Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm
Speaker 1: Bloomberg Quick Takes Tim Stanibek. We're here every day bringing
Speaker 1: you the latest news from the world of business and finance,
Speaker 1: plus technology, politics, economics, all harnessing the power of Business
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Speaker 1: at two pm Eastern Time on Bloomberg Radio or watch
Speaker 1: us on YouTube search Bloomberg Global News. The global COVID
Speaker 1: cases a hundred and twenty one point three million deaths
Speaker 1: topping two point six eight million. So let's get an
Speaker 1: update on kind of where we are. Let's bring in
Speaker 1: Alexander White, Assistant Professor of sociology and the History of
Speaker 1: Medicine at Johns Hopkins Bloomberg School of Public Health, which
Speaker 1: is supported by Michael R. Bloomberg, founder of Bloomberg LP
Speaker 1: and Bloomberg Philanthropies. Alexander on the phone in Baltimore, Alexander,
Speaker 1: nice to have you here. It does feel like vaccines
Speaker 1: are getting out to more people globally, certainly here in
Speaker 1: the United States. At the same time, you know, we
Speaker 1: still have a lot of cases, and we still have
Speaker 1: areas of the world that are going into lockdown. How
Speaker 1: do you see kind of where we are when it
Speaker 1: comes to COVID nineteen. Hi, thank you, thank you so
Speaker 1: much for having me. So I think we're we're in
Speaker 1: an interesting I think we're an interesting inflection point um
Speaker 1: with with the pandemic. We're obviously we're seeing large and
Speaker 1: much higher rates of vaccination, but we're also seeing concerning
Speaker 1: risers in cases. So at this moment, you know, it's
Speaker 1: very critical that we remain um masking, we remain social distancing,
Speaker 1: while also getting out as many vaccines as possible. Well,
Speaker 1: and to that point, we have often talked here on
Speaker 1: Bloomberg about the difficulty in reaching all populations. Are all
Speaker 1: populations wanting to take the vaccine, but it does seem
Speaker 1: like increasingly the story is people want to take the vaccine,
Speaker 1: but they can't always figure out how to sign up
Speaker 1: for it, or they don't have access to the technology
Speaker 1: to sign up, or they just can't get to a
Speaker 1: place to get the actual vaccine. How are you seeing that. Yeah,
Speaker 1: that that's exactly right. UM. I think it's a very
Speaker 1: serious concern. You know, in the early days of when
Speaker 1: the vaccine was being rolled out in the United States especially,
Speaker 1: the concern was overwhelmingly about vaccine hesitancy, especially in UM, black,
Speaker 1: Indigenous and minority populations that have historically been UM negatively
Speaker 1: exposed to public health interactions, incidences of medical race and etcetera.
Speaker 1: What we're seeing now is actually, you know, in many ways,
Speaker 1: the those initial concerns about vaccine hesitancy and really dropping.
Speaker 1: And what's much more serious is you you know, as
Speaker 1: you mentioned, increasing access to vaccine, increasing accessibility on how
Speaker 1: to to access a vaccine, how to access technology and
Speaker 1: allow you to sign up UM, and and these issues
Speaker 1: which are becoming more and more important as we scale
Speaker 1: up the vaccine delivery across the country. Well, let's talk
Speaker 1: about this organization that you've been working with, communivacs Exactly.
Speaker 1: Who are they, what are they, what are they setting
Speaker 1: out to do? Yes, so, UM Communitas is a national
Speaker 1: alliance of social scientists, public health experts, and community advocates
Speaker 1: who seek your last sting solutions to this particular serious problem.
