Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm
Speaker 1: Bloomberg Quick Takes Tim Stanovik. We're here every day bringing
Speaker 1: you the latest news from the world of business and finance,
Speaker 1: clus technology, politics, economics, all parnessing the power of Business
Speaker 1: Week reporters and editors, not to mention our journalists and
Speaker 1: analyst in more than one twenty countries. You can download
Speaker 1: Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com.
Speaker 1: You can also listen to our radio show at two
Speaker 1: pm Eastern Time on Bloomberg Radio or watch us on
Speaker 1: YouTube search Bloomberg Global News. Well. Cancer is, according to
Speaker 1: the World Health Organization, one of the leading causes of
Speaker 1: deaths around the world. It accounts for nearly ten million
Speaker 1: deaths a year that was as of so early detection
Speaker 1: is certainly key, and last year Providence became the first
Speaker 1: health system to bring in the cancer screening test Gullery.
Speaker 1: This is a blood test that can provide early detection
Speaker 1: of cancers. To talk more about this, we've got Aura
Speaker 1: Gordon joining us, Regional medical director for Providence Center for
Speaker 1: Unical Genetics and Genomics, joining us from Burbank, California. Dr Gordon,
Speaker 1: How are you good afternoon. I'm wonderful. Thank you. Well,
Speaker 1: it's good to have you with us. I gotta tell you,
Speaker 1: before researching this, I'd never heard of the Gallery test.
Speaker 1: Can you tell us what it is and how we
Speaker 1: can learn more about potentially life altering diseases as a
Speaker 1: result of it. Absolutely. So. The Gallery test is based
Speaker 1: on something called self free DNA and it's a blood
Speaker 1: test if you think about COVID or the way we
Speaker 1: test for other infections that we just long been able
Speaker 1: to sequence to figure out what the genetic information is
Speaker 1: for something that's born in our body. So this first
Speaker 1: entered into clinical use about ten years ago with the
Speaker 1: ability to detect DNA from a baby when a woman
Speaker 1: was pregnant to see whether or not the baby had
Speaker 1: problems like chromosome abnormalities, down syndrome, those sorts of things. Well,
Speaker 1: what had happened was and that has taken off and
Speaker 1: is now current standard of care, the non invasive way
Speaker 1: to text detect, you know, prenatal assessment of baby's health.
Speaker 1: But in a few rare cases, there was DNA taken
Speaker 1: from the blood test and the mother that was neither
Speaker 1: the babies nor the moms And what turned out was
Speaker 1: that that was DNA from a cancer and those were
Speaker 1: mutated DNA strands, And this became the beginning of this,
Speaker 1: you know, extraordinary journey too for what is the holy
Speaker 1: grail of trying to detect cancer without any symptoms or signs.
Speaker 1: So yeah, jump on, you had a question. Yeah, so
Speaker 1: this is this is still very early stages. Walk us
Speaker 1: to the timeline here of how we're still progressing. Absolutely,
Speaker 1: So there's been a lot there's been a lot of
Speaker 1: R and D, and AI has gone into studies. But say, okay, fine,
Speaker 1: we found this signal now and I'm not part of
Speaker 1: the company. I'm part of a clinical study that is
Speaker 1: really looking at the utility of a test like this.
Speaker 1: So the test can the text not only is their
Speaker 1: cancer present, but then be able to differentiate fifty different
Speaker 1: types of cancer within this one blood test, anything from
Speaker 1: colon to pancreas, to ovary or to blood cancer. So
Speaker 1: this is transformative potentially. Now what we need to know
Speaker 1: is can we actually bend the curve? Can we find
Speaker 1: cancer earlier when it is curable and not you know,
Speaker 1: the devastating late stage disease that we hear about all
Speaker 1: the time in the news, and how does this change
Speaker 1: from an economic standpoint in terms of the care for
Speaker 1: our patients and the ability to save lives. We'll talk
Speaker 1: about early detection here because you mentioned a few cancers
Speaker 1: that I think to a lot of our audience would
Speaker 1: be recognized as essentially having really low rates of survival.
