1 00:00:00,800 --> 00:00:04,040 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 2 00:00:04,040 --> 00:00:06,920 Speaker 1: my co host Matt Miller. Every business day, we bring 3 00:00:06,960 --> 00:00:11,520 Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along 4 00:00:11,560 --> 00:00:15,600 Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast 5 00:00:15,640 --> 00:00:18,479 Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and 6 00:00:18,480 --> 00:00:21,520 Speaker 1: at Bloomberg dot com slash podcast. All right, let's talk 7 00:00:21,560 --> 00:00:23,799 Speaker 1: to space. I mean, yesterday was an exciting day for 8 00:00:24,120 --> 00:00:28,400 Speaker 1: Jeff Bezos for commercialization of space. If you will, Let's 9 00:00:28,400 --> 00:00:30,880 Speaker 1: bring in uh Andrew shen And he's a chief executive 10 00:00:30,920 --> 00:00:33,559 Speaker 1: officer procure a m Andrew, you know a lot of 11 00:00:33,560 --> 00:00:36,760 Speaker 1: folks talking about space, talking about the commercialization of space, 12 00:00:37,040 --> 00:00:39,760 Speaker 1: privatization of space. You're right on the front lines. What 13 00:00:39,840 --> 00:00:41,920 Speaker 1: did you take away from what we've seen over the 14 00:00:42,040 --> 00:00:44,800 Speaker 1: last you know, ten days, first with Sir Richard Branson 15 00:00:44,840 --> 00:00:48,640 Speaker 1: and then yesterday with Jeff Bezos. What's your takeaway? I 16 00:00:48,680 --> 00:00:52,559 Speaker 1: think it's truly incredible and inspiring, and we're seeing, you know, 17 00:00:52,640 --> 00:00:56,160 Speaker 1: in real time in our lives, how people that you 18 00:00:56,200 --> 00:00:59,720 Speaker 1: know focus money and technology and invest in these types 19 00:00:59,720 --> 00:01:03,160 Speaker 1: of techechnologies are able to achieve their goals. And I 20 00:01:03,160 --> 00:01:07,120 Speaker 1: think it's you really encouraging for individuals, whether you're students, 21 00:01:07,120 --> 00:01:11,040 Speaker 1: whether you're entrepreneurs UM, whether you're just fascinated by space 22 00:01:11,120 --> 00:01:13,240 Speaker 1: to CEO over and over again. I feel like this 23 00:01:13,319 --> 00:01:17,360 Speaker 1: year we've seen some incredible breakthroughs and some new technologies, 24 00:01:17,440 --> 00:01:19,959 Speaker 1: and it's opening up the commercial space industry. As you said, 25 00:01:20,959 --> 00:01:24,760 Speaker 1: So in terms of investors, what kind of interest have 26 00:01:24,880 --> 00:01:27,160 Speaker 1: you got? I mean, I know we've seen incredibly inflows 27 00:01:27,160 --> 00:01:32,640 Speaker 1: into space um related assets, but but where do people 28 00:01:32,680 --> 00:01:34,679 Speaker 1: want to put their money? Where? Where are you looking 29 00:01:34,720 --> 00:01:39,840 Speaker 1: to invest in space related stuff? Yeah, so, you know, 30 00:01:40,440 --> 00:01:43,520 Speaker 1: space is also a risky proposition. You know, it takes time, 31 00:01:43,520 --> 00:01:45,880 Speaker 1: it takes money, and you know, certainly safety is something 32 00:01:45,880 --> 00:01:48,960 Speaker 1: that needs to be figured out before companies can really 33 00:01:49,640 --> 00:01:52,880 Speaker 1: uh move forward quickly. And you know, for us from 34 00:01:52,920 --> 00:01:55,160 Speaker 1: the you know, my whole experiences being in the h 35 00:01:55,280 --> 00:01:57,960 Speaker 1: F market, diversification was always something that I thought was, 36 00:01:58,000 --> 00:02:00,920 Speaker 1: you know, something investors might want look at, especially with 37 00:02:01,000 --> 00:02:04,400 Speaker 1: earlier stage, longer term kind of industry such as space 38 00:02:04,760 --> 00:02:07,320 Speaker 1: being one of those. And you know, right now, if 39 00:02:07,360 --> 00:02:09,840 Speaker 1: you look at UFO, it's got thirty five companies from 40 00:02:09,840 --> 00:02:12,240 Speaker 1: around the world, all specializing in different areas. But you 41 00:02:12,280 --> 00:02:16,040 Speaker 1: have a real large exposure to satellites and communications and 42 00:02:16,080 --> 00:02:18,639 Speaker 1: you're not really getting much of that exposure through other 43 00:02:18,680 --> 00:02:21,160 Speaker 1: types of ets. But you're getting all different areas to 44 00:02:21,280 --> 00:02:24,560 Speaker 1: like space tourism and launch companies as well as those 45 00:02:24,760 --> 00:02:27,520 Speaker 1: using your creative technology that we can use in space, 46 00:02:27,639 --> 00:02:30,160 Speaker 1: as well as using space to help us benefit ourselves 47 00:02:30,160 --> 00:02:33,000 Speaker 1: down here on Earth. Andrew, you know, I think what 48 00:02:33,200 --> 00:02:36,959 Speaker 1: yesterday's launch and the launch from Richard Branson earlier just 49 00:02:37,000 --> 00:02:40,960 Speaker 1: kind of revised the conversation about. Okay, remind me again, 50 00:02:41,000 --> 00:02:44,600 Speaker 1: what is the business case for commercializing space? Is it 51 00:02:44,760 --> 00:02:49,760 Speaker 1: space tourism, is it hauling stuff around? Um? How do 52 00:02:49,840 --> 00:02:52,640 Speaker 1: how do you think about it? Yeah, well, if you 53 00:02:52,720 --> 00:02:55,160 Speaker 1: if you look at Blue Origin, their goal is to 54 00:02:55,200 --> 00:02:58,040 Speaker 1: build the road to space so that you know, the 55 00:02:58,080 --> 00:03:01,919 Speaker 1: future can can enjoy space. And being able to create 56 00:03:01,960 --> 00:03:05,040 Speaker 1: things like reusable rockets which help lower the cost of 57 00:03:05,120 --> 00:03:08,000 Speaker 1: launching things into outer space is one way you can 58 00:03:08,040 --> 00:03:10,560 Speaker 1: do that. And by being able to lower the barriers 59 00:03:10,560 --> 00:03:13,080 Speaker 1: of entry to space, it could bring in