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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along

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Speaker 1: with my co host of Bonnie Quinn. Every business day

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Speaker 1: we bring you interviews from CEO, market pros, and Bloomberg experts,

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Speaker 1: along with essential market moving news. Find the Bloomberg Markets

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Speaker 1: Podcast on Apple Podcasts or wherever you listen to podcasts,

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Speaker 1: and on Bloomberg dot com. As well. As we get

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Speaker 1: more and more positive vaccine news, I think that allows

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Speaker 1: people to think a little bit more about what the

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Speaker 1: world is going to look like on the other side

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Speaker 1: of this, and we take a look, we think about

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Speaker 1: the economic environment, what will the economic environment look like

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Speaker 1: on the other side and for the years to come.

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Speaker 1: To answer some of those questions, we welcome Joel Hyatt

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Speaker 1: h He is true trust the emeritus at the Brookings

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Speaker 1: Institution and co founder, chairman and CEO of Globality UH

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Speaker 1: based in San Francisco. Joel, thanks so much for joining

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Speaker 1: us here. You know, I get as we think about

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Speaker 1: getting to the point of vaccines, it gives people a

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Speaker 1: little bit more confidence to look to the other side

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Speaker 1: of this pandemic. One of the issues is with you know,

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Speaker 1: also with a new administration. Stion is this going to

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Speaker 1: be a global economy, like we're thinking about it before

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Speaker 1: the pandemic, maybe before the Trump administration, where globalism was

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Speaker 1: kind of the accepted way for economic growth. Do you

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Speaker 1: still see globalism as a driving force in the global economy? Yes,

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Speaker 1: I do absolutely. I recognize. Of course, the COVID nineteen

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Speaker 1: interrupted global trade and foreign investment, and indeed, in the

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Speaker 1: few years leading up to the global pandemic there was

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Speaker 1: an overall reduction in global trade, principally that was manufactured goods,

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Speaker 1: because the global trade of services continued to increase. But

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Speaker 1: absolutely the pandemic interrupted it in the same way that

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Speaker 1: events like wars or financial crisises can interrupt a global trade.

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Speaker 1: And you know, there have been predictions that globalization is

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Speaker 1: dying and at least slowing rapidly. I actually think those

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Speaker 1: predictions are just completely off base. In fact, look look

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Speaker 1: at the pandemic itself for a clear demonstration that both

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Speaker 1: the challenges and the opportunities facing the world are all

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Speaker 1: global um. It is just thrilling to see how the

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Speaker 1: benefits of globalization were brought to bear on on on

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Speaker 1: bringing vaccines to the to the resolution of this pandemic,

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Speaker 1: you know, to to Turkish immigrants from that living in

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Speaker 1: Germany produced a vaccine that's now being shot in the

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Speaker 1: arms of Americans and people all over the world. And

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Speaker 1: the global supply chain of global logistics, I mean, everything

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Speaker 1: that it took to solve for this pandemic and record time,

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Speaker 1: all of that was facilitated by globalization. And yes, I

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Speaker 1: think we will see post pandemic renewed growth in globalization.

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Speaker 1: I think that it will be dramatically led by services

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Speaker 1: as opposed to U products. Um, we've had marketplaces for

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Speaker 1: products for quite some time. I mean, think what Amazon

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Speaker 1: and an Ali Baba have been able to do bringing

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Speaker 1: technology and scale to the delivery of goods to people

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Speaker 1: again all over the planet, truly global. We haven't seen

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Speaker 1: that in services, but I think that's what we're going

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Speaker 1: to see is the growth of marketplace as a company

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Speaker 1: light like Globality, that that has built an AI powered

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Speaker 1: platform that enables companies to buy and sell services from

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Speaker 1: any location on the globe, and and and and builds

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Speaker 1: an ecosystem that makes doing that transparent and fair and

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Speaker 1: opened up all suppliers based on the merits of performance

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Speaker 1: and quality and price. And these are big, big developments

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Speaker 1: that I think are on the near horizon. I think

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Speaker 1: we're going to see a lot more global integration. And

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Speaker 1: you're right, Paul, to suggest that the change in administration

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Speaker 1: is a factor in that. There's there's no question that

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Speaker 1: is also the case. Let's just for contexts mention that

