College Athletes Get Ready to Finally Score

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a big step forward. Tim and I have been kind of joking about it, laughing about it, kind of excited about it, about Americans being able to now pack their bags for European vacations, the EU lifting those travel curbs for residents of the U S. However, Tim, non essential travel between the US and Canada is going to be banned for another month, despite mounting pressure from businesses on

Justin Trudeau's government to ease and restrictions. And then we talked about the UK recording the most coronavirus cases in a day since mid February. That Delta variant really making death going there. Yeah, let's get into it all with Dr Ian last Beata, clinical professor of medicine at n y UN's Lango in a medical Center, joining us on the phone from New York City. Dr LUs Beda, it

is great to have you with us this afternoon. Help us make sense of what exactly is going on with the Delta variant in the UK where vaccination rates are

really high. So happy Friday, everyone, hope everyone is doing well. Uh. The Depta variant is really a concern and on this program we've talked about it over the last several weeks, really almost a month ago when we noticed cases in India where really less than ten percent of the population had been vaccinated, which is really a perfect kind of Petrie dish to have viral replication and mutations, and we've seen COVID certainly has a predisposition to mutate, and unfortunately

the Delta variant or the Indian variant, Uh, it's not only a more infectious but has more complications, so people have a higher viral load before they really feel sick. A lot of the symptoms are really common cold symptoms, and people don't even realize until they deteriorate that they have it. Running knows, headache, fever, even cough. It seems very much like a common cold, but the viral levels are much higher. It's much more transmissible, so that when

people call for spread it, it's at a much higher level. Fortunately, our vaccines so far, the MR and A vaccines um appear to be about effective. So this is yet another good reason if you haven't been vaccinated, please do get vaccinated, because there's a lot of data that if you do get COVID there are short term and long term complications that may be problematic, and we can talk about those later. Well.

And one thing I want to ask you about is the CDC came out I believe it was maybe yesterday or the day before, and they said that the delta that highly transmits vel transmissible COVID incteen variant that first came from India, first identified in India, now makes up at least ten percent of all US cases. Is that troubling, especially as we still need a lot of people vaccinated

here in the US. It's definitely troubling because there are many parts, especially in the Southern States, um due to vaccine hesitancy that have not been vaccinated, and so that ten percent could certainly grow higher. We know it's a dominant strain uh in Europe and the UK, so they've they sort of supplanted the UK variant, you know, with the delta or Indian variant. So that really is a problem because for people who are not vaccinated, there was

a much higher transmissibility. So, yes, I think that ten percent in the US is going to get worse, and I think that's a real problem. So what's the guidance to all of us who are increasingly walking around with no masks out and about in the world. If your vaccinated did as you said, we're okay, right, we're protected against this one. Right. It does look that the mRNA

vaccines provide about an ad protection. Now, UH. Part of the reason that you want to try and get as much of the globe vaccinated as can be is because you want to break that chain of constant infections. And the more viruses replicate, the more chance they have to mutate.

So the real issue is if that delta variant continues to migrate and continues to mutate, there's a significant risk that it could become pierce the vaccination protection that's currently going on right now, that doesn't appear to be the case. And that's an argument for the Southern States or people who have not been vaccinated to get vaccinated. And I understand there's vaccine hesitancy and things on the internet that scare people about, you know, clots and for hility and

a whole host of things. Vaccines are not a hundred percent safe, but it is much safer to get a vaccine than to suffer COVID UH and to suffer the short term and potentially now we're seeing longer term potential consequences of COVID, including perhaps brain effects. So so getting vaccinated is really key to break that chain of viral replication. Talk a little bit about Dr about that doctor less better was something I was going to ask you about.