completely new 60 00:03:13,160 --> 00:03:17,120 Speaker 1: companies and entrances and research projects and whatnot. Um that 61 00:03:17,200 --> 00:03:20,800 Speaker 1: maybe we're preventedive before at higher costs. So there's a 62 00:03:20,800 --> 00:03:23,160 Speaker 1: lot that they're doing right now in space, and they're 63 00:03:23,160 --> 00:03:25,560 Speaker 1: trying to build out that infrastructure so we can really 64 00:03:25,600 --> 00:03:28,200 Speaker 1: start to see what we can do when when we 65 00:03:28,240 --> 00:03:31,120 Speaker 1: can get these costs down. Space tourism is just you know, 66 00:03:31,160 --> 00:03:34,040 Speaker 1: one small part of the broader space industry, and so 67 00:03:34,480 --> 00:03:36,760 Speaker 1: that hasn't stopped it from getting the lion share of 68 00:03:36,800 --> 00:03:39,720 Speaker 1: the attention in recent days. Yeah, I mean, tourism is exciting. 69 00:03:39,760 --> 00:03:42,520 Speaker 1: I can't wait till me and Paul can go broadcast 70 00:03:42,600 --> 00:03:47,160 Speaker 1: live from some private space station. But what else can 71 00:03:47,200 --> 00:03:49,160 Speaker 1: you do up there? I mean, can you can you 72 00:03:49,200 --> 00:03:53,640 Speaker 1: mine resources up there? Can you um bring some heavy 73 00:03:53,680 --> 00:03:55,360 Speaker 1: industry up there so we don't have to have the 74 00:03:55,360 --> 00:03:57,880 Speaker 1: carbon emissions here on Earth? I mean, is there really 75 00:03:58,240 --> 00:04:03,720 Speaker 1: uh a lot allread planned? There's a tremendous amount of 76 00:04:03,720 --> 00:04:05,360 Speaker 1: things that you can do in space and we're not 77 00:04:05,400 --> 00:04:07,960 Speaker 1: even scratching the surface where we haven't even gotten to 78 00:04:08,080 --> 00:04:11,119 Speaker 1: the surface. Really, when you look at things and yes, 79 00:04:11,240 --> 00:04:14,480 Speaker 1: you know manufacturing and outer space, well, when you're building 80 00:04:14,480 --> 00:04:18,320 Speaker 1: with with zero, with weightlessness, you know, that's that's incredible. 81 00:04:18,400 --> 00:04:20,680 Speaker 1: You know, you can build things more efficiently, you can 82 00:04:20,680 --> 00:04:23,880 Speaker 1: build things larger, but really, you know, you mentioned your 83 00:04:23,920 --> 00:04:26,680 Speaker 1: resource extraction and mining asteroids. Yes, it might be a 84 00:04:26,720 --> 00:04:29,039 Speaker 1: little bit further along, but we already have plans of 85 00:04:29,120 --> 00:04:31,880 Speaker 1: going to the Moon and building permanent bases, and China 86 00:04:31,920 --> 00:04:34,240 Speaker 1: wants to build a permanent research based on the Moon. 87 00:04:34,240 --> 00:04:37,200 Speaker 1: By well, you can't do that without being able to 88 00:04:37,200 --> 00:04:39,800 Speaker 1: extract the resources around you unless you want to try 89 00:04:39,800 --> 00:04:41,839 Speaker 1: to send every single item that you're going to need 90 00:04:41,880 --> 00:04:44,400 Speaker 1: in space to outer space, which takes time and a 91 00:04:44,440 --> 00:04:47,200 Speaker 1: significant amount of money. So being able to actually harness 92 00:04:47,279 --> 00:04:50,760 Speaker 1: the resources that are available in outer space becomes extremely 93 00:04:50,800 --> 00:04:54,480 Speaker 1: critical as we try to expand humanity beyond Earth. And 94 00:04:54,560 --> 00:04:57,520 Speaker 1: so you know the resources are there, figuring out the 95 00:04:57,520 --> 00:04:59,880 Speaker 1: technologies on how we can bring them to two people. 96 00:05:00,000 --> 00:05:02,400 Speaker 1: How do you sustain life on the Moon, on Mars, 97 00:05:02,440 --> 00:05:04,640 Speaker 1: on the space station, and we have already seen some 98 00:05:04,720 --> 00:05:08,479 Speaker 1: incredible technologies like being able to better purify water, and 99 00:05:08,480 --> 00:05:10,279 Speaker 1: that's something that we can use here on Earth. We 100 00:05:10,320 --> 00:05:14,440 Speaker 1: saw space helped build out and further improved technologies for 101 00:05:14,680 --> 00:05:17,480 Speaker 1: solar technology, which is another benefit. So there's a lot 102 00:05:17,520 --> 00:05:19,960 Speaker 1: that you could do with space and here all right, Andrew, 103 00:05:19,960 --> 00:05:21,640 Speaker 1: thank you so much for joining us. We always appreciate 104 00:05:21,680 --> 00:05:25,160 Speaker 1: getting your thoughts in perspective here on this space race, 105 00:05:25,200 --> 00:05:29,000 Speaker 1: if you will, commercialization, privatization of space. Andrew Shannon, Chief 106 00:05:29,000 --> 00:05:31,960 Speaker 1: Ecazette Officer of Procure a M and again it was 107 00:05:32,000 --> 00:05:35,799 Speaker 1: a busy week with the Jeff Bezos Blue Origin UFO, 108 00:05:35,960 --> 00:05:38,160 Speaker 1: the UFO E t F. Yeah, the UFO et F. 109 00:05:38,240 --> 00:05:40,160 Speaker 1: It's has to be that ticker. There's no other ticker 110 00:05:40,240 --> 00:05:44,799 Speaker 1: that could consider called Cristopher, head of Global Market Strategy 111 00:05:44,839 --> 00:05:49,719 Speaker 1: at Wells Fargo Investment Institute, based in the city of St. Louis. Paul, 112 00:05:49,720 --> 00:05:52,400 Speaker 1: thanks so much for joining us here again just this week. 113 00:05:52,480 --> 00:05:54,120 Speaker 1: It seems to be a little bit of a microcosm 114 00:05:54,200 --> 00:05:55,719 Speaker 1: what we've been dealing with. You know, a little bit 115 00:05:55,760 --> 00:05:58,880 Speaker 1: of volatility, but I mean a lot of altility, arguably 116 00:05:58,920 --> 00:06:01,640 Speaker 1: from a Monday through a wednes but still grinding higher. 