Speaker 1: Yeah, Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene
Speaker 1: Jay Ley. We bring you insight from the best in economics, finance, investment,
Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,
Speaker 1: Bloomberg dot com, and of course on the Bloomberg lis
Speaker 1: An Saunders joins us now shall swap, Chief investment strategist.
Speaker 1: Le's und great to catch up, as always, just walk
Speaker 1: me through how uncomfortable it is, just to stick with it,
Speaker 1: to stick with what's working at the moment. Well, the
Speaker 1: problem is what is working changes on a week to
Speaker 1: week basis, you know, were there was so much attention
Speaker 1: obviously on the most heavily short at stocks in the game.
Speaker 1: Stop saga almost in reading headlines suggesting that this was
Speaker 1: some brand new phenomenon. But the sort of rise of
Speaker 1: retail traders and the dominance they're having goes back to
Speaker 1: last summer. It's just that when when you first started
Speaker 1: to see that increase in speculative activity in single stocks
Speaker 1: in the options market, it was concentrated in those leadership
Speaker 1: stocks at the time, the fang type stocks, the big
Speaker 1: five stocks, and then they kind of rode the rotation
Speaker 1: that really kicked into ernest in November when we got
Speaker 1: the vaccine news into the energy stocks and the financials,
Speaker 1: and for probably a variety of reasons, not least being
Speaker 1: just the sort of social media kind of driving a
Speaker 1: flash mob, it went into these more arcane parts of
Speaker 1: the market. Now it's there, that sort of attention is
Speaker 1: coming back into more macro earnings related So I don't
Speaker 1: know whether you're going to notice it as much. We've
Speaker 1: just been telling investors just the obvious differentiate between gambling
Speaker 1: and speculating on stocks or areas of the market with
Speaker 1: no underlying fundamental and longer term investing. Lisen, I'm gonna
Speaker 1: bore you with my question. I always asked you, because
Speaker 1: I think you're better at this and anybody in the industry.
Speaker 1: What are we actually doing with our money? Chile Schwab
Speaker 1: has a knowledge of flows second to none. What are
Speaker 1: we actually doing with our money? Well, we've seen a
Speaker 1: slight waning of domestic equity flows in the last couple
Speaker 1: of months, but interestingly, you're seeing a pickup and flows
Speaker 1: two markets outside the United States, which which we think
Speaker 1: is a is a good sign that the whole notion
Speaker 1: of diversification is no longer as hard to sell as
Speaker 1: it's been in the recent past. And then also at
Speaker 1: the more sector level, flows have started to pick up
Speaker 1: on the more cyclical parts of the economy, like energy,
Speaker 1: like materials, like industrials, where you're seeing some outflows out
Speaker 1: of areas like consumer discretionary and tech. So I think
Speaker 1: the flows are shifting towards this recovery focus with that
Speaker 1: more cyclical, commodity oriented bias. Do you think, Lizanne, that
Speaker 1: there is complacency in any corners of these markets, that
Speaker 1: the reflation trade that's underway is under price and that
Speaker 1: will continue to see inflation expectations climb as we get
Speaker 1: more stimulised packages past. Is there any signs to you
Speaker 1: that that consensus has gone too far? Well from an
Speaker 1: inflation perspective, we we think we're going to uh to
Speaker 1: see it, but it's going to be more a function
Speaker 1: of price shocks. We don't think we're we're sowing the
Speaker 1: seeds of anything resembling a late seventies early eighties style
Speaker 1: inflation environment, but one where you have imbalances between demand
Speaker 1: and supply. Uh. We think you'll see that. Plus the
Speaker 1: cops get really easy on an inflation front heading into
Speaker 1: what was the pandemic shutdown period of last year. The
Speaker 1: question is at what point does it spook investors, UM
Speaker 1: and or the FED. I think they're going to have
Speaker 1: a decent amount of patients. The other area of complacency
Speaker 1: I worry about is the sense that once we're at
Speaker 1: heart immunity getting everybody is getting vaccinated, that pent up
Speaker 1: demand is going to be unleashed in this massive wave.
