This is Bloomberg Business Week Inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news as it happened. Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. Hey Tim, Hey Carol, So week fifty one. I don't know if you've looked at a calendar lately, but we are almost a year into it.
When it comes to a lot of folks still working from home, it's unbelievable, but at the same time believable, right, considering what a year it's been, right, and we're not quite out of the woods, but I do feel like we made a lot of progress. Continue to when it comes to vaccines. I mean we've now got what three
in the US, that's right. A lot of vaccine news this week, from President Biden saying there will be enough vaccine for all Americans by May, to this unusual collaboration between those two farmer competitors, Mark working with J and Jay to help make that third vaccine that you mentioned. Yeah, I think that's so interesting. That was one of the important development. It's and I gotta say, in this hour of Bloomberg Business Week on the weekend, we are all
in when it comes to COVID in the vaccine. We're gonna catch up with the CEO of Northwhile Health his thoughts on the rollout of J and J single shot vaccine and when we could get back to some sort of normal. I'm just gonna say, we're gonna have to wait a little bit for that. Plus and the poor of the poor community, um, some of them have not even received one dose of the vaccine. The founder of the Impact Network, Bishop Wayne Jackson, was back with us.
He talked about the plight and progress being made in the Black community tim when it comes to COVID, but we also talked about progress our lack thereof when it comes to the society at large. Also, I do think would be part of the world where a certain amount of people were from home permanently JP Morgan Chase Chair and CEO Jamie Diamond. In that Bloomberg exclusive on the virus getting back to work, he talked about so much more. The conversation among the most listened to, watched, and read
about on the Bloomberg terminal. I gotta say a year or after that health scare. He's feeling good. He is feeling good. And I've got to say, in our world, he's one of those individuals that goes by. We can almost just say one name, Jamie. Jamie had some comments it's like Madonna or or Beyonce, like in our world you talk about Jamie and I was like, you're talking
about Jamie Diamond. Yeah. Look, And there's a reason it was like the most read about interview, the most watched, the most listened to, because he had a lot to say. He did, he did. It was really a must watch and a must listen. All Right, all of that to come. We gotta begin, though, tim with this week's cover story. It is inside Fightser's fast, fraud and lucrative vaccine distribution listen. Fister is a company that has been hailed as a hero,
but it's making entire countries pretty angry. The story written by Stephanie Baker, Cynthia Coons, and Vernon Silver. Stephanie, a Bloomberg News financial investigations writer, joined us along with Bloomberg Business Week editor Joe Webber for a deep dive into the deep dive. I think the fighter um shot and vaccine is one of the biggest success stories ever. Frankly, I mean, like, to go from a pandemic to a vaccine in a year is is a wonder and we've
we've written about that. But what we hadn't ever explored UM and with Stephanie and her co author Cynthia drove into in this story is is sort of behind the scenes UM logistics and distribution challenges and and also keep in mind here like the Fighter is a publicly traded company that did not take money from the government and because of that, they didn't have any strings on on how they went about even pricing that, and that I thought was a really interesting angle, uh and one that
you know, speaks to also just the legacy of what we know about the pharmaceutical industry, which pricing has always been UM an issue with and it was actually the issue that m Albert Borla, who's the CEO of Fightser, was expecting to deal with when he took over the
job at Fighter a year before the pandemic happened. So so Stephanielle, I just want to turn it over to you because I thought so much of the reporting in this was was spot on and really interesting and tell us how does FISER going to go about deciding who gets the vaccine? Well, you know, it's a pretty opaque process still despite all our digging, I think it is a mix of your place in the queue, when did you get your order in your order size, production, forecast
calls from world leaders. Um. You know, we went into detail about how Israel managed to get its hands on so many doses. And as you know, Israel is a world leader in terms of vaccination rates and that is thanks to Fiser because they are almost exclusively using FISER so their vaccination campaign and UH Israel's Prime Minister of Benjamin Netanyah, who spoke to UH FISER CEO Albert Bola
more than twenty times. Um uh. And you know one of the reasons why Israel got priority access was well a paid more paid about thirty dollars ago, about more than the US did. And be it Um offered to use Israel as a real world keep study for how effective the vaccine is, and that has UM generated a stream of positive headlines about how effective the Fiser vaccine is. Um. You know, Israel was vaccinating sixteen to eighteen year olds at a time when Europe was still waiting to vaccinate
eight year olds. And that's kind of what we went into is how did that happen? Um, why was Europe so behind in terms of Fiser's distribution, and and why did Israel pull ahead? And really came down to these few things. Uh, the EU European Union of course was late took place their order. That was one factor. But um, you know, Israel obviously offered a very unique opportunity for the company to showcase how great their vaccine is. Align
in that story really stood out to me. It was a vaccine distribution still has the feel of a zero sum game. It feels like that kind of everywhere, right if if if you hear about somebody kind of cutting in line for a vaccine, you know, they're taking a vaccine from somebody who may need it more than them. Yeah, exactly. Listen, this is a story that for me answered so many
questions that I've had about the vaccine rollout. It's a must read and you can find that story at Bloomberg dot com, Slash business Week on the Bloomberg terminal, and of course the cover story of the magazine, which is on newsstands as we speak. That was Bloomberg News Financial investigations writer Stephanie Baker along with Bloomberg Business Week editor Joe Weber, and coming up, we're gonna stay with the coronavirus.
