Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along
Speaker 1: with my co host of Bonnie Quinn. Every business day
Speaker 1: we bring you interviews from CEO, market pros, and Bloomberg experts,
Speaker 1: along with essential market moving news. Find the Bloomberg Markets
Speaker 1: Podcast on Apple Podcasts or wherever you listen to podcasts,
Speaker 1: and on Bloomberg dot com. As well. As we get
Speaker 1: more and more positive vaccine news, I think that allows
Speaker 1: people to think a little bit more about what the
Speaker 1: world is going to look like on the other side
Speaker 1: of this, and we take a look, we think about
Speaker 1: the economic environment, what will the economic environment look like
Speaker 1: on the other side and for the years to come.
Speaker 1: To answer some of those questions, we welcome Joel Hyatt
Speaker 1: h He is true trust the emeritus at the Brookings
Speaker 1: Institution and co founder, chairman and CEO of Globality UH
Speaker 1: based in San Francisco. Joel, thanks so much for joining
Speaker 1: us here. You know, I get as we think about
Speaker 1: getting to the point of vaccines, it gives people a
Speaker 1: little bit more confidence to look to the other side
Speaker 1: of this pandemic. One of the issues is with you know,
Speaker 1: also with a new administration. Stion is this going to
Speaker 1: be a global economy, like we're thinking about it before
Speaker 1: the pandemic, maybe before the Trump administration, where globalism was
Speaker 1: kind of the accepted way for economic growth. Do you
Speaker 1: still see globalism as a driving force in the global economy? Yes,
Speaker 1: I do absolutely. I recognize. Of course, the COVID nineteen
Speaker 1: interrupted global trade and foreign investment, and indeed, in the
Speaker 1: few years leading up to the global pandemic there was
Speaker 1: an overall reduction in global trade, principally that was manufactured goods,
Speaker 1: because the global trade of services continued to increase. But
Speaker 1: absolutely the pandemic interrupted it in the same way that
Speaker 1: events like wars or financial crisises can interrupt a global trade.
Speaker 1: And you know, there have been predictions that globalization is
Speaker 1: dying and at least slowing rapidly. I actually think those
Speaker 1: predictions are just completely off base. In fact, look look
Speaker 1: at the pandemic itself for a clear demonstration that both
Speaker 1: the challenges and the opportunities facing the world are all
Speaker 1: global um. It is just thrilling to see how the
Speaker 1: benefits of globalization were brought to bear on on on
Speaker 1: bringing vaccines to the to the resolution of this pandemic,
Speaker 1: you know, to to Turkish immigrants from that living in
Speaker 1: Germany produced a vaccine that's now being shot in the
Speaker 1: arms of Americans and people all over the world. And
Speaker 1: the global supply chain of global logistics, I mean, everything
Speaker 1: that it took to solve for this pandemic and record time,
Speaker 1: all of that was facilitated by globalization. And yes, I
Speaker 1: think we will see post pandemic renewed growth in globalization.
Speaker 1: I think that it will be dramatically led by services
Speaker 1: as opposed to U products. Um, we've had marketplaces for
Speaker 1: products for quite some time. I mean, think what Amazon
Speaker 1: and an Ali Baba have been able to do bringing
Speaker 1: technology and scale to the delivery of goods to people
Speaker 1: again all over the planet, truly global. We haven't seen
Speaker 1: that in services, but I think that's what we're going
Speaker 1: to see is the growth of marketplace as a company
Speaker 1: light like Globality, that that has built an AI powered
Speaker 1: platform that enables companies to buy and sell services from
Speaker 1: any location on the globe, and and and and builds
Speaker 1: an ecosystem that makes doing that transparent and fair and
Speaker 1: opened up all suppliers based on the merits of performance
Speaker 1: and quality and price. And these are big, big developments
Speaker 1: that I think are on the near horizon. I think
Speaker 1: we're going to see a lot more global integration. And
Speaker 1: you're right, Paul, to suggest that the change in administration
Speaker 1: is a factor in that. There's there's no question that
Speaker 1: is also the case. Let's just for contexts mention that
Speaker 1: Globality is an AI powered program and it, as you said,
Speaker 1: calls the sourcing process and apparently from months to hours
Speaker 1: in some cases delivers savings. And you've raised about a
Speaker 1: hundred seventy two million dollars, most recently a hundred million
Speaker 1: from the soft Bank Vision Fund back in January. So
Speaker 1: perhaps Joel, you could tell us how it's been so
Speaker 1: difficult in some areas to source things that we need. So,
Speaker 1: for example, yes, the vaccine process has been phenomenal, and
Speaker 1: if we continue to get a distributed the way the
Speaker 1: beginning of the distribution has happened, then we are laughing.
