WEBVTT - Using Existing Drugs to Treat COVID-19 0:00:00.720 --> 0:00:03.720 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.800 --> 0:00:06.320 Jason Kelly. We're right here every day bringing you the 0:00:06.400 --> 0:00:11.160 latest news from the world's of business and finance, plus technology, politics, economics, 0:00:11.240 --> 0:00:14.280 all harnessing the power of Business Week reporters and editors, 0:00:14.440 --> 0:00:16.439 and of course Carol that's part of a team of 0:00:16.520 --> 0:00:19.959 twenty seven hundred journalists and analysts and more than a 0:00:20.040 --> 0:00:22.959 hundred and twenty countries and Jason. You can download Bloomberg 0:00:22.960 --> 0:00:26.079 Business Week on iTunes, SoundCloud, bl Bloomberg dot com. You 0:00:26.079 --> 0:00:28.280 can also listen to our radio show at two pm 0:00:28.320 --> 0:00:31.159 Eastern on Bloomberg Radio every weekday, or watch us on 0:00:31.200 --> 0:00:35.479 YouTube by searching Bloomberg Global News. It's gonna be a 0:00:35.479 --> 0:00:37.320 big week. It's gonna be a big week in the markets. 0:00:37.360 --> 0:00:40.680 It's gonna be a big week for earnings. Let's understand 0:00:40.720 --> 0:00:43.400 where we are on this Monday by setting the Business 0:00:43.440 --> 0:00:46.720 Week agenda with Gina Martin Adams, chief Equity Strategies for 0:00:46.720 --> 0:00:49.360 Bloombery Intelligence on the phone from New Jersey, along with 0:00:49.440 --> 0:00:51.600 Dave Wilson, Stocks Editor, author of the Chart and Stock 0:00:51.640 --> 0:00:54.720 of the Day. He also joins us from New Jersey. Gina, 0:00:54.760 --> 0:00:56.960 I want to start with, you set the table. This 0:00:57.040 --> 0:00:59.920 is a big week. It is. As a matter of fact, 0:01:00.000 --> 0:01:02.640 it's the second biggest week of earnings. The biggest week 0:01:02.640 --> 0:01:04.360 of earnings will be next week, but this is the 0:01:04.400 --> 0:01:08.440 second biggest week of earnings. We've got roughly of the 0:01:08.440 --> 0:01:13.200 market cap of the SMPI set to report Microsoft, Intel, 0:01:13.280 --> 0:01:16.600 and Verizon, or some of the headliners this week. You know, 0:01:16.640 --> 0:01:18.240 I think that there's a lot of making up to 0:01:18.319 --> 0:01:24.120 do for somewhat disappointing financials reports. A financials beat generally 0:01:24.160 --> 0:01:27.080 beat second quarter earnings last week. Of the companies that 0:01:27.120 --> 0:01:30.360 have reported earnings so far, I've actually beat expectations, but 0:01:30.400 --> 0:01:34.000 that wasn't really enough for a market especially sensitive to 0:01:34.040 --> 0:01:39.160 what's happening with the outlook as estimates moved down. So 0:01:39.200 --> 0:01:40.760 what I think we need to see this week is 0:01:40.800 --> 0:01:43.600 some of these big tech names confirmed the optimism embedded 0:01:43.680 --> 0:01:46.520 in prices and at least confirmed that the outlook for 0:01:47.240 --> 0:01:50.440 one is pretty strong for stocks to continue to move higher. Right, 0:01:50.480 --> 0:01:54.320 we need, Gina, like, give me something, right, Yeah, something 0:01:54.360 --> 0:01:57.240 other than a modest beat to a horrible second quarter 0:01:57.360 --> 0:02:00.680 expectation is definitely what the market means. I have to say, 0:02:00.680 --> 0:02:02.800 because I've had a bunch of conversations every weekend with 0:02:02.840 --> 0:02:05.640 people in different industries, and there's a lot of pessimism 0:02:05.680 --> 0:02:09.160 out there, real concerns about what the economic backdrop is. 0:02:09.240 --> 0:02:11.239 Dave Coman in on our conversation talked to us a 0:02:11.240 --> 0:02:12.799 little bit about the trade today because it really is 0:02:12.840 --> 0:02:17.080 tech driven absolutely. I mean, if you talk about let's 0:02:17.120 --> 0:02:20.440 say the fanmag stocks or the big six however you 0:02:20.480 --> 0:02:26.320 want to refer to them, and we're talking Amazon, Apple, Google, 0:02:26.639 --> 0:02:32.760 their owner, uh, Alphabet, you know, Microsoft, Netflix, Facebook, It's 0:02:32.760 --> 0:02:35.000 probably out of order, but that's okay. I mean that 0:02:35.120 --> 0:02:38.280 basically that's it. That's the entire game in those six stocks. 