Speaker 1: I just think the nature pent up demand on the
Speaker 1: service society the economy is different than pent up demand
Speaker 1: on the good side, and we really have met a
Speaker 1: lot of the demand on the good side autos, housing,
Speaker 1: housing related, but on the services side. You know, if
Speaker 1: if you used to get a haircut once a month
Speaker 1: and you haven't gotten one, you go back when your
Speaker 1: salon opens and you get a haircut, you don't get
Speaker 1: seven of them. You don't You don't go out to breakfast, brunch,
Speaker 1: launch tea, dinner, and dessert every day to make up
Speaker 1: for that lost restaurant time. You don't take six vacations
Speaker 1: in a row. So I just think we may have
Speaker 1: to curb our enthusiasm for what pent up demand means
Speaker 1: to the economy, given that it's more on the services
Speaker 1: side than the good side. Listen, is there some inconsistency
Speaker 1: in your view in the reflation trade that's being priced
Speaker 1: into many markets that you think is based in reality
Speaker 1: and treasure yields at less than one Well, I think
Speaker 1: that you know, yields where they are reflects and improving
Speaker 1: growth environment less so a aspect for a significant increase
Speaker 1: in inflation, and ultimately from an equity market perspective, it's
Speaker 1: not nominal yields that matter, but of course really yields
Speaker 1: and and you know that story at least being put
Speaker 1: out there by the bulls to support still quite high
Speaker 1: evaluations at this stage hasn't wined. Good catch up. Thanks
Speaker 1: for paying the sismonic of child swap right now. And
Speaker 1: this is a joy and indeed an honor for Bloomberg
Speaker 1: surveillance where we've tried to do as much as we
Speaker 1: can on this horrific natural disaster. Albert co Is at Yale.
Speaker 1: He is definitive and epidemiology for havingy courage to go
Speaker 1: where the poor are. He owns a high ground of
Speaker 1: the study of viruses and vaccines not only in Africa,
Speaker 1: but in South America and particularly the Brazil away from
Speaker 1: the prosper Alardie of the big cities. Dr co joins
Speaker 1: us this morning on vaccination, Albert Cole, I've got to
Speaker 1: go to the southern border of the United States. It
Speaker 1: is impoverished, it is Hispanic and boy, those statistics are grim.
Speaker 1: Tell us about this virus, the vaccine path and the
Speaker 1: poor of America. Yes, Tom, thank you very much for
Speaker 1: the invitation to return on your show. Um. Yeah, I
Speaker 1: think that's all on our all of our bandwidths about
Speaker 1: you know, first of all, the inequitable, um and disproportionate
Speaker 1: impact that this pandemic has had are not only the
Speaker 1: poorest countries, but the poorest segments of our population, and
Speaker 1: that includes the impoverished in the South. And I think
Speaker 1: the second thing that we're worried about is um is
Speaker 1: vaccine is potentially going to amplify that that inequity or
Speaker 1: that disproportionate burden, you know, with with how said, uh,
Speaker 1: with impoverished or um underserved communities having lower access to
Speaker 1: the vaccine than wealthier communities. What are the best practices
Speaker 1: from other countries we can affect to get to the
Speaker 1: poor faster. So I think I think, you know, I
Speaker 1: would hold up certain You know, countries such as Brazil,
Speaker 1: as you mentioned where I worked, where they have had
Speaker 1: mass vaccination programs from measles for yellow fever, and they
Speaker 1: run them effectively. I think the most important thing is
Speaker 1: to keep things simple and the second thing is is
Speaker 1: to provide access and and intense you know, numbers of
Speaker 1: clinics and vaccination sites in those communities that have um
Speaker 1: uh lower uptakes and less access in general. Um in
Speaker 1: that sense, you know, countries like India, Brazil, they're they're
Speaker 1: kind of models for us to to follow. Dr co
