WEBVTT - Preventative Health Programs for Fighting Covid-19

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<v Speaker 1>This is Bloomberg Business Week. I'm Carol Masser. Every day

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<v Speaker 1>watch us too on YouTube by searching Bloomberg Global News

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<v Speaker 1>New York City with checkpoints around the Thanksgiving holiday. We've

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<v Speaker 1>also heard the World Health Organization come out and say

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<v Speaker 1>that people will probably have to take precautions against COVID

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<v Speaker 1>nineteam for the next year as countries continue to vaccinate

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<v Speaker 1>and UH and and actually needs some time to vaccinate

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<v Speaker 1>their population. So just some of our headlines on this Tuesday.

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<v Speaker 1>Let's bring in though, with an interesting perspective on really

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<v Speaker 1>our whole wellness situation, if you will, against the pandemic.

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<v Speaker 1>Let's bring in Dr Rachel Do. She's Board certified doctor

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<v Speaker 1>of Natural Medicine and she's also the CEO of Moody house,

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<v Speaker 1>she joins us on the phone in Los Angeles. Dr Do,

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<v Speaker 1>nice to have you here with us UM. How are

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<v Speaker 1>you What is your world been like on the West

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<v Speaker 1>Coast and and and especially with just some of your patients. Hi, Carol, Well,

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<v Speaker 1>thank you so much for having me on UM. It

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<v Speaker 1>has certainly been UM an interesting season, right, So we

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<v Speaker 1>are all having to make so many adjustments and transitions,

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<v Speaker 1>not just in how we care for patients, but also

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<v Speaker 1>how we care for ourselves in this time. So we're

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<v Speaker 1>seeing a lot of those adjustments and the needs to

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<v Speaker 1>be more flexible and to really take personal accountability. What

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<v Speaker 1>does that mean? They'll break it down. So if I'm

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<v Speaker 1>a patient, I'm listening to that, I'm sitting at home

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<v Speaker 1>and I've got stresses of working, I've got stresses of

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<v Speaker 1>taking care of my family. What are you telling me? Absolutely? So, Look,

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<v Speaker 1>you know this pandemic, we have the concerns around catching

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<v Speaker 1>COVID nineteen, we have that, but also the pandemic has

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<v Speaker 1>really caused an uptick in many other health crisis right

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<v Speaker 1>from mental health and emotional health to physical health, everything

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<v Speaker 1>from injuries, illness, and chronic disease. And you know this

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<v Speaker 1>is really due to patients avoiding in person care due

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<v Speaker 1>to safety concerns and putting off treatments and things like that. Right,

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<v Speaker 1>So tele medicine has been providing a solution to meet

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<v Speaker 1>these concerns, and now Telly Care is really easier and

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<v Speaker 1>safer to access in order to get that continued care. Right. So,

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<v Speaker 1>we're seeing this as a major shift that that we've taken,

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<v Speaker 1>we've needed to take in order to care for ourselves

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<v Speaker 1>and also practitioners needing to care for their patients. But

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<v Speaker 1>what we also see is that the need is greater

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<v Speaker 1>now more than ever for a whole person care approach,

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<v Speaker 1>really an integrative approach, and that really includes not only

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<v Speaker 1>traditional health care prevention, but also well being. Well We're said,

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<v Speaker 1>and I'm going to be quite honest with you, You're

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<v Speaker 1>you're preaching to the choir, because I'm someone who certainly

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<v Speaker 1>believes in kind of that holistic approach when it comes

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<v Speaker 1>to health care, having done yoga for years and you know,

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<v Speaker 1>believe in meditation and things like that, that you really

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<v Speaker 1>do need to take care of your whole being. It's

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<v Speaker 1>just not physically, you know, it's not just about physical ailments,

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<v Speaker 1>but it's also about mental well being, And I do wonder,

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<v Speaker 1>you know, is there something about this time of crisis

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<v Speaker 1>and it's conversations that I've had to be quite honest

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<v Speaker 1>with a bunch of my guests about are we looking at,

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<v Speaker 1>you know, our health very differently. Will we come out

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<v Speaker 1>of it being smarter in terms of preventive health and

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<v Speaker 1>and thinking about kind of holistic care when it comes

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<v Speaker 1>to our well being? Absolutely, and I think that that's

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<v Speaker 1>one of the positive set's coming out of this pandemic

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<v Speaker 1>what we're seeing. So at Moldi Health, we're the only

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<v Speaker 1>hell of medicine and hell a wellness integrated platform in industry.

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<v Speaker 1>What does that mean because there's lots of tele medicine

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<v Speaker 1>out there. We've been talking about We just off with

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<v Speaker 1>Susan Lan yesterday. She's a venture capitalist saying, you know,

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<v Speaker 1>that's one of the things that all of a sudden

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<v Speaker 1>it has just taken off. So tell me about what

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<v Speaker 1>that means that integrative platform. Sure. Absolutely so. While there

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<v Speaker 1>are many telemedicine platforms out there, and there's a lot

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<v Speaker 1>of wellness platforms out there, like health clubs are moving

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<v Speaker 1>classes and yoga as you mentioned, are moving classes online,

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<v Speaker 1>there's really no marriage between the two of this holistic

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<v Speaker 1>care and traditional care. So Moody Health on our integrative platform,

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<v Speaker 1>we offer access to virtual care with both traditional medical

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<v Speaker 1>practitioners as well as complementary, alternative and natural and then

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<v Speaker 1>also wellness things like mental health practitioners, life coaches, fitness instructor, nutritionists,

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<v Speaker 1>all of those different types of needs under one virtual

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<v Speaker 1>roof to be accessed. And I think that that's what's

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<v Speaker 1>critical right now and we're seeing at Moody Health so

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<v Speaker 1>many people are focusing on wellness and prevention through a

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<v Speaker 1>more fulistic approach or a whole person approach to help.

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<v Speaker 1>And so people that are coming to our platform are

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<v Speaker 1>really concerned about being as healthy and also as resilient

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<v Speaker 1>as possible. Well well, who, well, who is your demo?

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<v Speaker 1>Who comes to your platform? Every person you can possibly imagine.

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<v Speaker 1>So we have, you know, all different types of care

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<v Speaker 1>available for people that are younger demographic millennials, we have

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<v Speaker 1>baby boomers and everything in between. Really, the pandemic has

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<v Speaker 1>created this massive need to shift and begin using online

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<v Speaker 1>platforms to access care. So it's really invited people that

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<v Speaker 1>may not have considered doing that type of care before. Um,

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<v Speaker 1>it's really invited them into using and experiencing the ease

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<v Speaker 1>and safety of telecare. UM, I totally get what you

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<v Speaker 1>guys are doing, and I do think when it comes

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<v Speaker 1>to health care, we do need to think about kind

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<v Speaker 1>of top to bottom, you know, all the layers that

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<v Speaker 1>make up a person's well being, right, And there's different

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<v Speaker 1>forms of treatment. There's certainly, you know, traditional medicine, there's

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<v Speaker 1>you know, evolving medicine. There's just different things that are

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<v Speaker 1>out there, and you really do feel like it's maybe

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<v Speaker 1>not one person but multiple people who really have to

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<v Speaker 1>look at someone and say, Okay, here's here's the here's

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<v Speaker 1>the full picture, right, and here's the different things you

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<v Speaker 1>can be doing. Having said that, I do feel like

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<v Speaker 1>kind of newer waves of thinking or newer ways of

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<v Speaker 1>thinking when it comes to healthcare. Your traditional insurance companies

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<v Speaker 1>aren't so great to embrace it, at least not so quickly.

