:28:10,080
Speaker 1: of more virgin wood pulp from trees. Oh my god.

501
00:28:10,359 --> 00:28:13,280
Speaker 1: We went so deep on that story, Emily. It was actually,

502
00:28:13,359 --> 00:28:18,639
Speaker 1: I think disturbing to our listeners because we talked at nauseam. Emily.

503
00:28:18,680 --> 00:28:20,800
Speaker 1: It was a t m I moment. Yeah, it was

504
00:28:20,880 --> 00:28:23,720
Speaker 1: just there was so much about buying habits and and

505
00:28:23,800 --> 00:28:26,760
Speaker 1: I just I'm glad you weren't listening. But it is

506
00:28:26,800 --> 00:28:28,960
Speaker 1: an important story. It's an important piece of the story.

507
00:28:29,000 --> 00:28:31,399
Speaker 1: But it's an awareness, right like we had we have

508
00:28:31,520 --> 00:28:34,240
Speaker 1: had now the soft toilet paper conversation at home and

509
00:28:34,720 --> 00:28:37,040
Speaker 1: we might have to rethink that. I mean, my husband's like,

510
00:28:37,040 --> 00:28:39,720
Speaker 1: do you really need that's love stuff? And you know,

511
00:28:39,760 --> 00:28:44,200
Speaker 1: but but we're thinking about this stuff, right Yeah. Well,

512
00:28:44,240 --> 00:28:46,000
Speaker 1: I guess you know. One thing that's interesting about they

513
00:28:46,000 --> 00:28:48,640
Speaker 1: two is there's a lot more single use classic out there.

514
00:28:48,680 --> 00:28:51,520
Speaker 1: People are seeing the masks and the gloves on the

515
00:28:51,560 --> 00:28:53,680
Speaker 1: ground and thinking, oh, well, am I using all the

516
00:28:53,680 --> 00:28:55,840
Speaker 1: classic And you know, when you limiting your commute, you're

517
00:28:55,840 --> 00:28:59,040
Speaker 1: actually probably reducing some of your single use plasticause you

518
00:28:59,040 --> 00:29:01,320
Speaker 1: don't have that coffee cut to go or anything like that.

519
00:29:01,600 --> 00:29:04,400
Speaker 1: But um, you know, the plastics industry has really pushed

520
00:29:04,880 --> 00:29:07,120
Speaker 1: but you know, their stuff is safe right now. And

521
00:29:07,200 --> 00:29:09,880
Speaker 1: a screen piece just this month put out a piecing

522
00:29:10,040 --> 00:29:12,160
Speaker 1: you know, usable bags and cups are still safe, Like

523
00:29:12,200 --> 00:29:15,000
Speaker 1: they didn't want UM people to think that you have

524
00:29:15,080 --> 00:29:16,680
Speaker 1: to do single use to be safe. You can still

525
00:29:16,680 --> 00:29:19,760
Speaker 1: wash things and they're still safe from coronavirus. Yeah. I

526
00:29:19,760 --> 00:29:21,720
Speaker 1: think we need to understand that we're on a mission

527
00:29:21,720 --> 00:29:23,400
Speaker 1: in our home to get rid of UM. And I'm

528
00:29:23,440 --> 00:29:26,480
Speaker 1: really sorry Ziplock, but Ziplock bags and things like we've

529
00:29:26,480 --> 00:29:28,840
Speaker 1: been buying a lot of those. The new kinds of

530
00:29:28,920 --> 00:29:32,280
Speaker 1: is its silicone, silicon, um, the plastic and stuff that's

531
00:29:32,320 --> 00:29:34,840
Speaker 1: supposed to be safer in terms of what the wax

532
00:29:34,920 --> 00:29:38,720
Speaker 1: paper and yeah, like really rethinking that because you can

533
00:29:38,760 --> 00:29:42,800
Speaker 1: go through so much of that stuff. Yeah, Well, it's

534
00:29:42,920 --> 00:29:45,120
Speaker 1: it's interesting to change when people change habits to when

535
00:29:45,120 --> 00:29:48,440
Speaker 1: you do that or like you know, stop buying straws um,

536
00:29:48,480 --> 00:29:50,560
Speaker 1: but you do it. It's kind of hard and Sustainbillard

537
00:29:50,600 --> 00:29:52,600
Speaker 1: to unsee it. Right. Once you see something and you

538
00:29:52,640 --> 00:29:54,080
Speaker 1: start doing it, you're kind of not going to go

539
00:29:54,120 --> 00:29:58,320
Speaker 1: backwards on that behavior. Um. So it's pretty interesting as

540
00:29:58,320 --> 00:30:01,880
Speaker 1: people adopt it and its they're going to stay home more. Um.