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Speaker 1: Globality is an AI powered program and it, as you said,

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Speaker 1: calls the sourcing process and apparently from months to hours

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Speaker 1: in some cases delivers savings. And you've raised about a

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Speaker 1: hundred seventy two million dollars, most recently a hundred million

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Speaker 1: from the soft Bank Vision Fund back in January. So

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Speaker 1: perhaps Joel, you could tell us how it's been so

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Speaker 1: difficult in some areas to source things that we need. So,

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Speaker 1: for example, yes, the vaccine process has been phenomenal, and

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Speaker 1: if we continue to get a distributed the way the

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Speaker 1: beginning of the distribution has happened, then we are laughing.

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Speaker 1: But for things like ppe, and then for you know,

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Speaker 1: regular everyday consumer goods like toilet paper and computer parts

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Speaker 1: and so on, it hasn't been so easy. Well, look

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Speaker 1: that that's true. There were disruptions in the supply chain

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Speaker 1: for for typical products like that, driven in part of course,

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Speaker 1: as you know by the fears and anxieties in the

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Speaker 1: early stages of the pandemic and hoarding and all of those. Well,

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Speaker 1: you can't actually buy a PC with a good graphics

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Speaker 1: card at the moment. It's very, very difficulty of to

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Speaker 1: wait a month. Why is that? Well, that's again, uh,

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Speaker 1: my expertise is in services, not in not in manufactured goods,

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Speaker 1: So I'm not the best to explain that. But I

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Speaker 1: think that the solutions to the problems you're raising are

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Speaker 1: actually in more globalization and not less And I think

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Speaker 1: that that's where the solutions will come in, making in

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Speaker 1: making boundaries less and less important, in consumers and businesses

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Speaker 1: ability to source the goods and the services that they

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Speaker 1: that they in fact need, and so and so. I really,

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Speaker 1: to the extent that you're addressing supply chain problems, countries

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Speaker 1: aren't are best able to solve those problems on their own.

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Speaker 1: I mean, you know, people I think have lost sight

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Speaker 1: of the rewards and the problems resulting from globalization and

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Speaker 1: over a billion So Joel, talk to us about globalization

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Speaker 1: of services then, which is what you say you're expert at.

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Speaker 1: How does thus grow in significance? How do I how

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Speaker 1: do I use services from another country if it's not

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Speaker 1: say something like a customer hotline. So so great question,

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Speaker 1: and there's really a couple of aspects of that. First

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Speaker 1: of all, trillions of dollars of services are bought and

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Speaker 1: sold just by businesses every year, and the opportunity to

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Speaker 1: enable a company to identify the best supplier at the

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Speaker 1: right price, to do so quickly, and to be able

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Speaker 1: to source that supplier wherever that service provider happens to

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Speaker 1: be is a very big deal. And by using artificial

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Speaker 1: intelligence and digital technological solutions, you limited all the frictions.

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Speaker 1: And then, secondly and importantly, you made an interesting point.

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Speaker 1: Look at consumers. They've had, they've had a wonderful consumer

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Speaker 1: experience when they go online to buy and the like.

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Speaker 1: Believe it or not, all those trillions of dollars of

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Speaker 1: purchase of by businesses of services, they're not done through

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Speaker 1: what I would call the consumerization of the enterprise. The

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Speaker 1: kinds of expectations we consumers have when we go on

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Speaker 1: if they're done through the most archaic, inefficient, ineffective, and

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Speaker 1: expensive processes, and all that's in the process of changing

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Speaker 1: as they go through transformational innovation to again aipower digital solutions. Today,

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Speaker 1: they start with a paper intensive request for proposal process.