Speaker 1: As we all know, in the United States historically underserved,
Speaker 1: underserved in the realm of healthcare. Black, Indigenous and Latin
Speaker 1: populations have endured negative health and economic impacts from COVID
Speaker 1: from COVID nineteen pandemic at tragic and disproportionate rates. And
Speaker 1: while these communities could benefit greatly from safe and effective
Speaker 1: to the nineteen vactinations, longstanding biases and barriers hinder their
Speaker 1: access to the vaccine. And you know, our coalition is
Speaker 1: is strengthening an attempting to strengthen national and local COVID
Speaker 1: vactination efforts in the United States by really putting communities
Speaker 1: of color at the center of these endeavors, with the
Speaker 1: goal of building towards not only the equitable delivery of
Speaker 1: COVID nineteen vaccines around the country, but also pushed towards
Speaker 1: collaborative and equitable public health service the place minoritized community
Speaker 1: is really at the center of decision making. Alexander's Alexand
Speaker 1: let me just let me just jump in for a second.
Speaker 1: Is it safe to say that the problem is because
Speaker 1: I'm curious, how come there isn't the same access to
Speaker 1: all communities within the United States? And is it kind
Speaker 1: of similar to great healthcare. It isn't the same access
Speaker 1: to all communities of the United States. So there's a bigger,
Speaker 1: broader problem here. It's not just vaccine distribution, but it
Speaker 1: it really digs more deeply into you know, the access
Speaker 1: to overall great health care here exactly exactly, and it
Speaker 1: is it is a bigger problem, brother problem, and it's
Speaker 1: something that you know, we can't get account very seriously. One.
Speaker 1: You know, in the United States, we've seen public health
Speaker 1: funding really decrease UM acutely in the last twenty years,
Speaker 1: but also really over the over a longer period of time,
Speaker 1: UM such that you know, as we've as we've seen
Speaker 1: we've been generally unprepared for large scale UM pandemics of
Speaker 1: this sort. And there's a result. You know, we've especially
Speaker 1: seen lack of public health support, funding and investment in
Speaker 1: underserved communities that would all already be UM as a
Speaker 1: result of systemic launch of systemic and equalities such as
Speaker 1: segregation or even out of housing situation, or broader lack
Speaker 1: of infrastructure support really without the out access to healthcare,
Speaker 1: to public health intervention. And also, you know, as we
Speaker 1: see most pressingly in this case, a lack of access
Speaker 1: to UM to these vaccines. So it's a critical, critical problem. Hey,
Speaker 1: you just got about thirty seconds here in terms of
Speaker 1: the work that you guys are doing at community acts,
Speaker 1: do you see that you're making progress and reaching out
Speaker 1: to these communities to make sure they do have that
Speaker 1: access to getting the COVID vaccine just quickly. Yeah, we
Speaker 1: are seeing progress, and I think it's very exciting. We're
Speaker 1: working in local communities across the country and we're amassing
Speaker 1: not only you know, great um strategies for increasing access,
Speaker 1: increasing transportation drives and things to too sites, but also
Speaker 1: you know, we're seeing ways of really building a collaborative
Speaker 1: public health care campaign for the future. COVID nineteen backs
Speaker 1: bactinae Um. Your mission is really only the beginning. Well,
Speaker 1: good luck with with all of your work. Great to
Speaker 1: hear about it. Alexander White. He is Assistant Professor of
Speaker 1: Sociology in the History of Medicine at Johns Hopkins Bloomberg
Speaker 1: School of Public Health, of course, supported by Michael R. Bloomberg, founder,
Speaker 1: Bloomberg LP and Bloomberg Philanthropies. Alexander joining us on the
Speaker 1: phone in Baltimore. This is Bloomberg Business Week with Carol
Speaker 1: Masser and Bloomberg Quick takes Tim Stinovich from Bloomberg Radio. So, yeah,
Speaker 1: it's been a pretty busy week for this next reporter
Speaker 1: and the venerable Wall Street firm, Goldman Sax. We've got
Speaker 1: two stories, not one, two stories about Goldman today on
Speaker 1: the Bloomberg terminal. They are the most read number one
Speaker 1: and two in the past eight hours on the Bloomberg
Speaker 1: reporting on Goldman Street. Not Rajan, He's our finance reporter
Speaker 1: at Bloomberg News. He joins us on the phone in
Speaker 1: New York City. You've had a busy week. Well, it's
Speaker 1: a prominent institution. I was making you. What can I do?
