1 00:00:01,360 --> 00:00:04,120 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along 2 00:00:04,120 --> 00:00:06,200 Speaker 1: with my co host of Bonnie Quinn. Every business day 3 00:00:06,240 --> 00:00:10,360 Speaker 1: we bring you interviews from CEO, market pros, and Bloomberg experts, 4 00:00:10,400 --> 00:00:13,600 Speaker 1: along with essential market moving news. Find the Bloomberg Markets 5 00:00:13,600 --> 00:00:17,000 Speaker 1: Podcast on Apple Podcasts or wherever you listen to podcasts, 6 00:00:17,000 --> 00:00:20,320 Speaker 1: and on Bloomberg dot com. One of the more interesting 7 00:00:20,360 --> 00:00:22,520 Speaker 1: stories out there in the marketplaces you look at individual 8 00:00:22,560 --> 00:00:25,159 Speaker 1: companies as a Walt Disney company. Here's a company that 9 00:00:25,280 --> 00:00:27,400 Speaker 1: a couple of years ago really made a hundred eighty 10 00:00:27,440 --> 00:00:30,560 Speaker 1: degree pivot in their business to really focus on streaming 11 00:00:30,960 --> 00:00:32,960 Speaker 1: UH and they're starting to get some rewards there. And 12 00:00:32,960 --> 00:00:35,800 Speaker 1: there's absolutely nobody better to walk us through the Walt 13 00:00:35,800 --> 00:00:38,159 Speaker 1: Disney story than Michael Nathanson. Michael is one of the 14 00:00:38,320 --> 00:00:41,839 Speaker 1: leading research analysts on Wall Street. He's a founding partner 15 00:00:41,880 --> 00:00:44,680 Speaker 1: and senior research analyst at Moffatt. Nathan said, Mike, thanks 16 00:00:44,720 --> 00:00:47,279 Speaker 1: so much for joining us here. Some some numbers last 17 00:00:47,400 --> 00:00:49,640 Speaker 1: night out of Disney. I'd love to get your takeaway 18 00:00:49,640 --> 00:00:51,640 Speaker 1: because this is a company that right before our eyes, 19 00:00:51,960 --> 00:00:55,240 Speaker 1: it's really changing its entire business, isn't it. Yep, Good 20 00:00:55,240 --> 00:00:59,320 Speaker 1: morning to you, Paul Paul Um. What's amazing is, you know, 21 00:00:59,400 --> 00:01:01,760 Speaker 1: two years. I give them credit because two years ago 22 00:01:02,440 --> 00:01:06,320 Speaker 1: they made a really difficult decision of pulling back content 23 00:01:06,400 --> 00:01:10,039 Speaker 1: that they had sold to other people and forging revenues 24 00:01:10,040 --> 00:01:13,800 Speaker 1: and profits in cash and having to go build it themselves, right, 25 00:01:13,920 --> 00:01:19,360 Speaker 1: and you know, people were a bit dismissive of that decision, uh, 26 00:01:19,560 --> 00:01:22,080 Speaker 1: doubting whether or not they could pull it off. And 27 00:01:22,120 --> 00:01:24,440 Speaker 1: what they've done in the past, you know, two years 28 00:01:24,480 --> 00:01:26,960 Speaker 1: he's just remarkable, it really is. You know, almost a 29 00:01:27,040 --> 00:01:30,440 Speaker 1: hundred million subscribers at Disney Plus. Um. You know, they've 30 00:01:30,480 --> 00:01:34,480 Speaker 1: taken control of Hulu from comcasts and that's going very nicely. 31 00:01:35,200 --> 00:01:38,360 Speaker 1: And it's really interesting to me is that then, you know, 32 00:01:38,400 --> 00:01:40,880 Speaker 1: the focus from the investment community had always been on 33 00:01:41,360 --> 00:01:43,440 Speaker 1: court cutting and ESPN is you know, which you know 34 00:01:43,600 --> 00:01:46,400 Speaker 1: very well, and that doesn't come up anymore, right like that, 35 00:01:46,480 --> 00:01:49,800 Speaker 1: those questions are no longer relevant now it's really about 36 00:01:49,800 --> 00:01:53,760 Speaker 1: the size and the profitability potential of this new director 37 00:01:53,800 --> 00:01:57,240 Speaker 1: consumer business at their building. So Michael, you know, obviously 38 00:01:57,680 --> 00:01:59,960 Speaker 1: there are so many elements of this to talk about, 39 00:02:00,120 --> 00:02:02,400 Speaker 1: but just briefly before we move back to what I'm 40 00:02:02,440 --> 00:02:04,480 Speaker 1: sure will be most of the conversation. What does Doesney 41 00:02:04,480 --> 00:02:07,160 Speaker 1: do with his theme parks? Does it downplay them completely? 42 00:02:07,240 --> 00:02:10,760 Speaker 1: Does it make them smaller? Does it stop expanding? Okay, 43 00:02:10,840 --> 00:02:13,880 Speaker 1: hi Vanni, Notice that's a good question. Theme parks are 44 00:02:13,880 --> 00:02:16,799 Speaker 1: really important to the Walt Disney Company. H Here's why. 45 00:02:17,160 --> 00:02:19,560 Speaker 1: Because they are a source of cash and there's a 46 00:02:19,560 --> 00:02:23,000 Speaker 1: source of growth. You look at theme parks the past decades, 47 00:02:23,040 --> 00:02:26,760 Speaker 1: so it has become the engine. So it used to 48 00:02:26,760 --> 00:02:29,399 Speaker 1: be cable networks, but theme parks really became very important 49 00:02:29,639 --> 00:02:33,680 Speaker 1: to Disney's financial picture. Um. They run the theme parks, 50 00:02:34,520 --> 00:02:36,720 Speaker 1: you know, amazingly in terms of their ability to drive 51 00:02:36,840 --> 00:02:40,800 Speaker 1: pricing and profits, and I think it remains a central 52 00:02:40,800 --> 00:02:43,960 Speaker 1: piece of the Disney you know, the Disney machine. I 53 00:02:43,960 --> 00:02:46,240 Speaker 1: think over time the question will be is when did 54 00:02:46,280 --> 00:02:49,040 Speaker 1: Disney start opening up theme parks in other parts of 55 00:02:49,040 --> 00:02:51,160 Speaker 1: the world. As you know, they're in Hong Kong and Shanghai. 56 00:02:51,680 --> 00:02:54,200 Speaker 1: But you know, is there a Latin American theme park coming? 