There's concern that a new COVID study is is sort of pointing to a potential loss of tissue from the brain um. This is from a warning from Dr Scott Gottlieb, former Commissioner of the FDA. He was tweeting about this, right So, there is a study in the UK where they did look at brain scans and did see a loss of brain tissue cortex, which is uh, the outer part of the brain, and that's really a concern. You know,

we know the virus really effectual organs. It's really a vascular tropic virus, and so it can affect the heart with myocarditis, and the lungs with lung clots. And we see loss of smell very commonly. Loss of smell and taste is one of the most common early indications of of the infection with COVID, and part of that maybe because of a brain effects actually not peripheral like your sense of smell in the nose, but actually CNS or

brain effects, and that is really terrifying. We don't really know long term if people are losing brain tissue what that's going to do in the future. Two incidents of dementia or other complications longer term another argument to get vaccinated, right right, there's no there's things we don't know about

the longer term impacts of somebody having COVID. Well, we've talked a lot about the toll beyond the death toll, beyond the hospitalizations, beyond the numbers of COVID, And there's a story in Bloomberg on Bloomberg dot Com today by our own Katya Dmitriev and read pick her talking about opioids ripping through the US workforce. Death's at a record level, a record nine seven hundred and twenty two overdosed deaths

in the US for the year through November twenty. Dr Iain LUs Bader is clinical professor of medicine at n y un n Y US Lingo and Medical Center. He joins us once again, um, Dr LUs Bader. What we've talked so much about this with you. The idea that the death toll is from COVID is it's it's beyond what we saw from COVID. It's also people in isolation, people in loneliness. And I think this wondering what you think of these death toll numbers coming from the opioid crisis.

You know, I think the COVID nineteen pandemic and home isolation, social isolation has taken a real toll on um. Not only our lives or psyches, are many, many elements of

social fabric. And we talked about is in almost a humorous way, the that people at home become either hunks, drunks, or meaning they they they either embrace the pain and the challenge and say I'm going to use this opportunity to improve myself, or they say, um, I'm really stressed and I'm going to hide whether it's an alcohol or food or opioids and really become a little self destructive.

And I think the healthiest approach is one to reduce the availability and doctors should be very cautious about prescribing opioids, which I think they are, but also empower patients and say, look, if you're feeling down, if you're feeling sad, what's the best approach, And candidly, the best approach is to help other people turn that inward looking I'm in pain, I'm having trouble dealing with things. If possible to look outward and say, how can I make a positive impact on

people around me? On a friend, on a family member? Can I make a call? Can I do a good deed for someone? That is the most energizing way to say I have an important role in life, and um, and I'm not going to take something to ease my

own pain and potential risk. Well before the pandemic, the Trump administration was working a lot on addressing the opioid epidemic in the United States, And I'm wondering if you think that one of the ramifications of the pandemic is that we just don't have the attention of this as a public health crisis, given the fact that we are going through another public health crisis right now. It can be your right. Often it's hard for people to do

multiple multitasking. And the opioid crisis never went away. It's been here with us for many years at a good point with with with um fentinel and other synthetic substances coming over the border, and it's something that we took our eye off the ball and need to refocus on it. The reasons for it and how to address it, I

think are absolutely right. I think that's worsened it, but it was always with us right that fentanyl and this story talks about this UM and they talk about it that it can be a hundred times more potent and morphine more than opiod. Deaths in the twelve months through November stem from such drugs, these synthetic opioids UM and they talk about people thinking they're taking cocaine or or they're taking xanix and then finding out that it's it's

not it's got ventinl in it. You know, the interesting part is, UM listen. It has a toll in our society in so many different ways, but it also has an economic impact by these people. The White House once gave out a number two and a half trillion dollars costing the U. S economy from because of the opioid crisis. I mean, this is something that we've got to figure out. Dr Les Beder, I think we have to interdict the flow of synthetic sentinel and opioids which are coming from overseas,

not not friends sending it. And it's highly addictive and highly dangerous, much more potent and much more life threatening. And we all should need to address Americans dependence or a preference to try that. And so I think we need to work at both. And right now there is a flood coming in across the border, and I think we also need to work on our predilection for using it. They want to end on a high note, just in the last thirty seconds that we have UM a positive note.

