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Speaker 1: This is Bloomberg Business Week. I'm Carl Masser. Every day

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Speaker 1: we're bringing you the latest news from the worlds of

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Speaker 1: business and finance, plus technology, politics. So much going on

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Speaker 1: in the world of politics, economics, and it's all harnessing

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Speaker 1: the power of Business Week reporters and editors. You can

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Speaker 1: download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot com.

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Speaker 1: If you can also listen to our radio show at

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Speaker 1: two pm Eastern on Bloomberg Radio and be sure to

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Speaker 1: watch us too on YouTube by searching Bloomberg Global News.

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Speaker 1: You are listening to Bloomberg Business Week. So some of

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Speaker 1: the headlines we've seen record cover of nineteen deaths in

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Speaker 1: Eastern Europe. We see new curbs coming into place over Europe.

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Speaker 1: Charlie mentioned earlier about JP Morgan Chase asking most of

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Speaker 1: its employees in England to work from home. So we

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Speaker 1: continue to see this UM sore court in cases really

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Speaker 1: starting a key battleground states to UM as we all

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Speaker 1: head to the polls for today's presidential election. Let's get

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Speaker 1: back to someone who is seeing all of this happen firsthand.

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Speaker 1: Dr Peter Alperin is VP at Ducks May. It's a

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Speaker 1: professional medical network for physicians. He joins us on the

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Speaker 1: phone in San Francisco, where he practices. Um, nice to

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Speaker 1: have you back with us, Dr Alprin. How are you

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Speaker 1: What are you seeing when it comes to the virus

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Speaker 1: right now? Oh? Well, thanks for having me back in

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Speaker 1: San Francisco. Actually, we have been pretty fortunate in the

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Speaker 1: sense that we've had kept our baseline levels of coronavirus

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Speaker 1: pretty low. And um, we've been had really good community

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Speaker 1: support in terms of people doing the things that matter socially,

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Speaker 1: distancing and wearing masks. Um, that's been We've seen you know,

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Speaker 1: outbreaks of course. Uh, and we've been relatively slow to open.

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Speaker 1: So in San Francisco, things are looking pretty good here

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Speaker 1: on election day. But when you look around the country,

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Speaker 1: how do you see it and what are your anticipation

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Speaker 1: or what do you expect kind of how this plays

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Speaker 1: out for the U, especially watching I don't know if

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Speaker 1: it's a fair assumption that, in terms of what's going

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Speaker 1: on in Europe, should we assume that's going to happen

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Speaker 1: here in the US. Yeah, So, Um, it is a

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Speaker 1: little scared when you look around the country where you're

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Speaker 1: definitely seeing virus caseloads surge. You're seeing um, you know,

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Speaker 1: increased case testing rates as well as increased numbers of hospitalizations. UM.

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Speaker 1: And I think what you're seeing in Europe is in

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Speaker 1: some ways what's playing out in many parts of the

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Speaker 1: country here with these increased caseloads, particularly in the middle

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Speaker 1: part of the country and other places where you know

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Speaker 1: people have gathered. UM. It is a it's really just

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Speaker 1: the same things that help us prevent UM. You know,

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Speaker 1: the spread of COVID nineteen that we've talked about a

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Speaker 1: million times. It's this is very much a marathon and

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Speaker 1: not a sprint. So it's very very difficult. I know

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Speaker 1: people are tired, but we really have to persevere. Well,

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Speaker 1: what are you guys finding and the folks that you

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Speaker 1: know within your netric metric network, excuse me, within your

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Speaker 1: network at doximity. You know, what are doctors hearing from

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Speaker 1: patients because you guys are doing, as we know a

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Speaker 1: lot of telemedicine. We've talked with this, you know about

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Speaker 1: this with you before. You know, what are they hearing

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Speaker 1: from patients? Are they kind of getting back to taking

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Speaker 1: care of you know, normal medical procedure is um or

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Speaker 1: are they still kind of hesitant. Yeah, so UM. On

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Speaker 1: the network, we're seeing a tremendous amount of discussion related

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Speaker 1: to uh COVID nineteen in the various topics that you

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Speaker 1: brought up. Specifically, UM physicians are discussing that there's that

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Speaker 1: you know, patients are UM, you know, having just you know,

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Speaker 1: it's it's a tough time out there and trying to UM,

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Speaker 1: you know, take care of themselves and their family members.

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Speaker 1: But in particular we are seeing UM a persistence of telehealth.

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Speaker 1: To telehealth is really has UM is staying the course.

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Speaker 1: It's obviously less than it was in the springtime when

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Speaker 1: there was a huge surge, but we're still seeing around

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Speaker 1: particularly of healthcare being delivered through telehealth. Although many physicians

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Speaker 1: have of course reopened their offices and there are procedures

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Speaker 1: that are being done UM and but they're being very

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Speaker 1: careful as they bring patients into their office. That's another

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Speaker 1: topic of discussion on the Doctor Simity network is all

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Speaker 1: the protocols and things that have happened to UM patients

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Speaker 1: have a safe encounter with their physicians when they do

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Speaker 1: when they do need to come into their offices, so

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Speaker 1: distancing UM, washing their hands and spacing out those appointments

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Speaker 1: just a little bit more. What do you think we

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Speaker 1: need to think about two in terms of I actually

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Speaker 1: went to the poll this morning, really early, first thing

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Speaker 1: in the morning, mostly as a journalist. I kind of

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Speaker 1: wanted to see what it turnout and what it was like.

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Speaker 1: UM did drop my ballot, But UM, I think, you know,

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Speaker 1: I did think about I don't really want to be

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Speaker 1: around a lot of people, you know, and I do

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Speaker 1: think about is it just the basic safety, you know,

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Speaker 1: to wash your hands, keep your social distancing. And I

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Speaker 1: think everybody understand, certainly in this New York metro area

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Speaker 1: the protocols. Um, but I do think there are people

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Speaker 1: who are concerned still and understandably so understandably so. UM,

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Speaker 1: but you know that the need to vote is so

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Speaker 1: important and so critical. So if you are going to

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Speaker 1: go to the polls today, um, and you haven't gone already, UM,

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Speaker 1: if you can go in the midday when polls tend

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Speaker 1: to be slightly have fewer people, that's a great thing

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Speaker 1: to do, because it really is please you sort of imply, Carol,

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Speaker 1: it's really about keeping your distance and maintaining that so,

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Speaker 1: you know, staying six feet away from people, bringing your

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Speaker 1: own pen as always, of course, a good idea reviewing

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Speaker 1: your ballot. Knowing knowing who you and who you want

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Speaker 1: to vote for is um yes or no is super

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Speaker 1: important as well, so you spend less time inside of

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Speaker 1: the actual pulling up if you can, you can perhaps

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Speaker 1: wait in your car if that works for you, so

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Speaker 1: that you can stay a little more isolated, and of

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Speaker 1: course wear a mask. So just some of those common

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Speaker 1: sense things I think are tremendously important. Hey, one last

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Speaker 1: question before we go, um, Dr Alprin. You know I'm

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Speaker 1: hearing from people. I'm seeing it that medical plans where

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Speaker 1: telemedicine was kind of adopted just kind of loosely to

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Speaker 1: get us through COVID, now systems are saying or employers

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Speaker 1: are saying, listen, this is going to be a part