117 00:06:02,120 --> 00:06:05,679 Speaker 1: How do you guys think about equities in a market 118 00:06:05,680 --> 00:06:10,680 Speaker 1: where you have, boy, the tenure on seven. Yeah, there's 119 00:06:10,720 --> 00:06:12,760 Speaker 1: there's just no reason for the tenure to be at 120 00:06:12,800 --> 00:06:15,200 Speaker 1: two a one point to seven percent. But look at 121 00:06:15,240 --> 00:06:18,720 Speaker 1: the twos to tens spread. Look at that yield curve slope. 122 00:06:18,760 --> 00:06:20,919 Speaker 1: It's the last time you had a hundred and seven 123 00:06:21,240 --> 00:06:24,120 Speaker 1: basis points or one point seven percent and that slope 124 00:06:24,160 --> 00:06:27,840 Speaker 1: was two thousand seventeen, pretty good year for equities. We 125 00:06:27,880 --> 00:06:29,960 Speaker 1: still think that what we're looking at here is a 126 00:06:30,000 --> 00:06:33,480 Speaker 1: market that ran very hard, very fast. Uh And and 127 00:06:33,279 --> 00:06:36,800 Speaker 1: and expectations got ahead of themselves. But we think the 128 00:06:36,800 --> 00:06:39,719 Speaker 1: the growth is still strong. Equities have further to run, 129 00:06:39,960 --> 00:06:41,720 Speaker 1: and we think that the yield curve will steep and 130 00:06:41,839 --> 00:06:45,400 Speaker 1: eventually further. How how does that happen with the yield 131 00:06:45,400 --> 00:06:48,880 Speaker 1: curve and what's going on right now with rates? So 132 00:06:48,920 --> 00:06:51,760 Speaker 1: what's going on right now some combination of I mean 133 00:06:51,839 --> 00:06:54,080 Speaker 1: one twenty for heaven's sake on the tenure, that's like 134 00:06:54,120 --> 00:06:58,159 Speaker 1: our recession. So so people have run ahead the expectations 135 00:06:58,200 --> 00:07:00,840 Speaker 1: for growth a run ahead of reality. Uh. And now 136 00:07:01,040 --> 00:07:05,080 Speaker 1: now we're seeing discussions about pete growth. We're seeing discussions 137 00:07:05,080 --> 00:07:07,840 Speaker 1: about could have fed make a policy mistake? Are they 138 00:07:07,880 --> 00:07:11,280 Speaker 1: withdrawing liquidity? Uh? You're seeing central banks around the world 139 00:07:11,280 --> 00:07:14,680 Speaker 1: withdrawing liquidity. And then you you've got also the conversation 140 00:07:14,720 --> 00:07:16,640 Speaker 1: about the delta variant? Is that going to result in 141 00:07:16,640 --> 00:07:20,280 Speaker 1: more lockdown? So markets need to get through work themselves 142 00:07:20,320 --> 00:07:23,160 Speaker 1: through those several issues, and then we think you'll start 143 00:07:23,160 --> 00:07:25,800 Speaker 1: to see if you're gonna have inflation higher, and we 144 00:07:25,840 --> 00:07:28,680 Speaker 1: think we will have inflation somewhat higher than the average 145 00:07:28,920 --> 00:07:31,320 Speaker 1: of the last ten years. Will it'll be higher for 146 00:07:31,360 --> 00:07:34,760 Speaker 1: the next couple You're gonna have inflation at two. You're 147 00:07:34,800 --> 00:07:37,560 Speaker 1: gonna have yields higher than what they are right now, eventually. 148 00:07:37,600 --> 00:07:40,600 Speaker 1: But some of these psychological issues have to be worked through, 149 00:07:41,120 --> 00:07:43,760 Speaker 1: all right, Paul. Some people in the marketing, the equity markets, 150 00:07:43,800 --> 00:07:46,080 Speaker 1: you know, they're kind of it's at pull and tug. 151 00:07:46,160 --> 00:07:48,240 Speaker 1: Do I embrace some of those big growth stories that 152 00:07:48,280 --> 00:07:50,520 Speaker 1: have been so good for so long, the Amazons, the 153 00:07:50,560 --> 00:07:52,440 Speaker 1: Netflix of the world have just reported last night, Or 154 00:07:52,440 --> 00:07:55,480 Speaker 1: do I, you know, kind of play into that rotation trade, 155 00:07:55,520 --> 00:07:57,200 Speaker 1: maybe a little bit of a reopening trade some of 156 00:07:57,200 --> 00:07:59,440 Speaker 1: the cyclicals, some the financials maybe, do you How do 157 00:07:59,440 --> 00:08:02,360 Speaker 1: you guys think about that? Yeah, So for a while 158 00:08:02,440 --> 00:08:04,880 Speaker 1: this year we were actually barbelled. We had an overweight 159 00:08:04,920 --> 00:08:08,760 Speaker 1: to cyclicals and an overweight to growth. Um, we've decided 160 00:08:08,800 --> 00:08:13,120 Speaker 1: to go tactically short term with an overweight now to cyclicals, 161 00:08:13,120 --> 00:08:17,600 Speaker 1: and we returned growth. So I think TEX think a 162 00:08:17,680 --> 00:08:21,400 Speaker 1: consumer discretionary. We returned those to their long term allocations. 163 00:08:21,400 --> 00:08:23,880 Speaker 1: So if you have sort of a long term view, 164 00:08:24,360 --> 00:08:28,360 Speaker 1: and you're willing to give text some reasonable allocation over 165 00:08:28,400 --> 00:08:31,560 Speaker 1: that long term. Stick with that allocation right now, but 166 00:08:31,720 --> 00:08:35,640 Speaker 1: take money from defensives like utilities UH and stapled and 167 00:08:35,679 --> 00:08:39,319 Speaker 1: put that into cyclicals for the moment. No one likes 168 00:08:39,360 --> 00:08:44,160 Speaker 1: defensives right now and they're underperforming. Yeah, well, that's one 169 00:08:44,160 --> 00:08:46,120 Speaker 1: of our best calls this year. I guess that's why 170 00:08:46,480 --> 00:08:48,160 Speaker 1: you want to stay out of the area. What do 171 00:08:48,160 --> 00:08:53,000 Speaker 1: you think regionally? Does the US continue to outperform? Do 172 00:08:53,080 --> 00:08:56,240 Speaker 1: you bet on other reopening trades in Europe, for example, 173 00:08:56,320 --> 00:08:59,280 Speaker 1: or in Asia? We don't think it's time to to 174 00:08:59,360 --> 00:09:02,040 Speaker 1: bet on that opening trade. They will struggle with the 175 00:09:02,080 --> 00:09:05,160 Speaker 1: delta more than we will. UH. They're they're being more 176 00:09:05,160 --> 00:09:07,480 Speaker 1: close together. You will have parts