I'm wondering if one thing that that we can all do this weekend to help us all relax as we get into summer. I definitely think there are plenty of alternative approaches. Meditation. Regular exercise TM has been shown to be very effective. Exercise, but socialize and help someone else do a good deed, make someone else feel better, make a positive contribution, recycle anything positive will not only make you feel better, it will make the recipient feel better.

It's a great way to wrap it up. Hey, listen, uh and you always make us feel better and just giving us so much information, just giving us up to date. Dr Alas better have a great weekend, clinical Professor of medicine and why you lend going medical center. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So cashing in finally college athletes are getting ready to finally score Tim some

serious cash. Joining us now is Bailey lip Schultz, Equities reporter at Bloomberg News, on the phone from New York City. Bailey, It's great to have you. What Carol's referring to is coming next month July for student athletes in at least six states, including Alabama, Florida, Georgia, and Texas. They will be able to earn money by doing things like marketing

themselves on social media and selling autographs. So what does that mean for US Congress for laws for legislation, Well, the big push right now has been for Congress to pass a national standards, something that will have a level playing field for off fifty states. Um. But there's been a big divide. We've seen at least eight bills introduced

in the last year. There's kind of a widespread on both sides, whether they want to include health insurance, whether players should be to get paid towards a longer term, whether they can be union eye or be seen as employees. There's a huge debate on uh Capitol Hill about what that could look like. UM, So there's kind of a crunch, but as of now, it doesn't seem like they're going to get something in ahead of that July one date.

It's been a long time coming. I mean, we have done so many stories here at Bloomberg, and we know other news outlets have done the same ballet about the amount of money that we know in college sports, where universities and coaches paid millions of dollars and the college athletes get paid nothing. Um, I'm assuming the college is a lot of them, not so happy about this. Well, the big thing is that they just want a level playing field. And it's not that they would get paid.

There's no pay to play. Pay to play is not something that's considered. But the players want to be able to do local ads. If you're a quarterback for Alabama, they want to be able to sign UM to talk about the local car dealership for example. UM. And that's something that a lot of these players want to Obviously, as you said, the n C double it makes a lot of money on these players. The coaches make a lot of money. They're huge facilities, but the players can't

do anything um. Which really stands out because if you're an entrepreneur at the Harvard you can feel free to make money, but if you're a football player, you can't do anything. It's not just the the players that the athletes that will potentially cash in. They need those marketplaces, those platforms Bailey that you write about in order to do so. Talk to us about marketplaces like open sponsorship and playbooked. Yeah. So Playbook is a company that was founded by an n ai athlete. The n ai A

different athletic associations for smaller schools. UM. They actually were allowed to stay passing an I O N I L

law back in October. So those players are making you know, fifty bucks for a Twitter Twitter post or something like that, and open sponsors a company that really just pairs, so they are taking a cut, but their whole role is to be a one stop platform where players can kind of put themselves and their best foot forward, and companies can reach out and try to get paired up and you know, whether to tweets, an Instagram post, an actual ad um. That's kind of their vision of what this

would look like. Hey, Bailey States moving on this? Will that put pressure on the federal government to do something. That's been the push and that's what the n C double A has been asking for. People had said July first obviously a huge deadline. Now it's looking like year

end might be something that's on the table. But there's such a such a divide between what Congress would want what the federal government would want that it's kind of a lot of question has been put on the NST double A itself, and they have a huge meeting next week to discuss an I L legislation. Do you think the conversation has really shifted in recent years from this being something that is okay, totally acceptable by the American people.