0:02:38.520 --> 0:02:42.519 In fact, it really comes down to uh, you know, Amazon, Microsoft, Apple, 0:02:42.560 --> 0:02:45.400 and Alphabet pretty much. I mean it just goes to 0:02:45.440 --> 0:02:48.320 show you, you know, there's been so much a focus 0:02:48.400 --> 0:02:52.400 on these larger tech companies and they really are carrying 0:02:52.440 --> 0:02:56.000 the day at this point. You know, anticipation that they're 0:02:56.000 --> 0:02:57.960 already are gonna look better than what we're going to 0:02:58.040 --> 0:03:00.360 see from a whole lot of other companies, for doably, 0:03:00.480 --> 0:03:03.720 is part of that. I Mean you'll look at you know, 0:03:03.800 --> 0:03:07.399 stock indexes and you see, you know, the consumer discretionary 0:03:07.400 --> 0:03:09.480 group is leading the way, and that's the retailers, but 0:03:09.560 --> 0:03:11.919 it's all Amazon, you know, That's how it is. And 0:03:12.040 --> 0:03:14.360 right behind behind them of the tech stocks and you know, 0:03:14.400 --> 0:03:18.440 communications services, which is Facebook and Alphabet and everything elseide 0:03:18.480 --> 0:03:20.800 the eleven main industry groups is lower. So it just 0:03:20.840 --> 0:03:22.800 goes to show you, you know, how things are are 0:03:23.200 --> 0:03:25.640 setting up at this point as we await the second 0:03:25.680 --> 0:03:28.280 quarter results. Yeah, Gina, I don't know. You've seen so 0:03:28.320 --> 0:03:30.560 many market cycles, you know, you have, you have such 0:03:30.600 --> 0:03:32.400 great insight. I know. One of the things that everybody's 0:03:32.440 --> 0:03:35.440 reading on the trammel today's about ned Davis Research kind 0:03:35.440 --> 0:03:38.200 of changing their tune when it comes uh to the 0:03:38.240 --> 0:03:41.520 market outlook and thinking more like changing. I think it 0:03:41.600 --> 0:03:44.440 was their their bullish really just abandoning their bullish call 0:03:44.520 --> 0:03:47.800 in US equities. What do you look for? Who do 0:03:47.920 --> 0:03:50.600 you also like to follow that gives you a good 0:03:50.600 --> 0:03:53.320 idea of kind of where we go from here? Yeah, 0:03:53.400 --> 0:03:55.840 I mean so, I think you do. Look for the 0:03:55.960 --> 0:03:58.080 rate of change in economic momentum is one of the 0:03:58.080 --> 0:04:02.320 bigger drivers of potential optimism emerging for stocks going forward, 0:04:02.360 --> 0:04:05.280 and the fact that really the economic the perception is 0:04:05.320 --> 0:04:08.200 that the economic momentum is going to stall over the 0:04:08.240 --> 0:04:10.640 next couple of months, as we have had a renewed 0:04:10.640 --> 0:04:13.280 spike in infection rate, and that's that's one of the 0:04:13.320 --> 0:04:16.159 things that certainly is holding back a lot of confidence, 0:04:16.200 --> 0:04:18.480 a lot of sentiment toward the outlook, and we probably 0:04:18.520 --> 0:04:20.960 need to see that remove to get people coming back 0:04:20.960 --> 0:04:23.800 to equities and mass. But I do think the other 0:04:23.839 --> 0:04:27.320 side of the story is the FED has reinflated tremendously. 0:04:27.480 --> 0:04:30.240 There's a pretty reasonable prospect that we're going to get 0:04:30.240 --> 0:04:32.960 another fiscal policy package out of Europe. We may get 0:04:33.200 --> 0:04:37.320 another fiscal policy package supporting the U S economy as 0:04:37.360 --> 0:04:40.160 well in the next couple of weeks, and that's most 0:04:40.200 --> 0:04:44.039 likely going to surprise these really sort of grim expectations 0:04:44.040 --> 0:04:47.040 to the upside because it is liquidity. It is money, 0:04:47.760 --> 0:04:51.280 um that's going to help support the economies directly in 0:04:51.360 --> 0:04:53.279 some way, shape or form. Maybe it's not the most 0:04:53.279 --> 0:04:56.480 efficient money, but it is money, uh, And I think 0:04:56.560 --> 0:04:58.880 you do need to price that in. I mean, I 0:04:59.040 --> 0:05:02.760 take the point that Fang is driving a lot of gains. 