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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Well, one of the

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Speaker 1: key issues scrolling around markets these days is inflation. We're

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Speaker 1: certainly seeing plenty signs of inflation. The question is is

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Speaker 1: it more transitory as a photo reserve believes, or is

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Speaker 1: it something more permanent that may pose a challenge to

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Speaker 1: the markets. Let's bring in a doll Zaman partner at

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Speaker 1: Wall Street Alliance Group to get some thoughts he about.

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Speaker 1: Thanks so much for joining us here. Again, that inflation

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Speaker 1: discussion has really been heating up over the last several weeks,

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Speaker 1: and it certainly has profound implications for the markets going forward.

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Speaker 1: How do you guys at Wall Street Alliance view kind

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Speaker 1: of what appears to be some growing inflation in this economy.

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Speaker 1: Great to be with here for so, you know, we

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Speaker 1: really feel that inflation over here is a dominant team.

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Speaker 1: It's not transitory. It's here to stay. And you know,

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Speaker 1: the jobs report this Friday will probably give affirmation of

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Speaker 1: that as well. And you know, there are different reasons

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Speaker 1: for inflation, one of which obviously is the labor shortage

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Speaker 1: and being in New York City. I don't know if

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Speaker 1: you guys have noticed this or not, but one of

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Speaker 1: the things we are suffering from is that the uber

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Speaker 1: and left prices have skyrockets. Yeah, and you know, year

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Speaker 1: over year they've actually, according to research, have gone up

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Speaker 1: by about and the reason for that is there's a

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Speaker 1: shortage of drivers. So for this reasons and others, you know,

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Speaker 1: we really feel that inflation is a dominant investment team

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Speaker 1: for us at Wall Street Alliance Group, and we are

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Speaker 1: investing in sectors and businesses that tend to do well

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Speaker 1: in an inflationary And I'm i gotta say, um, that

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Speaker 1: doesn't make me unhappy because those those guys, they work

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Speaker 1: so hard and that is a tireless job. Sometimes they're

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Speaker 1: putting in, you know, more than twelve hour shifts. And

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Speaker 1: I did a little stint as a lift driver in

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Speaker 1: an Aston Martin Vantage V eight once and how did

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Speaker 1: that go? It was? Actually, that was pretty fun because

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Speaker 1: I wasn't in Aston Martin, but most Uber drivers are not.

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Speaker 1: You know. The the the interesting thing on the labor

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Speaker 1: side is there are a lot of slots that aren't

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Speaker 1: getting filled, not just Uber and Lift, but also hotels

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Speaker 1: that we talked to, restaurants that we talked to because

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Speaker 1: the unemployment benefits are so good and I'm wondering if

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Speaker 1: that's also um the problem for Uber and Lift. Do

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Speaker 1: you think we're gonna see this change big time in September?

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Speaker 1: So definitely that is uh, we feel that that is

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Speaker 1: definitely a factor. I'm come September, you know, we are

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Speaker 1: going to be a change in this and you know why.

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Speaker 1: Of the things that's going to happen, Paul, is that

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Speaker 1: when these all these workers come back through the workforce

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Speaker 1: after the bonus and unemployment is finished, we're going to

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Speaker 1: get an increase in demand and that's going to cause

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Speaker 1: prices to go up. So there's again going to pay inflation.

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Speaker 1: So either way, you know, we cannot get away from inflation.

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Speaker 1: It's here to stay. And the prudent approaches to identify

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Speaker 1: sectors that will benefit from inflation. So for example, we

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Speaker 1: are very constructive on the bank banking sectors because when

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Speaker 1: interest rates go up, guess what's going to happen. Banks

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Speaker 1: are going to be able to make more money on

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Speaker 1: their loans. Right. Banks then to also do well at

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Speaker 1: times of economic recovery because businesses have to restart their

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Speaker 1: shelves so they have to borrow money, right, And then

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Speaker 1: the capital positions of these banks improved, so they were

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Speaker 1: able to do more buy backs, They're able to give

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Speaker 1: out more dividends. So we feel that, you know, the

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Speaker 1: banking sector as a whole is going to do well

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Speaker 1: in an inflationary embo IMN. So that'll probably in that

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Speaker 1: camp that says, you know, you're not going to get

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Speaker 1: real sustained inflation in this economy until you get wage inflation.

