WEBVTT - The Great Mask Debate Continues

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<v Speaker 1>Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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<v Speaker 1>my co host Matt Miller. Every business day we bring

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<v Speaker 1>you interviews from CEOs, market pros, and Bloomberg experts, along

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<v Speaker 1>with essential market moving news. Find the Bloomberg Markets Podcast

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<v Speaker 1>on Apple Podcasts or wherever you listen to podcasts, and

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<v Speaker 1>at Bloomberg dot com slash podcast. Well, during this fourteen

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<v Speaker 1>months of this pandemic we have Bloomberg Radio and television

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<v Speaker 1>have been so fortunate to have access to a wide

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<v Speaker 1>range of experts that help us navigate what we need

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<v Speaker 1>to know, what is important and here uh at Bloomberg

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<v Speaker 1>Markets on Fridays, we've been chatting with Lawrence Sour. She's

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<v Speaker 1>the associate Professor of Emergency Medicine at the Johns Hopkins

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<v Speaker 1>School of Medicine. I should know that the Bloomberg School

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<v Speaker 1>of Public Health at Johns Hopkins is supported by Michael R.

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<v Speaker 1>Bloomberg found our Bloomberg LP and Bloomberg Philanthropies. And Lauren,

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<v Speaker 1>you've been so good to us over these months, kind

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<v Speaker 1>of keeping us up to date on you know, they're

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<v Speaker 1>really important news about this virus and the therapeutics and

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<v Speaker 1>and now the vaccines, and I guess one of the

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<v Speaker 1>questions is now is I don't have a question. We

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<v Speaker 1>got a question all TV up, All right, you want

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<v Speaker 1>to you want to go that route? You go that route? Now? Well,

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<v Speaker 1>I just we've been talking about it, at least I

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<v Speaker 1>have Lauren no, so we were. We joke around about

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<v Speaker 1>this American dream mall all the time in Rutherford, New Jersey,

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<v Speaker 1>and it just made me think, Um, it's going to

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<v Speaker 1>be a place where there's a ton of people gathered,

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<v Speaker 1>and I wonder what an expert would think about going

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<v Speaker 1>to a place like that right now. I mean, even

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<v Speaker 1>if you're vaccinated, would you feel comfortable going to it

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<v Speaker 1>doesn't have to be there an Orioles game, or maybe

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<v Speaker 1>you're a Nats fan, would you be comfortable going on

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<v Speaker 1>the t I mean, do you go to these places

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<v Speaker 1>where a lot of people are gathered, and then I

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<v Speaker 1>assume you're vaccinated, would you wear a mask or not? Yeah? Well,

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<v Speaker 1>I want to start by saying, of course I'm an

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<v Speaker 1>Orioles fan, but um, I think I would feel safe

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<v Speaker 1>in ball parts, especially if they're maintaining the sort of

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<v Speaker 1>seat social distancing that they've been doing. So the seat restrictions. UM. Interestingly,

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<v Speaker 1>you know, I think we're seeing some of the fall

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<v Speaker 1>sports like football, UM go back to full stadium capacity,

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<v Speaker 1>and I'm not sure i'd be ready for that my personally,

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<v Speaker 1>of course i'm speaking, but I think that an outdoor

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<v Speaker 1>setting where you feel like you're not up against people

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<v Speaker 1>for long periods of time, where you have that space

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<v Speaker 1>to move, I'd be comfortable there, but probably would still

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<v Speaker 1>wear a mask. Maybe not if I was sitting in

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<v Speaker 1>my seat and felt like I was, you know, six

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<v Speaker 1>ft away from people, but when I headed back to

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<v Speaker 1>the concessions or when I went to the bathroom UM

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<v Speaker 1>or in you know, coming and going from those spaces.

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<v Speaker 1>So that's like always the biggest challenges when people get

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<v Speaker 1>sort of crowded together as they're entering or exiting the stadium.

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<v Speaker 1>UM UM. An indoor mall for an extended period of time,

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<v Speaker 1>I'm not sure i'd feel comfortable there, and definitely not

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<v Speaker 1>UM other sort of indoor spaces where you have no

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<v Speaker 1>control over how close you are to people. Well to continue,

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<v Speaker 1>I mean, you know, I'm a long suffering New York

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<v Speaker 1>Knicks fan, Lauren, and but fortunately they are back in

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<v Speaker 1>the playoffs and they have. They're opening their playoffs this

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<v Speaker 1>weekend at Madison Square Garden, the world's most famous arena.