0:05:02.800 --> 0:05:05.000 I mean, we look at the Big five and column 0:05:05.000 --> 0:05:09.360 Fang of FAMIG sorry, and you do see that those 0:05:09.440 --> 0:05:14.680 valuations relative to the rest of the SMP are extremely high. However, 0:05:14.960 --> 0:05:16.840 this is not just the U S story. This is 0:05:16.880 --> 0:05:19.760 something we wrote about last week too. If you look 0:05:19.760 --> 0:05:22.559 at that the big tech ducts in China, the gap 0:05:22.640 --> 0:05:26.800 they're in valuations is even bigger than the big tech 0:05:26.880 --> 0:05:30.039 gap here in the US. So this is a global phenomenon. 0:05:30.120 --> 0:05:33.599 This is a global tech concentration that I do think 0:05:33.760 --> 0:05:36.800 is somewhat at risk, but nonetheless it keeps defying every 0:05:36.800 --> 0:05:40.760 but every skeptics expectations that continue to continue to go. Yeah, 0:05:40.800 --> 0:05:43.120 and just to clarify, bat we're talking about bay Do 0:05:43.320 --> 0:05:47.320 Ali Baba and ten cent. Correct, that's correct. Yeah, there 0:05:47.360 --> 0:05:51.520 you go an exactly. Thank you so much, Gina Martin Adams, 0:05:51.560 --> 0:05:54.960 Chief Equity Strategies for Bluework Intelligence from New Jersey, as 0:05:55.040 --> 0:05:57.520 was Dave Wilson, Stock editor for Bluework Well. The cet 0:05:57.720 --> 0:06:00.800 Athlete stands for COVID nineteen Early Treatment and FUN. Founded 0:06:00.839 --> 0:06:05.320 by entrepreneur and philanthropist Steve Kirsch this year mid the pandemic. 0:06:05.680 --> 0:06:10.000 The FUN recruits physicians, scientists, epidemiologists to work on repurposing 0:06:10.040 --> 0:06:13.200 drugs to treat the virus. So interesting, especially on a 0:06:13.279 --> 0:06:16.039 day when we got some more news about a vaccine specifically, 0:06:16.440 --> 0:06:19.679 let's bring in Dr Lisa Danzig. She's focused on infectious disease. 0:06:19.720 --> 0:06:23.919 She spent over eighteen years at Novards Vaccines and Diagnostics. 0:06:24.240 --> 0:06:26.599 She's the chief medical Advisor at c et F and 0:06:26.640 --> 0:06:29.520 she's on the phone from San Francisco. Dr Danzig, it 0:06:29.600 --> 0:06:31.480 is so great to have you here on Bloomberg Radio 0:06:31.520 --> 0:06:34.080 with Jason and myself. Tell us a little bit more 0:06:34.160 --> 0:06:36.479 about this fun it's a new thing, right, but tell 0:06:36.520 --> 0:06:39.440 us about the group that are involved and the pursuit 0:06:39.640 --> 0:06:42.840 that you are all after. Well, Carol and Jason, thank 0:06:42.880 --> 0:06:44.920 you so much for having me on and and thank 0:06:44.920 --> 0:06:49.039 you for your coverage of this really important outbreak. The 0:06:49.080 --> 0:06:52.720 COVID nineteen Early Treatment Fund was created to address the 0:06:52.760 --> 0:06:55.880 critical gap in our global COVID response, and that is 0:06:55.920 --> 0:06:59.400 to fund clinical trials of repurpose drugs that could lead 0:06:59.440 --> 0:07:03.360 to effect of early treatments for COVID. And so how 0:07:03.400 --> 0:07:08.760 do you identify those We have a scientific advisory board UM. 0:07:08.880 --> 0:07:11.320 One of the things that UM, Steve Kersh, who founded 0:07:11.360 --> 0:07:17.280 this organization, is a tech entrepreneur and he's very fast moving, 0:07:17.320 --> 0:07:20.520 results oriented, but he's not a stranger to philanthropy in 0:07:20.560 --> 0:07:22.440 the healthcare area, and the first thing he did was 0:07:22.480 --> 0:07:27.520 assembled really a world class scientific advisory board and got 0:07:27.520 --> 0:07:30.920 the word out for funding requests. So he has over 0:07:31.000 --> 0:07:33.840 forty proposals. They've all been qualified, they've all been reviewed, 0:07:33.840 --> 0:07:36.120 they've all been prioritized, and all we need now is 0:07:36.600 --> 0:07:39.320 another twenty million dollars to get the most promising nine 0:07:39.320 --> 0:07:43.720 trials up and off the ground too rapidly get information 0:07:43.960 --> 0:07:46.720 on which of these may be most promising. Dr Denson, 0:07:46.720 --> 0:07:49.600 where does this fit within the grand pursuit of a 0:07:49.680 --> 0:07:52.880 vaccine and treatments overall? Because I do think, Jason, I've 0:07:52.920 --> 0:07:55.160 had a lot of conversations that we all understand that 0:07:55.240 --> 0:07:58.080 right now there needs to be global coordinations. So your 0:07:58.120 --> 0:08:01.560 efforts certainly sounds interesting and promising, But how does it 0:08:01.560 --> 0:08:05.240 fit into that global pursuit to make sure that you're 0:08:05.280 --> 0:08:09.080 not kind of repeating something that somebody else is going after. Yeah, 0:08:09.160 --> 0:08:13.000 this is a highly coordinated effort. There's there's some mad rush. 0:08:13.400 --> 0:08:16.480 There were three important papers on the list of repurposing. 