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<v Speaker 1>So where are we on that? Absolutely? I am so

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<v Speaker 1>glad that you brought this up. It's it's something that

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<v Speaker 1>I'm hugely passionate about. So we have a unique approach

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<v Speaker 1>at multi Health since we are founded by practitioners and

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<v Speaker 1>we really believe that patient care needs to shift. The

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<v Speaker 1>patient care should be dictated by doctors, not health insurance companies.

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<v Speaker 1>And right now, most holistic or alternative care, as you mentioned,

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<v Speaker 1>is out of talkt which not only limits access, but

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<v Speaker 1>it really restricts access to those who are unable to

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<v Speaker 1>afford that kind of care out of talket. So at

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<v Speaker 1>Motive Health we've addressed that by making consolts more affordable.

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<v Speaker 1>But as we're shifting and as we are seeing this

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<v Speaker 1>whole person care approach, and we're seeing so much more

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<v Speaker 1>research and data that is pointing to the future of health,

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<v Speaker 1>including that type of full person care. With the future

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<v Speaker 1>of health insurance reimbursements, there's a huge market demand and

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<v Speaker 1>that's only going to continue to grow. So insurance companies

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<v Speaker 1>will eventually need to address this by increasing wellness care

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<v Speaker 1>and complementary and alternative care coverage and also reimbursement. So

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<v Speaker 1>we need to shift the focus on people, keeping people

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<v Speaker 1>well versus just treating health crises and problems once they arrive.

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<v Speaker 1>So how do we do that? I mean, if anything,

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<v Speaker 1>the pandemic has an earth uh and laid bare once

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<v Speaker 1>again is the inequities that are out there right and

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<v Speaker 1>it's it's easy, maybe for some of us to say, okay,

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<v Speaker 1>I can focus on well care, right, Uh, wellness care

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<v Speaker 1>because I've got the time, I've got employers who understand

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<v Speaker 1>I've got a great health care plan. There are those

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<v Speaker 1>folks who are just trying to you know, pay the

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<v Speaker 1>rent and keep food on their table for their families,

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<v Speaker 1>and you know, health care is often a emergency situation,

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<v Speaker 1>if you will, and that's really important if we're going

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<v Speaker 1>to raise the wellness of society. So how do we

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<v Speaker 1>deal with that which is so important? Right? I mean,

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<v Speaker 1>we keep doing things that you know, people who are

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<v Speaker 1>already in a good place get to kind of top into.

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<v Speaker 1>But it's if we're gonna if we're gonna learn anything

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<v Speaker 1>from this past year, right, is figuring it out how

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<v Speaker 1>more people get to benefit from the successes of society.

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<v Speaker 1>I completely agree with you. It's such a critical point.

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<v Speaker 1>I mean, we're really seeing this shift when it comes

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<v Speaker 1>to wellness and preventative and alternative care. We're seeing that

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<v Speaker 1>it's becoming only accessible by the wealthy. So it's becoming,

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<v Speaker 1>you know, a social level of achievement to be able

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<v Speaker 1>to access. But we've got to make this type of

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<v Speaker 1>not only care, but life healthy lifestyle choices and options

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<v Speaker 1>more affordable and accessible to the masses, and you know,

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<v Speaker 1>I mean that's something we're really passionate about and we

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<v Speaker 1>worked really hard to a motive health to do, you know,

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<v Speaker 1>not only by making you know, consoles more affordable to

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<v Speaker 1>live virtual care, but we've we've come up with some

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<v Speaker 1>creative solutions and really it's going to take all of

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<v Speaker 1>us doing you know, putting our minds towards creative we're

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<v Speaker 1>solving this problem. So you know, what we've done is

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<v Speaker 1>we've created a health streaming service. So where someone might

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<v Speaker 1>not be able to afford meeting with a nutritionist or

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<v Speaker 1>a personal trainer or a health coach for example, um,

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<v Speaker 1>they might be able to afford a nine dollar you know,

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<v Speaker 1>a month virtual streaming service that gives them access to

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<v Speaker 1>all different types of health and wellness classes and health

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<v Speaker 1>education and fitness classes. So it's really about getting creative

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<v Speaker 1>in order to solve this, right, which is what it's

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<v Speaker 1>going to take. You know. It's interesting the Bloomberg New

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<v Speaker 1>Economy Forum was just held virtually with global leaders and

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<v Speaker 1>one of the verticals, one of the pillars, is all

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<v Speaker 1>about health and this whole concept of you know, how

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<v Speaker 1>do we learn from what happened this year in terms

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<v Speaker 1>of the virus, But more importantly too, is how do

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<v Speaker 1>we fix some of those elements, whether it's heart disease,

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<v Speaker 1>whether it's a lung disease, whether it's cancer that you

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<v Speaker 1>know certainly has an impact on people generally, but also

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<v Speaker 1>holds back society from being even more prosperous uh than

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<v Speaker 1>it could be. So um, these are good conversations to have,

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<v Speaker 1>Dr Do. Thank you so much, UM, good luck and

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<v Speaker 1>want to you know, we'd love to hear back from

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<v Speaker 1>you as you guys can continue to proceed with what

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<v Speaker 1>you're doing. Dr Rachel Do she is Board certified doctor

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<v Speaker 1>of Natural Medicine. She is CEO of Moldy Health. Joining

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<v Speaker 1>us on this Tuesday on the phone from Los Angeles.

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer from Bloomberg Radio.

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<v Speaker 1>Safe to say, there are many heroes that have stepped

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<v Speaker 1>up during this global health pandemic, and that includes this

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<v Speaker 1>really cool story about a small army of data gathering

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<v Speaker 1>gatherers and most of them are volunteers and they have

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<v Speaker 1>become perhaps the most trusted source on how the pandemic

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<v Speaker 1>is unfolding in the US. Let's get into this story

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<v Speaker 1>with Bloomberg Business Week editor Joel Webber. He's on the

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<v Speaker 1>phone in Brooklyn along with Bloomberg News US Healthcare team

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<v Speaker 1>leader Drew Armstrong, reporting once again for a Business Week

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<v Speaker 1>Drew with another incredible story, Joel. Yeah, we like to

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<v Speaker 1>keep Drew busy. I hope to have many more Drew

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<v Speaker 1>Armstrong stories in our future. Um. This is one that um,

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<v Speaker 1>he came to us with and and as we started

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<v Speaker 1>talking about it, I was like, Wow, this is actually

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<v Speaker 1>just a great story for the moment because these are

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<v Speaker 1>basically data heroes, UM. And we're talking about the people

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<v Speaker 1>behind the COVID tracking project. And at the beginning of

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<v Speaker 1>the year, we didn't have any data about how many

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<v Speaker 1>cases there were, and you would have expected the federal

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<v Speaker 1>government to fill that void, and federal government still not there,

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<v Speaker 1>and these folks have just kind of kept it going. UM.

