Community Immunity Campaign for Vaccination Education

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube search Bloomberg Global News. President Buying expected to announce to more some new guidance on wearing masks outdoors for vaccinated people. That's coming from CNN. They're citing people familiar with the plan. We've also known that US tourists who have been fully vaccinated will be allowed to travel to Europe this summer, more than a year after an essential

travel was shut down. That coming from The New York Times. At the same time, we are reminded that we are far from being over globally UH in our fight against COVID India recording more than three hundred fifty two thousand new coronavirus cases the a straight day of more than three thousand affections as the COVID nineteen crisis in that country continues to grow. So back with our daily check on COVID and great to have Joining us once again

is Dr Alaga Day Williams. He's Chief of Staff of Neurology at Columbia University of Vagelost College of Physicians and Surgeons, and NIH funded researcher. A leading health disparities expert, his research is focused on community based behavioral interventions. He's also the founder, president, and board chair of Hip Hop Public Health.

Check out their website. Uh Blueberg Philanthropy Philanthropies, by the Way, has provided a grant to Hip Hop Health and Dr Williams joining us once again on the phone in New York City. How are you hi, Great to be back with you. Nice to have you back. I feel like we as a nation here in the United States feel a lot of progress when it comes to getting the vaccine at and are looking ahead to maybe our world

reopening more. But when you look at numbers from India and some other emerging areas of the world, you are reminded that we are far from out of COVID nighte teen. How do you see it? Dr Williams, Well, I'm I I kind of I do have hope, but I also

have deep, deep concerns at the same time. It's I'm kind of in this twilight place where on the one hand, I see all the progress that has been made, and on the other hand, I'm concerned that that we are not going to make it to the finish line unless we really really come together and solve not only the disparities within this country, but also help other less developed countries. Because you know, the truth of the matter is UM.

You know, these the virus is constantly mutating UM. And the way it mutates is when it's given an opportunity to replicate in our bodies. And so if you have unvaccinated clusters either way then within our own communities or within the community outside of the world, it gives that that is a scary scenario for for us because that's where these variants emerge and potentially can come back and

set us way way back. I mean, that's the point, right, And so what are you hearing in terms of conversations, are are potentially global conversations about I think we're seeing it more about the importance of developed world helping the developing world to make sure that we get vaccines out there. Are you hopeful are you hearing things that we will be providing a much major assist and needed assist to

the likes of Indian elsewhere. I mean, I'm I'm, I mean, I think there are efforts, but I think that they are insufficient, and you know, the challenge is, of course, we have to make sure that our own back back yards have been sufficiently back vaccinated. And we're still struggling with that, you know, in this country. You know, given you know, the inequities that we have seen in the challenges that remain of getting everyone in this country vaccinated. You know, I think that we have we we see,

you know, the early adopters have come online. We see those folks that we knew were going to come on earliest come online. Uh now we're starting to be to see, you know, a situation where there's probably going to be more vaccine available than people to be vaccinated. And so we still have a long way to go in this this country. But that said, I think this is part of the reasons why it's so challenging. The global issue

is so challenging, especially when it relates to lower income communities. Uh. And so you know, I know that KOVAC is trying to help, and and we see the w h O and all the all the countries that just signed up to KOVAC making these vaccines available globally. But quite frankly, I think these efforts are insufficient and I don't think that they are going to really dent the problems that

those countries are facing. Well. And I'm glad you also brought up what's happening in our own backyard, because You're right, depending on the population, the demographic, the locale, the geography, some places around the country are doing better than others.

Within the black community specifically, what are you seeing? Are you seeing more individuals want to get the vaccine, able to get the vaccine, have the access because um, you know, we have seen those stories about millions of Americans, you know, skipping their second dose of COVID nineteen vaccine. I think nearly eight percent of those who got that initial Fiser and Maderna are skipping out on the second one. But what are you seeing specifically within the black and minority communities?

So what I'm seeing in the black community is um, I've seen the tremendous progress I've seen the You know, if if you will get asked me the same question, you actually might have asked me this question. When we lost Folk, I was deeply concerned that we weren't going to move the needle very quickly. But we actually have.