57 00:02:54,320 --> 00:02:56,920 Speaker 1: Is there an Indian theme park coming? Um? You know, 58 00:02:57,160 --> 00:02:59,560 Speaker 1: you know, I think as time goes on and streaming 59 00:02:59,600 --> 00:03:02,600 Speaker 1: becomes a more successful and more global, you know, maybe 60 00:03:02,600 --> 00:03:05,160 Speaker 1: Disney starts opening up theme parks in other parts of 61 00:03:05,160 --> 00:03:07,399 Speaker 1: the world. But so I think theme parks are core 62 00:03:07,400 --> 00:03:10,519 Speaker 1: intential to what Disney does. And Michael, I'd love to 63 00:03:10,560 --> 00:03:13,560 Speaker 1: get your thoughts on their filmed entertainment business. You know, 64 00:03:13,600 --> 00:03:18,040 Speaker 1: obviously just the dominant, dominant player in UM Hollywood with 65 00:03:18,120 --> 00:03:20,520 Speaker 1: all the brands that they have, but now with this 66 00:03:20,639 --> 00:03:24,440 Speaker 1: pandemic um the traditional windowing where they could make money 67 00:03:24,440 --> 00:03:27,000 Speaker 1: in the theaters and then the pay television and someone 68 00:03:27,040 --> 00:03:29,960 Speaker 1: that just you know, window after window monetize an asset. 69 00:03:30,680 --> 00:03:33,600 Speaker 1: Is that permanently changed, Mike? Yeah, Paul, you know that 70 00:03:33,800 --> 00:03:37,680 Speaker 1: is purbently changed. We cover the theater industry too, and 71 00:03:37,680 --> 00:03:39,680 Speaker 1: and you know what what Wall Street has done is 72 00:03:39,720 --> 00:03:45,000 Speaker 1: we've incentivize film studios that own GtC companies to go 73 00:03:45,120 --> 00:03:48,160 Speaker 1: more direct, right, to go direct and summer and you're 74 00:03:48,160 --> 00:03:52,080 Speaker 1: gonna see less films being put into theater um only 75 00:03:52,120 --> 00:03:54,360 Speaker 1: the big ten poles and blockbusters. And even when they're 76 00:03:54,360 --> 00:03:57,440 Speaker 1: in the theater, the question is will they be released 77 00:03:58,160 --> 00:04:01,680 Speaker 1: day and date on DCC on direct consumer platforms? Right, 78 00:04:01,920 --> 00:04:05,960 Speaker 1: So you know, we are applotting Disney's ability to grow 79 00:04:06,000 --> 00:04:09,640 Speaker 1: their address and tumor business. And you know, Wall Street, 80 00:04:09,640 --> 00:04:11,480 Speaker 1: as you know because you've been analynced like me for 81 00:04:11,480 --> 00:04:14,760 Speaker 1: a while has put a very low evaluation on anything 82 00:04:14,840 --> 00:04:18,280 Speaker 1: really to film, and very high valuation on things you 83 00:04:18,320 --> 00:04:21,240 Speaker 1: know that are streaming. So they'll still be filmed and 84 00:04:21,279 --> 00:04:23,440 Speaker 1: device question at theme parks, they're still the films that 85 00:04:23,480 --> 00:04:27,680 Speaker 1: benefit the entire Disney enterprise, you know, ten poles, you know, 86 00:04:27,760 --> 00:04:30,760 Speaker 1: but those are gonna be fewer and far between, uh 87 00:04:30,800 --> 00:04:33,560 Speaker 1: for the industry, and Disney will move those movies much 88 00:04:33,600 --> 00:04:37,359 Speaker 1: more quickly onto their own platforms to drive more value 89 00:04:37,839 --> 00:04:40,520 Speaker 1: for consumers and then drive pricing. How do they keep 90 00:04:40,560 --> 00:04:44,599 Speaker 1: the quality up over time? It seems like now you know, 91 00:04:44,640 --> 00:04:47,360 Speaker 1: there's a writer's room for every you know, New York 92 00:04:47,360 --> 00:04:52,160 Speaker 1: condo building, and they're necessary, you know, But we're getting content. 93 00:04:52,360 --> 00:04:54,800 Speaker 1: I feel like the newer content out of Netflix, these 94 00:04:54,839 --> 00:04:57,599 Speaker 1: these movies that they're premiering on Fridays, they're they're just 95 00:04:57,680 --> 00:05:00,880 Speaker 1: they're just okay, They're not great. Can they keep up 96 00:05:00,920 --> 00:05:06,720 Speaker 1: the the quality that will keep people attached to Disney Plus? Yeah, 97 00:05:06,960 --> 00:05:09,920 Speaker 1: you know, that is a great question that we don't 98 00:05:09,920 --> 00:05:13,880 Speaker 1: get enough of. Um there's just an assumption that you know, 99 00:05:13,960 --> 00:05:17,240 Speaker 1: content easy to make, and you know, and there's not 100 00:05:17,320 --> 00:05:23,600 Speaker 1: much of a of any kind of measure of of quality. Right. Um, 101 00:05:23,640 --> 00:05:25,800 Speaker 1: if you look at HBO for the for many years, 102 00:05:25,880 --> 00:05:30,440 Speaker 1: HBO just somehow year in year out produced great quality content. 103 00:05:31,120 --> 00:05:34,760 Speaker 1: I think it comes down to, Um, the people who 104 00:05:34,760 --> 00:05:38,719 Speaker 1: are green lighting these these productions at Disney, they've got 105 00:05:38,760 --> 00:05:42,120 Speaker 1: really strong creative executives, and then it comes down to 106 00:05:42,600 --> 00:05:46,520 Speaker 1: the people you hire to actually make this vision and 107 00:05:46,520 --> 00:05:50,279 Speaker 1: and and tell the story. Um. That's the question I 108 00:05:50,320 --> 00:05:52,480 Speaker 1: had for the management team a couple of quarters ago. 109 00:05:52,640 --> 00:05:54,680 Speaker 1: I said, look, you know you guys, but Didney did 110 00:05:54,720 --> 00:05:57,800 Speaker 1: really well? Was they made less films? Those films were better? 111 00:05:58,360 --> 00:06:01,440 Speaker 1: So I don't know. That's certainly a risk. Right when 112 00:06:01,480 --> 00:06:04,920 Speaker 1: you expand your your output, do you have the same 113 00:06:05,000 --> 00:06:07,920 Speaker 1: quality control? We don't know. HBO has done it. But 114 00:06:07,920 --> 00:06:10,280 Speaker 1: then to your point in Netflix, Netflix has a lot 115 00:06:10,320 --> 00:06:14,000 Speaker 1: of things that miss. Um. You know, we're aware of 116 00:06:14,080 --> 00:06:16,359 Speaker 1: the things that are really good because they become you know, 117 00:06:16,440 --> 00:06:20,440 Speaker 1: front page, streaming, streaming, you know content. But there's a 118 00:06:20,480 --> 00:06:23,600 Speaker 1: lot of misses. And their model it's kind of built 119 00:06:23,640 --> 00:06:25,200 Speaker 1: for that because they take a ton of shots on 120 00:06:25,240 --> 00:06:27,840 Speaker 1: goal with a huge budget. Did think he has always 121 00:06:27,839 --> 00:06:30,360 Speaker 1: been a company that's just had less shots on goal 122 00:06:30,400 --> 00:06:33,279 Speaker 1: and those shots are always gone in. It's a great question. 