WEBVTT - GameStop Trading and Robinhood’s Fallout 0:00:00.280 --> 0:00:02.920 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:02.920 --> 0:00:05.760 Bloomberg Quick Takes Tim Stanebeck. We're here every day bringing 0:00:05.760 --> 0:00:08.280 you the latest news from the world's of business and finance, 0:00:08.320 --> 0:00:12.120 plus technology, politics, economics, all harnessing the power of Business 0:00:12.119 --> 0:00:15.600 Week reporters and editors, not to mention our journalists and 0:00:15.600 --> 0:00:18.480 analysts in more than one twenty countries. You can download 0:00:18.480 --> 0:00:21.720 Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com. 0:00:21.880 --> 0:00:23.600 You can also listen to our radio show at two 0:00:23.640 --> 0:00:26.320 pm Eastern Time on Bloomberg Radio or watch us on 0:00:26.360 --> 0:00:32.480 YouTube search Bloomberg Global News. Lots of things to cover today. 0:00:32.840 --> 0:00:36.200 Shares of game Stop. We know Tim raleiged again today, 0:00:36.240 --> 0:00:38.840 they also fell off some of those highs, but nonetheless 0:00:39.080 --> 0:00:42.320 we continue to see uh this volatility and it's playing 0:00:42.320 --> 0:00:45.080 out to some other names as well. She has been 0:00:45.120 --> 0:00:48.960 reporting NonStop on the market gyrations around game Stop and others. 0:00:48.960 --> 0:00:51.560 So let's get into it with Bloomberg News investing reporter 0:00:51.600 --> 0:00:55.800 Annie Massa. She is on the phone in New York City. Um, Annie, 0:00:55.880 --> 0:00:58.279 where are we? What do you think our audience at 0:00:58.280 --> 0:01:00.440 this point needs to know about what it's going out 0:01:00.440 --> 0:01:02.840 with game Stop and others. What's going on with robin hood? 0:01:03.360 --> 0:01:06.880 And it has been an absolutely wild week, as I'm 0:01:06.920 --> 0:01:11.679 sure anybody listening can tell. I guess yesterday things really 0:01:11.720 --> 0:01:14.039 came to a head because you started to see brokerages 0:01:14.120 --> 0:01:18.280 including robin Hood slamming the brakes on new purchase orders 0:01:18.360 --> 0:01:21.760 for game Stop, am C and some of these other 0:01:21.880 --> 0:01:24.400 Reddit fueled names that have been going crazy in the 0:01:24.440 --> 0:01:28.520 past couple of days, and that drew a big backlash 0:01:28.720 --> 0:01:33.319 online from users and also from some pretty unlikely pairings 0:01:33.319 --> 0:01:36.440 of people, including AOC and Ted Cruz, both of whom 0:01:36.440 --> 0:01:40.920 criticized robin Hood for preventing people from buying new shares 0:01:41.040 --> 0:01:43.800 of those companies. Jim said it yesterday's like strange bed 0:01:43.800 --> 0:01:46.119 fellows as a result of the exact Yeah, it didn't 0:01:46.200 --> 0:01:48.560 last very long. A retweeted his tweet and told him 0:01:48.560 --> 0:01:50.560 to resign. But you know, that's a conversation for a 0:01:50.560 --> 0:01:53.800 different day. Um. Look, I'm wondering what we learned about 0:01:54.680 --> 0:01:57.600 what robin hood did yesterday. There was a lot of 0:01:57.640 --> 0:02:02.160 confusion about why robin had prevented some basic functions for 0:02:02.240 --> 0:02:03.680 its users. What do we learn in the the last twenty 0:02:03.720 --> 0:02:05.360 four hours and what did Robin have to have to 0:02:05.400 --> 0:02:09.679 do in terms of getting this lifeline of a billion dollars. Yes, 0:02:09.800 --> 0:02:12.480 So when you look under the hood, what happened yesterday 0:02:12.680 --> 0:02:17.600 was there's machinery kind of underlying the market. Yeah, that's 0:02:17.639 --> 0:02:22.280 meant to manage risk. And what happened was the central 0:02:22.320 --> 0:02:25.960 clearing house asked Robin Hood and other brokers to effectively 0:02:26.240 --> 0:02:30.600 put up more collateral um that day because of all 0:02:30.600 --> 0:02:32.720 the volatility, because of all the risk in the market, 0:02:33.360 --> 0:02:36.359 and Robin Hood, as you mentioned, as a result, had 0:02:36.400 --> 0:02:39.280 to go out and raise kind of an emergency one 0:02:39.320 --> 0:02:43.480 billion