WEBVTT - Why Telemedicine Might Not Work for Everything 0:00:00.240 --> 0:00:03.280 This is Bloomberg Business Week. I'm Carl Masser. Every day 0:00:03.279 --> 0:00:05.200 we're bringing you the latest news from the world's of 0:00:05.200 --> 0:00:08.920 business and finance, plus technology, politics. So much going on 0:00:08.960 --> 0:00:12.160 in the world of politics, economics, and it's all harnessing 0:00:12.160 --> 0:00:14.840 the power of Business Week reporters and editors. If you 0:00:14.840 --> 0:00:18.280 can download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg 0:00:18.320 --> 0:00:20.480 dot com. If you can also listen to our radio 0:00:20.520 --> 0:00:23.400 show at two pm Eastern on Bloomberg Radio and be 0:00:23.440 --> 0:00:26.320 sure to watch us too on YouTube by searching Bloomberg 0:00:26.360 --> 0:00:29.800 Global News. Well, as we deal with this pandemic, there 0:00:29.800 --> 0:00:32.120 are so many things to talk about as it relates 0:00:32.320 --> 0:00:35.640 to the healthcare aspect of it. Lots of things are changing. 0:00:35.680 --> 0:00:39.200 We're not going into offices, we are telemedicine is taking 0:00:39.280 --> 0:00:44.000 a big source of growth for the healthcare business. To 0:00:44.080 --> 0:00:47.120 chat about all of the changes, plus the virus, plus 0:00:47.200 --> 0:00:50.200 any potential vaccines, we are very pleased to welcome Dr 0:00:50.240 --> 0:00:55.640 Caleb Alexander, Professor of eponymology from Johns Hopkins Bloomberg School 0:00:55.640 --> 0:00:57.720 of Public Health. He joins us on the phone from 0:00:57.960 --> 0:01:01.440 Charms City, Baltimore, Maryland. Dr Alexander, thanks so much for 0:01:01.520 --> 0:01:03.800 joining us here. Let's start with the latest on the numbers. 0:01:03.840 --> 0:01:07.280 Carol and I were just uh talking about the really 0:01:07.800 --> 0:01:11.040 negative trends we're seeing coming out of Europe, uh and 0:01:11.120 --> 0:01:13.920 even in certain parts of the United States. What's your 0:01:13.959 --> 0:01:17.679 take on what we're seeing right now. Well, there's thank 0:01:17.680 --> 0:01:20.440 you for having me, Carol and Paul. It's a real privilege. 0:01:20.520 --> 0:01:22.960 And I should say that there's a lot of concern 0:01:23.040 --> 0:01:26.480 about the way the trends are going. And you know, 0:01:26.560 --> 0:01:30.440 we've been talking for some time about the potential for 0:01:31.240 --> 0:01:34.920 a third waves, if you will, as the weather cools, 0:01:34.920 --> 0:01:39.560 as people start start spending more time in verse as 0:01:39.600 --> 0:01:41.520 some of us are starting to feel a little bit 0:01:41.520 --> 0:01:46.320 more pandemic fatigue. And indeed, the numbers are are not 0:01:46.400 --> 0:01:49.720 looking good. In other words, we're seeing rising rates of 0:01:49.880 --> 0:01:54.920 infections and in some parts of the country corresponding increases 0:01:55.000 --> 0:01:59.520 in numbers of hospitations or deaths. And it's um it's 0:01:59.600 --> 0:02:01.520 keeping a lot of people awake at night. I can 0:02:01.520 --> 0:02:03.800 tell you that well. And I do wonder we didn't 0:02:03.800 --> 0:02:05.800 have the playbook right the first time around. We were 0:02:05.840 --> 0:02:07.800 all kind of learning as we go and in many 0:02:07.840 --> 0:02:12.040 cases scrambling just to keep up. I do under Dr Alexander, 0:02:12.400 --> 0:02:16.000 What have we learned from the past six or seven months, 0:02:16.040 --> 0:02:18.480 certainly when it comes to treatment and certainly when it 0:02:18.480 --> 0:02:21.040 comes to keeping things under control or in check if 0:02:21.080 --> 0:02:25.360 we can, well, we know an enormous amount more about 0:02:25.600 --> 0:02:29.560 the virus itself. We understand a lot more about how 0:02:29.600 --> 0:02:32.560 it how it does damage to the human body, and 0:02:32.960 --> 0:02:36.960 we certainly have made headway and identifying uh some potential 0:02:37.000 --> 0:02:40.359 treatments that do have an important role to play. So 0:02:40.400 --> 0:02:44.359 we do have a lot, a lot more options than 0:02:44.440 --> 0:02:47.839 we did in