123 00:06:33,760 --> 00:06:35,920 Speaker 1: It bears watching. But the people who are making those 124 00:06:35,920 --> 00:06:40,400 Speaker 1: decisions are still top of their field and that that 125 00:06:40,480 --> 00:06:42,760 Speaker 1: hasn't changed yet. I'm more worried, let's say, at HBO 126 00:06:42,839 --> 00:06:45,599 Speaker 1: and A T and T, because Warner Brothers HBO have 127 00:06:45,680 --> 00:06:48,400 Speaker 1: seen a change of leadership, and you wonder, like, will 128 00:06:48,440 --> 00:06:51,480 Speaker 1: that lead down the road to a quality change they 129 00:06:51,520 --> 00:06:53,960 Speaker 1: need to clone Joel Kinnaman. I think Michael Nathanson, he 130 00:06:54,000 --> 00:06:56,560 Speaker 1: seems to be doing everything these days. Michael Nathanson, thank 131 00:06:56,600 --> 00:07:00,240 Speaker 1: you so much for that wonderful analysis and context. Michael 132 00:07:00,240 --> 00:07:03,040 Speaker 1: a senior research analyst at Malford Nathanson. On Disney There 133 00:07:03,040 --> 00:07:07,679 Speaker 1: which is now down seven tenths of represent well. Western Union, 134 00:07:07,960 --> 00:07:10,960 Speaker 1: we know the name for decades and it's a global name. 135 00:07:11,120 --> 00:07:13,240 Speaker 1: Just had earnings and we've got to welcome in now 136 00:07:13,320 --> 00:07:17,200 Speaker 1: chief financial officer Raj agre Wall, who is their chief 137 00:07:17,200 --> 00:07:21,040 Speaker 1: financial officer. As I already mentioned, Raj, just briefly tell 138 00:07:21,120 --> 00:07:24,000 Speaker 1: us about the trends that you saw during the pandemic. 139 00:07:24,040 --> 00:07:28,360 Speaker 1: Did people need to use Western Union more? Hey, thanks 140 00:07:28,360 --> 00:07:31,880 Speaker 1: for having me. Yes, absolutely. Um, you know, we actually 141 00:07:32,000 --> 00:07:34,960 Speaker 1: saw that the need to receive money during the pandemic 142 00:07:35,360 --> 00:07:38,160 Speaker 1: over the course of the last twelve months was greater 143 00:07:38,240 --> 00:07:41,840 Speaker 1: than ever before. Um. We also saw shifts in terms 144 00:07:41,840 --> 00:07:44,120 Speaker 1: of how people were using our business. You know, we 145 00:07:44,200 --> 00:07:47,480 Speaker 1: have obviously a very broad retail network, but we have 146 00:07:47,760 --> 00:07:51,239 Speaker 1: also a fantastic, um you know, well growing digital business 147 00:07:51,800 --> 00:07:54,200 Speaker 1: that is now present in more than seventy five countries, 148 00:07:54,280 --> 00:07:57,880 Speaker 1: and so we saw a tremendous growth in our digital 149 00:07:57,880 --> 00:08:02,400 Speaker 1: business because people were looking very frequently for online ways 150 00:08:02,440 --> 00:08:04,760 Speaker 1: of sending money to their loved ones. And you can 151 00:08:04,840 --> 00:08:08,440 Speaker 1: imagine that during the pandemic. Um you know, in many 152 00:08:08,560 --> 00:08:11,120 Speaker 1: of these other countries were going through a very difficult time, 153 00:08:11,200 --> 00:08:14,240 Speaker 1: which they continue to do so, and the people who 154 00:08:14,240 --> 00:08:16,640 Speaker 1: had the ability to send continue to send money, and 155 00:08:16,920 --> 00:08:19,640 Speaker 1: they used our business quite frequently. So, you know, we 156 00:08:19,680 --> 00:08:21,760 Speaker 1: really saw a mixed shift not only in our business 157 00:08:21,760 --> 00:08:25,000 Speaker 1: but also in the market overall, where digital parts of 158 00:08:25,000 --> 00:08:28,880 Speaker 1: the market really took off during the course of last year. Roger, 159 00:08:29,200 --> 00:08:33,439 Speaker 1: we still have persistent higher than we would like unemployment 160 00:08:33,520 --> 00:08:36,800 Speaker 1: in the United States. How has that impacted your flows 161 00:08:36,800 --> 00:08:40,520 Speaker 1: and your business? Yeah, I mean, we we were very 162 00:08:40,600 --> 00:08:43,439 Speaker 1: much a global business, Paul. You know, we we are 163 00:08:44,120 --> 00:08:47,880 Speaker 1: present in two hundred countries and territories around the world. Um, 164 00:08:48,000 --> 00:08:50,560 Speaker 1: the US is obviously a very important market for us. 165 00:08:51,000 --> 00:08:53,800 Speaker 1: But yeah, we we certainly saw, you know, some impacts 166 00:08:53,840 --> 00:08:57,160 Speaker 1: in the unemployment. The pandemic is not behind us yet. 167 00:08:57,440 --> 00:08:59,760 Speaker 1: We need to see how things play out. We are 168 00:09:00,080 --> 00:09:03,280 Speaker 1: uming that the second half of this year will be 169 00:09:02,920 --> 00:09:06,000 Speaker 1: in a better position economically, not only in the US 170 00:09:06,080 --> 00:09:10,160 Speaker 1: but also globally as the vaccines are more widely distributed. 171 00:09:10,200 --> 00:09:14,079 Speaker 1: So we're hoping for a better second half economically. And uh, 172 00:09:14,559 --> 00:09:16,800 Speaker 1: you know, I think that again, people who have had 173 00:09:16,840 --> 00:09:21,080 Speaker 1: the ability to send money, people who are still employed 174 00:09:21,080 --> 00:09:23,679 Speaker 1: and making money, they've continued to use our business at 175 00:09:23,679 --> 00:09:26,680 Speaker 1: a at a high rate. And uh, we've also seen 176 00:09:26,720 --> 00:09:30,040 Speaker 1: the amount of principle going through our business go up 177 00:09:30,080 --> 00:09:33,040 Speaker 1: quite quite a bit. We grew a cross border principle 178 00:09:33,080 --> 00:09:36,200 Speaker 1: by twelve percent last year, whereas the entire market was 179 00:09:36,240 --> 00:09:39,280 Speaker 1: probably down a little bit. So, you know, I think 180 00:09:39,559 --> 00:09:41,960 Speaker 1: we're still getting good, good traffic and people still have 181 00:09:42,000 --> 00:09:44,840 Speaker 1: a need to receive money. I'm a customer myself of 182 00:09:44,880 --> 00:09:47,880 Speaker 1: our business, and I've spent more money