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<v Speaker 1>Of course, they're gonna have fifteen thousand fans there, and

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<v Speaker 1>I believe the capacity is maybe seventeen or eighteen thousand,

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<v Speaker 1>so it's pretty darn full indoor arena. But that's apparently,

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<v Speaker 1>you know, as per the New York and CDC guidelines.

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<v Speaker 1>That's okay, yeah, I mean it's so it's it's all

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<v Speaker 1>about what your personal comfort is once you've been vaccinated.

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<v Speaker 1>I think, you know, we do want to keep as

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<v Speaker 1>much of the distancing, as much of them asking as

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<v Speaker 1>they can, just because it protects people who either can't

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<v Speaker 1>be vaccinated or have chosen not to. And so you know,

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<v Speaker 1>it is a little bit of that, you know, doing

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<v Speaker 1>something for someone else piece. But I also think that, um,

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<v Speaker 1>if you're comfortable and you've been vaccinated, and you've you know,

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<v Speaker 1>gone your full vaccine schedule, so either one or both

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<v Speaker 1>doses depending on what you got, and waiting that two

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<v Speaker 1>week carry it after UM, and you do feel comfortable

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<v Speaker 1>and you don't feel like, you know, there's maybe another

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<v Speaker 1>family member in your household or someone that you spend

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<v Speaker 1>a lot of close time with it is at risk,

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<v Speaker 1>then I think it's a different it's a different calculus, right,

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<v Speaker 1>And if you feel comfortable, maybe keep that mask on

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<v Speaker 1>you in case you find you find yourself in a

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<v Speaker 1>situation where you'd feel more comfortable having it on, or

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<v Speaker 1>where you're entering into somewhere where it does feel like

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<v Speaker 1>masking is more appropriate or even required, because I think

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<v Speaker 1>one of the outcomes of this new guidances that we're having,

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<v Speaker 1>you know, patchwork masking with quests, and so you want

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<v Speaker 1>to have it ready if you need it. But if

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<v Speaker 1>you feel comfortable and you you feel like you're not

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<v Speaker 1>gonna put anyone else vulnerable at risk, and I think

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<v Speaker 1>that that's a different question. I think we're gonna be

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<v Speaker 1>wearing masks in like five years. You know, I've been

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<v Speaker 1>thinking a lot about that. Actually, It's it's hard to

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<v Speaker 1>assess because I do feel like as a country, we've

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<v Speaker 1>been pretty resistant to masking. Um. I have to say,

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<v Speaker 1>the drop in some of the other restiratory infections is appealing. Um.

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<v Speaker 1>You know, some countries have have had a long masking

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<v Speaker 1>culture and and they you know, it just feels like

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<v Speaker 1>part of daily life. I think we'll have to see

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<v Speaker 1>what happens with vaccine coverage and how ventilations laughed. Yeah,

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<v Speaker 1>and if we can make some really good changes to

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<v Speaker 1>our buildings, take this opportunity to do that. I think.

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<v Speaker 1>I think that there's a potential that we will see

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<v Speaker 1>at least sporadic mask wearing for a long time to come.

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<v Speaker 1>I think it'll be really interesting, Lauren, to see if

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<v Speaker 1>we really do make ventilation changes building changes. Um. And

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<v Speaker 1>that is, like you said, that would be great for

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<v Speaker 1>us on on a whole um number of different disease issues. Uh.

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<v Speaker 1>I actually like wearing a mask occasionally, but I've recently

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<v Speaker 1>found that maskne is real that that happens, and it's

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<v Speaker 1>difficult to get rid of. So I guess you gotta

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<v Speaker 1>wash your face. I guess a little bit more. Lawrence

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<v Speaker 1>Hour from the Johns Hopkins School Medicine, thank you very

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<v Speaker 1>much as usual for joining US. Now. I have been

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<v Speaker 1>pretty pumped. Talked to Bill Studebaker. He joins US today,

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<v Speaker 1>President and chief investment officer at robo Globo. Uh, robo

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<v Speaker 1>globe bull. Sorry, I'm sure people probably make that mistake

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<v Speaker 1>a lot. Robo globe bull. Um. He is going to

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<v Speaker 1>talk to us about AI five g autonomous vehicles, robotics,

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<v Speaker 1>and semi conductors, which is obviously what makes it so cool.