541
00:30:02,120 --> 00:30:05,560
Speaker 1: That just to be sort of a long term impact. Well,

542
00:30:05,600 --> 00:30:07,360
Speaker 1: and I will say, and I know you experienced this

543
00:30:07,440 --> 00:30:11,000
Speaker 1: to Carol. Kids are a great check on this, especially

544
00:30:11,000 --> 00:30:14,960
Speaker 1: teenagers who are definitely much more environmentally aware of calling

545
00:30:15,040 --> 00:30:17,840
Speaker 1: us out on you know, things, whether it's single use

546
00:30:17,880 --> 00:30:21,400
Speaker 1: stuff for I don't know, I'm just spitballing here printing uh.

547
00:30:21,440 --> 00:30:24,560
Speaker 1: In any case, Emily Chason, thank you so much, sustainability

548
00:30:24,640 --> 00:30:27,800
Speaker 1: editor for Bloomberg, joining us on the phone from New

549
00:30:27,880 --> 00:30:35,520
Speaker 1: York City. I'm bro journal Yeah, but you let me drive?

550
00:30:35,800 --> 00:30:39,760
Speaker 1: Oh no, no, no, no, who's going to honey? Please,

551
00:30:39,840 --> 00:30:43,480
Speaker 1: I'll do the right revel I want to drive ball,

552
00:30:45,960 --> 00:30:59,240
Speaker 1: just drive baby, questions trying. This is the Drive to

553
00:30:59,280 --> 00:31:06,280
Speaker 1: the Globe that COMMU Boomberg Radio and it's time for

554
00:31:06,400 --> 00:31:09,120
Speaker 1: the Drive to the clothes. Let's head south. Check back

555
00:31:09,160 --> 00:31:12,280
Speaker 1: in with Kara Murphy, chief investment officer for Goldman Sex

556
00:31:12,360 --> 00:31:16,160
Speaker 1: Personal Financial Management, joining us on the phone from Dallas.

557
00:31:16,280 --> 00:31:19,920
Speaker 1: Also a proud Hoya I will point out alma of

558
00:31:20,160 --> 00:31:23,080
Speaker 1: that fine institution. Kara. Great to have you back with

559
00:31:23,160 --> 00:31:27,520
Speaker 1: Carol and myself. So what's it like in Dallas right now? Well,

560
00:31:27,560 --> 00:31:31,520
Speaker 1: it's amazing how quickly we've gone to being relatively unaffected

561
00:31:31,560 --> 00:31:35,840
Speaker 1: by COVID to a new hot spot. So it hasn't

562
00:31:35,920 --> 00:31:39,200
Speaker 1: changed too much, but definitely the headlines out So your

563
00:31:39,200 --> 00:31:42,760
Speaker 1: life hasn't changed that much. Well, we've we've been locked

564
00:31:42,800 --> 00:31:45,080
Speaker 1: down since mid March. You know, I spend a lot

565
00:31:45,120 --> 00:31:48,200
Speaker 1: of walking up and down my street, not going to restaurants,

566
00:31:48,240 --> 00:31:51,440
Speaker 1: and so you know that really hasn't changed. But driving around,

567
00:31:51,800 --> 00:31:54,400
Speaker 1: you know recently you had seen definitely more people out

568
00:31:54,400 --> 00:31:57,800
Speaker 1: and about. Um, I think that's probably starting to change again.

569
00:31:57,880 --> 00:32:00,440
Speaker 1: But you know, personally we're hold up like every boy else.