in January or February. And I think 0:02:47.880 --> 0:02:51.920 we've also had plenty of time to understand how the 0:02:52.000 --> 0:02:55.760 virus is transmitted and what sort of public health pleasures 0:02:55.840 --> 0:02:59.960 can be used to prevent such transmission. And I suppose 0:03:00.040 --> 0:03:03.240 is one of the most remarkable things is that despite 0:03:03.320 --> 0:03:06.520 amount of time we've had, and despite the amount that 0:03:06.600 --> 0:03:10.440 we know, and despite the amount of scientific consensus about 0:03:11.040 --> 0:03:16.240 things such as mask wearing, that we still had uh 0:03:16.360 --> 0:03:20.519 such a debate about that and and in some cases 0:03:21.160 --> 0:03:24.680 um lose sight of the science and lose sight of 0:03:24.680 --> 0:03:27.440 of what we know about how this virus infects people 0:03:27.560 --> 0:03:30.080 and kills people. Can I just ask you, do you 0:03:30.120 --> 0:03:33.640 think that sending everybody back to school, kids back to 0:03:33.680 --> 0:03:38.320 school has been a mistake. Well, I mean, it's taken 0:03:38.320 --> 0:03:40.920 place differently in parts of the country, and I think 0:03:40.920 --> 0:03:44.360 that that's what should be happening. In other words, Uh, 0:03:44.400 --> 0:03:47.120 you know, there's a lot of variation county to county, 0:03:47.200 --> 0:03:51.280 city to city, school district to school district in the 0:03:51.440 --> 0:03:54.880 extent of community spread of the virus. And frankly, I 0:03:54.920 --> 0:03:57.920 think schools differ in how well equipped they are to 0:03:58.040 --> 0:04:02.680 manage that. So there are certainly some districts where I 0:04:02.720 --> 0:04:05.120 don't think that it's a great idea for children to 0:04:05.160 --> 0:04:08.720 be in in classrooms face to face, and there are 0:04:08.760 --> 0:04:12.160 other districts that I think are are managing it with 0:04:12.440 --> 0:04:15.920 a large number of accommodations. And so it's it's it's 0:04:15.920 --> 0:04:20.040 really an area where we can set consistent, evidence based 0:04:20.520 --> 0:04:25.280 guidelines for how schools and school systems should manage this, 0:04:25.480 --> 0:04:29.000 but the application of those guidelines really has to be 0:04:29.080 --> 0:04:34.360 fit for purpose within individual communities. Doctor. On the vaccine front, 0:04:34.600 --> 0:04:38.120 what is your understanding of how this might play out? 0:04:38.120 --> 0:04:41.520 There are so many companies pursuing so many different vaccines 0:04:41.600 --> 0:04:44.479 and therapeutics for that matter. Um, and I'm sure that 0:04:44.600 --> 0:04:46.640 the folks at Johns Hopkins are right in the middle 0:04:46.720 --> 0:04:48.680 of all of that. How do you think this is 0:04:48.680 --> 0:04:51.880 going to plan over the next three six months? Yeah, 0:04:51.960 --> 0:04:54.360 well it's it's gonna be a good problem to have 0:04:54.720 --> 0:04:58.039 if and when we have multiple vaccines on the market. 0:04:58.160 --> 0:05:01.120 And you're right that there are many, many in different 0:05:01.160 --> 0:05:05.560 stages of development. Uh, several that are in late stage development. 0:05:05.680 --> 0:05:09.039 And the best estimates that I've heard, the most credible 0:05:09.160 --> 0:05:13.479 estimates are that by late this year or early next year, 0:05:14.120 --> 0:05:17.400 we may have one or more that have what's called 0:05:17.480 --> 0:05:23.440 emergency use authorization. That's a designation by the Food and 0:05:23.480 --> 0:05:27.720 Drug Administration that's not it falls short of full approval, 0:05:27.800 --> 0:05:30.920 but it allows for a product to be used on 0:05:30.960 --> 0:05:34.560 the market. And if and when that happens, you know, 0:05:34.640 --> 0:05:38.840 not everybody needs to be vaccinated in one self swoop. 