Speaker 1: Pancreatic cancer, for example, some blood cancers that tend to
Speaker 1: kill when you're diagnosed with them, right, so you know,
Speaker 1: when you think about cancer and you think about screening
Speaker 1: in our in the US, for example, there are five
Speaker 1: cancers that we have guidelines based recommendations for breast, colon,
Speaker 1: cervical if you've been a smokers, and lung cancer, and
Speaker 1: then there's dialogue around you know, who should have prostate
Speaker 1: cancer screening. Sevent of all cancers, though, are not part
Speaker 1: of any of those that we can screen for. So
Speaker 1: we have tried in earnest to try to figure out
Speaker 1: how do you detect cancers that people may be harboring
Speaker 1: or at risk for. I'm a medical geneticist and internet
Speaker 1: and so I my entire career is devoted to identifying
Speaker 1: those patients who are high risk and doing everything I
Speaker 1: can for prevention and early detection. That's why I was
Speaker 1: so invested, and that's why providence of a health system
Speaker 1: so it's committed to early delivery of a test like
Speaker 1: this to be able to say who is the most
Speaker 1: important patients that need this kind of test. How do
Speaker 1: we help broaden the ability to detect cancer and those
Speaker 1: who may be at elevator risk because they have a
Speaker 1: family history, as they carry a genetic mutation, because they've
Speaker 1: had prior history of cancer, And how do we take
Speaker 1: care of them differently? Yeah, we got about thirty seconds here.
Speaker 1: Why do you answer that? How do we how do
Speaker 1: we move forward? So what we're doing is a five
Speaker 1: thousand person study. People are in various different groups depending
Speaker 1: on whether they have a genetic risk, whether they have
Speaker 1: a personal history that puts them at higher risk. And
Speaker 1: we're doing offering them at no charge blood test, this
Speaker 1: gallery test, with the return of results, and then following
Speaker 1: them forward saying what happens when that test is positive?
Speaker 1: How do we screen them going forward? Do we find
Speaker 1: cancers that we expected? Can we find them earlier stage,
Speaker 1: can we change the course of their disease? And all?
Speaker 1: This is part of a national outcome study called Reflection
Speaker 1: and we are, you know, significantly contributing that to try
Speaker 1: to figure out if this is going to be the
Speaker 1: next thing that we start offering everybody on an annual
Speaker 1: basis once we have a kind of outcome data that
Speaker 1: we need to really understand who it's best for and
Speaker 1: how to use. Dr Or Gordon, Regional medical director at
Speaker 1: Providence Center for Clinical Genetics and Genomics, joining us from Burbank, California,
Speaker 1: talking all about the new gallery tests that they've been
Speaker 1: doing for about a year. Dr Gordon, thank you so
Speaker 1: much for taking the time. Really appreciated. This is Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Well, last week we heard from
Speaker 1: x on Mobile Chevron. They posted their highest ever profits,
Speaker 1: reaping the rewards from surging commodity prices amidst supply disruptions
Speaker 1: and rising demand. The earnings bananza continues this afternoon after
Speaker 1: the market closes. We're set to hear from Occidental Petroleum
Speaker 1: Corporation and to give us an idea of how we
Speaker 1: should be thinking about all of these companies. And of course,
Speaker 1: the price of oil supply and demanded more is Stuart Glickman,
Speaker 1: head of Energy research at cfr A Research. He joins
Speaker 1: us on the phone from New Jersey. Stewart, how are
Speaker 1: you this afternoon. I'm well, Tim, Thanks for having me well,
Speaker 1: it's really good to have you with us. Um. I
Speaker 1: wanted to just get your take before we get to Occidental,
Speaker 1: before we talk about last week's results at x ON
Speaker 1: and Chevron, I want to get your take on where
Speaker 1: we are when it comes to the energy transition right now.
Speaker 1: And when I talk transition, I'm of course talking about
Speaker 1: the movement away from fossil fuels and the movement towards renewables,
Speaker 1: because I think, like a lot of people, I thought
Speaker 1: we were further along in that transition than we are.