Speaker 1: John referenced earlier this study showing that in the United Kingdom,
Speaker 1: one dose of the fire Beyond in Tech vaccine offered
Speaker 1: two thirds of the protection against getting the virus. This
Speaker 1: is very good news and indicate you're going to get
Speaker 1: an acceleration of the impact of a vaccination even before
Speaker 1: the complete dose has taken Do we have a sense
Speaker 1: of how much the vaccine has already acted as a
Speaker 1: circuit breaker to stop the pandemic. Yeah, so, Lisa, So
Speaker 1: that's certainly promising news. And there's a there's also information
Speaker 1: and very good quality information coming out of places like Israel,
Speaker 1: which has been rolling out the vaccine very quickly and
Speaker 1: giving us a snapshot of what what could happen here
Speaker 1: in the United States, you know where to roll out
Speaker 1: across the population in large numbers. So at this moment um,
Speaker 1: you know, unfortunately, in order to really get what we
Speaker 1: call that herd immuni effect, that population level benefit of
Speaker 1: the vaccines through either the first dose or the and
Speaker 1: as well as receiving the second dose, it's going to
Speaker 1: require us vacinating much larger numbers, but much larger suabs
Speaker 1: of our population to do that. Right now, you know,
Speaker 1: we're we're still less than ten percent of our country
Speaker 1: has has been vaccinated. We need to really get those
Speaker 1: numbers up much higher and much faster, and that's going
Speaker 1: to be even more important when we're thinking about the
Speaker 1: threat of variants. Do you think we need to recalibrate
Speaker 1: then to optimize the rollout. Doctor given to the UK
Speaker 1: did roll the dice on this in many ways. I'm
Speaker 1: sure it was supported by some medical evidence, but some
Speaker 1: people push back at the same time about doing a
Speaker 1: one dose and then pushing out the time between the
Speaker 1: first dose and the second dose. Is that something that
Speaker 1: resonates with you, sir, something you would endorse. Yes, I uh,
Speaker 1: you know, I think again, first of all, Vagina, I
Speaker 1: think we have to be humble. Um, we're going to
Speaker 1: be We've learned a lot, you know, in a very
Speaker 1: short time about this, uh, this virus, and we're continuously learning.
Speaker 1: And as these studies come out, and particularly the UK
Speaker 1: study that Lisa said, and that makes us more confident that,
Speaker 1: you know, the policy that that England had proposed, which
Speaker 1: is giving the first shot in delaying the second shot
Speaker 1: so they can they can immunize or vaccinate larger population,
Speaker 1: you know, larger proportional population may be successful. Now we're
Speaker 1: going to obviously everyone's going to be looking at the
Speaker 1: scientific evidence as it rolls out, but it's certainly pointing
Speaker 1: that way. John, Dr Co I'm a little bit reluctant
Speaker 1: to ask you this because I don't think I want
Speaker 1: to know the answer. But the post pandemic future coronavirus
Speaker 1: is not going away. It's probably going to mutate. That's
Speaker 1: what all of the professionals in the field say. Are
Speaker 1: we going to be masthless? What will it look like
Speaker 1: as this continues to become part of the medical backdrop
Speaker 1: of the world. Yes, At Lisa, I think let me
Speaker 1: break that down into two parts. The short term. In
Speaker 1: the long term, UM, we know that these variants are emerging,
Speaker 1: and those variants are being fueled by mutations, and those
Speaker 1: mutations in of themselves being fueled by mass you know,
Speaker 1: large scale, widespread, uncontrolled transmission. And as long as we're
Speaker 1: not controlling transmission, we are going to set ourselves up
Speaker 1: for continued selection of variants that potentially may escape not
Speaker 1: only natural infection or the immunity caused by natural infection,
Speaker 1: but also that let alicit to there conferred by vaccines.