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<v Speaker 1>But um, Bill, you've got a bunch of E t

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<v Speaker 1>F s that you have created their UM. The robo

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<v Speaker 1>et F is the most famous, but you also track

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<v Speaker 1>AI with TH H and Q and health tech with

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<v Speaker 1>H T E c UM. I noticed they all seem

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<v Speaker 1>to be doing equally well this year. If I look

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<v Speaker 1>back over the past twelve months, each one is gaining

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<v Speaker 1>UM more than fifty Why do they track each other

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<v Speaker 1>so closely? Well? I think, uh, good morning, and thanks

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<v Speaker 1>for having me. I think what you're seeing right now

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<v Speaker 1>is that you know, these are technologies, particularly with robotics

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<v Speaker 1>and AI, that are being applied to all industries, in

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<v Speaker 1>all markets. And these were years ago, you know, viewed

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<v Speaker 1>as niche applications, where you know, fast forward eight years later,

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<v Speaker 1>we couldn't be more convicted and how these technologies are

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<v Speaker 1>changing the way we live and work and in healthcare,

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<v Speaker 1>the exciting thing now is that we're in the process

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<v Speaker 1>of beginning to cure chronic disease. I mean, healthcare as

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<v Speaker 1>we've had it has been really sick care. Someone gets

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<v Speaker 1>sick and you basically go and you know, try to

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<v Speaker 1>take a remedy to to uh, you know, prevent it

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<v Speaker 1>from spreading, not always just curing it. Um. But now

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<v Speaker 1>we're moving into a completely new, uh digital realm. I mean,

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<v Speaker 1>healthcare is less than one percent digitized, and people going forward,

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<v Speaker 1>I'm not going to live until their seven year eighty

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<v Speaker 1>try one twenty plus because we've left the ability not

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<v Speaker 1>just to arrest the signs of aging, but in some

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<v Speaker 1>cases reverse it. So build I'd love to get a

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<v Speaker 1>sense of you know, one of the key issues throughout

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<v Speaker 1>anology right now is the real basic building block of

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<v Speaker 1>technology semi conductors. Can you explain to me and to

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<v Speaker 1>our listeners how it got to a point where there's

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<v Speaker 1>this acute shortage of chips out there and how long's

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<v Speaker 1>it going to take to wind its way through? Well,

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<v Speaker 1>that's a that's a good question. I think it's pretty

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<v Speaker 1>similar to most you know, signal industries. They're capital intensive

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<v Speaker 1>companies are always reluctant to add too much capacity once

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<v Speaker 1>they have to manage your business, you know, for shareholders, etcetera. Uh,

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<v Speaker 1>And the industry right now that we're seeing it's going

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<v Speaker 1>through really unprecedented times with the supply environment and you

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<v Speaker 1>know meanful inleventory plenishment is not going to happen until

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<v Speaker 1>very likely the first half of twenty two. UM. And

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<v Speaker 1>I think what you're seeing now is the need for

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<v Speaker 1>semiconductors is really exploding as we're having advancements in five

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<v Speaker 1>G and edge computing and basically all of our assets

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<v Speaker 1>that are around us UM have seven connectors that are

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<v Speaker 1>assumed to be, if not now beginning to aggregate data

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<v Speaker 1>and communicate with US. So, UM, the whole world is

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<v Speaker 1>becoming tecrified and digital and digitized. What what how did

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<v Speaker 1>this work out? Because I know you used to be

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<v Speaker 1>a portfolio manager, right, So, UM, what made you decide

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<v Speaker 1>to start creating these e t F s at Robo Global?

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<v Speaker 1>And you know, I'm always fascinated by it because I

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<v Speaker 1>think this is the way that UM, younger generations are

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<v Speaker 1>are really investing and going to invest, especially over you know,

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<v Speaker 1>the mobile phone technology, etcetera. Well, I guess I was

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<v Speaker 1>fortunate to set my career kind of looking at technologies

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<v Speaker 1>and industrial companies and was pretty focused on the concept

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<v Speaker 1>of automation. As I was kind of looking around, you know,

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<v Speaker 1>UM began to think to myself and my and my

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<v Speaker 1>partners were you know, we're gonna be increasingly automating everything

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<v Speaker 1>and we've kind of started up robot We looked around

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<v Speaker 1>and you know, how can we want to invest in

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<v Speaker 1>the theme of automation. That weren't any dedicated hedge funds

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<v Speaker 1>doing anything in automation. UM. You know, how about venture capital,

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<v Speaker 1>private equity? Very little obviously nothing going on in UH

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<v Speaker 1>in the mutual fund long only world. So we we

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<v Speaker 1>knew that there were dedicated pure flight companies you know,

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<v Speaker 1>likened to sturgical you know, like for Nook, etcetera. But

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<v Speaker 1>if you would in the classic Wall Street gigs and

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<v Speaker 1>pulp the word robotics, you know what companies would populate that? Nothing?