of the U s 177 00:09:07,559 --> 00:09:10,360 Speaker 1: that will adopt mask mandates back again, we think, but 178 00:09:10,480 --> 00:09:13,440 Speaker 1: the US is probably still the place to be. We've 179 00:09:13,480 --> 00:09:16,880 Speaker 1: done well with that preference over time. We'd like emerging 180 00:09:16,920 --> 00:09:19,800 Speaker 1: markets better than Europe and Japan also, but they may 181 00:09:19,840 --> 00:09:21,840 Speaker 1: struggle a little bit in the coming months until their 182 00:09:21,920 --> 00:09:25,000 Speaker 1: vaccination rates get up there. So stick for right now, 183 00:09:25,040 --> 00:09:27,200 Speaker 1: stick with the U s as and overweight, and if 184 00:09:27,240 --> 00:09:29,719 Speaker 1: you have anything left over cash wise stick that in 185 00:09:29,800 --> 00:09:32,800 Speaker 1: emerging markets. How about yield? I mean, boy, is again 186 00:09:32,800 --> 00:09:34,080 Speaker 1: we were just talking about the ten year at one 187 00:09:34,080 --> 00:09:36,839 Speaker 1: point to seven. Where are you looking for or where 188 00:09:36,880 --> 00:09:41,000 Speaker 1: do you suggest to your clients they look for yield? Well, 189 00:09:41,080 --> 00:09:43,439 Speaker 1: right now we're thinking kind of like two percent of 190 00:09:43,520 --> 00:09:46,560 Speaker 1: the end of the year. We're reviewing that number though 191 00:09:46,600 --> 00:09:49,120 Speaker 1: that might be a little bit high, but it's certainly 192 00:09:49,160 --> 00:09:50,760 Speaker 1: going to be higher, we think, than where it is 193 00:09:50,920 --> 00:09:57,880 Speaker 1: right now. Alright, So, uh, we're looking at a situation 194 00:09:57,920 --> 00:10:00,360 Speaker 1: where it's not it's not easy to find a return. 195 00:10:00,480 --> 00:10:03,600 Speaker 1: I mean, if you're not looking in stocks, um, do 196 00:10:03,679 --> 00:10:05,880 Speaker 1: you do you trust the high yield market to not default? 197 00:10:05,920 --> 00:10:09,440 Speaker 1: I mean, uh, we saw I think it was um 198 00:10:10,240 --> 00:10:13,160 Speaker 1: uh it was Standard Pores that said only one percent 199 00:10:13,440 --> 00:10:15,240 Speaker 1: of junk dad is going to default this year. It 200 00:10:15,320 --> 00:10:19,880 Speaker 1: seems like a big bat to me. It's an interesting question. 201 00:10:20,160 --> 00:10:22,720 Speaker 1: I mean the question for investors that the real question 202 00:10:22,720 --> 00:10:24,320 Speaker 1: that you should always come back to is am I 203 00:10:24,320 --> 00:10:26,600 Speaker 1: getting paid to take that risk? Exactly? And with the 204 00:10:26,640 --> 00:10:29,000 Speaker 1: dividend yield in the in the SMP right now at 205 00:10:29,040 --> 00:10:31,200 Speaker 1: a percent and a half, you're not that much below 206 00:10:31,280 --> 00:10:33,240 Speaker 1: where what you would get in yield on a on 207 00:10:33,280 --> 00:10:35,640 Speaker 1: a high yield, but with a lot more risk. We 208 00:10:35,720 --> 00:10:38,199 Speaker 1: think not this year perhaps, but in the coming year. 209 00:10:38,320 --> 00:10:40,280 Speaker 1: So you know, I wouldn't be buying a lot of 210 00:10:40,720 --> 00:10:44,080 Speaker 1: high yield here. Certainly your long term allocation. If you 211 00:10:44,120 --> 00:10:47,800 Speaker 1: have some fixed income in your long term goals, take 212 00:10:47,840 --> 00:10:50,880 Speaker 1: your high yield up to that allocation, but don't overweight 213 00:10:50,960 --> 00:10:53,920 Speaker 1: it at the expense of equities. Very good. Paul Christopher, 214 00:10:53,920 --> 00:10:56,920 Speaker 1: head of Global market Strategy at the Wells Fargo Investment 215 00:10:56,960 --> 00:11:00,640 Speaker 1: Institute based in St. Louis. We appreciate getting of thoughts here. 216 00:11:03,160 --> 00:11:06,160 Speaker 1: I'm pretty pumped because we're gonna bring in Adam Johnson 217 00:11:06,240 --> 00:11:09,320 Speaker 1: right now. He's the founder and author of The Bulls 218 00:11:09,320 --> 00:11:12,480 Speaker 1: eyebrew a brief but um full disclosure. He's also one 219 00:11:12,520 --> 00:11:15,160 Speaker 1: of my favorite people. We have uh we used to 220 00:11:15,160 --> 00:11:17,080 Speaker 1: play a lot of squash together. We've been known to 221 00:11:17,080 --> 00:11:20,160 Speaker 1: have the occasional beverage together. And he's got a lot 222 00:11:20,160 --> 00:11:25,280 Speaker 1: of great ideas about stocks that he likes, especially American 223 00:11:25,320 --> 00:11:28,240 Speaker 1: kind of ingenuity plays. And he's done everything on Wall 224 00:11:28,240 --> 00:11:32,679 Speaker 1: Street traded like jet fuel futures. He has run a 225 00:11:32,720 --> 00:11:35,080 Speaker 1: hedge fund, found and run a hedge fund. He was 226 00:11:35,120 --> 00:11:38,680 Speaker 1: an anchor here at Bloomberg TV Um, Adam, great to 227 00:11:38,720 --> 00:11:43,800 Speaker 1: have you with us. UM. I'm looking through I'm looking 228 00:11:43,800 --> 00:11:47,440 Speaker 1: through the bulls Eye brief from Monday, and I see 229 00:11:47,679 --> 00:11:50,640 Speaker 1: you've got some new picks. And this is what you do. 230 00:11:50,679 --> 00:11:53,360 Speaker 1: You're an idea factory right for people who love stocks. 231 00:11:53,440 --> 00:11:58,600 Speaker 1: So one of them stands out to me because you are, UM, 232 00:11:58,640 --> 00:12:01,720 Speaker 1: a very clean cut Princeton man. But I see a 233 00:12:01,760 --> 00:12:06,400 Speaker 1: marijuana company here, you like purely foldings. What's the deal. Well, 234 00:12:06,440 --> 00:12:09,480 Speaker 1: you know, I've been resisting this for so long. In fact, 235 00:12:09,520 --> 00:12:11,400 Speaker 1: I started off the note I said to people. You know, 236 00:12:11,640 --> 00:12:14,480 Speaker 1: I've I've never inhaled, I've never had a hash rownie. 