Speaker 1: But for things like ppe, and then for you know,
Speaker 1: regular everyday consumer goods like toilet paper and computer parts
Speaker 1: and so on, it hasn't been so easy. Well, look
Speaker 1: that that's true. There were disruptions in the supply chain
Speaker 1: for for typical products like that, driven in part of course,
Speaker 1: as you know by the fears and anxieties in the
Speaker 1: early stages of the pandemic and hoarding and all of those. Well,
Speaker 1: you can't actually buy a PC with a good graphics
Speaker 1: card at the moment. It's very, very difficulty of to
Speaker 1: wait a month. Why is that? Well, that's again, uh,
Speaker 1: my expertise is in services, not in not in manufactured goods,
Speaker 1: So I'm not the best to explain that. But I
Speaker 1: think that the solutions to the problems you're raising are
Speaker 1: actually in more globalization and not less And I think
Speaker 1: that that's where the solutions will come in, making in
Speaker 1: making boundaries less and less important, in consumers and businesses
Speaker 1: ability to source the goods and the services that they
Speaker 1: that they in fact need, and so and so. I really,
Speaker 1: to the extent that you're addressing supply chain problems, countries
Speaker 1: aren't are best able to solve those problems on their own.
Speaker 1: I mean, you know, people I think have lost sight
Speaker 1: of the rewards and the problems resulting from globalization and
Speaker 1: over a billion So Joel, talk to us about globalization
Speaker 1: of services then, which is what you say you're expert at.
Speaker 1: How does thus grow in significance? How do I how
Speaker 1: do I use services from another country if it's not
Speaker 1: say something like a customer hotline. So so great question,
Speaker 1: and there's really a couple of aspects of that. First
Speaker 1: of all, trillions of dollars of services are bought and
Speaker 1: sold just by businesses every year, and the opportunity to
Speaker 1: enable a company to identify the best supplier at the
Speaker 1: right price, to do so quickly, and to be able
Speaker 1: to source that supplier wherever that service provider happens to
Speaker 1: be is a very big deal. And by using artificial
Speaker 1: intelligence and digital technological solutions, you limited all the frictions.
Speaker 1: And then, secondly and importantly, you made an interesting point.
Speaker 1: Look at consumers. They've had, they've had a wonderful consumer
Speaker 1: experience when they go online to buy and the like.
Speaker 1: Believe it or not, all those trillions of dollars of
Speaker 1: purchase of by businesses of services, they're not done through
Speaker 1: what I would call the consumerization of the enterprise. The
Speaker 1: kinds of expectations we consumers have when we go on
Speaker 1: if they're done through the most archaic, inefficient, ineffective, and
Speaker 1: expensive processes, and all that's in the process of changing
Speaker 1: as they go through transformational innovation to again aipower digital solutions. Today,
Speaker 1: they start with a paper intensive request for proposal process.
Speaker 1: It's a hundred pages long. It's it makes it impossible
Speaker 1: for small companies, diverse companies, foreign companies to compete in
Speaker 1: the global market for their business because the processes don't work,
Speaker 1: they're so inefficient. When you use technology to eliminate all that,
Speaker 1: and you bring the kind of consumerization the enterprise that
Speaker 1: makes it quick and fun and easy and adds value
Speaker 1: with intelligence build into the process, you open up global
Speaker 1: trade opportunities for everybody. For the buyer you get better
Speaker 1: services at a lower costs, and for suppliers you get
Speaker 1: access to buyers all over the world, not just in
Speaker 1: your neighborhood or even your own country. There is a
Speaker 1: big deal, all right, Joel, thanks for joining us today,
Speaker 1: Joe Hia it's called founder, a chair and CEO of Globality. Well,
Speaker 1: if we think all the way back to the dark
Speaker 1: days of March and April in this pandemic, a phrase
Speaker 1: that entered the lexicon, I believe was bend the curve
Speaker 1: as we tried to get a handle on the infections
Speaker 1: in that first wave here and not hearing too much
Speaker 1: about that these days as the country experiences second or
Speaker 1: third wave, depending upon where you live. Let's get some
Speaker 1: latest on the pandemic. We do that with Dr A. Mesh,
Speaker 1: Senior scholar and infectious disease physicians of John's Hoppkins Center
Speaker 1: for Health Security at the Bloomberg School of Public Health.