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Speaker 1: It's a hundred pages long. It's it makes it impossible

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Speaker 1: for small companies, diverse companies, foreign companies to compete in

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Speaker 1: the global market for their business because the processes don't work,

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Speaker 1: they're so inefficient. When you use technology to eliminate all that,

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Speaker 1: and you bring the kind of consumerization the enterprise that

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Speaker 1: makes it quick and fun and easy and adds value

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Speaker 1: with intelligence build into the process, you open up global

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Speaker 1: trade opportunities for everybody. For the buyer you get better

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Speaker 1: services at a lower costs, and for suppliers you get

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Speaker 1: access to buyers all over the world, not just in

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Speaker 1: your neighborhood or even your own country. There is a

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Speaker 1: big deal, all right, Joel, thanks for joining us today,

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Speaker 1: Joe Hia it's called founder, a chair and CEO of Globality. Well,

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Speaker 1: if we think all the way back to the dark

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Speaker 1: days of March and April in this pandemic, a phrase

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Speaker 1: that entered the lexicon, I believe was bend the curve

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Speaker 1: as we tried to get a handle on the infections

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Speaker 1: in that first wave here and not hearing too much

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Speaker 1: about that these days as the country experiences second or

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Speaker 1: third wave, depending upon where you live. Let's get some

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Speaker 1: latest on the pandemic. We do that with Dr A. Mesh,

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Speaker 1: Senior scholar and infectious disease physicians of John's Hoppkins Center

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Speaker 1: for Health Security at the Bloomberg School of Public Health.

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Speaker 1: And we should note that the Johns Hopkins Bloomberg School

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Speaker 1: of Public Health is supported by Michael Bloomberg, founder Bloomberg LP,

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Speaker 1: Bloomberg Philanthropies and this radio operation. So Dr Dolge talk

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Speaker 1: to me about that bend the curve conversation. We don't

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Speaker 1: seem to be having it, uh this time around, as

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Speaker 1: cases surge. Why is that? Do you think what we

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Speaker 1: really have is an uncontrolled demic? And I don't think

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Speaker 1: anybody really thinks that we are going to be able

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Speaker 1: to flatten the curve sufficiently before before a vaccine. There

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Speaker 1: are attempts to do so with some of the social

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Speaker 1: distancing restrictions coming back into into place, but we you know,

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Speaker 1: flatting the curve was about preserving hospital capacity, trying to

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Speaker 1: keep cases to a pace that's manageable, and that's clearly

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Speaker 1: not the case in many parts of the country. And

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Speaker 1: there's so much pandemic fatigue, and and I do think

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Speaker 1: that people are are frustrated because now we are in

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Speaker 1: December and we still can't seem to get this right.

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Speaker 1: We still don't have test trace isolate capacity in any

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Speaker 1: state in this country, and and we've just basically muddled through.

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Speaker 1: So a lot of it is probably it's just it

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Speaker 1: didn't have to be this way, and it's just the

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Speaker 1: result of kind of inaction and and the wrong actions

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Speaker 1: being taken in a lot of just mismanagement of this

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Speaker 1: pandemic that made flattening the curves something very hard to

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Speaker 1: achieve in this country. Doctor Doldia, what's your estimation now

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Speaker 1: for the amount of deaths that we are going to

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Speaker 1: see in the United States before this is all over.

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Speaker 1: I think we're already crossed three hundred thousand. I think

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Speaker 1: probably about half a million. I think would probably be

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Speaker 1: somewhere where I would if I were to kind of

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Speaker 1: put it in the ballpark, I think it's going to be.

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Speaker 1: You know, there's still more deaths that are going to

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Speaker 1: occur before this population's vaccinated. That's insane. Half a million,

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Speaker 1: where that's another two hundred thousand from where we are here. Yeah,

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Speaker 1: So Dr Dolga. You know, talk to us about the

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Speaker 1: vaccines that the data I'm gonna say, it's just been

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Speaker 1: you know, it's really surprisingly positive. I mean, you know,

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Speaker 1: when we first started talking about these vaccines, you know

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Speaker 1: we're being told by experts, you know, fifty six would

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Speaker 1: be a phenomenal number. Let me started seeing numbers and

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Speaker 1: then nineties. Uh, give us a sense of how how

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Speaker 1: this came to be. How did we get such good

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Speaker 1: vaccines so quickly? It is remarkable and none of us

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Speaker 1: expected these first generation vaccines, especially once like m R

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Speaker 1: and A vaccines where we really haven't seen clinical trial

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Speaker 1: data to be this effective. And I think it really

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Speaker 1: is just a testament to science advancing and the ability

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Speaker 1: to improve vaccine technology. And I think these these vaccines,

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Speaker 1: especially the Maderna and the fiser ones, have basically shattered