237 00:12:14,679 --> 00:12:17,040 Speaker 1: But I think I need to start taking this thing seriously. 238 00:12:17,520 --> 00:12:19,640 Speaker 1: And and I'll tell you why. I'll give you one 239 00:12:19,720 --> 00:12:22,839 Speaker 1: statistic that I think really UM sort of frames the 240 00:12:23,120 --> 00:12:26,960 Speaker 1: conversation about UM. I hesitate to say pot stocks, but 241 00:12:27,040 --> 00:12:30,400 Speaker 1: let's call them cannabis stocks. UM. In the state of Illinois, 242 00:12:30,480 --> 00:12:35,120 Speaker 1: in the first quarter, total tax revenues from cannabis almost 243 00:12:35,320 --> 00:12:40,320 Speaker 1: equaled total tax revenues from liquor. That's amazing. So you 244 00:12:40,360 --> 00:12:44,120 Speaker 1: know it's it's yeah, it gets my attention to and 245 00:12:44,120 --> 00:12:46,560 Speaker 1: and again you know, it's not the sort of thing 246 00:12:46,679 --> 00:12:49,640 Speaker 1: my whole thing's American ingenuity right to people and companies 247 00:12:49,720 --> 00:12:53,080 Speaker 1: driving the world forward. And um, you know, I don't 248 00:12:53,200 --> 00:12:58,240 Speaker 1: usually think of recreational activities, which may include cannabis, as 249 00:12:58,360 --> 00:13:02,160 Speaker 1: as necessarily innovative. And yet, uh, there is some incredibly 250 00:13:02,200 --> 00:13:04,959 Speaker 1: innovative stuff that's happening. Um, I mean there are a 251 00:13:05,000 --> 00:13:09,400 Speaker 1: number of pharmaceuticals that actually are starting to use CDD, 252 00:13:09,640 --> 00:13:14,120 Speaker 1: one of the two essential chemicals in cannabis, to treat 253 00:13:14,160 --> 00:13:16,920 Speaker 1: things like autism. And you know, so I think, I 254 00:13:17,040 --> 00:13:19,760 Speaker 1: just think it. The reason I wrote this up is 255 00:13:19,840 --> 00:13:21,960 Speaker 1: I feel like again, it's kind of funny. I feel 256 00:13:21,960 --> 00:13:24,280 Speaker 1: a little tongue in cheek. It's the blue chip pure 257 00:13:24,360 --> 00:13:28,199 Speaker 1: Leaf is the blue chip operator. It's the most profitable operator. 258 00:13:28,320 --> 00:13:31,640 Speaker 1: It's the largest, it's growing the fastest, it does everything right. 259 00:13:31,880 --> 00:13:34,600 Speaker 1: It operates in about twenty three different states. It's margins 260 00:13:34,600 --> 00:13:37,440 Speaker 1: are the highest. And I think there's just enough going 261 00:13:37,559 --> 00:13:40,920 Speaker 1: on here that that I wanted to educate myself about 262 00:13:40,960 --> 00:13:43,120 Speaker 1: this thing, and and I decided that I was sold 263 00:13:43,120 --> 00:13:44,640 Speaker 1: on it. So I wrote it up for my buals 264 00:13:44,640 --> 00:13:47,600 Speaker 1: Eye subscribers as the current pick. So I've been buying 265 00:13:47,600 --> 00:13:49,880 Speaker 1: it this week. Interesting, Adam, I know, you know, I've 266 00:13:49,920 --> 00:13:52,680 Speaker 1: again I've always considered you just a fine stock picker. 267 00:13:52,720 --> 00:13:56,640 Speaker 1: I know you're uh focus a lot on technology and 268 00:13:56,640 --> 00:13:59,560 Speaker 1: and how that's changing lives. And I think if we've 269 00:14:00,000 --> 00:14:01,600 Speaker 1: I'm out of anything out of this pandemic. I think 270 00:14:01,600 --> 00:14:04,480 Speaker 1: probably investors have a perhaps even a more a better 271 00:14:04,520 --> 00:14:08,040 Speaker 1: appreciation for med tech biotech and you know some of 272 00:14:08,080 --> 00:14:11,040 Speaker 1: the advances they've had in terms of the vaccines. Where 273 00:14:11,040 --> 00:14:14,079 Speaker 1: are you looking right now in that med tech biotech space? 274 00:14:14,120 --> 00:14:17,400 Speaker 1: What's got your attension? Well, I'll tell you, I think 275 00:14:17,520 --> 00:14:22,680 Speaker 1: the intersection of artificial intelligence and wearables is incredibly exciting. 276 00:14:22,720 --> 00:14:25,600 Speaker 1: I actually call it the Holy Grail of healthcare. What 277 00:14:25,640 --> 00:14:29,800 Speaker 1: we're now doing is using UM wearables. UM you know, 278 00:14:29,960 --> 00:14:33,800 Speaker 1: an eye watch that that monitors your your vital signals, 279 00:14:34,240 --> 00:14:38,120 Speaker 1: transmits that data to a doctor thanks to five G 280 00:14:38,520 --> 00:14:42,560 Speaker 1: who then not only compares UM that incoming data in 281 00:14:42,640 --> 00:14:46,360 Speaker 1: real time to your own baseline, but to millions of 282 00:14:46,400 --> 00:14:49,200 Speaker 1: other patients. And all of a sudden, now you can 283 00:14:49,320 --> 00:14:53,040 Speaker 1: start to have a conversation with a doctor, or really 284 00:14:53,080 --> 00:14:55,400 Speaker 1: between a patient a doctor whereby they say, well, you know, 285 00:14:55,480 --> 00:14:57,800 Speaker 1: maybe you want to adjust your behavior this way, and 286 00:14:57,800 --> 00:14:59,840 Speaker 1: again it could be done in real time. So to me, 287 00:15:00,160 --> 00:15:04,760 Speaker 1: that intersection um of of data and preventative care, that's 288 00:15:04,800 --> 00:15:08,320 Speaker 1: the holy grail of healthcare. It's longer lives for patients, 289 00:15:08,640 --> 00:15:11,160 Speaker 1: it's lower costs for providers. It's very exciting. There a 290 00:15:11,160 --> 00:15:13,080 Speaker 1: whole bunch of aims that we could, you know, get 291 00:15:13,080 --> 00:15:16,600 Speaker 1: into from Health Catalyst h C A T too in 292 00:15:16,720 --> 00:15:20,800 Speaker 1: Novolan I n O V obviously to a doc which 293 00:15:20,800 --> 00:15:23,600 Speaker 1: bought love angoum on and on. I mean, it's just 294 00:15:23,800 --> 00:15:26,600 Speaker 1: that that really gets my attention. Guys, you like nine meter, 295 00:15:26,880 --> 00:15:30,040 Speaker 1: you like telamed Um, You've got a