0:05:39.440 --> 0:05:42.400 We won't have enough product to do so. And frankly, 0:05:42.480 --> 0:05:45.920 there are some people that are much greater risk, either 0:05:46.040 --> 0:05:50.919 because of their occupations or because of their their comorbid conditions, 0:05:50.960 --> 0:05:54.080 that diseases they have, how old they are, So they're 0:05:54.120 --> 0:05:57.600 going to be different tiers of people that really needed 0:05:57.600 --> 0:06:01.039 early and people that can wait eight and and and 0:06:01.480 --> 0:06:04.520 don't have such a pressing need. But we really need 0:06:04.560 --> 0:06:07.920 to do everything we can to ensure that that science 0:06:07.960 --> 0:06:11.880 that the scientists and public health professions are are are 0:06:11.960 --> 0:06:15.760 are to do their jobs. And we're fortunate to have 0:06:16.240 --> 0:06:19.480 uh such a good drug administration, and they really need 0:06:19.480 --> 0:06:23.719 to be to be uh regulating these products and governing 0:06:23.720 --> 0:06:28.560 their access market. So Dr Alexander, I do wonder though 0:06:29.000 --> 0:06:32.200 about the upcoming array of vaccines that we will get 0:06:32.480 --> 0:06:36.719 and do we as patients consumers ultimately will we be 0:06:36.839 --> 0:06:41.200 taking multiple vaccines? Are are we going to at some 0:06:41.240 --> 0:06:43.440 point have some medical guidance that says this is the 0:06:43.480 --> 0:06:46.320 kind of vaccine you should be taking versus somebody else 0:06:46.360 --> 0:06:50.200 takes a different vaccine. Help me understand this, well, it's 0:06:50.200 --> 0:06:52.719 a great question. And if and when we get to 0:06:52.760 --> 0:06:55.919 a point where we have multiple vaccines that are on 0:06:56.040 --> 0:06:58.719 the market, and again I would say that that's going 0:06:58.800 --> 0:07:01.880 to be a good problem to have. If that happens, 0:07:02.000 --> 0:07:05.400 uh it, they will no doubt have some differences. They 0:07:05.440 --> 0:07:08.839 may have differences and how effective they are, They have 0:07:09.000 --> 0:07:13.400 slightly different side effect profiles, they may differ in terms 0:07:13.440 --> 0:07:16.600 of how well tolerated they are. And I think that 0:07:16.640 --> 0:07:19.480 it's it's plausible when they first come out. We're not 0:07:19.560 --> 0:07:22.480 necessarily going to know if one vaccine is better than 0:07:22.520 --> 0:07:27.320 another in a particular instance, but we certainly will as 0:07:27.360 --> 0:07:33.720 as time goes on, have information regarding the relative importance 0:07:33.800 --> 0:07:38.200 of the different vaccines, and rest assured, the Centers for 0:07:38.240 --> 0:07:44.320 Disease Control and Prevention and other professional governmental organizations will 0:07:44.360 --> 0:07:48.320 be looking carefully to develop and disseminate guidance for people 0:07:48.360 --> 0:07:53.400 regarding which vaccine is right. Doctor. It's interesting and just 0:07:53.440 --> 0:07:55.440 as we were talking here, Sam Fazeli, who is our 0:07:55.480 --> 0:07:58.480 senior pharmaceutical and health care analyst for Bloomberg Intelligence. He's 0:07:58.480 --> 0:08:01.600 based in London, he just message me and he said, 0:08:01.960 --> 0:08:05.960 if you have a vaccine with maybe six effectiveness and 0:08:06.040 --> 0:08:10.400 only the people take it, is it even worth it 0:08:10.440 --> 0:08:15.160 to go down the vaccine route. Well, there's a huge push. 0:08:15.200 --> 0:08:18.880 I mean, it's it's very very very important that when 0:08:19.040 --> 0:08:23.400 vaccines hit them that they uh that they're that they're 0:08:23.520 --> 0:08:27.280 used and and rest as short, there will be uh 0:08:27.440 --> 0:08:31.360 huge push to try to encourage people to use them 0:08:31.360 --> 0:08:35.119 because we're not going to achieve what is called herd immunity, 0:08:35.160 --> 0:08:39.880 in other words, having enough people vaccinated so that essentially 0:08:39.960 --> 0:08:44.760 society is protected and the COVID virus does transmit easily 0:08:45.520 --> 0:08:51.000 within communities unless there's widespread vaccine adoption. And so you know, 0:08:51.080 --> 0:08:53.760 if there are multiple different products on the market, if 0:08:53.760 --> 0:08:57.560 they're multiple different vaccines, another benefit of that is that 0:08:57.600 --> 0:09:01.880 there's going to be uh demand that will far outstrips supply, 0:09:02.559 --> 0:09:06.280 even if there's some some subet of the population that 0:09:06.280 --> 0:09:09.120 that doesn't want the vaccine for one reason or another. 