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Speaker 1: of your medical plan going forward. We've turned the quarter

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Speaker 1: on this, you think, I do. You know that's something

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Speaker 1: that we've seen a tremendous amount of discussion on the

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Speaker 1: Docimity network related to to tell in medicine. I think

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Speaker 1: we are going to turn the corner. Patients really like

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Speaker 1: the convenience that telehealth provides, particularly patients with chronic conditions,

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Speaker 1: so that they can uh, you know, be seen a

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Speaker 1: little bit more frequently by their providers and in a

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Speaker 1: safer environment. And I think physicians have m have realized

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Speaker 1: that this is something that they need to offer, and

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Speaker 1: I think figuring out how to do that is a

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Speaker 1: bit of an ongoing process in terms of how to

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Speaker 1: incorporate it into their practice. But I think it's her

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Speaker 1: to stay all right. Gonna leave it on that note,

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Speaker 1: stay safe, Really appreciate your time. Dr Peter Alpern, He's

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Speaker 1: vice president of do Simity, also a physician in private

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Speaker 1: practice in San Francisco, and of course joining us on

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Speaker 1: the phone from San Francisco on this election day Tuesday.

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Speaker 1: This is Bloomberg Business Week with Carol Masser from Bloomberg Radio.

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Speaker 1: Are most read story number one on the Bloomberg Termamental

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Speaker 1: about China suspending the Shanghai and Hong Kong debut of

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Speaker 1: and Groups thirty five billion dollar offering. It was supposed

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Speaker 1: to be the world's biggest I p O was supposed

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Speaker 1: to happen Thursday, but it's not. You knew about it,

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Speaker 1: thanks tort Bloomberg New Economy Editorial director Andy Brown. He

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Speaker 1: has written and talked about how aunt's biggest obstacles, maybe

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Speaker 1: the Chinese government. Andy is with us again on the

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Speaker 1: phone in New York City, and I'm so glad you're here.

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Speaker 1: You know, this headline hit and I think for a

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Speaker 1: lot of people it was a bit shocking. But you

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Speaker 1: did write about this and kind of gave us all

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Speaker 1: the heads up. And a colony wrote last month, why

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Speaker 1: is it, though, that China is doing this? You know,

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Speaker 1: Jack ma has always had an uneasy, ambiguous relationship with

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Speaker 1: Chinese authorities. He once was he famously quoted as saying

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Speaker 1: love the government, but don't marry them. In other words,

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Speaker 1: keep your distance. And regulators have never quite known what

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Speaker 1: to make of Jack ma Um. On the one hand,

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Speaker 1: they look at him as a big opportunity. He's clearly

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Speaker 1: a disruptor. He's bringing a lot of small and medium

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Speaker 1: sized enterprises into the formal economy, putting capital their way.

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Speaker 1: On the other hand, there's always been the sense among

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Speaker 1: regulators that he's an accident waiting to happen. Um. They

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Speaker 1: haven't been able to decide. And yesterday or today rather

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Speaker 1: they did uh. They've decided that he's too much of

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Speaker 1: a risk and they're reining him in. Well, and why wait, though,

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Speaker 1: kind of to the eleventh hour. You know, Andy, this

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Speaker 1: is obviously a company that they've been looking at for

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Speaker 1: some time. Why is it, you know, is it just

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Speaker 1: because the I p O finally said to them, what

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Speaker 1: we've got to We've got to really now look at

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Speaker 1: this more closely and maybe do something about it. Well,

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Speaker 1: he made a terrible, a terrible political mistake. It was

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Speaker 1: at at a at a conference recently in Shanghai. He

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Speaker 1: lit into Chinese and international financial regulators, basically called them

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Speaker 1: all a bunch of fusty old folk holding back innovation,

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Speaker 1: stunting the dreams of young people. Um, you know, not

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Speaker 1: not under not understand. He said that the Basel accord

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Speaker 1: was an old people was an old people's club. He

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Speaker 1: said banks in China, um what they sickly had a

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Speaker 1: had a pawn shop mentality. And he said all this

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Speaker 1: at a conference where the headline that the keynote speaker

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Speaker 1: was one Chief Sean. He's one of the most powerful

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Speaker 1: men in China. Formerly he was the anti corruptions are

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Speaker 1: but it's also one of the godfathers of the Chinese

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Speaker 1: banking system. And one Chi Shan's line at that conference

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Speaker 1: was completely opposite. His line was we have to be cautious,

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Speaker 1: safety first, and Jack Mark comes in and says, we've

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Speaker 1: got to rip it all up and start again one

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Speaker 1: Chi Shan. Obviously his arguments have won the day. Yeah,

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Speaker 1: I can't I anticipate that. Um you know, uh that

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Speaker 1: Jack Mars you know, PR team kind of sitting at

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Speaker 1: the side being like, what are you saying? What are

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Speaker 1: you saying? Um? What's interesting is though, you know, Andy,

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Speaker 1: I think about China wanting to open up and be

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Speaker 1: much more involved in and be really dominant, whether it's technology, finance,

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Speaker 1: more sophisticated parts of the global economy, and I feel

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Speaker 1: like Auntie is one way for them to do this.

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Speaker 1: But it's interesting then to see them kind of rein

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Speaker 1: it in so it's is much more a personal thing

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Speaker 1: when it comes down to it. Or are they really

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Speaker 1: concerned about kind of the structure and the sprawl if

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Speaker 1: you will, of aunt Well, this is a this is

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Speaker 1: a broader political issue, you know. I mean, China right

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Speaker 1: now is throwing open its markets to foreign investments. It's

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Speaker 1: once more money in the markets, and and that message

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Speaker 1: has got a very is is being welcomed by by

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Speaker 1: US investment. Maybe like Ray Dalio was saying, you know,

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Speaker 1: we really need to rewait China and investor portfolios is

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Speaker 1: now three percent should be If it goes to fifteen percent,

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Speaker 1: it would imply this massive gusher of money. But what

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Speaker 1: this episode dramatically highlights is that when you get involved

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Speaker 1: in Chinese markets, you're also getting entangled in Chinese politics.

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Speaker 1: Right now, it's impossible to say what Jack Ma's political

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Speaker 1: risk profile is. Nobody knows, at least of all Jack

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Speaker 1: My himself. That's kind of important given the Jack Ma

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Speaker 1: is the richest guy in China, and this is potentially,

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Speaker 1: if it ever comes, if it ever he ever pulled

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Speaker 1: it off, the biggest I p O in history. Um,

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Speaker 1: Andy got about twenty seconds. Should we say, this is

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Speaker 1: far from over and we could still ultimately see that

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Speaker 1: I p O just quickly? Yeah we could. I mean

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Speaker 1: it still could go out. But there's going to be, UM,

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Speaker 1: it's going to be a very bumpy ride, which essentially

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Speaker 1: is what foreign invest does need to expect when they

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Speaker 1: get involved in the Chinese financial system. Thank you so much.

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Speaker 1: And I we knew in this story Hit we had

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Speaker 1: to talk with you, um because she gave us that

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Speaker 1: heads up. You've been on it Andy Brown, thank you

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Speaker 1: so much. He's editorial director at Bloomberg New Economy. Joining

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Speaker 1: us on the phone in New York City. This is

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Speaker 1: Bloomberg Business Week with Carol Messer from Bloomberg Radio. Well,

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Speaker 1: he's a known Republican economist, worked under President George W. Bush,

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Speaker 1: also worked on the campaigns of Mitt Romney, also Jeb Bush.