Speaker 1: I know, Oh, I know, indeed indeed, so listen. First
Speaker 1: of all, let's talk about that move down south to
Speaker 1: West Palm Beach by government. It feels like it's picking
Speaker 1: up some momentum in reality to it. Oh absolutely. If
Speaker 1: you remember back in December, we talked about how government's
Speaker 1: act executives were weighing the option of centering their asset
Speaker 1: management business uh somewhere in South Florida. They were looking
Speaker 1: at offices in between the Miami to Palm Beach corridor.
Speaker 1: The idea of being you create a new hub and
Speaker 1: that pretty much fits in line with the David Solomon's
Speaker 1: strategy of moving more jobs into cheaper lookouts to trim
Speaker 1: expenses for the Bank Florida. Of course, garners more interest
Speaker 1: just because this is also the time in our economy,
Speaker 1: in fact, in New York's economy, if you may were,
Speaker 1: a number of firms from this experience of remote working.
Speaker 1: Over the last year have had serious conversations and this
Speaker 1: is the discussion that is happening across many boardrooms in
Speaker 1: corporate America is do you really need all your employees
Speaker 1: to be working out a one big central location or
Speaker 1: prominent cities when you could offer uh possibly ostensibly a
Speaker 1: better standard of living in cheaper cities further away from
Speaker 1: the center. And the experience of remote working, the experience
Speaker 1: of working almost seamlessly for many of the big firms
Speaker 1: from disparate locations, has given rise to this idea, to
Speaker 1: the art of the possible, and they realized that they
Speaker 1: could move more jobs away from big city centers like
Speaker 1: New York, Chicago, San Francisco and still function properly and
Speaker 1: improve the bottom line. So, and this is what what
Speaker 1: David Salomon calls is it high value cities. That is
Speaker 1: that is indeed a very goverment terminology, high value locations.
Speaker 1: But simply put, it translates to locations that are not
Speaker 1: as expensive as New York City. Yeah, well wasn't you
Speaker 1: know shred. Does it come down to that it's just
Speaker 1: about cutting costs or is it? Is it some thing more?
Speaker 1: Because it does feel very much I feel like the
Speaker 1: conversations we've been having with you as of late, if
Speaker 1: David Solomon, he calls himself a modern CEO, you know,
Speaker 1: really kind of remaking Goldman to some extent in his
Speaker 1: own image, but maybe also for the twenty one century.
Speaker 1: I mean, one thing that we have to be clear
Speaker 1: about it this is this idea of moving jobs to
Speaker 1: high value locations at Goldman has been underway for about
Speaker 1: a decade. Uh. You know, in the last and years
Speaker 1: we've seen places like Salt Lake City in Utah, Dallas
Speaker 1: in Texas where where you've already shifted in a number
Speaker 1: of jobs because Goldman did realize that it could. Gonner
Speaker 1: benefits from moving jobs there. A lot of their jobs
Speaker 1: that especially back office roles in their new consumer operations,
Speaker 1: are are centered out as Salt Lake City. They have
Speaker 1: also moved a number of legal compliance and similar roles
Speaker 1: to places like Dallas. So it is a shift that's
Speaker 1: been happening. But under Solomon, I think Goldman has leaned
Speaker 1: a little harder into the strategy. You've heard them talk
Speaker 1: and earning s calls and at conferences that the experience
Speaker 1: of the pandemic has taught them that they were not
Speaker 1: giving themselves enough credit for how well they could operate
Speaker 1: from a varied number of locations. And at the end
Speaker 1: of the day, if it is going to help with
Speaker 1: the bottom line, why shy away from it? Yeah? Why not? Right? Hey, listen,
Speaker 1: your second most read story on the Bloomberg Today has
Speaker 1: a talk about Goldmen bankers, Goldman analysts, those first year
Speaker 1: analysts begging to work only eighty hour weeks. Basically, they're
Speaker 1: pushing back. Just got about thirty five seconds. What do
Speaker 1: we need to know about this story? Well, the most
Speaker 1: important thing you need to know is if I ever
Speaker 1: beg for saying, please let me work only eight hours
Speaker 1: a week, please take me to the back Ellen shoot me.