dollar fundraising round from its existing investors. So there 0:02:43.520 --> 0:02:46.600 was a bit of a scramble for cash amid this 0:02:47.000 --> 0:02:51.000 this really really wild training session. So any I guess 0:02:51.000 --> 0:02:54.079 I'm still trying to figure out is was this a 0:02:54.160 --> 0:02:58.600 logistical operational problem in terms of clear clearing trades and 0:02:58.639 --> 0:03:03.320 so on, or was this traders colluding as you know 0:03:03.520 --> 0:03:06.120 Vince Signorella mentioned kind of at the top of the show. 0:03:06.280 --> 0:03:09.120 Did people break the law in terms of what you're 0:03:09.120 --> 0:03:11.880 allowed to do trading or was it again an operational 0:03:12.000 --> 0:03:16.000 problem in terms of clearing these trades. Well, it's been interesting. 0:03:16.080 --> 0:03:18.960 Robin Hood put out a statement yesterday trying to kind 0:03:19.000 --> 0:03:23.840 of assuage their investors and the people using their app, saying, listen, 0:03:23.880 --> 0:03:27.600 this was a risk management decision that we made. Um, 0:03:27.800 --> 0:03:30.200 you don't have to worry that this this decision was 0:03:30.240 --> 0:03:35.120 made at the behest of electronic traders or anyone else. Now, 0:03:35.560 --> 0:03:39.760 that wasn't really enough to calm down the wild conspiracy 0:03:39.760 --> 0:03:43.680 theories that flew around the internet yesterday. Um it was. 0:03:43.760 --> 0:03:46.320 It was a little too little, too late for that. 0:03:46.440 --> 0:03:49.400 But um, robin Hood did try to calm people's nerves 0:03:49.440 --> 0:03:52.320 and say, um, you know, it was a tough decision, 0:03:52.400 --> 0:03:55.760 but we had to make it for for risk management reasons. 0:03:56.240 --> 0:03:57.960 So what does this mean for a company like robin 0:03:58.000 --> 0:03:59.720 Hood that has really been the darling of so many 0:03:59.720 --> 0:04:02.680 REATA investors and of course also A venture capitalists. The 0:04:02.960 --> 0:04:07.200 company's supposed to have an IPO soon, yeah, zooming out. 0:04:07.360 --> 0:04:11.280 It really raises questions about how robin Hood can navigate 0:04:11.760 --> 0:04:15.560 this the hoopla of our current moment, and if it 0:04:15.800 --> 0:04:18.880 is still looking towards an I p O sometime this year, 0:04:19.279 --> 0:04:20.760 it's going to have to kind of prove that it 0:04:20.760 --> 0:04:25.040 can manage all of the reputational and financial strains frankly 0:04:25.080 --> 0:04:28.120 that this game top episode has has put upon it. 0:04:29.000 --> 0:04:34.120 So regulators are getting involved. As we said at the top, UM, 0:04:34.120 --> 0:04:35.919 where do you think this is going? What are you 0:04:36.000 --> 0:04:39.880 hearing from the financial community that you're talking to two traders, 0:04:40.040 --> 0:04:43.520 to observers to I'm sure you're going kind of too academics, 0:04:43.600 --> 0:04:45.839 you know, what are you hearing about? Kind of where 0:04:45.880 --> 0:04:50.360 this goes? Well? Now, I mean it's impossible to ignore 0:04:50.400 --> 0:04:53.200 this in Washington, So regulators have that, like they don't 0:04:53.200 --> 0:04:56.520 have a full plate or anything. Anny but okay, exactly 0:04:56.920 --> 0:04:59.840 exactly add this, add this to the list. Um. But 0:05:00.040 --> 0:05:03.040 the SEC did say today they put out a statement 0:05:03.160 --> 0:05:07.720 saying that they are watching, um the kind of insanity 0:05:07.960 --> 0:05:10.599 not there words, but of what's been happening in the 0:05:10.640 --> 0:05:13.440 past week or so, and that they will, you know, 0:05:13.839 --> 0:05:18.520 seek to identify any potential wrongdoing in the market. I 0:05:18.560 --> 0:05:22.680 mean it is worth mentioning though that, Um, it's clearly 0:05:22.680 --> 0:05:24.760 in the terms of service when you sign up for 0:05:24.760 --> 0:05:27.760 a robin Hood account that something like, you know, the 0:05:28.040 --> 0:05:30.960 broker choosing to put the brakes on UM trades in 0:05:30.960 --> 0:05:34.680 a certain security can happen. So and I talked about this, 0:05:34.720 --> 