in the last 183 00:09:47,880 --> 00:09:50,920 Speaker 1: twelve months and I have historically because my you know, 184 00:09:50,960 --> 00:09:53,000 Speaker 1: my relatives have a need to get that money. So 185 00:09:55,320 --> 00:10:00,199 Speaker 1: why the decision to increase the dividend. It's a it's 186 00:10:00,200 --> 00:10:02,719 Speaker 1: really a trend. We've had a track record over the 187 00:10:02,800 --> 00:10:06,960 Speaker 1: last fourteen years. We've increased the dividend by in thirteen 188 00:10:06,960 --> 00:10:09,960 Speaker 1: of those fourteen years. So we have a lot of 189 00:10:10,000 --> 00:10:12,760 Speaker 1: confidence in the strength of our business. We know that 190 00:10:12,840 --> 00:10:16,640 Speaker 1: regenerated a strong, you know, large amount of cash flow 191 00:10:16,760 --> 00:10:19,959 Speaker 1: last year, regenerated about nine million dollars of cash operating 192 00:10:20,000 --> 00:10:22,520 Speaker 1: cash flow. We'll have another good year this year, and 193 00:10:22,559 --> 00:10:25,720 Speaker 1: we think it's really what our shareholders want. And so 194 00:10:25,760 --> 00:10:28,800 Speaker 1: we've raised the dividend um in in thirteen of the 195 00:10:28,840 --> 00:10:31,200 Speaker 1: last fourteen years and this is just a continuation of 196 00:10:31,200 --> 00:10:34,320 Speaker 1: that trend. And uh, you know, we're looking for good things. 197 00:10:34,320 --> 00:10:37,880 Speaker 1: We have a good strategic agenda this year, and paying 198 00:10:38,160 --> 00:10:40,160 Speaker 1: a good, healthy dividend there's a key part of that 199 00:10:40,240 --> 00:10:43,839 Speaker 1: for us. Roger talked to us about the competitive landscape 200 00:10:43,920 --> 00:10:46,080 Speaker 1: for Western Union. You guys have obviously been in this 201 00:10:46,120 --> 00:10:49,680 Speaker 1: business for a long long time, have tremendous brand value, 202 00:10:49,960 --> 00:10:52,720 Speaker 1: but just a lot of technological competitors, whether it's you know, 203 00:10:52,760 --> 00:10:54,760 Speaker 1: the apps, Venmo or something like that. Talk to us 204 00:10:54,800 --> 00:10:59,760 Speaker 1: about the competitive landscape for Western Union. Sure, yeah, and 205 00:10:59,800 --> 00:11:03,600 Speaker 1: then before we have a very large and strong and 206 00:11:03,679 --> 00:11:07,040 Speaker 1: faster growing digital business. Our digital business will be about 207 00:11:07,040 --> 00:11:09,320 Speaker 1: a billion dollars in size this year in terms of 208 00:11:09,320 --> 00:11:12,680 Speaker 1: revenue side, and we are very focused on the cross 209 00:11:12,760 --> 00:11:16,800 Speaker 1: border remittance market as you know, and there are many 210 00:11:17,200 --> 00:11:19,920 Speaker 1: acts like Venbo is much more of a domestically oriented 211 00:11:19,960 --> 00:11:22,240 Speaker 1: product here in the US, so ours is much more 212 00:11:22,320 --> 00:11:25,560 Speaker 1: about spending money all around the world, and that's really 213 00:11:25,559 --> 00:11:28,720 Speaker 1: where our strength is. We have the ability to settle 214 00:11:28,720 --> 00:11:31,200 Speaker 1: in a hundred and thirty currencies in a matter of minutes. 215 00:11:31,400 --> 00:11:34,520 Speaker 1: We have the regulatory and compliance capabilities that go with it. 216 00:11:35,280 --> 00:11:37,600 Speaker 1: We serve a number of different kinds of partners. We 217 00:11:37,679 --> 00:11:40,800 Speaker 1: have a white label offering that we've you know that 218 00:11:40,880 --> 00:11:45,280 Speaker 1: we're partnering with banks and other fintech type players, so 219 00:11:45,320 --> 00:11:48,199 Speaker 1: we can really be the back end providers to other companies, 220 00:11:48,559 --> 00:11:51,000 Speaker 1: even other digital players that may not have the reach 221 00:11:51,120 --> 00:11:54,720 Speaker 1: that we do. Uh Saudi Telecom is one example that's 222 00:11:54,720 --> 00:11:57,920 Speaker 1: been very successful for us in Saudi Arabia. We have 223 00:11:58,000 --> 00:12:00,920 Speaker 1: another one in Russia with Spare, which is a bank 224 00:12:01,200 --> 00:12:04,560 Speaker 1: is one of ourgest bank in Russia, and so we 225 00:12:04,600 --> 00:12:07,240 Speaker 1: really have a number of different angles. We have a 226 00:12:07,280 --> 00:12:10,760 Speaker 1: branded Westernunion dot Com offering and uh, it's you know, 227 00:12:10,800 --> 00:12:13,760 Speaker 1: I use our services as well, and you can you 228 00:12:13,760 --> 00:12:16,280 Speaker 1: can initiate and complete a transaction in a matter of 229 00:12:16,360 --> 00:12:18,959 Speaker 1: thirty seconds, and I can deliver the money from my 230 00:12:19,080 --> 00:12:22,880 Speaker 1: loved one in India in a matter of seconds. Very briefly, Ange, 231 00:12:23,080 --> 00:12:27,040 Speaker 1: if fees are quite high, considering some competitors don't charge 232 00:12:27,120 --> 00:12:29,120 Speaker 1: really at all, are you going to do anything about that? 233 00:12:30,679 --> 00:12:34,760 Speaker 1: You know, our our fees are very representative of the 234 00:12:34,800 --> 00:12:37,840 Speaker 1: costs of doing business that we you know, it's not simple, 235 00:12:37,960 --> 00:12:41,440 Speaker 1: it's not free to really move money around the world. Um, 236 00:12:41,480 --> 00:12:44,720 Speaker 1: you know, to to have the regulatory and compliance capabilities 237 00:12:44,720 --> 00:12:47,880 Speaker 1: and to actually protect consumers in terms of when they 238 00:12:47,880 --> 00:12:50,680 Speaker 1: send their money. Uh, there's a cost of doing business 239 00:12:50,760 --> 00:12:53,000 Speaker 1: and two hundred markets and that's where we're doing. We're 240 00:12:53,000 --> 00:12:56,520 Speaker 1: in the business to make money, and the other others 241 00:12:56,559 --> 00:12:58,920 Speaker 1: who are are not charging a fee, it's not a 242 00:12:58,960 --> 00:13:01,520 Speaker 1: sustainable business all for them. So that's really the way 243 00:13:01,520 --> 00:13:03,760 Speaker 1: we look at it. Okay, Ros, thanks so much for 244 00:13:03,800 --> 00:13:06,040 Speaker 1: joining us. Really appreciated raj Agrea Wall he's a chief 245 00:13:06,040 --> 00:13:13,040 Speaker 1: financial officer for Western Union, So we were wondering about 246 00:13:13,040 --> 00:13:16,000 Speaker 1: this question. We have a little bit of an insight 247 00:13:16,160 --> 00:13:19,560 Speaker 1: now into the U. S. China relationship going forward. Joe 248 00:13:19,559 --> 00:13:22,720 Speaker 1: Biden had his first conversation as president with the Chinese leaders. 