Amazon in Talks to Buy Movie Studio MGM for $9 Billion

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio, or watch us on YouTube search Bloomberg Global News. The CDC out with a report showing that COVID nineteen vaccination coverage in the US to have generally lower in rural counties than in urban ones, and overall, the adult vaccination coverage was just about in the rural counties, almost forty six percent in urban counties.

We continue to see it still quite a ways to go for the Biden administration to reach that goal of seventy of American adults with at least one shot by the fourth of July. Right and in equities between city versus country. Hey, let's get to it with our daily check on COVID. Dr Peter Albern back with us VP over a doximity. It's a professional medical network for physicians. Uh. He used to be in San Francisco. Today we find him in Austin, Texas. Nice to have you back with US. Um, you,

like everybody else, move into Austin. Well, I'm here for uh, you know, a short time. And yeah, so I guess that's uh, guess you're sure you're not going to stay there like so many people from San Francisco. Right. Well, I don't know, I don't know, you know, I can never predict the future, but um, you know, we'll see.

Well how I mean, look, you know, give us, give us a view from on the ground, because we are hearing different things about different areas of the country right now, and and and certainly I think one thing that's been really interesting to me at least is the changing behavior that we've seen from not just my my family and friends and colleagues over the last week as we've learned about this new CDC guidance last week, but how that's been happening in some areas of the country, you know,

for weeks and and and for months now. So does it seem like when you're on the streets in Austin that there's still a pandemic happening. Yeah, So definitely different places have had different, um you know, different responses, and certain geographies have opened up before others, no question, I will say, Um, here in Austin things have opened up significantly. There is no mass mandate anymore, and all the businesses

have opened. Um. It's in San Francisco is very closely following of course as well, given particularly given the CDC guidance, and you know, um, what we're seeing to on on the network is that we're seeing that physicians are talking about this in terms of how different places are opening up in a different way. And I will say about the CDC guidance, Um, you know it did did hit everybody a little bit uh um, all of a sudden, because there wasn't a lot of um signaling for that.

And so, you know, messaging is really key in public health. It's probably as important as anything else. And so I think folks are really trying to figure out exactly what those messages are. Why do you think we saw such an about face from the CDC or such a quick change in guidance after not much a change in terms of vaccination availability or vaccine of ability. I should say it's a great question, Um, I you know, I don't. I don't claim to understand what the internal decision making

is that the CDC. I think they, like all scientific organizations, evaluated that the data that they had and came up with what they feel is a good recommendation. And I think the data is pretty strong that people who are vaccinated are certainly um, you know, do very very well and very extremely unlikely to have any um, you know,

any future disease. UM. That said, it is difficult sometimes when to identify someone who's vaccinated because of course, the issue with at least um um you know, relaxing the max math mandate is you really are taking people's word for it that they are fully vaccinated. And you know

that's not just I've gotten a shot. It's on two weeks past my second shot, if I'm on the flies or Maderna, or one or two weeks after my one shot if I received J and J. So you know, there's some issues that they need to be worked through. I gotta say, um, there was an interesting interview done at the Bloomberg Live the Business Week event. It was

with the CEO SoftBank Group. He's also the c EO soft Bank Group International, Marcello Clare and he talked about how we're not going to go back to the way we used to do things when it comes to shopping, buying groceries or medicine. Telemedicine, he said, people aren't going to be I'm gonna sit in the waiting room for you know, an hour waiting for my doctor. It's just

kind of that train has left the station. How do you see in terms of telemedicine and whether or not it's staying with us here we are as we start to move out into the world again post pandemic. Yeah, I think I'm going to go back and make sure I listened to that interview because that's a spot on I think, particularly in telehealth, which you are asking about. Yeah, we are not going to go back to the way things were before. I think telemedicine and telehealth is here

to stay. Um and it's something that we see on doximity a lot a lot of conversation around this, and you know, folks even use our platform for that. The key thing is that there are it's using it in