Speaker 1: Because that's coming to a sharp relief over this last year. Yeah, Tim,
Speaker 1: it really has, and I think part of it is
Speaker 1: arguably wishful thinking on the part of renewables advocates. The
Speaker 1: basic problem Um that renewables are having and filling the
Speaker 1: gap completely for any fossil feels he'd like to substitute
Speaker 1: away from is the problem of intermittency, and so because
Speaker 1: the sun doesn't always shine, the wind isn't always blowing.
Speaker 1: Um it's it's difficult to replace fully and have reliability.
Speaker 1: That's something that Europe I discovered, uh, you know, late
Speaker 1: last year earlier this year with the wind not being
Speaker 1: quite as strong as they had expected, and because of
Speaker 1: what's going on with Russia of course, UM and the
Speaker 1: fact that they've moved away from coal in some cases
Speaker 1: closed nuclear plants. UH, they've been worst to turn back
Speaker 1: to uh natural gas power more than they had anticipated.
Speaker 1: I think, certainly, I think the writings on the wall
Speaker 1: that eventually we're going to have a bigger transition towards renewables,
Speaker 1: but I think we're probably looking towards more like end
Speaker 1: of this decade and not in the next year or two. Well,
Speaker 1: let's bring it back then to the OPEC story, because
Speaker 1: we have OPEC coming up. Last time around, they said
Speaker 1: that we are going to actually perhaps increase some of
Speaker 1: that production. But I mean, there's so much focused right
Speaker 1: now being put on that spare capacity or lack there
Speaker 1: of at this point, how much of a difference can
Speaker 1: OPEC really make right crazy? So I think there's two issues.
Speaker 1: One is do they have the ability to really ramp
Speaker 1: up production um if they wanted? And then the second
Speaker 1: is the willingness and I think that kind of fall
Speaker 1: short on on both accounts. UM, spare capacity is tight. Uh. Really,
Speaker 1: when we're talking about spirit capacity, we're really talking about
Speaker 1: two major players, uh, Saudi Arabia of course, and then
Speaker 1: you a well the lion share of that UM. And
Speaker 1: with with Russia having more difficulty in finding buyers because
Speaker 1: of what's going on with Ukraine. UM, there's no way
Speaker 1: for Saudi Arabia and you A fully replaced everything that's
Speaker 1: that Russia is losing. UM. But then secondly on the
Speaker 1: willingness side, UM, you know the OPEC participants when they meet,
Speaker 1: they're going to be uh concerned along with with you know,
Speaker 1: institutional investors as to whether or not UM we're about
Speaker 1: to tip into recession. UM. The factory data hasn't been
Speaker 1: all that stellar lately, and there is a fear that
Speaker 1: you know, high oil prices might be inducing a recession.
Speaker 1: In that case, you know, oil demand could fall apart
Speaker 1: along with GDP. And speaking of when you're talking about okay, well,
Speaker 1: if the Saudi Arabia and the u A you can't
Speaker 1: make up that spirit capacity, Well, there's an entire country
Speaker 1: producers that are waiting to do that which brings me
Speaker 1: to the U S profit picture. We do have a
Speaker 1: lot of these big oil names, I mean x On
Speaker 1: Chevron recently reporting these massive profits once again. How long
Speaker 1: does that last? That's a great question, Critty. I think
Speaker 1: that the spending discipline that the US oil community has had,
Speaker 1: uh quite honestly was was bought. Was brought into place
Speaker 1: um with a strong push from the institutional investors, because
Speaker 1: the you know, a decade ago, the story in the
Speaker 1: oil community was all about growth. Everyone was talking about
Speaker 1: how much they could be growing production through the drill
Speaker 1: bit and that story began to wane in late and
Speaker 1: really fell apart a couple of years later. And at
Speaker 1: that point institutional investors said, listen, stop telling us about
Speaker 1: your growth plans and start telling us about how much
Speaker 1: cash flow you're going to generate, what kind of cost
Speaker 1: efficiencies you're going to um be able to obtain, and
Speaker 1: let's talk about income um you know, in the in
Speaker 1: the form of either dividends or buybacks. And that story
Speaker 1: has really remained strong even as oil prices have crested
Speaker 1: over a hundred bucks of barrel. So if you're in
Speaker 1: the oil company, you have to play Kate a whole
Speaker 1: bunch of diff front stakeholders. You've got um right politicians,
Speaker 1: of course, you've got institutional investors, and you have the
Speaker 1: renewable community. So it's it's a very very tight tight
Speaker 1: RELI Walking Stewart. I cannot believe we're out of time.