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Speaker 1: And yet he says President Shrump, Well, he doesn't exactly

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Speaker 1: have an economic plan. Bloomberg Business Week Economics editor Peter

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Speaker 1: Coy watching all things election and the economy, joining us

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Speaker 1: on the phone in New Jersey. Also with a s.

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Speaker 1: Bloomberg Business Week editor Joel Weber from Brooklyn. Uh. A

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Speaker 1: timely story, no doubt about it here, Joel. Yeah, Well,

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Speaker 1: Peter is full of timely stories and and we're going

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Speaker 1: to see more to common. I hope talk to him

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Speaker 1: about more than just uh, this one that he wrote

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Speaker 1: for today. But Peter, like, let's start there. You got

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Speaker 1: a little time here with Hubbard and curious what you

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Speaker 1: what he had to say. Well, I've talked to Glenn

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Speaker 1: over the years before and after he was with the

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Speaker 1: George W. Bush administration, and he is a sort of conventional, uh,

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Speaker 1: sort of small deficit, small government, republican and for Trump

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Speaker 1: is not to his liking. So we know that. So

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Speaker 1: he said negative things before, but I called him just

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Speaker 1: to try to get in aessment of sort of what's

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Speaker 1: revalcan establishment thinks Trump, and that's what he came up with.

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Speaker 1: He's he has some nice things to say about Trump.

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Speaker 1: He had agrees with him on taxes and deregulation for

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Speaker 1: the most part. Um he he doesn't agree with him

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Speaker 1: on trade. He feels like Trump provoked on needless conflict

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Speaker 1: with allies over for examples, you aluminum tariffs, and didn't

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Speaker 1: go about dealing with China the right way, even though

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Speaker 1: he was right to take on China. But as for

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Speaker 1: the next term, he said that the Trump has been

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Speaker 1: conspicuously vague on what he hopes to achieve in the

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Speaker 1: second term. And that's why he said. It's not like

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Speaker 1: I dislike his plan, it just doesn't have one right right. Well,

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Speaker 1: but he's also not very complimentary bout Joe Biden neither

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Speaker 1: when it comes to an economic plan, right right. So

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Speaker 1: I got a few Bloomberg terminal subscribers who wrote to

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Speaker 1: me and saying how come you singled out his criticism

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Speaker 1: of Trump and the headline and not Biden. I said, well,

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Speaker 1: I wrote back, I said, look, when a Republican criticizes

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Speaker 1: a Democrat, it's not news Republican. Yeah, he doesn't think

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Speaker 1: Biden has a very detailed plan either. But you know,

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Speaker 1: you could come back, either one of the candidates could

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Speaker 1: come back and say, look, um, you know, not governing yet,

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Speaker 1: I'm campaigning. It's a different kind of thing. You don't

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Speaker 1: necessarily want to have a detailed blueprint what you gonna

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Speaker 1: do in office when you're just trying to win votes. Yeah.

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Speaker 1: So so, Peter, I know you've been uh squirreling away

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Speaker 1: on many things, some of which that you know that

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Speaker 1: I've asked you to do, and others day you've created

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Speaker 1: nominating But you know, I wanted to kind of pick

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Speaker 1: your pick your brain going into election night. And I'm

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Speaker 1: wondering sort of like, you know, you as an economist

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Speaker 1: and you know, like long time part of the big

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Speaker 1: voice of Bloomberg Business Week, what are the things that

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Speaker 1: you're you're thinking about. First of all, I always take

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Speaker 1: care to say I'm not an ecommis and journalist writes

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Speaker 1: about economics, so not not not claiming, but I think, uh,

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Speaker 1: you know this, as I wrote on one of my pieces,

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Speaker 1: I forgot which one is. There's so many floating around.

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Speaker 1: Oh just for the reader, by the way, this for

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Speaker 1: the listeners. By the way, you probably need to know

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Speaker 1: that we have multiple plans. We have stories for every

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Speaker 1: possible contingency pre written. Crazy exercise. It's been a fun

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Speaker 1: week in business week, right, I'm gonna actually just add

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Speaker 1: a caveat there, which is like every every scenario right

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Speaker 1: exactly a meteor could still strike. Um, but but it's

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Speaker 1: kind of weird, like placing your it's like wearing virtual

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Speaker 1: reality goggles. Where to write an article, the scenario means

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Speaker 1: you have to thrust yourself into that world. So I've

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Speaker 1: been in the Trump world, Trump wins world, in the

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Speaker 1: Biden wins world. I can tell you all about them technicolor. Well,

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Speaker 1: but it's interesting, go ahead, go ahead. Oh yeah, Oh no,

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Speaker 1: I was going to say, like, you know, I want

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Speaker 1: to save all of that for for tomorrow maybe actually,

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Speaker 1: But but as you've kind of done that, like, what

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Speaker 1: are the things that have stood out to you, especially

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Speaker 1: in regards to like what business looks like under either

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Speaker 1: of these candidates for the next four years. So Bloomberg

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Speaker 1: Economics did a fairly narrow look at just asking one

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Speaker 1: key question, but a very important one, you know, is

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Speaker 1: like stimulus. So, uh, we have had a several months

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Speaker 1: now of a gap in coronavirus relief and starting to

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Speaker 1: weigh in the economy. So, um, what's what's going to happen?

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Speaker 1: And Bloomberg Economics believes that the strongest stimulus package would

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Speaker 1: come with a Biden win and a Democrats taking the Senate. Um,

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Speaker 1: perhaps two trillion dollar relief package. Um. The word risk

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Speaker 1: would be if there is no decision for weeks and weeks,

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Speaker 1: heaps of animosity and however it turns out, um, nobody's

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Speaker 1: gonna want to work with each other. And we have

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Speaker 1: a small relief package, the one where Trump wins, uh

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Speaker 1: and say Democrats, uh, Republicans keep the Senate. You know,

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Speaker 1: you still get a pretty good result because the assumption

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Speaker 1: there is that the Republicans, already starting to look into

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Speaker 1: the midterms, will want to, um, you know, provide a

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Speaker 1: little more stimulus than they've been willing to this fall. Well,

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Speaker 1: and we know that stimulus is so key in terms

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Speaker 1: of keeping the economy going. Obviously, the financial markets all

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Speaker 1: it's It's all connected. I kind of kicked off the

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Speaker 1: show saying everything's connected, whether it's the virus, the election stimulus. Hey,

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Speaker 1: before you go, Um, Joel is quite the taskmaster because

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Speaker 1: you've been doing a lot of stories. Um, there's a

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Speaker 1: great story. And because we talked so much about poles

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Speaker 1: and polling in the election, and you you you ask

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Speaker 1: the question, what is the more bit of error? Anyway,

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Speaker 1: anybody didn't take statistics, So I don't know how many

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Speaker 1: people are listening. Remember Emily Litella from the old Saturday

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Speaker 1: Night Live and what's all this fuss about endangered feces?