the right way. It's helping patients who in particular have chronic illness have better access to physicians, also helping serve underserved areas and groups um to be able to better reach a position because you know, if you're if you're a wage earner and you are you know, learning your pay alley league, then all that time that it takes to go to the doctor's office for a fifteen or

twenty minute visit is pretty inefficient. Now, there are certain things that have to be done in person, and no one's questioning that, but there is a significant category of illnesses and then patients situations where it can be handled very appropriately for telehealth telemedicine. Yeah, Dr Albern, I'm curious thinking the decade down the line, like what what you imagine telemedicine being, because it's it's it's basically, you know, not to simplify it too much, but it's like face

timing with your doctor at this point. But what is the promise that it holds, I mean about forty seconds. Yeah, I think the promise that that the telehealth holds is that it allows patients to have better access to be able to talk to their doctor more frequently, um and it won't have to save up for very you know,

significantly long patient visits. I think you're going to be able to have better access to specialists for patients who live in rural areas, and I think that you're going to have an overall improvement of patient patient's ability to get in with their provider. Yeah. I do think about that access for rural patients maybe being a lot better than it's been. Peter, thank you so much. Dr Peter Alper and Vice President Doximity on the phone from Austin, Texas.

I did a um a consult with a doctor and I had to do things to myself that he would have normally done. I have to say, it really kind of put me in tune with my body more than if I was just sitting there. It did. I did the same thing. I did the same thing after I think I talked about this already, but falling on a bike, you know, and it was it's like, well, I couldn't really you know, check myself the way the doctor wanted me to. It was limiting. Times are changing, all right.

You're listening to Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick takes Tim Stenovic on Bloomberg Radio. The race for media content is on, and Tim, we had Amazon throwing its hat into the race. Yeah, the name is Bond Printing Fond looking to buy MGM, the studio behind. Yeah, there was a great picture in Today's Daybreak of Bezos as Bond and it was just perfect

taken over the world. Yeah, well, let's get right into it with Gita Roden and goth and technology and media analyst at Bloomberg Intelligence. She joins us on the phone from New Jersey. Whenever I think of Amazon and content, I always asked the question, how is this going to get people to buy more products on Amazon? But are we to the point with Amazon streaming service that it's enough to be a standalone stalwart to go up against Disney, Netflix and whatever? Time Warner, uh and uh A T

and T. Your like getting confused. Time Warner and Discovery looked like on the other side of this, I think, though Tim, so, of course this is an e commerce giant. But yes, they have always been fairly serious about their streaming aspirations, and I think we we get a real proof today with this news about this nine billion dollar deal for MGM. So, you know, streaming is something that's really helped them to acquire new subscribers, it's helped them

to retain subscribers. I think we saw that a few weeks ago when they decided to kind of spend over eleven billion dollars for the NFL Thursday Night games, which gives them access to the games for over a ten year period. And then today you have this deal. So I think they're taking streaming really, really seriously, and they have the deep pockets to to support that ambition. Yeah, listen, but you know, all right, so there maybe get to buy it. We'll wait for confirmation of whether or not

they buy MGM. But I do feel like there's a lot of properties in play. Could somebody else come in for MGM? Could somebody still disrupt the A T and T and Discovery deal? I do feel like everything is fair game right now. Yeah. I think what, Carol, that's a great point. I think what the A T and T UH and Discovery deal did was it kind of really now has raised mistakes for the rest of the media players right and and the ones that are most at pressure I think with that deal are comcasts NBC

and Viacom CBS. Now they both have streaming platforms. But then if you kind of look at the scale of a Discovery or Netflix and now that this combination of Warner and Discovery that they really now seem kind of a little bit subscale almost, if you will. And so that kind of raises the question what do they do next? Can they go ahead, Can can Comcast go ahead and spin out NBC? Can they combine that with biocom CBS.