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<v Speaker 1>So Drew, tell us more about who they are, what

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<v Speaker 1>they do, and and you know, I want to know

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<v Speaker 1>more because you also did some of this data entry yourself. Actually, yeah,

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<v Speaker 1>you know, it was a fascinating story to work on,

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<v Speaker 1>in part because I think that it really revealed some

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<v Speaker 1>of the weaknesses with this country. UM. And and its

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<v Speaker 1>ability to react to an unknown crisis. You look at

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<v Speaker 1>disease agencies like the CDC, which I have to say

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<v Speaker 1>are full of very kind, very smart people trying very

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<v Speaker 1>very hard, but when they were confronted with this kind

0:12:45.440 --> 0:12:49.240
<v Speaker 1>of new, unknown disease, it showed us how bad we

0:12:49.280 --> 0:12:51.640
<v Speaker 1>actually were at being able to find out what was

0:12:51.679 --> 0:12:54.199
<v Speaker 1>going on in the country. And this project was basically

0:12:54.200 --> 0:12:57.679
<v Speaker 1>an effort to try and answer the question of how

0:12:57.720 --> 0:13:01.040
<v Speaker 1>hard are we looking for covid um and this was

0:13:01.080 --> 0:13:03.600
<v Speaker 1>back in early March, and how much of it are

0:13:03.640 --> 0:13:07.520
<v Speaker 1>we finding? And what they began to discover as they

0:13:07.640 --> 0:13:10.520
<v Speaker 1>did the really gritty work of just calling around states

0:13:10.520 --> 0:13:12.920
<v Speaker 1>and scraping state websites and pulling data from states is

0:13:13.000 --> 0:13:15.840
<v Speaker 1>that we weren't looking for it nearly as hard as

0:13:15.880 --> 0:13:17.880
<v Speaker 1>we thought we were, and we didn't really have a

0:13:17.920 --> 0:13:22.840
<v Speaker 1>great grip on how big the outbreak was or wasn't um.

0:13:22.880 --> 0:13:25.600
<v Speaker 1>It's then evolved into this thing which is a very authoritative,

0:13:25.840 --> 0:13:30.240
<v Speaker 1>authoritative source of statistics on how covid is spreading, where

0:13:30.280 --> 0:13:33.199
<v Speaker 1>hospitals are, what's the death count of and things like that.

0:13:33.360 --> 0:13:35.800
<v Speaker 1>But at the start, it was just fundamentally about asking,

0:13:35.880 --> 0:13:37.960
<v Speaker 1>you know, what's going on and are and are we

0:13:38.000 --> 0:13:40.240
<v Speaker 1>finding as much of the stuff is actually there? Well,

0:13:40.320 --> 0:13:42.240
<v Speaker 1>drewe I gotta say, as we all kind of pat

0:13:42.280 --> 0:13:44.160
<v Speaker 1>ourselves on our back, you know, enter a couple of

0:13:44.240 --> 0:13:51.120
<v Speaker 1>journalists and then a really other smart investor. Basically, yeah,

0:13:51.160 --> 0:13:53.480
<v Speaker 1>you know, the one thing I will say with these

0:13:53.520 --> 0:13:56.079
<v Speaker 1>folks UM, and you mentioned there's there's a handful of

0:13:56.160 --> 0:13:59.040
<v Speaker 1>journalists Alexis Madrigal and Robinson Myra for The Atlantic, who

0:13:59.040 --> 0:14:02.439
<v Speaker 1>are kind of started a version of this. UM. One

0:14:02.480 --> 0:14:06.040
<v Speaker 1>of Alexis is college friends with this guy, Jeff Hammerbockers

0:14:06.080 --> 0:14:09.040
<v Speaker 1>actually started the data team at Facebook, and they teamed

0:14:09.120 --> 0:14:12.720
<v Speaker 1>up with UM, a woman named Aaron Cassine who essentially

0:14:12.800 --> 0:14:15.600
<v Speaker 1>is a you know, her job title kind of defies description,

0:14:15.640 --> 0:14:18.920
<v Speaker 1>but she builds communities and works with tech tools and journalism.

0:14:19.640 --> 0:14:24.640
<v Speaker 1>And what they eventually pulled together was a a kind

0:14:24.640 --> 0:14:26.960
<v Speaker 1>of a basically just a Google sheet to go and

0:14:27.000 --> 0:14:30.160
<v Speaker 1>start answering these questions and cataloging these data. But it

0:14:30.200 --> 0:14:35.480
<v Speaker 1>took this really unique combination of curious journalists, UM, some

0:14:35.600 --> 0:14:39.680
<v Speaker 1>serious data and numbers talent, and somebody who could help

0:14:39.800 --> 0:14:42.840
<v Speaker 1>build the communities they had. And the community is something

0:14:42.920 --> 0:14:44.960
<v Speaker 1>that they emphasized over and over again. This thing is

0:14:45.040 --> 0:14:49.160
<v Speaker 1>powered by volunteers, people who show up into their black room,

0:14:49.640 --> 0:14:53.720
<v Speaker 1>the only place this organization exists, and do the hard

0:14:53.800 --> 0:14:56.520
<v Speaker 1>work of going to state websites and pulling this data

0:14:56.600 --> 0:14:59.680
<v Speaker 1>every single day. And it's just a lot of work

0:14:59.720 --> 0:15:01.360
<v Speaker 1>to be able to pull this together. But they've been

0:15:01.360 --> 0:15:04.720
<v Speaker 1>doing it for nine months. Um. It's amazing that they

0:15:04.800 --> 0:15:08.120
<v Speaker 1>built this kind of volunteer powered engine to do this

0:15:08.160 --> 0:15:12.720
<v Speaker 1>stuff that's basically data gathering, day in, day out, UM,

0:15:12.760 --> 0:15:16.520
<v Speaker 1>to better understand this pandemic and bring some sense to it. Andrew,

0:15:16.560 --> 0:15:19.200
<v Speaker 1>you raised your hand to actually help enter some data.

0:15:19.240 --> 0:15:22.560
<v Speaker 1>How did that go? You know? This was wonderful of them.

0:15:22.600 --> 0:15:24.840
<v Speaker 1>They really trusted me, and they said, we want you

0:15:24.880 --> 0:15:27.840
<v Speaker 1>to understand, you know, both what we do, how we

0:15:27.920 --> 0:15:30.640
<v Speaker 1>do it, and alter the culture that is behind this

0:15:30.680 --> 0:15:33.040
<v Speaker 1>whole thing in the volunteer effort. So they invited me

0:15:33.080 --> 0:15:35.480
<v Speaker 1>into their slack. They put me through a data gathering

0:15:35.520 --> 0:15:37.760
<v Speaker 1>training that they did that everybody else. I was on

0:15:37.800 --> 0:15:39.960
<v Speaker 1>a zoom call with lots of other people around America,

0:15:40.040 --> 0:15:43.560
<v Speaker 1>you know, seeing everybody's living room behind their computer camera,

0:15:43.720 --> 0:15:45.920
<v Speaker 1>just like I was. They taught me how to go

0:15:45.960 --> 0:15:48.440
<v Speaker 1>through their process and I worked a data gathering shift,

0:15:48.600 --> 0:15:54.640
<v Speaker 1>um you know, entering everything from the hospitalization data in Maine, um,

0:15:54.640 --> 0:15:56.200
<v Speaker 1>you know, to what was going on to some other states.

0:15:56.560 --> 0:15:58.480
<v Speaker 1>One of the things you realize when you do this

0:15:58.560 --> 0:16:01.640
<v Speaker 1>work is just how just pointed that David gathering system

0:16:01.720 --> 0:16:04.680
<v Speaker 1>is some states have wonderful portals that has you know,

0:16:04.760 --> 0:16:08.160
<v Speaker 1>updated every day. The definitions of what counts as a test,

0:16:08.280 --> 0:16:10.520
<v Speaker 1>as a positive, go, and so forth are very clear.