249 00:13:22,720 --> 00:13:25,880 Speaker 1: She's in pay and spoke of concern about China's coercive 250 00:13:25,960 --> 00:13:29,240 Speaker 1: and unfair economic practices. Let's bring in someone who knows 251 00:13:29,280 --> 00:13:31,120 Speaker 1: a lot more about all of this. Leland Miller is 252 00:13:31,160 --> 00:13:35,840 Speaker 1: CEO of China beige Book International. Leland, did you think 253 00:13:35,880 --> 00:13:38,560 Speaker 1: the tone was just a little bit sharp, a little 254 00:13:38,559 --> 00:13:40,600 Speaker 1: bit harsh. What did it indicate to you about the 255 00:13:40,600 --> 00:13:44,800 Speaker 1: relationship going forward? Well, I think the call was essentially 256 00:13:44,800 --> 00:13:48,040 Speaker 1: a box checking exercise. Biden at some point had to 257 00:13:48,040 --> 00:13:50,240 Speaker 1: talk to she. But then I want to talk about 258 00:13:50,280 --> 00:13:53,960 Speaker 1: in the early going, there's there's nothing that that you know, 259 00:13:53,960 --> 00:13:56,760 Speaker 1: that the Biden administration wants to rush on in terms 260 00:13:56,800 --> 00:14:00,599 Speaker 1: of China policy. The focus is quite clearly domestic and 261 00:14:00,920 --> 00:14:05,199 Speaker 1: focused on COVID. So I think that the coal set 262 00:14:05,280 --> 00:14:07,719 Speaker 1: the tone that the White House wanted to to sort 263 00:14:07,760 --> 00:14:10,040 Speaker 1: of lay down. You know, we're gonna be tough on you, 264 00:14:10,120 --> 00:14:12,960 Speaker 1: that you are a big time competitor. Uh, this is 265 00:14:12,960 --> 00:14:16,199 Speaker 1: a change relationship, but it wasn't deeply substantive. It was 266 00:14:16,280 --> 00:14:19,240 Speaker 1: just sort of a box checking exercise. All right, Leland, 267 00:14:19,360 --> 00:14:21,320 Speaker 1: at some point it has to be something more than 268 00:14:21,360 --> 00:14:25,880 Speaker 1: a box checking exercise here. Um, it appears that you know, 269 00:14:25,920 --> 00:14:29,160 Speaker 1: the US's view of China has changed since uh the 270 00:14:29,200 --> 00:14:32,680 Speaker 1: Obama years. The last time President Biden, you know, was 271 00:14:33,640 --> 00:14:37,040 Speaker 1: you know, in in power. There's as we're what do 272 00:14:37,080 --> 00:14:41,880 Speaker 1: you think his policy will be going forward? Well, I 273 00:14:41,920 --> 00:14:45,840 Speaker 1: think he he looks at his congressional majority, which is 274 00:14:45,960 --> 00:14:49,320 Speaker 1: very slight and and steves very little allowance for there 275 00:14:49,320 --> 00:14:52,760 Speaker 1: to be a let up in in in toughness on China. 276 00:14:53,240 --> 00:14:56,480 Speaker 1: So going forward, what he's essentially planning to do is 277 00:14:56,560 --> 00:14:59,720 Speaker 1: to keep most of the Trump policies intact, at least 278 00:14:59,720 --> 00:15:02,640 Speaker 1: for the or term, maybe even the medium term. Uh. Now, 279 00:15:02,680 --> 00:15:05,040 Speaker 1: you're you may see some good will measures. You could 280 00:15:05,040 --> 00:15:08,320 Speaker 1: see the two sides decide to open consulates or you know, 281 00:15:09,000 --> 00:15:13,480 Speaker 1: re re reduce each other's journalists. But essentially you're gonna 282 00:15:13,520 --> 00:15:16,320 Speaker 1: have the same type of China policy carried through for 283 00:15:16,320 --> 00:15:18,960 Speaker 1: a while. Now. When Biden gets into more of the 284 00:15:19,200 --> 00:15:22,080 Speaker 1: foreign policy, uh, you know, COVID's passed, and you start 285 00:15:22,160 --> 00:15:24,800 Speaker 1: looking at other foreign policy moves for the Biden administration, 286 00:15:24,800 --> 00:15:27,400 Speaker 1: whether it's Iran, whether they get tripped up by North 287 00:15:27,480 --> 00:15:30,640 Speaker 1: Korea and all of a sudden United States needs China's help. 288 00:15:31,000 --> 00:15:33,240 Speaker 1: Then you may start seeing some more outreach, but right 289 00:15:33,240 --> 00:15:36,880 Speaker 1: now there's very little upside for Biden to offer much 290 00:15:36,920 --> 00:15:41,560 Speaker 1: to she Well, what happened with the yuan leland and 291 00:15:41,560 --> 00:15:43,720 Speaker 1: what should we be on the lookout for. Is there 292 00:15:43,760 --> 00:15:46,840 Speaker 1: any way that China can send a message by setting 293 00:15:47,120 --> 00:15:51,800 Speaker 1: the yuan differently? Well, I mean, look, the reason that 294 00:15:51,840 --> 00:15:54,680 Speaker 1: you want has been surging, uh for for for many 295 00:15:54,720 --> 00:15:57,840 Speaker 1: months now is because of good reasons. Essentially, the Chinese 296 00:15:57,840 --> 00:16:00,560 Speaker 1: economy has been healing much faster than than the U. 297 00:16:00,600 --> 00:16:03,640 Speaker 1: S economy or or other economies around the world. And 298 00:16:03,680 --> 00:16:06,280 Speaker 1: you also have higher rates in China, so there's been 299 00:16:06,720 --> 00:16:10,560 Speaker 1: an appetite for for for capital influence into China, and uh, 300 00:16:10,600 --> 00:16:12,920 Speaker 1: you know these are these are good reasons, but they're 301 00:16:13,000 --> 00:16:15,960 Speaker 1: they're turning the situation into a problematic one for China 302 00:16:16,000 --> 00:16:18,000 Speaker 1: because it's looking at its exchange rate and it's a 303 00:16:18,040 --> 00:16:20,360 Speaker 1: little bit worried that you know, it could be creeping 304 00:16:20,360 --> 00:16:22,880 Speaker 1: towards the towards an area where of real concerns. So 305 00:16:23,160 --> 00:16:26,760 Speaker 1: you know, there are political sensitivities around where they plug 306 00:16:26,840 --> 00:16:29,840 Speaker 1: the rate. But right now it's not problem territory. But 307 00:16:30,160 --> 00:16:31,880 Speaker 1: if you if you see a reversal in the US, 308 00:16:31,960 --> 00:16:33,680 Speaker 1: so you see some more bad news coming out of 309 00:16:33,760 --> 00:16:35,760 Speaker 1: US and Europe and more good news coming out of China. 