And they're obviously going to be some regulatory hurdles in terms of, you know, ownership of broadcast networks and so on and so forth. But studios, now, studios have always kind of been really covetted properties. I think in Hollywood there you know, not only is there great library content, but they're also kind of this engine for for and an i p for creating new films and television for

these streaming and television content for the streaming platforms. We'll go back to Comcast because you had a really interesting no Doubt yesterday and Comcast shares fell in response to it. They talked about potentially NBC Universal being in play, but but hasn't Comcast acquisition of NBC Universal hasn't it worked out pretty well for the company. It has actually worked

out fantastically well. Um. I mean in terms of at least the operational part of it days be a distressed asset which was NBC back in two thousand and nine, paid fairly low multiples for that, and what they've done has been nothing short of remarkable. I mean, they've completely turned around the business in terms of you know, the media networks, in terms of the theme parts, the film studio, all of it. I mean, it's they're they're firing on

all cylinders, if you will. But if you look at the Comcast stock, Uh, it's a little bit of a different story because they're kind of being really burdened by this conglomerate discount and if you kind of compare them to pure place like a Charter or an all TC USA, they trade at a discount. And and so the you know, the the word on the market has been why not spin off NBC? The vertical integration story does not really work?

And why not kind of, um, get that pure play multiple that you that you deserve being the largest go outband provider in the country. All right, So for all of our investors out there who are listening right now, are watching on YouTube gata. What property should they be keeping an eye on that could be a target, because that's certainly the ones you start to see that maybe

move up as a result. But I think all of the studios Carol are definitely and there there are only very few left, so really very few independent studios left. Of course, MGM, as we just spoke about, is one of them. Sony is somewhat of an independent studio, but you know, their parents, their Japanese parents, has never really been willing to sell. And then, of course the other name that keeps coming up every now and again is

Lions Gage, but they again have an independent studio. They have a streaming platform, but again one of the little bit more subscale niche services out there in the market. I love it the media world like this is you do you see this like the build up a lot of deals and then it calms down and now we're seeing you know, it also feels like it wasn't that long ago when Comcast bought NBC Universal and it still feels like it's relatively new. But in media, yeah exactly.

And stuff happening on Guita. Thank you so much. Great to weigh in from Gaeta Ranganathan. She's technology media analyst Bloomberg Intelligence. On the phone in New Jersey. This is Bloomberg business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So it's a favorite time of the year when Bloomberg Business Week puts out the how to issue. This year, everything from being a better

game or to commuting on two wheels too. I'm not sure I'm getting this right, placing smarter bets, making a great tequila. There's a lot of stuff in there. Uh. And we also have a live event that goes along with it. So let's get to it. With Bloomberg Business we get our Joe webb Er. He's in our interactive broker's studio right next to me, along with Business Week Features editor Brett big That he is on the phone in New York City. It is a fun issue. We tried really hard, um and it is a forty page

takeover of the of the future. Well we call it um. Brett is the mastermind of the issue. UM And and Brett just talk to me about how you approach what a good how to story is? Yeah, I mean I think you think about the issue as a whole. Um. So while we are going to want to hit a lot of the topics that we're hitting, we can and weak out, um like how to make good investments and

things like that. Um, you have to also sort of think a little bit more broadly, so you might get a pitch on something that for a regular issue might not make too much sense. Like let's say, had a shop for a classic car outside of their pursuit section, but suddenly within um the how two issues, it starts

to make total sense because it's great for them. Makes you really want people to come to the issue and really get that sense of serendipity that they're stumbling upon something that they didn't think would be that interesting to them and it turns out to be pretty fascinating. So you're telling me in normal times to compile a post pandemic karaoke playlist that Joel wouldn't be like, Yeah, yeah, okay, cover story. I mean, I'm all if Joel wants to put that on the cover up, I'm all for karaoke

takeover issues totally. Um. But yeah, but you're right, Carol, I mean, that's that's the one where you know we looked at Okay, how will you know if the pandemic is over? For you? Right? And for Sam Robard it was hey, when I can do karaoke? We figured one upper together the ideal post pandemic karaoke playlist. I'm gonna say nice to know, not not need to know, but as part of a mix it makes a lot of sense. Tim, what was something that jumped out to you when you