We're going to talk to the CEO of the healthcare provider who saw the first COVID case in the US and also administered the first vaccine in the US. His thoughts on getting back to normal, Well, all we gotta say is we're gonna be patient. YEA. Indeed, this stood out for us when we talked with him. You're listening to Bloomberg Business Week, and this is Bloomberg. This is Bloomberg Business This Week with Carol Masser and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. So Tim, no shorter
devirus headlines this week. I mean, listen, it's a normal week. There's a lot in COVID, there's a lot on the vaccine. A. Well, you heard from Dr Anthony Fauci, as we do each and every week. It seems like he said it's quote quite reasonable to see some degree of normalcy by fall. Carol, Yeah, and I feel like one of the big stories this week was the Johnson and Johnson. Now it's a third
vaccine for the US. It's getting rolled out. We heard President Biden talk about it and specifically talking about Merk and Jay and Jay. Listen, these are two competitors in the big farmer world. They're going to work together to ramp up production of Jane Jay's vaccine. With all this news happening, we welcome back Michael Dowling. He's president CEO at north While Health. They are, to him, the largest
healthcare provider and private employer in New York State. Look, and that's one of the reasons we really like to talk to Michael Dowling is the organization has to team big footprint. It's always nice to kind of see it as some sort of barometer for how we're doing in New York. The virus itself, the numbers of decreasing. I now have about nine hundred COVID patients about three weeks ago at four so the number is dropping and the positivity in the region is dropping. So the signs are
all good. And the new gene vaccine, of course, is a huge, huge step forward, and we're expecting but I have been told that we may get some of the vaccine later this week. The state is going to get a couple hundred thousands more doses each week from now on, So that just increases the supply. Because the supply has been the biggest issue over the last number of weeks and months. M the infrastructure is there to do the vaccination,
the supply has been the problem. And with j is a one dose vaccine, it is just an unbelievable step forward. How do you determine if you let's say you have because you've already been administering vaccine, Michael, If if you do have let's say a Fiser vaccine and the Derna
vaccine and j J vaccine, how determine who gets what vaccine? Well, that's criteria that are being developed, which we're getting about what the priorities are for for the for the j J vaccine, I think it's for people over age six or five. I think it's for the younger people would be a priority at the beginning, anybody from I believe
a eighteen to six to sixty five. But I haven't seen the definitive final recommendations yet from CC from the CDC, but we're wit that will wait for that directive from both the state and the CDC. But whatever it is, it means more more shots in Tiber's arms. That's the ultimate right now, but there will be it sounds like um specifications for each of the vaccine ultimately. Is that fair to say, Michael, Well, I think it will become more genetical of a time. I think at the beginning,
I think there'd be more prioritization. My guess is that for people, you know, the older worlder population might meet had the preference for the five Madam and in being or population for the J and J. But but I do think people there are so many people climbing for a vaccine that once you have the once you have to supply whatever vaccine, people will want to take it. Right. I know J vaccine is still still seventy two efficacy,
which is phenomenal. It's great, right exactly. What's interesting now, Michael, and listen, I don't want to be like, you know, Tim and I joke were like I'll take anyone right now. Um. But complicating matters is j J is also testing a two shot version of the vaccine, So it does suggest that it thinks adding a second shot could improve protection. And I think that's where the public gets a little nervous. You're a medical professional, you're working within this. How should
we read something like that. Well, I would say, if, for example, the one dose vaccine gives you gives you the seventy seventy percent efficacy and it protects against severe illness and this of cases, and it gives you eighty six percent efficacy and regard, I think that's a win. What you really want is to protect people from getting really sick and to protect me from getting into the hospital.
So if you have a vaccine, just like the flu vaccine, doesn't protect the university across the board, but it does prevent you from getting really seriously ill, So it's a win. They have to be prevented from a severe illness and keeping out of the hospital, and if any of the vaccines do that, um, then I think that's again a win win for the public. I do wonder to what extent of the general public is focused on that number S versus when it comes to m R and a
go ahead. I honestly don't think that they've spent Anne. There's some will that be an awful lot of attention, but I think most people from when I am when I'm out there, they just want a vaccine. Well, can I just tell you that I want to be sure that they don't really get sick Michael. February survey found only seven percent of people wanted a single dose vaccine, compared with fifty percent who said they preferred to dose series. This was um a presentation to the Centers for Disease
Control um and and some others. So you know, we've learned so much about creating a vaccine and about efficacy, but at the same time, a little bit of knowledge can be dangerous, yes, and you know you know the recently and I'll always it as spozemic, and even I think fies are basically indicating if I'm correct, that you know that there is weird protection even with the one dolls,
even though we're giving two doses. I can tell you if you want to expand the vaccination to the public and Gennel, of just giving one dolls across the board, it just makes life so much easier. We can do so much more and it will be a lot better having everybody having a se protection against illness instead of having a small number having So when you look out at the next few months, at the next six months, at the rest of the year, how do you see
our world reopening. What's the timeline that you're thinking about. I think God that it will be a slow process, be incremental. I think will be in a pretty good situation by October November, is my guess. Once we get everybody vaccinated, hopefully by July August. You should see Tim's face. You should us. But but I think we've got to be a little bit practical here, because we're going to be different. The econime is going to come back in
a different way. The use of technology and the changing nature of work that has evolved as a result of COVID is going to make everything different. People now realize that they don't have to be coming to the office every day to be effective and productive, that they can be working remotely. And that's going to affect every business, that's just health care, about every single business. And I do think the economic implications of COVID that businesses that
are will be less robust. Now I want some business is not coming back at all. That the economic implications of COVID, I think will even be more difficult and more long term than actually dealing with COVID itself. We had a big crisis for the past world months. By the way, the first COVID case that we received that Northwell was a year ago. We've seen a hundred and six CORVID patients since that time. Um, so we'll have
to be patient to you. The economy will stop to come back, and I think by the end of the year we will be doing will be in a pretty good place. I believe, well, we can certainly hope. So that was Michael Dowling, President and CEO at north Well Health. Mike is also the author of Leading Through a Pandemic and he also has a new book out. It's a memoir. It's called After the Roof Caved in an immigrants journey from Ireland to America. We talked all about it in
our interview. You can hear the full one on our podcast feed. Sweet story has come a long way. It's it's an amazing story. Is yeah. I love that still ahead. We've been talking about vaccines rolling out, but still got to say not equally. We know that that our community are the ones who were impact the most in a negative way. And here's a Black History Month. The founder of the Impact Network Shopwayne Jackson, on issues with getting
shots to African Americans. You're listening to Bloomberg Business Week. This is Bloomberg broadcasting from the financial capital of the World Bloomberg eleven Frio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one, to San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Business Week.
Carol a story on the Bloomberg this Week talking all about how more than two months into the vaccine rollout here in the US, many communities of color have yet to even receive their first doses of the vaccine. Yeah, listen, this has been a problem that's been plaguing since the vaccine started being distributed, and it's a reminder of the inequalities that really still exists. Someone who has seen those disparities all too well, Bishop Wayne T. Jackson. He's founder
and CEO of the Impact Network. It's a privately owned African American inspirational TV at work. They've got some ninety million in terms of their audience across the U S. You can see it on a lot of the the cable and satellite TVs. Now. Bishop Jackson joined us to talk about the progress and struggles that African Americans continue to experience, whether it's COVID or really the world generally,
and the poors of the pours of community. Um some of them have not even received one dose of the vaccine. And we know that that our community are the ones
who are impacted the most in the negative way. And it just goes back to a lot of times people don't understand or what African Americans have to go to just based on who who we are and how we had to be kidnapped, our forefathers kidnapped from Africa, brought up the air script of their names and was you know, made to do free labor and then kept back from being educated and then put a name on so degrading.