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Speaker 1: I'm saying, what what is all this fuss about the

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Speaker 1: Margarine era? No, it's the marginal margin of error. No,

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Speaker 1: it's it's it's you gotta read it. It's like impossible

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Speaker 1: to explain briefly, but I just try to explain to

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Speaker 1: people when you hear this term, it's a little more

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Speaker 1: subtle than you might guess. For example, the reported margin

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Speaker 1: area or survey refers only to the headline numbers and

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Speaker 1: not to the sub components. And also it doesn't refer

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Speaker 1: to the differences between the candidates. For example, here there's

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Speaker 1: a three percent margin of error on the survey. That

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Speaker 1: doesn't mean there's a paper sent margin area on the

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Speaker 1: difference between Trump and Biden that the difference would have

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Speaker 1: roughly a six per margin of air. Just keep that

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Speaker 1: in mind, because yeah, people put a little too much

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Speaker 1: faith sometimes in the results they hear from polls. I

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Speaker 1: think we left, Joel. I think you want to get

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Speaker 1: a drink or something. I think that is a perfectly

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Speaker 1: it was a perfectly good sort of cliffhanger. Unfortunately, to

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Speaker 1: leave us on heading into tonight where it's like, hey,

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Speaker 1: there's been poles in there's also this thing called margin

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Speaker 1: of air, and no one knows anything, like we don't

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Speaker 1: have enough uncertainty out there. All right, guys, thank you

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Speaker 1: so much. Already my favorite time of the day here.

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Speaker 1: This is so good. Uh, Joel Webber, thank you so much.

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Speaker 1: Editor Bloomberg Business Week. You've gotta be sure to check

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Speaker 1: out the magazine because they are really working hard on

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Speaker 1: all the different scenarios and how this all works out

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Speaker 1: on the remote access from Brooklyn. Peter Koi economics that

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Speaker 1: are Bloomberg Business Week on the phone from New Jersey.

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Speaker 1: Check him out to at Peter Koy on Twitter. Always

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Speaker 1: great and you learned something you're listening to Bloomberg Business

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Speaker 1: Week with Carol Messer on Bloomberg Radio. Well covid N

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Speaker 1: team laid bare many of the inequities in our world,

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Speaker 1: whether it's about who got sick, access to health, here

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Speaker 1: are our ability to really support ourselves and take care

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Speaker 1: of our families. It also brought out further a digital divide.

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Speaker 1: But as our Bloomberg Associates team researched for its second

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Speaker 1: Digital City Tools Report, cities continue to focus on the

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Speaker 1: technologies that are enabling city services to be delivered more

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Speaker 1: effectively with the goal of providing better services and really

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Speaker 1: it's about a higher quality of life for its residents.

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Speaker 1: Bloomberg Associates is the philanthropic philanthropic consulting arm of Bloomberg Philanthropies.

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Speaker 1: Michael or Bloomberg, of course, the founder majority owner of

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Speaker 1: Bloomberg Alp, the parent company of Bloomberg Radio and Bloomberg Philanthropies.

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Speaker 1: Let's get more though on this report. Let's bring in

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Speaker 1: Milan Deputy Mayor ROBERTA. Coco. She's on the phone in Milan,

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Speaker 1: Italy and also with us is Bloomberg Associates Principal Catherine

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Speaker 1: Oliver on the phone in New York City. So great

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Speaker 1: to have both of you with us, and I want

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Speaker 1: to dig into the report in just a moment um,

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Speaker 1: but I do have to ask you, mayor Coco, how

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Speaker 1: are you doing? Um? We know Italy getting ready for

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Speaker 1: um more stimulus, uh, directer measures because of the virus.

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Speaker 1: How are you doing? How is your city doing? Okay,

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Speaker 1: first of all, thank you for inviting me, and I'm

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Speaker 1: really happy to to share my experience with you tonight.

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Speaker 1: And uh, you know, Milan was the first largest city

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Speaker 1: in Europe struck by the pandemic and we had such

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Speaker 1: an arrest during the summer, but now unfortunately we are

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Speaker 1: again under a new wave of pandemic. So uh, tonight

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Speaker 1: our Prime Minister and Mr Conte is announcing a new

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Speaker 1: means for trying to face these pandemic. So we are

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Speaker 1: all waiting what will happen, but we know that we

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Speaker 1: will have to be ready for a new kind of lockdown.

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Speaker 1: We really hope so not as terrible as the previous one.

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Speaker 1: But we understand that that we have to do something

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Speaker 1: to control the pandemic right right now, and we certainly

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Speaker 1: hope that that it isn't as tough as it was

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Speaker 1: certainly last time, Catherine, I want to bring you in.

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Speaker 1: You and I've talked a few times since spring about

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Speaker 1: how kind of our worlds have been turned upside down

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Speaker 1: on all levels because of COVID nineteen. You guys were

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Speaker 1: working on this report, we're conducting research as COVID happened.

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Speaker 1: Tell us kind of what your team set out to

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Speaker 1: do and how the virus impacted what you were looking

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Speaker 1: at and what you were hearing from the cities that

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Speaker 1: you engaged with. So the studies really showcases what thirty

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Speaker 1: leading digital cities are doing to address city needs. And

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Speaker 1: when we did the report two years ago, it was

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Speaker 1: really the goal which to facilitate pure to pure learning

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Speaker 1: and to really take a look and to showcase interesting

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Speaker 1: ways that city governments around the world are using technology

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Speaker 1: to engage with their residents and their visitors. But as

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Speaker 1: you said, when we were doing this report, UM, COVID

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Speaker 1: nineteen hit and it altered every aspect of urban life,

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Speaker 1: and you know, more and more mayors and leaders quickly

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Speaker 1: realized that technology was critical for every form of communication,

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Speaker 1: distributing their messaging, telling stories, tracking data. UM. So it

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Speaker 1: became essential. UM. But the need for data collection and

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Speaker 1: data sharing UM is important, but leadership is important. And

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Speaker 1: you know, UM, it would vary widely from city to city,

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Speaker 1: but we really it really crystallized the importance that you

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Speaker 1: need a strong leader, you need UM, a digital approach

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Speaker 1: and an appreciation of the use of technology. UM. But

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Speaker 1: you know, it was really exemplified and what Milan Mayor

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Speaker 1: bepe Sala could do with his amazing team. You know,

429
00:23:58,160 --> 00:24:01,120
Speaker 1: they were hit with COVID early on, and how they

430
00:24:01,119 --> 00:24:05,280
Speaker 1: were able to embrace the technology and use it effectively

431
00:24:05,640 --> 00:24:09,320
Speaker 1: to really get information out, critical information out at a

432
00:24:09,400 --> 00:24:13,960
Speaker 1: time that was critical to their constituents and businesses. Well,

433
00:24:14,000 --> 00:24:16,280
Speaker 1: and that's a really you know, important point that you

434
00:24:16,280 --> 00:24:18,480
Speaker 1: can have technology, but unless you have the right leadership

435
00:24:18,480 --> 00:24:21,320
Speaker 1: and the strong leadership to really use it effectively, it's

436
00:24:21,400 --> 00:24:25,040
Speaker 1: just technology. Deputy Mayor Coco, I mean, how did you

437
00:24:25,080 --> 00:24:27,960
Speaker 1: know expand upon what what Katherine just talked about about

438
00:24:28,000 --> 00:24:31,159
Speaker 1: technology becoming critical and how you use it during the

439
00:24:31,160 --> 00:24:33,320
Speaker 1: shutdown And I'm curious, you know, if you have any