0:05:36.880 we any problem there, Tim and I were talking about 0:05:36.880 --> 0:05:38.760 this yesterday because when we were seeing things like being 0:05:38.760 --> 0:05:42.159 shut down and an account, and we thought there's gotta 0:05:42.200 --> 0:05:44.480 be some stuff in the in the fine print. And 0:05:44.520 --> 0:05:48.120 indeed last night people were tweeting images from from the 0:05:48.200 --> 0:05:50.160 from the terms of service that like that like highlight 0:05:50.240 --> 0:05:52.800 that that people don't read those of course, Um yeah, 0:05:52.839 --> 0:05:54.720 who's ever read the terms of service? I know that 0:05:55.040 --> 0:05:58.640 you should do it through it, but you want to 0:05:58.640 --> 0:06:01.560 make that trade any very fly implications for for next 0:06:01.600 --> 0:06:04.039 week and just taking it like a broader look at this, Um, 0:06:04.040 --> 0:06:06.800 what are the implications for this as we go into 0:06:06.880 --> 0:06:09.880 next week? I think the key thing to watch will 0:06:09.920 --> 0:06:14.160 be how some of this um, you know, craziness spills 0:06:14.200 --> 0:06:17.719 over to other names. We're already seeing that the chaos 0:06:17.720 --> 0:06:21.480 has spun out from just game Stop and am C. Now, um, 0:06:21.520 --> 0:06:24.080 you know, Bitcoin is having its own you know, an 0:06:24.080 --> 0:06:28.600 already volatile cryptocurrency is having its own wild day. And 0:06:28.920 --> 0:06:32.760 there are other stocks that are having uh similar issues too. 0:06:32.839 --> 0:06:35.440 So I mean, you've just seen a spiral way out 0:06:35.480 --> 0:06:38.080 from game Stop into other parts of the market. So 0:06:38.279 --> 0:06:40.440 as you continue to cover this story, Okay, what are 0:06:40.440 --> 0:06:42.039 the angles you want to know about? What is it 0:06:42.080 --> 0:06:44.560 that you're kind of watching for, especially as we are. 0:06:44.560 --> 0:06:46.120 You know, we're wrapping up this trading week, but we're 0:06:46.120 --> 0:06:47.800 gonna get ready for a new trading week in a 0:06:47.839 --> 0:06:51.040 new month next week. What are the angles and stories 0:06:51.120 --> 0:06:53.400 and you know, issues that you think we need to 0:06:53.440 --> 0:06:56.800 be kind of sensitive to. I think we'll absolutely have 0:06:56.920 --> 0:06:59.000 to watch the strain that some of this has put 0:06:59.040 --> 0:07:01.000 on the broader financial system. I mean, I think that 0:07:01.080 --> 0:07:06.200 it's pretty unexpected how we've already seen the stress that 0:07:06.720 --> 0:07:09.640 you know, the very like nuts and bolts of uh 0:07:09.680 --> 0:07:14.119 financial markets were put under by this whole episode. So 0:07:14.400 --> 0:07:16.559 that's one thing, and then the other thing I guess 0:07:16.560 --> 0:07:20.080 I would watch is how short sellers have been affected. 0:07:20.160 --> 0:07:22.920 I mean, we saw Citron research put out today that 0:07:23.000 --> 0:07:26.000 they are no longer you know, publishing short possess. That 0:07:26.040 --> 0:07:31.560 was huge, huge, yeah, huge decision and um so not 0:07:31.680 --> 0:07:37.080 publishing or not taking just not publishing not yeah, I'm yeah. 0:07:37.120 --> 0:07:39.920 I mean it's kind of up ending their strategy for 0:07:40.040 --> 0:07:44.120 the past twenty years. It's it's a huge turnaround for them. Well, 0:07:44.120 --> 0:07:46.640 how does this make other short sellers think about this? Because, 0:07:46.640 --> 0:07:48.120 as you know, a lot of people point out to 0:07:48.120 --> 0:07:51.720 Twitter on Twitter today Mark Gangla from Bloomberg Opinion. We 0:07:51.800 --> 0:07:55.040 talked about this earlier today on Quick Take. Short sellers 0:07:55.040 --> 0:07:57.640 have a role. They have a role in exposing fraud 0:07:57.680 --> 0:08:00.960 and exposing wrongdoing at companies, and they're some great examples 0:08:01.040 --> 0:08:03.720 of short sellers doing that. I mean, we think and Ron, 0:08:03.840 --> 0:08:07.960 we think wire card more. That's right. And the format always, 0:08:08.160 --> 0:08:10.520 you know, the typical format that