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<v Speaker 1>How about if you pulled up AI that was just

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<v Speaker 1>kind of an Elon must science fiction term. So we

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<v Speaker 1>actually were the first company ever to have gone out

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<v Speaker 1>and created essentially UMU, the SMP, the nasdack UM, which

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<v Speaker 1>is the robo Global Index to track robotics and AI.

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<v Speaker 1>And we've done that for healthcare in avay shouldn't um

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<v Speaker 1>and we've also done this for AI. So that's kind

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<v Speaker 1>of unique, uh in terms of what we've done. Hey,

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<v Speaker 1>Bill thirty seconds, what what's the sector that's really getting

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<v Speaker 1>your attention right now. Well, it's really hard to isolate

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<v Speaker 1>to just want I mean, I think one thing it

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<v Speaker 1>stands out. I think a lot of your listeners would

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<v Speaker 1>understand his e commerce. I mean e commerce because the

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<v Speaker 1>pandemic before, um, what's sort of a luxury, Well, it's

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<v Speaker 1>been turbo charged where it's a necessity. E commerce screw

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<v Speaker 1>for five last year. When you look around into North

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<v Speaker 1>America warehouses, I would say less than five percent of

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<v Speaker 1>warehouses are heavily automated. So we're beginning um to see

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<v Speaker 1>even increasingly more technology that's being put into speed up

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<v Speaker 1>fulfillment and supply chain. And this is going to go

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<v Speaker 1>on for years of not decades. Yeah, absolutely fascinating, And

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<v Speaker 1>I think you're you're definitely right there because everybody has

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<v Speaker 1>to match Amazon, right have always, They've all got to

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<v Speaker 1>get it to you in twenty four hours or less.

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<v Speaker 1>Bill Studebaker, their president, chief investment officer at Robo Global,

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<v Speaker 1>This is Bloomberg. Yeah, I'm really digging these big takes, Matt.

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<v Speaker 1>I mean, these are some pretty juicy stories in Bloomberg News.

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<v Speaker 1>You know, it goes really deep and today is no difference.

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<v Speaker 1>Tom or like. He's the chief economist for Bloomberg Economics.

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<v Speaker 1>He joins us Uh And what I like about Tom

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<v Speaker 1>is he spent over a decade in China, in Beijing,

0:12:28.400 --> 0:12:31.720
<v Speaker 1>working and living there, so he's got a great global view.

0:12:31.840 --> 0:12:34.240
<v Speaker 1>And the story that they did today, it's got a

0:12:34.280 --> 0:12:39.200
<v Speaker 1>really cool headline world dominating superstar firms get bigger, techier,

0:12:39.600 --> 0:12:42.400
<v Speaker 1>and more Chinese. Tom, tell us what you guys and

0:12:42.480 --> 0:12:45.120
<v Speaker 1>your team UH looked at here when you looked at

0:12:45.160 --> 0:12:49.560
<v Speaker 1>some of the really big global companies. Thanks Paul, great

0:12:49.640 --> 0:12:51.920
<v Speaker 1>to be on the show. Um. So, what we've done

0:12:52.320 --> 0:12:56.640
<v Speaker 1>if we've taken a grand historical sweep um and kind

0:12:56.679 --> 0:13:00.280
<v Speaker 1>of look at the evolution of the biggest distis in

0:13:00.360 --> 0:13:04.880
<v Speaker 1>the world over the last thirty years. We pulled data

0:13:04.960 --> 0:13:09.760
<v Speaker 1>from the Bloomberg terminal on their market cap, their profit margins,

0:13:10.000 --> 0:13:14.560
<v Speaker 1>their tax rates, how much cash they've got, where they're from,

0:13:15.080 --> 0:13:17.400
<v Speaker 1>and what they do and use that to tell a

0:13:17.559 --> 0:13:20.480
<v Speaker 1>story about what the biggest firms in the world looked

0:13:20.520 --> 0:13:24.800
<v Speaker 1>like back in and what they look like today. And

0:13:24.920 --> 0:13:27.080
<v Speaker 1>as you said, the sort of the type of captures

0:13:27.120 --> 0:13:29.560
<v Speaker 1>some of the big themes we're looking at and move

0:13:29.800 --> 0:13:34.000
<v Speaker 1>east more Chinese firms at the top of the global rankings.