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Speaker 1: all expectations and really will be a way to change

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Speaker 1: the face of this pandemic. And I think it's just

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Speaker 1: a question now of getting this into the arms of Americans,

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Speaker 1: which is going to take some time. But really I

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Speaker 1: think m R and A vaccines should be thought of

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Speaker 1: as as a path breaking way to think about emerging

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Speaker 1: infectious disease emergenous emerging infectious diseases in the future, and

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Speaker 1: that we're that the next pandemic, the next infectious disease

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Speaker 1: emergency is going to be met with an m R

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Speaker 1: and a vaccine pretty quickly and and likely be able

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Speaker 1: to um to really soften its blow. And I think

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Speaker 1: that's that's a big win for for vaccines when we

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Speaker 1: look at this coronavirus pandemic kind of, you know, at

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Speaker 1: a twenty foot level, Yeah, that's something that we can

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Speaker 1: take away from it, even beyond this particular coronavirus. Dr

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Speaker 1: Adulgia just curious as to what you make of the

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Speaker 1: fact that London says it's seeing a mutation of this virus.

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Speaker 1: All virus is mutate. It's important to remember that that's

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Speaker 1: just what they're going to do, and most mutations don't

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Speaker 1: really have any consequence. They don't do anything functionally for

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Speaker 1: the virus. And there's no evidence that this mutation that

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Speaker 1: they've noticed in London, like other mutations that they've noticed,

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Speaker 1: have any have any change change anything about the vaccine,

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Speaker 1: change anything about the treatment. And I think it's important

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Speaker 1: to study these these mutations and understand what their implications are.

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Speaker 1: But it's important to remember that, you know, not every

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Speaker 1: mutation is a scary mutation. Not every mutation is something

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Speaker 1: you know out of a Hollywood movie where the virus

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Speaker 1: acquires a new capability or evades countermeasure. Most most really

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Speaker 1: end up being nothing that's good. So, doctor, you know

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Speaker 1: rightfully so that the news has been about the vaccines,

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Speaker 1: but also when to get your thoughts on some of

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Speaker 1: the therapeutic treatments that are in the works and maybe

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Speaker 1: some advances that are being made, because again we're having

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Speaker 1: such a high case load and we likely to do

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Speaker 1: so for uh several months at the very least. Where

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Speaker 1: were in terms of actually treating cases when they get

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Speaker 1: to the hospital. So the work course there is dexi

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Speaker 1: metho zone, which is a cheap steroid that we've been

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Speaker 1: using for lots of different things over the years. And

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Speaker 1: what we found is dex and meto zone when patients

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Speaker 1: need oxygen supplemental oxygen does decrease mortality. So that's become

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Speaker 1: something that we turn to very quickly when we're running

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Speaker 1: we're treating the patient that needs oxygen. We have other

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Speaker 1: drugs like remdesse heere and that sort of has a

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Speaker 1: marginal impact. It might be able to make you get

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Speaker 1: better a little bit quicker. There are some other immune

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Speaker 1: modulating drugs that are also being studied in combination with

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Speaker 1: with remdesivie that might get you better faster, But really

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Speaker 1: dex and meta zone is the main thing, and I

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Speaker 1: would think that our improvements are are less the factor

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Speaker 1: of drugs but more about our knowledge and our ability

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Speaker 1: to understand this disease, to diagnose it quicker, to put

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Speaker 1: people on the right treatment pathway, to understand how to

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Speaker 1: use a mechanical ventilator more appropriately and deliver oxygen to

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Speaker 1: these these people, proning them, putting them on their bellies

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Speaker 1: instead of keeping them uh face space up. And then

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Speaker 1: also recognizing, understanding and being able to treat and anticipate complications.

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Speaker 1: That's something that we're much better doing now in December

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Speaker 1: than we were in March. And all of this is

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Speaker 1: really contingent on not having room to take care of

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Speaker 1: these patients in our hospitals and not being overworked. So

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Speaker 1: that's something that's important to remember that as hospitals get stressed,

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Speaker 1: all of these all of this, all of these games

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Speaker 1: we've made against the virus could could be at risk

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Speaker 1: Dr Adulgas, thank you so much for all of your

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Speaker 1: phenomenal information for us. Always really adore speaking with you.