we think of as 0:08:10.560 --> 0:08:13.120 a short seller, you know, has a short position and 0:08:13.120 --> 0:08:15.680 then does a big reveal and then the stock sells off. 0:08:16.000 --> 0:08:19.360 But you know, as we've seen when people on Reddit 0:08:19.400 --> 0:08:23.200 plan out in the open um, you know, to to 0:08:23.520 --> 0:08:26.440 kind of orchestrate a short squeeze. You know, if if 0:08:26.480 --> 0:08:29.320 this can happen regularly, short sellers might have to rethink 0:08:29.360 --> 0:08:32.800 how they go about that. That entire business. Yeah, I mean, 0:08:33.240 --> 0:08:36.080 it's just pretty amazing and things that just have moved 0:08:36.200 --> 0:08:39.640 so quickly. Um, and thank you so much, really appreciate it. 0:08:39.679 --> 0:08:42.160 Bloomberg News investing reporter any Massa check out all of 0:08:42.160 --> 0:08:45.240 our work on the Bloomberg and at Bloomberg dot com, 0:08:45.280 --> 0:08:48.200 because um, that's the thing. Like we talked about hurts 0:08:48.280 --> 0:08:50.680 last year and I think we were like, oh, but 0:08:50.720 --> 0:08:52.920 now we've seen a lot more names, and it's just 0:08:53.040 --> 0:08:54.960 the cycle has been happening much more and I think 0:08:54.960 --> 0:08:58.160 to like more widespread applications totally. I mean, it's really 0:08:58.240 --> 0:09:01.520 impacting certainly. Uh. I guess we still have yet to 0:09:01.559 --> 0:09:04.480 gauge the impact on the overall market right um, but 0:09:04.520 --> 0:09:08.400 we've definitely seen some big institutional, well known, sophisticated investors 0:09:08.400 --> 0:09:11.600 feeling an impact as a result. This is Bloomberg Business 0:09:11.720 --> 0:09:15.480 Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich 0:09:15.840 --> 0:09:19.160 from Bloomberg Radio. We've got a bunch of headlines that 0:09:19.240 --> 0:09:21.520 we want to mention our thanks again to J and J. 0:09:21.800 --> 0:09:24.320 Just catching up in terms of their vaccine news today 0:09:24.360 --> 0:09:26.080 and I thought it was interesting what they talked about 0:09:26.120 --> 0:09:29.280 the variant they're upscaling already for the South African variant 0:09:29.360 --> 0:09:32.960 that has started already, so you know, managing the current situation, 0:09:32.960 --> 0:09:34.760 but also thinking about kind of where it's going. You 0:09:34.920 --> 0:09:37.760 need that to that end, Carol, the chief scientists telling 0:09:37.800 --> 0:09:40.040 us that shots are likely needed quote for the next 0:09:40.080 --> 0:09:41.880 few years, sort of thinking about it at least in 0:09:41.880 --> 0:09:44.439 the near term from their perspective of like a flu shot, 0:09:44.480 --> 0:09:46.440 because as the doctor told us, as virus is here 0:09:46.559 --> 0:09:49.440 for a while exactly, and we know we need multiple vaccines. 0:09:49.520 --> 0:09:52.079 They expect to start delivering shots in March. They told 0:09:52.200 --> 0:09:55.720 David Weston back in September, a billion shots in one 0:09:55.880 --> 0:10:00.280 and uh he reiterated at Paul Staffles again today, so 0:10:00.840 --> 0:10:03.160 uh interesting. But he did talk about the fittest variants 0:10:03.160 --> 0:10:05.679 will survive, which makes me a little terrified because that 0:10:05.720 --> 0:10:08.080 means the strong variants. Yeah, I don't like to hear that. 0:10:08.080 --> 0:10:11.760 But they were already working to adapt their vaccine to them. 0:10:11.920 --> 0:10:15.280 All right, So that's going on. We know Mexico overtook 0:10:15.480 --> 0:10:17.520 India as the country with the third highest number of 0:10:17.559 --> 0:10:20.920 fatalities after the US in Brazil. New York City can 0:10:20.960 --> 0:10:24.959 reopen indoor dining at that's going to happen on Valentine's Day. 0:10:25.160 --> 0:10:28.199 Here's the count everyone global virus cases exceeding a hundred 0:10:28.200 --> 0:10:30.760 and one point six million deaths near two point two million, 0:10:31.080 --> 0:10:34.640 with more than eighty seven point one million shots given worldwide. 