0:13:34.559 --> 0:13:37.720
<v Speaker 1>We're looking at a shift from big oil to big tech,

0:13:38.640 --> 0:13:42.040
<v Speaker 1>and we're also looking at big firms which really just

0:13:42.200 --> 0:13:45.480
<v Speaker 1>operate in a different way to how they did thirty

0:13:45.640 --> 0:13:50.560
<v Speaker 1>years ago, doing less capital spending, been employing less workers,

0:13:50.880 --> 0:13:53.040
<v Speaker 1>and that has some important implications for the way the

0:13:53.080 --> 0:13:56.160
<v Speaker 1>economy works. You know, so I used to be a

0:13:56.200 --> 0:13:58.880
<v Speaker 1>big dead Kennedy's fan. Um, I guess I still am

0:13:58.920 --> 0:14:01.000
<v Speaker 1>a big dead Kennedy's But I used to listen to

0:14:01.880 --> 0:14:05.839
<v Speaker 1>um Jello Biafrau talk about his social justice concerns and

0:14:05.920 --> 0:14:07.960
<v Speaker 1>this was one of them. You know that the world

0:14:08.120 --> 0:14:10.760
<v Speaker 1>was going to be increasingly controlled by a smaller number

0:14:10.800 --> 0:14:15.000
<v Speaker 1>of consolidating companies. And to me, this story boils down

0:14:15.160 --> 0:14:19.280
<v Speaker 1>to three um important data points. Number One, the top

0:14:19.400 --> 0:14:22.760
<v Speaker 1>fifty companies in the world are now worth twenty eight

0:14:22.880 --> 0:14:26.480
<v Speaker 1>percent of global GDP. Thirty years ago, they were less

0:14:26.480 --> 0:14:30.160
<v Speaker 1>than five percent of global global GDP. Number two, UM,

0:14:30.280 --> 0:14:34.840
<v Speaker 1>they're not spending as much money creating jobs. Thirty years ago,

0:14:35.000 --> 0:14:37.400
<v Speaker 1>they were spending nine percent of revenue on capex. Now

0:14:37.480 --> 0:14:40.760
<v Speaker 1>it's three percent of revenue on capex. And number three,

0:14:40.880 --> 0:14:44.640
<v Speaker 1>they're not paying um as much in taxes not nearly

0:14:44.640 --> 0:14:46.400
<v Speaker 1>as much as tax in taxes as they used to.

0:14:46.520 --> 0:14:48.520
<v Speaker 1>I think thirty years ago it was like thirty five percent,

0:14:48.600 --> 0:14:53.640
<v Speaker 1>now at seventent. So I just think, Um, the interesting

0:14:53.720 --> 0:14:57.400
<v Speaker 1>question raised by this article, which I obviously loved Tom

0:14:57.480 --> 0:15:00.320
<v Speaker 1>by the way, is, um, what our government it's going

0:15:00.400 --> 0:15:03.520
<v Speaker 1>to do about it? I mean, are you gonna try

0:15:03.560 --> 0:15:06.400
<v Speaker 1>and raise taxes in a global way, which we can

0:15:06.440 --> 0:15:09.880
<v Speaker 1>see is difficult and maybe not even fair. It kind

0:15:09.880 --> 0:15:12.320
<v Speaker 1>of destroys the idea of competition. Are you going to

0:15:12.360 --> 0:15:14.800
<v Speaker 1>try and break up these companies because they're too big?

0:15:14.920 --> 0:15:18.720
<v Speaker 1>Are they you know, have they become oligopolies in some way?

0:15:18.760 --> 0:15:20.720
<v Speaker 1>I mean, what what? What? What do you think the

0:15:20.800 --> 0:15:23.480
<v Speaker 1>governments are going to try and do about it? Yeah,

0:15:23.520 --> 0:15:26.000
<v Speaker 1>I think that's a that's a great question. Um. And

0:15:26.160 --> 0:15:28.360
<v Speaker 1>if you think about sort of the grand sweep of

0:15:29.000 --> 0:15:33.560
<v Speaker 1>economic history for the last fifty years or so, there

0:15:33.680 --> 0:15:36.920
<v Speaker 1>was this moment at the beginning of the the Reagan