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Speaker 1: And we didn't even have wage inflation, I would argue

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Speaker 1: before the pandemic, when we were at full employment. Do

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Speaker 1: you think we will in fact have meaningful wage inflation

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Speaker 1: in this economy as reopens. So even right now, you know,

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Speaker 1: even in your program, I'm I'm listening to the advertisements

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Speaker 1: by Amazon about you know, how they're going to get

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Speaker 1: bonuses to workers to lure them, right, So I think

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Speaker 1: that you know, as the economy recovers, you know there's

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Speaker 1: going to be demand for labor and you know, companies

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Speaker 1: are going to compete for it and they're going to

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Speaker 1: have to pay higher prices as they are right now.

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Speaker 1: Another thing that we are seeing going on part of

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Speaker 1: the PAUL is this infrastructure package, and you know, because

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Speaker 1: of this, we do feel that that's going to in

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Speaker 1: one way or the other, get past. And because of that,

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Speaker 1: you know, again, you know, more jobs are going to

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Speaker 1: get created and we are going to see you know,

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Speaker 1: wages also go higher. And you know, speaking of this

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Speaker 1: infrastructure package, we really feel that this is something that

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Speaker 1: is of dire need in the US because you know,

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Speaker 1: when you travel to countries like let's say China or Singapore,

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Speaker 1: you see how badly the US is lagging the rest

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Speaker 1: of the world in infrastructure. According to the American Society

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Speaker 1: of Civil Engineers, currently the US give it gives the

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Speaker 1: US infrastructure a C minus great. So we feel that

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Speaker 1: there's bipartisan support for this. And you know, even if

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Speaker 1: we have to expand the national debt too to pass

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Speaker 1: this infrastructure package, we would still be fine with it

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Speaker 1: because the infrast rates costs are extremely low right now.

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Speaker 1: Del thanks so much for joining us A deals. I'm

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Speaker 1: on there as a partner at the Wall Street Alliance

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Speaker 1: Group talking to us about inflatation and infrastructure. Really a

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Speaker 1: couple of hot topics. We're gonna get more out on

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Speaker 1: the at the Beige Book later tonight and or later today,

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Speaker 1: I should say, and then obviously non farm payrolls on Friday.

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Speaker 1: This is Bloomberg. Now. I love drugs, but they are expensive.

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Speaker 1: Our next guest wants to do something about that and

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Speaker 1: make them better as well at fighting diseases. Dr David

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Speaker 1: gil Johan joins us now CEO of Execure, and you

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Speaker 1: are using really fascinating future tech not only to make

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Speaker 1: drugs that treat cancer and other rare diseases, but also

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Speaker 1: to make them cost less. How's that working out? Yeah?

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Speaker 1: Absolutely happy to be here today. Um. So we're using

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Speaker 1: digital drug design, that's what we call to create new

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Speaker 1: DNA based medicines to basically go after underlying causes the

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Speaker 1: disease at their genetic source. The idea of being you

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Speaker 1: want to go upstream and kind of turn off the

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Speaker 1: half directly where the disease is coming from. And we

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Speaker 1: can do that quite simply now by using your a's,

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Speaker 1: g T, S and c's your genetic code to go

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Speaker 1: right to that source. All right, dr have we how

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Speaker 1: do any success stories in the biotech world using this

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Speaker 1: type of technology or is this something new? Well, it's

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Speaker 1: extra for a brand new thing that we're doing to

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Speaker 1: go after some of these underlying causes genetic disease. But

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Speaker 1: there's a really fascinating example that everybody now knows, which