570
00:32:01,360 --> 00:32:03,720
Speaker 1: So what does it mean as we you know, Jason

571
00:32:03,720 --> 00:32:05,200
Speaker 1: and I kind of kid that, you know, we make

572
00:32:05,200 --> 00:32:06,840
Speaker 1: a little bit of progress and then we fall back.

573
00:32:06,920 --> 00:32:08,800
Speaker 1: I mean, that's certainly what we're seeing here in terms

574
00:32:08,840 --> 00:32:12,120
Speaker 1: of the reopening UM. But it's not just about the reopening.

575
00:32:12,120 --> 00:32:15,360
Speaker 1: It's about the implications it has obviously on individuals on

576
00:32:15,400 --> 00:32:18,760
Speaker 1: the economy. UM. Markets seem to be okay with it,

577
00:32:18,920 --> 00:32:23,600
Speaker 1: so there is that disconnect, But how do you see it? Yeah,

578
00:32:23,920 --> 00:32:26,960
Speaker 1: it's interesting because I think we can expect that there

579
00:32:26,960 --> 00:32:28,800
Speaker 1: are going to be a lot of fits and starts

580
00:32:28,840 --> 00:32:32,000
Speaker 1: with this virus for quite some time, so we're probably

581
00:32:32,040 --> 00:32:34,360
Speaker 1: going to have to get used to this. UM. But

582
00:32:34,440 --> 00:32:37,360
Speaker 1: when we look very broadly at the market, and it's

583
00:32:37,400 --> 00:32:40,240
Speaker 1: incredible to say this given all of the volatility that

584
00:32:40,280 --> 00:32:42,400
Speaker 1: we've seen over the last couple of months, but when

585
00:32:42,440 --> 00:32:45,440
Speaker 1: we look at the market today, it feels about fairly valued.

586
00:32:45,920 --> 00:32:48,120
Speaker 1: And one way that we look at it is, you know,

587
00:32:48,160 --> 00:32:51,200
Speaker 1: on purely evaluation basis, if you compare where we are

588
00:32:51,240 --> 00:32:55,040
Speaker 1: today to a very long term historical average, we look expensive.

589
00:32:55,640 --> 00:32:58,200
Speaker 1: But that if you isolate those periods in history where

590
00:32:58,240 --> 00:33:01,320
Speaker 1: inflation is low and stable as it is today, we

591
00:33:01,400 --> 00:33:04,560
Speaker 1: look about in line with those periods, so that could

592
00:33:04,640 --> 00:33:07,320
Speaker 1: mean that that likely means going forward, we can expect

593
00:33:07,320 --> 00:33:10,360
Speaker 1: stock returns to be about mid single digits, in line

594
00:33:10,400 --> 00:33:13,560
Speaker 1: with near term earnings growth. Um. But it feels like

595
00:33:13,560 --> 00:33:17,840
Speaker 1: we're about where we should be. So that's kind of

596
00:33:17,840 --> 00:33:20,720
Speaker 1: an amazing place to be here. And I was about

597
00:33:20,760 --> 00:33:25,080
Speaker 1: to stay June, but it's actually July. So what's an

598
00:33:25,120 --> 00:33:28,160
Speaker 1: investor to do? I mean, I I look at this,

599
00:33:28,240 --> 00:33:31,080
Speaker 1: you know, both from a professional perspective, but also as

600
00:33:31,080 --> 00:33:32,800
Speaker 1: a guy who as a four oh one k who

601
00:33:32,880 --> 00:33:35,880
Speaker 1: you know, sort of watched everything really plummet and then

602
00:33:35,920 --> 00:33:39,560
Speaker 1: come back. But I'm still worried because I see the

603
00:33:39,640 --> 00:33:43,920
Speaker 1: headlines and everything around the virus as well, you know,

604
00:33:44,000 --> 00:33:48,920
Speaker 1: I see governors and mayors being very very cautious. Uh,

605
00:33:48,960 --> 00:33:51,000
Speaker 1: and yet I see a market that's like to do

606
00:33:51,000 --> 00:33:55,600
Speaker 1: to do? Here we go? So what do you do? Yeah?