0:10:34.880 --> 0:10:36.400 So let's get into it as we always like to 0:10:36.440 --> 0:10:38.760 do on our Fridays. Dr Ian Los Padre back with US, 0:10:38.960 --> 0:10:41.720 Clinical Associate Professor of Medicine at n y U Landgoing 0:10:41.800 --> 0:10:44.040 Medical Center. Back with US on the phone in New 0:10:44.120 --> 0:10:46.400 York City. Dr los Pader, nice to have you here. 0:10:46.480 --> 0:10:48.679 Don't know if you were able to hear too much 0:10:48.679 --> 0:10:50.960 of that J and J conversation that we just had. 0:10:51.120 --> 0:10:53.000 What do you make of the J and J news today? 0:10:53.720 --> 0:10:58.920 I think overall, by the way, happy Friday Friday to 0:10:59.040 --> 0:11:01.760 join you guys. So I think overall the J and 0:11:01.880 --> 0:11:05.800 J news is encouraging. I think UM people initially in 0:11:05.840 --> 0:11:08.280 the stock probably suffered a little bit based on that 0:11:08.400 --> 0:11:13.080 sixty effective against a mild and moderate disease. I think 0:11:13.080 --> 0:11:18.280 the key numbers that Paul the Chief Scientific Officer talked 0:11:18.320 --> 0:11:21.680 about UM, and I think the fact that it can 0:11:21.800 --> 0:11:27.760 be refrigerated at normal refrigeration temperatures, you know, three degrees 0:11:28.120 --> 0:11:32.719 fahrenheit makes it storable now in your local CVS or 0:11:32.840 --> 0:11:36.280 Walgreen's pharmacy, the local doctor's office. So I think it 0:11:36.320 --> 0:11:39.960 does have the potential to be distributed much more easily. 0:11:40.360 --> 0:11:42.440 The other thing that we haven't looked at, but people 0:11:42.480 --> 0:11:45.800 talk about is maybe a second shot of either that vaccine. 0:11:45.800 --> 0:11:50.000 Even though it's advertised obviously as a one shot, some 0:11:50.080 --> 0:11:54.640 people feel giving either another shot or even a different 0:11:54.760 --> 0:11:59.520 vaccine might really potentiate the antibody response. So uh, if 0:11:59.600 --> 0:12:03.520 at all her point another vaccine is developed, it could 0:12:03.559 --> 0:12:05.840 be an m R and A or something else that 0:12:05.960 --> 0:12:08.960 might really boost people's immunity for longer to come. So 0:12:09.320 --> 0:12:11.720 I think, um, I think there's a lot of good 0:12:11.720 --> 0:12:18.079 potential there, obviously, are you no, no, no no. I 0:12:19.360 --> 0:12:22.160 think the J and J shot is a very helpful 0:12:22.920 --> 0:12:27.040 addition to the armamentarium. I think if we find any 0:12:27.160 --> 0:12:31.319 issues along the way, uh, booster shots, so even of 0:12:31.400 --> 0:12:34.800 another vaccine may be very helpful. You know, it's talked 0:12:34.800 --> 0:12:39.280 about theoretically whether or not, um doing two different kinds 0:12:39.320 --> 0:12:42.000 of vaccines may even be very beneficial at least some 0:12:42.040 --> 0:12:45.080 scientists you know, talk about that. But overall, I think 0:12:45.120 --> 0:12:47.680 this is very good news. And the key metric, which 0:12:47.760 --> 0:12:51.760 is hospitalizations, was really you know that a hundred percent 0:12:51.840 --> 0:12:56.000 efficacy hospitalization, So it literally doesn't get any better than 0:12:56.040 --> 0:13:00.560 a right. And again this is not and you know, 0:13:00.640 --> 0:13:02.960 we haven't looked at this at millions of people. I 0:13:02.960 --> 0:13:04.920 mean that number may come down a bit. That was 0:13:05.000 --> 0:13:08.120 just in the study group. So overall, I think it's 0:13:08.200 --> 0:13:10.160 very good news, and I think the storage is also 0:13:10.320 --> 0:13:14.960 very good news. Um well, I just want to draw 0:13:15.000 --> 0:13:17.839 some distinctions here between the vaccines that are available right now, 0:13:17.840 --> 0:13:21.880 the MR and A vaccines from Moderna and fiser Bion Tech, 0:13:22.320 --> 0:13:24.960 and in this vaccine because I think, I think when 0:13:25.000 --> 0:13:27.880 we saw this headline number this morning, we we we've 0:13:27.960 --> 0:13:30.520 kind of been a little spoiled because we've seen numbers 0:13:30.600 --> 0:13:33.040 in terms of efficacy above nine for the m R 0:13:33.080 --> 0:13:37.480 and