In the back community, we've seen a real jump in the number of people vaccinated, and we've seen overall vaccination coverage increasing the Black comn But I want to say that if you look deeper into these numbers, what you're seeing it's almost a divergence within the Black communitia, split within the Black community where a lot of the vaccine acceptance and a lot of the existing coverage is among older African American populations, you know, those over the ages

of sixty five. But as you go lower down that ladder of age, you start to see much more resistance, much more hesitancy, and greater challenges to vaccination. In fact, when we opened our own vaccination center in West Harlem, we saw a real search of people in the beginning coming to get vaccinated. A lot of those were older

African American individuals, older people living in the neighborhood. Uh. And then the subsequent weeks passed, we started actually a struggling to fill out lots because we're now you know, dealing with you know, younger populations that really need to get vaccinated. Dr Williams. One of the things I was thinking about, first of all, what level of reopening are you comfortable with? And it's think about the EU saying if you're vaccinated, Americans were comfortable with you coming in. Uh,

there's still debate about schools opening up. I'm seeing some schools I'm seeing you know, reopen completely, others waiting till till next September. What level of global reopening are you comfortable with right now? Yeah, well I think it's um, it's gonna be. I think it should be done on a region by region basis. UM. I think it should be done. It should be local decisions based on uh,

you know, the infection rates, based on vaccination coverage. UM. I think these are the these are the things that need to really feed into the decision making. UM. Just as an example, you know that many colleges now that are requiring uh, you know, COVID vaccination before you can return to campus. So you're gonna see whole campuses now, uh with you know, covered by you know, filled with

vaccinated individuals. So I think these types of these types of things, uh that we're seeing more and more in different communities should really be driving these decisions in addition to obviously the infection rates. Does it make you, though, a little uncomfortable when he says, okay, you can come in because you know, we talked about this a lot. I think we probably talked about it with you as well.

That COVID doesn't know a border, and so if you're traveling, I mean there are I feel like there's a lot of gray area where things can kind of once again quickly get out of control. Yeah, I mean I think we we we we do. We do need to be careful, and we need to make sure we we we really

continue to maintain UM real vigilance on these matches. UM. But we do also know that vaccinated individuals, um, you know, are really uh you know, actually the likelihood of of them even transmitting the infection is lower than an unvaccinated individuals. And we also know that you know, certainly with the ones that we have here in the United States, and we know that they're highly protective against infection, hospitalization, and depth.

So I'm actually I actually welcomed the idea of liberal you know of kind of liberalizing UH the UH you know, access and opportunities for those who have been vaccinated. And I think this also provides incentives to those who haven't been vaccinated UH to actually get vaccinated. UM. But while while that is said, I think it's also really really important to continue to track UH infection rates UH, continue to do surveillance, COVID testing UM, and and really continue

to make sure that we really monitor UM. So you know, when I went to Europe recently, I remember I had to take a VAT, I had to take the COVID test to get into London, and then I had to take a COVID test a couple of days after being in London. And then I had to take a COVID test to get on the plane to get back to America. And then I had to take a COVID test after I got back to America and I was only away for a few days. And so UM, that level of

that level of scrutiny. UM. You know, while I think it's important to scale back, we also must make sure we continue to do some surveillance testing and tests, so testing stage. It's funny that you say that because we've just got about forty five seconds left here. But we were having a conversation this morning about what we were all getting our vaccines. Do we need to continue we get weekly tested here at Bloomberg. That's still an important thing. Well,

I think that among the vaccinated, I think it's less important. UM. I think certainly we still have a lot of unvaccinated people around. UM, and I think it's really important to continue to make sure that we we at least a minimum, continue to do surveillance testing, especially on the unvaccinated, because that's where that's where these super mutators emerged, and that's where the danger to the breast of the public life. All Right, kind of leave it there, UM, thank you

so much, really appreciate you giving us time again. Dr Lja Day Williams. He's Chief of Staff of Neurology at Columbia University. He's an nih n I H excuse me, funded researcher. He's also the founder, president, and board chair of Hip Hop Public Health. Bloomberg Philanthropies, by the Way, has provided a grant to Hip Hop Health and of course, joining us on the phone in New York City. This is Bloomberg Business Week with Carol Masser from Bloomberg Radio.

