WEBVTT - Bloomberg Businessweek Weekend-June 20th, 2020 0:00:02.520 --> 0:00:06.480 This is Bloomberg Business Week from Bloomberg Radio. Hi, I'm 0:00:06.559 --> 0:00:09.000 Jason Kelly and I'm Carol Masser. Welcome to the weekend 0:00:09.080 --> 0:00:11.840 edition of Bloomberg Business Week. Over the next couple of hours, 0:00:11.840 --> 0:00:13.440 we're going to bring you some of the most important 0:00:13.480 --> 0:00:16.440 and informative conversations we've had this week on our daily 0:00:16.520 --> 0:00:20.280 radio show. And Jason, let's remind everybody it's week fourteen. 0:00:20.320 --> 0:00:23.400 Working from home for many of us. Even as New 0:00:23.480 --> 0:00:25.920 York City, once the center of the pandemic in the US, 0:00:26.079 --> 0:00:28.560 it continued to reopen along with much of the New 0:00:28.640 --> 0:00:31.720 York metro area. Meanwhile, we saw other states this week 0:00:31.800 --> 0:00:34.519 around the US, we saw their virus numbers go up, 0:00:35.360 --> 0:00:38.479 and some of the headlines crossing the Bloomberg companies cutting workers. 0:00:38.600 --> 0:00:42.960 Industries are still continuing to struggle with the economic shutdown, right, 0:00:43.080 --> 0:00:48.240 and not to mention roiling protests continuing across the country 0:00:48.240 --> 0:00:51.519 and a reckoning of sorts certainly on the front lines 0:00:51.680 --> 0:00:55.280 of corporate America. This is not just a societal problem. 0:00:55.280 --> 0:00:58.600 This isn't just people out marching in the streets. This 0:00:58.680 --> 0:01:03.200 is a real conversation that's happening inside boardrooms at companies. 0:01:03.520 --> 0:01:05.319 We know that we've talked to a lot of people 0:01:05.319 --> 0:01:07.720 about them. Yeah, and our conversations this week, we're really 0:01:07.720 --> 0:01:10.440 full of stark realities. I felt like we continue to 0:01:10.480 --> 0:01:12.920 fight that health crisis. There are many millions out of work, 0:01:12.959 --> 0:01:14.679 and we're still trying to figure out, as you said, 0:01:14.920 --> 0:01:17.280 why racism persists in our world. And Carol, that was 0:01:17.319 --> 0:01:19.720 part of my conversation with TPG founding partner and co 0:01:19.880 --> 0:01:23.319 CEO Jim Coulter. We spent forty five minutes at a 0:01:23.400 --> 0:01:27.000 live event walking through what it is like to invest 0:01:27.080 --> 0:01:29.800 in a new era, and that new era is not 0:01:29.959 --> 0:01:34.039 only about coronavirus, of course, but it's also about a 0:01:34.160 --> 0:01:38.560 new era of corporate responsibility and corporate accountability. Plus, we 0:01:38.600 --> 0:01:42.080 talked with Sports Illustrated executive editor and contributing correspondent for 0:01:42.120 --> 0:01:44.839 CBS sixty Minutes, John Worth, I'm a friend of the show. 0:01:45.200 --> 0:01:47.600 We talked with him Jason on how to westart sports 0:01:47.640 --> 0:01:51.440 in a pandemic Tennessee says pretty easy to do social distancing, 0:01:51.480 --> 0:01:53.680 which may explain why the U s t A said. 0:01:53.720 --> 0:01:56.320 The US Open will happen as scheduled in late summer 0:01:56.320 --> 0:01:58.720 in New York, but it's going to be very different Yeah, 0:01:58.760 --> 0:02:02.480 we're not going to be there, most likely because no spectators. 0:02:02.800 --> 0:02:05.800 Plus another addition of Business Week Talks featuring our conversation 0:02:06.080 --> 0:02:09.560 with Hilton president and CEO Christmas set up right hospitality 0:02:09.600 --> 0:02:12.680 industry still reeling from the virus. First up, though, as 0:02:12.680 --> 0:02:16.600 we mentioned, our conversations this week really full of stark realities. 0:02:16.840 --> 0:02:18.760 We continue, as we know, to be in the thick 0:02:18.760 --> 0:02:20.920 of that health crisis, and we're still trying to figure 0:02:20.960 --> 0:02:23.400 out why racism persists in our world. And we start 0:02:23.440 --> 0:02:26.440 there with our cover story on how quotas can help 0:02:26.480 --> 0:02:29.000 fix the glaring whiteness of America's c suites. We cut 0:02:29.040 --> 0:02:32.000 up with Rebecca Greenfield. She's in charge of diversity coverage 0:02:32.000 --> 0:02:35.120 here at Bloomberg News. Yeah, so, I think you mentioned 0:02:35.120 --> 0:02:40.000 the main problem, which is how few black leaders there are. 0:02:40.440 --> 0:02:42.960 And this is not because they have There haven't been 0:02:43.000 --> 0:02:45.320 a lot of efforts to change the makeup of companies. 