A vaccines. Seeing a number like sixty, um was 0:13:37.800 --> 0:13:39.840 I think to a lot of people was just like 0:13:40.000 --> 0:13:42.360 not as good. But can you kind of go through 0:13:43.160 --> 0:13:46.040 the pluses and minuses of each one here, because it 0:13:46.120 --> 0:13:49.400 seems to me the storage issues or lack thereof when 0:13:49.400 --> 0:13:51.280 it comes to the Johnson and Johnson one and the 0:13:51.280 --> 0:13:53.360 fact that it's a single shot, plus you have that 0:13:54.200 --> 0:13:57.480 figure where it prevents a hundred percent of hospitalizations and deaths, Like, 0:13:58.080 --> 0:14:03.800 that's pretty good. I'm with you, So you know, just 0:14:03.840 --> 0:14:08.720 to start more at ground zero. Each of these vaccines 0:14:08.760 --> 0:14:11.280 has a slightly different technology. The m R and A 0:14:11.480 --> 0:14:16.520 is really amazing and brand new and probably does provide 0:14:16.559 --> 0:14:20.320 us some more flexibility in modifying that if we get 0:14:20.360 --> 0:14:24.520 any mutations, which we're seeing. So we worry about some 0:14:24.600 --> 0:14:28.200 of the mutations because, uh, some of the evidence of 0:14:28.200 --> 0:14:31.200 the UK and South Africa strains, you know, make it 0:14:31.240 --> 0:14:34.640 more contagious. So what does that mean. It does seem 0:14:34.720 --> 0:14:37.400 that some of these strains bind a little more avidly 0:14:37.480 --> 0:14:41.360 to the host cells. It also makes it seem that 0:14:41.440 --> 0:14:44.560 they have a higher viral count. In other words, the 0:14:44.600 --> 0:14:47.400 way the virus may adapt is that there are fewer 0:14:47.480 --> 0:14:50.520 symptoms early on, so it gives a chance for the 0:14:50.600 --> 0:14:54.640 virus to replicate. Patients don't feel sick yet if they 0:14:54.680 --> 0:14:57.120 call for sneeze, they have a much higher amount of 0:14:57.200 --> 0:15:01.840 virus in that. So these viruses, you know, as Darwin, 0:15:02.080 --> 0:15:06.000 you know, adapt and become more effective along the way. 0:15:06.080 --> 0:15:08.320 So that's one thing that we do have to be 0:15:08.360 --> 0:15:11.920 aware of and concerned about. Those m RNA vaccines can 0:15:12.840 --> 0:15:15.960 be adjusted to some of the mutations. But I think 0:15:16.000 --> 0:15:19.320 the key metric really is how do you reduce hospitalizations? 0:15:19.880 --> 0:15:22.880 And I think the J and J really meets that 0:15:23.000 --> 0:15:27.880 metric and maybe over time even more effective than that 0:15:29.400 --> 0:15:32.840 against a severe disease, because that's really what we worry about. 0:15:33.240 --> 0:15:35.280 And I agree, I think the storage will allow it 0:15:35.320 --> 0:15:38.440 to be more distributed. I took the glad no please go. 0:15:38.720 --> 0:15:41.840 I took the two fighter shots. Um, you know, minimal 0:15:41.920 --> 0:15:45.280 side effects. I think the mRNA is great. And I 0:15:45.320 --> 0:15:47.120 think at the end of the day, whether you want, 0:15:47.360 --> 0:15:50.080 you know, the Cadillac or the or the Buik or 0:15:50.080 --> 0:15:52.040 the Mercedes. You know, these are all going to be 0:15:52.160 --> 0:15:54.240 great ways to get you to where you want to be. 0:15:54.360 --> 0:15:56.360 They're all cars. But do they all have heated seats? 0:15:56.360 --> 0:15:58.400 I'm just gonna put I don't care as long as 0:15:58.440 --> 0:16:01.240 it is a seatbelt. If it's a well that exactly 0:16:01.320 --> 0:16:05.080 it has a seatbelt. Um, now are you feeling more optimistic? 0:16:05.120 --> 0:16:07.320 And I am curious though, Ian. I always ask you, 0:16:07.360 --> 0:16:09.480 I know, Tim, and I ask you, um, what kind 0:16:09.480 --> 0:16:11.280 of patients are seeing with the virus? What kind of 0:16:11.280 --> 0:16:14.120 flows are you seeing? Because you know, we see numbers. 0:16:14.400 --> 0:16:17.360 It feels like the numbers are coming down the cases 0:16:17.560 --> 0:16:19.920 and so even though there's still at high levels around 0:16:19.920 --> 0:16:23.840 the country, what are you seeing the firsthand? So hospitalizations 0:16:23.960 --> 0:16:28.160 are up a little bit, they're nowhere near that we 0:16:28.200 --> 0:16:32.960 saw previously. So I think things are overall stable. Part 0:16:32.960 --> 0:16:36.640 of the problems that we're encountering really is availability vaccine. 