sell all the stories? For me, it was it had to do with the vaccinations and really the idea of what works when it comes to messaging for vaccinations, Brett, because it really surprised me and you guys spoke to an expert about messaging and what did she tell you? Yeah, it was pretty surprising to me too. It turned out that, you know, basically all of the more subtle approaches and approaches that appealed more to emotion um didn't work. People

just wanted unbridled enthusiasm. And the ad that was most impactful was basically getting a bun to cheerleaders. That doesn't do a number of like give me a V, I mean a give you a C C. I ay so um. I was a bit surprised by that. I thought there'd be more new month to it. But this is as opposed to showing images from a hospital or showing a lot of us have been familiar with over the last

fourteen months. Right, that's right, that's right. Yeah, it was just give me unbridled enthusiasm, make me feel happy, and then I'll be more likely to get vaccinated. Unbridled happiness and and optimism. You know, the world just needs a little bit more of that. So so Brett, you know, the the thing that I think was there's a craft to how we approached these stories. And some of them are actually quite short, but in general, one of the

things that we're trying to give people it's something actionable. Um, and I'm wondering, having spent now, you know, kind of like weeks working on these, talk to me about some of the most actionable pieces of advice that you liked. Yeah, I mean, we did these all in the as whole to style. As you know, we're basically and you're an expert, and let that experts just sort of talk to us. So you know, I mean I actually found that about how to meet deadlines very uh well, yeah, that is

a good way to do it. You know, we're basically are our experts said, you know, this is so simple, but you really need to start at the end and then work your way back. It's so often that we're getting get caught up in the task at hand and we forget to actually work backwards. So you know, I thought that that was pretty uh. I thought that was pretty helpful. Um, we are only Wilson wrote about commuting on two wheels, which, as I live in Brooklyn and

work in Midtown Manhattan. Um, the idea of how to effectively bike to work is something I've certainly started thinking about, um a lot. I wish I could say that how to craft my own quant strategy was something that I was gonna try to do today, but I probably will not. Well, we we have experts for that, right, which is why we why we talked to the experts. Um. Uh. So I'm sad that Brett didn't mention my own I was waiting.

I was waiting for you to do it. Oh well, okay, I was waiting for you to tell me my favorite too. You wanted me to just say whatever, it was really good. Our favorite was oh Joel's tipping. So this is actually, um, from my younger days, when you know, it seems so long ago now when when you used to go to bars and like interact with people. But that but a friend of a friend had gave me this great tip once, which is before you go out, um on your for

your weekend. You know, on Friday, go to the bank and basically buy as many two dollar bills from the bank as you can right get your deposit, and you're gonna find that, um, the quantity of two dollar bills like your grandma bought them for your birthday cards long ago, there's not that many in circulation, UM, So you basically take whatever the bank gives you, and um automatically, when you start tipping a bar tender, you are tipping twice as much as the person next to you who's only

tipping with a buck. So you are you are gold to bartenders with two dollar bills and it has a little bit of a charm factor. So um the bartender will come back to you. And if you're in a crowded bar, which you know doesn't sound like maybe a place that I want to be right now yet yet not quite ready for a crowded bar, but you will stand out and you will get repeat service. Joell we talk a lot about inflation, because I think we're gonna

have some inflationary pressure. The two dollar bills, the new one dollar bill. Yeah uh so, I you know, I just thought it was a little bit of a charmer. And as people start interacting again. Um. And you know, by the way, your bartender needs that extra dollar far more than you do, so tip well, and you know consider two dollar bill at the minimum. Well and in the great Business Week way, Brett and Joel, you guys are so balanced. It's how to re enter society and

also how to remain a hermit. Oh that's our comic. Um okay, yeah, and I you know I do to just say that, you know, we have a soft spot for really good comics. And um and this was and as told you that Adam Blindford, um reported and then we had we took the transcript of that interview and turned it into a comic. And one of the pages is how to re enter society, which as I'm starting to do that, I've I've learned that I'm quite rusty interacting with with fellow humans. I'm not good at it

anymore so, so it's a couple of pointers there. And then on the a Jason spread in the magazine is um how to remain a hermit? Because maybe even does you're interacting with people You're like, by the way, I don't want to do this anymore. I want to stay in my hole. Good to see you. I'm going back home. UM. Brett Bigan an incredible takeover and another great issue, Joel Webber,