0:02:45.320 --> 0:02:48.000 There have been billions of dollars spent and decades of 0:02:48.080 --> 0:02:51.160 trying and companies saying it's in their best interest to 0:02:51.200 --> 0:02:55.040 do this, and both companies one person I quote said so, 0:02:55.680 --> 0:02:59.960 but it's so awesome. They look like plantations. Organizational chart 0:03:00.000 --> 0:03:02.359 looks like plantations and black folks are at the bottom. 0:03:02.440 --> 0:03:04.840 That was a close system I gave me and that's 0:03:04.919 --> 0:03:07.480 the reality and it's and it hasn't changed. So what's 0:03:07.600 --> 0:03:12.160 what When left their own devices, companies aren't really able 0:03:12.200 --> 0:03:14.440 to move the needle. And it's it's because it's a 0:03:14.520 --> 0:03:19.280 very complicated and difficult problem to solve. So like I 0:03:19.320 --> 0:03:23.160 was wondering, if we need something more aggressive or more coercive, 0:03:23.840 --> 0:03:28.520 and quotas are very controversial, but they have been proven 0:03:28.720 --> 0:03:32.760 to work in that capacity, which is to get more representation. 0:03:32.840 --> 0:03:36.320 They don't fix everything, they don't fix racism, but they 0:03:36.360 --> 0:03:39.320 do move the needle more than what companies they are doing. 0:03:39.400 --> 0:03:41.680 And we know, Rebecca, it has helped move the needle 0:03:41.760 --> 0:03:45.840 with women. Correct. Yeah, So there is this law that 0:03:45.960 --> 0:03:49.080 was passed in California UM a couple of years ago 0:03:49.200 --> 0:03:53.960 that where they required boards there to have at least 0:03:54.000 --> 0:03:58.600 one female director UM by last year and then they're 0:03:58.680 --> 0:04:01.040 upping that um depending on the size of the awards. 0:04:01.040 --> 0:04:03.520 So there were there's a quota. They've been sued because 0:04:04.200 --> 0:04:08.000 like Jile engines, quotas are an illegal gray area, but 0:04:08.400 --> 0:04:11.280 it has touched all of these boards of pillow companies 0:04:11.320 --> 0:04:14.480 in California to add women. Um, and they were worried 0:04:14.520 --> 0:04:16.880 that they wouldn't be able to find qualified candidates. But 0:04:17.400 --> 0:04:19.719 at the end of the day they did to comply 0:04:19.800 --> 0:04:22.200 because if they didn't comply, they had to pay are 0:04:22.279 --> 0:04:25.040 thousand dollar fine. Well, and it's interesting, you know, Becky. 0:04:25.120 --> 0:04:27.920 You you also bring up the idea that even talking 0:04:27.960 --> 0:04:32.320 about them maybe spur action. I mean, is that a 0:04:32.360 --> 0:04:35.280 reasonable argument? I mean, what do you think about that? Well, 0:04:35.320 --> 0:04:37.400 I would say that so far, a lot of the 0:04:37.480 --> 0:04:40.479 feedback I think, yeah, them gets a lot of people 0:04:40.520 --> 0:04:44.200 at set because they don't like them. I can tell 0:04:44.240 --> 0:04:47.520 you that from my Twitter mentions gonna turn for the 0:04:47.600 --> 0:04:53.800 worst today. Um. But I think my my motivation for 0:04:54.720 --> 0:04:57.160 making this argument and writing this and thinking about this 0:04:57.279 --> 0:05:00.880 for a long time is that we do need things 0:05:00.880 --> 0:05:04.080 more radical if there's going to be real change, because 0:05:04.240 --> 0:05:07.600 there is a lot of you know, milion mouse or 0:05:07.640 --> 0:05:10.800 what I mean, very well meaning acting in the area 0:05:10.880 --> 0:05:14.360 and it doesn't doesn't do anything right. Um. I think 0:05:14.360 --> 0:05:17.880 it's also rethinking of what the front of action or 0:05:17.920 --> 0:05:21.240 quotas are for. I think some people I told you said, 0:05:21.320 --> 0:05:24.960 we need to rethink it as this way of counteracting, 0:05:26.640 --> 0:05:31.080 well not as like this representation challenge, and that's reporter 0:05:31.200 --> 0:05:34.840 Rebecca Greenfield. As you mentioned at the top, she leads 0:05:34.880 --> 0:05:38.880 all the coverage. She has been unbelievably busy, took some 0:05:39.000 --> 0:05:42.120 time to write this cover. It's the remarks in the 0:05:42.200 --> 0:05:46.760 magazine and takes quotas straight on and really sort of 0:05:46.760 --> 0:05:51.160 ways the benefits and the negatives of doing that, and 0:05:51.279 --> 0:05:55.159 makes some comparisons, some important comparisons to what companies have 0:05:55.200 --> 0:05:57.000 done when it comes to gender. But as she rightly 0:05:57.040 --> 0:06:00.200 points out, nothing gets people charged up like quotas. So 0:06:00.480 --> 0:06:03.479 certainly though something that's being discussed considering some of the 0:06:03.520 --> 0:06:05.880 inequalities that are out there. All Right, you're listening to 0:06:05.920 --> 0:06:08.200 Bloomberg Business Week. Coming up, one of our go to 0:06:08.400 --> 0:06:12.000 voices on the pandemic. We're talking about Dr William hazel Teen, 0:06:12.360 --> 0:06:14.520 he joins us on his new book, A Family Guide 0:06:14.560 --> 0:06:27.480 to COVID. This is Bloomberg Face is Bloomberg Business Week 0:06:27.560 --> 0:06:31.280 with Carol Masser and Jason Kelly from Bloomberg Radio. Well, 0:06:31.320 --> 0:06:33.039 today we're bringing you some of the most important and 0:06:33.080 --> 0:06:36.320 informative conversations we had on our daily Bloomberg Business Week 0:06:36.400 --> 0:06:40.200 radio show this week. And the virus still front and 0:06:40.279 --> 0:06:43.840 center all the inequalities, all the challenges that come from 0:06:43.880 --> 0:06:46.680 trying to fight this disease. Carol right and Jason one 0:06:46.720 --> 0:06:48.719 of the voices that we always look forward to talking 0:06:48.720 --> 0:06:51.960 to about the virus. He understands the healthcare and biotech 0:06:52.000 --> 0:06:54.760 world so well. We caught up again with Dr William 0:06:54.800 --> 0:06:58.159 hazel Teen. He's a chairman and president of Access Health International. 0:06:58.440 --> 0:07:00.880 It's a nonprofit think tank. It's mission is to improve 0:07:00.920 --> 0:07:04.440 access to high quality and affordable health care for people everywhere. 0:07:04.920 --> 0:07:08.479 His latest mission a new book. It's for families. It's 0:07:08.520 --> 0:07:10.960 called a Family Guide to COVID, and it's really to 0:07:11.000 --> 0:07:15.360 help everybody at all different ages talk about the virus. Well, 0:07:15.400 --> 0:07:20.640 I'm looking right now at what's happened in Florida, and 0:07:21.200 --> 0:07:24.080 in many ways it was predictable. It was averaging about 0:07:24.080 --> 0:07:28.880 five hundred, between four and five hundred up to eight 0:07:28.960 --> 0:07:31.600 hundred cases sometimes for about a month and a half, 0:07:32.400 --> 0:07:36.000 and then starting in uh the end of May early June, 0:07:36.080 --> 0:07:38.840 he just started to rise. There were two thousand five 0:07:39.440 --> 0:07:43.840 cases uh and now there may be about two thousand 0:07:43.880 --> 0:07:47.720 new cases. It's pretty serious. And what it means is 0:07:47.840 --> 0:07:51.560 that the precautions the people were taking were eased off 0:07:51.600 --> 0:07:54.760 about two weeks ago, and we're now seeing that as 0:07:55.240 --> 0:08:00.440 spikes and newly diagnosed confections, mostly because people are getting 0:08:01.280 --> 0:08:05.520 uh mild lil or seriously ill. And that's happening in 0:08:05.560 --> 0:08:08.000 many parts of the country. Some other parts, like New 0:08:08.040 --> 0:08:11.880 York City, it's still relatively calm. People in New York 0:08:11.880 --> 0:08:16.080 are really scared and they know it's important to keep 0:08:16.160 --> 0:08:19.520 social distance. But even in New York, it's people are 0:08:19.520 --> 0:08:24.720 beginning to forget. And so, what have we learned about 0:08:24.840 --> 0:08:30.600 our initial response? Doctor haselteen that we can maybe put 0:08:30.640 --> 0:08:34.080 into practice now because there is this I think strong 0:08:34.200 --> 0:08:37.240 resistance on the part of both government leaders and just 0:08:37.320 --> 0:08:43.200 everyday people to go back to a full on shutdown. Yeah, 0:08:43.280 --> 0:08:48.920 I understand that it's uh, that's fully fully understandable and 0:08:49.200 --> 0:08:52.200 m what the way I look at is the following 0:08:52.800 --> 0:08:55.040 We paid a price, but we didn't get the benefit. 