And then when you look at things, you see, well, well you know they're being out anger this and that. You know, if you walked into the shoes of a lot of African Americans, especially when it comes to the opportunity as being entrepreneurs, whatever, you you know you would feel the same way. But you can't be in that mode because it's not going to do you any good, but you have to get up and you have to fight, and you have to fight for what's right and and
make sure that we are hurt. And I really believe that, you know, even your report before I got on it just showed you that's just how it is. Why is it still just how it is? Well, because the people at the top, you know, refused to make changes and because they want to have the status quo. And we just need to make sure that we're able. You know what you're reporting, the Bloomberg reported about, you know, what's writing was wrong. I really believe that the changes have
to come from the top down. I'm hoping that, I'm fran Carol, that we see this new administration, uh and I know of the president head as you know, being very focused on of the disenfranchise and even with the African American people of color community to at least, you know, give us an opportunity to to to be able to help live the American dreams. You know. My car host Tim Stantovic, you know, reminded me when we were watching President Biden. He was talking about um the latest on
the vaccine. When we saw the fifty million individual in the US get the vaccine, and he talked specifically about working with the private sector and educating the public on face masks and vaccination, but he also talked about a new initiative that they were launching with private sector companies asking them to encourage workers as well, and also about reaching out to community leaders to reach segments of the population that maybe aren't thinking about getting the vaccine or
don't want to or nervous about it, and understandably so, especially within the black community. Have you been approached, um by anyone in the administration or by political leaders to help with this? Oh? Yes, we have U my effect our Mayor Mary Duggan of Mayor of Detroit. UM, some office reached out to us myself, our ministry. We have a very large ministry that here in the city of Detroit. Uh. I guess above maybe a hundred dollar square a seat of space that we can help the community in And
what we're doing working with the Mayor's office. Uh, we're bringing in seniors and we're bringing in those who would normally not even go to maybe a public place, but they will take and have more confidence to go to a place they're familiar with, like a church in the neighborhood and so forth for song and we're doing um this we start in March twentieth, uh to just use our facility to be able to bring people in and get them vaccinated. I believe that what we all need
to do, we have to do this together. And I believe that first of all, African American has got to make sure that we ended up and understand we can't wait for government to someone else to help. Also our cooperations and our government we need to look down on the African American community and and be able to work with us and to be able to give us the tools that we especially finances. Uh, you know, we we don't have the finances to do what we need to do.
And it's just working to give you know, tim access to the financial system. How many times do we have a conversation with someone where we talk about this. It's not equal access in terms of certainly when it comes to black and brown communities being able to really tap into the financial infrastructure here in the United States. Yeah,
we talked about it a lot. The fact there are so many unbanked and underbanked Americans and look, there are a lot of startups working on this right now, but a group of people who has largely been ignored by the big financial institutions. Yeah, and Bishop Wayne Jackson addressing that he's founder and CEO of the Impact Network. You're listening to Bloomberg Business Week up next, a big interview at Bloomberg this week. They are huge week assisted the
zoom world. JP Morgan chases Jamie Diamond working from home. He weighs in on that and more. You're going to be talking about this with your friends, your family, you name it, all week in long. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovich from Bloomberg Radio got him, without a doubt, the big interview of the week at Bloomberg. It was all over the Bloomberg online, of Bloomberg dot com,
on TV radio, it was on quick Take. Yeah, it was and look Ed Hammond covered everything with Jamie Diamond, CEO and chair of JP Morgan chase preparing for intensified competition, the growth of fintech competition, you name it, they talked about it. It was an exclusive interview. And so joining us right now is Ed Hammond to talk to us about the conversation. First of all, the visual on it ed. I mean you were in person with Jamie Diamond. I was,
and look at a lot of cue. Loss needs to go to the production team because they set up the most beautiful shot where you had I think the cries are building out of Jamie's window and the Empire stayed building out of my window, which you know, it's pretty unbeatable in terms of a backdrop. Um, and yeah, it
was my first in person one on one. I think pretty much for a whole year, I've been hold up in California from March to December doing a lot of down the lines and a lot of you know, over zoom interviews, which are fine and we're all used to them now, but they don't have the same chemistry that you get in person. You you lose a lot of that sort of connectivity you get with the guests. So it was lovely to be back doing something one on one in person and in New York. So this was
a long conversation. It was fantastic. We went over some of the things that you covered. What was your big takeaway? Um, well,
there are a few. As you say to him, it was a long conversation, very generously, um, you know, time from Jamie's point of view, and look, I think one of the things that really stood out to me is this this threat that he sees coming from, you know, whether it's the financial technology companies, whether it is the traditional technology companies, or indeed, whether it's the likes of
Walmart and are going long into banking. And he's very very cognizant of that and the need for big banks like JP Morgan to adapt to meet that threat head on. What was interesting from the conversation, and I think quite new, was you know, he talked about his willingness to basically spend their way out of this, whether it's through going and doing a large acquisition, where through building out you know, more partnerships. But he was very clear that he will
spend what it takes. And they're looking at everything. I mean, I asked him about a couple of the really big players in financial technology, Stripe and Agin, and he said it's I think the quote was, it's safe to assume we look at all these companies. It is a great conversation. We want to bring it to our audience, our listeners.
Here is Bloomberg News deal reporter Ed Hammond, speaking exclusively with Jamie Diamond, JP Morgan Chase Bank Chairman and CEO Fintech has done, or at least as partly responsible for. Is this sort of democratization of investing. Obviously, the rise of the retail trader, the reddit, crowd, roaring kitty, whatever you want to call it, is creating this narrative at the moment of David v. Goliath. Now as a very
prominent goliath, do the David's have a point? Is the system right god very stage in every bullmark that has happened in my life, so that this is not a new phenomenon. And I do believe that people should learn to invest their money, but they do the homework. I mean thinking you go on and just gamble and play that that doesn't have a long term success record. And so but to the extent that people are learning and
they getting involved, so that's a good thing. So first something it's gonna end badly and for some of the primed up well, but the best investors learn over a long period of time how to be a good investor, just like the best tennis players, the best boxers, the best media folks. The notion that you can be great at it because you um, I remember my daughter made a first investment. It went up, and I think myself, oh god, it would be far better had it gone down.