310 00:16:36,080 --> 00:16:38,920 Speaker 1: This is actually gonna be a mixed bag for Beijing 311 00:16:38,920 --> 00:16:41,360 Speaker 1: and the PBS, d L. And do you think the 312 00:16:41,400 --> 00:16:44,960 Speaker 1: Biden administration will, I guess, re embrace kind of an 313 00:16:44,960 --> 00:16:49,000 Speaker 1: internationalism approach to China, whether it's some form of the 314 00:16:49,600 --> 00:16:53,040 Speaker 1: you know, the Pacific you know alliance. How do you 315 00:16:53,040 --> 00:16:56,120 Speaker 1: think the US is is ultimately maybe has the best 316 00:16:56,160 --> 00:17:00,720 Speaker 1: shot of achieving some of its goals visa of each China. Yeah, 317 00:17:00,720 --> 00:17:03,320 Speaker 1: I mean, certainly the talking points are, you know, renewing 318 00:17:03,360 --> 00:17:07,000 Speaker 1: alliances in in consultation with our allies. But you know, 319 00:17:07,080 --> 00:17:10,320 Speaker 1: for for all to talk about that, that's not a strategy, 320 00:17:10,480 --> 00:17:13,000 Speaker 1: that's that's a process. And so what will the bidens 321 00:17:13,000 --> 00:17:16,760 Speaker 1: strategy on China and Asia at large? B That hasn't 322 00:17:16,800 --> 00:17:19,600 Speaker 1: written itself yet. I think it's easy to look at 323 00:17:19,600 --> 00:17:22,199 Speaker 1: this with within certain parameters and say Biden is not 324 00:17:22,240 --> 00:17:24,040 Speaker 1: going to pull back the tariffs, at least in the 325 00:17:24,040 --> 00:17:25,800 Speaker 1: early going. Biden is not going to pull back a 326 00:17:25,840 --> 00:17:28,880 Speaker 1: lot of the technology or export controls and the early going, 327 00:17:29,119 --> 00:17:32,520 Speaker 1: you know, but how does things develop from there? They 328 00:17:32,560 --> 00:17:35,280 Speaker 1: haven't addressed it. Everything is part of a review and 329 00:17:35,320 --> 00:17:38,000 Speaker 1: now there's reviews to review the reviews, and so this 330 00:17:38,040 --> 00:17:40,600 Speaker 1: has basically been a giant punt by the administration. It's 331 00:17:40,600 --> 00:17:42,760 Speaker 1: fair enough they want to focus on COVID, but at 332 00:17:42,760 --> 00:17:45,520 Speaker 1: some point they're going to have to to address these 333 00:17:45,680 --> 00:17:48,439 Speaker 1: and they just haven't given a you know, a preview 334 00:17:48,480 --> 00:17:50,639 Speaker 1: yet of where they're going. Is there any danger in 335 00:17:50,720 --> 00:17:54,399 Speaker 1: taking too stern a tone with China? I mean, obviously 336 00:17:54,520 --> 00:17:56,840 Speaker 1: we saw at the end of the Top administration that 337 00:17:56,920 --> 00:18:00,639 Speaker 1: there were some sanctions placed by China on some of people, 338 00:18:00,720 --> 00:18:03,960 Speaker 1: the people that are in the Trump administration. I sort 339 00:18:04,000 --> 00:18:07,040 Speaker 1: of wondered if that was a message to the Widen administration, Look, 340 00:18:07,080 --> 00:18:09,080 Speaker 1: we want to start again, we want to start fresh. 341 00:18:09,400 --> 00:18:12,199 Speaker 1: We're done with the old administration. And it seems like 342 00:18:12,200 --> 00:18:16,840 Speaker 1: the Widen administrations ignored that message. If there was one. Well, 343 00:18:17,080 --> 00:18:19,639 Speaker 1: I think they're smart to ignore it. Uh one, because 344 00:18:19,680 --> 00:18:22,919 Speaker 1: the Chinese reactor strength, not weakness. But more telling, Lee 345 00:18:23,240 --> 00:18:26,119 Speaker 1: Biden does not have a tough on China reputation over 346 00:18:26,160 --> 00:18:27,920 Speaker 1: the years. I mean, as a senator, he wasn't tough 347 00:18:27,960 --> 00:18:31,000 Speaker 1: on China as VT under Obama, he certainly wasn't tough 348 00:18:31,000 --> 00:18:33,639 Speaker 1: on China. So this is a different political climate. I 349 00:18:33,680 --> 00:18:35,359 Speaker 1: think what the what the White House would like to 350 00:18:35,400 --> 00:18:38,320 Speaker 1: do right now is step the stage saying the times 351 00:18:38,320 --> 00:18:40,680 Speaker 1: have changed. This president is not going to be weak 352 00:18:40,720 --> 00:18:43,919 Speaker 1: on China, and I think that's setting that down as 353 00:18:43,960 --> 00:18:47,960 Speaker 1: sort of the baseline, the fundamental you know, pre step governing. 354 00:18:47,960 --> 00:18:50,560 Speaker 1: The relationship is actually important and it gives them a 355 00:18:50,560 --> 00:18:52,800 Speaker 1: little more wiggle room to do things you know, either 356 00:18:53,320 --> 00:18:58,000 Speaker 1: you know, either strongly or more weak going forward. Leilan, 357 00:18:58,040 --> 00:19:00,200 Speaker 1: thank you so much for joining us. We appreciate your 358 00:19:00,240 --> 00:19:03,680 Speaker 1: perspective as always on all things China and Asia. Leland Miller. 