440
00:24:33,320 --> 00:24:41,400
Speaker 1: specific examples. Yeah, so I have to sell something at

441
00:24:41,400 --> 00:24:47,720
Speaker 1: the beginning, because we were working on a huge digital

442
00:24:47,800 --> 00:24:52,760
Speaker 1: transformation plan since the very beginning of the mandate of

443
00:24:52,880 --> 00:25:00,040
Speaker 1: the mayor. So we begin to build our digital of

444
00:25:00,920 --> 00:25:07,359
Speaker 1: GET in two thousand sixteen and so we have been

445
00:25:07,400 --> 00:25:14,320
Speaker 1: working on a complete new strategy to move most of

446
00:25:14,359 --> 00:25:22,480
Speaker 1: our services on a digital assects and there trying to

447
00:25:22,520 --> 00:25:31,000
Speaker 1: move the opportunity for citizens to achieve services through their

448
00:25:31,080 --> 00:25:36,360
Speaker 1: mobile phone. So this was our our strategy. When the

449
00:25:36,400 --> 00:25:41,720
Speaker 1: pandemic struck in Stance, I can say that we had

450
00:25:43,320 --> 00:25:47,520
Speaker 1: built something, and so I can't say that we were

451
00:25:47,600 --> 00:25:52,200
Speaker 1: ready because nobody was. And so this pandemic was so

452
00:25:52,480 --> 00:25:57,240
Speaker 1: terrible that at the very beginning we were shocked. But

453
00:25:58,119 --> 00:26:06,399
Speaker 1: we had the the digital infrastructure and the digital services

454
00:26:06,080 --> 00:26:11,960
Speaker 1: that we built, and so we could use them as

455
00:26:12,080 --> 00:26:18,719
Speaker 1: our levers for facing the situation. And UH for example,

456
00:26:19,160 --> 00:26:25,679
Speaker 1: we boosted boosted all the services to mobile phones because

457
00:26:25,720 --> 00:26:29,760
Speaker 1: the people were locked down. They were in their houses

458
00:26:30,160 --> 00:26:33,600
Speaker 1: and so we couldn't ask them to go out to

459
00:26:33,680 --> 00:26:36,880
Speaker 1: go to the registry offices for any needs that they

460
00:26:37,040 --> 00:26:41,800
Speaker 1: might have, and so we had to offer our services

461
00:26:41,840 --> 00:26:45,760
Speaker 1: in their houses. And the same for an example, for

462
00:26:46,520 --> 00:26:52,000
Speaker 1: the people who were in real need, so we had

463
00:26:52,119 --> 00:26:59,200
Speaker 1: to reach them to bile phones, reassuring them, offering them information.

464
00:26:59,800 --> 00:27:01,960
Speaker 1: The city mayor Coco, let me get back to you,

465
00:27:02,000 --> 00:27:03,840
Speaker 1: because I knew you were finishing and you're talking about

466
00:27:03,880 --> 00:27:08,240
Speaker 1: the use of mobile phones, mobility um in terms of

467
00:27:08,320 --> 00:27:12,640
Speaker 1: dealing with the COVID situation in your city. I didn't

468
00:27:12,640 --> 00:27:16,520
Speaker 1: want to let you finish your thoughts. Yeah, I was,

469
00:27:17,320 --> 00:27:21,720
Speaker 1: you know, explaining that we had to leverage all the

470
00:27:21,760 --> 00:27:28,480
Speaker 1: digital assets that we prepared in advance because facing the pandemic,

471
00:27:28,920 --> 00:27:32,880
Speaker 1: we had to move all our services on the mobile

472
00:27:33,000 --> 00:27:36,800
Speaker 1: phones because the citizens in their houses they had that

473
00:27:36,880 --> 00:27:40,880
Speaker 1: their own mobile phones in their pockets as they couldn't

474
00:27:40,880 --> 00:27:43,840
Speaker 1: go out because they were locked down, And so we

475
00:27:44,880 --> 00:27:50,400
Speaker 1: boosted the apps to alp the citizens during the lockdown,

476
00:27:50,480 --> 00:27:56,080
Speaker 1: for example, apps that reported nearby shops with all the liberty,

477
00:27:56,680 --> 00:28:02,320
Speaker 1: or how to connect with our moon incipality, or even

478
00:28:02,680 --> 00:28:09,399
Speaker 1: helping trying to help citizen to use the technology to

479
00:28:09,520 --> 00:28:14,199
Speaker 1: be connected to their families and their relatives. And we

480
00:28:14,359 --> 00:28:19,000
Speaker 1: knew that technology was a kind of lifeline for people

481
00:28:19,720 --> 00:28:25,920
Speaker 1: on that terrible situation for school work, for personal relationships,

482
00:28:26,000 --> 00:28:30,960
Speaker 1: and also for being connected to the municipality. Catherine, I

483
00:28:30,960 --> 00:28:32,840
Speaker 1: want to bring you back in and putting back this

484
00:28:33,000 --> 00:28:36,240
Speaker 1: are putting together this report. You worked with several cities

485
00:28:36,320 --> 00:28:38,240
Speaker 1: around the globe, and I do wonder if there were

486
00:28:38,280 --> 00:28:42,800
Speaker 1: often common challenges UM and a sharing of knowledge and

487
00:28:42,800 --> 00:28:46,440
Speaker 1: and and solutions that came about in terms of tackling

488
00:28:46,480 --> 00:28:50,960
Speaker 1: those problems. Sure, we serve a dirty leading digital cities

489
00:28:51,280 --> 00:28:55,239
Speaker 1: global cities around the world representing every continent and UM.

490
00:28:56,320 --> 00:28:59,880
Speaker 1: The report really mapped the deployment of forty one technologies

491
00:29:00,640 --> 00:29:05,960
Speaker 1: UM across five areas and government connectivity, data, city operations,

492
00:29:06,040 --> 00:29:09,520
Speaker 1: transport and mobility, and of course safety and security, and

493
00:29:09,560 --> 00:29:13,080
Speaker 1: we looked at how these technologies are applied to specific

494
00:29:13,120 --> 00:29:16,760
Speaker 1: city challenges and priorities. And I think it's important that

495
00:29:16,840 --> 00:29:19,880
Speaker 1: there's there's no such thing as a quick fix. All

496
00:29:19,920 --> 00:29:22,360
Speaker 1: of these cities, like all of us, are grappling with

497
00:29:22,440 --> 00:29:26,400
Speaker 1: new technology. Technology is changing quickly, and these cities have

498
00:29:26,520 --> 00:29:29,760
Speaker 1: to be nimble and creative and have the expertise to

499
00:29:30,120 --> 00:29:33,800
Speaker 1: embrace them and deploy them UM. But developing a digital

500
00:29:33,880 --> 00:29:37,640
Speaker 1: culture and then embedding these digital tools and processes in

501
00:29:37,680 --> 00:29:41,840
Speaker 1: city operations takes time and planning and investment, and as

502
00:29:41,920 --> 00:29:44,920
Speaker 1: Roberta will tell you patients. But I have to give

503
00:29:44,960 --> 00:29:47,960
Speaker 1: credit to Roberta and what she's doing in Milan is

504
00:29:48,000 --> 00:29:52,040
Speaker 1: that it's important to have and to create a pipeline