0:08:16.720 --> 0:08:19.160 You need a little bit of duplication and science, but 0:08:19.280 --> 0:08:22.120 certainly not a lot of redundancy. Many look to a 0:08:22.200 --> 0:08:24.800 vaccine is the best hope for recovery, but we need tools, 0:08:24.880 --> 0:08:27.440 we need we need treatments and tools. And this disease 0:08:27.680 --> 0:08:30.760 is so unique because we don't just need anti virals. 0:08:30.840 --> 0:08:33.480 We also need immune modulators, and we also need rescue 0:08:33.760 --> 0:08:37.640 agents and strategies when when people are in advanced stages 0:08:37.679 --> 0:08:41.160 of this disease. So you know, because of the three 0:08:41.400 --> 0:08:45.720 different types of therapeutic modalities that we need for early, moderate, 0:08:45.760 --> 0:08:50.960 and late disease, we need mousive parallel efforts. And so 0:08:51.320 --> 0:08:54.000 what are some of the early findings in terms of 0:08:54.400 --> 0:08:59.640 either identifying some promising potentials or how should we as 0:09:00.040 --> 0:09:04.319 candidly like regular people be thinking about this in terms 0:09:04.320 --> 0:09:07.199 of what the because we're all looking for some optimism, 0:09:07.280 --> 0:09:09.960 some ray of hope here, Um, give us some if 0:09:10.000 --> 0:09:12.520 you can. Yeah, well, we're looking for the early yes, 0:09:12.640 --> 0:09:15.680 in the early no. But the four c ETSD funded 0:09:15.679 --> 0:09:18.559 a hydroxy clorquine study that gave an early no. We're 0:09:18.600 --> 0:09:22.200 looking for the early yes. There a number of interfer 0:09:22.280 --> 0:09:25.000 on LAMBA studies and rolling right now. There's one at Stanford. 0:09:25.000 --> 0:09:28.839 It's more than halfway through the DSMB. Halfway Um said, 0:09:29.520 --> 0:09:32.400 safety looks good, you should continue. If it didn't look good, 0:09:32.440 --> 0:09:35.920 we would have not continued. So so that's encouraging. We 0:09:36.040 --> 0:09:41.280 got to get these trials enrolled well. And what's well, 0:09:41.320 --> 0:09:44.040 what's interesting too is and this is I think you know, 0:09:44.120 --> 0:09:46.200 Jason and I have talked to a lot of individuals, 0:09:46.440 --> 0:09:48.520 um including just last week we're talking to the CEO 0:09:48.559 --> 0:09:50.960 of a NOVA and we've all been talking to the 0:09:50.960 --> 0:09:54.360 folks at Maderna. You know, UM about the pursuit of 0:09:54.360 --> 0:09:58.000 a vaccine. But it's a vaccine, but as you said, 0:09:58.120 --> 0:10:00.719 we're gonna need treatments, not just the anti virals. We're 0:10:00.720 --> 0:10:04.480 gonna need treatments that can take care of people at 0:10:04.559 --> 0:10:08.679 different stages of the virus to prevent them from dying. Ultimately. 0:10:08.760 --> 0:10:12.120 That's what this is about. It's about both. So you know, 0:10:12.280 --> 0:10:14.560 the idea of an early anti viral, if you can 0:10:14.559 --> 0:10:18.599 prevent the second I get a positive test early symptoms, 0:10:19.000 --> 0:10:21.240 then you know, maybe we can prevent with an anti 0:10:21.360 --> 0:10:26.040 viral the late stage immunological complications that that wind up 0:10:26.080 --> 0:10:30.640 causing all the severe morbidity and um and require different 0:10:30.679 --> 0:10:33.360 kinds of therapies. So there are a lot of approaches 0:10:33.360 --> 0:10:35.040 and anti viral there are a lot of approaches and 0:10:35.080 --> 0:10:38.640 immune modulators, things like interfere on things like I L 0:10:38.679 --> 0:10:43.000 six inhibitors. There are immune signaling pathways that are being 0:10:43.040 --> 0:10:47.120 evaluated for which there's encouraging results. People are looking at 0:10:47.160 --> 0:10:50.200 repurposing screens to see if some drugs on the shelf 0:10:50.640 --> 0:10:54.880 somehow inhibit the pathway, like dux dass and the alpha 0:10:54.920 --> 0:11:00.720 blocker is is um has uh reducis catacholamy. So there's 0:11:00.760 --> 0:11:05.199 all sorts of really good work. The problem is there's um. 0:11:05.280 --> 0:11:09.719 There's nine two potential agents that we could look at, 0:11:10.360 --> 0:11:12.320 and so we're not going to get the data. We 0:11:12.360 --> 0:11:14.880 need a rapid screen of yes or no to help 0:11:15.520 --> 0:11:20.400 our ecosystem of drug manufacturers and accelerators in our network 0:11:20.800 --> 0:11:24.160 of larger trials to know which drugs are promising, which 0:11:24.160 --> 0:11:26.880 ones to accelerate, and which ones don't have a signal 0:11:27.200 --> 0:11:29.920 that maybe we need to rotate out of them. Let's 0:11:29.920 --> 0:11:32.960 get back to our conversation with Lisa Danzigg. She is 0:11:33.000 --> 0:11:36.280 the Chief Medical Advisor for the COVID nineteen Early Treatment 0:11:36.320 --> 0:11:38.959 Fund c et F. Joinning is on the phone from 0:11:38.960 --> 0:11:42.440 San Francisco. So Lisa, I want to jump ahead a 0:11:42.480 --> 0:11:44.640 little bit just because I want to make sure that 0:11:45.120 --> 0:11:47.400 Carol and I understand there's at least I understand. I'm 0:11:47.400 --> 0:11:51.680 sure Carol already gets it. But you know this all 0:11:51.800 --> 0:11:56.040 this work, what happens next? You know, quick yesses, quick nos. 0:11:56.120 --> 0:11:59.360 You find something that works or a combination of things 0:11:59.360 --> 0:12:01.880 that work, how does it sort of get out to 0:12:01.960 --> 0:12:05.600 the public. What's the means of distribution here? Right? That's 0:12:05.600 --> 0:12:09.920 a great question, especially for it shows the beauty of 0:12:10.080 --> 0:12:13.800 the approach for repurpose drugs. In drug development, you've got 0:12:13.800 --> 0:12:19.760 to manufacturer in vaccine, were massively um uh, proceeding with 0:12:19.800 --> 0:12:22.960 this perile effort to manufacture the vaccine before we even 0:12:22.960 --> 0:12:26.760 know it works. The beauty of the repurpose drugs is 0:12:26.840 --> 0:12:29.520 many of the things that we're testing are already in manufacturing, 0:12:29.559 --> 0:12:33.000 are already able to be used. So the barrier to 0:12:33.400 --> 0:12:38.040 scale up and distribution are really limited by the information 0:12:38.080 --> 0:12:40.160 does it work or not? Uh. There are a lot 0:12:40.200 --> 0:12:43.200 of groups. There's the NIH, there's a number of global 0:12:43.240 --> 0:12:47.679 adaptive trials where additional follow up or confirmatory testing can 0:12:47.760 --> 0:12:50.240 be So the first thing would be getting into broader trials, 0:12:50.600 --> 0:12:52.760 and then the second would be working with the generic 0:12:52.800 --> 0:12:56.800 manufacturers on their supply chain and their distribution. But it's 0:12:56.840 --> 0:13:01.800 a much faster process. Lisa, how why is it so 0:13:01.880 --> 0:13:04.720 important to focus on this kind of research that you 0:13:04.760 --> 0:13:07.720 guys are doing, I guess treatment research right as opposed 0:13:07.760 --> 0:13:09.880 to just working on a vaccine. And I do wonder 0:13:10.000 --> 0:13:13.400 what role the federal government, which has given money to 0:13:13.559 --> 0:13:16.880 teams that are working specifically on a vaccine, what role 0:13:16.920 --> 0:13:18.840 the government needs to have in this, because I think 0:13:18.880 --> 0:13:22.600 we as a society need to understand, you know, like 0:13:22.679 --> 0:13:24.600 you said, we need a vaccine, but we also need 0:13:24.640 --> 0:13:28.480 these treatments, Like how important this component is to really 0:13:28.520 --> 0:13:32.040 get in control here? Well, this is a critical component. 