Speaker 1: And we should note that the Johns Hopkins Bloomberg School
Speaker 1: of Public Health is supported by Michael Bloomberg, founder Bloomberg LP,
Speaker 1: Bloomberg Philanthropies and this radio operation. So Dr Dolge talk
Speaker 1: to me about that bend the curve conversation. We don't
Speaker 1: seem to be having it, uh this time around, as
Speaker 1: cases surge. Why is that? Do you think what we
Speaker 1: really have is an uncontrolled demic? And I don't think
Speaker 1: anybody really thinks that we are going to be able
Speaker 1: to flatten the curve sufficiently before before a vaccine. There
Speaker 1: are attempts to do so with some of the social
Speaker 1: distancing restrictions coming back into into place, but we you know,
Speaker 1: flatting the curve was about preserving hospital capacity, trying to
Speaker 1: keep cases to a pace that's manageable, and that's clearly
Speaker 1: not the case in many parts of the country. And
Speaker 1: there's so much pandemic fatigue, and and I do think
Speaker 1: that people are are frustrated because now we are in
Speaker 1: December and we still can't seem to get this right.
Speaker 1: We still don't have test trace isolate capacity in any
Speaker 1: state in this country, and and we've just basically muddled through.
Speaker 1: So a lot of it is probably it's just it
Speaker 1: didn't have to be this way, and it's just the
Speaker 1: result of kind of inaction and and the wrong actions
Speaker 1: being taken in a lot of just mismanagement of this
Speaker 1: pandemic that made flattening the curves something very hard to
Speaker 1: achieve in this country. Doctor Doldia, what's your estimation now
Speaker 1: for the amount of deaths that we are going to
Speaker 1: see in the United States before this is all over.
Speaker 1: I think we're already crossed three hundred thousand. I think
Speaker 1: probably about half a million. I think would probably be
Speaker 1: somewhere where I would if I were to kind of
Speaker 1: put it in the ballpark, I think it's going to be.
Speaker 1: You know, there's still more deaths that are going to
Speaker 1: occur before this population's vaccinated. That's insane. Half a million,
Speaker 1: where that's another two hundred thousand from where we are here. Yeah,
Speaker 1: So Dr Dolga. You know, talk to us about the
Speaker 1: vaccines that the data I'm gonna say, it's just been
Speaker 1: you know, it's really surprisingly positive. I mean, you know,
Speaker 1: when we first started talking about these vaccines, you know
Speaker 1: we're being told by experts, you know, fifty six would
Speaker 1: be a phenomenal number. Let me started seeing numbers and
Speaker 1: then nineties. Uh, give us a sense of how how
Speaker 1: this came to be. How did we get such good
Speaker 1: vaccines so quickly? It is remarkable and none of us
Speaker 1: expected these first generation vaccines, especially once like m R
Speaker 1: and A vaccines where we really haven't seen clinical trial
Speaker 1: data to be this effective. And I think it really
Speaker 1: is just a testament to science advancing and the ability
Speaker 1: to improve vaccine technology. And I think these these vaccines,
Speaker 1: especially the Maderna and the fiser ones, have basically shattered
Speaker 1: all expectations and really will be a way to change
Speaker 1: the face of this pandemic. And I think it's just
Speaker 1: a question now of getting this into the arms of Americans,
Speaker 1: which is going to take some time. But really I
Speaker 1: think m R and A vaccines should be thought of
Speaker 1: as as a path breaking way to think about emerging
Speaker 1: infectious disease emergenous emerging infectious diseases in the future, and
Speaker 1: that we're that the next pandemic, the next infectious disease
Speaker 1: emergency is going to be met with an m R
Speaker 1: and a vaccine pretty quickly and and likely be able
Speaker 1: to um to really soften its blow. And I think
Speaker 1: that's that's a big win for for vaccines when we
Speaker 1: look at this coronavirus pandemic kind of, you know, at
Speaker 1: a twenty foot level, Yeah, that's something that we can
Speaker 1: take away from it, even beyond this particular coronavirus. Dr
Speaker 1: Adulgia just curious as to what you make of the
Speaker 1: fact that London says it's seeing a mutation of this virus.