0:08:55.559 --> 0:08:58.560 That's because we didn't do it right. We didn't really 0:08:58.840 --> 0:09:05.520 enforced contact racing and mandatory isolation, and people weren't particularly 0:09:05.520 --> 0:09:08.960 observant all all the people weren't observant about the precautions 0:09:08.960 --> 0:09:12.040 they were urged to take, so we never cleared the 0:09:12.040 --> 0:09:15.040 infection like a number of other countries did or reduce 0:09:15.120 --> 0:09:18.440 it down to a very manageable level of say a 0:09:18.480 --> 0:09:21.960 half a dozen, five six in the whole country. We 0:09:22.080 --> 0:09:25.600 just didn't do that, and so we we paid a price, 0:09:25.679 --> 0:09:28.800 but we didn't get a benefit. The net result is 0:09:28.800 --> 0:09:31.000 we're now going to end up in a different situation, 0:09:31.080 --> 0:09:34.040 which is I call it back to the future. When 0:09:34.040 --> 0:09:38.240 I was born seventy five years ago, it was right 0:09:38.240 --> 0:09:43.840 on the cusp of the vaccine and antibiotic miracles. Before 0:09:43.920 --> 0:09:47.880 that time, people lived with the understanding that death could 0:09:47.920 --> 0:09:53.120 strike them at any moment. Even I remember polio, I 0:09:53.200 --> 0:09:57.720 remember being terrified a rheumatic fever. Those are things we 0:09:57.800 --> 0:10:01.960 couldn't control. And in fact, we built America. We built 0:10:02.000 --> 0:10:05.600 the world in a world without vaccines and in the 0:10:05.679 --> 0:10:10.400 world without antibiotics. But you pay a price that we're 0:10:10.400 --> 0:10:14.200 beginning to understand, and that price is death is at 0:10:14.240 --> 0:10:17.400 your shoulder at all moments. And it seems that we're 0:10:17.400 --> 0:10:20.480 willing to adapt to that. We've adapted in the past, 0:10:20.880 --> 0:10:25.679 we'll adapt again. We have exiting the time at least 0:10:25.679 --> 0:10:28.880 for now, where we have a free ride and don't 0:10:28.880 --> 0:10:35.200 have to worry about dying of an infectious disease tomorrow. Wow. Okay, So, 0:10:35.200 --> 0:10:38.440 so how do we do this? Because you know, you're right, 0:10:38.880 --> 0:10:42.760 you know, we're kind of in this interesting situation. And yes, 0:10:42.960 --> 0:10:46.000 history has shown us we can forge ahead and we 0:10:46.280 --> 0:10:50.760 can you know, build society. But there is a cost 0:10:50.800 --> 0:10:54.000 to it. So as we reopen, do we do it? 0:10:54.400 --> 0:10:56.240 You will pay the price? Yes, we do do it. 0:10:57.000 --> 0:10:59.319 I I happen to agree. We don't have any choice 0:10:59.440 --> 0:11:04.240 because Americans seem to be undisciplined and we don't have 0:11:05.160 --> 0:11:09.400 either the leadership, the governments or the government apparatus that 0:11:09.480 --> 0:11:15.000 we need. We need leaders that are clear, consistent, credible, 0:11:15.240 --> 0:11:20.400 and compassionate. We need government governance that works, and we 0:11:20.480 --> 0:11:23.040 need a public health service very much like an army 0:11:23.360 --> 0:11:27.360 that has unitary command from the top to the bottom. 0:11:27.480 --> 0:11:30.440 When the president says it's up to the governors, he's right. 0:11:30.760 --> 0:11:33.559 He doesn't have a tool he can use like he 0:11:33.600 --> 0:11:37.080 can use the military abroad. We don't have that tool. 0:11:37.480 --> 0:11:39.760 When the governor say it's up to the municipalities in 0:11:39.800 --> 0:11:42.240 the cities. I live in New York, and you can 0:11:42.280 --> 0:11:45.840 see the tension between the governor and the mayor, and 0:11:45.920 --> 0:11:48.199 the mayor might even in some places as the county 0:11:48.360 --> 0:11:51.240 leader may say it's up to the local authorities. We 0:11:51.280 --> 0:11:54.640 don't have unitary command in public health service. If there's 0:11:54.679 --> 0:11:58.640 a