0:16:10.840 --> 0:16:13.360
<v Speaker 1>Others are not at all. I mean Hawaii, when I

0:16:13.400 --> 0:16:15.200
<v Speaker 1>was doing this, the place you had to go to

0:16:15.240 --> 0:16:17.440
<v Speaker 1>get the number of hospitalizations in the state was the

0:16:17.680 --> 0:16:20.640
<v Speaker 1>tenant governor's Instagram account, which, when you think about a

0:16:20.680 --> 0:16:23.000
<v Speaker 1>country and that's been singing like that is not where

0:16:23.040 --> 0:16:24.840
<v Speaker 1>you should be getting this type of public health data.

0:16:26.400 --> 0:16:28.160
<v Speaker 1>So do I also, let's just stay on the data

0:16:28.200 --> 0:16:29.880
<v Speaker 1>for a second, because I think one of the things

0:16:29.880 --> 0:16:31.960
<v Speaker 1>that they've also sort of done that you you kind

0:16:32.000 --> 0:16:34.160
<v Speaker 1>of talk about in the story is that they've actually

0:16:34.160 --> 0:16:38.640
<v Speaker 1>sort of effectively helps standardize what the data is even.

0:16:38.840 --> 0:16:41.320
<v Speaker 1>Can you talk more about about that element of the

0:16:41.640 --> 0:16:44.400
<v Speaker 1>story and the effort. Yeah, you know, one of the

0:16:44.440 --> 0:16:47.040
<v Speaker 1>things that is really really really important that I think

0:16:47.160 --> 0:16:50.160
<v Speaker 1>is hard to appreciate until you've tried to make sense

0:16:50.400 --> 0:16:53.720
<v Speaker 1>of medical data, is that it's vitally important that you

0:16:53.800 --> 0:16:57.760
<v Speaker 1>have kind of standard definitions for what stuff is, so

0:16:57.840 --> 0:17:02.320
<v Speaker 1>that a, you know, a test means a certain kind

0:17:02.360 --> 0:17:04.960
<v Speaker 1>of test, or do you separate out the different types

0:17:05.000 --> 0:17:07.840
<v Speaker 1>of COVID tests to get run into different categories. And

0:17:08.000 --> 0:17:11.920
<v Speaker 1>they ran across this problem of you know, states didn't

0:17:11.960 --> 0:17:15.000
<v Speaker 1>all report the same information. Sometimes they were report things

0:17:15.040 --> 0:17:18.360
<v Speaker 1>that seemed like they were similar, but in fact we're not.

0:17:18.760 --> 0:17:22.520
<v Speaker 1>They started to give states great letter grades, basically say okay,

0:17:22.560 --> 0:17:24.600
<v Speaker 1>this state gets a plus for the type of data

0:17:24.600 --> 0:17:26.760
<v Speaker 1>of courts. This when gets a D. And the reason

0:17:26.800 --> 0:17:28.520
<v Speaker 1>for that was they had someone on their advisory board

0:17:28.560 --> 0:17:32.160
<v Speaker 1>would work in government who said, I know this seems stupid,

0:17:32.400 --> 0:17:37.120
<v Speaker 1>but government officials really love grades. And you know, when

0:17:37.119 --> 0:17:38.960
<v Speaker 1>they started giving out these letter grades, one of the

0:17:39.000 --> 0:17:41.080
<v Speaker 1>things they saw was that the states they're done well.

0:17:41.160 --> 0:17:43.840
<v Speaker 1>They had public health officials and the governors out there saying, hey,

0:17:43.880 --> 0:17:45.760
<v Speaker 1>we got an A plus. They gave us an A plus.

0:17:45.760 --> 0:17:48.280
<v Speaker 1>This prominent website that everybody's looking at. Things were really great.

0:17:48.520 --> 0:17:51.119
<v Speaker 1>And they began to see other states make efforts to

0:17:51.240 --> 0:17:54.440
<v Speaker 1>get more transparent, to get better about standardizing their data,

0:17:54.680 --> 0:17:56.960
<v Speaker 1>their data. They have helped kind of push along the

0:17:57.040 --> 0:17:59.840
<v Speaker 1>quality of the data to better understand this. Listen, there's

0:18:00.040 --> 0:18:01.760
<v Speaker 1>many good moving parts in this story. I love where

0:18:01.800 --> 0:18:04.960
<v Speaker 1>you say the project demonstrate is a demonstration excuse me,

0:18:05.040 --> 0:18:07.640
<v Speaker 1>a citizen know how and civic dedication at a time

0:18:07.640 --> 0:18:10.040
<v Speaker 1>when the country feels like it's being pulled apart, right, So,

0:18:10.080 --> 0:18:12.440
<v Speaker 1>when all else fails and you feel like things aren't

0:18:12.480 --> 0:18:15.600
<v Speaker 1>working like you see the community come together and we

0:18:15.680 --> 0:18:18.199
<v Speaker 1>understood that the importance of community, especially when it came

0:18:18.240 --> 0:18:19.959
<v Speaker 1>to COVID, how important it was, and to see them

0:18:20.000 --> 0:18:23.359
<v Speaker 1>come together on the COVID tracking project is pretty remarkable

0:18:23.440 --> 0:18:26.120
<v Speaker 1>and really makes you feel good ahead of this Thanksgiving

0:18:26.160 --> 0:18:29.280
<v Speaker 1>Day holiday. Um, Drew, thank you so much. Really appreciate it.

0:18:29.280 --> 0:18:31.520
<v Speaker 1>We'll put this story out on Twitter for everybody. Bloomberg

0:18:31.520 --> 0:18:35.040
<v Speaker 1>Business Week editor Joel Webber along with Bloomberg News US

0:18:35.080 --> 0:18:39.320
<v Speaker 1>Healthcare Team leader Drew Armstrong read everything that Drew puts

0:18:39.359 --> 0:18:42.960
<v Speaker 1>out at Bloomberg dot com. You're listening to Bloomberg Business

0:18:43.040 --> 0:18:46.639
<v Speaker 1>Week with Carol Messer on Bloomberg Radio. All right, So

0:18:46.680 --> 0:18:48.840
<v Speaker 1>that's caught our attention. It's among the most read stories

0:18:49.000 --> 0:18:51.440
<v Speaker 1>on the Bloomberg gets a top story on this Tuesday

0:18:51.440 --> 0:18:54.360
<v Speaker 1>about how Amazon is doling out hiring bonuses as high

0:18:54.400 --> 0:18:57.000
<v Speaker 1>as three thousand dollars. It's all about making sure it

0:18:57.040 --> 0:18:59.720
<v Speaker 1>has enough people to get through the busy holiday shopping season.