In the current double issue of Bloomberg Business Week magazine, there is a story about the airline founder who's launching another new carrier and he's doing it during the pandemic. Talk about timing. Let's get more in this story with Drake Bennett. He is Projects and Investigations reporter. He's on the phone in New York City along with Bloomberg Business Week nitor Jill Webber on the access line in Brooklyn and Joel. The man behind it all is the man

who created Jeff Blue. Yeah, his name is David Neil Anything. He's been a serial airline entrepreneur. Um. This new one that he's got coming called Breeze, will be his fifth airline. So that's pretty impressive. As I think Will Will tell us, the the Tarmax are littered with failed attempts at getting off the ground once, let alone you know, five times. Um so strike what has been his guiding light in all of these launches and and what does what do

we know about Breeze and what he's trying to do there? Um? Well, Uh, he has a long I mean the airlines he's started have been budget airlines, and Jet Blue was kind of, you know, his best known and the idea there was to basically create a budget airline that didn't feel like

a budget airline. So, I mean he's someone that you know, early on in his career was obsessed with Southwest UM, and you know, set out to create a Southwest like airline, but one that didn't you know, South famously served only peanuts to people to kind of remind them of the peanuts they were paying for their affairs. UM. And so with Jeff, he's like, well, we'll put TVs in, it will have other seats, the planes will be brand new,

it'll kind of feel nicer. UM. And the other thing he did with Jeflue that was super smart was was used JFK. UM. It's weird to think about it, but New York City was actually an underserved uh market for air travel UM until Jeff flu came in. Uh. JFK was really only used for international travel, and it was basically a ghost town during the day. So he has a long history of being able to find these you know, gaps in the market, even in places like a kind

of a New York UM and Breezes basically another budget carrier. UM. It's a little bit modeled on Allegiant UM insofar as they're not going to be flying every day. They're gonna be concentrating on those days of the week when vacationers are more likely to travel. UM, and they're gonna be using slightly smaller planes than Southwest and Allegiance flies those guys.

Why like seven thirty seven or eight, UM Breeze is going to be using slightly smaller planes, and they think that changes the math for them and the way that opens up kind of this whole tranche of smaller markets UM, especially once they get this new plan the Airbus, which which has really really long range for such a small plane, so they'll be able to do what's called these long thin routes, so from some sort of smaller city in the US all the way to Hawaii if they can

find people who wanted to take that direct flight. So I think what's what's super interesting about all of this was like, obviously Jet Blue came at a time UM it actually I had forgotten to say, it launched not that far ahead of nine eleven, which obviously had significant implications for the travel industries and the airlines. Um. Here we are with the pandemic, and you know, airline traffic has been greatly suppressed for the past year and potentially

for for the business class traveler, perhaps permanently altered. Right, And so what what opportunities get if you can explain that a little bit more and sort of like what he sees breeze being able to tap into here, I mean you mentioned the budget stuff in the smaller airlines that like where where does he think the window of opportunity sort of lies? Well? Right, I mean, as you

pointed out, the real question is business travel. UM. And he's fortunate in that he's his sort of target customer is not a not primarily a kind of someone on like a who's who's getting their tickets paid for by like a corporate travel department. UM. It's more kind of a vacationer or a visiting friends and relatives kind of traveler. UM. And in a sense, I mean it's you know, it's not a great time to be running an airline. There's an enormous amount of uncertainties, but there are ways that

he's you know, there's been this kind of retrenchment. You know, a lot of cities that just lost service, and so in a way it kind of opens up some opportunities for for for a for a breeze. Um. And also you know, he doesn't he hasn't been trying to run an airline this whole year when everyone else was like hemorrhaging money and basically trying to stay ahead above water. So um, you know there are ways in which his timing has been fultu Well, you know, this is what's

fun about your story, Drake is. Yes, there's the business, very business story of he's doing, is you know, another airline. He has been so successful and kind of you know, disrupting the airline industry. But what's really cool is you kind of get into who this guy is and if you were going to bet on somebody to bring an airline during a pandemic to the market, I'd bet on David Neilman talked to us a little bit about your experience with him, because part of what was fun was

he's got some pretty strong views on COVID. Yeah, I mean he's he's a little bit of a COVID truther. Uh, he really Um, you know, when we've met. He showed me the math you were he's not a huge fan of maths U and it it sort of it looks like a sort of normal black cloth mask. But then when he took it off, which he immediately did once we sat down at a conference Lable, he showed me that it's basically made of like mosquito mash, so it's not really a functioning mask in any sense of the words.

So um, he's you know, for the past year, he's been pretty vocal um about kind of what he sees as the sort of overreaction to COVID that you know, the sort of medical epidemiological establishment has has has sort of um presented and so he you know, and I think it's linked the way it kind of it's linked to his attitude about risk is the attitude of about risk that you would expect from someone who multiple times has launched these extremely complicated endeavors that are unlikely to succeed.