College athletes should be paid. I think it has and I think the main thing is depending on who you talk to, it's been a long time coming. We've known that July first could be a date. We knew two would be the date. The NT double as really sad on their hands, and Congress hasn't done much. But if you sit down and really think about it, you should be able to maximize at least the people were fans

of it. Should be able to maximize on your athletic abilities because you're only kind of in that spotlight once and you only have a certain periods or stretched where you're you know, have the opportunity to cash in. And that's the thing that really spread across a lot of people point to college basketball and college football. But if you're a woman's gymnast at U c l A, you could make a lot a lot of money off of

selling your name, image and likeness, right exactly. Companies are they kind of excited though about this prospect opening up in terms of branding and collaborations and partnerships with collegiate athletes. I think though, and it seems like that that would

be the consensus. It would make sense if you could market you know, when Zion Williamson was a duke, if you could get him in kind of an Adidas or a Jordan's sweatshirt or even a Subway ad then you could really strike while the iron is hot when these people are when these athletes are younger and have their own stage, and if you look at a quarterback like Trevor Lawrence from Clemston, I can imagine there are a number of companies that would have loved to take advantage

of that well, and that's how you tap into a younger audience too. You've got these younger athletes tap thing into a younger audience, grabbing them and then having them for decades. Hey Bailey, when you think about this from a perspective of just dollars and cents, like how much money? You know, obviously they are the huge names, the people you mentioned, the household names at this point. But does it mean that the typical college player on a D one team is going to be able to actually make

some money? Yeah, that's been the thing that playbook has wanted, and that's kind of what some of these depending who you talk to in the industry, they're saying, is it's it's a story, right, So if there's the back of long snap Arom, the text Longhorns has a really good story, or you know as a vet, there's going to be an opportunity to make money there because people will want to tell that story through their products. And I think

it's it spreads much further than most people think. Most people would think it's the Alabama quarterback, you Ohio State running back, the Syracuse point guard. But there are a lot of markets in a lot of places that look up to these college athletes. And as you said, if they have a couple of thousand followers on TikTok, that's an easy way for them to make money and partnered in sponsored posts. Hey, how likely is it, LA that we're going to see UM kind of a quilt of

state moves versus federal legislation anytime soon? Could we could we see that? Ultimately? I think so, at least to start UM as as we've said, you know, July one is right around the corner. The n C double A has a big council meeting UM next week at the start of next week. But everyone I talked to in the industry, doesn't expect them to pass some blanket law that will look through a national level. So it seems like it will be states individually picking up where they can,

players in schools putting pressure on those states. UM. But it definitely will be an interesting, interesting ride to see how this plays out because there is a lot of money on the line. Well, Alabama, Florida, Georgia, Texas, these are big states, big sports states. I mean, how come is that just because there is so much sports in there that that's how this that's why that this got done.

Uh kind of first over some other places. Well, a lot of places have signed laws, so like California assigned legislation, Michigan assigned legislation, but they go on too affect at a later date. UM. Some of these other states, like you you met in Alabama or Mississippi, UM, kind of

pushed forth sooner rather than later. Florida actually earlier, earlier in the spring, had pushed to delay it a year, and then two days later did a complete one eight again and actually said, you know what, we'll have a going effect this year because quarterbacks, UM, like the ones from Miami and Florida state. We're putting pressure and saying it's ridiculous to keep delaying this. Not let us have an opportunity to make money on things that rightly they

they believe they should. Hey Bailey, before we go, just in ten seconds, the big names, the big n C Double A athletes, what's a realistic expectation for how much money they'll be able to pull in each year? But the estimate that it could be north of the six figures just depending on the following It really truly depends on Twitter, TikTok, Instagram posts. Will be big money things for these players. Not bad for a college job right now, exactly right, that's before you even get out. Great stuff.

That was a great question, Billy Lipscheltz, Great story, Equities reporter at Bloomberg News the phone from New York City. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, yesterday President Biden signed federal law saying that Juneteenth would be a national holiday, a federal holiday. Juneteenth is the June nineteenth federal holiday to commemorate the end of slavery in

the US. Joining us now. Shinny Bastik, Wall Street reporter at Bloomberg News. She's here with us in the Interact Bloomberg Interactive Broker Studio in New York. Shy, you spent so much of yesterday on the phone talking to sources, speaking to them about what exactly was going on. Talk to me about the scramble that financial institutions went through yesterday to try to understand, Okay, how are we going to commemorate this now that it's a federal holiday. I mean,