lesson we learned from this, we need unitary command 0:11:58.880 --> 0:12:03.880 to protect us internally as we do externally. Our biggest 0:12:03.920 --> 0:12:08.680 threats in my lifetime have not come from abroad. They've 0:12:08.760 --> 0:12:13.520 come from diseases within our own country, whether it was 0:12:13.679 --> 0:12:16.600 HIV age or where there was a number of other 0:12:17.120 --> 0:12:20.480 diseases polio that I can remember. Right, those are the 0:12:20.480 --> 0:12:23.760 big threats, and we're not prepared for those like we 0:12:23.840 --> 0:12:27.480 are prepared for external threats. Right. That's Dr William Hasletine. 0:12:27.520 --> 0:12:30.000 He's the chairman and president of Access Health International. And 0:12:30.040 --> 0:12:32.240 I do think Jason, when we finished our conversation with 0:12:32.320 --> 0:12:35.280 him during the week, we both were like, WHOA, We're 0:12:35.280 --> 0:12:37.560 still in the thick of it. That's exactly right. And 0:12:37.600 --> 0:12:41.280 I think he reminded us that this is affecting lots 0:12:41.280 --> 0:12:44.080 of different people and that depending on what age you 0:12:44.120 --> 0:12:47.000 are and depending on your perspective, you may have different questions. 0:12:47.160 --> 0:12:49.520 He also reminded us that this is fast moving. Is 0:12:49.520 --> 0:12:51.079 so one of the things I really like about this 0:12:51.120 --> 0:12:54.080 book is it does exist in paper. You can get 0:12:54.080 --> 0:12:56.920 it but it also gives you access to a website 0:12:57.040 --> 0:13:00.400 because the questions and the answers they're always changing, right, 0:13:00.440 --> 0:13:03.040 And I also thought one of the takeaways and he says, 0:13:03.080 --> 0:13:05.720 we need kind of a huge public health service in 0:13:05.760 --> 0:13:08.240 place on the scale and operational level of the military 0:13:08.360 --> 0:13:10.480 if we really really want to get ahead of the virus. 0:13:10.520 --> 0:13:12.360 And he says, we don't really have that in place. 0:13:12.800 --> 0:13:15.520 You're listening to Bloomberg Business Week. Coming up, we go 0:13:15.679 --> 0:13:19.000 to the intersection of the two crises that we are 0:13:19.040 --> 0:13:22.880 constantly talking about, the health crisis and racial justice. We 0:13:22.920 --> 0:13:26.120 catch up with the CEO and co founder of Incredible Health. 0:13:26.280 --> 0:13:35.160 It's an important conversation. This is Bloomberg. This is Bloomberg 0:13:35.200 --> 0:13:39.360 Business Week with Carol Masser and Jason Kelly from Bloomberg Radio. 0:13:39.559 --> 0:13:41.400 We're bringing you some of the most important and informative 0:13:41.440 --> 0:13:44.440 conversations we had on our daily radio show throughout the week. 0:13:44.640 --> 0:13:48.000 We caught up with Dr Iman Abuse. We had spoken 0:13:48.000 --> 0:13:50.280 with her a few weeks back. Carol, she's the CEO 0:13:50.360 --> 0:13:53.400 and co founder of Incredible Health. Initially back in the 0:13:53.480 --> 0:13:55.880 day and back a few weeks ago, we had caught 0:13:55.960 --> 0:14:00.280 up about essentially how hospitals are being staffed. She has 0:14:00.320 --> 0:14:06.240 a new model to really match nurses into the healthcare system. 0:14:06.280 --> 0:14:08.559 We wanted to talk to her about some different things, 0:14:08.640 --> 0:14:12.920 this time about diversity in healthcare and also her personal 0:14:12.960 --> 0:14:15.960 experience being a black founder. We did a pretty detailed 0:14:16.120 --> 0:14:20.240 nurse impact study and discovered that two percent of the nurses, 0:14:20.400 --> 0:14:22.480 only two percent of the nurses stelt at their hospitals 0:14:22.480 --> 0:14:25.480 were very prepared. And what a lot of the hospitals 0:14:25.520 --> 0:14:27.400 have been have been spending their time doing in the 0:14:27.480 --> 0:14:30.920 last couple of months is getting a soft pile of 0:14:30.920 --> 0:14:34.800 personal protective equipment and also getting their infection control protocols 0:14:34.800 --> 0:14:38.800 in place so it's safer um for so it's safe 0:14:38.920 --> 0:14:41.200 for patients to come back. Right. This is a business 0:14:41.200 --> 0:14:45.680 