0:09:09.640 --> 0:09:14.000 And by having multiple manufacturers that are producing the vaccines 0:09:14.400 --> 0:09:17.760 will have a better chance of achieving that that that 0:09:17.880 --> 0:09:20.959 target of of what's called herd immunity, in other words, 0:09:21.120 --> 0:09:25.319 enough people getting vaccinated that the virus can no longer 0:09:25.920 --> 0:09:30.240 simply jump person to person within communities. So okay, and 0:09:30.280 --> 0:09:33.360 I have to say, Dr Alexander, I do think about 0:09:33.920 --> 0:09:36.280 is this our world now and we're going to have 0:09:36.679 --> 0:09:41.599 similar type viruses that are really tough and very contagious 0:09:41.640 --> 0:09:46.160 and very lethal. Um, is this our future? Well, we're 0:09:46.160 --> 0:09:48.120 going to get through this. I mean, I the the 0:09:48.800 --> 0:09:52.000 you know, I think that the general scientific insensus is that, 0:09:52.440 --> 0:09:55.000 you know, we're not going to be with this in February. 0:09:55.080 --> 0:09:57.520 So don't get your hopes up whether or not there's 0:09:57.559 --> 0:10:00.520 one or more vaccines on the market. And it may 0:10:00.559 --> 0:10:05.040 be that there's some uh, some lingering COVID years down 0:10:05.080 --> 0:10:08.520 the line, just as we have what's called seasonal influenza 0:10:09.120 --> 0:10:12.440 seasonal flu But we will get through this. We we 0:10:12.520 --> 0:10:15.760 will not rest as short in a few years. We 0:10:15.800 --> 0:10:18.920 will not all be uh you know, wearing masks to 0:10:19.000 --> 0:10:23.679 the supermarket and conducting as much engagement as we can 0:10:23.720 --> 0:10:26.280 by by computing telephone. So there's not going to be 0:10:26.280 --> 0:10:29.880 a COVID like two. That's a whole new variation. No, no, 0:10:29.960 --> 0:10:33.720 I mean it seriously, just got about twenty seconds. Yeah, well, 0:10:33.760 --> 0:10:36.360 I think you know, we look back, the last major 0:10:36.400 --> 0:10:40.800 pandemic worldwide was nineteen eighteen, nineteen nineteen, and I think 0:10:40.840 --> 0:10:44.520 the the the best estimates and expectations are that, uh, 0:10:44.720 --> 0:10:47.280 within twelve to eighteen months, that will be in a 0:10:47.320 --> 0:10:50.160 significantly better place than we are right now. All right, 0:10:50.280 --> 0:10:53.160 that's some optimism I can certainly use on this Thursday. 0:10:53.160 --> 0:10:56.439 So thank you so much. Dr Caleb Alexander, Professor of 0:10:56.480 --> 0:10:59.480 Epidemiology at the Johns Hopkins Bloomberg School of Public Health, 0:10:59.559 --> 0:11:02.079 joining us on the phone from Baltimore, and of course 0:11:02.240 --> 0:11:05.200 the Bloomberg School of Public House supported by Michael R. Bloomberg, 0:11:05.200 --> 0:11:09.160 founder of Bloomberg LP. This is Bloomberg Business Week with 0:11:09.240 --> 0:11:13.760 Carol Messer from Bloomberg Radio. Well, Robin Hood Paul. Definitely 0:11:13.800 --> 0:11:17.080 one of the COVID economy's breakout successes. Right, We've talked 0:11:17.120 --> 0:11:20.559 a lot about it. Um it can take advantage those 0:11:20.559 --> 0:11:23.280 who use it of volatility in the marketplace. It also 0:11:23.320 --> 0:11:26.800 can create volatility, I think in the marketplace. But I 0:11:26.840 --> 0:11:28.360 feel like now it has to figure out what it 0:11:28.400 --> 0:11:32.240 wants to be. Yeah, when it grows up. It is 0:11:32.280 --> 0:11:34.400 this week's cover story the magazine. Let's get more from 0:11:34.400 --> 0:11:37.280 Bloomberg News investing reporter Any Massa. She's on the phone 0:11:37.280 --> 0:11:39.600 in New York City. Also here Bloomberg Business Week editor 0:11:39.880 --> 0:11:43.319 Joel Weber on the phone in Brooklyn. I mean, we know, Joel, 0:11:43.440 --> 0:11:47.400 the millennials, they're pretty addicted to this one. And this 0:11:47.520 --> 0:11:49.640 has been, like you've kind of hinted at there, it's 0:11:49.679 --> 0:11:51.640 been sort of one of the stories of the pandemic. 