Speaker 1: And let me make a second point, is is that
Speaker 1: you know this can't be done just like in the
Speaker 1: UK or the United States and South Africa. Has to
Speaker 1: be done, you know, the control of transmission as a
Speaker 1: driver for these variants has to be done throughout the
Speaker 1: world because we know these variants can can travel in
Speaker 1: one place to the other. So that that that's really
Speaker 1: certainly the concern in the short run. In the long run,
Speaker 1: that means exactly unfortunately, we see your fears that that
Speaker 1: we're going to have to keep keep continuing the public
Speaker 1: health practice of mass social gathering UM reduction in social distances.
Speaker 1: It's going to be really difficult to reopen international travel
Speaker 1: anytime soon now, But thank you for your time today.
Speaker 1: Don't to wrap a how that of the yel skild
Speaker 1: of medicine. Michelle Meyer joins us out with Bank of
Speaker 1: America and they've done some brilliant maths. We went through
Speaker 1: it with their colleague Ethan Harris a couple of days ago. Michelle,
Speaker 1: four percent, g d pause nine g d P g
Speaker 1: d P. You've got that big fiscal pop. Good morning,
Speaker 1: professor Summers. Up against inflation, which breaks? Do we break
Speaker 1: inflation higher or do we get a fiscal job done? Um? So,
Speaker 1: I think the way that we're thinking about it is
Speaker 1: certainly in the near term there's a big pushed into
Speaker 1: the economy as a result of stimulus. There's a lot
Speaker 1: of money slashing around there already and more is to come,
Speaker 1: and that will generate higher consumers spending. Um And as
Speaker 1: Mike outlined, I think quite clearly for certain industries there
Speaker 1: could be supply constraints and that can exert upward pressure.
Speaker 1: But to me to understand whether and it's a sustainable
Speaker 1: turn higher in inflation, there's two critical components. One inflation
Speaker 1: expectations right, that will that will move this transitory inflation
Speaker 1: shock to something more permanent if people reathet expectations and
Speaker 1: if pricing power picks up on the business side, and
Speaker 1: again people are willing to spend more because they have
Speaker 1: this cash on hand um and that kind of feeds
Speaker 1: on itself. The other critical factor is the health of
Speaker 1: the labor market, to the extent that this demand push
Speaker 1: actually helps to also heal the labor market faster, bring
Speaker 1: the unemployment rate down more quickly. That will provide a
Speaker 1: more again persistent um income support for the consumer through
Speaker 1: wage growth through labor income. We keep them Yeah, well,
Speaker 1: we keep referencing this Bill Dudley column, and I want
Speaker 1: to get your view on some of the specific points
Speaker 1: within it. What he's saying will cause higher inflation. One
Speaker 1: of them is that he sees demand picking up at
Speaker 1: a time when supply is still reduced. You've got restaurants
Speaker 1: that have gone on businesses, a lot of small businesses,
Speaker 1: uh that have not recovered. So given the fact that
Speaker 1: there are fewer establishments out there, they'll be able to
Speaker 1: charge more since they'll be in this influx of demand.
Speaker 1: Do you see that as a potential driver of inflation? Sure?