no jokes. Some of them were like, what is everybody else saying? Yeah? So that's how much they were scrambling? Were they really? And you know, the thing is, I've been asking for a month because last year was when financial firms really had started to come out and either

or give a floating holiday or partial day off, uh something. Really, I'm so glad you said that you've you've been asking for a month because I think too many observers right now and Carol mentioned this just a few minutes ago, it seems like, okay, well this was you know, more than a d fifty years than making. But also I think to a lot of people felt very quick. So why did it catch so many companies off guard. I don't know. I bet they're their diversity and inclusion you know,

exactly knew that this was coming. They've spent a lot of money in DNA in the last couple of months, billions of dollars right over the last twelve months. They've hired people to hold them accountable on stuff like this. So the June tenth of you know, the thing that's surprising is many federal holidays have become market holidays. There is no consensus yet on whether this will be a market holiday, though they are looking into it for next year.

We'll see how it all plays out. We have talked to a lot of people, especially a lot of former black bankers as well, and some of them say this is the least they could do is give the day off. Others say, I don't care whether they give us the day off or not. There should be parody when it comes to pay and promotion. That's what they what people

want to see at the end of the day. Well, you know, you're We had Pharrell Williams on yesterday and who said, listen, obviously this is important, this is great, but there's still a lot of work to be done exactly when it comes to you know, equality in d and I certainly within the Wall Street community. I do wonder about the pressure among black employees at these firms

and what kind of sway they might have. Well, that's so interesting to ask, because the numbers are still so poor, right, The numbers are very low when it comes to black employees at the firms, and the executive ranks are less than three percent typically. So that's that's how stark it is. And we know the broader population is closer. So the banks do have a long way to go. And what it really comes down to is watching year after year.

It's not really enough to kind of do things when everybody is looking, right, It's a matter of consistency and making sure people follow up the year after, the year after and the year after. Right, we'll talk about why markets closing isn't just an easy thing for you know, a market to decide to do. I mean, these these are publicly traded companies, the NASTAC and you know Intercontinental Exchange,

the parent company of the New York Stock Exchange. You lose money if you do that, Yeah, you lose money. The thing that's interesting is it is it easy to do. I've talked to some current and former executives and what they've told me is, listen, when a former president dies, you close the market pretty quickly, and in the case of a natural disaster, the same would be the case. So it's not that it's hard to do or impossible

to do by any means. But with that side, it takes banks, broker dealers signed off by the regulators, and it's not when when you ask anyone they say it's the market's decision, Well who is the market? So that's

where the complication lines. But I always think about, you know, walking the talk, like if you really want to send a very strong message right away, like to have had the president maybe sign it, then everybody saying okay, Monday is a holiday, like you know what I mean, or you know, to kind of do that would send a very strong message about especially when you know you've been talking to all of these big banks and members from their community about the importance of diversity and inclusion, um.

But we still continue to talk about well, all right, that's talk, whereas the actions this could have been a very big, big sign and a big action, huge sign. And also the thing is people act like it's a holiday for a portion of the population. No, this is a holiday that is now a federal holiday. And that's the point, right, A lot of our reporters have been speaking to a lot of people about today. There's a new corporate kind of speech now where it's an American holiday.

It's an American holiday exactly. It's not a holiday just for a subset of people. So that's something to consider as we consider how to yea, is it so if if if the banks decide to make this a holiday, so I have decided to make it a floating holiday. Um, does that sort of foretell that markets will be closed? Because for all intents and purposes. No. No. The interesting thing is now some of the banks, particularly investment banks, have been waiting for kind of broader consensus from the

securities industry. But the interesting thing and the strongest moves we've seen so far our Bank of America and JP Morgan, the two biggest lenders, closing their branches starting next year on June team So that is that that's another right, why does the market need to be open if the two largest lenders decide that branches. Do you see what I'm saying? It feels like there's a little testing in

the waters. I mean basically the SEC or something Right or finwork came out and said, yea, we're going to close markets. I mean, obviously then that's a done deal. And I do wonder someone like a Jamie Diamond Wright could come out and say this is what we're gonna do. We're gon shut it all down. I bet a lot of folks would follow or not or not, but they wanted to be level right the exact because there is, as you say, money to be made and everything could

just be closed next year. We don't know how we will play out in the end, Yeah, exactly, who knows? I know. None of this is straightforward. And what is amazing though, Caroline and Chanoli and we you know, Shanalie and I anchored to quick take focus on this today. It's like this was more than a d fifty years in the making. Many states had already observed it, but it's still caught a lot of companies off guard. Yeah.