Speaker 1: But that is the reality of Wall three. You you
Speaker 1: work these big crazy ears for the big bugs. The
Speaker 1: hope is or the real it clashes against this idea
Speaker 1: that the softer kind of Wall Street was promoting a
Speaker 1: better work life balance. But this, in this past twelve
Speaker 1: months of crazy banking business, it seems uh that dream
Speaker 1: hasn't quite fanned out. They just want to shower, They
Speaker 1: just want to each tree. They're just asking for a
Speaker 1: little bit of time. Sounds like they just had a
Speaker 1: kid and they're trying to juggle who work and life. Yeah,
Speaker 1: we all can relate to that. Alright, three great stuff.
Speaker 1: Really appreciate it. Tree not a rag. And he's finance
Speaker 1: reporter at Bloomberg News joining us on the phone in
Speaker 1: New York City. This is Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. Well,
Speaker 1: this week's cover story is about an essential business during
Speaker 1: the pandemic that also happens to be the one company
Speaker 1: in the US that makes a very important thing for
Speaker 1: COVID tests. And it also is about the two feuding
Speaker 1: cousins behind the business. The tale told by Bloomberg News
Speaker 1: technology reporter Olivia Carvel. She joins us right here in
Speaker 1: our interactor Broker's studio along with Bloomberg Business Week editor
Speaker 1: Joel Webber on the Access line in Brooklyn. First of all, Joel,
Speaker 1: I mean, who knew so much was going on behind
Speaker 1: those very important nasal swaps? That's right. This is I
Speaker 1: think one of my favorite stories that we've bushed over
Speaker 1: the last year. UM. I think it's a great untold
Speaker 1: story of the pandemic. UM, which is basically, imagine having
Speaker 1: a business that, UM, you know, a year ago, you
Speaker 1: basically the world discovers, Um, we're gonna need a lot
Speaker 1: more nasal swabs than you. Happen to be basically one
Speaker 1: of two companies in the world that makes them. And
Speaker 1: it's a company called called Puritan. It's a closely held
Speaker 1: family company in Maine. UM, at the very outside of
Speaker 1: the pandemic, we happen to have done a photo shoot UM,
Speaker 1: basically showing their their operation and UM Olivia came to
Speaker 1: us a couple of months later and said, by the way,
Speaker 1: do you guys know about this epic lawsuit between the
Speaker 1: two cousins who own the business. And we're like, no,
Speaker 1: tell us more so, Olivia, tell us more. Who are
Speaker 1: the owners and what are they fusing over? Yeah, well
Speaker 1: thanks for having me, UM. The owners of Puriton is
Speaker 1: Timothy Tinpltt and John Cartwright, the both based up in Maine.