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Speaker 1: Get straight from the source, what exactly is the truth

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Speaker 1: and the facts about all of these things that we

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Speaker 1: hear about from time to time, from the vaccines to

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Speaker 1: the various procedures and so on. That is Dr Amish Adulgia,

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Speaker 1: Senior scholar and infectious disease physician at the Johns Hopkins

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Speaker 1: Center for Health Security. Dave Hunt is the president of

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Speaker 1: Hunt Auctions, as partnered with Christie's to present the Auction

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Speaker 1: home Plate, a private collection of important baseball memorabilia. It's

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Speaker 1: interesting this year because it's expected to do extraordinarily well.

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Speaker 1: Just this morning, Peter Book far obliquely advisors, was writing

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Speaker 1: about the appetite for memorabilia and how you know prices

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Speaker 1: are really just becoming inflated. Dave Hunt is our guest now,

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Speaker 1: So Dave, thanks for joining us all the way from Philadelphia. First,

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Speaker 1: give us a little idea of the types of things

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Speaker 1: that you have on auction. Yeah, great to be here.

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Speaker 1: I think this collections really quite unique in that it

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Speaker 1: spans really baseball history all the way from the nineteenth century,

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Speaker 1: almost present. Uh, And there's of course things you'd want

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Speaker 1: to see in an iconic collection like this game used

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Speaker 1: pieces from Babe Ruth, Luke, Garrig, Tai Cobb, Honas Wagner

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Speaker 1: and and on um. And as we've seen, as you've noted,

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Speaker 1: our market has been steadily growing over the last several decades,

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Speaker 1: but these last two years, uh, and even this year

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Speaker 1: with the pandemic, the pricing and maybe more notably the

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Speaker 1: interest by volume has just increased by many more piples

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Speaker 1: And it's just sort of fascinating to see and and

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Speaker 1: we see a lot of growth in the future as well. So, David,

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Speaker 1: what's driving that growth? I mean, for the stock market,

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Speaker 1: we could always say, oh, don't fight the FED interest

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Speaker 1: rates are low bidding up stocks. How about on the

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Speaker 1: member bil your market, what what's kind of the drivers

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Speaker 1: of value there generally? Yeah, I think, well we've seen

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Speaker 1: we've done this for thirty years now, and what we've

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Speaker 1: always felt was the potential the scalability of sports just

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Speaker 1: clients that potentially like sports one and have some means

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Speaker 1: to purchase something related to it too. That's an enormous

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Speaker 1: volume of clientele potentially, and it just continues to increase,

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Speaker 1: and I don't. I think we've really just scratched the surface,

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Speaker 1: especially if you compare these pieces, you know, to other fields,

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Speaker 1: you know, whether it's a piece of artwork or a

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Speaker 1: different collectible in a different field that have had much

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Speaker 1: more mature market. Ours is really still only thirty or

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Speaker 1: forty years old, which if you think about it by

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Speaker 1: normal standards, is not that not that that that dated.

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Speaker 1: Uh So, as we see that increase, and especially this

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Speaker 1: year with just everybody looking for nostalgia in their life,

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Speaker 1: looking to figure out something different than this particular year,

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Speaker 1: I think that's part of what's really led to this increase,

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Speaker 1: uh and more of maybe an appreciation of the particular

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Speaker 1: artifacts and how they relate to some of these iconic

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Speaker 1: sports figures. Who are the people with this kind of cash?

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Speaker 1: We know that for example, last Thursday, when Gretzky Rookie

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Speaker 1: card in perfect condition was auctioned off for one point

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Speaker 1: to nine million dollars. It's a card that's sold for

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Speaker 1: four hundred and sixty five thousand just in August of

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Speaker 1: two thousand sixteen. So that's a triple tripling nearly of

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Speaker 1: its value in just four years. Who can afford to

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Speaker 1: lay down that kind of cash and and hope that

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Speaker 1: you know these cards and these memorabilia appreciate. Yeah, what

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Speaker 1: we've seen is sort of a wide and diverse group

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Speaker 1: of people purchasing these items. So you've got sort of

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Speaker 1: a core group of seasoned collectors and investors that have

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Speaker 1: been doing us for a number of years. Uh, and

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Speaker 1: they sort of follow it almost blue chips, if you will,

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Speaker 1: in our world, the Babe Ruth games bats or the

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Speaker 1: Gary pieces or what have you. And then you're seeing

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Speaker 1: a lot of new people get into this and are

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Speaker 1: purchasing more modern pieces, such as a card you referenced.