0:16:36.920 --> 0:16:40.840 I think we have to do better to get vaccines 0:16:40.880 --> 0:16:43.160 to the states, and the states to get it really 0:16:43.480 --> 0:16:47.800 to the vaccine center. So we are. We're not doing 0:16:47.840 --> 0:16:49.920 as well as we should be because we really have 0:16:50.040 --> 0:16:53.040 got to just get these vaccines in people's arms in 0:16:53.120 --> 0:16:56.240 order to bend the curve. I also see a lot 0:16:56.280 --> 0:16:58.920 of patients asking me questions, you know, shall I check 0:16:58.960 --> 0:17:05.280 antibodies after I get the vaccine? No, the commercial um vaccine. 0:17:05.480 --> 0:17:09.000 The commercial test look for something called an anti nucleo 0:17:09.119 --> 0:17:12.800 capsid antibody, so it detects if you've had an infection. 0:17:13.440 --> 0:17:16.560 It doesn't routinely check for the anti spike, which is 0:17:16.640 --> 0:17:19.720 really what we're getting antibodies too. So people should not 0:17:19.840 --> 0:17:23.600 be asking about getting antibody tigers after the vaccine. Most 0:17:23.600 --> 0:17:26.879 of the commercial essays will really not detected, and people 0:17:26.880 --> 0:17:29.360 should not worry if they're negative because they're looking at 0:17:29.359 --> 0:17:32.639 the wrong thing. So I think we do need to 0:17:32.680 --> 0:17:36.600 do better with vaccine distribution. I think even one vaccine 0:17:37.119 --> 0:17:41.120 does provide some additional protection. But I do think we're 0:17:41.119 --> 0:17:42.800 gonna have to wait a little while for J and J. 0:17:42.960 --> 0:17:45.680 As we say, March is a long way to go 0:17:45.880 --> 0:17:48.719 until March, and I think we do have to be careful. 0:17:48.720 --> 0:17:52.600 But Dining New York is going to open. Can we 0:17:52.680 --> 0:17:54.400 just go there? Yeah? I was just gonna go there. 0:17:54.480 --> 0:17:56.320 Is that the right thing to do, because you know, 0:17:56.359 --> 0:17:58.240 you talk about bending the curve. It seems like we 0:17:58.280 --> 0:18:00.960 are getting some encouraging news from the West coast from 0:18:01.040 --> 0:18:02.879 here in New York, or we're starting to look like 0:18:02.920 --> 0:18:04.640 we could be coming off that peak. I don't want 0:18:04.640 --> 0:18:06.639 to say we are, because you know, we just don't know. 0:18:06.720 --> 0:18:08.960 We can't see the future. Is now really the right 0:18:08.960 --> 0:18:11.440 time to be easing these restrictions? And this is bear 0:18:11.600 --> 0:18:14.240 to Blasio saying new COVID variance could take our progress 0:18:14.240 --> 0:18:16.360 and reverse it if we don't act quickly. I think 0:18:16.400 --> 0:18:18.199 I don't know whether he was on CNBC, but like, 0:18:19.280 --> 0:18:23.040 help us out here, this doesn't make sense. So this 0:18:23.160 --> 0:18:25.680 is a new pandemic. I don't think we can say 0:18:25.720 --> 0:18:30.160 that we know are percents scientifically if you open restaurants 0:18:31.119 --> 0:18:35.240 or twenty six percent, or we just don't have that precision. 0:18:35.560 --> 0:18:38.439 I do think part of this is political, and I 0:18:38.480 --> 0:18:42.439 think part of this is keeping our businesses alive. To 0:18:42.520 --> 0:18:45.520 a degree. We know that eating outdoors and that's worked 0:18:45.520 --> 0:18:48.760 fairly successfully. We'll keep a lot of the restaurants and 0:18:48.800 --> 0:18:55.360 businesses afloat indoors. Does seem reasonable to me. There's always 0:18:55.400 --> 0:18:58.639 some risk that people take whenever there with other people, 0:18:59.000 --> 0:19:01.840 But I think if there's adequate spacing and dentilation, that 0:19:02.119 --> 0:19:05.040 is reasonable. Every restaurant is going to have to sort 0:19:05.040 --> 0:19:08.280 of do this carefully. But my senses, we're not seeing 0:19:08.359 --> 0:19:13.679 spikes from school