0:11:51.760 --> 0:11:54.800 It's just how day trading became the thing that has 0:11:54.840 --> 0:11:59.079 been captivating people on their phones for months now, and 0:11:59.640 --> 0:12:02.679 it's made people be doing things that are sometimes a 0:12:02.760 --> 0:12:05.520 little bit crazier than what they would have probably otherwise 0:12:05.559 --> 0:12:08.360 been doing simply because there's nothing else going on that 0:12:08.400 --> 0:12:11.240 looks like an entertainment in the same way, and so 0:12:11.280 --> 0:12:14.880 it basically almost become robin Hood especially has almost become 0:12:15.280 --> 0:12:19.880 sort of part of this like financial entertainment ecosystem during 0:12:19.920 --> 0:12:23.320 the pandemic. And so we've been watching it UM along 0:12:23.320 --> 0:12:26.560 the way and any Maza has been breaking a ton 0:12:26.600 --> 0:12:29.040 of news, and we wanted to kind of put it 0:12:29.040 --> 0:12:31.559 all together and just say, like, look, this is a 0:12:31.640 --> 0:12:35.080 robin It is now officially a pandemic pastime UM. But 0:12:35.160 --> 0:12:38.240 the question becomes, where do they go from here? I think, 0:12:38.320 --> 0:12:40.800 what's the plan? Where? How do you take something that 0:12:40.840 --> 0:12:45.000 you know, they popularize free training, trading, fractional shares of 0:12:45.040 --> 0:12:48.360 ownership now, but where do you go from from there? 0:12:48.600 --> 0:12:50.680 And any what did you find out as you tried 0:12:50.720 --> 0:12:54.079 to ask that question? Yeah, that was a major question 0:12:54.120 --> 0:12:56.440 we were trying to figure out because robin hood has 0:12:56.559 --> 0:13:01.560 proved so amazing. I just get people onto its platform 0:13:01.679 --> 0:13:05.240 like it's spread like wildfire, um signing up three million 0:13:05.320 --> 0:13:07.920 users in the first four months of the year alone, 0:13:08.520 --> 0:13:11.920 and so we were kind of asking, um, what's the 0:13:11.960 --> 0:13:15.480 next act for robin Hood? And when you look at 0:13:15.480 --> 0:13:17.960 it the way that they're pitching themselves to be investors. 0:13:17.960 --> 0:13:20.960 They say, Okay, we get these first time traders in 0:13:21.000 --> 0:13:23.520 the door, and then the next step for us is 0:13:23.600 --> 0:13:26.560 to have them grow with us into all kinds of 0:13:26.600 --> 0:13:29.240 other products that robin Hood doesn't offer yet, but things 0:13:29.320 --> 0:13:32.520 like one day they'll want us for mortgage lending or 0:13:32.880 --> 0:13:36.240 car and rental insurance or life insurance. Even so, they 0:13:36.280 --> 0:13:39.960 have much bigger, much bigger vision for what they want 0:13:40.000 --> 0:13:42.480 all these customers to do on their platform. That's not 0:13:42.559 --> 0:13:45.480 just trading, but the catches um. If you're going to 0:13:45.600 --> 0:13:49.439 offer things like insurance and you know, retirement accounts to people, 0:13:49.480 --> 0:13:51.839 you really need their trust. And that's a place where 0:13:51.840 --> 0:13:55.079 they struggled. So and he talked to us about the 0:13:55.200 --> 0:13:59.680 typical robin hood um trader or account user. What's the 0:13:59.679 --> 0:14:04.280 proof out. I think that there is kind of a 0:14:04.559 --> 0:14:08.199 stock image in everyone's mind of typical robin Hood trader. 0:14:08.240 --> 0:14:11.760 I mean of their assets under management do come from 0:14:12.200 --> 0:14:15.720 millennial users, So it's absolutely a millennial product. But gen 0:14:15.840 --> 0:14:18.440 Z is in the mix as well. And I think, um, 0:14:18.480 --> 0:14:20.760 you know, the typical image that you might get in 0:14:20.760 --> 0:14:23.320 your head of a robin Hood user is maybe a 0:14:23.400 --> 0:14:27.320 cop age or UM you know, kind of twenty something 0:14:28.120 --> 0:14:31.600 uh trader a lot of men. But it's that's not 0:14:31.640 --> 0:14:33.680 the only profile. We We spoke to all kinds of 0:14:33.680 --> 0:14:36.400 people who use this up um, including people who don't 0:14:36.440 --> 0:14:39.400 use it just for gay trading, UM who are trying 0:14:39.400 --> 0:14:42.600 to invest a little bit more long term. And so 0:14:42.680 --> 0:14:46.320 it varies that that millennial group is core for them 0:14:46.320 --> 0:14:49.640 and any um. You mentioned some struggles, let's talk about 0:14:50.360 --> 0:14:54.480 sort of the the pieces of the puzzle that Robin 0:14:54.520 --> 0:14:58.200 hood users have encountered, and you know, some of them 0:14:58.200 --> 0:15:01.560 have become frustrated about what are some of those main grapes. 