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Speaker 1: is Maderna. So Maderna used to create that vaccine for COVID,

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Speaker 1: you know that a g T c idea. You can

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Speaker 1: just simply look at the genetic code of the COVID

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Speaker 1: variant and you can start to create that drug directly

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Speaker 1: to make drugs faster and ultimately cheaper for patients. And

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Speaker 1: what else can they What else do you think we're

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Speaker 1: gonna be able to treat well with RNA with m

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Speaker 1: RNA drugs. Yeah, we're creating all kinds of different m

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Speaker 1: RNA and RNA drugs that execure. So we're going after

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Speaker 1: things as diverses cancer, you know, which are genetically caused

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Speaker 1: disease is Well, we have things like freeers of taxia

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Speaker 1: Huntington's disease, Alzheimer's, things that are everywhere from your brain

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Speaker 1: to your skin to your eyes, to your lungs, really

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Speaker 1: everywhere within your body. You have the ability now to

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Speaker 1: targets United code UM and finally that technology is arrived

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Speaker 1: and we think execure has one of those keys to

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Speaker 1: allow that to be the case. So dr You know

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Speaker 1: a lot of folks out there when they think about

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Speaker 1: the COVID vaccinations that are out there, whether it's the

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Speaker 1: fires or them Darren or the J and J, you know,

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Speaker 1: one of the concerns is, boy, they just gotta prove

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Speaker 1: so fast. Everybody's you know, I'm used to these drugs

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Speaker 1: taking years to get approved and NIGAT improved in less

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Speaker 1: than a year. What's what do you say to that?

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Speaker 1: Is that? Is that just a function of Hey, the

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Speaker 1: technology is better? What do you say, Well, absolutely, I mean,

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Speaker 1: it's obviously driven by an urgent need, right, so we

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Speaker 1: need to move faster. Regulations need to be moved the

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Speaker 1: l side in some cases to go faster. The amount

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Speaker 1: of resources that was dumped into creating those technologies and

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Speaker 1: getting it up fast was also tremendous. But it really

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Speaker 1: just goes to show the hour of when you put

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Speaker 1: some of these new technologies like DNA and RNA medicines

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Speaker 1: to work. How quickly you can solve something that's so pressing, Um,

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Speaker 1: you know, societal challenge or a personal challenge for folks

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Speaker 1: as well. So that same technology can be applied to

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Speaker 1: everything from cancers to lung disease. We just have to

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Speaker 1: come up with the mustard to do it and the technologies,

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Speaker 1: Like we have an execure in our spiritus leg after

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Speaker 1: it to go after it. So how long till we

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Speaker 1: find a way to cure cancer? How long do we

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Speaker 1: have to deal with cancer? Because it's a real pain. Cancers.

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Speaker 1: Cancer is gonna be all around. I mean, cancers are

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Speaker 1: not going anywhere. I mean it's it's going to continue

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Speaker 1: to manifest itself. You know, we have that issue. You

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Speaker 1: can't obviously go one step without running to somebody who's

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Speaker 1: dealt with cancer in their family. Um. You know, the

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Speaker 1: idea is, once you have that cancer, rather than use

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Speaker 1: something like a chemo therapeutic or an antibody, which can

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Speaker 1: be very non specific and lead to all kinds of

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Speaker 1: side effects, why not go after that underlying genetics that's

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Speaker 1: causing cancer. Everything comes down to your genes and end.

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Speaker 1: So why can't we specifically target those cancer cells when

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Speaker 1: they exist and go after treating those cancers, you know,

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Speaker 1: rather than you know, using the nuclear option and going

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Speaker 1: after some of these things with not specific chemo therapeutics.