Speaker 1: We didn't even get a chance to dig into your
Speaker 1: research and on occidental So you've got to come back
Speaker 1: and join us once again soon. Stuart Clickman, head of
Speaker 1: Energy Research at c f A A Research, Joining us
Speaker 1: on the phone from New Jersey. This is Bloomberg Business
Speaker 1: Week with Carol Messer and Bloomberg. Quick takes Tim Stinovic
Speaker 1: on Bloomberg Radio. Let's check back in on what's happening
Speaker 1: in Taiwan geopolitics front Center, after how speaker Nancy Pelosi
Speaker 1: landing there, becoming the highest ranking American official to visit
Speaker 1: the island in twenty five years, China saying that it
Speaker 1: will conduct missile tests and military drills around the island.
Speaker 1: Joining us now is my colleague from Bloomberg. Quick takes
Speaker 1: Scarlet Foo. She's with us right now in the Bloomberg
Speaker 1: Interactive Broker's studio. Scarlet Um eager to have you on
Speaker 1: you know you lived and worked in Hong Kong for
Speaker 1: eight years, but you've also got a bit of a
Speaker 1: purse personal history in the region. So before we get
Speaker 1: into talking about Taiwan, I want to hear more about
Speaker 1: your story. Yeah. I used to visit Taiwan regularly. I
Speaker 1: would go every other summer because my grandparents lived there.
Speaker 1: My parents grew up in Taiwan. They were born in China,
Speaker 1: but they fled to Taiwan with the Nationalist government, grew
Speaker 1: up in Taiwan, and we would go back and visit
Speaker 1: family regularly. So I really was able to see Taiwan
Speaker 1: evolved and developed from a society that lived under martial
Speaker 1: law to a society that was holding free elections. We'll
Speaker 1: make of the transition for us from what you understand
Speaker 1: about Taiwan and your experience there and why it's become
Speaker 1: so important in geopolitics today. After all, it's a tiny
Speaker 1: piece of land. Yeah, you and I were talking about
Speaker 1: how geographically the main island of Taiwan is approximately the
Speaker 1: size of what I like to call Red Sox Nation,
Speaker 1: which is Massachusetts, Rhode Island, and Connecticut. But Taiwan also
Speaker 1: claims sovereignty over a bunch of other islands, and it's
Speaker 1: not the only one. There's a bunch of other countries
Speaker 1: that claim sovereignty over these islands too, So there's a
Speaker 1: lot of dispute a territory. You've got countries like China, Japan, Malaysia, Vietnam,
Speaker 1: the Philippines all claiming UH some sovereignty over some of
Speaker 1: those islands. So what is what's so important about it?
Speaker 1: Why do we care about this particular location, Well, Taiwan.
Speaker 1: I mean, in real estate is location, location, location, and
Speaker 1: that's kind of the case here because Taiwan is about
Speaker 1: a hundred miles off of china South eastern coast, and
Speaker 1: if you were to look at it on a map,
Speaker 1: it is the biggest land mass between Japan and the Philippines.
Speaker 1: So it's in this crucial position. And so the US
Speaker 1: and every other country in the Asia Asia Pacific region
Speaker 1: sees Taiwan as crucial to containing China and its military
Speaker 1: ambitions and economic ambitions. That's just strategically. Then you've got,
Speaker 1: of course the economics. You guys talk about it all
Speaker 1: the time. The chip industry the world is completely dependent
Speaker 1: on Taiwan semiconductors. UH. The island is responsible for about
Speaker 1: nine of the world's most advanced chips. These are the
Speaker 1: chips that power your smartphone, your car, the AI and
Speaker 1: your smartphone, the AI in your car. So it makes
Speaker 1: the world go around right now. So, Scar we were
Speaker 1: talking with the Marlow a little earlier for Bloomberg government,
Speaker 1: and he wrote a story about the flight path of
Speaker 1: Nancy Pelosis that was fascinating. It was fascinating right avoiding
Speaker 1: the South China see very clearly, I mean flying around
Speaker 1: it in a way that you know, it's kind of
Speaker 1: reminiscent of of you know, countries making sure they avoid
Speaker 1: Russia and Ukraine during wartime. So talk to us a
Speaker 1: little bit about China's relationship with Taiwan and where it
Speaker 1: stands right now. It's really really complicated, is the short answer.