few picks, and 296 00:15:30,040 --> 00:15:33,240 Speaker 1: I'll let I guess um listeners subscribe the bulls Eye 297 00:15:33,240 --> 00:15:37,000 Speaker 1: brief for that. I wonder about Chipotle. Why do you 298 00:15:37,040 --> 00:15:39,600 Speaker 1: like Chipotle? We've been talking a lot about it. I 299 00:15:39,600 --> 00:15:42,080 Speaker 1: think Paul had five burritos for lunch. But I see 300 00:15:42,080 --> 00:15:44,320 Speaker 1: that you were buying it on on the dip. I 301 00:15:44,360 --> 00:15:47,120 Speaker 1: guess on Monday. Well, actually you know what I was. 302 00:15:47,240 --> 00:15:50,640 Speaker 1: I was buying charge point. Uh the ticker for which 303 00:15:50,760 --> 00:15:55,800 Speaker 1: is uh, oh, excuse me, my mistake c HPT. I 304 00:15:55,880 --> 00:15:59,640 Speaker 1: instantly thought of Mexican food. What's the charge point? You know? Look? 305 00:15:59,720 --> 00:16:01,880 Speaker 1: You you and I are you and I are are 306 00:16:01,920 --> 00:16:04,120 Speaker 1: big fans of Mexican food, so you know, I'm not 307 00:16:04,120 --> 00:16:06,560 Speaker 1: gonna hold it against you. It's not your favorite Mexican place. 308 00:16:06,600 --> 00:16:09,360 Speaker 1: I know that because I've been there with Mexicano. There 309 00:16:09,360 --> 00:16:14,040 Speaker 1: you go. Ye, what's charge Point then? Oh? Charge Point 310 00:16:14,160 --> 00:16:16,560 Speaker 1: is really really cool company, believe it or not. It's 311 00:16:16,560 --> 00:16:21,720 Speaker 1: the largest UM producer and operator of what's called level 312 00:16:21,760 --> 00:16:24,920 Speaker 1: two chargers for electric vehicles. And Level two chargers, by 313 00:16:24,960 --> 00:16:27,360 Speaker 1: the way, are the ones that that you have if 314 00:16:27,400 --> 00:16:29,120 Speaker 1: you want to be able to charge your card, you know, 315 00:16:29,280 --> 00:16:31,840 Speaker 1: within an hour or two, as opposed to a Level 316 00:16:31,880 --> 00:16:34,720 Speaker 1: one which takes all night. UM. You can buy a 317 00:16:34,800 --> 00:16:38,720 Speaker 1: level two charge you r at home depot at auto Zone. Amazingly, 318 00:16:38,840 --> 00:16:42,920 Speaker 1: charge Point again tickers c HPT. This I recommended to 319 00:16:43,160 --> 00:16:45,200 Speaker 1: both I subscribers a couple of weeks ago, so I've 320 00:16:45,240 --> 00:16:49,760 Speaker 1: been buying it recently, building my position UM market share 321 00:16:49,840 --> 00:16:54,720 Speaker 1: here in the US. That's incredible about in Europe UM again, 322 00:16:54,880 --> 00:16:59,720 Speaker 1: strong margins obviously, the things growing like a weed. Um uh. 323 00:16:59,760 --> 00:17:02,240 Speaker 1: And it's just it's you know, it's an exciting place 324 00:17:02,240 --> 00:17:04,800 Speaker 1: to be talk about American ingenuity. You know, here's the 325 00:17:04,840 --> 00:17:08,639 Speaker 1: company that enables us to be cleaner electric vehicles on 326 00:17:08,680 --> 00:17:11,680 Speaker 1: and on. Great having you, Adam, thanks so much for 327 00:17:11,760 --> 00:17:14,480 Speaker 1: joining us. Adam Johnson there, who is the founder and 328 00:17:14,480 --> 00:17:17,840 Speaker 1: the author of the Bulls Eye Brief, calling in from 329 00:17:18,080 --> 00:17:20,600 Speaker 1: maybe he is at Rosa, Mexicana right now. He's got 330 00:17:20,600 --> 00:17:22,840 Speaker 1: to be great Twitter feed as well. That's a musse 331 00:17:22,880 --> 00:17:28,399 Speaker 1: follow from me, follow him. This is Bloomberg. Bloomberg Markets 332 00:17:28,440 --> 00:17:32,120 Speaker 1: does roll on. Unfortunately, so does the coronavirus. And I'm 333 00:17:32,119 --> 00:17:33,879 Speaker 1: gonna bring in Sam Facility to talk a little bit 334 00:17:33,920 --> 00:17:37,560 Speaker 1: about that right now. He's got his latest research out 335 00:17:37,720 --> 00:17:41,359 Speaker 1: on the terminal delta variants bad attributes may warrant a 336 00:17:41,440 --> 00:17:45,480 Speaker 1: new COVID vaccine. He is, of course, or senior pharmaceutical analyst. 337 00:17:45,640 --> 00:17:48,760 Speaker 1: He also runs AMA Research. Paul and I were talking 338 00:17:48,760 --> 00:17:50,359 Speaker 1: about this. He's got a PhD in the stuff, so 339 00:17:50,400 --> 00:17:54,120 Speaker 1: he knows what he's talking about. Sam My. My concern 340 00:17:54,240 --> 00:17:58,439 Speaker 1: after reading your story is we know that, um, the 341 00:17:58,480 --> 00:18:02,879 Speaker 1: delta variant is more infectious. Um, you point out that 342 00:18:02,920 --> 00:18:08,119 Speaker 1: there's a raised viral load but also potentially worst disease outcomes. 343 00:18:08,119 --> 00:18:11,359 Speaker 1: What do we know? What don't we know about the 344 00:18:11,400 --> 00:18:16,800 Speaker 1: actual effects of this virus? Yeah? Hi, Math, So you've 345 00:18:16,800 --> 00:18:19,359 Speaker 1: obviously got the data that came out of the de 346 00:18:19,600 --> 00:18:22,120 Speaker 1: continues to flow out of Public Health England that looks 347 00:18:22,160 --> 00:18:25,680 Speaker 1: at the phrase that that a lot of virologists don't 348 00:18:25,720 --> 00:18:30,720 Speaker 1: like transmissibility of the virus, and that increased relative to 349 00:18:30,760 --> 00:18:35,320 Speaker 1: the alpha variant in the region of thirty fiftiest seven 350 00:18:35,440 --> 00:18:38,359 Speaker 1: seven or so present. And then and then you've got 351 00:18:38,400 --> 00:18:40,240 Speaker 1: on top of that what looks to be a higher 352 00:18:40,320 --> 00:18:44,359 Speaker 1: rate of hospitalizations in people who get infected, which of 353 00:18:44,400 --> 00:18:46,960 Speaker 1: course depends on age and a lot of other factors. 