openings, So school certainly is reasonable for 0:19:13.800 --> 0:19:16.879 kids for a variety of reasons. And I think restaurants 0:19:16.880 --> 0:19:20.159 have opened carefully can also work even in the winter 0:19:20.440 --> 0:19:24.560 withoutdoor heaters and smaller percentages and and kind of thread 0:19:24.560 --> 0:19:28.040 the needle between keeping businesses afloat that I think we 0:19:28.119 --> 0:19:31.480 need to do and keeping people safe. Yeah, I have 0:19:31.480 --> 0:19:33.160 to say that with my own daughter's school. I mean 0:19:33.240 --> 0:19:35.760 there's an occasional case. We even see it certainly in 0:19:35.800 --> 0:19:38.000 our office, but it's not like all of a sudden, 0:19:38.080 --> 0:19:40.760 you know, two cases go to ten, cases go to twenty. 0:19:41.040 --> 0:19:44.119 We aren't see that. So there is something, um, you know, 0:19:44.359 --> 0:19:47.240 I agree with you that we are seeing it more manageable. 0:19:47.280 --> 0:19:49.000 I guess it feels like I don't know, or we're 0:19:49.040 --> 0:19:51.600 just all being smarter about wearing masks and social distance. 0:19:51.760 --> 0:19:54.920 I think I'm looking at I was going to say, 0:19:54.960 --> 0:19:57.720 I mean, it's almost like masks and physical distancing net 0:19:57.760 --> 0:20:00.879 work I mean it's as simple as that. Right. The 0:20:01.000 --> 0:20:05.000 schools and restaurants I think are learning pods, hybrid and 0:20:05.040 --> 0:20:07.440 so forth. So I think they're doing a better job. 0:20:07.480 --> 0:20:10.359 And certainly if they do have cases, they can jump 0:20:10.359 --> 0:20:14.120 on that for context and maybe closing down that particular class. 0:20:14.119 --> 0:20:16.560 But overall, I think it's working fairly well. And as 0:20:16.600 --> 0:20:19.199 the Chief Scientific Officers said, we're going to have to 0:20:19.280 --> 0:20:22.240 kind of learn to deal better with this. Possibly now 0:20:22.400 --> 0:20:24.600 we thought it would be a year. I think it's 0:20:24.600 --> 0:20:28.439 certainly looking like it maybe a few years before globally 0:20:28.560 --> 0:20:33.120 we really eradicate this because you know, vaccinating um eight 0:20:33.280 --> 0:20:36.520 billion people. Uh, it's going to take some time and effort. 0:20:37.119 --> 0:20:39.520 The logistics of it went yeah, No, I mean it's 0:20:39.560 --> 0:20:42.880 it's the logistics are just uh we ask you every week, 0:20:42.960 --> 0:20:46.280 dr lust beder Um expectations have they shifted it all 0:20:46.320 --> 0:20:48.920 for a return to normalcy given the J and J news, 0:20:49.200 --> 0:20:51.600 given that we've you know, we've we've been opping o 0:20:51.760 --> 0:20:55.840 our vaccine roll out of here in the US, I'm 0:20:55.920 --> 0:21:00.359 still optimistic by end of summer life in the United 0:21:00.400 --> 0:21:04.960 States should return really two more normal. I think people 0:21:05.000 --> 0:21:07.560 will still some people want to wear masks. I think 0:21:07.560 --> 0:21:11.680 that's totally reasonable to do. It's fine to be safe. Um, 0:21:11.720 --> 0:21:15.359 I think we've reduced flu shots. Let's also remember flu 0:21:15.520 --> 0:21:18.280 is only about thirty percent effective, and everyone takes a 0:21:18.320 --> 0:21:21.040 flu shot every year and we're happy with that. So 0:21:21.359 --> 0:21:23.600 you know, let's keep it in perspective that, you know, 0:21:23.880 --> 0:21:27.760 we take the flu shots happily and they're like thirty effective, 0:21:28.560 --> 0:21:31.560 varies from year to year. Right, that's a really good point. Hey, Ian, 0:21:31.720 --> 0:21:33.840 thank you so much. Take care of yourself, Have a 0:21:33.840 --> 0:21:36.879 good weekend. Dr Ian los Beda Clinical Associate Professor Medicine 0:21:36.880 --> 0:21:39.639 at n y U Landgoing Medical Center. On the phone 0:21:39.720 --> 0:21:44.720 in New York City. This is Bloomberg Business Week with 0:21:44.880 --> 0:21:49.639 Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. 0:21:49.840 --> 0:21:52.160 So one of our top stories of course following the vaccine, 0:21:52.200 --> 0:21:55.000