Speaker 1: All virus is mutate. It's important to remember that that's
Speaker 1: just what they're going to do, and most mutations don't
Speaker 1: really have any consequence. They don't do anything functionally for
Speaker 1: the virus. And there's no evidence that this mutation that
Speaker 1: they've noticed in London, like other mutations that they've noticed,
Speaker 1: have any have any change change anything about the vaccine,
Speaker 1: change anything about the treatment. And I think it's important
Speaker 1: to study these these mutations and understand what their implications are.
Speaker 1: But it's important to remember that, you know, not every
Speaker 1: mutation is a scary mutation. Not every mutation is something
Speaker 1: you know out of a Hollywood movie where the virus
Speaker 1: acquires a new capability or evades countermeasure. Most most really
Speaker 1: end up being nothing that's good. So, doctor, you know
Speaker 1: rightfully so that the news has been about the vaccines,
Speaker 1: but also when to get your thoughts on some of
Speaker 1: the therapeutic treatments that are in the works and maybe
Speaker 1: some advances that are being made, because again we're having
Speaker 1: such a high case load and we likely to do
Speaker 1: so for uh several months at the very least. Where
Speaker 1: were in terms of actually treating cases when they get
Speaker 1: to the hospital. So the work course there is dexi
Speaker 1: metho zone, which is a cheap steroid that we've been
Speaker 1: using for lots of different things over the years. And
Speaker 1: what we found is dex and meto zone when patients
Speaker 1: need oxygen supplemental oxygen does decrease mortality. So that's become
Speaker 1: something that we turn to very quickly when we're running
Speaker 1: we're treating the patient that needs oxygen. We have other
Speaker 1: drugs like remdesse heere and that sort of has a
Speaker 1: marginal impact. It might be able to make you get
Speaker 1: better a little bit quicker. There are some other immune
Speaker 1: modulating drugs that are also being studied in combination with
Speaker 1: with remdesivie that might get you better faster, But really
Speaker 1: dex and meta zone is the main thing, and I
Speaker 1: would think that our improvements are are less the factor
Speaker 1: of drugs but more about our knowledge and our ability
Speaker 1: to understand this disease, to diagnose it quicker, to put
Speaker 1: people on the right treatment pathway, to understand how to
Speaker 1: use a mechanical ventilator more appropriately and deliver oxygen to
Speaker 1: these these people, proning them, putting them on their bellies
Speaker 1: instead of keeping them uh face space up. And then
Speaker 1: also recognizing, understanding and being able to treat and anticipate complications.
Speaker 1: That's something that we're much better doing now in December
Speaker 1: than we were in March. And all of this is
Speaker 1: really contingent on not having room to take care of
Speaker 1: these patients in our hospitals and not being overworked. So
Speaker 1: that's something that's important to remember that as hospitals get stressed,
Speaker 1: all of these all of this, all of these games
Speaker 1: we've made against the virus could could be at risk
Speaker 1: Dr Adulgas, thank you so much for all of your
Speaker 1: phenomenal information for us. Always really adore speaking with you.
Speaker 1: Get straight from the source, what exactly is the truth
Speaker 1: and the facts about all of these things that we
Speaker 1: hear about from time to time, from the vaccines to
Speaker 1: the various procedures and so on. That is Dr Amish Adulgia,
Speaker 1: Senior scholar and infectious disease physician at the Johns Hopkins
Speaker 1: Center for Health Security. Dave Hunt is the president of
Speaker 1: Hunt Auctions, as partnered with Christie's to present the Auction
Speaker 1: home Plate, a private collection of important baseball memorabilia. It's
Speaker 1: interesting this year because it's expected to do extraordinarily well.
Speaker 1: Just this morning, Peter Book far obliquely advisors, was writing
Speaker 1: about the appetite for memorabilia and how you know prices
Speaker 1: are really just becoming inflated. Dave Hunt is our guest now,
Speaker 1: So Dave, thanks for joining us all the way from Philadelphia. First,
Speaker 1: give us a little idea of the types of things
Speaker 1: that you have on auction. Yeah, great to be here.