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Speaker 1: So at execure, what are you guys targeting? What's your

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Speaker 1: your home run that you're hoping to hit. Yeah, so

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Speaker 1: we're using a technology that we call spherical nucleic acid

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Speaker 1: or s n A. And so you are talking now

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Speaker 1: about DNA and RNA based medicines. This is a storical

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Speaker 1: version of the Yeah, coush balls, absolutely, so I really

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Speaker 1: love the couch balls analogy. Here, we put DNA and

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Speaker 1: RNA on the outside of a nanoparticle, and by putting

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Speaker 1: DNA in RNA on the outside, we're able to get

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Speaker 1: those DNA RNA structures in the cells. And once we're

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Speaker 1: in the cells, now we can start going after those

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Speaker 1: defuncts or misread genetic codes to reprogram things, if you will,

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Speaker 1: to be more correct for the patient need. And so

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Speaker 1: we're gonna able to do this very quickly. Yeah, I

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Speaker 1: gotta ask just finally, because he's going through a messy

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Speaker 1: process right now. But Bill Gates has done so much

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Speaker 1: for mankind already. What's it like working with a genius

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Speaker 1: like that? Yeah, well, very grateful to have an investor

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Speaker 1: like Bill Gates in our company. I think he sees

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Speaker 1: the parallels between what we're doing, the a's, g's, t's,

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Speaker 1: and c's, which is the genetic code and the zero

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Speaker 1: one zero one of you know, the Internet age and

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Speaker 1: DNA and programming right that you get on your computer.

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Speaker 1: Everything from your high phone to computer and everything in

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Speaker 1: between is is governed by those zeros and ones. So

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Speaker 1: I think there's some great parallels there. I think Bill

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Speaker 1: Gates is a visionary and putting those two things together

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Speaker 1: and thinking about medicine the same way we're thinking about

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Speaker 1: the digital age is a great way to look at

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Speaker 1: developing drugs for future. Yep, David, thank you so much

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Speaker 1: for joining us. We really appreciated Dr David gilt Johannes.

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Speaker 1: He's a CEO of biotech company Execure. Let's getting now

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Speaker 1: over to Christina Hooper. She's a chief Global market strategist

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Speaker 1: at Investco and she joins us with um around of

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Speaker 1: what we need to be watching right now for in

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Speaker 1: these markets. Christine, I guess, um the Beige Book comes

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Speaker 1: out tonight. How many watching closely for shortages of of

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Speaker 1: goods and also to see how tight the labor forces.

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Speaker 1: But probably the big deal data point to follow is

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Speaker 1: the non farm payrolls on Friday. Right, But what's great

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Speaker 1: about the Beige Book is it helps provide stories. It

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Speaker 1: gives color around the data points that we get. And

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Speaker 1: so the last page book that came out in April

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Speaker 1: I think helped make a sense of the most recent

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Speaker 1: that April jobs report, which was disappointing. Um, we're not

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Speaker 1: enough jobs were created as expected, as had been expected,

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Speaker 1: and that helped provide a little backstory on it all. Right, So, Christine,

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Speaker 1: I think one of the key issues that investors are

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Speaker 1: trying to get a handle on right now is inflation.

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Speaker 1: We certainly see it in various parts of the economy,

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Speaker 1: whether you're looking at uh, you know, of the economy,

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Speaker 1: whether you're looking at commodities such as the soft commodities

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Speaker 1: or even metals or and crude. The question is is

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Speaker 1: it something transitory like the Federal Reserve is suggesting, or

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Speaker 1: is it something more long lasting which may be problematic

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Speaker 1: to the markets. Where do you come down on that question? Well,

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Speaker 1: the irony is we won't know until it's in our

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Speaker 1: rear view mirror, right, But what I would argue is that.

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Speaker 1: I think it's more likely to be transitory. We are

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Speaker 1: right now witnessing uh an incredibly strong UM economic growth spurt. UM,

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Speaker 1: we are reopening the economy, we have elevated household savings,

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Speaker 1: we have pent up demand. It's almost a perfect storm

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Speaker 1: in the positive sense. So it makes sense that we

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Speaker 1: would see just a very significant increase in demand for

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Speaker 1: all kinds of things. We have the supply chain disruptions

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Speaker 1: contributing to these issues, and of course UM there is

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Speaker 1: a smaller group of people willing to work right now

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Speaker 1: because of concerns about COVID nineteen which is ebbing, but

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Speaker 1: also of course difficulty with childcare. Some schools are still online,

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Speaker 1: daycare isn't at full capacity in some places. So all

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Speaker 1: those things are likely to get worked out over the

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Speaker 1: shorter term. We're not going to be taking vacations forever.