Speaker 1: This is a family business. It's been around for you know,
Speaker 1: more than a hundred years now, and they haven't liked
Speaker 1: each other for a really long time. One of the
Speaker 1: most fascinating things about reporting the story is the timing
Speaker 1: of it all. Like in the lead up to the pandemic,
Speaker 1: probably two years before COVID really hit or became a
Speaker 1: household name, they stopped speaking to each other. One of
Speaker 1: them just walked out of a meeting and refused to
Speaker 1: have anything to do with the other. And um, they
Speaker 1: refused to be in the same room, didn't want to
Speaker 1: talk to each other, And that led to some really
Speaker 1: big problems inside the company. There was their manufacturing equipment
Speaker 1: wasn't being modernized, they weren't updating their technology. Their back
Speaker 1: office technology system was twenty years old. They had and
Speaker 1: updated their wages or given staff salary increases, and then, um,
Speaker 1: three weeks literally three weeks before the White House called
Speaker 1: this company to say we need you to ramp up
Speaker 1: swab production, one of them filed a lawsuit against the
Speaker 1: other to dissolve the entire business all right, and then
Speaker 1: walks in the government exactly. Yeah, that brought them all together,
Speaker 1: and they're not happy and living happily living, you know,
Speaker 1: ever after. Well, that's a really interesting part of the
Speaker 1: story is that the government was like, we need you
Speaker 1: to sit aside your differences for the good of the country,
Speaker 1: and they said that they would, but we access the
Speaker 1: legal file and inside private courtroom sessions, they continued to
Speaker 1: fight and are still fighting to this day. Which, um,
Speaker 1: you know, let's let's go ahead and talk about the
Speaker 1: money here. Um, how much money is the US government
Speaker 1: put into making sure period and keeps coming Over the
Speaker 1: past year, They've invested two hundred and fifty million dollars
Speaker 1: into the company and plans are underway for another facility
Speaker 1: in Tennessee. So that's only going to go up. I mean,
Speaker 1: why don't they get along? And I know in your
Speaker 1: story you talk about that it might have started as
Speaker 1: they were kids. I mean, but it's noticeable. Employees know it,
Speaker 1: and it wasn't until right the President visited that they
Speaker 1: were actually seen together. Yeah. I think that they're just
Speaker 1: both really stubborn. Um, they both have their own vision
Speaker 1: for how they see the future of the company going.
Speaker 1: Puritan has actually got a sister business called Hardwood, which
Speaker 1: started out making minted toothpicks like a hundred years ago.
Speaker 1: And John Cartwright, one of the cousins, is really heavily
Speaker 1: involved in the hardwood side of the business, and Timothy
Speaker 1: Template is involved in the Puritan the medical side, And
Speaker 1: as these two companies had kind of gone in different directions,
Speaker 1: they really felt struggled to kind of work together to
Speaker 1: see a future for both of them. So, you know,
Speaker 1: just two stubborn people who had their own vision and
Speaker 1: just didn't want to back down. Okay, so you got
Speaker 1: to spend some time in me in the summer, which
Speaker 1: made the reporting like so much greater, Carol. Just to
Speaker 1: have Olivia basically being like pitching the story and then
Speaker 1: being like, by the way, I'm going to be in
Speaker 1: Vain for a little while. I was like, oh my god,
Speaker 1: you can't make this up. Amazing. So you got to
Speaker 1: know basically everyone in Guilford. So put us on the
Speaker 1: wasn't that hard, Jol. There are only fifty a hundred
Speaker 1: people who live in Guilford. Tell us about the company
Speaker 1: and how it fits into mean and the meaning of
Speaker 1: it all. Yeah, Well, Guildford is a tiny town. There
Speaker 1: is one restaurant there, which also serves as the local bar.
Speaker 1: There's no Starbucks, there's no McDonald's. Like very very small
Speaker 1: town America and Hardwood Puritan or the business is the
Speaker 1: biggest part of the whole town. They do a lot
Speaker 1: for the for the town. They often put on fireworks shows,
Speaker 1: they donate playground equipment, They help maintain the local parks.
Speaker 1: Everyone who lives in Guilford knows the company had has
Speaker 1: either worked there, had a family member who worked there,
Speaker 1: or you know, knows the owners specifically. Everyone knows where
Speaker 1: they grew up. They can point out their homes. John
Speaker 1: Cartwright has quite a big, sprawling estate on one of
Speaker 1: the highways hitting out of Guilford, and people actually direct,
Speaker 1: you know, make directions based around his home. They're like, oh,
Speaker 1: take a lift after the John's giant white mansion on
Speaker 1: the corner. So that the feud between the owners was
Speaker 1: really really well known in the town as well. Okay,
Speaker 1: so you've spent months on this story. What's your favorite
Speaker 1: detail from all the report, the great reporting that you did,
Speaker 1: and just have about thirty thirty five seconds. Yeah, sure,
Speaker 1: I think it was really going through the court documents
Speaker 1: and seeing just the extent of the fight. They disagreed
Speaker 1: on everything from the location of the case to delaying
Speaker 1: the case when the pandemic hit, to expediting it to
Speaker 1: putting it off all together. And then when Bloomberg filed
Speaker 1: a motion to access the legal documents, they actually disagreed
Speaker 1: on how to respond to that as well. One of
Speaker 1: them said, no, we're going to fight it and push back,
Speaker 1: and the other said, oh, it's okay, go for it,
Speaker 1: like you can access the documents if you want them.