354 00:18:47,000 --> 00:18:49,120 Speaker 1: So you've got that data, and then what this data 355 00:18:49,160 --> 00:18:51,480 Speaker 1: that came out that shows that the virus obviously have 356 00:18:51,600 --> 00:18:53,800 Speaker 1: higher viral loads, so the more virus you have in 357 00:18:53,840 --> 00:18:57,640 Speaker 1: your body, it is possible that it gets to the 358 00:18:57,680 --> 00:19:01,280 Speaker 1: different corners of your body better or even has much 359 00:19:01,400 --> 00:19:04,720 Speaker 1: bigger impact on your lung. And then also you get 360 00:19:04,760 --> 00:19:07,360 Speaker 1: this thing that that these some of these viruses do, 361 00:19:07,640 --> 00:19:12,160 Speaker 1: which is to basically force your the cells that they 362 00:19:12,200 --> 00:19:15,679 Speaker 1: infect to fuse together, which is part of the pathology, 363 00:19:15,720 --> 00:19:19,080 Speaker 1: but they use that also to multiply under the radar 364 00:19:19,520 --> 00:19:23,320 Speaker 1: from your antibodies. So then you get one massive release 365 00:19:23,320 --> 00:19:26,600 Speaker 1: of virus that is not good either. And this this 366 00:19:26,720 --> 00:19:30,240 Speaker 1: delta varian seems to have all these wonderful attributes that 367 00:19:30,240 --> 00:19:33,560 Speaker 1: that that do do the damage. Sam, do you is 368 00:19:33,560 --> 00:19:36,560 Speaker 1: there what's the science telling us now about the ability 369 00:19:36,640 --> 00:19:39,280 Speaker 1: of the various vaccines that are in the marketplace now 370 00:19:40,080 --> 00:19:43,399 Speaker 1: as it relates to this delta variant. It's a pot 371 00:19:43,800 --> 00:19:46,119 Speaker 1: There's two ways to to answer that question. If you 372 00:19:46,119 --> 00:19:48,040 Speaker 1: want to go by what the world seems to get 373 00:19:48,040 --> 00:19:52,240 Speaker 1: excited about, which is case counts, mild infections, anything that 374 00:19:52,240 --> 00:19:55,880 Speaker 1: that tests positive and a PC are, then then we're 375 00:19:55,920 --> 00:19:59,359 Speaker 1: in trouble because this delta variant is it's very fit 376 00:20:00,040 --> 00:20:02,680 Speaker 1: us as quickly from person to person, and it's possible 377 00:20:03,680 --> 00:20:08,160 Speaker 1: that it's more resistant to that initial shield of antibodies 378 00:20:08,160 --> 00:20:12,159 Speaker 1: that vaccines give us, particularly antibodies for instance that we 379 00:20:12,280 --> 00:20:15,119 Speaker 1: just saw recently from data from Johnson and Johnson. But 380 00:20:15,200 --> 00:20:17,280 Speaker 1: if we go one step further and say, I actually 381 00:20:17,280 --> 00:20:19,720 Speaker 1: know what we really worry about or care about is 382 00:20:19,840 --> 00:20:27,320 Speaker 1: prevention of disease, not not costant sniffles, but actually lung damage, hospitalization, 383 00:20:27,480 --> 00:20:31,960 Speaker 1: severe disease, etcetera. I think all the vaccines are capable 384 00:20:32,080 --> 00:20:35,399 Speaker 1: of preventing that to about the same level as they 385 00:20:35,400 --> 00:20:40,040 Speaker 1: have been to the other variants. My my biggest concern 386 00:20:40,160 --> 00:20:44,359 Speaker 1: is the long haul COVID, and we don't really know 387 00:20:44,520 --> 00:20:46,640 Speaker 1: so much about it yet. We can't obviously it hasn't 388 00:20:46,680 --> 00:20:49,680 Speaker 1: been around long enough. But you know, I suffered from 389 00:20:49,800 --> 00:20:53,879 Speaker 1: long term lime disease. I still have issues occasionally. Is 390 00:20:53,920 --> 00:20:55,560 Speaker 1: this going to be the same kind of thing, Sam, 391 00:20:55,640 --> 00:21:00,320 Speaker 1: that some people who get this are going to suffer chronically? Yeah. 392 00:21:00,320 --> 00:21:03,760 Speaker 1: I mean the uk AT is estimating something like six 393 00:21:03,800 --> 00:21:06,960 Speaker 1: percent of people who got COVID or who think you've 394 00:21:06,960 --> 00:21:09,480 Speaker 1: got COVID. There's there's there's a little new ones there 395 00:21:10,359 --> 00:21:14,439 Speaker 1: are suffering from some form of long term effects. And 396 00:21:14,480 --> 00:21:17,400 Speaker 1: then of course that's a lot, right If you've had 397 00:21:17,440 --> 00:21:20,800 Speaker 1: then like two or three million people infected, that's a 398 00:21:20,840 --> 00:21:23,080 Speaker 1: lot of people who continue to suffer. And I hear 399 00:21:23,119 --> 00:21:26,080 Speaker 1: horror stories. I mean I have a friend whose sister 400 00:21:26,359 --> 00:21:29,159 Speaker 1: is like a thirty year old marathon runner and she 401 00:21:29,240 --> 00:21:33,920 Speaker 1: has been lethargic and really unable to do anything for months. Yeah. Yeah, 402 00:21:33,960 --> 00:21:35,840 Speaker 1: but we need to tell that to all these people 403 00:21:35,880 --> 00:21:38,080 Speaker 1: who don't want to take the vaccine thinking that they 404 00:21:38,119 --> 00:21:42,040 Speaker 1: have a risk from the vaccine. Everybody will eventually get 405 00:21:42,040 --> 00:21:45,640 Speaker 1: this virus. They can't unless they're going as I kind 406 00:21:45,640 --> 00:21:47,159 Speaker 1: of remember who it wasn't set down unless you go 407 00:21:47,240 --> 00:21:50,879 Speaker 1: and live in ardly the ahead of the medical the 408 00:21:50,960 --> 00:21:54,280 Speaker 1: chief medical medicine officer in the UK, unless you gonna 409 00:21:54,320 --> 00:21:55,879 Speaker 1: live in the meadow, in the middle of the meadow, 410 00:21:56,200 --> 00:21:59,399 Speaker 1: from away from everybody else. So you can't lead your 411 00:21:59,440 --> 00:22:02,840 Speaker 1: normal life, not get the vaccine and then think everything 412 00:22:02,880 --> 00:22:05,959 Speaker 1: is gonna be fine. You don't know, it's a lottery, 413 00:22:05,960 --> 00:22:09,720 Speaker 1: he said, washing Roulette. Sam, how about booster shots? I mean, 414 00:22:09,960 --> 00:22:12,840 Speaker 1: how do you think this is going to evolve going forward? 