Speaker 1: It's really actually quite convoluted as well, because if you
Speaker 1: go back to recent history, um Japan had to give
Speaker 1: up Taiwan to China after losing World War Two. But
Speaker 1: there was a civil war in China, so the Nationalist
Speaker 1: government that was in China was defeated by the Communist Party.
Speaker 1: They fled the mainland and set up shop in Taiwan.
Speaker 1: They were supported by the US government, which recognized the
Speaker 1: Nationalist Party as the rightful government but temporarily displaced government
Speaker 1: of China, and then everything's whitched when the US decided
Speaker 1: to change sides and recognize the Communist government in Beijing instead.
Speaker 1: So in doing so, it recognized that Beijing is the
Speaker 1: seat of government for China. There's only one China, and
Speaker 1: it is the government in Beijing. UH. And China has
Speaker 1: a one China policy. The US agrees with that. UH.
Speaker 1: Taiwan is part of China. The US agrees with that,
Speaker 1: But at the same time, it hasn't really clarified what
Speaker 1: it would do if China were to take Taiwan. And
Speaker 1: taking Taiwan by force, taking Taiwan by welcoming it back
Speaker 1: not clear. There's a lot of intentional ambiguity when it
Speaker 1: comes to Taiwan and where it fits in with the
Speaker 1: One China policy when it comes to how the US
Speaker 1: is going to act on anything. So why all the
Speaker 1: I want to say chaos when it comes to the
Speaker 1: foreign policy here, because if you said, like you said,
Speaker 1: the one China policy, then why support Taiwan. Why is
Speaker 1: this such a big deal? Well, the US has pledged
Speaker 1: to support Taiwan, and it also sells um some military
Speaker 1: equipment to Taiwan as well, and it's very much support
Speaker 1: did Taiwan in many ways, but China sees that as
Speaker 1: a threat because China regards Taiwan as a domestic issue.
Speaker 1: If Taiwan is part of China, this is a domestic issue.
Speaker 1: The US has no role or no say in any
Speaker 1: of this. Thirty seconds left, Scarlet, what about the identities
Speaker 1: of the people in Taiwan and they identify that's a
Speaker 1: great question. As time goes by, more and more people
Speaker 1: see themselves as Taiwanese as opposed to Chinese ethnically more
Speaker 1: than the people in Taiwan can trace their roots to
Speaker 1: the mainland. But as time goes by, that that taie
Speaker 1: to the mainland really is more and more distant, and
Speaker 1: they start culturally and politically seeing themselves as Taiwanese. Really
Speaker 1: really awesome to speak with you, Scarlet Fu, my colleague
Speaker 1: from Bloomberg quicktake, and this is why I love the
Speaker 1: Bloomberg news room. I mean, you've got people from all
Speaker 1: over who've lived and worked in Asia for eight years,
Speaker 1: Scarlet being one of that, and they come back and
Speaker 1: they share their experience with a Scarlet Fu from Bloomberg
Speaker 1: quick take. Really appreciate you taking the time roam a
Speaker 1: journal have but you let me drive. Oh no, no, no no, no,
Speaker 1: oh please, I'll do the dride gravels. I want to drive.
Speaker 1: It's good question. This is the drive to the clothes
Speaker 1: well up on Bluebird Radio. Oh my goodness, we're already there.
Speaker 1: We got nine minutes to go to the end of trading.