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Speaker 1: And I think the confluence of all of that, in

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Speaker 1: addition to the fact that these pieces really are truly

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Speaker 1: great investments, not just financially, but they're enjoyable. They're not

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Speaker 1: a piece of paper that's in a lockbox somewhere. There's

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Speaker 1: something you can enjoy, can share, can display in different institutions. Uh.

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Speaker 1: And and that enjoyability factor, if you will, seems to

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Speaker 1: be translating tangibly into pricing as we continue to see

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Speaker 1: the market increase. Alright, So Dave, I'm gonna call member

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Speaker 1: Burial Sports Member Bilial kind of an alternate asset class,

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Speaker 1: much like we'll see an art or or wine, and

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Speaker 1: you know, some of those markets over the years which

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Speaker 1: are probably much more developed, we've seen a lot of

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Speaker 1: international interests, whether it's Japanese or Middle East or now Chinese.

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Speaker 1: Is a sports memorability of business primarily a domestic US

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Speaker 1: business or do you see interest from abroad? It's a

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Speaker 1: great question. Yeah, I think that in other fields it's

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Speaker 1: a more in depth interest abroad, but it is definitely developing.

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Speaker 1: In sports, we're noticing that word clientele are purchasing things

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Speaker 1: from from different countries. I mean, we've been a partner

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Speaker 1: with the NFL and NFL Auction for a number of

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Speaker 1: years and for instance, every year we do an event

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Speaker 1: at the Super Bowl, so we will see bits come

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Speaker 1: in from Australia, from England, from Japan. So that's uh

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Speaker 1: really probably more related to the the uh provance of

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Speaker 1: sports across the world to social media through different platforms.

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Speaker 1: So these exhibition games that the leagues are playing in

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Speaker 1: different countries and that is tailing into the memorabilia market.

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Speaker 1: So you know sort of see these layers come in

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Speaker 1: and adding more depths and and obviously in turn more

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Speaker 1: pricing increases to to our market due to some of

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Speaker 1: those sorts of reasonings. So if you want to place

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Speaker 1: a bid on a Babe Ruth Boston Red Sox era

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Speaker 1: professional model baseball at second nineteen sixteen to nineteen eighteen,

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Speaker 1: what what are you looking at putting down? And how

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Speaker 1: would you do it? Well, if you go to Christie's

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Speaker 1: dot com slash Baseball, you can see all the items,

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Speaker 1: and even if you're not instrument bidding, we can churched

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Speaker 1: people to see him, because this really is a museum

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Speaker 1: worthy collection. But a bat like that, which is estimated

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Speaker 1: at a half a million to a million dollars, seems

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Speaker 1: like a lot of money. But I remember when those

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Speaker 1: bats twenty years ago, we're ten and fifteen thousand dollars literally,

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Speaker 1: and we see a lot of increased potential for a

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Speaker 1: piece like that with only two specimens known the date

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Speaker 1: to his rookie seasons with the Red Sox before he

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Speaker 1: obviously continued his career with the ang So there's a

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Speaker 1: number of incredible pieces related to some of the greatest

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Speaker 1: names in baseball. And there's stuff as well from the

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Speaker 1: ninet three World Series New York Yankees, the ninety four

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Speaker 1: US All Star Tour of Japan. Paul Fields. It's got it.