0:18:59.760 --> 0:19:03.880
<v Speaker 1>So everyone's happy, right, Not so fast, Let's get more

0:19:03.880 --> 0:19:05.600
<v Speaker 1>on this story. I go to when it comes to

0:19:05.680 --> 0:19:09.040
<v Speaker 1>all things Amazon, Spencer Soaper. He's Bluemberg News technology and

0:19:09.040 --> 0:19:12.440
<v Speaker 1>e commerce reporter follows Amazon really really closely, and he's

0:19:12.440 --> 0:19:16.000
<v Speaker 1>back with us on the phone in Seattle. Um so, Spencer,

0:19:16.119 --> 0:19:21.480
<v Speaker 1>good to have you here. So what's going on? Uh? So,

0:19:21.640 --> 0:19:24.320
<v Speaker 1>I guess we have an example of just how tricky

0:19:24.359 --> 0:19:26.560
<v Speaker 1>that the job market is right now in terms of

0:19:26.600 --> 0:19:30.399
<v Speaker 1>employers trying to keep people happy. So yeah, Amazon was

0:19:31.119 --> 0:19:33.040
<v Speaker 1>you know, it's giving out bonuses of up to three

0:19:33.040 --> 0:19:35.320
<v Speaker 1>thousand dollars because it's got to get make sure it

0:19:35.320 --> 0:19:39.520
<v Speaker 1>has enough people to meet this explosive demand in online

0:19:39.520 --> 0:19:42.119
<v Speaker 1>commerce that just keeps, uh keeps growing, and this is

0:19:42.119 --> 0:19:45.040
<v Speaker 1>going to be a record busting holiday shopping season. But

0:19:45.200 --> 0:19:48.480
<v Speaker 1>that that that's angered existing workers who have been toiling

0:19:48.480 --> 0:19:52.560
<v Speaker 1>all along, and you know, many of them got vouchers

0:19:52.640 --> 0:19:55.840
<v Speaker 1>for turkeys, you know, as little as ten bucks. So

0:19:55.880 --> 0:19:59.160
<v Speaker 1>there's this kind of disparity and how Amazon's taking care

0:19:59.200 --> 0:20:01.960
<v Speaker 1>of existing workers who have been working all through the

0:20:01.960 --> 0:20:04.959
<v Speaker 1>pandemic and then the new recruits that they just need

0:20:05.000 --> 0:20:07.800
<v Speaker 1>to get through the holiday shopping season not to be ungrateful, right,

0:20:07.840 --> 0:20:09.960
<v Speaker 1>And we see this right where people get hired and

0:20:09.960 --> 0:20:12.000
<v Speaker 1>they come in at one salary and then somebody comes

0:20:12.000 --> 0:20:14.119
<v Speaker 1>in later and they get a better salary. Like this

0:20:14.200 --> 0:20:16.480
<v Speaker 1>kind of stuff happens, but it does make you wonder

0:20:17.200 --> 0:20:20.920
<v Speaker 1>about what Amazon is thinking that they're willing to do

0:20:21.000 --> 0:20:22.600
<v Speaker 1>this and they know it's going to get out there

0:20:22.600 --> 0:20:26.600
<v Speaker 1>publicly right about the discrepancies. You know, what were the

0:20:26.720 --> 0:20:30.240
<v Speaker 1>you know, inside conversations that that they had about this

0:20:30.320 --> 0:20:32.399
<v Speaker 1>before doing it, knowing that they were going to be

0:20:32.440 --> 0:20:34.879
<v Speaker 1>workers are like, what they're getting three thousand and I

0:20:34.920 --> 0:20:38.240
<v Speaker 1>got a fifteen dollar turkey voucher. Yeah, well that's that's

0:20:38.240 --> 0:20:40.240
<v Speaker 1>a good point. And we don't even know if there

0:20:40.280 --> 0:20:43.240
<v Speaker 1>were conversations like that because they're just right now, they're

0:20:43.280 --> 0:20:46.000
<v Speaker 1>just trying to manage to chaos and and and and

0:20:46.119 --> 0:20:50.000
<v Speaker 1>meet demand and so on. These bonuses they offer bonuses

0:20:50.000 --> 0:20:52.840
<v Speaker 1>every year, uh, and so they're coming. We just haven't

0:20:52.840 --> 0:20:55.679
<v Speaker 1>seen them quite this high, this three thousand dollars, and

0:20:55.760 --> 0:20:59.200
<v Speaker 1>so the UM the significance there and the new tish

0:20:59.240 --> 0:21:00.920
<v Speaker 1>there is that even a lot of people are out

0:21:00.960 --> 0:21:03.200
<v Speaker 1>of work, they're still scared of COVID and so having

0:21:03.280 --> 0:21:05.960
<v Speaker 1>Amazon's having to ratchet up the amount of money it

0:21:05.960 --> 0:21:10.200
<v Speaker 1>will pay to compel new workers to come in UM,

0:21:10.320 --> 0:21:14.000
<v Speaker 1>and then that's that's angering the exist the workers that

0:21:14.040 --> 0:21:18.199
<v Speaker 1>are already there. Well, so how is Amazon, spencer, you know,

0:21:18.240 --> 0:21:20.560
<v Speaker 1>this company, you talked to a lot of people who

0:21:20.600 --> 0:21:24.360
<v Speaker 1>are willing to go, you know, tell you what's going

0:21:24.400 --> 0:21:28.720
<v Speaker 1>on behind the scenes. How is Amazon handling UM workers

0:21:28.720 --> 0:21:32.360
<v Speaker 1>and making sure that they stay safe amid COVID. Amazon

0:21:32.400 --> 0:21:34.439
<v Speaker 1>has been pretty public about that in all of these

0:21:34.480 --> 0:21:36.239
<v Speaker 1>safety measures, you know, they're going to spend more than

0:21:36.280 --> 0:21:39.400
<v Speaker 1>ten billion dollars this year on a variety of things

0:21:39.480 --> 0:21:43.119
<v Speaker 1>including you know, masks and UM temperature checks at the

0:21:43.160 --> 0:21:47.240
<v Speaker 1>facilities and COVID tests of employees and stepped up cleaning.

0:21:47.520 --> 0:21:50.600
<v Speaker 1>But a lot of that cost is also simply lost productivity.

0:21:50.920 --> 0:21:54.440
<v Speaker 1>And that's where, because of social distancing, these facilities that

0:21:54.520 --> 0:21:57.560
<v Speaker 1>Amazon has that are already you know, will be pushing

0:21:57.560 --> 0:22:01.000
<v Speaker 1>capacity in a normal shopping season. Uh Now, we're just

0:22:01.040 --> 0:22:04.240
<v Speaker 1>not as productive because they have to space people out,

0:22:04.680 --> 0:22:08.159
<v Speaker 1>so they're getting less work done in their uh in

0:22:08.200 --> 0:22:11.040
<v Speaker 1>their normal facilities, and so that's putting an extra strain,

0:22:11.160 --> 0:22:13.600
<v Speaker 1>you know. So not only did have the higher shopping

0:22:13.600 --> 0:22:15.840
<v Speaker 1>demand on one end, on the other end, each of

0:22:15.880 --> 0:22:18.600
<v Speaker 1>their facilities is less productive than it would usually be

0:22:18.600 --> 0:22:21.520
<v Speaker 1>because of the need for social distancing. Yeah, exactly. Well,

0:22:21.560 --> 0:22:23.320
<v Speaker 1>you know, whenever I think about Amazon and just the

0:22:23.320 --> 0:22:25.560
<v Speaker 1>amount of workers, especially as they continue to hire, and

0:22:25.600 --> 0:22:27.840
<v Speaker 1>I mean they hire like I feel like nobody else

0:22:27.920 --> 0:22:30.280
<v Speaker 1>out there in terms of the size of people that

0:22:30.320 --> 0:22:33.240
<v Speaker 1>they continue to bring in to meet demand. I do wonder,

0:22:33.480 --> 0:22:37.359
<v Speaker 1>you know, in terms of unionization, what progress or you know,

0:22:37.480 --> 0:22:40.399
<v Speaker 1>are there more steps likely to make it maybe a

0:22:40.440 --> 0:22:42.280
<v Speaker 1>possibility here in the U. S it already I think

0:22:42.320 --> 0:22:44.679
<v Speaker 1>in your story you point out it. It happens, it

0:22:44.840 --> 0:22:49.600
<v Speaker 1>is unionized over in Europe. Yeah, they have, they've avoided

0:22:49.720 --> 0:22:51.760
<v Speaker 1>unions in the In the US, there is a new

0:22:51.840 --> 0:22:55.800
<v Speaker 1>drive that was just launched in Alabama. Interestingly, Alabama is

0:22:55.840 --> 0:22:58.160
<v Speaker 1>the worst place where they got ten dollar turkey coupons.