0:15:37.040 --> 0:15:41.360
<v Speaker 1>Revolution in the US, the Thatcher Revolution um in the UK,

0:15:42.240 --> 0:15:46.920
<v Speaker 1>which really tilted the playing field in favor of corporations

0:15:47.440 --> 0:15:50.440
<v Speaker 1>and against workers, right, And that was the kind of

0:15:50.640 --> 0:15:54.960
<v Speaker 1>the beginning of this this trend towards bigger and bigger firms,

0:15:55.600 --> 0:15:59.280
<v Speaker 1>paying smaller and smaller amounts in taxes and keeping more

0:15:59.360 --> 0:16:02.600
<v Speaker 1>and more profits. It's for their owners. Um. So the

0:16:02.720 --> 0:16:07.480
<v Speaker 1>question is has the pendulum swung too far? How are

0:16:07.600 --> 0:16:10.400
<v Speaker 1>we now at a moment when policy is going to

0:16:10.480 --> 0:16:14.720
<v Speaker 1>start shifting back in favor of in favor of workers,

0:16:15.560 --> 0:16:18.720
<v Speaker 1>in favor of greater competition. And there are some signs

0:16:18.800 --> 0:16:22.400
<v Speaker 1>that that's happening. Right. We've got the Biden administration talking

0:16:22.480 --> 0:16:26.880
<v Speaker 1>about a global minimum tax. Um. We've got different bits

0:16:26.960 --> 0:16:29.920
<v Speaker 1>of the US government taking aim at some of the

0:16:30.080 --> 0:16:35.240
<v Speaker 1>big tech platform companies saying you're operating in an unfair way. Um.

0:16:35.640 --> 0:16:39.120
<v Speaker 1>And globally, we've got China taking a swing at some

0:16:39.280 --> 0:16:43.240
<v Speaker 1>of its big tech champions, companies like Ali, Baba, ten

0:16:43.400 --> 0:16:47.200
<v Speaker 1>Cent and ma uanum So. I mean, who knows. The

0:16:47.320 --> 0:16:51.200
<v Speaker 1>corporate lobby is obviously incredibly powerful. And these films are

0:16:51.200 --> 0:16:54.920
<v Speaker 1>also big because they're providing things which add value. Right,

0:16:55.120 --> 0:16:57.480
<v Speaker 1>I like my iPhone, I like being able to order

0:16:57.560 --> 0:17:01.960
<v Speaker 1>things on Amazon. But there are some indications beginning of

0:17:02.040 --> 0:17:05.000
<v Speaker 1>a pushback. So true, we want our stuff. We still

0:17:05.040 --> 0:17:09.000
<v Speaker 1>want our stuff, right, Yeah, we want our stuff. I mean,

0:17:09.040 --> 0:17:12.480
<v Speaker 1>who could imagine living through the pandemic without the benefits

0:17:12.520 --> 0:17:16.280
<v Speaker 1>of ordering on Amazon here or Ali Baba in China,

0:17:16.760 --> 0:17:21.160
<v Speaker 1>who could do their job without searching for information using Google.

0:17:21.320 --> 0:17:23.600
<v Speaker 1>I mean, right, there's a reason Google has become a

0:17:23.760 --> 0:17:27.680
<v Speaker 1>verb is because it's an incredibly valuable service. Um. So,

0:17:28.440 --> 0:17:30.600
<v Speaker 1>even as we think about some of the costs of

0:17:30.680 --> 0:17:34.520
<v Speaker 1>these superstar firms, we also need to remember that they're

0:17:34.560 --> 0:17:37.600
<v Speaker 1>superstars for a reason, right, They are providing goods and

0:17:37.720 --> 0:17:41.920
<v Speaker 1>services that people really value. So, Tom, I think you know,

0:17:42.080 --> 0:17:45.080
<v Speaker 1>right now we have the Biden administration proposing a kind

0:17:45.080 --> 0:17:48.960
<v Speaker 1>of minimum tax and maybe taxing foreign profits and things

0:17:49.000 --> 0:17:51.760
<v Speaker 1>like that. Is taxation one of the areas that can

0:17:51.880 --> 0:17:56.640
<v Speaker 1>maybe be addressed most quickly or in the nearest term. Yeah,

0:17:56.760 --> 0:17:59.520
<v Speaker 1>So there was this there was this striking presentation by

0:17:59.600 --> 0:18:03.239
<v Speaker 1>this academic at Davos a couple of years ago. UM

0:18:03.440 --> 0:18:06.359
<v Speaker 1>Davos of course the sort of the main gathering point