Speaker 1: The Dow is the clear laggard right now, down by
Speaker 1: more than one percent, being pulled down by Caterpillar. But
Speaker 1: we got a lot to talk about, not just the
Speaker 1: Dow or the SNP or the NASDAC or today, but
Speaker 1: really the big picture right now. We had a great
Speaker 1: guest with us to do that for our drive to
Speaker 1: the closed segment. Abbe desh pon Day is the founder
Speaker 1: and ce IO at Center Stone Investors. Abbe joining us
Speaker 1: once again on the phone from New York City. Abe,
Speaker 1: it's been a few months. How are you all right?
Speaker 1: That's yeah, it's good to have you with us. Um, okay,
Speaker 1: I want to talk about some of your picks. We'll
Speaker 1: do that in just a second. Love hearing you know
Speaker 1: what you've got your eye on. But first I want
Speaker 1: to get your thoughts on where we are in the
Speaker 1: markets is the bottom in It's completely dependent on whether
Speaker 1: or not there is going to be a recession or
Speaker 1: like a real recession, unemployment spiking and all that stuff.
Speaker 1: I don't think we really know yet. There's this in
Speaker 1: between period. So um my, my thoughts are that for
Speaker 1: the most part, other than like a financial crisis, we
Speaker 1: have rolling recessions in this country that affects certain parts
Speaker 1: of the economy, and the interest rates having done with
Speaker 1: they have done, clearly introduces the threat of the recession
Speaker 1: you know in housing related and high ticket capital goods
Speaker 1: type um areas. But that doesn't necessarily be a consumer recession,
Speaker 1: and consumer drives most of the economy. So I'm of
Speaker 1: two minds. Um. One, we could have a recession of
Speaker 1: part of the economy and maybe not in another more
Speaker 1: significant part of the economy, and that allows for the
Speaker 1: stock market to um kind of you know, we went
Speaker 1: do's that's kind of enough. So when you say recession
Speaker 1: and part of the economy, do you mean what are
Speaker 1: you referring to? I mean, are you for into manufacturing retail?
Speaker 1: Mean because they consumers? You know, we're learning some interesting
Speaker 1: stuff from companies, right now yeah, I mean some of
Speaker 1: those interesting things are that there's been no impact on
Speaker 1: unless you're at the lower end, right, like with a
Speaker 1: Target or Walmart. Yeah, and even then that's mostly done
Speaker 1: trying to cycle through. You know, everybody last quarter of
Speaker 1: last year just double ordered a bunch of stuff because
Speaker 1: of the shipping delays and all that. Now they've had
Speaker 1: to discount that. That's that's not because demand has fallen
Speaker 1: off of Cliff, It's because they've got a new product
Speaker 1: out of their stores, perishable products sometimes. Um. I mean
Speaker 1: that you clearly have a lot of you know, um
Speaker 1: stressors and economy of prices having risen in food, you know,
Speaker 1: shortages around the world creating an impact even here in
Speaker 1: the United States, oil prices having been fuel prices having
Speaker 1: gone up. But um, you know you don't quite see
Speaker 1: the impact on the ground yet. Um outside of house
Speaker 1: which is where you expect mortgages rates have gone up
Speaker 1: as much as I think you had it the way. Um.
Speaker 1: You know, for us the answer is always been to
Speaker 1: be diversified. Um. That means across the world, Uh, not
Speaker 1: to be targeted specifically like I don't know, tech stocks
Speaker 1: and what have you, or even just value stocks. We're
Speaker 1: value investors, um, so you know our preferences to find
Speaker 1: securities that traded discounts to their their intrinsic value. But
Speaker 1: there are you know, looking at our portfolio, which we
Speaker 1: center so we build it from the bottom up. There
Speaker 1: are some interesting themes that are developing, you know, so
Speaker 1: walk us through them. Well, one is that you're you know,
Speaker 1: we only a company called Granger. It's industrial parts distribution
Speaker 1: or I guess it feeds industrial plants and what not
Speaker 1: with the parts that they need, um for producing you know,
Speaker 1: anything from cars to windows, and uh, their business is
Speaker 1: really humming. And there's you know, there's there's something to
Speaker 1: be said about a longer term trend of on shoring
Speaker 1: of the supply chain into back into North America, United
Speaker 1: States and Canada. So companies like that maybe as how
Speaker 1: you said you own it, when did you get in
Speaker 1: uh many many years ago. I was looking at the
Speaker 1: stock chart and wow, this is quite the stock chart, folks.