0:22:58.160 --> 0:23:00.640
<v Speaker 1>I think that's the lowest that we saw that we saw.

0:23:01.920 --> 0:23:04.160
<v Speaker 1>So there's a there's a new campaign down down there,

0:23:04.280 --> 0:23:07.320
<v Speaker 1>it's incredibly hard to form a union UM. And and

0:23:07.359 --> 0:23:10.520
<v Speaker 1>there's a lot of tools that that employers can use

0:23:10.600 --> 0:23:14.400
<v Speaker 1>to prevent unions from happening UM up to an including

0:23:14.400 --> 0:23:18.320
<v Speaker 1>just simply firing people. Uh. Even though it's supposedly against

0:23:18.320 --> 0:23:21.560
<v Speaker 1>the law, the penalties are very soft. And so what

0:23:21.680 --> 0:23:24.800
<v Speaker 1>you can often see happen is if someone agitates for

0:23:24.840 --> 0:23:27.760
<v Speaker 1>a union, an employer can simply fire them, and then

0:23:27.800 --> 0:23:30.160
<v Speaker 1>that that puts the onus on that worker to fight them.

0:23:30.160 --> 0:23:32.560
<v Speaker 1>And and the only real consequence for the for the

0:23:32.560 --> 0:23:35.320
<v Speaker 1>employers is to pay them back wages and rehire them.

0:23:35.480 --> 0:23:38.040
<v Speaker 1>So I do wonder come I think they report next

0:23:38.160 --> 0:23:42.320
<v Speaker 1>in late January, their next earnings report, And I do wonder, Spencer,

0:23:42.560 --> 0:23:45.520
<v Speaker 1>I'm thinking as an investor, you know how these increased

0:23:45.560 --> 0:23:48.840
<v Speaker 1>costs of you know, paying higher bonuses perhaps to get

0:23:48.840 --> 0:23:51.480
<v Speaker 1>workers and right because Amazon can't can't me demand unless

0:23:51.480 --> 0:23:53.160
<v Speaker 1>they get the workers to show up. As you said,

0:23:53.480 --> 0:23:57.000
<v Speaker 1>there's concerns about you know, COVID obviously in social distancing.

0:23:57.359 --> 0:24:01.760
<v Speaker 1>Will these costs, these higher bonus says UM end up

0:24:01.800 --> 0:24:04.600
<v Speaker 1>showing up. Um, They're going to write on the expense

0:24:04.680 --> 0:24:06.440
<v Speaker 1>line when it comes to reporting and I do wonder

0:24:06.480 --> 0:24:10.280
<v Speaker 1>how to impacts the company financially potentially. Yeah, it is

0:24:10.320 --> 0:24:12.520
<v Speaker 1>going to affect them. It is going to put pressure

0:24:12.600 --> 0:24:15.480
<v Speaker 1>on their profits. They've projected that, They've said as much.

0:24:15.800 --> 0:24:18.800
<v Speaker 1>And I think that UM investors are very tolerant as

0:24:18.800 --> 0:24:21.760
<v Speaker 1>long as Amazon still showing the strong growth. If Amazon

0:24:21.800 --> 0:24:25.359
<v Speaker 1>can muscle through this uh and with marginal profits, but

0:24:25.440 --> 0:24:27.520
<v Speaker 1>still take care of its customers and accommodate all of

0:24:27.520 --> 0:24:31.080
<v Speaker 1>this growth, that sends a strong message to investors that

0:24:31.080 --> 0:24:33.720
<v Speaker 1>that this company can you know, it is well run

0:24:34.080 --> 0:24:37.240
<v Speaker 1>and confunction through this, through this pandemic without letting people down.

0:24:37.640 --> 0:24:40.640
<v Speaker 1>It would be much more significant long term to Amazon

0:24:40.720 --> 0:24:43.400
<v Speaker 1>to say, you know what, sorry, folks, we can't bring

0:24:43.440 --> 0:24:46.520
<v Speaker 1>this to you. UM, go go shop somewhere else. You

0:24:46.560 --> 0:24:49.000
<v Speaker 1>know that that would be much more devastating for investors

0:24:49.000 --> 0:24:51.560
<v Speaker 1>than than a high cost holiday quarter. Hey, Spencer, just

0:24:51.600 --> 0:24:53.320
<v Speaker 1>got about forty five seconds here. I mean, what are

0:24:53.320 --> 0:24:55.760
<v Speaker 1>your expectations? What are you hearing about what the holiday

0:24:55.760 --> 0:24:57.760
<v Speaker 1>season will be like for Amazon and will they be

0:24:57.800 --> 0:25:00.920
<v Speaker 1>able to meet the demand. Especially I keep hearing from

0:25:00.920 --> 0:25:03.040
<v Speaker 1>everybody I've already seen it, I'm already doing it. I'm

0:25:03.119 --> 0:25:06.880
<v Speaker 1>ordering online, I've started earlier than before. Um, and that's

0:25:06.920 --> 0:25:09.720
<v Speaker 1>how I'm going to shop this holiday season. Yeah, A

0:25:09.720 --> 0:25:12.000
<v Speaker 1>lot of that's gonna depend on exactly what you said.

0:25:12.000 --> 0:25:14.000
<v Speaker 1>Are our shopper is going to heed the warnings? Are

0:25:14.000 --> 0:25:16.600
<v Speaker 1>they going to shop early? Um? And and a lot

0:25:16.640 --> 0:25:18.040
<v Speaker 1>of that's going to fall in the pain is going

0:25:18.080 --> 0:25:20.200
<v Speaker 1>to fall in the consumer as well. If you're procrastinator

0:25:20.200 --> 0:25:22.240
<v Speaker 1>and you wait till the last minute, you're gonna have

0:25:22.280 --> 0:25:24.360
<v Speaker 1>to pay plenty to get the stuff on time. If

0:25:24.400 --> 0:25:26.159
<v Speaker 1>you if you can get it at all, All right,

0:25:26.200 --> 0:25:28.200
<v Speaker 1>we're gonna leave it there. Hey, Spencer, thank you so much,

0:25:28.280 --> 0:25:31.440
<v Speaker 1>really appreciate it. Spencer Souper. He is, of course Blueberg

0:25:31.440 --> 0:25:34.720
<v Speaker 1>News technology and e commerce reporter writing on all things Amazon.

0:25:34.760 --> 0:25:37.639
<v Speaker 1>You can check him out as well on Twitter and

0:25:37.680 --> 0:25:45.600
<v Speaker 1>you can find him at Spencer Souper bro macro a journal. Now,

0:25:45.680 --> 0:25:50.720
<v Speaker 1>but you let me drive? Oh no, no, no please,

0:25:50.800 --> 0:25:57.439
<v Speaker 1>I'll do the right I want to dry. Just strive

0:26:00.760 --> 0:26:10.720
<v Speaker 1>the question trends. This is the Drive to the globe.