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Speaker 1: We'll get it out of our systems soon. So I

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Speaker 1: would argue it's more likely to be transitory. UM. Even

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Speaker 1: if that's the case, there are still problems with price

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Speaker 1: increases in a lot of really important areas like housing

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Speaker 1: and I I saw a great piece on the m

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Speaker 1: Live blog today from West Goodman pointing out that central

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Speaker 1: banks in Europe, in the UK and Canada and the

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Speaker 1: US are all watching this closely, all a little bit

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Speaker 1: worried that this could be the straw that breaks the

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Speaker 1: camels back in terms of tapering. What do you think

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Speaker 1: of the soaring housing prices. Well, it's certainly a concern,

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Speaker 1: and we do have members of the S well i'm see,

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Speaker 1: who are focused on that um But what I would

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Speaker 1: say is that it is not um It is not

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Speaker 1: to me as big a concern as for example, wage growth.

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Speaker 1: We want to follow that closely. That tends to create

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Speaker 1: uh stickier inslation. Just because housing is a function of

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Speaker 1: a variety of other components, like, for example, a desire

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Speaker 1: to um own as opposed to rent, there's always the option.

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Speaker 1: I think the market often corrects itself when prices get

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Speaker 1: too high, people opt to rent. So I don't worry

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Speaker 1: as much about the housing market as I worry about

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Speaker 1: other parts of the economy. Christina. Earlier this morning, Tom

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Speaker 1: Keene and I were speaking to Doug Cass of Sea

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Speaker 1: Breeze Partners, and he was making a case that he

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Speaker 1: is pretty darn close to becoming net short this market,

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Speaker 1: setting a number of reasons including valuation, How do you

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Speaker 1: feel about valuation of this market right here? Well, valuations

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Speaker 1: are stretched for parts of this market. UM. But having

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Speaker 1: said that, UM, we have everything is relative and we

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Speaker 1: have to look at in the context of monetary policy,

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Speaker 1: which is incredibly accommodative right now. UM. So I think

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Speaker 1: it does really alter UM the landscape when we look

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Speaker 1: at valuations. So what I would say is that we

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Speaker 1: don't want to abandon the stock market, UM, but we

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Speaker 1: do want to add in components of our portfolio that

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Speaker 1: have lower valuations, and sometimes that means going outside the US,

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Speaker 1: going outside the US and where too, well, Uh, European

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Speaker 1: equities have lower valuations, emerging markets equities, and you can

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Speaker 1: make the argument with Europe that it is following the

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Speaker 1: path of the US, UM, but it has longer legs

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Speaker 1: just because it is not as far along and it's

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Speaker 1: it's economic recovery. All right, Christina, thank you so much.

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Speaker 1: We always appreciate getting your market opinions and thoughts here.

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Speaker 1: Christina who she's a chief Global market strategist for invest Go.

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Speaker 1: One of the leading stories in the world of sports

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Speaker 1: right now is Naomi Osaka and her withdrawal from the

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Speaker 1: French Open. Naomi cited, among other things, dealing she needs

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Speaker 1: to deal time to deal with some mental health issues,

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Speaker 1: and that certainly brings to the for you know, mental

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Speaker 1: health and the pandemic and how that's impacted mental health

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Speaker 1: of folks across the board. Our next guest has some

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Speaker 1: thoughts there, George Goldsmith. He's co founder, chairman and chief

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Speaker 1: executive officer of Compass Pathways. Uh and talking about you know,

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Speaker 1: mental therapy using potentially psychedelic therapi is George, thanks so

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Speaker 1: much for joining us here. Again, mental health always on

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Speaker 1: the front of people's minds, but maybe even more so

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Speaker 1: during this pandemic. Talk to us about what you folks

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Speaker 1: at Compass Pathways are doing towards this issue. Thanks so

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Speaker 1: much for having me on. I really appreciate this opportunity.