607
00:33:55,720 --> 00:33:58,800
Speaker 1: And so I think one very interesting lesson that we've

608
00:33:58,840 --> 00:34:01,240
Speaker 1: had during this downturn. And remember, like we've had a

609
00:34:01,240 --> 00:34:03,920
Speaker 1: recession in a bear market in the last couple of rods.

610
00:34:04,000 --> 00:34:07,320
Speaker 1: It's prettyful. But one lesson that I took away from

611
00:34:07,320 --> 00:34:10,480
Speaker 1: that is that this downturn was in many ways very typical.

612
00:34:10,960 --> 00:34:14,400
Speaker 1: So the speed at which it unfolded was very atypical.

613
00:34:14,600 --> 00:34:17,040
Speaker 1: What normally takes months or years took weeks. So it's

614
00:34:17,040 --> 00:34:19,000
Speaker 1: been very hard to kind of get our arms around that.

615
00:34:19,600 --> 00:34:22,640
Speaker 1: But during the downturn, we had risk assets like stocks

616
00:34:22,640 --> 00:34:25,240
Speaker 1: and hay yield greatly under perform and we had bonds

617
00:34:25,239 --> 00:34:27,680
Speaker 1: that did a really great job buffering during that period.

618
00:34:28,160 --> 00:34:31,040
Speaker 1: And then as the market started to to to re

619
00:34:31,480 --> 00:34:35,520
Speaker 1: um to re accelerate, we had the reverse of that. So,

620
00:34:36,040 --> 00:34:38,319
Speaker 1: like a lot of these sorts, like classic lessons that

621
00:34:38,360 --> 00:34:41,319
Speaker 1: individual investors should have, I think we're the right ones.

622
00:34:41,480 --> 00:34:43,800
Speaker 1: So you need to have a diverse, fied portfolio. You

623
00:34:43,880 --> 00:34:46,560
Speaker 1: might be all really excited about stocks, but they're gonna

624
00:34:46,560 --> 00:34:49,560
Speaker 1: be periods when stocks are going to greatly underperform um

625
00:34:49,640 --> 00:34:51,600
Speaker 1: and so it's really best to have a mix of both.

626
00:34:52,000 --> 00:34:54,200
Speaker 1: You sound I just want to break in. You sound

627
00:34:54,200 --> 00:34:56,640
Speaker 1: fairly enthusiastic, and I just do wonder we're going to

628
00:34:56,719 --> 00:35:00,279
Speaker 1: head into another earning cycle. Um, what do we need

629
00:35:00,360 --> 00:35:04,600
Speaker 1: to hear when companies report that support the bounce back

630
00:35:04,640 --> 00:35:08,319
Speaker 1: that we've seen in equity so far? Yeah, And it's

631
00:35:08,360 --> 00:35:10,400
Speaker 1: interesting because even just this morning we got some I

632
00:35:10,560 --> 00:35:14,400
Speaker 1: s M manufacturing data that was quite optimistic, you know,

633
00:35:14,719 --> 00:35:16,880
Speaker 1: coming in at the headline number, coming in at fifty

634
00:35:16,920 --> 00:35:19,400
Speaker 1: two point six UM. This tends to be a pretty

635
00:35:19,440 --> 00:35:21,960
Speaker 1: good leading leading indicator for the next couple of months.

636
00:35:22,320 --> 00:35:25,080
Speaker 1: And also some more contemporaneous data that we've seen in

637
00:35:25,200 --> 00:35:28,160
Speaker 1: terms of UM people getting out on the road, more

638
00:35:28,440 --> 00:35:31,719
Speaker 1: consumer spending. So I think what we're just gonna want

639
00:35:31,760 --> 00:35:34,520
Speaker 1: to see is more on the ground data confirming that,

640
00:35:35,000 --> 00:35:37,839
Speaker 1: you know, people are indeed starting to open their wallets more,

641
00:35:38,400 --> 00:35:40,880
Speaker 1: some people are getting back to work. There are obviously

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00:35:40,920 --> 00:35:43,160
Speaker 1: some areas of the economy that are continued to go

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00:35:43,239 --> 00:35:45,640
Speaker 1: and continue to be really challenged. You know, sing bars

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00:35:45,680 --> 00:35:48,000
Speaker 1: are probably going to be really challenged for quite some time.