0:13:32.080 --> 0:13:34.840 I asked myself the same question in January as I 0:13:34.880 --> 0:13:38.800 saw this unrolling. I'm a vaccine developer and sitting on 0:13:38.840 --> 0:13:41.160 the sidelines saying, you know, how do I follow this? 0:13:41.320 --> 0:13:44.760 I'm following what I know, which is drugs diagnostics and 0:13:45.160 --> 0:13:49.120 um vaccine development. And I didn't see the response. This 0:13:49.160 --> 0:13:51.439 should there should this should be part of a coordinated 0:13:51.679 --> 0:13:55.520 global and a coordinated federal response, and I didn't see 0:13:55.520 --> 0:13:58.360 it happening. And you know, we don't have time to wait. 0:13:58.800 --> 0:14:02.320 And this grassroots effort um that people like me are 0:14:02.320 --> 0:14:07.120 self activating, we're joining, we're teeming all of the investigators 0:14:07.120 --> 0:14:11.040 that are submitting trials don't have a bias to the 0:14:11.080 --> 0:14:13.680 product that they're submitting. They want to work together. So 0:14:13.720 --> 0:14:16.960 we're really creating a global collaborative network to deal with 0:14:16.960 --> 0:14:19.360 the disease that we've never seen before, and we're just 0:14:19.440 --> 0:14:22.600 beginning to understand. But how does something like ramdesvie or 0:14:22.720 --> 0:14:26.640 hydro hydroxy chloroquine kind of get attention, right, that's a 0:14:26.640 --> 0:14:29.520 treatment modality. How do they get attention versus some of 0:14:29.520 --> 0:14:31.600 the other things that you guys are working on that 0:14:31.680 --> 0:14:36.360 maybe or not there. That's a good question. I'm gonna 0:14:36.400 --> 0:14:39.280 I'm not a media person. Obviously, they were there first 0:14:39.920 --> 0:14:44.240 and they're they're they they got amplified. And I think 0:14:44.360 --> 0:14:46.520 the point that I'm bringing is there are a lot 0:14:46.560 --> 0:14:50.040 of other places to look hydroxy chloroquine. The datas and 0:14:50.080 --> 0:14:52.080 the data is mixed at best. We've got a bunch 0:14:52.080 --> 0:14:55.520 of negative data, We've got some safety concerns. Let's bring 0:14:55.680 --> 0:14:58.080 some other things in Q. Let's get as excited. There's 0:14:58.080 --> 0:15:01.880 two and some clinical try else for hypodroxy chloroquine. Let's 0:15:01.920 --> 0:15:04.720 convert some of them and if somebody wants to look 0:15:04.760 --> 0:15:07.480 at our trials, we've got treat early dot org. There 0:15:07.480 --> 0:15:09.920 are three ways people can get involved, they can donate, 0:15:10.080 --> 0:15:13.600 participate UM, which means find a trial that's running in 0:15:13.600 --> 0:15:15.960 case you want to enroll, are able to enroll, or 0:15:16.000 --> 0:15:19.560 apply for funding. Is it just lastly, just thirty seconds? 0:15:19.600 --> 0:15:21.920 Are there any any treatments out there that you think 0:15:21.960 --> 0:15:25.760 should be on our radar? UM watching Uh the pig 0:15:25.920 --> 0:15:28.520 ladd interfere in Lambda trial which is running at a 0:15:28.600 --> 0:15:31.560 number of sites. We're watching Favo pier of here, which 0:15:31.600 --> 0:15:34.560 is nanti influimsa drug licensed in Japan that's being used 0:15:34.560 --> 0:15:40.520 in China and Russia for UM UH for COVID camistat 0:15:40.920 --> 0:15:44.680 is um an anti. It's a drug licensed in Japan 0:15:44.800 --> 0:15:49.320 for pancreatitis and it's thought to inhibit an enzyme that's 0:15:49.360 --> 0:15:53.240 required to activate the spike protein to enter the cell. 0:15:54.120 --> 0:15:57.080 And uh, you know, we're looking at monoclon al antibodies. 0:15:57.240 --> 0:16:01.080 There's there's a there's a long list go to treat 0:16:03.000 --> 0:16:05.760 treat early dot org. All right, well, we really appreciate 0:16:05.800 --> 0:16:08.800 it to let us know how stuff is going. Yeah, 0:16:08.920 --> 0:16:11.520 keep us posted. UM, we really appreciate your work. Chief 0:16:11.520 --> 0:16:14.520 Medical adviser for the COVID nineteen Early Treatment Fund, joining 0:16:14.600 --> 0:16:16.760 us on the phone from San Francisco, I have to say. 0:16:16.800 --> 0:16:19.480 I mean, when I get sort of despondent about everything 0:16:19.520 --> 0:16:22.440 that's going on, I do think about all the scientists 0:16:22.480 --> 0:16:27.080 who are mobilizing around this. I think it's arguably, inarguably 0:16:27.480 --> 0:16:29.800 in a way that they've never mobilized on anything before. 