model question to some extent. I wonder it though, Why 0:14:45.720 --> 0:14:49.120 in an area that's so known for innovation and at 0:14:49.200 --> 0:14:53.920 least outwardly forward thinking, why this lesson hasn't been learned 0:14:54.000 --> 0:14:57.000 earlier around Silicon Valley. Yeah, I mean, look that the 0:14:57.320 --> 0:15:00.200 statistics are bad. You know, less than one percent to 0:15:00.320 --> 0:15:03.600 venture capital goes to black founders, even though we're starting 0:15:04.000 --> 0:15:07.480 over ten percent of the company's UM. I think there's 0:15:07.520 --> 0:15:10.560 two challenges there. One is just making it actually making 0:15:10.560 --> 0:15:13.720 it a priority UM and believing that the problem is real. 0:15:14.120 --> 0:15:17.400 And then the first the second is, you know, the 0:15:17.480 --> 0:15:22.400 solutions are more around investors expanding their networks so they're 0:15:22.440 --> 0:15:24.960 more diverse and so they're able to source better deal 0:15:25.000 --> 0:15:27.240 flow that way. And then the second is like looking 0:15:27.280 --> 0:15:29.200 at the bias and that's that's going on in the 0:15:29.240 --> 0:15:33.080 actual diligence process. Honestly, it compares a lot to what 0:15:33.200 --> 0:15:36.080 operators do as well when we're hiring. UM, when we're 0:15:36.120 --> 0:15:38.480 hiring and we're looking to hire a diverse team, we 0:15:38.560 --> 0:15:40.360 do have to look at our sourcing as well as 0:15:40.400 --> 0:15:43.560 the actual interview process itself to make sure we end 0:15:43.640 --> 0:15:46.400 up with a diverse team or in the case of investors, 0:15:46.400 --> 0:15:48.560 a diverse portfolio. Right, you need to have a focus, 0:15:48.600 --> 0:15:50.160 You have to have a concerted effort. You have to 0:15:50.600 --> 0:15:52.520 know that this is what you want to do right 0:15:52.560 --> 0:15:56.280 to get it done, absolutely, and I think that's probably 0:15:56.320 --> 0:15:59.520 the biggest piece. It's missing making it a priority, having 0:15:59.520 --> 0:16:02.120 a gold hied to it, making someone accountable to it. 0:16:02.200 --> 0:16:04.480 Someone's performance evaluation is going to be tied to it, 0:16:04.840 --> 0:16:07.320 you know. And and once you do that UM, as 0:16:07.320 --> 0:16:10.080 a leader and especially as the CEO, then then change 0:16:10.080 --> 0:16:12.720 starts to happen internally, right, because that's what you know, 0:16:12.800 --> 0:16:15.360 We've had so many conversations and we wonder, so what's 0:16:15.360 --> 0:16:19.000 different this time around? This is not a new problem, right, Um, 0:16:19.040 --> 0:16:21.200 it's been going on for a long time. Do you 0:16:21.320 --> 0:16:25.600 have hope that something changes dramatically in terms of diversity 0:16:25.920 --> 0:16:29.440 and you know, getting rid of racism in our society? 0:16:30.360 --> 0:16:33.520 I mean, this is the first time in my lifetime 0:16:33.560 --> 0:16:38.040 that I've seen non black communities heavily involved and engaged 0:16:38.160 --> 0:16:41.440 and enraged by the topic. And the media attention on 0:16:41.480 --> 0:16:43.600 it is also very high as well. So I'm hopeful 0:16:43.760 --> 0:16:46.840 that there will be some permanent changes. Um. That's you know, 0:16:47.240 --> 0:16:51.360 it's long past two, right, and so you know, back 0:16:51.400 --> 0:16:54.080 to incredible health for for a minute. I mean, how 0:16:54.120 --> 0:16:56.600 does that play through your own business model? Because I 0:16:56.640 --> 0:16:58.560 believe the last time you were with us, you were 0:16:58.600 --> 0:17:01.800 talking about this issue of you know, diversity across the 0:17:01.840 --> 0:17:06.160 healthcare spectrum and especially dealing in this pandemic which has 0:17:06.200 --> 0:17:13.320 been ultimately very uh discriminating in its own way against 0:17:13.680 --> 0:17:17.440 you know, people of color, people from lower socioeconomic bounds. 0:17:17.880 --> 0:17:20.040 How are you seeing it play out in your business? 