Speaker 1: I think this collections really quite unique in that it
Speaker 1: spans really baseball history all the way from the nineteenth century,
Speaker 1: almost present. Uh, And there's of course things you'd want
Speaker 1: to see in an iconic collection like this game used
Speaker 1: pieces from Babe Ruth, Luke, Garrig, Tai Cobb, Honas Wagner
Speaker 1: and and on um. And as we've seen, as you've noted,
Speaker 1: our market has been steadily growing over the last several decades,
Speaker 1: but these last two years, uh, and even this year
Speaker 1: with the pandemic, the pricing and maybe more notably the
Speaker 1: interest by volume has just increased by many more piples
Speaker 1: And it's just sort of fascinating to see and and
Speaker 1: we see a lot of growth in the future as well. So, David,
Speaker 1: what's driving that growth? I mean, for the stock market,
Speaker 1: we could always say, oh, don't fight the FED interest
Speaker 1: rates are low bidding up stocks. How about on the
Speaker 1: member bil your market, what what's kind of the drivers
Speaker 1: of value there generally? Yeah, I think, well we've seen
Speaker 1: we've done this for thirty years now, and what we've
Speaker 1: always felt was the potential the scalability of sports just
Speaker 1: clients that potentially like sports one and have some means
Speaker 1: to purchase something related to it too. That's an enormous
Speaker 1: volume of clientele potentially, and it just continues to increase,
Speaker 1: and I don't. I think we've really just scratched the surface,
Speaker 1: especially if you compare these pieces, you know, to other fields,
Speaker 1: you know, whether it's a piece of artwork or a
Speaker 1: different collectible in a different field that have had much
Speaker 1: more mature market. Ours is really still only thirty or
Speaker 1: forty years old, which if you think about it by
Speaker 1: normal standards, is not that not that that that dated.
Speaker 1: Uh So, as we see that increase, and especially this
Speaker 1: year with just everybody looking for nostalgia in their life,
Speaker 1: looking to figure out something different than this particular year,
Speaker 1: I think that's part of what's really led to this increase,
Speaker 1: uh and more of maybe an appreciation of the particular
Speaker 1: artifacts and how they relate to some of these iconic
Speaker 1: sports figures. Who are the people with this kind of cash?
Speaker 1: We know that for example, last Thursday, when Gretzky Rookie
Speaker 1: card in perfect condition was auctioned off for one point
Speaker 1: to nine million dollars. It's a card that's sold for
Speaker 1: four hundred and sixty five thousand just in August of
Speaker 1: two thousand sixteen. So that's a triple tripling nearly of
Speaker 1: its value in just four years. Who can afford to
Speaker 1: lay down that kind of cash and and hope that
Speaker 1: you know these cards and these memorabilia appreciate. Yeah, what
Speaker 1: we've seen is sort of a wide and diverse group
Speaker 1: of people purchasing these items. So you've got sort of
Speaker 1: a core group of seasoned collectors and investors that have
Speaker 1: been doing us for a number of years. Uh, and
Speaker 1: they sort of follow it almost blue chips, if you will,
Speaker 1: in our world, the Babe Ruth games bats or the
Speaker 1: Gary pieces or what have you. And then you're seeing
Speaker 1: a lot of new people get into this and are
Speaker 1: purchasing more modern pieces, such as a card you referenced.
Speaker 1: And I think the confluence of all of that, in
Speaker 1: addition to the fact that these pieces really are truly
Speaker 1: great investments, not just financially, but they're enjoyable. They're not
Speaker 1: a piece of paper that's in a lockbox somewhere. There's
Speaker 1: something you can enjoy, can share, can display in different institutions. Uh.
Speaker 1: And and that enjoyability factor, if you will, seems to
Speaker 1: be translating tangibly into pricing as we continue to see
Speaker 1: the market increase. Alright, So Dave, I'm gonna call member
Speaker 1: Burial Sports Member Bilial kind of an alternate asset class,
Speaker 1: much like we'll see an art or or wine, and
Speaker 1: you know, some of those markets over the years which
Speaker 1: are probably much more developed, we've seen a lot of
Speaker 1: international interests, whether it's Japanese or Middle East or now Chinese.