Speaker 1: I think that's a very fair argument that you have
Speaker 1: an imbalance where demand for certain activities picks up very
Speaker 1: quickly and you don't have the supply we thought it
Speaker 1: actually in the reverse on the good side. I mean,
Speaker 1: think about back in this spring and summer when demand
Speaker 1: was picking up impressively for autos, for household appliances, for electronics,
Speaker 1: and there wasn't enough supply initially, and that created this
Speaker 1: kind of one off level shift higher in prices on goods,
Speaker 1: which are now reversing once supply has returned. So this
Speaker 1: supplied demanding balance should be somewhat temporary, right. The demand
Speaker 1: will pick up for something like restaurants, which was cited,
Speaker 1: and then capacity will come back online over time, and
Speaker 1: that will create a little bit more of a of
Speaker 1: a ceiling on the price pressure. So again, to make
Speaker 1: it persistent, it has to be resetting inflation expectations and
Speaker 1: driving much stronger labor fundamentals as well. The only question
Speaker 1: that matters ready, Michelle, for market participants, will the fet
Speaker 1: be bold enough to look through that burst that bust
Speaker 1: we all anticipate at some point like this year. Do
Speaker 1: you think there will be? I do? I do? I
Speaker 1: think certainly the base effects in the spring. They're ready
Speaker 1: for them. They've been talking about them. As Tom and Mike,
Speaker 1: we're just talking about you know, it's just simple math
Speaker 1: when you look at the year of your comparisons, um
Speaker 1: and I think what they're the FED is going to
Speaker 1: do rightfully so is to look at the bottoms up
Speaker 1: analysis of inflation. Where is inflation picking up on a
Speaker 1: sector basis, and given that, can they make the argument
Speaker 1: that it's a short term supply issue versus something more persistent.
Speaker 1: If they get a turnaround and you know, a notable
Speaker 1: increase in some of these more trimmed mean measures or
Speaker 1: something like shelter, which is more a function to business cycle,
Speaker 1: then they might start to anticipate a higher trend of inflation.
Speaker 1: But they're going to be looking at the components to
Speaker 1: understand whether it's transying or not. It's all That's what's
Speaker 1: amazing about this discussion right now. The Fett is talent.
Speaker 1: You what's going to happen, and it's probably going to happen.
Speaker 1: The base effects will kick in. This is what happens
Speaker 1: when people will re engage with the economy as well.
Speaker 1: And they're also telling us what they will do when
Speaker 1: this happens, yet we are still going to be having
Speaker 1: the same conversation for nine months. This goes up to
Speaker 1: the joke I made earlier about the inflation east does
Speaker 1: mischell Meyer. I turned to the e c I, the
Speaker 1: measurement of wages and benefits, And the key thing here
Speaker 1: is how do you have wage inflation? With Heidie Sheerold's
Speaker 1: and e p I saying nine million bodies are out
Speaker 1: of commission and if you extrap laid out of a
Speaker 1: no pandemic boom, it's a more like eleven or twelve
Speaker 1: million bodies out of commission. Where does wage inflation return?
Speaker 1: So I think that it's very hard to understand the
Speaker 1: wage dynamics right now. E c I, as you mentioned, tom,
Speaker 1: is a preferred measure. It's better in real time than
Speaker 1: average early earnings. But there is no perfect measure right
Speaker 1: now because there's been such dislocations the labor market, and
Speaker 1: you have these compositional issues where the lower paid individuals
Speaker 1: experience more job cuts, and as a result, you've seen
Speaker 1: this shift in terms of aggregate income or aggregate wages.
Speaker 1: So I think in the meantime, we just kind of
Speaker 1: have to wait it out until we have a more
Speaker 1: comprehensive and full, you know, broad based labor market recovery
Speaker 1: to properly understand these wage dynamics. Chell great to catch
Speaker 1: up as always, Michelle, thank for America Security's head of
Speaker 1: u SE Economics. Now it's our great pleasure to turn
Speaker 1: to the chairman and CEO of General Motors. Shere's Mary Borrow. Mary,
Speaker 1: thank you so much for being with us. Good to
Speaker 1: see you again. Let me start by saying, barring from
Speaker 1: Queen Elizabeth, this could easily have been an annis horebulus
Speaker 1: for General Motors, given the pandemic, shutting down plants, repurposing
Speaker 1: to make ventilators, and yet it wasn't. You basically beat
Speaker 1: across the board expectations fourth quarter and for the year.
Speaker 1: So from the inside, how did you do it? Well?