You learn, you learn a little bit more that way. Sometimes. One of the industry that obviously has been savage to some extent recently is it's the short selling hedge fronds. Do you think that industry is in crisis because of this effect we're saying what it's phenomena of the retail trader? Absolutely not. The retail training in dollars is the teeny that when you're talking about the teeny, weing a little
bit of market. The market is global. I mean something like ten trillion dollars is bot and solved every single day. And when we say investors into my retail investors, pension plans, hedge funds, money managers, individuals. I've been buying selling stocks. I've been twelve or thirteen, So I believe in that. But my dad told me how to read a balance sheet when I was thirteen. There wasn't just you know, maybe I was guessing a little bit, but uh but
I look, it opens it up. But no, there there are legitimate complaints about short selling, more around transparency and the duplication of vote, of the ability to short seller stock. They're legitimate issues around all these things that you know, if if the regular is gonna be looking at paying forward to flow, high figurency, trading, UH, disclosure about ownership, voting, short sine, those are good things and you know, to me, should people be able to pay for it to flow?
I think payment for the flow is a very complex subject. I think there should be much maybe, but if you much strict rules about what you mean by that, it's not clear to me that everyone does the same payment for the flow. So if if I if I'm paying a lot more to someone else or keep a lot more for myself, you probably have the right to know. And there's certain disclosures they're not very good. Moving on to the I guess the biggest question in finance right now,
which is is a stimulus enough? Is it too much? Even the intervention is constant to agree on this point. You have Larry Summers on the one side saying and af already, you have Johnny Ellen, J Power and others on the other saying more is needed. What do you think so getting through COVID is absolutely critical and we're still in it though God knows what looks like there's light at the end of the tunnel, you know, by the beginning of summer or something like that. But it's
not a binary subject. I think, you know, Democrats Republicans are like ships passing the night. There are legitimate complaints about stuff from this bill. Has nothing to do with COVID. There are a lot of people suffering. You need help. Both are true. So if you want to go through, you go through all the detail. Unemployed they definitely need help. Small businesses they definitely need help. People at the lower end, they definitely need help. Women who had to go home,
who basically stopped working. Is that it go take care or something like that. They definitely need help. You know, does every I don't know if you know this, but like half the states revenues went up, they didn't go down. Do they need help? You know? And we're just throwing money at people at one point, so and there will be another side to that mountain. So they should be cautious about overdoing it. Get us through the problem, get the country growing, but you know, don't try not to
overdo it too much. But isn't the risk exactly that if you have places and states people that don't need help and getting to help you overflooped the system, you do create this huge risk of inflation. And the system already has a little bit of that. So if you look at which in the system, it looks to us like there's a trillion dollars or trillon this unspent. That's before there's billion nine, trillion nine, So there will be money.
Like you know, there's a very good chance gonna have a game buster economy for the rest of this year and you know, easily into two. And the question is does that overheat everything? And we just don't know yet. But I would put that on the things to worry about. You know, I wouldn't worry too much about it. I would worry more about COVID and nuclear war that I'd
worry about that, but I would. I would suspect it's a pretty good chance you' gonna see rais going up, and you know, people starting to worry about that at one point. Let's talk about COVID for a second. I've been very clear I would not buy ten year treasuries just so you know, um on on COVID, we are obviously doing the interview in person, which is fantastic with doing it in your offices here in New York, but still largely empty as of my officers, as probably are
a lot of people's offices. How important is it to a business light to people going to actually have people physically coming back to work. It's very important. I mean, I look, I do think would be part of the world where a certain amount of people work from home permanently certain sales, certain options, so you can track the productivity, et cetera. I think there'll be a large portion who permanly work in the office. Think of our branches, cash management,
probably most the trading floors, etcetera. There'll be some hybrids where you spend two days two weeks at home and two weeks in the officer, three weeks at home, a week in the office, or three days and two days and two days three days. But so I think it will reduce the need for commercial real estate. But there are huge weaknesses to the zoom world. I mean, most of us learned by an apprenticeship system, by you know, seeing mistakes, going to trips. How do you handle a client,
how do you handle the problem. So it's hard to inculcate culture and character and all those things. When you have the zoom world spontaneous combustion, it goes away. Hard to manage, you know, it's hard to be very critically. Got fifteen people on the screen, so before it was like a deep dive question, now looks a little bit rude. That was Jamie Diamond, JP Morgan, Chase Bank CEO and Chairman, talking exclusively with Bloomberg News Deal reporter Ed Hammond. It's
a great conversation. It's part of the conversation. So if you want to hear or watch all of it, check it out at Bloomberg dot com on the Bloomberg terminal. You can hear it, watch it, all that good stuff. One thing that was really important to Jamie has had some health scares. Um I know you talked about that with him. Yeah, we did right at the top. I think it's it was pretty much to the day since
he suffered a very major health scare. He had a torney utter and was rushed to hospital um and and luckily had it fixed and has been able to return to work. He said he's feeling good, he's back exercising, he's you know, been in the office, I think most days since the summer um. But yeah, it was obviously, you know, it was great to hear that from him, and a nice, hopefully a nice way to mark the