He sort of keeps doing this, and so I think it sort of shapes the way he feels about the risk of getting this disease and the way we should kind of um as a society think about that. And I think also, you know, it's it's a more unvarnished and um well it's extremely unvarnished version of what you hear more establishment figures in the airline industry saying like it's safe to travel, we should be getting back out there.

He takes it to kind of a almost fringey extreme, but it's not something that's that's foreign to folks in the travel industry. Dake, I'm wondering, you know, there's sort of like a kernel of of like business management, um guru that this guy represents. And I'm wondering the like of all the people that you talked to, what are the takeaways? What? What? Why has Why has David Neilman's airline success? Why has he been so successful again again

and again? And Drake, you gotta be quick about seconds. Well, I mean a lot of There's someone who worked for him for a while who's an obviously of a zool. Another of David's really successful carriers has basically described him as being like an eight year old who's a genius. And so there's a way in which he's he's able to cut he he oversimplifies things the way they can be frustrating for people who work for him. But it also allows them to see certain kinds of possibilities that

are outside they kind of receipt with them. Well. And what's fun too is and I forgot herb tell her of Southwest legendary in the industry. I forgot that he had fired Neilman. It's a great read, and it's in the current issue of Bloomberg Business Week magazine. Drake and Joel,

thank you so much. One are the companies that we've been talking about a lot in the newsroom today is Apple coming out and saying it's in his increasing it's US investments of the next five years, allocating four hundred thirty billion dollars to develop next generation silicon and also spur five G wireless innovation across nine U S. State. That's a lot of money. That's all I'm gonna say. So let's get more on what's up at Apple. Bloomberg News US Technology Team co leader Molly Shuts is with

us on the phone in New York City. Molly, nice to have you hear. Apple shares, by the way, just up a little bit, up about a half a percent. But we're going to hear from that company later on this week when it comes to uh, earnings. Um, tell us about this news put it in respective is this new or we surprise? Is that a lot of money? What does it say about kind of Apple in the United States specifically, right, Carol, Yeah, as you said, it's

a lot of money. Um, but Apple has a lot of money and Apples, you know, only been making more money, um every year. Basically, Um, this is you know Apple, they have basically a five year spending plan and the last time they made an announcement like this was back in when they announced three fifty billion dollars of investment in the US and saying that at that point that they were going to create new jobs also over the next five years. So this is kind of an update

to that. And it's true, this is gonna this is you know, now four and thirty billion dollars, So that's increase over their last spending plan. But in the meantime, you know, Apple shares have you know, grown exponentially in the company is now worth more than two trillion dollars,

so it's sort of keeping in line with that. But still it is a lot of money and a lot of jobs, and you know they're spreading it around, They're they're coming clearly out of you know, the West Coast Silicon Valley, and they're they're spreading up this this wealth around because there's a lot of different parts of the

country that have other things to offer. In particular, they're they're putting a billion dollars down in North Carolina to build a new big research center there that's going to really have a lot of engineering and artificial intelligence types of jobs located there in that research triangle. Well, and that makes a lot of sense, right, because there's so much going on there. What is it? Is? It? M were they this is what they do, as you said,

they do these five year plans. How much is a little bit of a pr move as well, you know, against the backdrop of a president and an administration who

is looking to raise corporate taxes. Yeah, sure, I mean probably this has been you know, in the works for a long time before President Biden announced the latest you know, new tax plan that's going to you know, really crack down on companies that hide a lot of their offshore profits, you know, are a lot of their profits in overseas, like Apple and many of the other tech company does I mean that that law certainly is going to close some of the loopholes that the company is were able

to exploit the under President Trump, and they will have to be paying more taxes and and it certainly encourages them to bring things back to the US. But again probably this was probably in the works a little bit before Biden's latest announcement, and you know, Apple does want to bring things back to the US. Um, So it's

probably a little bit of both. Well. And that's a good point, Molly, because I do feel like in terms of some of the conversations we've been having the CEOs, they are thinking, especially after the pandemic, increasingly thinking about their supply chain where it is, and just in general, it feels like over the last few years people have been thinking about having their supply chains closer to where

they are selling. Yeah, I mean Apple, you know, they they have a huge and well developed supply chain in China and and in Asia generally, and well, they can't bring all of that back to the US. You know, as was hoping and had pushed them to do. They certainly can't do all that. They have a huge, massive organization over there with Fox KHN in particular, and in Taiwan as well, but they are increasingly. You know, there is a lot of the development, maybe not the manufacturing,