Speaker 1: So just the extent of their disagreement was unbelievable. All Right.
Speaker 1: I do say there's several times, but I do feel
Speaker 1: like this could be again like a Netflix or Amazon
Speaker 1: series because it's amazing and what I hear is there's
Speaker 1: going to be an Olivia Crevell Street and gil Ford. No,
Speaker 1: I don't know that. Uh, it's a great story. Um,
Speaker 1: so much information and we'll put it out on Twitter
Speaker 1: and I highly recommend everybody check it out. M Olivia,
Speaker 1: thank you, Olivia Carvell of Bloomberg News, along with Joe
Speaker 1: Webber of Bloomberg Business Week. I'm Broom mac Journal. Yeah,
Speaker 1: but you let me drive no no, no, d N please,
Speaker 1: I'll drivel lets me. I want to drive, just drive baby,
Speaker 1: it's good questions drying yea, this is the drive to
Speaker 1: the globe. Give me thanks. We'll drying us to dawn
Speaker 1: on Bloomberg Radio. And gotta say, taken just a leg
Speaker 1: down in the last hour or so, and we are
Speaker 1: pretty much at our loads of the session when it
Speaker 1: comes to those major equity averages down one point five
Speaker 1: on the SNP DAL off half a percent, and the
Speaker 1: NASDAC really taking it. The biggest decliner on a percentage
Speaker 1: basis down three or decline a four hundred six points.
Speaker 1: Let's get into it with Alan Zaffron, founding partner and
Speaker 1: co ce io at i e Q Capital eleven point
Speaker 1: six billion in assets under management, joining us once again
Speaker 1: from Foster City, California. Allen, nice to have you here
Speaker 1: with Tim and me. So, okay, how do you see
Speaker 1: like a trade like today where we're seeing more momentum
Speaker 1: to the downside pickup on the equity trade, particularly the
Speaker 1: tech trade. And one day after the FED where some
Speaker 1: said you know where Jpal came out and said, listen,
Speaker 1: we're gonna keep rates low for some time. Yeah, Carol, Tim,
Speaker 1: thanks for having me back on the show and today
Speaker 1: as a microcosm of the battle we're going to see
Speaker 1: in the next three to six months, and it's the
Speaker 1: battle between rising rates and inflation scares stopping this massive
Speaker 1: large cap growth rat had for many years, versus the
Speaker 1: fact that if inflation is kept under control, you're actually
Speaker 1: gonna have productivity growth, really nice world GDP growth, actually
Speaker 1: earnings growth better than expected, and that drives stocks higher.
Speaker 1: So what's really spooking the market is something called the
Speaker 1: base effects. The next three months, when we talk about inflation,
Speaker 1: it's gonna look like it's going crazy because in March
Speaker 1: and April and May last year, prices were falling, and
Speaker 1: we compare inflation year over year, it's gonna look terrible
Speaker 1: for the next three months. It's going to spook everybody.
Speaker 1: This tenure is headed to two question. We have to listen.
Speaker 1: It could be weaks. I mean, this market is moving quickly, right,
Speaker 1: but the short end isn't going anywhere, because al told
Speaker 1: you is staying there if you believe him three more years,
Speaker 1: if you believe the futures market at least two more years.
Speaker 1: So the kurb Stevens but two isn't a problem. It's
Speaker 1: the speed at which this moves. The market can't calibrate
Speaker 1: quickly enough, right, It has to move and fits and starts.