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Speaker 1: And you're right, you know, not only is this top

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Speaker 1: of mind for so many of us, particularly coming out

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Speaker 1: of the pandemic, and we're reading about it, whether it's

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Speaker 1: sports stars or royal family members, I think that it's

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Speaker 1: now something we can talk about and it's really important

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Speaker 1: because this is a huge, un undescribed problem. Far too

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Speaker 1: often there's just in depression alone. We have a hundred

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Speaker 1: million people who aren't helped by what exists today in

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Speaker 1: terms of therapies, and we created Compass really to look

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Speaker 1: at how we create affordable new treatments for that. And

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Speaker 1: one of the things that's really caught our interests and

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Speaker 1: focus is looking at psilocybin, which is a psychedelic medicine,

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Speaker 1: and bringing that into clinical trials based on some really

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Speaker 1: exciting early stage studies. So what can be done? I'll say, UM,

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Speaker 1: I agree that I don't think mental health issues should

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Speaker 1: be stigmatized. I think it should be like physical health issues, um,

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Speaker 1: you know, like if you break an arm or if

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Speaker 1: you have back problems. I had, I think, a really

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Speaker 1: intense about of depression and anxiety brought on by lyme disease.

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Speaker 1: And I was fortunate enough to find doctors, um who

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Speaker 1: understood what was going on and gave me fluvoxing me

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Speaker 1: and some other drugs that really helped a lot. And

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Speaker 1: you know, I was back on my feet and and

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Speaker 1: ready to rumble in a month. And I'm I'm really

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Speaker 1: glad that I didn't kind of hide away as was

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Speaker 1: my initial you know, as was my initial reaction or

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Speaker 1: my initial um uh IDEA, what can be done with

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Speaker 1: silo cybin that can't be done with ss r I

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Speaker 1: s and other drugs that are so helpful already. Sure,

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Speaker 1: I think that they are. There's a lot of different

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Speaker 1: treatments that do make a difference for a lot of people,

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Speaker 1: but unfortunately not for nearly enough. And this is the

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Speaker 1: hundred million people who are so called treatment resistant. And

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Speaker 1: by the way, I really appreciate you sharing your story.

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Speaker 1: We like to say everyone has a story, and as

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Speaker 1: we look around, whether it's friends, family, we all see

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Speaker 1: someone who has struggled at some point, and often, you know,

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Speaker 1: even ourselves, and I think this is really important. So

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Speaker 1: thank you for sharing your story, and hopefully more people can.

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Speaker 1: What's different about our approach is that, first of all,

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Speaker 1: it's targeted for people who aren't helped by current approaches,

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Speaker 1: and there are a lot of them. As I mentioned,

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Speaker 1: our approach is really very, very different. It's a single

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Speaker 1: dose of a high high dose of psilocybin um, which

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Speaker 1: is the active ingredient in magic mushrooms. It's a psychedelic

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Speaker 1: medicine that was really explored a great deal in the

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Speaker 1: fifties and sixties, and then obviously they became illegal as

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Speaker 1: they escaped the laboratory, and we have the sixties and

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Speaker 1: so forth. Um but Alee and the acid test still

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Speaker 1: on tour with the Grateful Dead and friends, you bet right,

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Speaker 1: and so so all of this then somehow inspired a

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Speaker 1: group of scientists because between ninet nineteen sixty people were

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Speaker 1: in trials with LSD and lesser psilocybic. This revisited in

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Speaker 1: the two thousands by JOHNS. Hopkins, n y U, U

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Speaker 1: c L A Imperial College in London, all showed really