but a lot of the development. And like we said, the research that goes into that is a lot of that you know, can be found here in the US. Like we said, the research triangle in the Raleigh Durham area has been building up for years. They've got a lot of um, you know, really high tech companies. They're including Glaxo Smith Kleient IBM is there with red hat Um. One of Apple's new kind of Nemesis Epic Games is also based there. So there's you know, a big concentration

of tech there. Austin, Texas another big place where you've got Tesla, Facebook, Alphabet. They're all putting more staff and more you know, bigger offices in cities like that. Boston has long attracted a lot of tech talent as well. We're seeing it spread around a little bit more here. So I'm thinking, Molly, when the company reports earnings this week, Apple does, Uh, it'll do it on So they'll do

it on Wednesday. Is there a question you would want to put to Tim Cook and company when it comes to this announcement in this news And I do wonder

about it coming out here on this Monday ahead of earnings. Yeah, I mean, I guess what you know people will want to know is, yeah, how how much you know are can we how much of this can you really put in the US and really, you know, high paying jobs, not just you know, which it seems like what they're doing engineering type jobs, but you know, really putting make it made in America by Apple sort of is you know what I think a lot of people are hoping

that they do a little bit more of. And also a big thing for Apple too is the environmental impact. You know, they are working towards being more carbon neutral and have certainly done a lot of that already in the US, but it's going to be a bigger question for them as more people gobble up iPhones, tablets or iPads. Max. You know, Apple, it really isn't under a lot of pressure to make that as clean and environmentally friendly as possible.

All right, good stuff, Thank you so much. You just kind of spelled it out so well for us, Molly said. She is Bloomberg News US Technology team co leader. I'm bloom Maro Journal. Yeah, but you let me drive No No's drive home, honey, Please, I'll do the right drivel Let me, I want to drive. Just drive, baby, it's the question trying. This is the drive to the globe. Give me thanks, we'll drive us to dawn. On Bloomberg Radio, I just got about eleven minutes left in today's trading session.

It is time for the drive to the clothes. Ryan Jacob is back with us. He's chairman, chief investment officer, and portfolio manager at Jacob Asset Management. The Jacob Internet fun, by the way, continue to be just about all of its peers over the past five years. It's in the nineties six percentile according to Bloomberg Data, and it looks like it's returning I think on average annually, but I'll check that number anyway. Great to have Ryan back with us,

he joins us on the phone in Los Angeles. Ryan, nice to have you here. How are you good? Good? Good, glad to be here. Well, listen, it's a big week for big tech. Give me an idea if there are

any companies in particular that on your radar this week. Well, for us, we have Google reporting tomorrow night, which is a mid sized position for us, and we're expecting a continued rebound in the results as we go through this reopening and uh, you know it really it's going to accelerate as the week goes on the number of our our holdings that will be reporting. All right, So let's

talk about it in terms of positioning here. Remind us, you know, how often are you adjusting positions based on either some fundamental news or some bets that you see in the sector. Uh, well, we are making adjustments pretty rapidly. I mean, the market has been fairly volatile lately. Um, you know, this is an important earning season. There are a lot of companies in our sector that are just

doing outstandingly well. The question is that you know will continue as we kind of get past COVID and that huge bump in demand and pull forward that we saw last year. Well so, then, so give me an idea like Twitter is a name that's going to report on Thursday. Stocks up about twenty three percent this year. Have you been adding to a position, have you been pulling back because it has been gaining or or give us a

little bit of a take on that one. So Twitter, um actually has has done better as we've seen more advertising spending, but with Twitter in particular, and we have been adding to the position, it's one of our larger holdings. Um, what they've really done is cleaned up the platform tremendously well, and that's that's engaged more advertisers. They're wanting to spend

more money on the platform. They've just done a terrific job kind of right sizing and and uh you know again cleaning up and really making their platform more efficient through COVID. So they're going to come out of this period, we think in a really strong position. What about something like Square, Well, Square is is really kind of a to two dimensional situation, and that they have obviously the payment services through small businesses that clearly is going to

see an uptick as the year progresses. And then really the cash app, which which is they've really done a tremendous job marketing to overtake Venmo and really become kind of default cash app that users use across all platforms

with Android and Apple iOS well. And it's interesting too because there's been some very distinct Ryan you know, this distinct pandemic plays and then there are ones we're wondering, okay now that as the world starts to reopen, do we start to see them not so much in demand? Is there anybody in particular that you're noticing that because