Speaker 1: Wwww and it is actually a massive acceleration from the
Speaker 1: bottom of it's actually at a record high and stock
Speaker 1: price right now. Shares here five are you're not concerned
Speaker 1: as too expensive? Um? I mean it's it depends on
Speaker 1: what kind of business you think this is. If it's
Speaker 1: if you think it's a cyclical company that you know,
Speaker 1: we'll just go up and down with the industrial cycles,
Speaker 1: then yeah, maybe it's on the higher end of its evaluation.
Speaker 1: If you think there's sales winding the sales because of
Speaker 1: a longer term growth factor that was not here before
Speaker 1: it's been asking for a long time, which is the
Speaker 1: reshoring of supply chains, then possibly you have a more
Speaker 1: of a franchise element for this, which we would mean
Speaker 1: that this is not especially um. You know, the evidence
Speaker 1: points to to um that they're being a wind for
Speaker 1: a lot of wind in their sales. If you just
Speaker 1: look at the current numbers, you think that they start
Speaker 1: to talk about slowing demand and all that, that's not happening.
Speaker 1: They're talking about accelerating demands. All right, I'll be um.
Speaker 1: We talked Ranger. Let's talk a CSL Carlisle Companies Incorporated.
Speaker 1: What's going on there? Yeah, it's sort of the same.
Speaker 1: Then you think that at some point the oil prices
Speaker 1: going up, you think that demand and pricing for them
Speaker 1: would kind of contract a little bit, but they make
Speaker 1: they you know, to just put it real basic they
Speaker 1: make roofs, uh like for warehouses and factories and that
Speaker 1: kind of thing, big big, huge routs, and you know,
Speaker 1: as manufacturing is starting to head back into this country again,
Speaker 1: I think there's more demand. There was clearly some just
Speaker 1: pent up demand from you know, the world being shut
Speaker 1: down for a few months for for you know, a
Speaker 1: year or two, so there's some catch up, but there
Speaker 1: seems to be there seems to be some additional wind
Speaker 1: in their sales to those stocks are also kind of
Speaker 1: reflected that it's not reflecting a concern that the site
Speaker 1: that it's a cyclical stock and things should uh you
Speaker 1: know revert to the means, so so to speak, it
Speaker 1: seems like the market suggests that there's you know, long
Speaker 1: term growth. Yeah. Really interesting to look at these two
Speaker 1: charts compared with one another. They can kind of have
Speaker 1: similar trends with their movements recently creating. Yeah, they really do.
Speaker 1: And I the reason I pushed on are these two
Speaker 1: expensive because a lot of people are saying, well, active picking,
Speaker 1: active investing, that's the way to go here. All right,
Speaker 1: ob we got thirty seconds left with you give us
Speaker 1: your theme on when it comes to Emerging Asia tourism, emerging.
Speaker 1: This is again kind of construction from the bottom. If
Speaker 1: we keep on finding a bunch of stocks that are
Speaker 1: looking very low priced compared to their prospects, and the
Speaker 1: prospects are accelerating rapidly. So companies like not a court.
Speaker 1: This is like a small random company, but not your
Speaker 1: corp in Cambodia, hinting in Malaysia, which are casino operators. Uh,
Speaker 1: you know if you're like my, my benchmark for tourism
Speaker 1: is Bali what's going on in and they're about was
Speaker 1: in May about of COVID pre COVID teak and now
Speaker 1: I mean from reports I see it's just completely full. Abbe,
Speaker 1: We unfortunately have to leave it there. We're out of time,
Speaker 1: but you've got to come back. Abbe deshpon Day, founder
Speaker 1: and ce IO at center Stone Investors. Thanks for listening
Speaker 1: to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud,
Speaker 1: or Bloomberg dot com, and you can also listen to
Speaker 1: our radio show at two pm Eastern on Bloomberg Radio
Speaker 1: or watch us on YouTube. Sarah to Bloomberg Global News