Thank you so much. Jill Weber edit our business Week Brett Bigan features that are at Bloomberg Business Week, and check out Bloomberg Live because how to Live event also happening. This is Bloomberg This Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So back with usked, Tim, We've got another look at what's going on in the small business community, so crucial in terms of telling us

what's going on in the US economy. And this is a voice we've checked in with several times of the past year to really figure out what's going on and the impact of the pandemic on small businesses. It's Sharon Miller, Managing director and head of Small Business at Bank of America, joining us on the phone from San Antonio, Texas. Sharon,

it is great to speak with you again. Um, what was the biggest surprise in this year's survey that really took into account how challenging the last fourteen months have been for small businesses? Well, you're right, Tim, I mean, despite continued challenges, we did find that small businesses have

regained their footing. So when I think about what's happening in the broader economy, there is a bullish business and economic outlook, and so that goes in line with what we saw with the n FIB data, and people are starting to regain their footing as economic confidence, business revenue expectations, and the hiring plans all bounced back significantly since the level we saw in the fall, which the last report we took was in September of and this one was in April of so it's very recent, and we do

see optimism out there. What's on their minds though, and and you say optimistic, so I'm curious what are kind of their priorities right now? Well, I mean there's there's so many priorities for business owners getting back on their feet, and when I think about what's most important in what we hear, and I think, what's very similar between n f I b data and our data is the competition for talent. There is so much uh going on within

the economy where we need to hire workers. We want to make sure that people are coming into our businesses and you know told us that they could not fill a role that was open, and so it's it's you know, when you think about what that means, there is a competition for talent. We need to make sure that we've got the right workers in place, especially for small businesses

across the country. Well, and then I'm thinking, you know, Sharon, I feel like every day we have a story today Bank of America raising the hourly minimum wages to every day we have stories about employers raising the minimum wage. How problematic is that essentially for smaller businesses maybe to find workers or higher workers. Well, I think that small

businesses have a competitive advantage. I mean, when you think about larger businesses like Bank of America or other big corporations, a small business is nimble, They're able to move quickly. There's innovation happening, and there's innovation happening in big corporations as well. But I would tell you that when I think about the competitive of advantage of small business it's nimble. I can make a big difference and an impact when

I have less than a hundred employees. Every theme counts and so it's so important the culture, the employees, what's happening across their business. And so I do think that, you know, there's distinct advantages to being with a big company as well as a small company. Sharon. One thing that we've been talking a lot about over the last few months as we have gotten closer and closer to it.

You know, a quote reopening is to what extent are the changes that accelerated during the pandemic, enhance sanitation, cleaning, the rise in e commerce, social distancing within organizations and businesses. To what extent is that going to last on the other side of this pandemic, And do some of those changes become sort of permanent changes in the way that people are doing business. What did you find in the survey? Well, I think that that you will find um and in fact,

I mean digital capabilities and the ability to transform your business. Uh, it's important, and six told us that they'll continue with operational changes they implemented in response to the pandemic. So, whether it be digital capabilities, enhance sanitation, processes, whatever it is, I do think most important when I think about, you know, the future, it is about how do I connect with clients in a way that they want to connect. I mean, even at Bank of America, we have new ways of

connecting with clients. We had many financial centers that were closed and we have now WebEx meetings that we're meeting with business clients, you know, not across the desk, but across the computer, and people are engaging in a way that they haven't before. And I feel that it's it's going to be around for the long term. Hey, one question we wanted to ask you, and we just talked

about some of the changes. Sharon, in the C suite over at JP Morgan Chase, you have been identified as one of American one of American bankers most powerful women to watch when it comes to banking. So here we have two very senior people over at JP Morgan, Marion Lake and Jen Peepsack, taking the reins of its consumer community bank and they are now contenders essentially for or potentially i should say, the top spot at JP Morgan. What does this signal to you about women in baking?