0:17:20.119 --> 0:17:23.400 And and uh and through this crisis. Yeah. So Incredible 0:17:23.440 --> 0:17:26.760 Health out of Score is a software platform, and so 0:17:26.800 --> 0:17:28.639 there's a couple of ways where it plays out. First 0:17:28.880 --> 0:17:31.000 is that when it's when it comes to building the 0:17:31.119 --> 0:17:34.439 actual software itself. UM, we do have to keep in 0:17:34.480 --> 0:17:37.119 mind that we are building it for a very diverse population. 0:17:37.760 --> 0:17:41.639 Over twenty percent of nurses help identify as minorities, and 0:17:41.680 --> 0:17:43.680 so we do have to take things into accounts such 0:17:43.680 --> 0:17:48.240 as UH features that remove bias and hiring UM. You know, 0:17:48.320 --> 0:17:51.879 like we remove the current locations for example of nurses 0:17:51.920 --> 0:17:54.639 because we noticed that employers were discriminating on based on 0:17:54.800 --> 0:17:58.040 simply based on location. Another thing we do is we 0:17:58.080 --> 0:18:01.640 provide salary calculators to all the nurses on our platform 0:18:01.680 --> 0:18:05.880 and career coaches. Because UM minorities are usually they don't 0:18:05.920 --> 0:18:08.840 negotiate as hard or not as aware of what their 0:18:08.840 --> 0:18:12.200 salaries should be. And so we really do build features 0:18:12.200 --> 0:18:15.840 and products that make, you know, reduce the amount of 0:18:15.880 --> 0:18:19.199 discrimination that's happening. And that's Dr Iman Abuse joining us 0:18:19.200 --> 0:18:22.000 from San Francisco, the co founder and the CEO of 0:18:22.080 --> 0:18:26.480 Incredible Health, and I really appreciated her candor Carol, her 0:18:26.800 --> 0:18:30.240 sharing her experience with us both as a person as 0:18:30.359 --> 0:18:35.159 a really well educated, successful person who still faces some 0:18:35.240 --> 0:18:40.159 of the systemic racism that is in Silicon Valley, but 0:18:40.320 --> 0:18:44.720 also she faces it on behalf of her company all 0:18:44.760 --> 0:18:48.120 the time and dealing with this question of diversity within 0:18:48.160 --> 0:18:50.159 the health care system. Well, remember, she's one of a 0:18:50.200 --> 0:18:52.879 small number of venture backed female black founders in the 0:18:52.920 --> 0:18:55.480 health tech sector, so she is in a unique position 0:18:55.520 --> 0:18:57.119 to not only look at of course what's going on 0:18:57.160 --> 0:19:00.520 in the virus, but also racism in America and being 0:19:00.640 --> 0:19:04.080 a black corporate leader. She really, I feel like um 0:19:04.200 --> 0:19:05.959 gave us some great insight into all of that, and 0:19:05.960 --> 0:19:08.800 she also notes Jason that diversity isn't just a moral 0:19:08.840 --> 0:19:11.600 and human rights issue, it's also about building a better business. 0:19:11.680 --> 0:19:15.399 So really gave us some wonderful perspective. You're listening to 0:19:15.440 --> 0:19:18.840 Bloomberg Business Week. Coming up my conversation with TPG founding 0:19:18.840 --> 0:19:22.440 partner co CEO Jim Culture. He usually talks about the 0:19:22.520 --> 0:19:25.199 year ahead in November, but we had to get a 0:19:25.320 --> 0:19:28.239 reboot bond that that's coming up. That's exactly what it was. 0:19:28.359 --> 0:19:37.479 This is bloombergs is Bloomberg Business Week with Carol Masser 0:19:37.560 --> 0:19:40.920 and Jason Kelly from Bloomberg radio. Well, today we're bringing 0:19:40.960 --> 0:19:43.280 you some of the most important and informative conversations we 0:19:43.320 --> 0:19:46.720 had on our daily radio show this week and even 0:19:47.040 --> 0:19:49.600 beyond the radio show. Carol, you know, we always like 0:19:49.680 --> 0:19:51.840 to mix it up, we do. And Jason, you had 0:19:51.840 --> 0:19:54.280 a great conversation this week. It's part of a Bloomberg 0:19:54.320 --> 0:19:57.719 Live virtual event called the Year Ahead Revisited, Investing in 0:19:57.760 --> 0:20:00.000 a New Era event, and you caught up with Jim 0:20:00.040 --> 0:20:02.840 Coulter because usually at the end of the year, right 0:20:03.000 --> 0:20:05.760 you talk about with him what's to come in the 0:20:05.800 --> 0:20:09.400 coming year. We'll here you did halfway through a reboot 0:20:09.440 --> 0:20:12.240 because this year is not turning out like everyone expected, 