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Speaker 1: They've got everything there. It's gonna be interesting. Gonna go

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Speaker 1: to that website as soon as we're done here. David Hunt,

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Speaker 1: thank you so much for joining us. David Hunt, President

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Speaker 1: of Hunt Auctions. UH talking about sports memory billion. This

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Speaker 1: is search for global yield people maybe looking at some

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Speaker 1: of these alternative asset classes like sports memorabilia. Very interesting

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Speaker 1: to see the growth in that business. Let's bring in

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Speaker 1: Miles Wice now a very important conversation. He's our sec

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Speaker 1: reporter and he hasn't looking at Blackstone. A great story

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Speaker 1: on the Bloomberg and here's the beginning. With companies and

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Speaker 1: industries from healthcare to battery storage in its portfolio. Blackstone

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Speaker 1: has a massive buyout unit with a unique view into

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Speaker 1: the economy. Soon it may offer peaks to outsiders willing

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Speaker 1: to pay Miles. The story is about black Stone potentially

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Speaker 1: selling the data of the companies that it owns. Is

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Speaker 1: it allowed to do this? Um I no currently UM

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Speaker 1: it doesn't have the leeway to do this under its

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Speaker 1: UH the offering documents for its various private equity funds,

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Speaker 1: although it does it can do it for some of

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Speaker 1: the companies that it has relationships with it aren't that

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Speaker 1: aren't owned and by the buyout funds, So it would

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Speaker 1: have to have to put some language in that explicitly

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Speaker 1: allows them to to sell the data. So miles, who

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Speaker 1: would be the buyers of this data? Seems like it's

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Speaker 1: really really granular. Who has an appetite for that? Well,

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Speaker 1: the hedge funds have been using this kind of using

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Speaker 1: big data quite a bit to try and get a

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Speaker 1: get an edge and when they're trading or insights into

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Speaker 1: how a particular stock, so they're they're definitely one customer

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Speaker 1: and the other would be just other other companies that

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Speaker 1: are in the the the business sectors that maybe that

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Speaker 1: Blackstones portfolio companies are in, who might might want to

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Speaker 1: use the data just to um, you know, improve their

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Speaker 1: own operations like sales and marketing or or something along

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Speaker 1: those lines. Then you were EAGLEID and you saw this

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Speaker 1: plan disclosed in filings with the Securities and Exchange Commission.

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Speaker 1: You say it's an exploratory effort, quoting a spokesperson, What

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Speaker 1: does this mean? Does Blackstone anticipate that the sec will

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Speaker 1: will change over its personnel and therefore it might become

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Speaker 1: possible for Blackstone to actually enact this plan UM. I

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Speaker 1: think when they when they when they say exploratory, I

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Speaker 1: think that means that they're just um, they're just going

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Speaker 1: out into the market and seeing, you know, what sort

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Speaker 1: of UM interest there is in this from from potential

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Speaker 1: customers and what it would take to set it up.

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Speaker 1: They they are they are committed to doing it. They

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Speaker 1: already have a substantial uh data UM data management unit

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Speaker 1: that's that's kind of gathering data from the different companies

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Speaker 1: and they are allowed to use it internally. So it

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Speaker 1: would just be another step for that the unit they

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Speaker 1: already have in place to go from uh providing it

431
00:23:41,119 --> 00:23:47,440
Speaker 1: to other Blackstone uh uh entities to selling it um

432
00:23:47,480 --> 00:23:51,840
Speaker 1: you know, into the outside UM customers. It's amazing, Miles.

433
00:23:52,240 --> 00:23:55,200
Speaker 1: I've been looking at this information technology business about thirty years,

434
00:23:55,200 --> 00:23:57,720
Speaker 1: and there was a time companies like done in Bradstreet

435
00:23:57,760 --> 00:24:01,880
Speaker 1: you couldn't give them away datahead little to no value

436
00:24:01,960 --> 00:24:04,439
Speaker 1: other than maybe a couple of you know, you know

437
00:24:05,040 --> 00:24:07,080
Speaker 1: products you could derive off of it. But now it

438
00:24:07,160 --> 00:24:10,480
Speaker 1: seems like there's just tremendous value being put on data

439
00:24:10,560 --> 00:24:13,840
Speaker 1: in the marketplace. Lots of consolidation companies buying other companies

440
00:24:13,880 --> 00:24:16,800
Speaker 1: to get more scale. Is this Blackstone just saying, hey,

441
00:24:16,840 --> 00:24:18,960
Speaker 1: this looks like a hot market. We now have a

442
00:24:19,359 --> 00:24:22,359
Speaker 1: an asset that maybe didn't have much value ten or

443
00:24:22,359 --> 00:24:25,960
Speaker 1: fifteen years ago, but now does Yeah. I think that, Yeah,