0:15:02.600 --> 0:15:07.240 Absolutely well, one of the more recent issues was around 0:15:07.480 --> 0:15:12.640 two thousand accounts um we're compromised in um, which they 0:15:12.640 --> 0:15:15.520 found in an internal review and that's UM news we 0:15:15.560 --> 0:15:18.600 broke a couple of weeks ago. And the main frustration 0:15:18.680 --> 0:15:21.320 I think around this issue and others that have come 0:15:21.400 --> 0:15:24.480 up with robin Hood um over this year, they don't 0:15:24.480 --> 0:15:29.040 have a customer service phone number, and a frustration what 0:15:29.440 --> 0:15:33.080 it's like you just stopped right there. It's like what, yeah, 0:15:33.120 --> 0:15:36.440 that's right, so, and I mean it's really like it's 0:15:36.560 --> 0:15:40.160 very Silicon Valley actually, like a lot of companies that 0:15:40.400 --> 0:15:42.840 use all the time. A lot of tech companies don't 0:15:42.920 --> 0:15:45.320 have a real customer service number. But this isn't like, 0:15:45.560 --> 0:15:47.800 this isn't like Uber, you know, I didn't get my car. 0:15:47.920 --> 0:15:51.520 It's like, I have a question about my investments exactly, 0:15:51.560 --> 0:15:54.080 And like if you're worried that your account was hacked 0:15:54.200 --> 0:15:56.680 or if there's an outage, like they had a major 0:15:56.800 --> 0:16:00.600 day long outage way at the beginning of you know, 0:16:01.280 --> 0:16:05.520 right before the pandemic lockdowns started on March second, that 0:16:05.600 --> 0:16:08.400 lasted all day. So if you're sitting there with your phone, 0:16:08.440 --> 0:16:11.400 like you know, either the app is totally down or 0:16:11.440 --> 0:16:14.280 I'm seeing you know, funds disappear from that account because 0:16:14.320 --> 0:16:16.480 I'm worried it was hacked, Like there's no one to call, 0:16:16.560 --> 0:16:19.200 and that those treaks people out. So it's this question 0:16:19.200 --> 0:16:22.120 of like can we move into a world where people 0:16:22.120 --> 0:16:25.280 are okay with that? And I'm just wondering what the 0:16:25.320 --> 0:16:28.400 competitors are thinking here. I think in the trade Charles 0:16:28.400 --> 0:16:31.960 Schwab tda meror trade, are they saying we need to 0:16:32.040 --> 0:16:34.640 adapt a little bit because these robin hood folks have 0:16:34.640 --> 0:16:38.280 tapped into something. It's a great question and I think 0:16:38.320 --> 0:16:41.440 they have I mean, one thing, robin Hood was really 0:16:41.440 --> 0:16:46.600 an early mover into free commission trading, and at the 0:16:46.640 --> 0:16:49.680 time I think it was kind of a wacky idea. 0:16:49.800 --> 0:16:52.360 And now that's the industry standard. I mean around this 0:16:52.400 --> 0:16:55.720 time last year, Charles Schwab moved to zero commissions and 0:16:55.880 --> 0:16:58.520 all of the other major brokerages did the same, and 0:16:58.600 --> 0:17:02.000 now you know, zero mission trading is the industry standard. 0:17:02.400 --> 0:17:06.000 So I mean, that's one way they offer fractional shares. 0:17:06.080 --> 0:17:09.000 That's something which is the ability to buy just a 0:17:09.119 --> 0:17:12.880 piece of a stock instead of the thing UM. So 0:17:13.440 --> 0:17:16.959 for example, like buying just a five dollar slice of 0:17:17.480 --> 0:17:21.440 Amazon or another big tech stock UM. And that's something 0:17:21.480 --> 0:17:24.760 that you know, Fidelity and Schwab have now, So robin 0:17:24.840 --> 0:17:27.800 Had has in some ways thence the industry to its image. 