505
00:29:52,120 --> 00:29:56,280
Speaker 1: of expertise and talent. And Roberta has launched a number

506
00:29:56,320 --> 00:30:01,400
Speaker 1: of STEM programs really designed to educate a younger generation

507
00:30:01,600 --> 00:30:05,760
Speaker 1: more about opportunities in science and technology and teaching them

508
00:30:05,800 --> 00:30:08,960
Speaker 1: about how this could be applied to potentially careers within

509
00:30:09,040 --> 00:30:12,320
Speaker 1: city government. And I think that this is really very important,

510
00:30:12,360 --> 00:30:16,240
Speaker 1: and Roberta has really dedicated herself to this to be

511
00:30:16,320 --> 00:30:19,480
Speaker 1: a role model herself. She's had a very successful career

512
00:30:19,520 --> 00:30:22,640
Speaker 1: at Microsoft and now has gotten back into public service

513
00:30:22,960 --> 00:30:25,280
Speaker 1: to really make a difference in Milan. But I think

514
00:30:25,320 --> 00:30:29,719
Speaker 1: that she's helping local city services but also thinking creatively

515
00:30:29,760 --> 00:30:32,880
Speaker 1: about how to create that pipeline of talent and create

516
00:30:32,920 --> 00:30:37,760
Speaker 1: the next generation of entrepreneurs. Well, Deputy Mayor Coco talked

517
00:30:37,760 --> 00:30:41,000
Speaker 1: to us about talent because you could have initiatives planned.

518
00:30:41,040 --> 00:30:43,040
Speaker 1: But it's Katherine brings up such a good point that

519
00:30:43,040 --> 00:30:46,360
Speaker 1: if you don't have basically the infrastructure in place, which

520
00:30:46,360 --> 00:30:49,680
Speaker 1: includes having the right people to be able to implement

521
00:30:50,160 --> 00:30:52,080
Speaker 1: what you want to put into place when it comes

522
00:30:52,120 --> 00:30:55,120
Speaker 1: to technological initiatives, talked to us about what was a

523
00:30:55,160 --> 00:30:59,560
Speaker 1: priority for you and what needed to be done. Okay,

524
00:31:00,360 --> 00:31:04,760
Speaker 1: thank you, very much better friend for your words, uh,

525
00:31:05,800 --> 00:31:11,560
Speaker 1: you know, it's it's still better. In public administration, we

526
00:31:11,720 --> 00:31:18,520
Speaker 1: do not have enough resources and enough digital skills for

527
00:31:19,440 --> 00:31:25,720
Speaker 1: driving the digital transformation plan. And this is this, this

528
00:31:25,920 --> 00:31:31,600
Speaker 1: is true, and so we have to react also because

529
00:31:32,400 --> 00:31:38,040
Speaker 1: especially in Italy, we are suffering from a very large

530
00:31:38,960 --> 00:31:45,360
Speaker 1: digital gat which is all around you know, the public administration,

531
00:31:45,520 --> 00:31:51,320
Speaker 1: private sector, everything. But we are you know, moving forward

532
00:31:51,960 --> 00:31:56,320
Speaker 1: and we are changing this situation. And from from a

533
00:31:56,520 --> 00:32:01,880
Speaker 1: public administration point of view, you can't draw I've deep

534
00:32:03,200 --> 00:32:08,200
Speaker 1: digital transformation plan if you do not have enough resources

535
00:32:08,240 --> 00:32:13,280
Speaker 1: to manage great lead and so we UM we'll be

536
00:32:13,360 --> 00:32:21,040
Speaker 1: also quite a huge program of hiring and new first

537
00:32:21,080 --> 00:32:29,120
Speaker 1: thing technology and also attracting youth in French ways right

538
00:32:29,720 --> 00:32:33,080
Speaker 1: as intern or you know, in the first years of

539
00:32:33,360 --> 00:32:38,040
Speaker 1: the university and so on. At the same time, Deputy Mayor,

540
00:32:38,280 --> 00:32:41,000
Speaker 1: my my apologies, I have to to break in because

541
00:32:41,000 --> 00:32:42,760
Speaker 1: we're running out of time. But I do hope we

542
00:32:42,800 --> 00:32:44,880
Speaker 1: can reach out to again and it would be really

543
00:32:44,880 --> 00:32:47,200
Speaker 1: interesting to hear a little bit more about the initiatives,

544
00:32:47,440 --> 00:32:50,160
Speaker 1: UM that you are putting in place to get this

545
00:32:50,200 --> 00:32:53,760
Speaker 1: all done. Milan Deputy Mayor ROBERTA Coco on the phone

546
00:32:53,760 --> 00:32:56,440
Speaker 1: in Milan, and our thanks also to Bloomberg Associates Principal

547
00:32:56,520 --> 00:32:59,800
Speaker 1: Katherine Oliver joining us to talk about the Digital City

548
00:32:59,840 --> 00:33:04,320
Speaker 1: Tools Report. Bloomberg Associates, of course, supported by Michael R. Bloomberg,

549
00:33:04,360 --> 00:33:13,000
Speaker 1: Founder A Bloomberg LP and Bloomberg Philanthropies BROC Journal. Now,

550
00:33:13,080 --> 00:33:14,920
Speaker 1: but you let me drive? Oh no, no, no, no,

551
00:33:15,960 --> 00:33:20,520
Speaker 1: drive home, honey, please, I'll do the riding drivel exst me.

552
00:33:20,880 --> 00:33:29,800
Speaker 1: I want to drive, Just drive baby, the question trying.

553
00:33:36,280 --> 00:33:39,720
Speaker 1: This is the drive to the Globe Commune. Thanks, we'll

554
00:33:39,840 --> 00:33:43,800
Speaker 1: driving us down on Bloomberg Radio. It is time for

555
00:33:43,840 --> 00:33:46,000
Speaker 1: the drive to the close back with us as Kathy Boyle,

556
00:33:46,120 --> 00:33:49,840
Speaker 1: she's president founder at Chapenhill Advisor. She's with us on

557
00:33:50,000 --> 00:33:52,440
Speaker 1: the phone from Pound Ridge, New York. Kathy, good to

558
00:33:52,560 --> 00:33:56,400
Speaker 1: have you here with us. How are you? I'm great, Carol?

559
00:33:56,440 --> 00:33:59,520
Speaker 1: How about yourself? Do it okay? Kind of watching those

560
00:33:59,680 --> 00:34:03,920
Speaker 1: rising virus numbers and watching the election and there's a

561
00:34:04,000 --> 00:34:07,680
Speaker 1: lot on everybody's mind. I do wonder, you know, when

562
00:34:07,720 --> 00:34:10,480
Speaker 1: you talk with some of your clients and investors, um,

563
00:34:10,840 --> 00:34:13,040
Speaker 1: how do they take it all in and how has it,

564
00:34:13,120 --> 00:34:16,759
Speaker 1: if at all, been kind of impacting their investment strategies,

565
00:34:17,840 --> 00:34:20,920
Speaker 1: So great question. It really varies very much. I find

566
00:34:21,040 --> 00:34:24,440
Speaker 1: people apathetic, you know, because continue to go up. I

567
00:34:24,480 --> 00:34:27,200
Speaker 1: see a lot of people with equity, new people that

568
00:34:27,280 --> 00:34:30,200
Speaker 1: come to me and have questions and you know, miss

569
00:34:30,280 --> 00:34:33,279
Speaker 1: my chance to still Netflix and five something because I

570
00:34:33,400 --> 00:34:35,879
Speaker 1: wrote calls and now it's three forty, so I'm waiting

571
00:34:35,920 --> 00:34:38,279
Speaker 1: for it to go back up, you know. And they

572
00:34:38,320 --> 00:34:40,200
Speaker 1: all have their own scenarios. You know, a lot of

573
00:34:40,239 --> 00:34:41,960
Speaker 1: smart people in the market, and they all have these

574
00:34:41,960 --> 00:34:44,120
Speaker 1: scenarios where they think it's going and then other people

575
00:34:44,160 --> 00:34:46,719
Speaker 1: are apathetic and they just like, all right, whatever, you

576
00:34:46,840 --> 00:34:48,640
Speaker 1: just tell me what to do and I'm there. So

577
00:34:48,800 --> 00:34:52,120
Speaker 1: it ranges quite a bit. Well, oh that's kind of yeah.