0:26:11.920 --> 0:26:16.040
<v Speaker 1>Thanks well, un on Bloomberg Radio, it is time for

0:26:16.080 --> 0:26:17.959
<v Speaker 1>the Drive to the close and back with us. As

0:26:18.000 --> 0:26:20.639
<v Speaker 1>Hillary Kramer, She's president and chief investment Officer at A

0:26:20.720 --> 0:26:23.840
<v Speaker 1>and G. Capital Research, author of Game Change or Investing,

0:26:23.840 --> 0:26:26.359
<v Speaker 1>How to Profit from Tomorrow's billion dollar Trend. She is

0:26:26.480 --> 0:26:29.399
<v Speaker 1>on the phone in New York City. Hillary, did you

0:26:29.440 --> 0:26:33.760
<v Speaker 1>see the Business Week cover last week? I did. I

0:26:33.800 --> 0:26:36.440
<v Speaker 1>have to tell you, we have quoted you so many times.

0:26:36.520 --> 0:26:39.440
<v Speaker 1>It's all about Chewi the cover story and anybody who's

0:26:39.480 --> 0:26:41.960
<v Speaker 1>been walking around their neighborhoods during the pandemic. I've seen

0:26:42.000 --> 0:26:44.679
<v Speaker 1>lots of Chewi boxes on the curb because we know

0:26:44.960 --> 0:26:48.119
<v Speaker 1>that these are essential items to make sure pets have

0:26:48.160 --> 0:26:50.600
<v Speaker 1>everything that they need. I mean, you have talked about

0:26:50.680 --> 0:26:54.840
<v Speaker 1>Chewy for a long long time. What's your investment THESI

0:26:54.920 --> 0:26:59.399
<v Speaker 1>still on the company going forward? Of course, we have

0:26:59.480 --> 0:27:03.680
<v Speaker 1>a much older valuation, uh, hovering in the seventy dollar

0:27:03.800 --> 0:27:07.200
<v Speaker 1>range of versus let's say, the first three times I

0:27:07.320 --> 0:27:09.919
<v Speaker 1>spoke about the stock on Bloomberg when it was in

0:27:09.960 --> 0:27:13.920
<v Speaker 1>the low twenties, starting in June two into September two,

0:27:14.520 --> 0:27:17.200
<v Speaker 1>November two thousand nineteen. And I do want to thank

0:27:17.280 --> 0:27:22.159
<v Speaker 1>you Bloomberg, you know, Bloomberg, your analysts, all of you

0:27:22.240 --> 0:27:25.480
<v Speaker 1>who have listened to me, have given me the opportunity

0:27:25.480 --> 0:27:28.639
<v Speaker 1>to explain my thesis and why a company like Chewie

0:27:28.680 --> 0:27:32.840
<v Speaker 1>could give someone a return, and indeed it did. And

0:27:32.880 --> 0:27:36.399
<v Speaker 1>that's why all these investors today have to be so careful,

0:27:36.680 --> 0:27:40.320
<v Speaker 1>because everyone's jumping in head first and they don't realize

0:27:40.359 --> 0:27:43.160
<v Speaker 1>that when they're buying companies like Trade Desk, they don't

0:27:43.200 --> 0:27:45.880
<v Speaker 1>realize that, you know, this was a company that had

0:27:45.960 --> 0:27:49.120
<v Speaker 1>one tenth of the stock price, you know, a year ago,

0:27:49.560 --> 0:27:52.520
<v Speaker 1>and they don't realize. And so my thesis on show

0:27:52.640 --> 0:27:54.800
<v Speaker 1>is thrilled to see it. I do think that you

0:27:55.040 --> 0:27:57.080
<v Speaker 1>could go to a hundred dollars to share. I have

0:27:57.320 --> 0:28:01.520
<v Speaker 1>always maintained that there was as uh, this backstop, which

0:28:01.560 --> 0:28:04.399
<v Speaker 1>is that Amazon would probably love to make an acquisition

0:28:04.440 --> 0:28:06.560
<v Speaker 1>of Chewy. It makes all the sense in the world

0:28:06.640 --> 0:28:10.240
<v Speaker 1>to you know, two sirs of Americans own pets. We

0:28:10.280 --> 0:28:13.080
<v Speaker 1>have had this whole humanization of pets, Chewy as a

0:28:13.160 --> 0:28:17.200
<v Speaker 1>customer service. Now, of course, luck is always important that

0:28:17.280 --> 0:28:19.719
<v Speaker 1>they say, I'd rather be lucky than good, and I

0:28:19.760 --> 0:28:21.560
<v Speaker 1>did have some luck there in the in the in

0:28:21.600 --> 0:28:23.720
<v Speaker 1>the sad sense that of course we have had a

0:28:23.760 --> 0:28:26.720
<v Speaker 1>pandemic and then length and our animals have become more

0:28:26.760 --> 0:28:29.800
<v Speaker 1>important than ever. But even still we would have seen

0:28:29.840 --> 0:28:33.800
<v Speaker 1>a company like Chewy Dot com Rise and rise um

0:28:33.840 --> 0:28:38.320
<v Speaker 1>precipitously because um it was very simple and where the

0:28:38.400 --> 0:28:41.320
<v Speaker 1>differentiation came. And I love that Bloomberg article and Chewy.

0:28:41.680 --> 0:28:44.360
<v Speaker 1>The whole point is that yet Amazon is the eight

0:28:44.720 --> 0:28:48.080
<v Speaker 1>pound guerrilla, but there's certain products that people do not

0:28:48.840 --> 0:28:52.600
<v Speaker 1>use Amazon for. And Amazon's amazing growth, so much of

0:28:52.680 --> 0:28:56.160
<v Speaker 1>it comes from the Amazon Web Services. It's not because

0:28:56.200 --> 0:28:59.440
<v Speaker 1>they're selling everyone, you know, their milk blone dog biscuits.

0:28:59.520 --> 0:29:02.880
<v Speaker 1>It's because if you have all of these software companies,

0:29:03.080 --> 0:29:05.800
<v Speaker 1>you know, like z Scalers, which you know are are

0:29:05.920 --> 0:29:09.480
<v Speaker 1>are doing so well, that are using Amazon Web Services

0:29:09.560 --> 0:29:12.520
<v Speaker 1>because nobody none of these companies want to put their

0:29:12.560 --> 0:29:17.960
<v Speaker 1>software onto their actual um you know, they don't want

0:29:17.960 --> 0:29:20.560
<v Speaker 1>to download it. They want everything to be cloud based

0:29:21.160 --> 0:29:23.640
<v Speaker 1>UM and which which reminds me, you know, usually only

0:29:23.680 --> 0:29:26.400
<v Speaker 1>speak positively, but if you take a look at HP enterprises,

0:29:26.440 --> 0:29:28.640
<v Speaker 1>there's a reason why that stocks you know, trades around

0:29:28.680 --> 0:29:32.080
<v Speaker 1>ten dollars of shares because no one is buying software.

0:29:32.440 --> 0:29:37.160
<v Speaker 1>Everything is this annuity base model now, which is you know,

0:29:37.360 --> 0:29:41.040
<v Speaker 1>you pay by the month, and uh you you access

0:29:41.200 --> 0:29:46.360
<v Speaker 1>all the software, including cybersecurity software you know offline. Is

0:29:46.360 --> 0:29:48.560
<v Speaker 1>it a you know, on a day when we're expecting

0:29:48.560 --> 0:29:52.640
<v Speaker 1>earnings from HP. The old HP UM. You know that

0:29:52.640 --> 0:29:55.120
<v Speaker 1>that was the company everyone thought, Okay, that's the old one,

0:29:55.160 --> 0:29:57.640
<v Speaker 1>that's the boring one. We're not excited. HP is what

0:29:57.680 --> 0:30:00.960
<v Speaker 1>we're all excited about. HP is actually up on the year,

0:30:01.440 --> 0:30:05.280
<v Speaker 1>not so for HP. Right And and that's as simple

0:30:05.280 --> 0:30:09.080
<v Speaker 1>as that, because we have seen such a dramatic change

0:30:09.120 --> 0:30:14.040
<v Speaker 1>in the way that businesses utilize software, download what they

0:30:14.200 --> 0:30:16.800
<v Speaker 1>used in terms of that whole kind of cloud based

0:30:17.160 --> 0:30:20.520
<v Speaker 1>the cloud based UM, the cloud based lifestyle that we

0:30:20.560 --> 0:30:22.000
<v Speaker 1>have now. And it's as a matter of its human

0:30:22.000 --> 0:30:25.720
<v Speaker 1>resources stocks as I just said, cybersecurity stocks, or you know,

0:30:25.760 --> 0:30:29.360
<v Speaker 1>every kind of integration salesforce. That's the where we go.