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Speaker 1: promising studies. We created Compass to build on the early

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Speaker 1: evidence and bring it to patients and make sure it

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Speaker 1: was accessible through rigorous clinical trials. And right now we're

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Speaker 1: finishing up our phase to trial, which is the phase

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Speaker 1: that goes before the next. It's the next, the last

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Speaker 1: phase to get to patients, and we'll be reporting out

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Speaker 1: on that next year or d end of this year actually,

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Speaker 1: And I think what's really important is we're doing that

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Speaker 1: in ten countries because the problem is global and the

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Speaker 1: need is high. So we're really excited about the work

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Speaker 1: that we're doing and we'll have results to report out

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Speaker 1: and hopefully those will build on the incredibly interesting results

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Speaker 1: of the prior studies. Again, what's really cool here a

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Speaker 1: single dose on carefully controlled, simple situation given by professionally

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Speaker 1: trained people. Um, it's a really different model, and how's

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Speaker 1: people see their lives differently. What you mentioned cost before,

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Speaker 1: Can you give us a sense of kind of the

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Speaker 1: cost of maybe this type of treatment that you guys

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Speaker 1: are focusing on versus maybe what's more traditional in the

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Speaker 1: marketplace now? Well, I think one of the things that's happening,

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Speaker 1: I'm sure you've covered it other places, it's a move

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Speaker 1: to value based pricing and how that works, and we

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Speaker 1: really think it's we're accountable for how much value can

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Speaker 1: we create. So it's premature until we have the research

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Speaker 1: to be able to talk about how much this would cost,

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Speaker 1: until we understand who benefits, how how much of benefit,

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Speaker 1: how long it lasts. So that's all work being done.

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Speaker 1: But we clearly make a view that this has to

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Speaker 1: be affordable. The problem is huge, and again with such

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Speaker 1: large patient markets, obviously you can have it be affordable

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Speaker 1: and still have a large benefit for investors. And it's

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Speaker 1: clearly our investors believe in that post going public in

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Speaker 1: September and also in our most recent follow on fundraising

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Speaker 1: on the market of NASAC. I mean when I was

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Speaker 1: a kid in eighth of shrooms was about thirty dollars.

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Speaker 1: I don't think it's changed that much. Um. Today you've

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Speaker 1: got the whole clinical aspect around it, so it's not

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Speaker 1: like you know, you're sitting in your mom's living room

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Speaker 1: listening to alas looking at the oriental rug. Yeah. I'm

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Speaker 1: telling you that some of that experience. So look, I

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Speaker 1: think let's be really clear. We're no mushrooms are harmed

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Speaker 1: in our work. We're doing this at a global level.

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Speaker 1: Synthetic psilocybin developed the highest standards g MP, working with

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Speaker 1: the regulators on both sides of the Atlantic, and then

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Speaker 1: developing this in with lots of data, so people can

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Speaker 1: feel confident that, um, when they have this experience, it's

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Speaker 1: backed up by really data, significant data. We have FDA

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Speaker 1: Breakthrough Therapy designation for our work and treatment resistant depression.

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Speaker 1: So it's a little different than the purchasing magic mushrooms

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Speaker 1: and hang out in the oriental carpeted room. Hey, George,

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Speaker 1: thanks so much for joining us. Really fascinating store here.

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Speaker 1: George Goldsmith He's co founder, chairman and chief econd officer

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Speaker 1: of accompass a pathways with some potentially new therapies UH

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Speaker 1: for mental health and certainly an issue here, evermore so

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Speaker 1: given the pandemic. Thanks for listening to the Bloomberg Markets podcast.

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Speaker 1: You can subscribe and listen to interviews with Apple Podcasts

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Speaker 1: or whatever podcast platform you prefer. I'm Matt Miller. I'm

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Speaker 1: on Twitter at Matt Miller three. On Fall Sweeney, I'm

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Speaker 1: on Twitter at pt Sweeney Before the podcast. You can

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