578
00:34:52,120 --> 00:34:54,719
Speaker 1: I guess that's that's what makes a market, right, um,

579
00:34:54,920 --> 00:34:57,200
Speaker 1: which is kind of interesting. Well, let's let's talk about

580
00:34:57,239 --> 00:34:58,799
Speaker 1: some of the major things that are out there. First

581
00:34:58,800 --> 00:35:01,000
Speaker 1: of all, the election. I don't know, how do you

582
00:35:01,080 --> 00:35:03,640
Speaker 1: see it? Or Vince Ignarella, he's so smart and you know,

583
00:35:03,880 --> 00:35:07,040
Speaker 1: keet off our show just talking about you know, the

584
00:35:07,160 --> 00:35:10,520
Speaker 1: expectation is and maybe why we're seeing a rally despite

585
00:35:11,120 --> 00:35:14,200
Speaker 1: the rising virus numbers, is that there is the expectation

586
00:35:14,280 --> 00:35:16,640
Speaker 1: that we're going to get more stimulus. The question is

587
00:35:16,800 --> 00:35:22,320
Speaker 1: just kind of exactly when and how big it will be, correct,

588
00:35:22,440 --> 00:35:24,560
Speaker 1: And so the problem becomes that you know, right now,

589
00:35:24,640 --> 00:35:27,320
Speaker 1: Biden's leading by ten points, which is a large margin,

590
00:35:27,760 --> 00:35:30,759
Speaker 1: but in sixteen they had Hillary leading as well, So

591
00:35:30,880 --> 00:35:34,399
Speaker 1: those poles are not always reliable. Um, and most people

592
00:35:34,400 --> 00:35:36,520
Speaker 1: are expecting a blue wave to come in, right so

593
00:35:36,560 --> 00:35:39,120
Speaker 1: it's blue wave versus red wave, and so if the

594
00:35:39,120 --> 00:35:41,920
Speaker 1: blue wave gets in, they are expecting stimulus. But the

595
00:35:42,000 --> 00:35:44,960
Speaker 1: problem is the amount of stimulus that they're willing to do,

596
00:35:45,719 --> 00:35:48,400
Speaker 1: if Pelosi and Biden are in control of it, is

597
00:35:48,560 --> 00:35:51,200
Speaker 1: not going to be offset enough by the massive tax

598
00:35:51,320 --> 00:35:54,640
Speaker 1: increases that Biden's expected to do, and so you're gonna

599
00:35:54,640 --> 00:35:57,239
Speaker 1: see a migration of people leaving areas like New York

600
00:35:57,320 --> 00:36:00,640
Speaker 1: City where the tax is supposed up to six you know.

601
00:36:00,800 --> 00:36:04,840
Speaker 1: So I think that they have some real potential negative effects.

602
00:36:05,080 --> 00:36:08,120
Speaker 1: There's certainly a dislocation society. Look how much anger there is.

603
00:36:08,520 --> 00:36:10,640
Speaker 1: I mean, we see mother of one story, I saw

604
00:36:10,800 --> 00:36:12,880
Speaker 1: that her son stopped talking to her because she was

605
00:36:12,960 --> 00:36:15,960
Speaker 1: voting for Trump. So we're seeing, you know, a huge

606
00:36:15,960 --> 00:36:18,799
Speaker 1: amount of anger. The other scenario is if Trump gets

607
00:36:18,840 --> 00:36:22,640
Speaker 1: in it's considered pro business. Um. So one scenario I've

608
00:36:22,680 --> 00:36:25,120
Speaker 1: seen is, you know, initial reaction to Biden getting in

609
00:36:25,360 --> 00:36:28,560
Speaker 1: up and then down to what Jape and Morgan actually

610
00:36:28,600 --> 00:36:31,280
Speaker 1: came up with out with recently, and the other scenarios

611
00:36:31,320 --> 00:36:33,840
Speaker 1: Trump wins may be some knee jerk reaction on the

612
00:36:33,920 --> 00:36:38,120
Speaker 1: downside to start with, but then in the SMP, I mean,

613
00:36:38,280 --> 00:36:42,120
Speaker 1: bottom line, isn't there at some level, you know, Kathy

614
00:36:42,200 --> 00:36:46,080
Speaker 1: and I do understand Republicans versus Democrats, certain policies seem

615
00:36:46,120 --> 00:36:49,760
Speaker 1: to be, you know, more common, you know, for certain

616
00:36:49,800 --> 00:36:52,160
Speaker 1: parties versus are for one party over another. But I

617
00:36:52,239 --> 00:36:55,360
Speaker 1: do think if we are inheriting whoever the president is,

618
00:36:56,239 --> 00:36:59,319
Speaker 1: they're gonna deal with the economy that's going to need help,

619
00:36:59,440 --> 00:37:01,960
Speaker 1: and that's going to require, whether you're a democratic Republican

620
00:37:02,320 --> 00:37:06,239
Speaker 1: policies to assist it. Correct, You're absolutely right, I mean,

621
00:37:06,239 --> 00:37:08,280
Speaker 1: the amount of people that are being affected by COVID.

622
00:37:08,360 --> 00:37:10,920
Speaker 1: One of my girlfriends just put a plea out yesterday because,

623
00:37:11,000 --> 00:37:12,759
Speaker 1: as you know, I rescue animals and so I have

624
00:37:12,840 --> 00:37:15,719
Speaker 1: a very big rescue community. She has a kennel, a

625
00:37:15,800 --> 00:37:19,400
Speaker 1: boarding kennel that normally supports rescue, and so she put

626
00:37:19,440 --> 00:37:22,480
Speaker 1: out a plea to help pay her property taxes because

627
00:37:22,920 --> 00:37:26,239
Speaker 1: nobody's using kennels because they're not traveling. You know, Royal

628
00:37:26,360 --> 00:37:28,719
Speaker 1: Caribbean just announced they're not doing any cruises to the

629
00:37:28,840 --> 00:37:33,520
Speaker 1: end of this year. You cannot support a restaurant at capacity.

630
00:37:33,920 --> 00:37:36,160
Speaker 1: So how much longer can some of these businesses go?