0:30:29.520 --> 0:30:31.960
<v Speaker 1>All right, So Hillary Kramer, what's the next Chewie? In

0:30:32.000 --> 0:30:36.240
<v Speaker 1>your view? I have boring Chewies, but it'll make you money.

0:30:36.640 --> 0:30:40.120
<v Speaker 1>We go everywhere looking for stocks, and anyone who really

0:30:40.200 --> 0:30:42.560
<v Speaker 1>wants to try to make money out out there, you've

0:30:42.560 --> 0:30:46.600
<v Speaker 1>got to go for some of these smaller UM insurance companies.

0:30:46.680 --> 0:30:50.200
<v Speaker 1>Companies We love UM Safety Insurance s a f t

0:30:51.160 --> 0:30:54.280
<v Speaker 1>F four point nine percent dividing yield. It's a small

0:30:54.320 --> 0:30:58.200
<v Speaker 1>cap at one point one billion dollar market cap, here

0:30:58.760 --> 0:31:01.960
<v Speaker 1>pent institutional owners ship, and it's every kind of insurance.

0:31:02.000 --> 0:31:08.240
<v Speaker 1>It's a whether it's umbrella insurance, title homeowners This is

0:31:08.280 --> 0:31:10.840
<v Speaker 1>the direction where you're going to get a cheap stock

0:31:10.920 --> 0:31:13.240
<v Speaker 1>are other one that we love is Old Republic O

0:31:13.680 --> 0:31:19.200
<v Speaker 1>R I that in particular specializes, amongst other some funky insurances,

0:31:19.480 --> 0:31:24.200
<v Speaker 1>specializes in UH title insurance. So O R I the

0:31:24.200 --> 0:31:27.400
<v Speaker 1>book value eighteen dollars and the stock of O R

0:31:27.480 --> 0:31:30.200
<v Speaker 1>I Old Republic Insurance is at twenty one dollars, and

0:31:30.200 --> 0:31:32.760
<v Speaker 1>you have a four point six percent divid in yield.

0:31:33.040 --> 0:31:37.719
<v Speaker 1>And so get the title insurance, get the aeronautical aerospace insurance,

0:31:38.000 --> 0:31:40.920
<v Speaker 1>and that is where the money will be made. Because

0:31:41.320 --> 0:31:44.920
<v Speaker 1>we just mean, look this word software. Okay, I have

0:31:45.080 --> 0:31:48.320
<v Speaker 1>to say, Carol, remember Groucho Marx and you had that

0:31:48.440 --> 0:31:51.040
<v Speaker 1>show and everyone looks for the word what was that word?

0:31:52.240 --> 0:31:54.880
<v Speaker 1>You said the word a toy duck would like come down.

0:31:54.880 --> 0:31:57.640
<v Speaker 1>That looked like Groucho And anything today that you say

0:31:57.680 --> 0:32:01.320
<v Speaker 1>the word software, cloud based, soft, where that's what it is,

0:32:01.360 --> 0:32:04.600
<v Speaker 1>it just gets brought up and uh and and and

0:32:04.640 --> 0:32:08.240
<v Speaker 1>of course you know I do have a growth portfolio,

0:32:08.320 --> 0:32:11.520
<v Speaker 1>and I have investors that want to see growth names

0:32:11.560 --> 0:32:13.520
<v Speaker 1>and so what do you do. You hold your nose

0:32:13.920 --> 0:32:15.360
<v Speaker 1>and you do what you can, and I just try

0:32:15.400 --> 0:32:17.240
<v Speaker 1>to take them out as quick as I can once

0:32:17.320 --> 0:32:21.120
<v Speaker 1>we get those uh once once we make the number

0:32:21.120 --> 0:32:24.200
<v Speaker 1>and we get some return. But these are these are

0:32:24.280 --> 0:32:28.760
<v Speaker 1>no nose bleed stocks right now, they really are, and

0:32:28.800 --> 0:32:30.959
<v Speaker 1>that's why we're seeing a rotation. Let's say, you know

0:32:31.000 --> 0:32:33.120
<v Speaker 1>the Doubt, What an amazing day on the Doubt. But

0:32:33.160 --> 0:32:35.400
<v Speaker 1>you also have to look and realize. Now, you know

0:32:35.560 --> 0:32:38.920
<v Speaker 1>the Dow has bowing in it these days, right, so

0:32:39.120 --> 0:32:41.520
<v Speaker 1>Boeing had to you know, finally went back over two

0:32:41.560 --> 0:32:43.960
<v Speaker 1>hundred dollars a year. This month. You have Apple in

0:32:44.000 --> 0:32:47.640
<v Speaker 1>there in Microsoft and JP Morgant and Goldman Sacks. So

0:32:47.760 --> 0:32:51.520
<v Speaker 1>everything is changing as we know it. But we all

0:32:51.560 --> 0:32:55.640
<v Speaker 1>have to realize that these are these are very precarious

0:32:55.640 --> 0:32:58.520
<v Speaker 1>times we're in. Everyone needs to be careful. I have

0:32:58.720 --> 0:33:01.240
<v Speaker 1>rose colored glasses, Carol. You know, I'm like bool bool

0:33:01.280 --> 0:33:03.800
<v Speaker 1>bool bye bye bye, but just how I am. But

0:33:04.160 --> 0:33:06.200
<v Speaker 1>now I want to say we all have to be

0:33:06.360 --> 0:33:10.560
<v Speaker 1>careful and just just just just wait until we see

0:33:10.600 --> 0:33:13.040
<v Speaker 1>what kind of um you know changes. We're going to

0:33:13.120 --> 0:33:17.840
<v Speaker 1>have an all right, yeah, got it? Yeah, No, you're

0:33:17.840 --> 0:33:20.280
<v Speaker 1>absolutely right, like and we all know when it comes

0:33:20.320 --> 0:33:21.840
<v Speaker 1>to something like a vaccine, that's still going to take

0:33:21.840 --> 0:33:23.640
<v Speaker 1>a little while to get to the other side of this.

0:33:23.920 --> 0:33:26.600
<v Speaker 1>Hillary Kramer, thank you so much, President and chief investment

0:33:26.600 --> 0:33:29.080
<v Speaker 1>Officer at A and G Capital Research, joining us on

0:33:29.120 --> 0:33:30.800
<v Speaker 1>the phone in New York City. Thanks so much for

0:33:30.840 --> 0:33:34.680
<v Speaker 1>listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud,

0:33:34.760 --> 0:33:36.880
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0:33:36.880 --> 0:33:39.200
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0:33:39.280 --> 0:33:41.760
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0:33:41.840 --> 0:33:44.240
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