Right now? Just got about forty seconds I think. I think it's amazing. I feel like, at the end of the day, women can do anything, and I think it's very empowering for what's going on at JP Morgan and in the industry in general. There are so many women that continue to accelerate, that continue to drive us forward, and it's very empowering. And it was great to see the news. As I said to Carol, it's like going to be news when we no longer seen us as news,

right exactly, Well, that's true, that's very true. Till fingers crossed. Hey, Sharon, nice to check in with you. Sharon Miller, she's managing director. She's also head of Small Business over at the Bank of America. Joining us on the phone from San Antonio Tech this. Yeah. I mean, one thing that's so fascinating is to think about changing consumer habits and the way

that businesses have adapted to those. And I think this survey, because it's been done over a long period of time to such a good example of like, hey, how think, how are things done before and how are things going to be done in the future. I feel like I hear over and over again from heads of companies that listen, you know, five years of change happened last year. All right, you're listening to Bloomberg Business Week. I'm broom a journal. Yeah, but you let me drive? Oh no, no, no no, no,

who's going to drive home? An please, I'll do the right vel. I want to drive. Just drive baby, good question trying. This is the drive to the globe. Give me thanks. We'll dry up to dawn on Bloomberg Radio. All right, we have just about eleven minutes left in today's eating session. Bouncing around but taking another leg down. We might finish near our loads of the session today. Let's get to it. Great to have back with us. Dan Pippotone, co founder of Trade zero America, joining us

once again on the phone from Brooklyn. Great to have you back with us. So, gosh, we've talked to you about a lot of things in the past. What's changed since that kind of meme stock frenzy blew up the markets in a trading of a few stocks. We so a little bit of that playing out in the last week to eight days with AMC, because that's been moving up in a big time. But what's changed, Well, we've seen we've seen some AMC g M E continue but lately, uh,

me both long and short. Lately, a lot of the n f T stocks UH non fungible tokens are coming to play stocks like Playboy MUDs, which is a spack that's attached to the tops trading card company H and a simple T k a T that's doing n f T s with artwork. So this whole sector has been has been on fire. UH has been coupled with the with the surgeon crypto trading the last few months. So investors are really and traders are really actively engaged on on these n FD stocks lately. K T. Can I

just say you clarify? Can you trade on trade zero? Can you trade crypto? It's come? We're actually there's gonna be some news coming out tomorrow. Um, hello, updating the folks on crypto trading coming next month? Do we just break some news? Yeah? We did, sneak peek. Okay, look at that well, because my question was going to be it is actually there are I think fifteen or so tokens that we're going to come to market offering initially, with us looking to add to that mix as we go.

What about the stalwart named after Joe. He wrote a story about it today that apparently somebody created a crypto coin after him. You know, it's it's really it's a really crazy time in the crypto space. You know, you're seeing every day there there there are many tokens small a lot of these smaller tokens up fift uh and and and and in some respects the crypto crazy is bringing a lot more folks into the marketplace. It's getting them used to interacting with you know, real time pricing

and real time trading. So I think it's been an overall, you know, good look for the retail investor. I'm just wondering, you know, how long, how long this lasts. It was something that we talked a little bit about earlier in our show Quick Take Stock because over the last year we have seen this i say return or resurgence in retail trading, because this has happened during cycles in the past, but it's different now because of these no commission platforms

and you can do it from your phone. Do you think as as as things reopen, as people go back to offices, as people can spend time with their friends and go see go see sporting events, We're going to continue to see the increased interest in retail trading that we've seen over the last year. I do believe that, and I do think it's going to change. However, I think the level of engagement on a on a per person or per client basis is going to remain very high.