631
00:37:36,360 --> 00:37:38,560
Speaker 1: How many businesses are going to shut down? You know,

632
00:37:38,680 --> 00:37:40,400
Speaker 1: that's part of what people are afraid of is the

633
00:37:40,480 --> 00:37:43,160
Speaker 1: Dems are in favor of more of a lockdown. Look

634
00:37:43,200 --> 00:37:45,480
Speaker 1: at the increasing COVID rate. But they're also but they're

635
00:37:45,480 --> 00:37:49,239
Speaker 1: also favoring a bigger stimulus and and package to help

636
00:37:49,280 --> 00:37:53,320
Speaker 1: out the economy. Correct, but how long does a PPP

637
00:37:53,680 --> 00:37:57,040
Speaker 1: loan go? How long can that help? Loans do not

638
00:37:57,320 --> 00:38:00,920
Speaker 1: stimulate demand. We've got to be able to annulate the economy.

639
00:38:01,000 --> 00:38:04,600
Speaker 1: Inflation is rising. The according to said, we have no inflation,

640
00:38:04,719 --> 00:38:06,200
Speaker 1: but if you go to the grocery store, you know

641
00:38:06,360 --> 00:38:09,239
Speaker 1: there's inflation. So a lot of people. The moratoriums on

642
00:38:09,400 --> 00:38:15,320
Speaker 1: evictions are going until commercial realtors are under pressure. Individual realtors,

643
00:38:15,440 --> 00:38:18,080
Speaker 1: you know, people that own multiple family buildings are under

644
00:38:18,160 --> 00:38:20,960
Speaker 1: a lot of pressure. So the underlying effect to this

645
00:38:21,040 --> 00:38:24,320
Speaker 1: economy is really much deeper than I think certainly the

646
00:38:24,400 --> 00:38:28,360
Speaker 1: market is is understanding and recognizing, so it becomes the

647
00:38:28,440 --> 00:38:30,880
Speaker 1: real concern. Well, you've offered, So how low do you

648
00:38:30,920 --> 00:38:32,959
Speaker 1: think the market? What level do you think the market

649
00:38:33,000 --> 00:38:36,240
Speaker 1: to really be at? Kathy right now? So it shouldn't

650
00:38:36,239 --> 00:38:38,440
Speaker 1: be up here, that's for sure, whether it should come

651
00:38:38,480 --> 00:38:42,279
Speaker 1: down to three thousand, two thousand on the SMP. I

652
00:38:42,400 --> 00:38:44,400
Speaker 1: think when we had a ten percent correction over the

653
00:38:44,520 --> 00:38:47,600
Speaker 1: last two months and nobody panics, right, and now we

654
00:38:47,680 --> 00:38:50,360
Speaker 1: see this huge you know, got oversold last week, so

655
00:38:50,440 --> 00:38:53,160
Speaker 1: we have a thousand point rally in two days. What

656
00:38:53,440 --> 00:38:55,560
Speaker 1: you have to understand about the market is the market

657
00:38:55,719 --> 00:38:59,120
Speaker 1: like certainty, and I don't think we're going to get

658
00:38:59,160 --> 00:39:02,000
Speaker 1: that tonight. I So then why is the market rallying

659
00:39:02,120 --> 00:39:05,440
Speaker 1: Cathy today? If you don't, I mean we've we've had

660
00:39:05,719 --> 00:39:10,560
Speaker 1: because Biden is leading, okay, and so the expect is, yes,

661
00:39:10,640 --> 00:39:12,440
Speaker 1: we're going to get the stimulus and it's going to

662
00:39:12,520 --> 00:39:16,120
Speaker 1: be the panacea. And you know, and also remember Biden

663
00:39:16,280 --> 00:39:19,360
Speaker 1: is very pro trade, and so they think, you know,

664
00:39:19,680 --> 00:39:23,120
Speaker 1: relations with different countries will open up, trade will open up.

665
00:39:23,400 --> 00:39:26,520
Speaker 1: So that's the expectation that I believe in the market,

666
00:39:26,560 --> 00:39:28,480
Speaker 1: along with the fact that just you know, gets over

667
00:39:28,600 --> 00:39:33,200
Speaker 1: sold and you get bounces and the text are leading today. Yeah, exactly,

668
00:39:33,280 --> 00:39:35,920
Speaker 1: we've seen certainly another rotation can at least on a

669
00:39:36,040 --> 00:39:39,440
Speaker 1: daily basis. When it comes to the markets, Um, what

670
00:39:39,560 --> 00:39:42,880
Speaker 1: do you think about technology at this point, Kathy? So

671
00:39:43,480 --> 00:39:46,000
Speaker 1: the market is very concentrated. You have to remember the

672
00:39:46,120 --> 00:39:49,280
Speaker 1: fang stocks or fang stocks, you know, Facebook, Apple, Amazon,

673
00:39:49,440 --> 00:39:53,200
Speaker 1: Netflix replaced by Microsoft and then Google, which stuff of

674
00:39:53,239 --> 00:39:56,160
Speaker 1: that that controls the bulk of the market. Is very

675
00:39:56,239 --> 00:39:59,840
Speaker 1: similar to shades of two thousand when just a small

676
00:40:00,040 --> 00:40:04,320
Speaker 1: brow stocks were accountable for return in the NASTAC. So

677
00:40:04,760 --> 00:40:07,279
Speaker 1: you know a lot of people have concentrated portfolios, even

678
00:40:07,360 --> 00:40:10,279
Speaker 1: within ets and mutual funds. They don't realize that there's

679
00:40:10,280 --> 00:40:12,840
Speaker 1: an overlap in holding. So a lot of people are

680
00:40:12,880 --> 00:40:16,440
Speaker 1: concentrated in large cap growth. CACT is certainly winning. Certainly,

681
00:40:16,520 --> 00:40:19,200
Speaker 1: like you look at Amazon with online delivery, look at

682
00:40:19,239 --> 00:40:22,080
Speaker 1: the amount of online shopping. Retailers are getting hurt, but

683
00:40:22,520 --> 00:40:25,960
Speaker 1: you know they're cremating the marketplace on that side. And

684
00:40:26,080 --> 00:40:28,719
Speaker 1: certainly Netflix, how many people are now watching I finally

685
00:40:28,760 --> 00:40:31,400
Speaker 1: gave up and subscribe to Netflix. So yeah, you know,

686
00:40:31,600 --> 00:40:35,080
Speaker 1: there's really a lot of reason behind it, but it's

687
00:40:35,160 --> 00:40:39,040
Speaker 1: not the panacea, and they're trading at astronomical valuations. In

688
00:40:39,120 --> 00:40:42,000
Speaker 1: many cases, they've definitely definitely run up, all right, Kathy,

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00:40:42,080 --> 00:40:44,440
Speaker 1: Good to hear your voice. Kathy Boyle, President and founder

690
00:40:44,480 --> 00:40:47,120
Speaker 1: of Chapen Hill Advisors, joining us on the phone from

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00:40:47,160 --> 00:40:49,440
Speaker 1: Pound Ridge, New York. Thanks so much for listening to

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00:40:49,480 --> 00:40:53,120
Speaker 1: Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or

693
00:40:53,200 --> 00:40:55,319
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694
00:40:55,360 --> 00:40:58,399
Speaker 1: our daily radio show at two pm Eastern on Bloomberg Radio.

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00:40:58,680 --> 00:41:00,759
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00:41:00,800 --> 00:41:02,480
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