one year anniversary. And when when you do an interview like this and you preps so much, you go in sort of trying to anticipate what the subject is is going to say. I imagine, Um, I'm wondering if if any of his comments were different than what you expected. Well, I tended to say, I'm so smart that I just did it on the fire. But that was the extremely honest I did prep a lot um and I did, as you rightly say, try and anticipate to some extent how he might respond. I think there are a couple
of things that stood out to me. I mean, look, the one was when we talked about SPACs, which have been a very very hot ticket this year. Obviously, you know, a new special purpose axisition company seems to get launched every day. Uh, And I asked him pretty candidly, you know why JP Moregan are doing pretty badly in the SPAC space. The number one in M and A globally this year. Today they're pretty much number one in I P o S and I think in Spects are barely
breaking the top ten. Well, listen, it's a great interview, um Ed, and thank you so much for spending some time with us to talk about it. Bloomberg News Deal reporter Ed Hammond speaking exclusively with JP Morgan, Chase Bank Chairman and CEO Jamie Diamond. Check it out at Bloomberg dot com and thank you. That ups up the first time over the weekend edition to Bloomberg Business Week from
Bloomberg Radio. I'm Carol Masser and I'm Tim Stanabeck Moore ahead in our next hour, including Jamie Diamond, just talking about working from home. We're going to have more on that, including companies moving towards a four day work week. Carol, this sounds nice. Crossing my finger. Yeah, it's happening, but you know what, don't hold your breath. Not happening for us,
our plass. And keeping with that, one commer still in residential real estate investor doing a deep dive on how hybrid working could impact the U. S Coasts, and the former CFO of Impossible Foods moved on and is now president of app Harvest. It's an indoor green tech farming venture. It went public using a spack. I gotta say, if I wasn't doing this, I'd like to be working for app Harvest. Also Michael Moe, he's an investor in some of the best known tech companies. On fixing some of
the biggest issues plaguing our economy. All that and more to come. This is Bloomberg. This is Bloomberg Business Week inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news As it happened. Sloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Hi,
I am Carol Masser and I'm Tim Stanovic. Clanny ahead in our second hour of the weekend into in a Bloomberg Business Week, including It's the beginning to happen a little bit by the president of SUIG Equity says real estate it's rebounding plus indoor farming. Kind of makes sense that the former CFO of Impossible Foods just working on this. You're right, Tim, We're talking about David Lee, former CFO
and former CEO of Impossible Foods. Now the president of APT harvest Harvest looking for a way to change how we produce food, startup tech investor Michael mo looking for a way to do capitalism better. First up, though a couple of stories in the magazine this week by Bloomberg News. This was a lot of fun. We caught up tim with German business reporter at Stefan Nicola. One story was on Tesla needing to tap Europe's corporate car market. The other story, well, it's shut up and stayed at the
top of the most read on the Bloomberg. Yeah, it kind of makes sense. I mean, it's about the four day work week gaining popularity without costing productivity. And that's where we started with Stefan who was in Berlin, and Bloomberg Business Week editor Joel Weber, who joined us from Brooklyn. ABN is a Berlin based tech company that when went into lockdown last year, it realized that its employees stuffered from stress, and it gave employees half of Friday off
U two sort of ease into the weekend. And that experiment went so well sales, employee engagement, and clients satisfaction all rose that in January even decided to go a step further and they rolled out a full day week for the entire company with no cuts and salaries of benefits, and the CEO says, it's working really well. Joe Webber, I'm thinking, all right, signed me up Bloomberg Business Week nitor Tooe Webber's here on the Access Land in Brooklyn.
I feel like, as we're all thinking about Joel getting back to work post pandemic, we're trying to figure out is it a hybrid? Are we working from home? Are we going to the office? What is it? Uh? Yeah? You know, more importantly, like if you're going to do a four day work week, which which day you excise from that work week? Friday is the obvious choice, but like Monday, there's that. Wednesday was like the out of the box. When that, a colleague said, like, what why
bother with Wednesday? So, but but seven. The thing that I thought was most interesting about this is like, even if you lop off a day, whichever day of the week it happens to be, it doesn't seem to affect productivity. What did we learn about that? Yeah, so there are studies out there that productivity isn't dropping in some cases, um, we are seeing increased productivity even and the CEO of
the company told me he saw the same. He said that employees find ways to work smarter and not less, but smarter and that's just as productive and and just um, going back to the Monday, Wednesday, Friday discussion, he said that Friday's are the most popular days to take off, followed by Monday and then actually Wednesday, as you suggest, because it gives people a nice break in the middle
of the week and they can restart recharged. I'm just gonna say Fridays I like because that's alway sometimes have a wine guest and we can drink wine on here. So I'm not getting rid of Friday. Let's get rid of money. Nobody says, give a case of the Fridays. You know what I'm wondering though, are we still productive these four days like when we when they cut it down, what did they find? Yeah, they did find that that
productivity is basically the same or even improved. And uh, it's that you know, workers tend to be more focused during the four days, and they tend to put a lot of effort into those four days that they are either in the office or or working from home. Um. Interestingly enough, Um, the CEO of that company also expected you know, productivity to you know, uh suffer when he sent all of his employees at home, and he said,
clearly that didn't happen. Much of the country workers worked just as as well from home, and uh, lossing off another day was the natural choice for him. And he said it really restored a work life balance that has you know, left him energized for the rest of the week. Hey, Stephan, I want to move to another story that you wrote talking about Tesla. Speaking of the corporate world. You've got to get to those four days of work somehow. And it turns out the European corporate car market is huge.