0:16:29.920 --> 0:16:31.400 And we're all gonna have to play a role because 0:16:31.400 --> 0:16:33.080 they do have to do testing. There's going to have 0:16:33.080 --> 0:16:34.520 to be human trials in order to get it up 0:16:34.520 --> 0:16:37.360 and running. You are listening to Bloomberg Business Week, Jason 0:16:37.400 --> 0:16:40.400 Kelly and Carol Master here with you on a Monday afternoon. 0:16:40.600 --> 0:16:44.880 Got a word for you, Yes, awkward Yeah Oko taco. 0:16:45.000 --> 0:16:48.880 As the kids would say, Um, this is a fantastic story. 0:16:49.360 --> 0:16:51.000 I couldn't get enough of it as I was reading 0:16:51.040 --> 0:16:53.880 it this morning. Sherena Rajan wrote it a great quarter 0:16:54.000 --> 0:16:56.600 for Wall Street comes at a very awkward time, as 0:16:56.640 --> 0:16:58.240 Carol just said. He joins us on the phone from 0:16:58.240 --> 0:17:00.960 New York City. Bloombergs Week editor Joel Webber. He joins 0:17:00.960 --> 0:17:03.960 this from Massachusetts. Joel talked to me about this. I 0:17:04.000 --> 0:17:06.920 mean this, I feel like they're there are these times 0:17:06.920 --> 0:17:10.399 that said this on this program before we're like Bloomberg Markets. 0:17:10.480 --> 0:17:13.560 Joel and Bloomberg Business Week, Joel sort of collide and 0:17:13.640 --> 0:17:16.560 it shows up in the magazine and I love it. Well. 0:17:16.600 --> 0:17:19.640 I've been, uh, I think we've been We've been begging 0:17:20.119 --> 0:17:24.840 three uh to write stuff for the magazine, uh for 0:17:24.840 --> 0:17:30.120 for years and and uh, you know, I finally got 0:17:30.160 --> 0:17:33.640 him his attention. UM. No, I'm joking, UM, but it 0:17:33.720 --> 0:17:36.679 was I think in really interesting week last week UM 0:17:36.840 --> 0:17:40.840 on Wall Street, UM, as all the banks reported their earnings, 0:17:40.880 --> 0:17:43.440 and you know, basically it was just like one day, 0:17:43.480 --> 0:17:45.800 one day, one day, next day, next day, next day, 0:17:45.800 --> 0:17:48.919 and we just saw this you know, constant trickle of news. 0:17:48.920 --> 0:17:50.440 And by the end of the week, I was just like, 0:17:50.880 --> 0:17:53.040 I I just kind of want something to step back 0:17:53.119 --> 0:17:56.280 and and write about the this moment, because you know, 0:17:56.320 --> 0:17:58.280 you guys did at the top. It's like it's been. 0:17:58.320 --> 0:18:02.879 It's sort of an awkward one where the trading revenue, 0:18:03.240 --> 0:18:08.040 which is something that had just basically disappeared, uh, came 0:18:08.119 --> 0:18:11.560 back big time. But it was also a really awkward 0:18:11.600 --> 0:18:14.760 time for that to happen while everyone else has to 0:18:14.800 --> 0:18:18.480 sort of look on and and is not maybe having 0:18:18.520 --> 0:18:21.480 as good of a life right now. UM. So three 0:18:21.480 --> 0:18:24.640 where did you Where did you guys take that story? 0:18:25.480 --> 0:18:28.239 I mean, it really takes from your point, Joe, you 0:18:28.280 --> 0:18:30.920 have to think about the side that trading revenue truly 0:18:31.040 --> 0:18:33.520 had disappeared over the last ten years, to the extent 0:18:33.640 --> 0:18:39.160 that it wasn't the same engine driving wall streets power 0:18:39.240 --> 0:18:42.639 presence and their revenues and their profit numbers. Because volatility 0:18:42.640 --> 0:18:45.240 had gone away, the markets were sort of hoh home 0:18:45.400 --> 0:18:47.560 and and you were sort of along for the ride 0:18:47.560 --> 0:18:51.160 but not really making a killing. That changed, and that changed, 0:18:51.280 --> 0:18:54.280 and remember all these trading death bosses, all these trading 0:18:54.280 --> 0:18:57.840 that streets have been begging you, praying to have bad 0:18:57.920 --> 0:19:00.359 a bout of volatility returned to the market so that 0:19:00.400 --> 0:19:03.680 they can show when there's heightened level of risk. When 0:19:03.720 --> 0:19:07.479 there's volumes link surned our left, right and center, you 0:19:07.520 --> 0:19:10.120 can make big money. Especially if you take some