Speaker 1: I think it was everybody coming together. It really represented
Speaker 1: the great work and the teamwork at General Motors. With
Speaker 1: our all of our employees are suppliers or dealers. We
Speaker 1: all came together to make sure we could keep our
Speaker 1: employees safe but then also protect our customers and protect
Speaker 1: the business. So I couldn't be more proud of everything
Speaker 1: the team accomplished last year. As it turned out, your
Speaker 1: biggest problem was manufacturing enough, particularly those trucks and those SUVs,
Speaker 1: because the demand came back. Were you surprised how fast
Speaker 1: the demand came back? Well, you know, we have a
Speaker 1: very strong full size truck in our full size SUVs
Speaker 1: that we launched on time last year even with the pandemic,
Speaker 1: and I think it just it speaks to how popular
Speaker 1: the truck is. We have very very different models that
Speaker 1: reach different segments and so we've been able to grow
Speaker 1: share and we're very proud of our truck leadership. So, Mary,
Speaker 1: as you know so well, investors immediately say what have
Speaker 1: you done for me lately? So let's look forward now
Speaker 1: to what you're expecting. You're protecting a strong year as well,
Speaker 1: even though you do have some headwinds from things like
Speaker 1: shortage of chips. Yeah, we think we're going to have
Speaker 1: a very positive year in one, not only from a
Speaker 1: financial perspective, but also the continued acceleration of our EV
Speaker 1: and our a V business. We're really excited that very
Speaker 1: shortly we're going to be launching the Chevrolet Bold EUV,
Speaker 1: which is a great vehicle. And that's uh, that's days away. Uh,
Speaker 1: And then you know later this year will be UH
Speaker 1: serving the market with the GMC Hummer UH e V
Speaker 1: and then the catalec Lyric comes shortly after that as
Speaker 1: well as tremendous progress being made from an autonomous perspective
Speaker 1: as well. So we're really excited about the year, the
Speaker 1: growth opportunities that we have in front of us. UH
Speaker 1: and so it's a year of execution and you know,
Speaker 1: the issues with chips, this is a short term mission,
Speaker 1: will work through it. Well, is general mode is basically
Speaker 1: the same boat as everyone else? Or are there things
Speaker 1: that you can do to get something of advantage over
Speaker 1: other automakers? Well, I think in general this is an
Speaker 1: industry issue. Of course, we're working every single day with
Speaker 1: a cross functional team to look for opportunities of how
Speaker 1: do we minimize the impact. So we'll continue to do that.
Speaker 1: You know, we did provide the guidance with a fairly
Speaker 1: wide range and we'll work at every day and provide
Speaker 1: updates as we go forward. As you said, you've got
Speaker 1: a lot of e V models come out, including as
Speaker 1: you say, the Bold EUV and the Bold EV new
Speaker 1: model coming out. You're investing twenty seven billion dollars. This
Speaker 1: is part of a multi year plan here as a
Speaker 1: practical matter, what are the difficulties in that plan? And
Speaker 1: particularly I want to talk about supply chains things like
Speaker 1: battery cells some of the lithium issues. Do you anticipate
Speaker 1: possible problems with supply chains into your battery operation? Well,
Speaker 1: I think you know, we're one of only two UH
Speaker 1: automakers that are doing cell manufacturer in this country. We
Speaker 1: also are doing a tremendous amount of development on our
Speaker 1: own and our own g M, R and D, as
Speaker 1: well as partnering with startups and our of course our
Speaker 1: joint venture with LG KEM that is development as well
Speaker 1: as production. So you know, we're working hard to make
Speaker 1: sure we have all the cells we need and we've
Speaker 1: worked you know, through the supply base to make sure
Speaker 1: we do because we are as as we've talked about,
Speaker 1: we're accelerating our v e vs with thirty and you know,
Speaker 1: really covering the whole market. So you know, we continue
Speaker 1: to work it, but we think we've got a very
Speaker 1: strong plan. I did some rough math here. It might
Speaker 1: be wrong, but basically if you made all of your