This was really surprising for me to see. Um, a lot of companies are a company's account for a large proportion of cars sold in Europe, right, Yeah, that's that's correct. Around around sixty of new cars sold in Europe are bought by corporate customers. So that is the huge market. And uh, it's worth about three hundred sixty billion dollars and it's a mark the local automakers dominate. UM and of course Tesla has a hard time cracking that market
pobly because it's lacking servicing stations. One company told me that, you know, It's It's workers would love to get Tesla's, but the company is not comfortable offering those cars as a perk because they are afraid that these employees would take time off from work to to deal with repairs. And the likes from Mercedes, BMW and Volkswagen. They offer same day fixes nearby for these company carts that that these workers get as a perk, and and that's why
there's there's still the favorite models for many companies. Well that was Stefan nickeled German business reporter at Bloomberg News, along with Bloomberg Business Week editor Joel Weber. What do you think, Carol, would you do it? Uh? You know, I have had a four day work week in the past working for another media organization. It was nice to kind of have that longer weekend. You really felt like you got a week. Um, did the four days feel
more intense? Sometimes? Yeah, some as they were longer days. But I'm kind of cool with that. Yeah, I'm okay with kind of like packing it in. Can we call the New York Stock Exchange in the markets and just say could we just stop trading? Yeah, they'll totally listen to us. Just stop trading on Monday's all right, you're listening to Bloomberg Business Week coming up. Commercial real estate occupancy slowly making its way back. That's right. And Carol,
you you pose this question to our next guest. The quote from Jamie Diamond. We caught up with him are Ed Hammond did, and you know he's talked about remote work will reduce the need for commercial real estate. You agree with him. I the answer to that question from the president of Swig Equities. This is Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes
Tim Stinovik from Bloomberg Radio. So last time we heard Bloomberg's Ed Hammond catching up with JP Morgan's Jamie Diamon. It was an exclusive interview, a killer interview, and they talked about how tim remote work will reduce the need for commercial real estate. And so when we had on Kent Swig of Swig Equities commercial and Residential real estate investor,
we had to ask him about that. Yeah, that's right, Carroll, especially as Swig Equity specializes in properties right here in New York where we are, and in California, as well. You guys started out by talking all about whether or not he's seeing more people return to offices. It's beginning to happen a little bit. Um. I would say the average right now in New York City of occupancy, you know, people going into the building not least per se, is
about twelve percent maybe, so it hasn't changed all that significantly. However, Um, the activity level that we're seeing in terms of commercial in terms of tenants starting to look and starting to become more active, and certainly on the residential front, it's is active that's been since you know, the past six seven years. Um. So that's a good sign going forward. So i'd say new deal transact volume is starting to pick up. I don't know if you heard the quote
from Jamie Diamond. We caught up with him are at Hammond did and you know he's talked about remote work will reduce the need for commercial real estate. You agree with him, I don't entirely. And then for two reasons. Um. First, I'll qualified by saying I think that some I think the idea of working from home is something that is part of our workforce today and has not been had not been previously. So that part. I agree with him. However, I don't know that it's going to translate directly into
into a less amount of office space being occupied. Um. So whereas people there was Stanford University did a study uh just before covid um which was interesting saying that about nine of the people said the workforce around the United States said they would be interested in working from home one day a week, and there was about thirty that said not a chance. Um that I think would be very interesting to see where we are today, certainly, um, but I think one day a week, somewhere in there
people will be working from home. I think it's somewhat efficient to do that. Again, if you have a lot of emails one day and you want to work from home and answer them and not have office distraction or telephone distraction, Yes, it's good. Working from home is a factor and will continue past the covid um pandemic when we recede from that. However, that doesn't mean that we're going to translate into fewer amounts or less amount of
square foot is being occupied. And the reason is is because I think the trend since nineteen eighty seven has been going to you know, more compact, more jammed together offices. From you know seven was about three fifty square feet per person and we dropped down to about a hundred and seventy five square feet per person. I think that trend is going to be moving the other way because I think health and safety and traffic flow is going to increase in terms of it's important. So um, you know,
taking our temperatures going in during flu season. I think it's going to be part of everyday life. I think having occupancy of a little bit more space per person is going to be a part of our lives. So I don't see it translating into taking that much less space. Listen, you're you know, someone who I can tell loves New York like I do. I think that's safe to say.
And it kind of kills me when I like drive down an avenue and see though how much real estate, you know, especially retail space, and not a surprise, I guess, um, but it's rough to see so much boarded up and empty. And I do wonder what's what's the downfall? I mean, is there the commercial real estate market? Does it come undone or are you starting to see the private equity investors and other investors, I don't know, you know looking
at some distressed properties. Are you looking at distressed properties? Well, yes we are. We're looking at to stress properties both commercial and residentially, UM, but specifically with the retail. UM. Retail has been devastated, absolutely, no question about it. Retail depends on massive street graphic people going out and feeling safe,
all of which has not happened. But we are now with the third vaccine that's been cleared, UM, we're looking at a summer where you know, we're going to have a very high percentage of our population inoculated against the vaccine. And I think, well, people will be starting to go back out. Now, what's going to happen is what has happened, it's going to continue to happen. Is rents for retail is going to are going to continue to drop, and
they have dropped. UM. Retail tenants have been hurt, and I think we're gonna end up with a game of musical chairs where tenants are going to be moving from one place to the other. And yes, it's going to take time to get the restaurants back up and operating, but they will come back up and they will be operating and next the hotels will start getting back up and operating, And it's not going to happen in a month,
but it's certainly going to take. You know, it's gonna take six months, seven months before this stuff starts really coming back. But the energy level of people and the frustration level of people who have been inside for a long long time that want to get out and want to go do something thing is clearly They're led by
the young population. If you go look in Miami right now, for instance, which is a different environment completely and I won't give an opinion you know of Governor to Santos and what is what he's doing versus Governor of Cuomo in our state, but the restaurants nightclubs are heavily populated. Whether safe or not is another thing, But it just tells you that even in the middle of the pandemic, people's desire to go out and want to go do something is certainly there. So I think it comes back.
Is there though, an ultimate fallout of long term impact impact on New York though, or is it just a case of we're going to be using space differently? Um? I think the ultimate there is a long term impact I think on on the hotel industry, particularly because the hotels have been closed for quite a long time. And um, I think the impact is on two fold. One. I think management unions have to work together because under the contracts with the union contracts, hotels couldn't open up partially
because the contracts said that they can. You know, if you open up, you have to have a certain number of staff. Us. I think it was not thought about for a pandemic environment. So I think that will change and allow for you know, it would have allowed for
hotels to partially open but didn't. And to um, there are a lot of hotels that just may not make it, and I think they may be converted into residential or some alternative space, so you know that, and and they are very dependent also on the airline industry and travel. So UM, I think that's the last piece that starts to come back. I think that the residential market is certainly coming back right now. It's very very active. Um. We we had you know, we had over forty contracts
signed over four point four million dollars last week. We haven't seen anything like that since August of two thousand fifteen. Back or what is that People in New York just getting more space for a better price, or what is it. Well, it's a combination of everything. Um. At first in January and the beginning of a little bit of February. Um, what you saw is a lot of buying in one bedroom and studios because to get on the mayor around when it was traveling quickly. Um, to use uh a
little bit of a phrase. Um, it was very difficult and you jumped off. If you'd have jumped on and you missed it, hurt. That was president of Swig Equities,
Kent Swig, you know, Carroll. Another story in the Bloomberg this week that got a lot of attention was the declining rents, especially in Manhattan and for residential and how they're starting to attract this new generation of New Yorker's people who always wanted to live in New York and now see this as the opportunity right exactly now they can afford it all right, still to come on Bloomberg Business Week. Food Products and Services sing a lot of
disruption and innovation during the pandemic. The former CFO and CEO of Impossible Foods and as new venture as president of app Harmy's that's coming up. This is Bloomberg broadcasting from the financial capital of the world. Bloomberg you live in Frio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one does San Francisco, Bloomberg nine sixty to the country, Sirius XM Chado one my team and around the globe the Bloomberg Business app
and Bloomberg Radio dot com. This is Bloomberg Business Week. So Tim a guest familiar to our audience, and the last time we caught up with him, he was the CFO of Impossible Foods. Also at the time a board member of the green tech agg startup at Harvest and now president of A Harvest, now trading under the ticker symbol a p pH after going public. Get this through a speck Not that surprising, so hot right now it's also a certified B corporation. Yeah, we're talking about David Lee.