0:20:12.520 --> 0:20:14.760 not at all. And I was very grateful to him 0:20:14.800 --> 0:20:17.040 for doing this because basically went to him a few 0:20:17.040 --> 0:20:20.280 weeks ago, and this was even before the killing of 0:20:20.280 --> 0:20:22.800 George Floyd and all the racial protests and all the 0:20:22.920 --> 0:20:28.280 racial reckoning and social reckoning that has ensued, and I said, look, 0:20:28.600 --> 0:20:30.800 the world is so different from what we talked about 0:20:30.840 --> 0:20:34.320 in November. Would you consider this reboot as you said? 0:20:34.359 --> 0:20:37.119 And he was very gracious, and you know, was able 0:20:37.160 --> 0:20:40.600 to really get real with me and our massive audience 0:20:40.640 --> 0:20:43.639 on this to let them know how an investor, but 0:20:43.720 --> 0:20:46.840 also how a business leader is thinking about all these conversations. 0:20:47.080 --> 0:20:50.280 So twenty seven years ago, Jason, when we began building TPG, 0:20:50.520 --> 0:20:54.240 we realized, as well as building an investment firm, we 0:20:54.240 --> 0:20:57.080 were building a really interesting front row seat for the 0:20:57.119 --> 0:21:01.639 world of business. So if you look inside our ecosystem today, 0:21:01.840 --> 0:21:07.359 over two companies across twenty nine different countries, twelve different sectors, 0:21:07.920 --> 0:21:11.560 more than a billion dollars of revenue, and we're in 0:21:11.600 --> 0:21:15.680 the boardroom of those companies watching the challenges they faced. 0:21:15.960 --> 0:21:19.000 In addition, we write almost ten thousand pages a year 0:21:19.200 --> 0:21:21.960 of things called investment memos. Think of them as research, 0:21:22.680 --> 0:21:25.400 and so we challenged ourselves to from time to time 0:21:25.480 --> 0:21:28.920 pick our head up from the individual investments and see 0:21:28.920 --> 0:21:31.879 what the ecosystem is telling us about the world. We 0:21:31.960 --> 0:21:35.640 began sharing that privately with our investors, and somewhere along 0:21:35.680 --> 0:21:37.199 the way, I'm not quite sure how you did it, 0:21:37.280 --> 0:21:41.040 you convinced me to do this publicly, and here we are, 0:21:41.480 --> 0:21:45.040 And I have to say part of the inspiration for 0:21:45.080 --> 0:21:50.480 this was candidly me thinking about you and thinking what 0:21:50.600 --> 0:21:53.639 you must be going through in your own mind and 0:21:54.119 --> 0:21:57.359 with your team. You know, it's also interesting for me 0:21:57.440 --> 0:22:01.400 to think about, and as we kick off this idea 0:22:01.440 --> 0:22:05.200 that even when you and I conceive this a couple 0:22:05.240 --> 0:22:08.480 of months ago, this this refresh, the world has become 0:22:08.520 --> 0:22:10.560 a very different place. And I would love for you 0:22:10.640 --> 0:22:14.040 to to set the table, if you can, by talking 0:22:14.080 --> 0:22:18.520 about these dual crises that that we're facing, you know, 0:22:18.680 --> 0:22:21.800 one that we've been in for a number of weeks, 0:22:21.800 --> 0:22:24.399 now number of months, but one that's a little more recent. 0:22:24.760 --> 0:22:27.919 Let's start, if we can, on this question of racial justice, 0:22:27.920 --> 0:22:30.159 because I know it's something you've thought about, and I 0:22:30.240 --> 0:22:32.840 know that TPG is talking about and that you're talking 0:22:33.280 --> 0:22:38.080 to that huge uh sort of rolode start, not even Rolodex, 0:22:38.160 --> 0:22:40.200 but you know the partners that you have around the world. 0:22:40.720 --> 0:22:43.520 A lot has changed since were together in November. A 0:22:43.640 --> 0:22:45.760 number of the trends we're talking about, the rise of 0:22:45.800 --> 0:22:52.240 subscription businesses, corporate responsibility are continuing apace. But clearly, when 0:22:52.320 --> 0:22:54.760 the history of the year is written, it will be 0:22:54.840 --> 0:22:57.720 about two issues that have shaped the first half of 0:22:57.760 --> 0:22:59.840 the year, and I think those two issues are likely 0:22:59.880 --> 0:23:04.359 to drive the year ahead. The coronavirus we're all beginning 0:23:04.400 --> 0:23:07.040