risk, 0:19:10.200 --> 0:19:13.560 you you stand to re big gains. But the problem 0:19:13.600 --> 0:19:17.199 is when this number has come through Goldman SAX second 0:19:17.200 --> 0:19:21.200 best revenue ever in its history, JP Morgan highest revenue ever, 0:19:21.280 --> 0:19:25.159 Morgan Stanley highest revenue and the highest profitability ever. But 0:19:25.240 --> 0:19:27.760 can you imagine a worse time to be able to 0:19:27.760 --> 0:19:30.760 talk about it, because you're talking about the broader economy 0:19:31.160 --> 0:19:34.280 where a lot of people are struggling. So this perception 0:19:34.440 --> 0:19:40.439 of world streets biggest investment bank making a killing, that 0:19:40.640 --> 0:19:44.040 perception at a time when everyone else is writing a 0:19:44.119 --> 0:19:48.280 tough economy makes it. I mean, that's the main reason 0:19:48.359 --> 0:19:50.240 we're really calling it a knock one. And the number 0:19:50.320 --> 0:19:52.880 show at forty five billion for the top five investment 0:19:53.440 --> 0:19:56.119 numbers we've never heard of in quite a while, and 0:19:56.240 --> 0:19:59.080 yet for it to come right now, it does make 0:19:59.080 --> 0:20:01.960 every one a little back both on Wall Street right, sree, 0:20:02.080 --> 0:20:04.520 thank god they didn't cause the crisis, right, they didn't 0:20:04.520 --> 0:20:07.320 cause the pandemic. That's at least one thing on their side. 0:20:08.480 --> 0:20:11.000 And that's and that's the whole weird part here, right, 0:20:11.040 --> 0:20:13.200 And when it comes across when you talk to a 0:20:13.240 --> 0:20:15.560 lot of the Wall Street executives, I mean, we pointed 0:20:15.560 --> 0:20:17.480 out as soon as their earnings came out, there were 0:20:17.520 --> 0:20:19.440 some analysts who came out, the one analysts who came 0:20:19.440 --> 0:20:23.480 out and said the government numbers of frankly indecent, force 0:20:23.560 --> 0:20:26.919 more political action to come down the pike. And the 0:20:26.960 --> 0:20:31.000 people we spoke to said, that's unsaid, because perhaps you 0:20:31.000 --> 0:20:33.199 could make an argument for the two thousand eights global 0:20:33.240 --> 0:20:37.119 financial crisis that banks did play an integral part in 0:20:37.200 --> 0:20:41.000 bringing them the global economy. But you really can't make 0:20:41.000 --> 0:20:43.240 the case here the virus was not birth and the 0:20:43.320 --> 0:20:47.120 bank trading people they are they have just benefited from 0:20:47.160 --> 0:20:51.040 the actions taken by the thread to probably economy from 0:20:51.080 --> 0:20:55.160 from the massive surgeon voluces the massive surgeon volume. Uh. 0:20:55.160 --> 0:20:58.880 And they have been able to write that way perfectly. Well, however, 0:20:59.600 --> 0:21:02.280 that is not consolation enough for those on the outside. 0:21:02.280 --> 0:21:04.479 And you can truly understand why those on the outside 0:21:04.520 --> 0:21:09.399 of frustrators because for them, whether it's a recession or not, 0:21:09.920 --> 0:21:12.840 wal Street always wins. When they see the narrative Walter 0:21:12.840 --> 0:21:15.760 Street winning, they see it as wal Trade winning again. 0:21:16.119 --> 0:21:21.280 And that's the problem that Well, I think one thing 0:21:21.320 --> 0:21:24.480 that's interesting those three and and this is certainly true 0:21:24.520 --> 0:21:27.600 and the earnings calls uh. And something that you bring 0:21:27.600 --> 0:21:30.520 in this story too is that, yeah, well, while this 0:21:30.600 --> 0:21:34.280 was maybe a pretty good quarter by the numbers, uh, 0:21:34.359 --> 0:21:37.120 there's no there's no indication that this can they can 0:21:37.160 --> 0:21:40.040 keep it up either, right, And even the CEOs and 0:21:40.080 --> 0:21:43.199 whatnot have indicated as much. Um, So what is what 0:21:43.359 --> 0:21:45.760 is it? What is the future potentially look like here? 0:21:45.840 --> 0:21:49.840 For for the banks? Jamie dimond is Jamie Diamond is 0:21:49.960 --> 0:21:52.320 much better position than any of us. I get sort 0:21:52.320 --> 0:21:54.000 of give us a set of what it could look like. 0:21:54.320 --> 0:21:57.440