0:17:27.800 --> 0:17:31.280 It's true. So any what what are the likelihoods that 0:17:31.359 --> 0:17:35.720 a company like robin Hood might go public? So in 0:17:35.760 --> 0:17:38.879 reporting this story, we did hear that it's possible that 0:17:38.960 --> 0:17:42.960 this wild here that they've had could pull the process 0:17:43.000 --> 0:17:45.679 of an I p O public And without commenting on 0:17:45.720 --> 0:17:48.920 the exact timeline, UM, co founder of lad Kena, did 0:17:49.000 --> 0:17:52.359 say that they themselves as a large independent public company 0:17:52.359 --> 0:17:54.760 in the future and so you know, especially if you're 0:17:54.760 --> 0:17:57.880 so capital markets focused with your customers, you can imagine 0:17:57.920 --> 0:18:00.920 that they might want to harness some of at um 0:18:00.960 --> 0:18:03.000 and and some of the real like lightning in a 0:18:03.000 --> 0:18:06.040 bottle that they've captured this year by by trying to 0:18:06.080 --> 0:18:07.760 work towards an I p O that we don't have 0:18:07.800 --> 0:18:10.359 an exact date yet. Well, we're all watching, and I 0:18:10.400 --> 0:18:12.399 have to say, Paul, and I caught up with one 0:18:12.400 --> 0:18:15.760 of the co founders of Wealth Front, Andy Rackliffe, over 0:18:15.760 --> 0:18:17.600 the last week or so, and he had some thoughts, 0:18:17.600 --> 0:18:20.240 certainly on Robin Hood right, you know, Paul, one of 0:18:20.280 --> 0:18:23.720 the kind of early financial disruptors, right, exactly right, and 0:18:23.760 --> 0:18:26.000 that you know this is uh the question is this 0:18:26.080 --> 0:18:28.000 a trend or when we come out of the pandemic, 0:18:28.920 --> 0:18:30.679 are people going to kind of back away? Right? And 0:18:30.720 --> 0:18:32.600 do you have to be more and offer more services? 0:18:32.640 --> 0:18:35.399 I have to say one internally, uh, one internal message 0:18:35.400 --> 0:18:37.800 I'm getting from one of our Bloomberg colleagues who said, basically, 0:18:38.280 --> 0:18:40.560 you know, the customer service or lack thereof, is one 0:18:40.600 --> 0:18:43.280 reason that they switched back to a major brokerage because 0:18:43.280 --> 0:18:46.000 they just were uncomfortable with it. All right, Annie Massa, 0:18:46.080 --> 0:18:49.240 thank you so much. Bloomberg News Investing reporter uh and 0:18:49.320 --> 0:18:51.119 along with of course Blomberg Business WEE get it or 0:18:51.160 --> 0:18:54.720 Joe Weber. This is Bloomberg Business Week with Carol Messer 0:18:55.040 --> 0:18:58.159 from Bloomberg Radio. So it is eleven days, nine hours, 0:18:58.160 --> 0:19:02.040 fifty seven minutes and fifty four seconds until the November election. 0:19:02.480 --> 0:19:04.600 I know a lot of people have already voted. I know, 0:19:04.680 --> 0:19:07.000 I have this great clock, and everybody says, twelve days. No, 0:19:07.400 --> 0:19:09.760 that's when election day will be over. We may know 0:19:09.800 --> 0:19:14.280 an outcome, but eleven days until we all start voting. UM. Tonight, 0:19:14.320 --> 0:19:17.159 of course, the final presidential debate. A lot going on 0:19:17.240 --> 0:19:21.320 politically today. Bloomberg contributor Rick Davis is back, former Republican strategist, 0:19:21.400 --> 0:19:25.199 former manager of Senator John McCain's presidential campaign partner at 0:19:25.200 --> 0:19:28.000 Stone Court Capital. He's back with us on the phone 0:19:28.040 --> 0:19:30.639 from Virginia. Ricks, so great to have you here with us. 0:19:30.640 --> 0:19:33.600 I don't even know where to start, So let's start 0:19:33.640 --> 0:19:36.560 with the debate. I cannot wait to watch. What are 0:19:36.600 --> 0:19:40.119 you expecting? Will it be vastly different? I mean, certainly 0:19:40.119 --> 0:19:42.120 the topics are supposed to be different, but you think 0:19:42.119 --> 0:19:44.720 it's going to be very different? This time around. Well, 0:19:44.760 --> 0:19:47.560 you know the difference maybe in the the Make Commission. 0:19:47.600 --> 0:19:51.480 They've said they're going to control microphones at least in 0:19:51.520 --> 0:19:54.359 the initial question and answer period, which is at the 0:19:54.400 --> 0:19:58.040 top of each section. Uh ten minutes sections two minutes each. 0:19:59.000 --> 0:20:03.240 The answer A questioned the commission control the mike so 0:20:03.359 --> 0:20:06.320 that Trump can't talk over Joe Biden and vice versa. 