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00:35:48,480 --> 00:35:52,160
Speaker 1: But other areas, like technology are able to operate pretty

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00:35:52,200 --> 00:35:54,880
Speaker 1: well remotely. I mean, my business, everybody's at home and

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00:35:54,920 --> 00:35:57,239
Speaker 1: we're just as productive as we were. So not to

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00:35:57,239 --> 00:35:59,399
Speaker 1: say that there aren't challenges, but I think we're gonna

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00:35:59,400 --> 00:36:02,319
Speaker 1: want to hear from companies that they're continuing to kind

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00:36:02,320 --> 00:36:06,319
Speaker 1: of get back to a state of normal. So, Kara,

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00:36:06,719 --> 00:36:10,080
Speaker 1: if you can generalize, what's the tone of the calls

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00:36:10,160 --> 00:36:13,160
Speaker 1: that you're getting from clients as you talk to them,

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00:36:13,200 --> 00:36:15,920
Speaker 1: how are they feeling? Does it depend on where they

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00:36:15,960 --> 00:36:20,440
Speaker 1: are geographically, like what's the tone from them? Yeah, it's

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00:36:20,560 --> 00:36:23,440
Speaker 1: very interesting because throughout this period I will say that

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00:36:23,480 --> 00:36:28,080
Speaker 1: by and large, our clients felt okay, which again it's

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00:36:28,120 --> 00:36:30,759
Speaker 1: remarkable given what we've been through. And I think there

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00:36:30,800 --> 00:36:33,600
Speaker 1: are a couple of reasons for that. One is, you know,

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00:36:33,640 --> 00:36:37,840
Speaker 1: I firmly believe that an investment portfolio, it should be

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00:36:37,880 --> 00:36:40,600
Speaker 1: constructed in the context of a financial plan. We have

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00:36:40,680 --> 00:36:42,840
Speaker 1: to know what's important to our clients in order to

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00:36:42,920 --> 00:36:46,319
Speaker 1: build that plan for them. So what that means is

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00:36:46,320 --> 00:36:49,080
Speaker 1: that we talk a lot about long term goals, about

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00:36:49,400 --> 00:36:52,520
Speaker 1: you know, margin of error, and even though we had

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00:36:52,560 --> 00:36:55,480
Speaker 1: a significant downturn in the market, our clients knew that

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00:36:55,520 --> 00:36:57,480
Speaker 1: they were still on track to meet those goals. And

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00:36:57,480 --> 00:37:01,279
Speaker 1: that's really key to sit through volatility, I have to say.

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00:37:01,320 --> 00:37:03,480
Speaker 1: I mean that has been a point of comfort for

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00:37:03,480 --> 00:37:05,560
Speaker 1: me at least so far as like you got like,

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00:37:05,640 --> 00:37:07,279
Speaker 1: you know, you sort of like squinter your eyes a

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00:37:07,280 --> 00:37:09,200
Speaker 1: little bit, like you brace yourself and you look at

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00:37:09,200 --> 00:37:12,840
Speaker 1: the formumday you're like, okay, like maybe you know, maybe

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00:37:12,840 --> 00:37:15,560
Speaker 1: we're gonna be okay to all of this. Yeah, amazing,

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Speaker 1: all right, Kara Murphy. Great to hear your voice. Good

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00:37:18,160 --> 00:37:21,400
Speaker 1: luck down in Dallas, especially at what is certainly an

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00:37:21,440 --> 00:37:24,720
Speaker 1: uncertain time there in Texas. Kara Murphy is chief investment

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Speaker 1: Officer for Goldman Sachs Personal Financial Management, joining us on

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Speaker 1: the phone from the Big d. Thanks so much for

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00:37:30,560 --> 00:37:33,800
Speaker 1: listening to Bloomberg Business Week. Download the podcast on iTunes, Southcloud,

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00:37:33,840 --> 00:37:36,640
Speaker 1: Bloomberg dot com, or wherever you get your podcasts. And

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00:37:36,680 --> 00:37:38,600
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00:37:38,600 --> 00:37:41,359
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00:37:41,360 --> 00:37:43,680
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