Speaker 1: Is a sports memorability of business primarily a domestic US
Speaker 1: business or do you see interest from abroad? It's a
Speaker 1: great question. Yeah, I think that in other fields it's
Speaker 1: a more in depth interest abroad, but it is definitely developing.
Speaker 1: In sports, we're noticing that word clientele are purchasing things
Speaker 1: from from different countries. I mean, we've been a partner
Speaker 1: with the NFL and NFL Auction for a number of
Speaker 1: years and for instance, every year we do an event
Speaker 1: at the Super Bowl, so we will see bits come
Speaker 1: in from Australia, from England, from Japan. So that's uh
Speaker 1: really probably more related to the the uh provance of
Speaker 1: sports across the world to social media through different platforms.
Speaker 1: So these exhibition games that the leagues are playing in
Speaker 1: different countries and that is tailing into the memorabilia market.
Speaker 1: So you know sort of see these layers come in
Speaker 1: and adding more depths and and obviously in turn more
Speaker 1: pricing increases to to our market due to some of
Speaker 1: those sorts of reasonings. So if you want to place
Speaker 1: a bid on a Babe Ruth Boston Red Sox era
Speaker 1: professional model baseball at second nineteen sixteen to nineteen eighteen,
Speaker 1: what what are you looking at putting down? And how
Speaker 1: would you do it? Well, if you go to Christie's
Speaker 1: dot com slash Baseball, you can see all the items,
Speaker 1: and even if you're not instrument bidding, we can churched
Speaker 1: people to see him, because this really is a museum
Speaker 1: worthy collection. But a bat like that, which is estimated
Speaker 1: at a half a million to a million dollars, seems
Speaker 1: like a lot of money. But I remember when those
Speaker 1: bats twenty years ago, we're ten and fifteen thousand dollars literally,
Speaker 1: and we see a lot of increased potential for a
Speaker 1: piece like that with only two specimens known the date
Speaker 1: to his rookie seasons with the Red Sox before he
Speaker 1: obviously continued his career with the ang So there's a
Speaker 1: number of incredible pieces related to some of the greatest
Speaker 1: names in baseball. And there's stuff as well from the
Speaker 1: ninet three World Series New York Yankees, the ninety four
Speaker 1: US All Star Tour of Japan. Paul Fields. It's got it.
Speaker 1: They've got everything there. It's gonna be interesting. Gonna go
Speaker 1: to that website as soon as we're done here. David Hunt,
Speaker 1: thank you so much for joining us. David Hunt, President
Speaker 1: of Hunt Auctions. UH talking about sports memory billion. This
Speaker 1: is search for global yield people maybe looking at some
Speaker 1: of these alternative asset classes like sports memorabilia. Very interesting
Speaker 1: to see the growth in that business. Let's bring in
Speaker 1: Miles Wice now a very important conversation. He's our sec
Speaker 1: reporter and he hasn't looking at Blackstone. A great story
Speaker 1: on the Bloomberg and here's the beginning. With companies and
Speaker 1: industries from healthcare to battery storage in its portfolio. Blackstone
Speaker 1: has a massive buyout unit with a unique view into
Speaker 1: the economy. Soon it may offer peaks to outsiders willing
Speaker 1: to pay Miles. The story is about black Stone potentially
Speaker 1: selling the data of the companies that it owns. Is
Speaker 1: it allowed to do this? Um I no currently UM
Speaker 1: it doesn't have the leeway to do this under its
Speaker 1: UH the offering documents for its various private equity funds,
Speaker 1: although it does it can do it for some of
Speaker 1: the companies that it has relationships with it aren't that
Speaker 1: aren't owned and by the buyout funds, So it would
Speaker 1: have to have to put some language in that explicitly
Speaker 1: allows them to to sell the data. So miles, who
Speaker 1: would be the buyers of this data? Seems like it's
Speaker 1: really really granular. Who has an appetite for that? Well,
Speaker 1: the hedge funds have been using this kind of using
Speaker 1: big data quite a bit to try and get a
Speaker 1: get an edge and when they're trading or insights into
Speaker 1: how a particular stock, so they're they're definitely one customer
Speaker 1: and the other would be just other other companies that
Speaker 1: are in the the the business sectors that maybe that
Speaker 1: Blackstones portfolio companies are in, who might might want to
Speaker 1: use the data just to um, you know, improve their
Speaker 1: own operations like sales and marketing or or something along
Speaker 1: those lines. Then you were EAGLEID and you saw this
Speaker 1: plan disclosed in filings with the Securities and Exchange Commission.