0:18:06.480 --> 0:18:10.080
<v Speaker 1>for the world corporate elite, and this academic came in

0:18:10.200 --> 0:18:12.240
<v Speaker 1>and said, you know what, if we're going to talk

0:18:12.240 --> 0:18:16.040
<v Speaker 1>about inequality, we need to talk about tax. If we

0:18:16.160 --> 0:18:19.160
<v Speaker 1>try and have a discussion about inequality without talking about

0:18:19.280 --> 0:18:22.359
<v Speaker 1>tax it's like we're having a discussion about putting out

0:18:22.400 --> 0:18:27.040
<v Speaker 1>a fire. Without talking about water. UM. The tax really

0:18:27.119 --> 0:18:29.960
<v Speaker 1>has to be at the heart of this. UM. Taxes

0:18:30.000 --> 0:18:33.639
<v Speaker 1>on corporations. UM. That's a challenge for any country in

0:18:33.720 --> 0:18:37.040
<v Speaker 1>the world. UM. And of course, as the Biden administration

0:18:37.200 --> 0:18:40.760
<v Speaker 1>is now discovering, if you try and do something globally,

0:18:40.920 --> 0:18:43.119
<v Speaker 1>if you try and say, you know what, we need

0:18:43.200 --> 0:18:48.399
<v Speaker 1>a global minimum to prevent companies shifting profits around to

0:18:48.680 --> 0:18:52.560
<v Speaker 1>dodge paying taxes in the place where they're actually doing business, well,

0:18:52.600 --> 0:18:56.399
<v Speaker 1>that's an even harder discussion. Yeah. Absolutely, especially when you

0:18:56.480 --> 0:18:59.280
<v Speaker 1>have you know, a country like Ireland who only charges

0:18:59.320 --> 0:19:03.199
<v Speaker 1>twelve percent UM and they're happy with it like that. Um,

0:19:03.359 --> 0:19:06.240
<v Speaker 1>they want they want Apple and Google they're paying their

0:19:06.240 --> 0:19:09.240
<v Speaker 1>twelve You gotta guess they make a lot of money

0:19:09.600 --> 0:19:11.920
<v Speaker 1>with that as well. But it's a longer conversation. Tom,

0:19:11.920 --> 0:19:13.720
<v Speaker 1>thanks so much for joining us. Tom or like there

0:19:14.080 --> 0:19:16.679
<v Speaker 1>with his look at our big take, This is Bloomberg.

0:19:20.080 --> 0:19:22.679
<v Speaker 1>I want to get over right now to Kyle Stock

0:19:22.840 --> 0:19:26.080
<v Speaker 1>and just quickly wrap up something that's been obsessing me

0:19:26.240 --> 0:19:30.400
<v Speaker 1>of late, and that is the Ford F one Lightning.

0:19:30.760 --> 0:19:33.800
<v Speaker 1>We first saw the electric pickup truck, I think almost

0:19:33.840 --> 0:19:35.760
<v Speaker 1>by accident when Joe Biden was hanging out at the

0:19:35.840 --> 0:19:40.440
<v Speaker 1>rouge on Wednesday, and I was underwhelmed. But the more

0:19:40.640 --> 0:19:43.920
<v Speaker 1>I look at it, the more stoked I'm getting for

0:19:44.040 --> 0:19:49.200
<v Speaker 1>this electric truck. And it's got huge ramifications for um,

0:19:49.440 --> 0:19:51.359
<v Speaker 1>you know, the entire industry. So Kyle, what do you

0:19:51.440 --> 0:19:57.560
<v Speaker 1>think about it? Yeah, big vehicle for them and everyone.

0:19:58.040 --> 0:20:00.200
<v Speaker 1>For me, it comes down to two things, whichever else

0:20:00.320 --> 0:20:03.720
<v Speaker 1>is talking about. Two is the price, which is shockingly low.