Speaker 1: But that the question, Tim is really is this inflation
Speaker 1: going to be tolerable or is it going to get
Speaker 1: out control? I will tell you that we still believe
Speaker 1: it's tolerable, which is what J believe it, which is
Speaker 1: kind of what Alan J. Powell seemed to say. To
Speaker 1: hang on a second though, because Tim and I were like,
Speaker 1: what did he say? Did he say baked defect? What
Speaker 1: did you say? The base effects base? Okay? Meaning what?
Speaker 1: So you're comparing year when you read about what's going on,
Speaker 1: you compare year over year statistics. If I'm arbitrarily comparing
Speaker 1: last March, April and May when we're in the throes
Speaker 1: of locking down and prices were falling, and now you
Speaker 1: look at prices this year, we will look like we're
Speaker 1: speed up extraordinarily because you're comparing rising prices this year
Speaker 1: with falling prices last year. By the time we get
Speaker 1: to July and August, even though prices this year are
Speaker 1: going up, prices last year we're also going up. So
Speaker 1: the spread will begin to narrow and it will calm down.
Speaker 1: Investors at the rate of inflation again is moderating. We
Speaker 1: have to get past the next three or four months
Speaker 1: to see the mod rating rate of inflation, which tim
Speaker 1: will probably stop long term rates from going higher. And
Speaker 1: then everybody will chill say, oh Apple, And now you know,
Speaker 1: Apple and Microsoft are still solid businesses and they're gonna
Speaker 1: do just fine. And let me give it the other
Speaker 1: irony of all this. This is definitely a year where
Speaker 1: probably value stocks, non large cap tech stocks probably outperformed.
Speaker 1: You know, Zone do as well to large cap stocks.
Speaker 1: But pre COVID, we have a slow grinding economy and
Speaker 1: growth stocks, the companies that generate growth regardless of the economy,
Speaker 1: outperforming in a slow going economy. We're going to head
Speaker 1: right back there when we get through all the sugar
Speaker 1: hiph from the fiscal stimulus. So it's possible a year
Speaker 1: from now we'll be talking about growth stocks outperforming value
Speaker 1: stocks again. So what are you telling clients? Wayne? So
Speaker 1: what are you telling clients right now? Are you? Are
Speaker 1: you telling them? Essentially, just sit tight for a few months,
Speaker 1: don't you anything? Yeah, and by the disk if it
Speaker 1: comes in, because this is going to be a that
Speaker 1: you're gonna see real GDP growth. The FED is saying
Speaker 1: six and a half percent this this economy, you just
Speaker 1: could go up eight to this yere and if it's
Speaker 1: really non inflationary, we're gonna have huge earnings out performance
Speaker 1: relative to expectations. And cash is trash and zero percent
Speaker 1: and bonds don't pay you much. So stay the course.
Speaker 1: Value stocks are maybe a trade, but ultimately you need balance.
Speaker 1: Don't throw away the growth stocks have both, don't you know,
Speaker 1: Stay rational, stay diversified. So just quickly twenty seconds when
Speaker 1: you say by the dip, are you talking about by
Speaker 1: the dip of those growth stocks that you like so much. Yeah,
Speaker 1: but let's be clear about these growth stocks are like,
Speaker 1: you know, wild roller coasters, So don't buy on the
Speaker 1: first day it's down. Pick a spot where you can
Speaker 1: get comfortable and be a long term investor. Don't think
Speaker 1: you can gay trade these. They are insanely bald. All right,
Speaker 1: I'm gonna leave it on that note. Hey, Allen, have
Speaker 1: a good weekend. Alan's Afron founding partner in co CEO
Speaker 1: of i e Q Capital eleven point six billion in assets,
Speaker 1: under manage it with us from Foster City, California. But
Speaker 1: on a day where Nazac is a little bit more
Speaker 1: on sale because it's down about Hey, he's saying buckle up, yeah,
Speaker 1: but he's longer term, still likes those growth names right
Speaker 1: and sees that's where the momentum will be. Thanks for
Speaker 1: listening 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. Search to Bloomberg Global News