415 00:22:12,840 --> 00:22:14,879 Speaker 1: What we need booster shots? What do you think we're 416 00:22:14,880 --> 00:22:16,320 Speaker 1: going to hear from somebody? So i can't wait to 417 00:22:16,320 --> 00:22:19,000 Speaker 1: get my booster shot. I'm lined up as soon as 418 00:22:19,000 --> 00:22:23,240 Speaker 1: they offer them, right exactly. So the issue is again 419 00:22:23,320 --> 00:22:26,280 Speaker 1: if you were if you're going to run your country, 420 00:22:26,320 --> 00:22:28,080 Speaker 1: which is a little bit what the UK is trying 421 00:22:28,080 --> 00:22:32,280 Speaker 1: to do right now, right saying, look, we can control hospitalizations, 422 00:22:32,320 --> 00:22:36,879 Speaker 1: we can reduce death, a little worry about cases and infections, 423 00:22:36,920 --> 00:22:39,320 Speaker 1: which is of course lots of questions on that. Right, 424 00:22:40,280 --> 00:22:42,879 Speaker 1: then you don't probably need the booster shot unless you 425 00:22:43,040 --> 00:22:45,080 Speaker 1: know that there is a group of people who have 426 00:22:45,119 --> 00:22:48,399 Speaker 1: an immune response that's weaker, or you're much older and 427 00:22:48,480 --> 00:22:50,320 Speaker 1: you're way in the fact is going to get a 428 00:22:50,320 --> 00:22:53,399 Speaker 1: booster shot. But if we're saying we need to stop 429 00:22:53,400 --> 00:22:56,680 Speaker 1: infections and spreading and we don't want to have lockdowns anymore, 430 00:22:56,920 --> 00:22:59,840 Speaker 1: but we have, we either need booster shots to boost 431 00:22:59,840 --> 00:23:02,399 Speaker 1: the immune response or actually going to get a new vaccine, 432 00:23:02,400 --> 00:23:04,879 Speaker 1: which is kind of what I'm suggesting here that represents 433 00:23:04,880 --> 00:23:07,480 Speaker 1: the new variants that probably also protects you against the 434 00:23:07,520 --> 00:23:12,880 Speaker 1: previous variants and and then hope that you really rebuild 435 00:23:12,920 --> 00:23:16,200 Speaker 1: that shield and keep it there. Is that what we're 436 00:23:16,200 --> 00:23:18,240 Speaker 1: seeing from the farmer companies is that? Or maybe is 437 00:23:18,240 --> 00:23:21,200 Speaker 1: that what we're hearing from these farmer companies that hey, 438 00:23:21,240 --> 00:23:22,879 Speaker 1: you know, we've already got a vaccine in there for 439 00:23:23,040 --> 00:23:26,760 Speaker 1: fiser modern or jan J, but we're working on two 440 00:23:26,800 --> 00:23:30,919 Speaker 1: point oh three point oh. Well, certainly MODERNA is already 441 00:23:30,920 --> 00:23:34,560 Speaker 1: in trials with the with the beta variant vaccine and 442 00:23:34,800 --> 00:23:38,960 Speaker 1: iterations of just and find the BioNTech are are are 443 00:23:39,080 --> 00:23:42,280 Speaker 1: doing the same thing, and whether they want to Delta 444 00:23:42,560 --> 00:23:44,600 Speaker 1: time will tell. But I think if I were them, 445 00:23:44,640 --> 00:23:47,399 Speaker 1: I would have a vaccine for Delta and a vaccine 446 00:23:47,440 --> 00:23:51,400 Speaker 1: for Beta, possibly mixed together or as separate, because then 447 00:23:51,440 --> 00:23:54,520 Speaker 1: you've got the whole kind of variety of mutations covered. 448 00:23:54,840 --> 00:23:57,640 Speaker 1: Assuming that they will work equally well, then you've got 449 00:23:57,640 --> 00:24:00,679 Speaker 1: the opportunity to protect people. To san and Johnson, I'm 450 00:24:00,680 --> 00:24:02,600 Speaker 1: sure we'll be doing the same Afterdnicaster, that they'll be 451 00:24:02,600 --> 00:24:05,000 Speaker 1: doing the same. So no, found, no, no company that 452 00:24:05,080 --> 00:24:08,000 Speaker 1: makes vaccines would in the right mind not to do 453 00:24:08,200 --> 00:24:11,480 Speaker 1: not do this. Are you watching out for omega? Are 454 00:24:11,480 --> 00:24:14,800 Speaker 1: we going to get Sigma kai, kappa kappa gamma? I mean, 455 00:24:14,880 --> 00:24:17,800 Speaker 1: is there going to be more and more variants or 456 00:24:18,080 --> 00:24:21,120 Speaker 1: or is delta kind of the end of it? I 457 00:24:21,200 --> 00:24:25,720 Speaker 1: guarantee you, And it's if I've ever guaranteed anything. There's 458 00:24:25,800 --> 00:24:29,480 Speaker 1: taxes and viral mutations. That is what these viruses do, right. 459 00:24:30,000 --> 00:24:33,480 Speaker 1: There is no way that this virus doesn't continue to mutate. 460 00:24:33,640 --> 00:24:38,560 Speaker 1: The question is will it emerge with another variant that 461 00:24:39,119 --> 00:24:44,359 Speaker 1: has developed under pressure from vaccinated people or not That 462 00:24:45,040 --> 00:24:48,280 Speaker 1: there's a lot of I don't think virologists believe that 463 00:24:48,280 --> 00:24:51,760 Speaker 1: that actually is a real Is there a reality vaccine 464 00:24:51,800 --> 00:24:56,280 Speaker 1: resistant viruses? But it's possible that by magic or by 465 00:24:56,520 --> 00:25:00,280 Speaker 1: accident or by luck, it develops one mutation that allowed 466 00:25:00,320 --> 00:25:03,560 Speaker 1: it to bypass the antibodies. Again, but again that's still 467 00:25:03,720 --> 00:25:06,679 Speaker 1: back to the antipod. Thanks for listening to the Bloomberg 468 00:25:06,720 --> 00:25:10,119 Speaker 1: Markets podcast. You can subscribe and listen to interviews with 469 00:25:10,160 --> 00:25:14,960 Speaker 1: Apple Podcasts or whatever podcast platform you prefer. I'm Matt Miller. 470 00:25:15,240 --> 00:25:19,520 Speaker 1: I'm on Twitter at Matt Miller three at ball Sweeney, 471 00:25:19,520 --> 00:25:22,159 Speaker 1: I'm on Twitter at pt Sweeney. Before the podcast, you 472 00:25:22,160 --> 00:25:24,560 Speaker 1: can always catch us worldwide at Bloomberg Radio.