359 00:19:04,160 --> 00:19:07,280 Speaker 1: He's the CEO of the China Basebook International based in 360 00:19:07,359 --> 00:19:11,840 Speaker 1: New York. It is time for we'll be check in 361 00:19:11,880 --> 00:19:14,879 Speaker 1: with Laurence Sour, John's Tompkins University Associate Professor of the 362 00:19:14,920 --> 00:19:19,160 Speaker 1: Emergency Medicine, and for once, perhaps most of this conversation 363 00:19:19,200 --> 00:19:23,440 Speaker 1: will be very upbeat. Dr Sour, we have now enough 364 00:19:23,560 --> 00:19:27,600 Speaker 1: vaccine apparently for everybody in the country by July. Is 365 00:19:27,640 --> 00:19:31,440 Speaker 1: that does that tally with what you know? Your maths says, 366 00:19:32,920 --> 00:19:37,400 Speaker 1: I think UM. Conceptually it does. So it's it's exciting 367 00:19:37,440 --> 00:19:39,480 Speaker 1: to see that these contracts have been signed and that 368 00:19:39,560 --> 00:19:42,600 Speaker 1: there's pushed to move to create vaccine and move it 369 00:19:42,640 --> 00:19:46,160 Speaker 1: forward into the hands of vaccinators. I think UM, where well, 370 00:19:46,480 --> 00:19:50,040 Speaker 1: time will tell how effective our strategies are is in 371 00:19:50,119 --> 00:19:52,880 Speaker 1: the space of making sure that people are there, ready 372 00:19:52,920 --> 00:19:55,360 Speaker 1: to receive it, and that we have the health care 373 00:19:55,400 --> 00:19:59,480 Speaker 1: staff to deliver the vaccine. So it's great to see 374 00:19:59,520 --> 00:20:02,040 Speaker 1: those numbers get up to be able to vaccinate the 375 00:20:02,040 --> 00:20:06,160 Speaker 1: whole country and hopefully support vaccination efforts efforts across the globe. UM, 376 00:20:06,200 --> 00:20:08,280 Speaker 1: and the key will be to convince people to take it, 377 00:20:09,000 --> 00:20:12,639 Speaker 1: especially those hesitant and hard to reach population. So, Lauren, 378 00:20:12,720 --> 00:20:14,600 Speaker 1: the image of the day for me as it relates 379 00:20:14,600 --> 00:20:16,800 Speaker 1: to the pandemics when I saw this morning and it 380 00:20:16,880 --> 00:20:19,880 Speaker 1: was of Dodger Stadium parking lot, and they had all 381 00:20:19,920 --> 00:20:22,000 Speaker 1: the cones set up, all the lines set up, all 382 00:20:22,040 --> 00:20:25,760 Speaker 1: the tents set up, but it was absolutely empty because 383 00:20:25,760 --> 00:20:29,879 Speaker 1: they had no vaccines. Um, what is your experience at 384 00:20:29,960 --> 00:20:33,760 Speaker 1: Johns Hopkins in terms of supply of vaccines and kind 385 00:20:33,760 --> 00:20:38,440 Speaker 1: of the rate at which you are receiving vaccines. Yeah, 386 00:20:38,800 --> 00:20:41,040 Speaker 1: I mean it's a it's a I saw that same 387 00:20:41,080 --> 00:20:43,199 Speaker 1: image and it is like very telling of where we 388 00:20:43,240 --> 00:20:45,199 Speaker 1: are right now as a country and even as a 389 00:20:45,240 --> 00:20:49,679 Speaker 1: world in delivering vaccines to people. So the creation of 390 00:20:49,720 --> 00:20:52,520 Speaker 1: the vaccine and how quickly we got there so impressive. 391 00:20:52,640 --> 00:20:56,280 Speaker 1: But you know, here at Hopkins we're doing we're working 392 00:20:56,280 --> 00:20:58,639 Speaker 1: really hard to vaccinate our healthcare worker staff just so 393 00:20:58,680 --> 00:21:01,760 Speaker 1: that we can be ready at another comes, particularly um, 394 00:21:01,800 --> 00:21:04,359 Speaker 1: if we see a surge after things like the Super 395 00:21:04,400 --> 00:21:07,520 Speaker 1: Bowl or with varying centering into our population. We want 396 00:21:07,520 --> 00:21:09,520 Speaker 1: to be ready and we want to protect our healthcare stuff. 397 00:21:09,680 --> 00:21:12,280 Speaker 1: That being said, I think what we're seeing is that 398 00:21:12,320 --> 00:21:14,200 Speaker 1: there's this group of people who are ready and willing 399 00:21:14,240 --> 00:21:17,160 Speaker 1: to be vaccinated, and then very quickly, once we get 400 00:21:17,160 --> 00:21:21,119 Speaker 1: them vaccinated, the supplies body. So we don't always know 401 00:21:21,200 --> 00:21:23,120 Speaker 1: exactly what we're going to get UM. And I think 402 00:21:23,160 --> 00:21:25,879 Speaker 1: that's the story across the board is you know, you get, 403 00:21:26,000 --> 00:21:27,560 Speaker 1: you get what you get when you get it, and 404 00:21:27,600 --> 00:21:30,240 Speaker 1: you don't always know what it's going to look like. UM. 405 00:21:30,280 --> 00:21:33,159 Speaker 1: But then I think what we're worried about seeing is 406 00:21:33,200 --> 00:21:34,879 Speaker 1: that we're going to get to a certain point and 407 00:21:34,920 --> 00:21:37,040 Speaker 1: then suddenly there's going to be no one who's showing 408 00:21:37,080 --> 00:21:39,320 Speaker 1: up for vaccinations, and so that's that's that's the place 409 00:21:39,320 --> 00:21:42,119 Speaker 1: where we're focusing right now. Yeah, that'll be difficult. What 410 00:21:42,119 --> 00:21:45,040 Speaker 1: do you do with those vaccines at that point? I 411 00:21:45,040 --> 00:21:47,520 Speaker 1: mean do they do they keep for a long time? 412 00:21:47,760 --> 00:21:50,679 Speaker 1: Will they work next year if there's another resurgence? Do 413 00:21:50,680 --> 00:21:53,600 Speaker 1: you shift them all to other countries? Yeah? I think 414 00:21:53,600 --> 00:21:56,200 Speaker 1: it's going to be probably a mix. Um. The different 415 00:21:56,280 --> 00:22:00,720 Speaker 1: vaccines have different storage capabilities. Um. And what we really 416 00:22:00,760 --> 00:22:03,640 Speaker 1: want to focus on is making sure we're not defrosting 417 00:22:03,680 --> 00:22:07,399 Speaker 1: and preparing individual doses until we have identified enough people 418 00:22:07,520 --> 00:22:10,400 Speaker 1: to take that whole bio or that whole set right 419 00:22:10,840 --> 00:22:14,960 Speaker 1: um and so um. The concern I think is is 420 00:22:15,000 --> 00:22:17,199 Speaker 1: that we need to focus more efforts on getting to 421 00:22:17,240 --> 00:22:19,920 Speaker 1: those populations that aren't just gonna be waiting in line 422 00:22:19,960 --> 00:22:22,720 Speaker 1: and ready to show up for those vaccines. And I 423 00:22:22,760 --> 00:22:24,639 Speaker 1: think we There is still a bit of a question 424 00:22:24,680 --> 00:22:27,959 Speaker 1: on whether or not the variances will change the seasonality 425 00:22:28,000 --> 00:22:31,440 Speaker 1: of the of the or the utility of the vaccine seasonally. 