I really find that interesting, shocking. A lot of words adjectives, um, Shinali, good stuff as always Bloomberg News Wall Street reporter Shinali Bossi in our Interactive Brokers studio. Check our out to a Shinali Bossik on Twitter. This is Bloomberg Radio. I'm bro journal. Yeah, but you let me drive. Oh no, no, no, no, honey, please, I'll do the revels. I want to drive. Just drive, baby, good questions Dry. This is the Drive to the Globe Community Radio. So just about ten and a half minutes

left in today's trading session. Charlie bringing down, uh, the latest on the trade for you, and it's definitely a down days, particularly when it comes to the down Jones Industrial Average down one point three percent, one percent who were on the SNP and the NASAC down three quarters of a percent. Michael Clogan just saying, you know, kind of markets doing the fed's work for it, and the FED pricking the bubble bubble a little bit when it comes to some asset prices. So let's get into it though.

Time for the Drive to the Clothes and we're gonna do it with Alan Zaffron. He's founding partner in co CEO at I e Q Capital. He joins us on the phone from Foster City, California. Alan, It's nice to have you here. It's been an interesting week. We're all still trying to make sense of what the FED did, but it does feel like, you know, maybe they took some of the froth out of the markets here. Hey, Carol, great to be on. No mission accomplished exactly right, right,

isn't it exactly what they wanted? We're going to have inflation run a little fast than we thought, maybe it runs a year or two a little hot faster we thought, and then we get to our two percent inflation rate. And who would have thought massive printing from the FED as a result of a pandemic. Let's be said, finally get to that two percent inflation level that we haven't

seen in over a decade. So mission accomplished. Let's let's get not a lot, just a little tiny bit of air out of the bubble, and then let's recalibrate, because once we get in the next year, we're gonna be back in the slow growing, plogging economy we knew from two thousand ten to two thousand nine. And in that kind of environment, the companies that can still have competitive modes, strong balance sheets, and growth despite this slow economy are

going to dominate. That's why you're seeing this rotation right now. It's people are already looking ahead, and they're saying, Wow, there really isn't a lot of growth in this economy, and that's why the thirty year intainer bondyields have plummeted in the last two trading sessions. We're flattening on the yield curves and we're starting here. It's gonna take time, but we're starting here to reposition back to what the

markets and the economy looked like before COVID. How much more going on right now and how much more air can be let out of out of the bubble. Well, hey, I don't like that term bubble because I'm going to tell you I don't think we are in a bubble

as it relates to the US stock market. I think we are in the world where valuations for stocks are going to continue to trade well above long term averages because in a world of low interest rates and very little returns on cash or bond, and the money has got to go somewhere, it goes into stocks, and so you know, our valuations a little bit high potentially on selected software companies or biotech companies, or certainly on third

tier value oriented commodity companies that needed an excessively fast economy to persist. Yeah, maybe a little, but things aren't grossly over valued. Money has got to go somewhere. Cash is trash, long term tax rebonds are left to one percent. Stocks are a better deal. So we kind of go out, go back to what we saw after the financial crisis and the reset there. We know it was pretty dismal for a while, but we then were slow and low for a long time. Is that ultimately where you think

we go back to. Yeah, it is. And here's why. Number one, we have an aging population, so just take a look at Japan, look at Europe, something like ten thousand people a day turn age six five, the whole baby boomer generation. When you get older, you spend less, so that slows down economic growth. Secondly, it's got this massive debt twenty eight trillion incounting for the US government. It's got to be paid for, and paying that debt