0:20:06.840 --> 0:20:09.440 But then it's opened up. And so I do expect 0:20:09.440 --> 0:20:12.840 it to be combative. The Trump campaign has made it 0:20:12.840 --> 0:20:15.240 totally clear that Donald Trump is going to go after 0:20:15.320 --> 0:20:19.280 Joe Biden on his corrupt family and dealings that his 0:20:19.280 --> 0:20:22.640 son had in China and Ukraine. So I would expect 0:20:23.320 --> 0:20:26.080 sparks to fly. Uh. It'll be interesting to see how 0:20:26.560 --> 0:20:30.639 Joe Biden reacts to that aggressive approach that Donald Trump 0:20:30.640 --> 0:20:34.240 seems to like. And uh, and and and I think 0:20:34.280 --> 0:20:36.440 that this is the last chance to make a real 0:20:36.520 --> 0:20:41.760 material change for the campaigns in the election. Uh. We'll 0:20:41.800 --> 0:20:44.439 then have to worry for the next eleven days what 0:20:44.600 --> 0:20:46.560 kind of events will occur around the world that could 0:20:46.600 --> 0:20:49.240 affect the election. But but tonight's the big night for 0:20:49.280 --> 0:20:51.359 the campaigns to make their point. I just want to 0:20:51.359 --> 0:20:53.520 follow it, you know, I think Americans like fighters, and 0:20:53.560 --> 0:20:56.320 I don't know that. Do you think that it hurt 0:20:56.400 --> 0:20:58.760 Biden when he said, you know, shut up, come on man, 0:20:58.840 --> 0:21:01.680 or whatever, you know, or did people feel like Yeah, 0:21:01.720 --> 0:21:03.160 I felt the same way, and I would have done 0:21:03.160 --> 0:21:05.680 the same thing. So I do wonder what's the balance 0:21:05.680 --> 0:21:09.360 that Biden has to have tonight. Yeah, there's no question 0:21:09.400 --> 0:21:12.080 that it's kind of hard to tell out of that 0:21:12.160 --> 0:21:16.359 first debate whether people reacted to Trump's overbearing and you know, 0:21:16.720 --> 0:21:21.040 interruptions and domination of the dialogue or whether they reacted 0:21:21.080 --> 0:21:24.440 positively to Joe Biden's um, you know, sort of pushing 0:21:24.480 --> 0:21:27.440 him back. But it was a good week for Joe Biden. 0:21:27.480 --> 0:21:30.359 I mean, he clearly advanced in some of those polls 0:21:30.720 --> 0:21:34.119 in the battleground states after that debate. It was also 0:21:34.240 --> 0:21:36.960 the time when Donald Trump came down with coronavirus, so 0:21:37.040 --> 0:21:39.399 that was a bit of a distraction from all those things. 0:21:40.080 --> 0:21:42.959 Um and and yet the campaign has sort of settled 0:21:43.000 --> 0:21:45.919 back to where it was before the last debate polling wise. 0:21:46.400 --> 0:21:50.119 And so I would imagine that the Biden people were 0:21:50.160 --> 0:21:52.240 happy with the outcome of the first debate and would 0:21:52.240 --> 0:21:55.320 love to replicate that. So I'll be honest, I'll be 0:21:55.359 --> 0:21:57.880 switching back and forth between the debate and the Giants 0:21:57.920 --> 0:22:00.480 Eagles game, but I think they're probably not the actor. 0:22:00.800 --> 0:22:03.120 I guess on the night off tonight, right, it might 0:22:03.119 --> 0:22:06.040 be more action with the debate, is there you know 0:22:06.160 --> 0:22:08.440 this president has been reported again that he is not 0:22:08.880 --> 0:22:12.639 necessarily taking the time to prepare for this debate. I 0:22:12.640 --> 0:22:15.199 guess we you know, can rely on his gut up. 0:22:15.600 --> 0:22:18.080 Is there anything that you would advise this president to 0:22:18.119 --> 0:22:22.840 do in tonight's debate? Look, I think that he did 0:22:23.240 --> 0:22:27.000 um turn off voters in his last debate because of 0:22:27.040 --> 0:22:31.840 his tone, overly aggressive in his approach, overbearing uh. And 0:22:31.880 --> 0:22:33.800 so I don't think he has to change too much 0:22:33.800 --> 0:22:36.600 about um what he says. I think he has to 0:22:36.680 --> 0:22:39.880 change the way he says it. Tone and demeanor are 0:22:39.920 --> 0:22:42.040