But I think that some of the activity that they've been driving is going to start to dwindle a little bit, especially as we go into the summer things start opening up UH and the like. But I think from an engagement standpoint and interaction with the marketplace, I do believe that that new retail investor is here to stay. UM. What are we seeing when it comes to the arc innovation E T F Oh, that's very very popular traded with us UH, it's it's moving, it's very tradeable long

and short. We're one of the few firms that are actually allowing customers to short those stocks. It's important for US as an offering. Most of our traders will trade bi directionally, so it's important that they have obviously access to the long but also the robust UH universe of symbols that that that they can trade here on the short side and are being one of them. M what else are you seeing people UH transacting trade and on

the platform. You mentioned some of the n f T s UM, but what about some of the companies that are still of interest to retail investors? Uber, Dash, Airbnb for example, a lot of the recovery stocks mentioned a couple, you know, Delta air Lines, American Airlines, uh Dash, Uber been very popular lately. It's gonna be interesting to see you know, a lot of a lot of the a lot of the stay at home names like Zoom and Slack,

you know, those have seen some pressure lately. But on the on the opening side, we're seeing some of these stocks that are going to really benefit. As you know, Delta now started selling their selling the middle seat again, um where where Disney is dropping the mask mandate outside where we're seeing that now things are starting to open, and I think those are going to be the you know,

the major players that that benefit from it. Hey, Dan, there's something when we look at trading activity or trading volumes and trade flows that give you an idea of just the kind of sentiment within the market about various sectors. And I feel like we're at this very interesting juncture. I feel like it's playing out a little bit in today's trade where we're just not quite. You know, the

equity markets in love with the equity markets overall. You know, you talked about that there's a lot of bidirectional trading, so people on your platform going both long and short, which I get. But is there anything that you can see in terms of trading trends and flows that tell you that people are more optimistic about the recovery and the outlook and the equity markets overall, or maybe more negative. Is there anything that you can kind of define in

a specific way. I think you have to look straight to the FED, and I think that with all of the printing of money that's gone on, there's really no end in sight. So the market and it's funda montels are going to be supported into the foreseeable future, probably into next year. Was us degrees the stimulus, So I think that having having that uh tail wind that you're back, I think it's is really powered the surge in terms

of a pricing perspective. But do you see in terms of the flows of where people are you know that's you know, committing or is it just they're playing the markets and playing the moves. I think it's playing the markets, playing the moods, playing what's hot UM and and sticking to the things that people know and love. UH. You know there there there was there was a somewhat of a push in to value UH stocks about a month

or so ago. But again we're seeing that the actual trading and some of the volatility come back where UM, you know, where you're having the tech names take off again, where I don't know if I don't know if the value play is going to be UH that much further and Dan talk a little bit about who's who's actually

using the platform right now? What are the demographics of who's using it, because we had a story out UM earlier today we learned that Fidelity Investments is offering a new platform UH for young investors under the age of eighteen thirteen to seventeen, I believe are those ages, and the idea is to have meaningful conversations UM with their

parents about finances. Right we we will allow traders that are eighteen and over to trade, However, we will not extend them any margin that comes at at once you're twenty one. It's you know, it's kind of you need to really really tow that fine line between the gamification of the apps and the trading experience uh and making people also realize that this isn't a game, This is

real money that can be risk and lost. Uh. And so it's it's ever on on in front of our minds where we're when we're building out our platforms and our messaging. Uh that while we want to make it easy, we're not necessarily sure fun is the right word to apply to the to the trading app and the trading products. So I think all of these things have to do with with how a firm will treat their risk profile uh and uh and and how and and and their

messaging around them. So for us, while we do like young investors, we're not going to extend them any credit um. And we're going to keep stay away from the gamifying of the platform. All right, Dan, we gotta run. Hey, always fun uh and always informative. Dan Pipotone, co founder of at trades zero America, joining us once again on

the phone from Brooklyn. Uh. You know, interesting to hear where some of the traders on this platform are kind of playing around, but as he said, long and short are off in the positions and getting into crypto breaking some news. Yeah exactly. Well, thanks for that Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio

or watch us on YouTube. Sarah to Bloomberg Global News