it sounds like something like square. I feel like if somebody wasn't using square beforehand, you know, and they started because of the pandemic, that's going to stay with us. But is there something out there that you think in particular, you know, might not have such a productive environment post pandemic. Yeah. I think that a lot of companies last year did to have a bit of a sugar high from what happened with COVID, and it is going to be hard

to build on those results. A lot of our top holdings were pretty confident, but you know, we've got a reminder last week with Netflix, a lot of the subscription numbers were too aggressive and uh and they fully admitted that they really pulled forward a lot of that subscriber growth from last year. Um. I think Zoom is probably another company that I'd be a little bit cautious here. Um. You know, even a company like Peloton, which has been the news lately, saw a huge surgeon demand last year,

you know, as you moved towards normalization. I mean, those are the ones that I'd be concerned about not being able to continue to perform, like like we've seen what about any of the online companies that play into like the housing market or the mortgage market. What's your what's your position there? Because we certainly continue to see people out there buying homes. In fact that there's you know, low supplies and that's creating a lot of bidding wars.

But um, how do you anticipate that continues to play out here? It's a tough one. Zelo is one of our larger holdings. Right. You have extremely low interest rates that look to stay here for a while. You have a reopening economy. Unemployment rates are going to unemployment, unemployment rates are going to drop, so that upodes really well for the housing market. That being said, we did have

a huge bump through the COVID period with work at home. Uh, you know, you know, just for a whole host of reasons. We had just a booming housing market over the last twelve months. So it's hard. Um what do this hard mean? You sell? You know? Because I mean I'm looking at well. They peaked kind of in February mid February, they're down about since then. Does that mean you continue to have

a position but you've paired it back a lot? No, it's actually it's it's one of our it's paired back a little bit, but it's really still one of our largest positions. Uh. You know the how the one thing that's happened the housing inventory has been so tight, even if it cools off a bit, having more inventory in the market will probably keep it more robust. So, you know something I'd be a little concerned longer term, but

not really in the short term. All right, So let's talk about I think there's a couple of companies in particular, UM that you're kind of keen on. Mango dB. Maybe not something everybody has heard heard about it. It's down about ten and a half percent so far here, uh this year. What you're thinking about this one? So it's really an open source database company. Um. You can almost think about it similar to like a red hat situation

with Linux in terms of the operating system. You know, now into databases, you have traditional relational databases like Oracle, IBM, s a P starting to really lose share to these open source alternatives, and Mango has done, you know, has become a favorite to the developer community, cheaper to use, more flexible, and is shown a lot of momentum I've been surprised actually this one hasn't got more attention from the street. But it's one of our favorites here, all right,

so you've been adding to it. Yeah, okay, Hey. The other one that you like is Voyage or Digital, which has been on a tear this year, playing into the crypto world. It's been one of our top performers over the last three quarters. As you might expect. Um, what really attracts this to it was so is it just you know, cat catching on all the other momentum. I mean, it's kind of crazy when you look at how much this particular company has gone up in the last couple

of years. Is it just riding the waivers or something fundamentally that makes sense here? It's both. They had about a hundred and fifty million in assets under management the end of September last year. They just crossed about two point four billion recently, so it's been a tremendous growth story. The CEO is a senior veteran from E Trade. Over

twenty years experience, they put together an impressive platform. It is competitive, they're a smaller player, but but they seemed to be doing a lot of the right things and Uh, we do think they'll be substantially larger over the next few years, So you're not so I'm assuming volatility comes along with a name like this. It does. It's one of our largest positions. It's gotten there through price performance, but we're not inclined to cut it back too much

given the upside potential. Hey, before you go, just got about a minute or so here, I mean, what does the market environment look like to you? Are you just in this kind of economic recovery play and it feels pretty good at least for the next six months. Yeah, it's kind of what you alluded to with the real estate. Obviously, we've come a long way so far. The market tends to discount sixty nine months in advance. But given the fundamental backdrop, given the amount of stimulus and the economy, Uh,

it's very hard to be too negative. Um Here. That being said, the stock market doesn't track the economy. Did, our business would be a lot easier. So, um, I wouldn't expect kind of games we've seen over the last six months, but generally speaking, we're we're still pretty positive. All right. Certainly sounds that Hey, Ryan, thank you so much. Love walking through all those names with you. I really appreciate it. Ryan Jacob, chief investment officer and portfolio manager

of Jacob Asset Management. As I mentioned, his Internet fund consistently beating all of its peers over the past five years. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube. Sarah to Bloomberg Global News