Speaker 1: vehicles as electric vehicles, you would actually be using more
Speaker 1: than the total mono lithium produced in the entire world
Speaker 1: by yourself. So does that mean we'll have less lithium
Speaker 1: used or we're going to find new sources of it? Well,
Speaker 1: I think you know, we're working on securing the supply
Speaker 1: that we need, but we're also working on development that
Speaker 1: allows us to use less precious metals overall. So it's
Speaker 1: kind of a yes, and both are things that we're
Speaker 1: working on at the same time. When we talk about
Speaker 1: things like the Bolt EV that's coming out, questions come
Speaker 1: up with profitability. We had din lawer competitor come out
Speaker 1: and say by the end of the decade they will
Speaker 1: be making as much or more out of electric fields
Speaker 1: as they do off. A question engines, what's your profitability
Speaker 1: path for electric vehicles? Well, we have set a goal
Speaker 1: for ourselves to have margins from our auto business be
Speaker 1: at ten percent. That's not changing. Uh. We don't talk
Speaker 1: about individual product line profitability, but I can tell you
Speaker 1: with the progress that we're making because of the work
Speaker 1: we do with battery development, from our our first generation
Speaker 1: bowl TV to when we get to ultim we see
Speaker 1: about at improvement and we're already working on the next
Speaker 1: generation of our ultium technology that should take it to
Speaker 1: accumulative sixty or more. So, you know, I'm very confident
Speaker 1: that as we move forward and continue to make advancements
Speaker 1: not only in the cost, but in the energy energy density,
Speaker 1: that's going to allow us to to have margins similar
Speaker 1: that we have today as we get into the mid
Speaker 1: and later part of the decades. How much help do
Speaker 1: you anticipate getting out of the government. We have a
Speaker 1: new president present Biden, who says he really wants to
Speaker 1: go to amission few vehicles in the government fleet very quickly.
Speaker 1: He basically wants to replace them all over period of time,
Speaker 1: create one million new jobs. Is that going to help
Speaker 1: a lot your move at General Motors over to electric vehicles? Well,
Speaker 1: I absolutely think so. I think understanding evs, understanding the importance,
Speaker 1: and really we have to work together. Business and governments
Speaker 1: need to work together to make sure we have a
Speaker 1: whole ecosystem that encourages e v adoption. We need to
Speaker 1: make sure there's the right charging and that's why the
Speaker 1: you know, the work going on for infrastructure is so important.
Speaker 1: So we're having regular conversations with members of the administration
Speaker 1: as well as members of Congress to make sure they
Speaker 1: understand all the pieces that need to come together to
Speaker 1: support an ali V future. Finally, Mary, we all watched
Speaker 1: the Super Bowl, we watch Will Ferrell, and I guess
Speaker 1: my main question is what have you got to get
Speaker 1: to Norway? There seems to be some grudge with Norway here. Well,
Speaker 1: I think you know, when you look at Norway, they've
Speaker 1: have the highest DV adoption and so I think it's
Speaker 1: driving awareness. Um, we're really um pleased with the added
Speaker 1: it resonated across so many, so many groups, but you know,
Speaker 1: especially uh millennials and how they look at the future,
Speaker 1: and to drive that awareness we think is really important.
Speaker 1: And I'm virtually finish, so I have a natural affiliation
Speaker 1: with the Scandinavian countries, but it's more highlighting what Norway
Speaker 1: has done and making sure people understand, um that evs
Speaker 1: are a very important part of our future. And I'm
Speaker 1: a quarter Swedish, so it was satisfying you know that
Speaker 1: Wilfaller actually ended up in Sweden at the end of
Speaker 1: the end. Thank you so much. May always great to
Speaker 1: talk to me. That's very far. She is chairman and
Speaker 1: CEO of General Motors. Thanks for listening to the Bloomberg
Speaker 1: Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,
Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at
Speaker 1: Tom Keane before the podcast. You can always catch us worldwide.
Speaker 1: I'm Bloomberg Radio