We began our discussion talking about the news of his company going public at that Harvest. We recognize the urgency of the mission we have required that we find long term partners and access capital to scale our business fast and with the ability to partner with Novis Capital and now to be traded on the ASDAC. It's a wonderful sign that investors are ready for companies but are making
a better food company. You know, we like to think our product using a fraction of the water and producing a delicious tomato for now but more to come, will appeal to consumers. But we're now seeing that our company, a company that treats its employees better, that's better for the environment and for consumers help, is being appreciated by investors as well. Yeah, it's interesting to see and I feel like a lot of investors are looking. You know,
I talked about innovation disruption. We've seen it in a lot of spaces, UM, and I think you know, everybody's now watching the food space very closely. You mentioned David Tomato, you mentioned less water, it's indoor, there's no chemical pesticides. The yield UH is about thirty times more. You're doing it Appalachia. That's where you're doing it, UM, so in
an interesting part of our country. UM specifically, we I called it a green tech agg startup, but I feel like you're doing a lot more in terms of the cycle and supply chain of food. What is it about the technology that you really stands out and is very strikingly different from what we know and we've come to understand, is how we get all of our food. Absolutely, you know, I like the things that that harvest is revolutionizing food
from seed all the way to the plate. That means that the non GMO be steak tomatoes, seed that we grow in these enormous greenhouses, since we have a sixty acre indoor farm nearly two point eight million square feet under glass in the heart of central Appalachia, that we not just grow great tomatoes from the seed, but that we employ highly skilled workers in the United States who can have a great living wage and make a product that uses less water, have no chemical pesticides, of taste grape,
you know it. It's from seed to plate that the whole company is designed to be better. And it's whether it's our NONO bubble technology that allows us to have the right amount of nutrients and oxygen and the recycled rain water or act that we're looking at automation to help our human employees, the data intensity we have AI so we can watch how our plants each grow. It's all of that that allows us to stop shipping in nearly two thirds of the buye crops we import into
the United States from outside the country. It's all the way from seed to plate um. That's what we're seeking to do here. And at how part this I think last time you were on we talked a little bit about this. But what about power efficiencies, because I know one of the concerns has been about some of hydroponic and some of these in house big greenhouses is the use of power. Yeah, well, we're working hard to leverage,
for example, passive solar and new technology. You know, we like to use the natural place that we're located for the recycled wave model, and for the fact that we can use the natural sunlight that piers through our farms. You know that the country just went through a lot of tough weather in many parts. And what I was gratified to see is the workers that have harvest in
our more Head farm. You know, sometimes they had to show up an a tractor, but they showed up, and our business model ended up being incredibly resilient, much more resilient than an open field farm would be. UM. And so we'll get better and better on everything on how we use water, on how we reduce our power consumption. But for now. We thought it was important to create
a big step forward for US agriculture in Kentucky. To be clear, I'm a huge believer in impossible foods, and between you, me and I guess the rest of the world. In this call, I I exercise every single option that I was granted because I really believe in the business
to be built. It was interesting. I was listening to some of the commentary on your show, and you know your consumers that impossible foods are meat eaters, readers like you, And when you can raise one point five billion dollars from sophisticated investors kind of shows that the world really is ready. All right, full disclosure. I've tried the impossible foods and beyond meat, some of the burgers, sausages, Um, I like them. They're not, though, a big part of
my diet, at least not yet. So they were a big part of my diet over the summer when I was somewhere where we were like grilling outside a lot, which was fantastic. I think I probably, um, you know, ate them as much as I eat I'm not a vegetarian, but I probably ate those as much as I eat regular meat. Yeah, listen, it's still such a small part
of the market. Um, but nonetheless we're seeing growth. We're seeing I feel like you and I constantly are talking about it and having more and more companies are involved in the plant based food world. And that was David Lee, former CFO of Impossible Foods, now president of app Harvest. You're listening to Bloomberg Business Week. Our next guest writes about what he calls quote better capitalism. It's gs v Asset Management's co founder Michael Moe on the Mission Corporation
that's coming up next. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim'st of it from Bloomberg Radio. Michael low is co founder of gs v Asset Management, author of the Global Silicon Valley Handbook. His firm Tim and He's invested in a few companies you might have heard of, Facebook, Twitter, Spotify, drop Box, Lift, Snap, a lot more. He's also incubated and accelerated hundreds of companies and has run innovation programs
for the likes of Google, three M, Cisco, Infidelity. He's a great person to talk to about tech trends, and the startup world. Yeah, and Carol his his boot camp has helped others relaunch their own careers. He's got a new book out, The Mission. How contemporary capitalism can change the world one business at a time is a conversation happening all over right now, people questioning is a time for a new type of capitalism? You guys spoke all
about it. Yeah, we did, And like so many of us, though, he's looking forward to day when we can emerge from lockdowns. That's where we started. We're waiting to have things open up a little bit. But you know, the world's movement ahead nonetheless. I mean, I think the acceleration to dig all just as um pretty stunning. Um. But but um, listen to President Biden and talk about being able to move forward with the vaccine um. That that's encouraging news as well well. And I think you and others and
your book really gets into this. You know, we are at this interesting time where so many trends, whether it's digitization and other trends, have been accelerated because of the pandemic. It's also a time though that we are spending a lot of money to help out the economy, and we can think about how to do it better. Can we make you know, the world greener? Can we solve climate change? At the same time you write about better capitalism? What
is better capitalism? Well, essentially, you know Adam Smith's Invisible Hand, which created the concept of capitalism, that invisible hands broken and we see that in the right of ways and that was certainly true before the pandemic, that that became more fractured during the pandemic. And yet we don't believe the um you know, the solution to this is to cut the hand off. It's really just to fix it and fix it with um an evolution which we call
contemporary capitalism. That is that we think that the great businesses of tomorrow will combine the ambition of a for profit with the heart of a not for profit. It's this idea of multiple constituents, you know. So it's not just the shareholder, it's also the employee, it's the consumer, is the community, just the environment. And at the center of all that is a company needs to have a
sense of purpose and meaning to what they do. How is it different than say, the conscious capitalism that John Mackie co founders thee of Hall Foods and and a guest to on our program has written about what's different. Yeah, I would say that again. I love what he's done,
and he's certainly on influence on our thinking. I think partly what we tried to do was both to put UM some some We have seven decoations in the book talking about we think, you know, principles the companies that want to reflect this new contemporary capitalism UM to aspire to it. We purposely kept them as general because we think this is going to get UM evolve over time into more specific ways that the companies are able to
reflect that. You know, their their purpose to mean, their success is driven by UM fundamentals that are beyond just you know, making the most profit that they can to that quarter. Michael, reading in and prepping for our conversation today, I was thinking, all right, so, how does China complicate this process of kind of a better capitalism, because don't you be global cooperation in order for it to really
work on all levels? Yeah? I mean again, I think the forces that work there are human forces and and it's it's gravity. And so as much as China has UM, it's all in highbrid form of capitalism. You know, Chinese capitalism. I mean there's there's you know, people are people around the world, and what people are seeking and whether they say it this in an articulate way or not, is people are looking for purpose. They're looking for meaning in
their life and their work. And so people being inspired or of employees either um don't like their work or neutral towards at work. And you look at the research the science behind that, there's two reasons for that. Because they don't feel like their their position matters. I mean, they don't have a purpose to what they're doing, and they don't think their company has a purpose to what they're doing, or if they do, it's not well articulated, and they don't feel like they're part of that team.