426 00:22:31,560 --> 00:22:35,439 Speaker 1: So um, will we need regular vaccinations like we do 427 00:22:35,520 --> 00:22:39,040 Speaker 1: with flu um or is this a once or a 428 00:22:39,080 --> 00:22:41,639 Speaker 1: couple of times in a lifetime vaccine? I think you 429 00:22:41,680 --> 00:22:44,879 Speaker 1: know there's evidence towards leaning towards that seasonality, but what 430 00:22:45,040 --> 00:22:47,680 Speaker 1: we'll have to wait and see. And so we want 431 00:22:47,680 --> 00:22:49,720 Speaker 1: to use as much of the vaccine that's coming off 432 00:22:49,760 --> 00:22:52,960 Speaker 1: the line as absolutely possible, as soon as possible to 433 00:22:53,000 --> 00:22:57,000 Speaker 1: get that protection level up um and reduce the number 434 00:22:57,040 --> 00:22:59,639 Speaker 1: of infections so our hospitals and our healthcare workers can 435 00:22:59,720 --> 00:23:04,359 Speaker 1: have of de breeze. So Lauren, if when a patient 436 00:23:04,400 --> 00:23:08,120 Speaker 1: gets admitted, say today, with COVID, how has that experience 437 00:23:08,240 --> 00:23:13,320 Speaker 1: different for that patient, say from a year ago. I 438 00:23:13,359 --> 00:23:15,719 Speaker 1: think a couple of things are vastly different. One is 439 00:23:16,400 --> 00:23:19,000 Speaker 1: how we manage that patient. Right, So we've learned so 440 00:23:19,080 --> 00:23:22,000 Speaker 1: much in the last year about the course of disease 441 00:23:22,040 --> 00:23:25,520 Speaker 1: and cloviding team UM and and how to treat people 442 00:23:25,520 --> 00:23:29,199 Speaker 1: who are sick with our Scooby too. And so the 443 00:23:29,200 --> 00:23:33,280 Speaker 1: the hospital environment's going to look the same, the PPE 444 00:23:33,359 --> 00:23:35,679 Speaker 1: is gonna look the same. But but the what we 445 00:23:35,760 --> 00:23:38,359 Speaker 1: do for those patients, what drugs are available to some 446 00:23:38,480 --> 00:23:41,080 Speaker 1: extent for those patients, even where the patient ends up 447 00:23:41,119 --> 00:23:43,639 Speaker 1: within the hospital or health care system, like, we have 448 00:23:43,720 --> 00:23:46,440 Speaker 1: the capacity to provide supportive care and get people home 449 00:23:46,480 --> 00:23:48,640 Speaker 1: and out faster, which is always great. The last time 450 00:23:48,640 --> 00:23:51,359 Speaker 1: you could stay in the hospital, the better. Um And 451 00:23:51,960 --> 00:23:54,880 Speaker 1: I think we're seeing more of an ability to manage 452 00:23:55,000 --> 00:23:58,560 Speaker 1: the surgence in some places because we're getting better treating 453 00:23:58,560 --> 00:24:02,120 Speaker 1: the individual patient. Still, in many places across the country, 454 00:24:02,400 --> 00:24:05,320 Speaker 1: our hospitals are overwhelmed as these patients. So some things 455 00:24:05,359 --> 00:24:08,240 Speaker 1: haven't changed as much as we'd like them to. Lauren, 456 00:24:08,280 --> 00:24:10,600 Speaker 1: do you imagine that schools will be fully up and 457 00:24:10,680 --> 00:24:14,920 Speaker 1: running by September, by by the new semester. I think 458 00:24:14,960 --> 00:24:16,720 Speaker 1: that's definitely the hope. I think we have a lot 459 00:24:16,760 --> 00:24:19,439 Speaker 1: of work to do in building the trust back in 460 00:24:19,520 --> 00:24:22,800 Speaker 1: the educational system, so both with the teachers and with 461 00:24:22,840 --> 00:24:25,360 Speaker 1: the people who are sending their kids to school. UM 462 00:24:25,680 --> 00:24:27,920 Speaker 1: And we have a lot of education around what's safe 463 00:24:27,920 --> 00:24:30,399 Speaker 1: and what isn't. So we want to get teachers vaccinated. 464 00:24:30,440 --> 00:24:32,880 Speaker 1: We want to make sure that we have enough vaccine 465 00:24:32,880 --> 00:24:35,199 Speaker 1: to support teachers getting back into the classroom and then 466 00:24:35,240 --> 00:24:38,119 Speaker 1: getting kids back into the classroom. But we also have 467 00:24:38,160 --> 00:24:40,200 Speaker 1: to think about what does COVID look like in kids? 468 00:24:40,320 --> 00:24:42,320 Speaker 1: Can kids get there for you know, can kids pick 469 00:24:42,400 --> 00:24:44,640 Speaker 1: up COVID and get their families sick? And so how 470 00:24:44,640 --> 00:24:48,080 Speaker 1: do we create safe spaces and give the schools themselves 471 00:24:48,160 --> 00:24:51,400 Speaker 1: the tools to to create the safest space for these 472 00:24:51,480 --> 00:24:54,359 Speaker 1: kids possible. I think getting kids back to school should 473 00:24:54,359 --> 00:24:57,280 Speaker 1: be our absolute number one priority in that in that area, 474 00:24:57,440 --> 00:25:00,280 Speaker 1: it's it's good for kids to be in school, and 475 00:25:00,640 --> 00:25:02,840 Speaker 1: we have a whole group of kids who have not 476 00:25:02,960 --> 00:25:05,600 Speaker 1: experienced that for almost a year, so it has to 477 00:25:05,600 --> 00:25:08,560 Speaker 1: be a priority. Hey, Lauren, thank you so much once 478 00:25:08,600 --> 00:25:10,920 Speaker 1: again for joining us. We always appreciate at your time. 479 00:25:11,000 --> 00:25:14,160 Speaker 1: Lauren Soer, Social Professor of Emergency Medicine at the Johns 480 00:25:14,240 --> 00:25:16,720 Speaker 1: Hopkins School of Medicine. We should know that the Bloomberg 481 00:25:16,720 --> 00:25:19,120 Speaker 1: School of Public Health is supported by Michael R. Bloomberg, founder, 482 00:25:19,160 --> 00:25:24,480 Speaker 1: Bloomberg LP, and Bloomberg Philanthropies and this radio station. Thanks 483 00:25:24,480 --> 00:25:27,800 Speaker 1: for listening to Bloomberg Markets podcast. You can subscribe and 484 00:25:27,840 --> 00:25:31,200 Speaker 1: listen to interviews at Apple Podcasts or whatever a podcast 485 00:25:31,200 --> 00:25:34,439 Speaker 1: platform you prefer. I'm Bonnie Quinn. I'm on Twitter at 486 00:25:34,480 --> 00:25:36,800 Speaker 1: Bonnie Quinn and I'm Paul Sweeney. I'm on Twitter at 487 00:25:36,840 --> 00:25:39,719 Speaker 1: pt Sweeney. Before the podcast, you can always catch us 488 00:25:39,720 --> 00:25:41,160 Speaker 1: worldwide at Bloomberg Radio