Speaker 1: You say it's an exploratory effort, quoting a spokesperson, What
Speaker 1: does this mean? Does Blackstone anticipate that the sec will
Speaker 1: will change over its personnel and therefore it might become
Speaker 1: possible for Blackstone to actually enact this plan UM. I
Speaker 1: think when they when they when they say exploratory, I
Speaker 1: think that means that they're just um, they're just going
Speaker 1: out into the market and seeing, you know, what sort
Speaker 1: of UM interest there is in this from from potential
Speaker 1: customers and what it would take to set it up.
Speaker 1: They they are they are committed to doing it. They
Speaker 1: already have a substantial uh data UM data management unit
Speaker 1: that's that's kind of gathering data from the different companies
Speaker 1: and they are allowed to use it internally. So it
Speaker 1: would just be another step for that the unit they
Speaker 1: already have in place to go from uh providing it
Speaker 1: to other Blackstone uh uh entities to selling it um
Speaker 1: you know, into the outside UM customers. It's amazing, Miles.
Speaker 1: I've been looking at this information technology business about thirty years,
Speaker 1: and there was a time companies like done in Bradstreet
Speaker 1: you couldn't give them away datahead little to no value
Speaker 1: other than maybe a couple of you know, you know
Speaker 1: products you could derive off of it. But now it
Speaker 1: seems like there's just tremendous value being put on data
Speaker 1: in the marketplace. Lots of consolidation companies buying other companies
Speaker 1: to get more scale. Is this Blackstone just saying, hey,
Speaker 1: this looks like a hot market. We now have a
Speaker 1: an asset that maybe didn't have much value ten or
Speaker 1: fifteen years ago, but now does Yeah. I think that, Yeah,
Speaker 1: I think I think that's that's true. And there's just
Speaker 1: so much interest in in just finding something that will
Speaker 1: give you know, give you a unique insight into you know,
Speaker 1: into how the markets are going or how different companies
Speaker 1: are going. And I think it's just a matter of um,
Speaker 1: things becoming more competitive and and again people trying to
Speaker 1: find an edge edge and in that competition. Fascinating Miles.
Speaker 1: You'll have to keep us updated on this. It's something
Speaker 1: we should be watching. So what else have you been
Speaker 1: noticing coming in at the end of the year. Is
Speaker 1: the end of the year a big push for filings. Well,
Speaker 1: there's been a lot of mutual funds and such that
Speaker 1: have been, uh, you know making changes a year end. Uh,
Speaker 1: either in the some of the personnel that um, you know,
Speaker 1: changing like portfolio managers are changing the way their funds work. Uh,
Speaker 1: basically too kind of um you know, kind of kind
Speaker 1: of adjust to all the changes that have occurred in
Speaker 1: and there have been a few changes. Miles Wise, thanks
Speaker 1: so much for joining us. Miles is the SEC reporter
Speaker 1: from Bloomberg News, joining us on the phone from Washington,
Speaker 1: d C. And it's interesting, Vonnie, the value that's being
Speaker 1: put on, you know, just raw data these days. I
Speaker 1: guess with computing power, it just makes it so much
Speaker 1: more valuable for users in different ways. Right exactly where
Speaker 1: before you can really do much with it, Now you
Speaker 1: can just shove it all into a blender or a
Speaker 1: machine and a little bit out results to you that
Speaker 1: could be are you useful for yours? And we've seen that,
Speaker 1: you know, hedge fund managers use you know, kind of
Speaker 1: this primary data if you will, for years and now
Speaker 1: maybe some other applications as well. Thanks for listening to
Speaker 1: Bloomberg Markets podcast. You can subscribe and listen to interviews
Speaker 1: at Apple Podcasts or whatever podcast platform you prefer. I'm
Speaker 1: Bonnie Quinn. I'm on Twitter at Bonnie Quinn, and I'm
Speaker 1: Paul Sweeney. I'm on Twitter at pt Sweeney. Before the podcast,
Speaker 1: you can always catch us worldwide at Bloomberg Radio