off slows down economic growth. It crowds out private investment. And certainly if you're in the U. S. Government, you can't afford for interest rates to go it too high because you've got to financi your debt. And so for all those reasons, um, you're gonna end up in the slow plotting, long environment, and to make matters even more accentuated on interest rates, they're getting actually some real technological advances pushing prices down and eliminating jobs. There's less wage inflation,

which is the biggest component of inflation. So interest rates aren't going to go anywhere. If you had an aging population, a big deadload and technological advances, RACH just can't go up much. But but the economy still grows just enough for solid businesses with growth to keep turning out their profits. And that's why, Tim, we get back to the higher

than average evaluation. Money has got to go somewhere. And I gotta tell you, if I were a policymaker and now we're listening to you right now, I would I would kind of be freaking out right now because I would say, wait a second. What we want to do is we want to see stronger growth than we saw from We want to see uh employment uh. We want to see employees get paid more. We want to see

wage growth. What are policymakers to do? You're correct? That's why, as an example, one of the said governor's meal cash parties arguing we say and raise rates until two thousand twenty three. He's in the minority now, but he saying

we haven't given enough employment a chance. So there is this tension, if you will, between trying to stoke inflation and frankly, trying to broaden the wealth so a brighter, a broader amount of citizens across the entirety of the US versus not letting it inflation get out of control. Of course, the problem is it's incredibly difficult for a centralized organization like the Subtle Reserves to pinpoint perfectly where rates should be to get the perfect amount of growth.

They can't, they can't be three years forward. They're doing the best they can. But it is as a policy mact policymaker, it is probably to the degree that you're trying to broaden out full employment, especially in a world where job um, the high paying job, certainly being challenged from technological progress. Um, it's it's we're going to have

continued economic inequality. That problem is not going away anytime soon. Yeah, exactly, And I feel like it's it's it's something we've been talking about about reskilling of workers to really meet the new jobs that are in demand at this point. So, Okay, as you pointed, out so rightly. Alan at the beginning is that when it comes to investing, you know, investors

are constantly you know, seeking yield. I've said that a million times over the last couple of years, and you're constantly comparing you know, as a class to asset class. So in the meantime equities it's going to be It looks like a smart argument. But again, where do you want to be, well, you want to be as relates to stock during the slow growing environment. This is why growth stocks out before in value stocks over the last ten years. Slow growing economy mandates that a company can

grow its profits regardless of the economic environment. So you tilt more in the long run towards those growth stocks as relates to yield, to the extent that you still have reasonable real estate choices, not necessarily urban office space, but in general, selected real estate reefs certainly would make

a lot of sense in this environment. And lastly, senior float in great debt in the world of low interest rates, that are selected ways in which to create yield that go beyond conventional long term you know, low yielding fixed income vehicles. So you have to be a little more choosy about where you put your capital if you're looking for a yield, but you still need to make sure that the underlying fundamentals or credit worthiness to where you're

getting your yield are still fundamentally solid. Don't go chasing highly leveraged businesses. When the economy flows, it may not end well. Allen, talk more about where you're seeing the opportunity for equity, specifically when it comes to international. Is there a market that you're particularly interested in? Um? Well, I would tell you technology transcends borders. So again in technology is the biggest place to grab cloth, and they're

absolutely there is. Um I would still argue that environments both in Asia, certain reflective parts of emerging Asia, as well as even in continental Europe aren't actually up to speed on various technological advances as you would think. So I always software the service is a place to look, and I would tell you that the pullback we had with the value rotation up until a couple of days ago, I still think on a long term basis, getting large global franchises that happen to sell into non US markets

is a better way to play it. I think the businesses are managed better within the US. All Right, good stuff, as always and we always appreciate when you join us. Allen, thanks so much, have a great weekend. Alan Zafran, who founding partners co CEO of I e Q Capital, on the phone with us once again from Foster City, California.

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