0:20:04.440 --> 0:20:07.840
<v Speaker 1>Starts at forty grand or less. Yeah, and who knows

0:20:07.880 --> 0:20:09.920
<v Speaker 1>how bare bones that one's going to be. But in

0:20:10.160 --> 0:20:13.639
<v Speaker 1>terms of to get in like that's cheaper than the

0:20:13.800 --> 0:20:17.760
<v Speaker 1>new electric Mustang that's you know, after incentives, it's comparable

0:20:17.840 --> 0:20:21.720
<v Speaker 1>with the regular of one. So everyone was surprised about

0:20:21.920 --> 0:20:25.359
<v Speaker 1>that count me as well. And then um, the front,

0:20:26.400 --> 0:20:30.480
<v Speaker 1>the huge it's joking trunk up front, which is just

0:20:31.080 --> 0:20:33.400
<v Speaker 1>brilliant because normally would have to hold a six point

0:20:33.440 --> 0:20:35.359
<v Speaker 1>two later v eight and now it's got nothing in

0:20:35.440 --> 0:20:39.560
<v Speaker 1>there and coolant and spark plugs and all the other

0:20:39.680 --> 0:20:41.560
<v Speaker 1>things that they don't need to worry about now. So

0:20:42.800 --> 0:20:47.040
<v Speaker 1>what I love is that, um, if my power fails

0:20:47.280 --> 0:20:52.200
<v Speaker 1>in some sort of armageddon um or you know, zombie situation,

0:20:52.800 --> 0:20:56.200
<v Speaker 1>this truck can power my house Paul or yours or

0:20:56.359 --> 0:21:02.840
<v Speaker 1>if we live together our house for three days, that's awesome. Yeah, Kyle,

0:21:03.080 --> 0:21:05.680
<v Speaker 1>is this I mean, I mean for the US market,

0:21:05.720 --> 0:21:08.040
<v Speaker 1>it seems to me this U S market doesn't go

0:21:08.160 --> 0:21:11.760
<v Speaker 1>electric until the four electric. I mean that's kind of

0:21:11.800 --> 0:21:13.159
<v Speaker 1>how I feel about it. This is it could be

0:21:13.160 --> 0:21:16.240
<v Speaker 1>a big, big moment. Well that's what's crazy about this.

0:21:16.320 --> 0:21:19.160
<v Speaker 1>I mean everyone's talking about how it, you know, competes

0:21:19.160 --> 0:21:22.600
<v Speaker 1>against other trucks, but honestly, like this thing is going

0:21:22.640 --> 0:21:25.000
<v Speaker 1>to compete against the Honda Accord, it's going to compete

0:21:25.040 --> 0:21:28.760
<v Speaker 1>against everything because there's really you know, there's no guilt anymore.

0:21:29.680 --> 0:21:33.200
<v Speaker 1>Um And I think most people have like a a

0:21:33.320 --> 0:21:37.240
<v Speaker 1>little bit of a secret truck fetish. So my mom

0:21:37.359 --> 0:21:41.600
<v Speaker 1>wants one badly, and as we know, she's right about

0:21:41.600 --> 0:21:45.200
<v Speaker 1>almost everything. I will say, we uh, my wife also

0:21:45.400 --> 0:21:47.240
<v Speaker 1>wants a truck. And it's like a different truck every

0:21:47.240 --> 0:21:50.800
<v Speaker 1>couple of days because Kyle does these Instagram reviews of

0:21:50.920 --> 0:21:54.359
<v Speaker 1>whatever cool vehicle he's driving, and she follows him and

0:21:54.400 --> 0:21:56.480
<v Speaker 1>then she'll he'll do like a review of the Defender,

0:21:56.840 --> 0:21:58.760
<v Speaker 1>and then she'll send me his review and be like,

0:21:58.880 --> 0:22:00.680
<v Speaker 1>we have to get the Defend or look what Kyle

0:22:00.760 --> 0:22:03.840
<v Speaker 1>did on The Defender, so I recommend you follow Kyle

0:22:03.920 --> 0:22:06.280
<v Speaker 1>Stock on Instagram to check out his work. You can

0:22:06.320 --> 0:22:11.160
<v Speaker 1>also get his stories on the Bloomberg terminal. This is Bloomberg.

0:22:11.760 --> 0:22:14.840
<v Speaker 1>Thanks for listening to the Bloomberg Markets podcast. You can

0:22:14.880 --> 0:22:18.639
<v Speaker 1>subscribe and listen to interviews of Apple Podcasts or whatever

0:22:18.760 --> 0:22:22.399
<v Speaker 1>podcast platform you prefer. I'm Matt Miller. I'm on Twitter

0:22:22.680 --> 0:22:26.480
<v Speaker 1>at Matt Miller three. On Fall Sweeney, I'm on Twitter

0:22:26.560 --> 0:22:29.400
<v Speaker 1>at pt Sweeney Before the podcast, you can always catch

0:22:29.480 --> 0:22:30.080
<v Speaker 1>us worldwide