And so I mean that's just a fundamental reality. Okay, so you're talking about people in the importance of you know what, basically what their work is about. Yeah, I mean people are seeking meaning and purpose and that that's that I think is what drives motivation, and that's going
to be true whatever the political system is. No, it's listen, you know, I have a lot of conversations with my younger nieces and nephews and even my own daughter who's you know, a teenager and they really care about this stuff in terms of what companies and you know, leaders
stand for. I do wonder too, though, how does you know we live in certainly my world is a publicly held market world where I know we keep hearing conversations about multiple stakeholders, and I do wonder about it, you know, if if every multiple stakeholder is as important as the other. But does the public markets complicate this idea of better capitalism or profit with a purpose? I know it doesn't
have to, but I just wonder how it complicates it. Well, I think it ultimately be reflected and multiples paid for companies who have sustainable values to the business model. So you might be able to make more money this coreter because you were able to do shortcuts or make decisions that UM might benefit the near term non burs but the multiple that investors are going to put on that, in my view, UM is going to be lower. And
you're starting to see this shift is really thinking. I mean, this kind of river of business is flowing in a different way that it's ever flowed before. And so as you talk about young people, you talk about your daughter and your and your nieces and nephews. I mean, this is a this is a phenomena that's really embedded and you know what, people you know are looking for what they want and that ultimately, ultimately all companies are valued the same way, which is future casual is just come
back to the day. Companies that have these mission driven values. I really you know, it really equates to more of a sustainable growth, more sustainable business model, which should mean that their future profits are going to be greater, which means that you know that what what hell the market
ultimately vas those should be higher. Well it's interesting too because when I talked to you know, you mentioned my nieces and I mentioned my nieces, and you know, there is a feeling that capitalism is bad, and you know, I try to remind them that it builds a lot of things that we take for granted today. Um, you know, what is your what would be your message message to someone if there's a listen, capitalism just doesn't work anymore? Yeah.
I mean again, young people were believe that socialism is a better system than capitalism. It's not that they're ignorant or that they don't know history. What they've experienced as a system that feels great you see growing inequality, you see where you know the people running companies have made you know they're average CEO makes fourgner times the average worker and fewer and fear people feel like they're getting
a feving a fair system. Today's world. Basically your future depends on how well how well you select your parents, which is not that's not a fair system. So people are looking for a better system, and that's what we're saying. You can't in socialism is oh un forty two, So we know that. So it's really how do you, as I said before, where how do you fix the invisible hand of capitalism that's broken and make it better and
make it reflect where the we're going. So what's out there on the horizon that gives you hope, whether it's leaders, whether it's companies, whether it's the younger generation, that gives you hope that capitalism can be better? Well, I think you do. Ship and the young entrepreneurs and what they are doing in terms of the businesses they're creating, it's not just how can they get rich? In fact, most of them are saying, how can they dent the universe
for good? How can they change the world for good? You talk about Left is a company that you had good numbers to report, um, you know, an interim and the stock reflecting that. Well, the fact is Left as a company has embetted values that I think reflect a lot of what we talked about contemporary capitalist vaccine. This last twelve months of what we've gone through, this race to create a vaccine, which is just extraordinary. What's happened.
There's this cooperation between big pharmaceutical companies which are after the most loved you know, and that not the best behavior. Even all of a sudden it was sort of this kind of rallying for good, for doing making a society better, not not from how to make more money, so that those kind of signs are encouraging. Hey, listen, just got about thirty forty seconds here. Just quickly, Michael, if there was one government policy, I know you talk about, you know,
better tax incentive structures. If there's one policy that could come down that would really make a difference here, what would it be? And just quickly, if you could removing friction from the whole start up ecosystem. And I think it really be more than just tax policy. It's liberating companies to tax big problems and have investor support those problems.
We talk a lot about incentives when we're talking about this stuff, and I think one of the challenges that a lot of executives face and management faces when it comes to publicly traded companies, it's that they are being judged by shareholders quarter by quarters, so the incentives don't exactly line up with these long term goals. Did you feel about that, Like when we talk about kind of a bad moment for a publicly health company, or we're
focusing on these core le earnings. I've always had a kind of love hate with them because it's a great gut check on the company's but it's also like, hey, Mr numbers, because you're investing for the future, is that you know, are we not thinking about it in the right way? Look, I think it's an important conversation to have, and I think it's one that a lot of executives are having right now, especially when it comes to how they think about forecasts and what type of guidance they're
giving right exactly. That's gsvsset Management co founder Michael mo That full conversation you can find it at Bloomberg dot com on our podcast feed, and that wraps up the weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks so much for joining us. I'm Carol Masser and I'm Tim Stanovk. Be sure to tune into our Bloomberg Business Week daily show Monday through Friday. It starts at two pm Wall Street Time on Bloomberg Radio. You can also
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