444
00:24:26,040 --> 00:24:28,840
Speaker 1: I think I think that's that's true. And there's just

445
00:24:28,920 --> 00:24:33,560
Speaker 1: so much interest in in just finding something that will

446
00:24:33,640 --> 00:24:39,280
Speaker 1: give you know, give you a unique insight into you know,

447
00:24:39,359 --> 00:24:41,920
Speaker 1: into how the markets are going or how different companies

448
00:24:41,960 --> 00:24:45,520
Speaker 1: are going. And I think it's just a matter of um,

449
00:24:46,280 --> 00:24:50,119
Speaker 1: things becoming more competitive and and again people trying to

450
00:24:50,160 --> 00:24:54,280
Speaker 1: find an edge edge and in that competition. Fascinating Miles.

451
00:24:54,280 --> 00:24:56,240
Speaker 1: You'll have to keep us updated on this. It's something

452
00:24:56,280 --> 00:24:59,320
Speaker 1: we should be watching. So what else have you been

453
00:24:59,359 --> 00:25:01,760
Speaker 1: noticing coming in at the end of the year. Is

454
00:25:01,960 --> 00:25:05,120
Speaker 1: the end of the year a big push for filings. Well,

455
00:25:05,119 --> 00:25:09,040
Speaker 1: there's been a lot of mutual funds and such that

456
00:25:09,119 --> 00:25:13,359
Speaker 1: have been, uh, you know making changes a year end. Uh,

457
00:25:13,640 --> 00:25:17,800
Speaker 1: either in the some of the personnel that um, you know,

458
00:25:17,920 --> 00:25:22,960
Speaker 1: changing like portfolio managers are changing the way their funds work. Uh,

459
00:25:23,200 --> 00:25:26,600
Speaker 1: basically too kind of um you know, kind of kind

460
00:25:26,640 --> 00:25:28,800
Speaker 1: of adjust to all the changes that have occurred in

461
00:25:30,560 --> 00:25:33,400
Speaker 1: and there have been a few changes. Miles Wise, thanks

462
00:25:33,440 --> 00:25:36,120
Speaker 1: so much for joining us. Miles is the SEC reporter

463
00:25:36,480 --> 00:25:39,359
Speaker 1: from Bloomberg News, joining us on the phone from Washington,

464
00:25:39,880 --> 00:25:43,480
Speaker 1: d C. And it's interesting, Vonnie, the value that's being

465
00:25:43,520 --> 00:25:46,480
Speaker 1: put on, you know, just raw data these days. I

466
00:25:46,480 --> 00:25:49,360
Speaker 1: guess with computing power, it just makes it so much

467
00:25:49,359 --> 00:25:52,400
Speaker 1: more valuable for users in different ways. Right exactly where

468
00:25:52,440 --> 00:25:54,199
Speaker 1: before you can really do much with it, Now you

469
00:25:54,200 --> 00:25:56,520
Speaker 1: can just shove it all into a blender or a

470
00:25:56,560 --> 00:25:59,560
Speaker 1: machine and a little bit out results to you that

471
00:25:59,640 --> 00:26:01,760
Speaker 1: could be are you useful for yours? And we've seen that,

472
00:26:01,760 --> 00:26:03,840
Speaker 1: you know, hedge fund managers use you know, kind of

473
00:26:03,920 --> 00:26:06,840
Speaker 1: this primary data if you will, for years and now

474
00:26:06,840 --> 00:26:10,720
Speaker 1: maybe some other applications as well. Thanks for listening to

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00:26:10,760 --> 00:26:14,600
Speaker 1: Bloomberg Markets podcast. You can subscribe and listen to interviews

476
00:26:14,600 --> 00:26:18,320
Speaker 1: at Apple Podcasts or whatever podcast platform you prefer. I'm

477
00:26:18,359 --> 00:26:21,360
Speaker 1: Bonnie Quinn. I'm on Twitter at Bonnie Quinn, and I'm

478
00:26:21,359 --> 00:26:24,440
Speaker 1: Paul Sweeney. I'm on Twitter at pt Sweeney. Before the podcast,

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00:26:24,480 --> 00:26:27,000
Speaker 1: you can always catch us worldwide at Bloomberg Radio